Document:

EX-10.4

 Exhibit 10.4 

ZIMMER BIOMET HOLDINGS, INC. 

EXECUTIVE PERFORMANCE INCENTIVE PLAN 

(As Amended May 7, 2013 and Further Amended as of June 24, 2015) 

1. Purpose: This document, the Zimmer Biomet Holdings, Inc. Executive Performance Incentive Plan (the “Plan”), amends and
restates the Prior Plan. The Plan’s purpose is to promote the interests of the Company and its stockholders by providing additional compensation as incentive to certain key executives who contribute materially to the success of the Company and
its Subsidiaries and Affiliates. 
 2. Definitions: The following terms when used in the Plan shall, for the purposes of the Plan,
have the following meanings: 
 “Affiliate” means any entity in which the Company has an ownership interest of at least 20%. 

“Adjusted” refers to operating performance measures that have been adjusted to exclude the effects of certain items or events that
occur or otherwise impact reported results during a performance period, as approved by the Committee and disclosed from time to time in the Company’s quarterly or annual earnings releases. 

“Award” means the compensation payable to a Participant as described in Section 5. 

“Board” means the Board of Directors of Zimmer Biomet Holdings, Inc. 

“Code” means the Internal Revenue Code of 1986, as amended, and its interpretive rules and regulations. 

“Company” means Zimmer Biomet Holdings, Inc., its Subsidiaries and Affiliates. 

“Committee” means the Compensation and Management Development Committee of the Board, which shall consist of not less than two
(2) members of the Board who meet the definition of “outside directors” under Code Section 162(m) and the definition of “non-employee directors” under the Exchange Act. 

“Current Portion” means the portion of an Award that is not deferred pursuant to Section 10. 

“Deferred Portion” means the portion, if any, of an Award that is deferred pursuant to Section 10. 

“Disability” means total disability as defined by the Company’s group long-term disability insurance policy applicable to
Participants. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and its interpretive rules and regulations.

 “Executive Officer” means a Participant who has been designated by the Board as an executive officer pursuant to Rule 3b-7
under the Exchange Act. 
 “Final Payment Date” means, with respect to Awards for a Fiscal Year, the date that the final Current
Portions of Awards are paid to Participants after the end of the Fiscal Year. 
 “Fiscal Year” means a fiscal year of the Company.

 “Free Cash Flow” means net cash provided by operating activities less additions to instruments and other property, plant and
equipment. 
 “Fund” means an investment fund, index, or other measure designated by the Committee pursuant to Section 10 to
serve as a notional measure of earnings and losses on the Deferred Portion of any Award. 
 “Participant” means a key executive of
the Company chosen to participate in the Plan in any applicable Fiscal Year. 

 “Plan” means this document as it may be amended from time to time. 

“Prior Plan” means the Zimmer Holdings, Inc. Executive Performance Incentive Plan in effect prior to May 7, 2013. 

“Regulations” means rules and regulations adopted by the Committee pursuant to Section 3. 

“Retirement” means a Participant’s voluntary termination of employment with the Company on or after the earlier of (i) the
Participant’s 65th birthday, or (ii) the date as of which the Participant has both attained 55 years of age and completed 10 years of service with the Company. 

“Section 409A Standards” means the applicable requirements and standards for non-qualified deferred compensation plans established
by Code Section 409A. 
 “Separation from Service” means a Participant’s death, Retirement, or termination of employment
with the Company. Whether a Separation from Service has occurred will be determined in accordance with the Section 409A Standards, including §1.409A-1(h). 

“Specified Employee” has the meaning given in Code Section 409A(a)(2)(B)(i). The determination of which individuals are
Specified Employees will be made in accordance with such rules and practices, consistent with the Section 409A Standards, as are established from time to time by the Board or its designee. 

“Subsidiary” means any corporation that at the time qualifies as a subsidiary of the Company under the definition of
“subsidiary corporation” in Code Section 424. 
 “Unforeseeable Emergency” means a severe financial hardship to the
Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or the Participant’s dependent (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2), and (d)(1)(B)); loss of the
Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control. 

3. Administration: The Plan shall be administered under the supervision of the Board, which may exercise its powers, to the extent
herein provided, through the agency of the Committee. 
 The Committee, from time to time, may adopt Regulations for carrying out the
provisions and purposes of the Plan and make such determinations, not inconsistent with the terms of the Plan, as the Committee deems appropriate. The Committee may alter, amend or revoke any Regulation adopted. 

The authority of the Committee shall include the right to exercise discretion at any time prior to the payment of an Award to increase an
Award subject to the maximum provided in Section 7 or reduce the Award to any amount, including zero, that is below the computed amount of the Award; provided, however, the Committee shall not have the discretion to increase an Award with
respect to any Participant who is, or may reasonably be expected to be, subject to Code Section 162(m) or any successor provision. The reduction of the Award to one or more Participants shall not have the effect of increasing the Award payable
to any other Participant. 
 The Committee may delegate its responsibilities for administering the Plan with respect to Participants who are
not Executive Officers to a committee of two or more Executive Officers. Any Awards under the Plan to members of this committee shall be referred to the Committee or Board for approval. 

