Document:

Exhibit 10(d)(ii)

 

 

 

BECTON, DICKINSON AND COMPANY

1996 DIRECTORS’ DEFERRAL PLAN 

     Adopted As Of November 1, 1996 

And Amended As of November 21, 2006 

 

 

 

 

ARTICLE I

Definitions 

	
1.1	
“Accrued Pension” means the U.S. dollar amount of the actuarially-determined present value of the accrued and unpaid past service pension benefits under the Directors’ Nonqualified Pension Arrangements of a Director
acting as such at and as of June 30, 1996, as calculated by Kwasha Lipton as of the Termination Date, taking into account the Director’s age and years and months of past service and such other assumptions as shall be reasonable and uniformly
applied to all Directors.	
	 
	
1.2	
“Additional Deferral Election” means the election by a participant under Section 3.6(b) to further defer the date payment otherwise would be made (or begin to be made) from a participant’s Deferred
Account.	
	 
	
1.3      		
“Annual Share Amount” means the number of shares of Common Stock (which is set as of the date hereof at 400 shares) that the Board, from time to time, may agree to credit to Deferred Stock Accounts as compensation to
continuing Directors.	
	 
	
1.4      		
“Board” means the Board of Directors of the Company.	
	 
	
1.5      		
“Change-of-Form Election” means the election by a participant under Section 3.6(a) to change the form of distribution from any of his or her Deferred Accounts.	
	 
	
1.6      		
“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute.	
	 
	
1.7      		
“Committee” means the Committee on Directors of the Board, or such other committee as may be designated by the Board to be responsible for administering the Plan.	
	 
	
1.8      		
“Common Stock” means the common stock ($1.00 par value) of the Company, including any shares into which it may be split, subdivided or combined.	
	 
	
1.9      		
“Company” means Becton, Dickinson and Company, and any successor thereto.	
	 
	
1.10      		
“Conversion Election” means the election by a participant under Section 3.5(a) to convert some or all of his or her Deferred Retainer Account balance, Deferred Fees Account balance and/or Deferred Dividends Account
balance from a cash balance into a Deferred Stock Account balance.	
	 

  2

	
1.11      		
“Deferral Election” means a Deferred Pension Election, Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election, Deferred Fees Election and/or a form-of-distribution election under Section
3.4(e).	
	 
	
1.12      		
“Deferred Account” means the participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, Deferred Cash Account and/or Deferred Stock Account.	
	 
	
1.13      		
“Deferred Cash Account” means the bookkeeping account established under Section 3.5(b) on behalf of a participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).	
	 
	
1.14      		
“Deferred Dividends” means the amount of cash dividends on his or her Restricted Stock that a participant has elected to defer until a later year pursuant to an election under Section 3.2 (c).	
	 
	
1.15      		
“Deferred Dividends Account” means the bookkeeping account established under Section 3.2(c) on behalf of a participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).	
	 
	
1.16      		
“Deferred Dividends Election” means the election by a participant under Section 3.2(c) to defer until a later year receipt of some or all of the dividends payable in the following year on his or her Restricted
Stock.	
	 
	
1.17      		
“Deferred Fees” means the amount of a participant’s fees (other than the participant’s annual Board retainer fees) that such participant has elected to defer until a later year pursuant to an election under
Section 3.3(a).	
	 
	
1.18      		
“Deferred Fees Account” means the bookkeeping account established under Section 3.3 on behalf of a participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).	
	 
	
1.19      		
“Deferred Fees Election” means the election by a participant under Section 3.3 to defer until a later year receipt of some or all of his or her fees (other than annual Board retainer).	
	 
	
1.20      		
“Deferred Pension” means the amount of a participant’s Accrued Pension that such participant has elected to defer until a later year pursuant to an election under Section 3.1.	
	 
	
1.21      		
“Deferred Pension Account” means the bookkeeping Account established under Section 3.1 on behalf of a participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).	
	 
	
1.22      		
“Deferred Pension Election” means the election by a participant under Section 3.1 to defer until a later year receipt of some or all of his or her Accrued Pension.	
	 

  

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1.23      		
“Deferred Retainer” means the amount of a participant’s annual Board retainer fees that such participant has elected to defer until a later year pursuant to an election under Section 3.3(a).	
	 
	
1.24      		
“Deferred Retainer Account” means the bookkeeping account established under Section 3.3 on behalf of a participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).	
	 
	
1.25      		
“Deferred Retainer Election” means the election by a participant under Section 3.3(a) to defer until a later year receipt of some or all of his or her annual Board retainer.	
	 
	
1.26      		
“Deferred Stock Account” means the bookkeeping account established under Sections 3.2, 3.4 and/or 3.5 on behalf of a participant and includes, in addition to amounts stated in those Sections, all Dividend Reinvestment
Returns credited thereto pursuant to Section 3.7(b).	
	 
	
1.27      		
“Deferred Stock Election” means the election by a participant under Section 3.4(a) and/or (c) to have his or her Deferred Pension, Deferred Dividends, Deferred Retainer and/or Deferred Fees credited in the form of Common
Stock to the participant’s Deferred Stock Account.	
	 