4. Participation: 
 (a)
Committee Determinations. For each Fiscal Year, the Committee shall determine not later than 90 days after the commencement of that Fiscal Year the names of those key executives who will be Participants for the Fiscal Year. 

(b) Addition of Participants. The Committee may determine that a key executive should be designated a Participant after the
commencement of a Fiscal Year due to commencement of employment or promotion. In such event, the Committee may make an Award to such a Participant for a portion of the remainder of the Fiscal Year commencing the first day of the Fiscal Year quarter
coinciding with or next following the day on which that Participant was employed or promoted. 
 (c) Termination of Participants. A
key executive shall cease to be a Participant upon Separation of Service for any reason. 

  
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 5. Determination of Performance Measures and Targets: For each Fiscal Year, not later than
90 days after the commencement of that Fiscal Year, the Committee shall determine: 
 (a) The performance measures that will be used to
determine the Awards to Participants, which may include one or more of the following, either reported or Adjusted, and either individually, alternatively or in any combination: net sales; revenue; gross profit; operating profit; net earnings;
earnings per share; profit margin (gross, operating or net); cash flow, net cash flow or free cash flow; acquisition integration synergies (measurable savings and efficiencies resulting from integration); acquisition integration milestone
achievements; stock price performance; total stockholder return; expense reduction; debt or net debt reduction; financial return ratios (including return on equity, return on assets or net assets, return on capital or invested capital and return on
operating profit); earnings before interest, taxes, depreciation and amortization; earnings before interest and taxes; quality measures; and regulatory compliance measures. Any of the foregoing performance measures may be subsequently adjusted by
the Committee to exclude the effects of unanticipated material transactions or events such as acquisitions, divestitures, accounting changes, restructurings and special charges or gains (determined according to objective criteria established by the
Committee), but only to the extent permitted by Code Section 162(m). 
 (b) The specific targets for each of the selected performance
measures that will determine the amount of the Award, which may be set at a specific level or growth rate. Any targets or performance measures may be applied to the Company or any Subsidiary, or subdivision thereof, or may be expressed as relative
to comparable measures at peer companies or a defined index. 
 (c) Whether a percentage of an Award shall be deferred or whether a
Participant may elect to defer payment of a percentage (not less than 25%) of an Award pursuant to the provisions of Section 10. The Current Portion of any Award shall be paid subject to the provisions of Section 6. Any Award that includes
a Deferred Portion shall be subject to the terms and conditions stated in Section 10 and in any Regulations. 
 6. Payment of
Current Portion of Performance Incentive Awards: 
 (a) Time of Determination of Award. Subject to such forfeitures of Awards and
other conditions as are provided in the Plan, the Awards made to Participants shall be paid to them or their beneficiaries as follows: 
 (i)
As soon as practicable after the end of a Fiscal Year, the Committee shall determine the extent to which Awards have been earned on the basis of the actual performance in relation to the specific targets for the performance measures established for
that Fiscal Year and shall certify in writing those determinations. The Current Portion of any Award for a Fiscal Year shall be paid in a lump sum not later than
2 1⁄2 months after the end of the Fiscal Year. 

(ii) Except as provided in the following sentence or by a Regulation, a Participant must be employed by the Company on the Final Payment Date
with respect to an Award to be entitled to payment of the Current Portion of such Award. If a Participant experiences a Separation from Service prior to the end of a Fiscal Year because of the Participant’s death, Disability or Retirement, the
Participant or his designated beneficiary, where applicable, shall be eligible, at the Committee’s discretion, to receive a prorated portion of any Award granted to the Participant for that Fiscal Year based upon eligible earnings paid to the
Participant in such year. 
 (iii) While no Participant has an enforceable right to receive a Current Portion until the end of the Fiscal
Year as outlined in subparagraph (i) above, the Committee, in its discretion, may make a provisional payment of part of the Current Portion of an Award, in accordance with the Regulations, based on tentative estimates of the amount of the
Current Portion, subject to any terms and conditions the Committee may establish. A Participant shall be required to repay any portion or all of such provisional payments in order that the total payments may not exceed the Current Portion as finally
determined, or if the Participant shall forfeit his or her Award for any reason during the Fiscal Year. The Committee may exclude a Participant from receiving any provisional payment pursuant to this subparagraph (iii). 

(b) Withholding. There shall be deducted from all payments of Awards any taxes required to be withheld by any government entity and
paid over to any such government in respect of any such payment. Unless otherwise elected by the Participant, such deductions shall be at the established withholding tax rate. Participants may elect to have the deduction of taxes cover the amount of
any applicable tax (the amount of withholding tax plus the incremental amount determined on the basis of the highest marginal tax rate applicable to the Participant). 

(c) Form of Payment. The Current Portion of an Award shall be paid entirely in cash. 

  
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 7. Maximum Awards: Notwithstanding anything elsewhere in the Plan to the contrary, the
maximum amount of any Award that may be payable to a Participant in respect of any single Fiscal Year will be 400% of the Participant’s base rate of salary determined as of the beginning of such Fiscal Year. 