	
1.28      		
“Director” means a member of the Board.	
	 
	
1.29      		
“Directors’ Nonqualified Pension Arrangements” means the unfunded pension benefits payable to Directors pursuant to resolutions of the Board dated November 24, 1981 and March 28, 1995.	
	 
	
1.30      		
“Directors’ Stock Trust” means the Becton, Dickinson and Company 1996 Directors’ Deferral Trust established as of November 15, 1996 between the Company and Wachovia Bank of North Carolina, N.A.	
	 
	
1.31      		
“Dividend Reinvestment Return” means the amounts which are credited to each participant’s Deferred Stock Account pursuant to Section 3.7(b) to reflect dividends declared and paid by the Company on its Common
Stock.	
	 
	
1.32      		
“Effective Date” means the effective date of the Plan set forth in Section 5.4.	
	 
	
1.33      		
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.	
	 
	
1.34      		
“Interest Return” means the amounts which are credited from time to time to each participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account and/or Deferred
Cash Account pursuant to Section 3.7(a).	
	 

  

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1.35      		
“Investment Election” means the participant’s election to have deferred amounts credited with hypothetical earnings credits (or losses) that track the investment performance of the Investment Options in accordance
with Article III.	
	 
	
1.36      		
“Investment Options” means those hypothetical targeted investment options, other than Common Stock, designated by the Committee as measurements of the rate of return to be credited to (or charged against) amounts
deferred to participants’ accounts other than their Deferred Stock Accounts.	
	 
	
1.37      		
“NYSE” means The New York Stock Exchange.	
	 
	
1.38      		
“Payment Date” means the last day of January, April, July or October of each calendar year on which the Directors are paid their compensation for the immediately preceding three (3) month period.	
	 
	
1.39      		
“Plan” means the Becton, Dickinson and Company 1996 Directors’ Deferral Plan as from time to time in effect.	
	 
	
1.40      		
“Restricted Stock” means the shares of Common Stock issued to a Director, and bearing restrictions, pursuant to the Company’s 1994 Restricted Stock Plan for Non-Employee Directors.	
	 
	
1.41      		
“Restricted Stock Election” means the election by a participant under Section 3.2(a) to surrender some or all of his or her shares of Restricted Stock to the Company and to have an equal number of shares of Common Stock
credited to the participant’s Deferred Stock Account.	
	 
	
1.42      		
“Reverse Conversion Election” means the election by a participant under Section 3.5(b) to convert a portion of his or her Deferred Stock Account balance into a Deferred Cash Account balance.	
	 
	
1.43      		
“Shareholders’ Meeting” means the regular annual meeting of the shareholders of the Company.	
	 
	
1.44      		
“Termination Date” means December 1, 1996, the date as of which the Directors’ Nonqualified Pension Arrangements will have been effectively terminated.	
	 

  

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ARTICLE II

Participation

	
2.1      		
Participation	
	 
	 	
(a)      		
Participation in the Plan shall be limited to an individual who, as at the Effective Date of the Plan and/or any subsequent first day of any calendar quarter, is a Director.	
	 
	 	
(b)      		
The Committee may, consistent with Company policy:	
	 
	 	 	
(i)      		
designate as ineligible particular individuals or groups of individuals who otherwise would be eligible under Section 2.1(a); or	
	 
	 	 	
(ii)      		
designate as eligible particular individuals or groups of individuals who otherwise would be ineligible under Section 2.1(a).	
	 

ARTICLE III 

Deferral Elections, Accounts and Distributions

	
3.1      		
Deferred Pension Election	
	 
	 	
(a)      		
Any participant, who has an Accrued Pension as of the Termination Date, may make a single one-time election, on or before December 5, 1996 in writing and on a form to be furnished by the Committee, to convert 25%, 50%, 75% or 100%
of his or her Accrued Pension into a Deferred Pension Account under the Plan. Upon making a Deferred Pension Election, a new Deferred Pension Account will be established in the participant’s name and will be credited, on or about December 20,
1996, with the amount of his or her Accrued Pension so converted.	
	 
	 	
(b)      		
Once made, a Deferred Pension Election cannot be changed or revoked except as provided herein.	
	 
	 	
(c)      		
A Deferred Pension Election shall defer the starting date for the payment of the designated amount of the participant’s Accrued Pension, and any Interest Return credited thereon pursuant to Section 3.7, until the earliest of
the participant’s retirement, permanent and total disability, death or involuntary termination.	
	 

  

  6

	 	
(d)      		
In the event of any such Deferred Pension Election, the form of payment of any distribution (i.e., in a lump sum or in five or in ten approximately equal annual
installments) and the starting date of such distribution (i.e., as soon as practicable following the event triggering the distribution or January 31st
of the calendar year immediately following such event) shall be elected at the same time. In the event that any distribution is elected to be paid in five or ten approximately equal annual installments, the
participant also may elect, at the time of the Deferred Pension Election, to have the form of distribution, automatically and without further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event
of such participant’s death or permanent and total disability occurring prior to the expiration of the complete period of deferral. Except as herein provided, such form-of-payment election shall not be changed or revoked.	
	 