8. Conditions Imposed on Payment of Awards: Payment of each Award to a Participant or to the Participant’s beneficiary shall be
subject to the following provisions and conditions: 
 (a) Rights to Awards. No Participant or any person claiming under or through
the Participant shall have any right or interest, whether vested or otherwise, in the Plan or in any Award thereunder, contingent or otherwise, unless and until all of the terms, conditions and provisions of the Plan and the Regulations that affect
that Participant or such other person shall have been complied with. Nothing contained in the Plan or in the Regulations shall require the Company to segregate or earmark any cash, shares, stock, or other property. Neither the adoption of the Plan
nor its operation shall in any way affect the rights and power of the Company or any of its Subsidiaries or Affiliates to dismiss and/or discharge any employee at any time. 

(b) Assignment or Pledge of Rights of Participant. No rights under the Plan, contingent or otherwise, shall be assignable or subject to
any encumbrance, pledge or charge of any nature, except that a Participant may designate a beneficiary pursuant to the provisions of Section 9. 

(c) Right to Payment. No absolute right to any Award shall be considered as having accrued to any Participant prior to the Final
Payment Date, and then such right shall be absolute only with respect to any Current Portion thereof. The Deferred Portion will continue to be forfeitable and subject to all of the conditions of the Plan. No Participant shall have any enforceable
right to receive any Award made with respect to a Fiscal Year or to retain any payment made with respect thereto if, for any reason (death included), the Participant, during such entire Fiscal Year, has not performed his or her duties to the
satisfaction of the Company. 
 9. Designation of Beneficiary: A Participant may name a beneficiary to receive any payment to which
the Participant may be entitled under the Plan in the event of the Participant’s death, on a form approved by the Committee. A Participant may change his or her beneficiary from time to time in the same manner. 

If no designated beneficiary is living on the date on which any payment becomes payable to a Participant’s beneficiary, the payment will
be payable to the Participant’s estate. 
 10. Deferral of Payments: The Deferred Portion of an Award shall be subject to the
following provisions: 
 (a) Mandatory Deferrals. The Committee, in its sole discretion, may require all or any portion of any Award
to be a Deferred Portion. The Committee’s determination as to whether to require a Deferred Portion for any Award shall be made on or before January 15 of the Fiscal Year for which an Award is earned and shall be irrevocable. If the
Committee does not make any such determination by the deadline described in the preceding sentence, the entire portion of any Award for the applicable Fiscal Year shall be deemed the Current Portion. 

(b) Elective Deferrals. The Committee, in its sole discretion, will determine whether or not a Participant may elect a Deferred Portion
of an Award for a Fiscal Year. Unless otherwise provided by the Committee, a Participant may irrevocably elect to defer any whole percentage between twenty-five percent (25%) and ninety-five percent (95%) of any Award earned for a Fiscal
Year by filing a deferral election form with the Company’s Compensation Department on or before January 15 of that Fiscal Year. 

(c) Crediting of Deferred Portion. The Deferred Portion, if any, of a Participant’s Award will be credited to a record keeping
account in the Participant’s name as of the Final Payment Date. 
 (d) Earnings on Deferred Portion. Prior to the beginning of a
Fiscal Year, the Committee shall designate the Funds among which a Participant may elect to serve as the measure(s) of earnings and losses to be credited on the Deferred Portion of an Award. The Funds may include a Fixed Income Fund, an Equity Fund,
and any other Fund the Committee may select. For the Deferred Portion of Awards granted prior to January 1, 2008, the Funds may also include a Company Stock Fund. A Participant shall allocate the Deferred Portion, if any, of his Award for a
Fiscal Year among the Funds then offered under the Plan at the same time he elects to defer a portion of his Award. The Committee shall designate the Fund that will serve as the measure of earnings and losses on the Deferred Portion for any
Participant who fails to make a timely allocation election. A Participant’s allocation election (or deemed allocation election) shall be effectuated as of the applicable Final Payment Date. In the event the Committee offers a Company Stock
Fund, a Participant who elects the Company Stock Fund is not entitled to dividends or voting rights. 

  
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 (e) Changes to Allocation Elections. Prior to the beginning of each Fiscal Year, the
Committee shall determine if the Fund(s) used to value the account of any Participant may be changed from the Fund currently used to any other Fund established for use under this Plan. Unless otherwise provided by the Committee, a Participant,
including one who has terminated employment, or a beneficiary may elect to reallocate the value of his Deferred Portion among the Funds by completing and filing an allocation form with the Company’s Compensation Department on or before
January 15 of the Fiscal Year in which the reallocation is to become effective. A reallocation election will be effectuated as of the immediately following Final Payment Date, except to the extent that the Committee rejects or limits the
election. The Committee shall have the discretion to limit or deny any Participant’s or beneficiary’s reallocation election. The Committee shall notify a Participant or beneficiary of any change or rejection of his proposed allocation
election within seven (7) days of its decision to reject or limit the election. 
 (f) Payment of Deferred Portion. 

(i) Except as provided in the following sentence, a Participant’s Deferred Portion shall be distributed on (or, in the case of
installments, commencing on) the first business day of the first calendar month that begins at least fifteen (15) calendar days after the Participant’s Separation from Service. If a Participant is a Specified Employee at the time of his
Separation from Service, then his Deferred Portion shall be distributed on (or, in the case of installments, commencing on) the date that is six (6) months after the date on which the Participant’s Separation from Service occurs. 

(ii) With respect to any Award granted on or after January 1, 2008, the Deferred Portion shall be distributed in a single lump sum
payment. 
 (iii) With respect to any Award that is subject to the Section 409A Standards and was granted before January 1, 2008,
the Deferred Portion shall be distributed, in cash, either in a lump sum or in annual installments over a specified period, not to exceed ten (10) years, as elected by the Participant in accordance with this subparagraph (iii). To be valid and
effective, a Participant’s distribution election must either be a transition election made in accordance with the following sentence or it must have been made in 2005 (in accordance with the Section 409A Standards then in effect) or by
January 15 of the Fiscal Year for which the Award to which it pertains was granted. On or before December 31, 2008, a Participant may make a one-time, irrevocable transition election to designate or change the form of distribution for his
entire Deferred Portion, by submitting to the Company’s Compensation Department a written election form satisfactory to the Committee. The form of distribution so elected must either be a single lump sum payment or annual installment payments
over a specified period, not to exceed ten (10) years. A transition election shall become effective as of the first day of the first Fiscal Year that begins after the date on which the Participant submits the written election to the
Company’s Compensation Department. If a Participant does not make any election in accordance with the foregoing provisions of this subparagraph (iii), he shall be deemed to have elected to receive his entire Deferred Portion in a single lump
sum payment. 
 (g) Mandatory Cash Out of Small Amounts. If, at any time after the commencement of installment payments with respect
to a Participant, the entire unpaid value of the Participant’s Deferred Portion does not exceed $15,000, the entire remaining balance of the Participant’s Deferred Portion shall be paid in a lump sum cash payment. 

(h) Assignment of Rights by Participant or Beneficiary. If any Participant or beneficiary of a Participant attempts to assign his
rights under the Plan in violation of the provisions hereof, the Company’s obligation to make any further payments to such Participant or beneficiary shall immediately terminate. 

(i) Fund Composition and Valuation. Deferred Portions of Awards under the Plan shall be valued and maintained as follows: 

(i) In accordance with the provisions, and subject to the conditions, of the Plan and the Regulations, the Deferred Portion shall be valued in
reference to the Participant’s account(s) in the Equity Fund, in the Fixed Income Fund, in the Company Stock Fund, and in any other Fund established under this Plan. Account balances shall be maintained as dollar values, units, or share
equivalents, as appropriate based upon the nature of the Fund. For unit or share-based Funds, the number of units or shares credited shall be based upon the established unit or share value as of the last day of the quarter preceding the crediting of
the Deferred Portion. 

  
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 (ii) Investment income credited to Participants’ accounts under the Fixed Income Fund shall
be based upon the prevailing rates of return experienced by the Company. The investment income credited to Participants under the Equity Fund shall be established based upon an established market index reflecting the rate of return on equity
investments. The Company shall advise Participants of the specific measures used and the current valuations of these Funds as appropriate to facilitate deferral decisions and investment allocation choices and to communicate payout levels. The
Company Stock Fund shall consist of units valued as one share of common stock of Zimmer Biomet Holdings, Inc. (par value $0.01). 
 (iii)
Nothing contained in the Fund definitions in subparagraphs (i) and (ii) above shall require the Company to segregate or earmark any cash, shares, stock or other property to determine Fund values or maintain Participant account levels. 

(iv) The establishment of the “Fixed Income Fund,” the “Equity Fund” and the “Company Stock Fund” as detailed in
subparagraphs (i) and (ii) of this paragraph shall not preclude the right of the Committee to direct the establishment of additional Funds. In establishing additional Funds, the Committee shall determine the criteria to be used for
determining the value of such Funds. 
 (j) Distributions Upon Unforeseeable Emergency. The Committee may, at its sole discretion,
allow for the early payment of a Participant’s Deferred Portion in the event of an Unforeseeable Emergency. Such distributions shall be limited to the amount necessary to sufficiently address the financial hardship, and distribution will not be
permitted to the extent that the Unforeseeable Emergency may reasonably be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets (to the extent liquidation would not itself cause
a financial hardship). Any distributions under this paragraph shall be consistent with the Section 409A Standards. 
 11.
Miscellaneous: 
 (a) Acceptance by Participant. By accepting any benefits under the Plan, each Participant and each person
claiming under or through him shall be conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken or made to be taken or made under the Plan by the Company, the Board and the Committee. 