	
3.2      		
Restricted Stock Elections and Deferred Dividends Elections	
	 
	 	
(a)      		
Any participant, who owns Restricted Stock as of the Effective Date, may make a single one-time election, on or before December 5, 1996 and on a form to be furnished by the Committee, to surrender to the Company 25%, 50%, 75% or
100% of his or her shares of Restricted Stock. Upon making such Restricted Stock Election, a new Deferred Stock Account will be established in the participant’s name to which will be credited, on or about December 20, 1996, a number of shares
of Common Stock equal to the number so surrendered.	
	 
	 	
(b)      		
A participant who makes a Restricted Stock Election will defer the receipt of any balance in the participant’s Deferred Stock Account, including any Dividend Reinvestment Return credited thereto pursuant to Section 3.7(b),
until the earliest of the participant’s (i) permanent and total disability, (ii) death and (iii) the later of (1) the date on which such shares of Restricted Stock otherwise would have vested, (2) January 2, 1998, and (3) the date of any
retirement or other termination of service.	
	 
	 	
(c)      		
Any participant, who owns Restricted Stock from time to time, also can elect, on or before December 31 of any calendar year, to defer 25%, 50%, 75% or 100% of the cash dividends otherwise payable on his or her Restricted Stock for
the next succeeding calendar year. Such Deferred Dividends will be credited to the participant’s Deferred Dividend Account as of each date on which cash dividends are otherwise paid on the Common Stock.	
	 
	 	
(d)      		
A participant who makes a Deferred Dividends Election may defer the payment of any Deferred Dividends, and any Interest Return credited thereon pursuant to Section 3.7(a), until (i) the earliest of the
participant’s	
	 

  

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		retirement, permanent and total disability, death or involuntary termination or (ii) a fixed date which is no earlier than three full calendar years after the calendar year during which the Deferred Dividends otherwise were payable and no later than ten years after the earliest date specified in (i), provided, however, that all distributions under Section 3.8(b) must be paid in full no later than ten years after the earliest of the participant’s retirement, permanent and total disability, death or involuntary termination.
	 
	 	
(e)      		
Once made, neither a Restricted Stock Election nor a Deferred Dividends Election can be changed or revoked except as provided herein.	
	 
	 	
(f)      		
In the event of any such Restricted Stock Election or Deferred Dividends Election, the form of payment of any distribution (i.e., in a lump sum or in five or in ten
approximately equal annual installments) and the starting date of such distribution (i.e., as soon as practicable following the event causing the distribution or January 31st of the calendar
year immediately following such event) shall be elected at the same time. In the event that any distribution is elected to be paid in five or ten approximately equal annual installments, the participant also may elect, at the time of the Restricted
Stock Election or Deferred Dividends Election, to have the form of distribution, automatically and without further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event of such participant’s
death or permanent and total disability occurring prior to the expiration of the complete period of deferral.	
	 
	 	 	
Except as herein provided, such form-of-payment election shall not be changed or revoked.	
	 
	
3.3      		
Deferred Retainer Elections and Deferred Fees Elections	
	 
	 	
(a)      		
With respect to an individual who is eligible to participate in this Plan in accordance with Section 2.1, elections of Deferred Retainer and/or Deferred Fees shall be made in writing on forms to be furnished by the Committee. A
Deferred Retainer Election and/or a Deferred Fees Election shall apply only to the Director’s annual retainer or fees, as the case may be, for the particular calendar year specified in the election. A participant may elect to defer from 25% of
his or her annual retainer to 100% of that retainer (in increments of 10%) and/or 50% or 100% of his or her other fees.	
	 
	 	
(b)      		
A Deferred Retainer Election and/or Deferred Fees Election with respect to payments for a particular calendar year (i) must be made on or before the December 31 preceding such calendar year or, in the case of a newly-elected
Director, within thirty (30) days following the date on which he or she becomes a member of the Board, and (ii) once made, cannot be changed or revoked except as provided herein. Such Deferred Retainer	
	 

  

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shall be credited to the participant’s Deferred Retainer Account (or, if none, to a new such account established in the participant’s name) and his or her Deferred Fees shall be credited to the participant’s
Deferred Fees Account (or, if none, to a new such account established in the participant’s name) as of each quarterly Payment Date. Revocation of any Deferred Retainer Election or Deferred Fees Election during a calendar year shall only affect
future payments and shall reduce the participant’s deferral percentage to zero for the remainder of that calendar year. Notice of revocation must be filed with the Committee by the fifteenth day of the month before the beginning of the next
three-month period ending on a Payment Date. Such revocation shall not affect any balances credited to
the participant’s Deferred Retainer Account or Deferred Fees Account, as the case may be, before the effective date of the revocation of the election.	
	 
	 	
(c)      		
A participant who makes a Deferred Retainer Election or a Deferred Fees Election may defer the payment of any retainer and/or fees, and any Interest Return credited thereon pursuant to Section 3.7(a), until (i) the earliest of the
participant’s retirement, permanent and total disability, death or involuntary termination or (ii) a fixed date which is no earlier than three full calendar years after the calendar year during which the Deferred Retainer or Deferred Fees
otherwise were payable and no later than ten years after the earliest date specified in (i), provided, however, that all
distributions under Section 3.8(b) must be paid in full no later than ten years after the earliest of the participant’s retirement, permanent and total disability, death or involuntary termination.	
	 
	 	
(d)      		
In the event of any such Deferred Retainer Election or Deferred Fees Election, the form of payment of any distribution (i.e., in a lump sum or in five or ten approximately
equal annual installments) and the starting date of such distribution (i.e., as soon as practicable following the event causing the distribution or January 31st of the calendar year immediately following such event) shall be elected at the same time. In the event that any distribution is elected to be paid in five or ten approximately equal annual
installments, the participant also may elect, at the time of the Deferred Retainer Election and/or Deferred Fees Election, to have the form of distribution, automatically and without any further action on his or her part, converted to a lump sum
payment in accordance with Section 3.8(b) in the event of such participant’s death or permanent and total disability occurring prior to the expiration of the complete period of deferral. Except as herein provided, such form-of-payment election
shall not be changed or revoked.	
	 

  

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3.4      		
Deferred Stock Elections	
	 
	 	
(a)      		
Instead of being credited to the participant’s Deferred Pension Account, each participant who makes a Deferred Pension Election also may elect to have 25%, 50%, 75% or 100% of the amount otherwise creditable to his or her
Deferred Pension Account instead credited in the form of Common Stock to a new Deferred Stock Account established in the participant’s name.	
	 
	 	
(b)      		
When a Deferred Stock Election is made in connection with a Deferred Pension Election, the participant’s Deferred Stock Account will be credited on or about December 20, 1996, with the number of shares of Common Stock
(rounded to the nearest one-one hundredth of a share) determined by dividing the amount of the participant’s Accrued Pension with respect to which the Deferred Stock Election applies, by the average price paid by the Trustee of the
Directors’ Stock Trust for shares of Common Stock with respect to such date or, if the Trustee shall not purchase shares of Common Stock equal to the number of shares of Common Stock creditable to all participants’ Deferred Stock Accounts
on such date, then, to the extent of such shortfall, such price shall be the average of the high and low NYSE market price for the Common Stock on such date and the portion of the participant’s Deferred Pension Account balance used in such
calculation shall be proportionate to such shortfall amount. At the same time, the participant’s Deferred Pension Account will be debited by the amount so credited to the participant’s new Deferred Stock Account.	
	 
	 	
(c)      		
Instead of being credited to the participant’s Deferred Dividends Account, Deferred Retainer Account or Deferred Fees Account, each participant also may elect to have 25%, 50%, 75% or 100% of his or her Deferred Dividends,
Deferred Retainer and/or Deferred Fees credited in the form of Common Stock to the participant’s Deferred Stock Account. Except as provided in Section 3.5, an election to have Deferred Dividends, Deferred Retainer or Deferred Fees credited to
the participant’s Deferred Stock Account must be made concurrently with the Deferred Dividends Election, Deferred Retainer Election or Deferred Fees Election, as the case may be.	
	 
	 	
(d)      		
A participant’s Deferred Stock Account will be credited:	
	 
	 	 	
i)      		
regularly, as of each date on which dividends are paid on the Common Stock, with the number of shares of Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the portion of the
participant’s Deferred Dividends for such dividend payment date subject to the Deferred Stock Election by the average price paid by the Trustee of the Director’s Stock	
	 

  

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	Trust for shares of Common Stock with respect to such dividend payment date or, if the Trustee shall not at such time purchase any shares of Common Stock, then the price shall be the average of the high and low NYSE market price for the Common Stock on such date;
	 
	 	 	
ii)      		
quarterly, as of each Payment Date, with the number of shares of Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the portion of the participant’s Deferred Retainer and/or Deferred
Fees accumulated during the preceding fiscal quarter and which are subject to the Deferred Stock Election by the average price paid by the Trustee of the Director’s Stock Trust for shares of Common Stock with respect to such Payment Date or, if
the Trustee shall not at such time purchase any shares of Common Stock, then the price shall be the average of the high and low NYSE market price for the Common Stock on such date; and	
	 
	 	 	
iii)      		
annually, as of the day after the Shareholders’ Meeting with the Annual Share Amount, if, after such meetings the participant was elected or continued to serve as a Director of the Company.	
	 