(b) Conclusive Actions. Any action taken or decision made by the Company, the Board or the Committee arising out of or in connection
with the construction, administration, interpretation or effect of the Plan or of the Regulations shall lie within its absolute discretion, as the case may be, and shall be conclusive and binding upon all Participants and all persons claiming under
or through any Participant. 
 (c) No Liability. No member of the Board or the Committee shall be liable for any action or failure to
act, or any action or failure to act of any other member, or of any officer, agent or employee of the Company, as the case may be, except for his or her own actions or inactions done in bad faith. The fact that a member of the Board or the Committee
shall have previously been or subsequently thereafter may be a Participant in the Plan shall not disqualify such a person from voting at any time as a director with regard to any matter concerning the Awards, or in favor of or against any amendment
or alteration of the Plan, provided that the amendment or alteration shall be of general application. 
 (d) Reliance on Third
Parties. The Board and the Committee may rely upon any information supplied to them by any officer of the Company or any of its Subsidiaries or Affiliates and may rely upon the advice of counsel in connection with the administration of the Plan
and shall be fully protected in relying upon information or advice. 
 (e) Grounds for Recovery. After the certification of
attainment of the specific targets for performance measures as described in subparagraph 6(a)(i) above, no adjustments will be made to reflect any subsequent change in accounting, the effect of federal, state or municipal taxes later assessed
or determined, or otherwise. Notwithstanding the foregoing, the Company reserves the right to and, in appropriate cases, will, seek recovery of all or any portion of Award if: 

(i) The amount of the Award was calculated based upon the achievement of certain financial results that were subsequently the subject of a
restatement of all or a portion of the Company’s financial statements; 
 (ii) The Participant engaged in intentional misconduct that
caused or partially caused the need for such a restatement; and 
 (iii) The amount of the Award that would have been awarded to the
Participant had the financial results been properly reported would have been lower than the amount actually awarded. 

  
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 This subsection is not intended to limit the Company’s power to take such other actions as
it deems necessary to remedy the misconduct, prevent its recurrence and, if appropriate, based on all relevant facts and circumstances, punish the wrongdoer in a manner it deems appropriate. 

(f) Other Bases for Forfeiture, Recovery or Other Actions. Awards and any compensation or benefits associated therewith shall be
subject to repayment or forfeiture as may be required to comply with (i) any applicable listing standards of a national securities exchange adopted in accordance with Section 10D of the Exchange Act (regarding recovery of erroneously
awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder; (ii) similar rules under the laws of any other jurisdiction; and (iii) any policies adopted by the Company
to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to a Participant. Any agreement evidencing an Award may be unilaterally amended by the Committee to comply with any such
compensation recovery policy. 
 12. Adoption, Amendment, Suspension and Termination of the Plan: 

(a) Effective Time. The Plan became effective on May 7, 2013 upon the affirmative vote of a majority of votes cast at the 2013
annual meeting of stockholders. The Plan was amended as of June 24, 2015 to change the name of the Plan to the Zimmer Biomet Holdings, Inc. Executive Performance Incentive Plan. Unless terminated earlier, the Plan shall terminate on
May 31, 2020. 
 (b) Termination and Amendment. Subject to the limitations set forth in subparagraph (c) below, the Board
may at any time suspend or terminate the Plan and may amend it from time to time in such respects as the Board may deem advisable, subject to any requirements for stockholder approval imposed by applicable law, including Code Section 162(m).

 (c) Rights of Participants. No amendment, suspension or termination of the Plan shall, without the consent of the person affected
thereby, materially, adversely alter or impair any rights or obligations under any Award previously awarded under the Plan. 
 13.
Compliance with Section 409A Standards: It is intended that this Plan and all Awards hereunder comply with the applicable Section 409A Standards and will be construed accordingly. In construing or interpreting any vague or ambiguous
Plan provision, the interpretation that will prevail is the interpretation that will cause the Plan to comply with the applicable Section 409A Standards. To the extent that any terms of the Plan or an Award would subject any Participant to
gross income inclusion, interest, or additional tax pursuant to Code Section 409A, those terms are to that extent superseded by the applicable Section 409A Standards. 

14. Governing Laws: The validity, interpretation and effect of the Plan, and the rights of all persons hereunder, shall be governed by
and determined in accordance with the laws of the State of Indiana, other than the choice of law rules thereof. 

  
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 Exhibit 10.5 

ZIMMER BIOMET HOLDINGS, INC. 

AMENDED STOCK PLAN FOR NON-EMPLOYEE DIRECTORS 

(As Amended May 5, 2015 and Further Amended as of June 24, 2015) 

 

 1. Purpose. 

The purpose of the Zimmer Biomet Holdings, Inc. Amended Stock Plan for Non-Employee Directors (the “Plan”) is to secure for Zimmer
Biomet Holdings, Inc. (the “Company”) and its stockholders the benefits of the incentive inherent in increased Common Stock ownership by the members of the Board of Directors of the Company (the “Board”) who are Eligible
Directors as defined in the Plan. 
 2. Administration. 