	 	
(e)      		
Each participant who has a Deferred Stock Account shall receive distributions from such Account attributable to his or her Annual Share Amounts, and any Dividend Reinvestment Return credited thereon pursuant to Section 3.7(b),
upon the earliest of the participant’s retirement, permanent and total disability, death or involuntary termination. Such participant, within thirty (30) days after his or her Deferred Stock Account is credited with an Annual Share Amount,
shall elect the form of payment of any such distribution (i.e., in a lump sum or in five or in ten approximately equal annual installments) and the starting date of such distribution
(i.e., as soon as practicable following the event triggering the distribution or January 31st of the calendar year immediately
following such event).	
	 
	 	 	
In the event that any distribution is elected to be paid in five or ten approximately equal annual installments, the participant also may elect, at the time of the initial form-of-distribution election, to have the form of
distribution, automatically and without further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event of such participant’s death or permanent and total disability occurring prior to the
expiration of the complete period of deferral. Except as herein provided, such form-of-distribution election shall not be changed or revoked.	
	 
	 	
(f)      		
In the event of any merger, consolidation, reorganization, recapitalization, stock dividend (including without limitation, stock dividends consisting of	
	 

  

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securities other than the shares of Common Stock), distribution (other than regular cash dividends), stock split, reverse stock split, separation, spin-off, split-off or other distribution of stock or property of the Company, or
other change in the corporate structure or capitalization, there shall be appropriate adjustment made by the Board in the number and kind of shares (rounded to the nearest one-one hundredth of a share) or other property that shall be credited in the
aggregate and to individual participants’ deferred stock accounts under the Plan, so that the participants’ Deferred Stock Accounts reflect the same equity percentage interest in the Company after the transaction as was the case before
such transaction, and so that each share of Common Stock credited to a participant’s Deferred Stock Account before a transaction accrues the same benefits after the transaction as does each share of Common Stock outstanding before such
transaction.	
	 
	 	
(g)      		
If at least a majority of the Company’s stock is sold or exchanged by its Shareholders pursuant to an integrated plan for cash or property (including Stock of another corporation) or if substantially all of the assets of the
Company are disposed of and, as a consequence thereof, cash or property is distributed to the Company’s shareholders, each participant’s Deferred Stock Account will, to the extent not already so credited under Section 3.7(b), be (i)
credited with the amount of cash or property receivable by a Company shareholder directly holding the same number of shares of Common Stock as is credited to such participant’s Deferred Stock Account and (ii) debited by that number of shares of
Common Stock surrendered by such equivalent Company shareholder.	
	 
	 	
(h)      		
Each participant who has a Deferred Stock Account also shall be entitled to provide directions to the Committee to cause the Committee to similarly direct the Trustee of the Trust to vote, on any matter presented for a vote to the
shareholders of the Company, that number of shares of Common Stock held by the Trust equivalent to the number of shares of Common Stock credited to the participant’s Deferred Stock Account. The Committee shall arrange for distribution to all
participants in a timely manner of all communications directed generally to the shareholders of the Company as to which their votes are solicited.	
	 
	 	
(i)      		
Pursuant to the Policy Statement on Insider Trading and Securities Transactions, as the same may be amended (the “Policy”), there are time periods (each, a “blackout period”) during which time participants may
not effect transactions, directly or indirectly, in Company equity securities. Under the Policy, the Company’s Corporate Secretary may also impose additional blackout periods with respect to some or all participants. Participants whose ability
to effect transactions is prohibited during such blackout periods also will be prohibited during such periods from making any Conversion Election, Deferred Stock Election or Investment Election that increases or decreases the amount credited to the
participant’s Deferred Stock Account. The Committee, at the direction of	
	 

  

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	the Company’s Corporate Secretary, shall adopt and implement procedures to ensure that the provisions of this subsection are carried out.
	 
	
3.5      		
Conversion Elections and Reverse Conversion Elections	
	 
	 	
(a)      		
Any individual who has a Deferred Dividends Account, Deferred Fees Account, Deferred Retainer Account and/or a Deferred Cash Account may make an additional election, to convert any whole percentage of the participant’s
deferred account balance as of the date of such election from a cash balance into a Common Stock balance which would be credited to his or her Deferred Stock Account (or, if none, to a new such account established in the participant’s
name).	
	 
	 	
(b)      		
Any individual who has a Deferred Stock Account may make an additional election, a Reverse Conversion Election, to convert any whole percentage of his or her Deferred Stock Account balance as of the date of such election from a
Common Stock balance into a cash balance which would be credited to a new Deferred Cash Account established in the participant’s name.	
	 
	 	
(c)      		
When a Conversion Election is made, the participant’s Deferred Stock Account will be credited, on or about January 2nd of the year following the election, with
the number of shares of Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the balance in the participant’s Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, and/or Deferred
Cash Account by the average price paid by the Trustee of the Directors’ Stock Trust for shares of Common Stock with respect to such date, or, if the Trustee shall not purchase shares of Common Stock equal to the number of shares of Common Stock
creditable to all participants’ Deferred Stock Accounts on such date, then, to the extent of such shortfall, such price shall be the average of the high and low NYSE market price for the Common Stock on such date and the portion of the
participant’s Deferred Dividends Account balance, Deferred Retainer Account balance, Deferred Fees Account balance and/or Deferred Cash Account balance used in such calculation shall be proportionate to such shortfall amount. At the same time,
the participant’s Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account and/or Deferred Cash Account, as the case may be, will be debited by an amount equal to the amount so credited to the participant’s Deferred
Stock Account.	
	 
	 	
(d)      		
When a Reverse Conversion Election is made, the participant’s Deferred Cash Account will be credited on or about January 2nd of the year following the election
with the amount of cash determined by multiplying the number of shares of Common Stock (rounded to the nearest one-one hundredth of a share), computed to have been converted by reason of the	
	 

  

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		participant’s election, by the average of the high and low NYSE market price for the Common Stock on the first business day in January of such year. At the same time, the participant’s Deferred Stock Account will be debited by the number of shares of Common Stock so deemed converted.
	 
	
3.6      		
Change-of-Form Elections and Additional Deferral Elections	
	 
	 	
(a)      		
Any participant, who has made a Deferral Election, may make an additional election to change the form of distribution of the balance in any of his or her Deferred Accounts to one of the three acceptable forms of distributions
under Section 3.8(b). Only one Change-of-Form Election may be made by any participant with respect to the balance in any Deferred Account attributable to any individual Deferred Election during any three (3) calendar years; provided, however, that no such Change-of-Form Election will be effective with respect to any balance in any participant’s Deferred Account,
unless made in connection with the establishment of the Deferred Account, until such balance has been in such Deferred Account for at least two (2) calendar years.	
	 
	 	
(b)      		
Any participant who has made a Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election or Deferred Fees Election may make an additional election to further postpone the initial starting date for
distributions of the balance in his or her Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account or Deferred Stock Account (to the extent attributable to a Deferred Stock Election or Conversion Election with respect to a
Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election and/or Deferred Fees Election) to a date no earlier than three full calendar years thereafter and no later than the latest date that would have been permitted under
Sections 3.2(d) or 3.3(c), as the case may be, for the initial Deferral Election; provided, however, that only one such Additional
Deferral Election may be made with respect to the balance in any Deferred Account attributable to any individual Deferral Election.	
	 

	
3.7      		
Investment Return on Deferred Accounts	
	 
	 	
(a)      		
If a participant does not make an Investment Election as provided below, the Committee shall credit the balance of each participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred
Fees Account and Deferred Cash Account during the calendar year with an Interest Return equal to interest thereon. Such balances shall include all Interest Returns previously credited to the account. The Interest Return to be credited for each
calendar year shall be calculated by multiplying the average daily balance in each such Deferred Account by the Moody’s Seasoned Aaa Corporate Bond Rate in effect on the first business day of September of the previous calendar	
	 

  

  14

	 	 	
year, as published in the weekly Federal Reserve Statistical Release (Publication H.15). Notwithstanding the foregoing, at the time the participant makes a Reverse
Conversion Election or a Deferral Election (other than a Restricted Stock Election or a form of distribution election), the participant may make an Investment Election and select Investment Options with respect to the amounts credited to those
accounts. If a participant makes an Investment Election, additional hypothetical bookkeeping amounts shall be credited to (or deducted from) the participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account,
Deferred Fees Account or Deferred Cash Account to reflect the earnings (or losses) that would have been experienced had the deferred amounts been invested in the Investment Options selected by the participant as targeted rates of return, net of all
fees and expenses otherwise associated with the Investment Options. The Committee may add or delete Investment Options, on a prospective basis, by notifying all participants whose accounts are hypothetically invested in such Investment Options, in
advance, and soliciting elections to transfer deferred amounts so that they track investments in other Investment Options then available. Investment Elections will continue in effect until changed by the participant. A participant may change a prior
Investment Election on a monthly basis, in such manner as approved by the Committee.	
	 
	 	
(b)      		
Each time the Company declares a dividend on its Common Stock, each participant’s Deferred Stock Account will be credited with a Dividend Reinvestment Return equal to that number of shares of Common Stock (rounded to the
nearest one-one hundredth of a share) determined by dividing (i) the amount that would have been paid (or the fair market value thereof, if the dividend is not paid in cash) to the participant on the total number of shares of Common Stock credited
to the participant’s Deferred Stock Account had that number of shares of Common Stock been held by such participant by (ii) the average price paid by the Trustee of the Stock Trust for shares of Common Stock with respect to the dividend payment
date or, if the Trustee shall not at such time purchase any shares of Common Stock, then the price shall be the average of the high and low NYSE market price for the Common Stock on such date.	
	 
	 	
(c)      		
Within 60 days following the end of each calendar year, the Committee shall furnish each participant with a statement of account which shall set forth the balance in each of the individual’s Deferred Accounts as of the end of
such calendar year, inclusive of cumulative Interest Return and/or Dividend Reinvestment Return.	
	 