The Plan shall be administered by the Board. The Board shall have all the powers vested in it by the terms of the Plan, such powers to
include authority (within the limitations described herein) to prescribe the form of the agreement embodying awards of stock options (“Options”), restricted stock (“Restricted Stock”) and restricted stock units (“Restricted
Stock Units”) made under the Plan (Options, Restricted Stock and Restricted Stock Units, in the aggregate, to be “Awards”). The Board shall, subject to the provisions of the Plan, grant Awards under the Plan and shall have the power
to construe the Plan, to determine all questions arising thereunder and to adopt and amend such rules and regulations for the administration of the Plan as it may deem desirable. Any decision of the Board in the administration of the Plan, as
described herein, shall be final and conclusive. No member of the Board shall be liable for anything done or omitted to be done by such member or by any other member of the Board in connection with the Plan, except for such member’s own willful
misconduct or as expressly provided by statute. 
 The Committee shall maintain appropriate records of awards granted and vested prior to
January 1, 2005, that may provide for a deferral of compensation within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), together with any earnings or losses attributable thereto. Such
awards shall be governed by the terms of the Plan as in effect on October 3, 2004. 
 3. Amount of Stock; Individual
Limitation. 
 The stock which may be issued and sold under the Plan will be the common stock (par value $.01 per share) of the Company
(“Common Stock”), of a total number not exceeding 800,000 shares, subject to adjustment as provided in Section 7 below. The stock to be issued may be either authorized and unissued shares or issued shares acquired by the Company
or its subsidiaries. In the event that Awards granted under the Plan terminate or expire (without being exercised, in the case of Options) or are cancelled, forfeited, exchanged or surrendered, new Awards may be granted covering the shares not
issued under such lapsed Awards. No more than 50% of the Awards will be in the form of Restricted Stock or Restricted Stock Units. 
 No
individual participant may be granted, in any single calendar year during the term of the Plan, Awards with an aggregate grant date fair value in excess of $300,000.

 4. Eligible Directors. 

The members of the Board who are eligible to participate in the Plan (“Eligible Directors”) are persons who serve as directors of
the Company on or after the effective date of the Plan and: 
 (a) who are not current or former employees of the Company and

 (b) who are not and, in the past, have not been eligible to receive options on Company stock by participation as an employee in
another plan sponsored by the Company or under a contractual arrangement with the Company. 
 5. Terms and Conditions of Options.

 Each Option granted under the Plan shall be evidenced by an agreement in such form as the Board shall prescribe from time to time in
accordance with the Plan and shall comply with the following terms and conditions: 
 (a) The Option exercise price shall be the fair
market value of the Common Stock shares subject to such Option on the date the Option is granted, which shall be the average of the high and the low sales prices of a Common Stock share on the date of grant as reported on the New York Stock Exchange
Composite Transactions Tape or, if the New York Stock Exchange is closed on that date, on the last preceding date on which the New York Stock Exchange was open for trading. 

(b) Each year, as of the date of the annual meeting of the stockholders of the Company (“Annual Meeting”), and at such other
dates as the Board deems appropriate, the Board may award Options to purchase shares of Common Stock to Eligible Directors who have been elected or reelected or who are continuing as members of the Board. 

(c) No Option granted under the Plan shall be transferable by the optionee other than by will or by the laws of descent and
distribution, and such Option shall be exercisable, during the optionee’s lifetime, only by the optionee. Notwithstanding the foregoing, the Board may set forth in a Stock Option Agreement, at the time of grant or thereafter, that the Options
may be transferred to members of the optionee’s immediate family, to trusts solely for the benefit of such immediate family members and to partnerships in which such family members and/or trusts are the only partners. For this purpose,
immediate family means the optionee’s spouse, parents, children, stepchildren, grandchildren and legal dependants. Any transfer of Options made under this provision will not be effective until notice of such transfer is delivered to the
Company. 
 (d) No Option or any part of an Option shall be exercisable: 

(i) after the expiration of ten years from the date the Option was granted,

 

 (ii) unless written notice of the exercise is delivered to the Company
specifying the number of shares to be purchased and payment in full is made for the shares of Common Stock being acquired thereunder at the time of exercise, such payment shall be made in such form or manner that the Board at its discretion may from
time to time designate and that may include, without limitation, payment: 
 (A) in United States dollars by
certified check, or bank draft, or 
 (B) by tendering to the Company Common Stock shares owned by the person
exercising the Option and having a fair market value equal to the cash exercise price applicable to such Option, such fair market value to be the average of the high and low sales prices of a Common Stock share on the date of exercise as reported on
the New York Stock Exchange Composite Transactions Tape or, if the New York Stock Exchange is closed on that date, on the last preceding date on which the New York Stock Exchange was open for trading (shares of Common Stock used to exercise an
option shall have been held by the optionee for the requisite period of time to avoid adverse accounting consequences to the Company with respect to the option) or 

(C) by a combination of United States dollars and Common Stock shares as aforesaid, and 

(iii) unless the person exercising the Option has been, at all times during the period beginning with the date of
grant of the Option and ending on the date of such exercise, an Eligible Director of the Company, except that: 