  

  15

	
3.8      		
Distributions	
	 
	 	
(a)      		
Upon occurrence of an event specified in the participant’s Deferral Election, as modified by any Change-of-Form Election, the amount of a participant’s Deferred Pension Account, Deferred Dividends Account, Deferred
Retainer Account, Deferred Fees Account and/or Deferred Cash Account shall be paid in cash and the amount of a participant’s Deferred Stock Account shall, except as otherwise provided in Section 3.4(g) or 3.9 or to the extent the Company is
otherwise, in the reasonable judgment of the Committee, precluded from doing so, be paid in shares of Common Stock (with any fractional share interest therein paid in cash to the extent of the then fair market value thereof), in each case to the
participant or his or her beneficiary, as applicable. Such payment(s) shall be from the general assets of the Company (including the Directors’ Stock Trust) in accordance with this Section 3.8.	
	 
	 	
(b)      		
Unless other arrangements are specified by the Committee on a uniform and nondiscriminatory basis, deferred amounts shall be paid in the form of (i) a lump sum payment, (ii) in five approximately equal annual installments or (iii)
in ten approximately equal annual installments, as elected by the participant at the time of his or her Deferral Election and as modified by any applicable subsequent Change-in-Form Election; provided, however, that payments shall be made only in a single lump sum if payment commences due to termination for cause. Such payments shall be made (or begin to be made) as soon as
practicable following the occurrence of the event making payment necessary or, if so elected in the Deferral Election, on the January 31st of the calendar year immediately following such
event.	
	 
	 	
(c)      		
In case of an unforeseeable emergency, a participant may request the Committee, on a form to be provided by the Committee, that payment be made earlier than the date to which it was deferred; provided, however, that no such acceleration of the distribution date(s) shall apply to that portion of the balance(s) in the participant’s
Deferred Accounts either attributable to Annual Share Amounts, and any Dividend Reinvestment Return credited thereon pursuant to Section 3.7(b), or to a Deferred Pension Election, and any Interest Return or Dividend Reinvestment Return credited
thereon pursuant to Section 3.7.	
	 
	 	 	
For purposes of this Section 3.8(c), an “unforeseeable emergency” shall be limited to a severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant or of a
dependent (as defined in section 152(a) of the Code) of the participant, loss of the participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the
participant. The circumstances that will	
	 

  

  16

	 	
constitute an unforeseeable emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved: (i) through reimbursement or compensation by
available insurance or otherwise, (ii) by liquidation of the participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship or (iii) by cessation of deferrals under the Plan.	
	 
	 	
The Committee shall consider any requests for payment under this Section 3.8(c) on a uniform and nondiscriminatory basis and in accordance with the standards of interpretation described in section 457 of the Code and the
regulations thereunder.	
	 
	 	
(d)      		
The Company shall deduct from all payments under the Plan federal, State and local income and employment taxes, as required by applicable law. No participant or beneficiary shall be entitled to receive any distribution of shares
of Common Stock credited to a participant’s Deferred Stock Account until the Company has received full payment of such withholding obligations in cash.	
	 
	
3.9      		
General Provisions	
	 
	 	
(a)      		
The Company shall make no provision for the funding of any Deferred Accounts payable hereunder that (i) would cause the Plan to be a funded plan for purposes of section 404(a)(5) of the Code or (ii) would cause the Plan to be
other than an “unfunded and unsecured promise to pay money or other property in the future” under Treasury Regulations § 1.83-3(e); and, except to the extent specified in the Directors’ Stock Trust following a “change of
control” (as defined in the Directors’ Stock Trust) of the Company, the Company shall have no obligation to make any arrangement for the accumulation of funds to pay any amounts under this Plan. Subject to the restrictions of the preceding
sentence and in Section 3.9(c), the Company, in its sole discretion, may establish one or more grantor trusts described in Treasury Regulations § 1.677(a)-1(d) to accumulate funds and/or shares of Common Stock to pay amounts under this Plan,
provided that the assets of such trust(s) shall be required to be used to satisfy the claims of the Company’s general creditors in the event of the Company’s bankruptcy or insolvency.	
	 
	 	
(b)      		
In the event that the Company shall decide to establish an advance accrual reserve on its books against the future expense of payments from any Deferred Account, such reserve shall not under any circumstances be deemed to be an
asset of this Plan but, at all times, shall remain a part of the general assets of the Company, subject to claims of the Company’s creditors.	
	 

  

  17

	 	
(c)      		
A person entitled to any amount under this Plan shall be a general unsecured creditor of the Company with respect to such amount. Furthermore, a person entitled to a payment or distribution with respect to a Deferred Account, shall have a claim upon the Company only to the extent of the balance(s) in his or her Deferred Accounts.	
	 
	 	
(d)      		
The participant’s beneficiary under this Plan with respect to the balance(s) in his or her Deferred Accounts shall be the person designated to receive benefits on account of the participant’s death on a form provided by
the Committee.	
	 
	 	
(e)      		
All commissions, fees and expenses that may be incurred in operating the Plan and any related trust(s) established in accordance with Section 3.9(a) (including the Directors’ Stock Trust) will be paid by the
Company.	
	 