(A) if such a person shall cease to be such an Eligible Director for reasons other than retirement or death, while
holding an Option that has not expired and has not been fully exercised, such person, at any time within one year after the date he ceases to be such an Eligible Director (but in no event after the Option has expired under the provisions of
Section 5(d)(i) above), may exercise the Option with respect to any Common Stock shares as to which such person has not exercised the Option on the date the person ceased to be such an Eligible Director only to the extent that the Option is
exercisable at the time of termination. 
 (B) if such person shall cease to be such an Eligible Director by reason
of retirement or death while holding an Option that has not expired and has not been fully exercised, such person, or in the case of death, the executors, administrators or distributees, as the case may be, may at any time following the date of
retirement or death (but in no event after the expiration of the Option period set forth in Section 5(d)(i) above), exercise the Option with respect to any shares of Common Stock as to which such person has not exercised the Option on the date
the person ceased to be such an Eligible Director, notwithstanding the provisions of Section 5(e). 
 (C) if
any person who has ceased to be such an Eligible Director for reasons other than death, shall die holding an Option that has not been fully exercised, such person’s executors,

 
administrators, heirs or distributees, as the case may be, may, at any time within the greater of (1) one year after the date of death or (2) the remainder for the period in which such
person could have exercised the Option had the person not died (but in no event under either (1) or (2) after the Option has expired under the provisions of Section 5(d)(i) above), exercise the Option with respect to any shares as to
which the decedent could have exercised the Option at the time of death. 
 In the event any Option is exercised by the executors,
administrators, legatees or distributees of the estate of a deceased optionee, the Company shall be under no obligation to issue stock thereunder unless and until the Company is satisfied that the person or persons exercising the Option are the duly
appointed legal representatives of the deceased optionee’s estate or the proper legatees or distributees thereof. 

(e) One-quarter (25%) of the total number of shares of Common Stock covered by the Option shall become exercisable on the first
anniversary date of the grant of the Option; thereafter an additional one-quarter (25%) of the shares shall become exercisable annually on each subsequent anniversary date of the grant of the Option until the Option is fully exercisable. 

(f) Notwithstanding anything to the contrary herein, if an Option has been transferred in accordance with Section 5(c), the Option
shall be exercisable solely by the transferee. The Option shall remain subject to the provisions of the Plan, including that it will be exercisable only to the extent that the optionee or optionee’s estate would have been entitled to exercise
it if the optionee had not transferred the Option. In the event of the death of the transferee prior to the expiration of the right to exercise the Option, the Option shall be exercisable by the executors, administrators, legatees and distributees
of the transferee’s estate, as the case may be for a period of one year following the date of the transferee’s death but in no event shall the Option be exercisable after the expiration of the Option period set forth in the Stock Option
Agreement. The Option shall be subject to such other rules as the Board shall determine. 
 (g) No Deferral Feature. No
Option granted under this Plan shall include any feature for the deferral of compensation other than the deferral of recognition of income until the later of exercise or disposition of the Option under Section 83 of the Code, or the time the
stock acquired pursuant to the exercise of the Option first becomes substantially vested (as defined in regulations interpreting Section 83 of the Code). 

6. Terms and Conditions of Restricted Stock and Restricted Stock Units. 

Restricted Stock Awards under the Plan shall consist of grants of shares of Common Stock of the Company. The conditional grant of a
Restricted Stock Unit to a participant will entitle the participant to receive a specified number of shares of Common Stock, if the objectives specified in the Award, if any, are achieved and the other terms and conditions thereof are satisfied.
Each Award will be subject to the following terms and conditions: 
 (a) The Board shall (i) select the members to whom
Restricted Stock and Restricted Stock Unit Awards may from time to time be granted, (ii) determine the number of shares to be covered by each Award granted, (iii) determine the terms and conditions (not inconsistent with the Plan) of any
Award granted hereunder, and (iv) prescribe the form of the agreement, legend or other instrument necessary or advisable in the administration of Awards under the Plan.

 

 
 (b) Any Restricted Stock and Restricted Stock Unit Award granted under the Plan shall be
evidenced by an agreement executed by the Company and the recipient, in such form as the Board shall approve and with such terms and conditions as the Board shall prescribe. 

(c) The shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and conditions: 

(i) During the restriction period, the participant will not be permitted to sell, transfer, pledge or assign
Restricted Stock awarded under this Plan. 
 (ii) Except as the Board may otherwise determine, a participant holding
Restricted Stock shall have all of the rights of a stockholder of the Company, including the right to vote the shares and receive dividends and other distributions, provided that distributions in the form of stock shall be subject to the same
restrictions as the underlying Restricted Stock. A participant holding Restricted Stock Units shall have none of the rights of a stockholder of the Company during the restriction period. 

(d) Compliance with Section 409A of the Code. Notwithstanding any provision of the Plan to the contrary, in the event any Award
under this Section 6 constitutes or provides for a deferral of compensation within the meaning of Section 409A of the Code, the Award shall comply in all respects with the applicable requirements of Section 409A of the Code; the
agreement evidencing the Award shall include all provisions required for the Award to comply with the applicable requirements of Section 409A of the Code; and those provisions of the Award agreement shall be deemed to constitute provisions of
the Plan. 
 7. Adjustment in the Event of Change in Stock. 

In the event of changes in the outstanding Common Stock by reason of stock dividends, recapitalizations, mergers, consolidations, stock
splits, combinations or exchanges of shares and the like, the aggregate number and class of shares available under the Plan, the number, class and the price of shares subject to outstanding Options and Awards of Restricted Stock and Restricted Stock
Units shall be appropriately adjusted by the Board, whose determination shall be conclusive. 
 8. Miscellaneous Provisions. 

(a) Except as expressly provided for in the Plan, no Eligible Director or other person shall have any claim or right to be granted an Award
under the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any Eligible Director any right to be retained in the service of the Company.

 (b) Except as provided for under Section 5(c), a participant’s rights and interest
under the Plan may not be assigned or transferred in whole or in part either directly or by operation of law or otherwise (except in the event of a participant’s death, by will or the laws of descent and distribution), including, but not by way
of limitations, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner, and no such right or interest of any participant in the Plan shall be subject to any obligation or liability of such participant. 

(c) No Common Stock shares shall be issued hereunder unless counsel for the Company shall be satisfied that such issuance will be in
compliance with applicable federal, state and other securities laws and regulations. 
 (d) It shall be a condition to the obligation of
the Company to issue Common Stock shares upon exercise of an Option or with respect to any other Award, that the participant (or any beneficiary or person entitled to receive the benefit of an Award) pay to the Company, upon its demand, such amount
as may be requested by the Company for the purpose of satisfying any liability to withhold federal, state, local or foreign income or other taxes. If the amount requested is not paid, the Company may refuse to issue Common Stock shares. 

(e) The expenses of the Plan shall be borne by the Company. 

(f) The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation
of assets to assure the issuance of shares in connection with an Award under the Plan and issuance of shares in connection with Awards shall be subordinate to the claims of the Company’s general creditors. 

(g) By accepting any Award or other benefit under the Plan, each participant and each person claiming under or through such person shall be
conclusively deemed to have indicated his acceptance and ratification of, and consent to, any action taken under the Plan by the Company or the Board. 

9. Change in Control. 

In the event an Eligible Director’s membership on the Board terminates pursuant to a qualifying termination (as defined below) during
the three (3) year period following a change in control of the Company (as defined below) and prior to the exercise of Options granted under this Plan, all outstanding Options shall immediately become fully vested and exercisable
notwithstanding any provisions of the Plan or of the applicable Option agreement to the contrary. In addition, in the event of a change in control of the Company, the Board may (i) determine that outstanding Options shall be assumed by, or
replaced with comparable options by, the surviving corporation (or a parent or subsidiary of the surviving corporation) and that outstanding Awards shall be converted to similar awards of the surviving corporation (or a parent or subsidiary of the
surviving corporation), or (ii) take such other actions with respect to outstanding Options and Awards as the Board deems appropriate.

 

 The following definitions shall apply for purposes of the Plan: 

(a) For the purpose of this Plan, a change in control shall be deemed to have occurred on the earlier of the following dates: 

(1) The date any person, as defined in Section 13(d)(3) of the Securities Exchange Act of 1934 (“Person”), shall have
become the direct or indirect beneficial owner of twenty percent (20%) or more of the then outstanding common shares of the Company; 

(2) The date a merger or consolidation of the Company with any other corporation is consummated other than (i) a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent at least 75% of the combined voting power of the voting securities of the Company or the surviving entity
outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company in which no Person acquires more than 50% of the combined voting power of the Company’s
then outstanding securities; 
 (3) The date the shareholders of the Company approve a plan of complete liquidation of the Company or
an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets; 
 (4) The date there
shall have been a change in a majority of the Board of Directors of the Company within a two (2) year period beginning after the effective date of the Plan, unless the nomination for election by the Company’s shareholders of each new
director was approved by the vote of two-thirds of the directors then still in office who were in office at the beginning of the two (2) year period. 

(b) For purposes of this Plan provision, a qualifying termination shall be deemed to have occurred if the Eligible Director ceases to
be a member of the Board for any reason other than death, disability, voluntary resignation, willful misconduct or activity deemed detrimental to the interests of the Company. 

10. Amendment or Discontinuance. 

The Plan may be amended at any time and from time to time by the Board as the Board shall deem advisable, including, but not

 
limited to, amendments necessary to qualify for any exemption or to comply with applicable law or regulations; provided, however, that, except in connection with a corporate transaction involving
the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the terms of outstanding
Awards may not be amended, without stockholder approval, to reduce the exercise price of outstanding Options or to cancel outstanding Options in exchange for cash, other awards, or stock options with an exercise price that is less than the exercise
price of the original Options; and provided, further, that except as provided in Section 7 above, the Board may not, without further approval by the stockholders of the Company, increase the maximum number of shares of Common Stock as to which
Awards may be granted under the Plan, reduce the minimum Option exercise price described in Section 5(a) above, extend the period during which Awards may be granted or exercised under the Plan or change the class of persons eligible to receive
Awards under the Plan. No amendment of the Plan shall materially and adversely affect any right of any participant with respect to any Award theretofore granted without such participant’s written consent. 

11. Termination. 

This Plan shall terminate upon the earlier of the following dates or events to occur: 

(a) upon the adoption of a resolution of the Board terminating the Plan; or 

(b) December 31, 2022. 

12. Governing Law. 

The validity, construction, interpretation and effect of the Plan and agreements issued under the Plan shall be governed and construed by and
determined in accordance with the laws of the State of Indiana, without giving effect to the conflict of laws provisions thereof.

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