	 	
(f)      		
Notwithstanding any other provision of this Plan: (i) elections under this Plan may only be made by participants while they are directors of the Company; (ii) no Conversion Election, Reverse Conversion Election, Change-of-Form
Election or Additional Deferral Election shall be effective if made within six (6) months prior to the earlier of (1) the date of the participant’s scheduled retirement or (2) the date the participant voluntarily terminates service on the
Board; (iii) no Change-of-Form Election or Additional Deferral Election shall be effective with respect to any balance in any Deferred Account that is scheduled to be paid (or to begin to be paid) within six (6) months after the date of such
election; and (iv) distributions otherwise payable to a participant in the form of Common Stock shall be delayed and/or instead paid in cash in an amount equal to the fair market value thereof if such payment in Common Stock would violate any
federal or State securities laws (including Section 16(b) of the Securities Exchange Act of 1934, as amended) and/or rules and regulations promulgated thereunder.	
	 
	
3.10      		
Non-Assignability	
	 
	 	
Participants, their legal representatives and their beneficiaries shall have no right to anticipate, alienate, sell, assign, transfer, pledge or encumber their interests in the Plan, nor shall such interests be subject to
attachment, garnishment, levy or execution by or on behalf of creditors of the participants or of their beneficiaries.	
	 

  

  18

ARTICLE IV 

Administration

	
4.1      		
Plan Administrator	
	 
	 	
Subject to the express provisions of the Plan, the Committee shall have the exclusive right to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it and to make all other determinations necessary
or advisable for the administration of the Plan. The decisions, actions and records of the Committee shall be conclusive and binding upon the Company and all persons having or claiming to have any right or interest in or under the Plan.	
	 
	 	
The Committee may delegate to such officers, employees or departments of the Company such authority, duties, and responsibilities of the Committee as it, in its sole discretion, considers necessary or appropriate for the proper
and efficient operation of the Plan, including, without limitation, (i) interpretation of the Plan, (ii) approval and payment of claims, and (iii) establishment of procedures for administration of the Plan.	
	 

ARTICLE V 

Amendment, Termination and Effective Date

	
5.1      		
Amendment of the Plan	
	 
	 	
Subject to the provisions of Section 5.3, the Plan may be wholly or partially amended or otherwise modified at any time by written action of the Board of Directors.	
	 
	
5.2      		
Termination of the Plan	
	 
	 	
Subject to the provisions of Section 5.3, the Plan may be terminated at any time by written action of the Board of Directors.	
	 
	
5.3      		
No Impairment of Benefits	
	 
	 	
Notwithstanding the provisions of Sections 5.1 and 5.2, no amendment to or termination of the Plan shall impair any rights to benefits which have accrued hereunder.	
	 
	
5.4      		
Effective Date	
	 
	 	
The Plan is effective as of November 1, 1996.	
	 

  

  19

APPENDIX A

EXTENDED DEFERRAL OF EQUITY BASED COMPENSATION INCLUDING

RESTRICTED STOCK UNITS

                 Effective November 21, 2006, the following provisions apply to a participant’s ability to defer distribution of Equity-Based Compensation:

	
A.1      		Definitions. The following definitions apply to this Appendix A. Any defined term not defined in this Section A.1 will have the same meaning provided under Article I of
the Plan.	
	 
	 	
(a)      		
“Deferred Equity-Based Compensation Account” means the bookkeeping account established as a sub-account of the Deferred Stock Account on behalf of a participant who makes an Equity-Based Compensation Deferral Election
pursuant to Section A.2.	
	 
	 	
(b)      		
“Equity-Based Compensation Plan” means the Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan.	
	 
	 	
(c)      		
“Equity-Based Compensation Deferral Election” means the election by a participant under Section A.2 to defer all or a portion of the participant’s Equity-Based Compensation.	
	 
	 	
(d)      		
“Equity-Based Compensation” means restricted stock units and other stock-based awards granted under the Equity-Based Compensation Plan, and does not include any such awards that qualify as vested stock, restricted stock,
stock option awards, or stock appreciation rights.	
	 
	
A.2      		Equity-Based Compensation Deferral Election.	
	 
	 	
(a)      		
Each participant may make an Equity-Based Compensation Deferral Election to defer the initial starting date the Equity-Based Compensation is otherwise distributable to the participant or change an existing Equity-Based
Compensation Deferral Election. Any Equity-Based Compensation Deferral Election that changes the time of distribution of a participant’s Equity-Based Compensation: 1) must delay receipt of such distribution for at least 5 (five) years but not
more than 10 (ten) years beyond the original distribution date; 2) must be made at least 12 months before the original distribution date; and 3) will not be effective until 12 months after the new election. Notwithstanding the foregoing, and in
accordance with Code Section 409A and any guidance issued thereunder: (I) a participant may make an Equity-Based Compensation Deferral Election that changes the time and manner of payment of Equity-Based Compensation subject to Code Section 409A and
deferred on or before December 31, 2006 at any time on or before December 31, 2006, provided that the election (1) is for Equity-Based	
	 

  

  20

	 	 	
Compensation not otherwise distributable in 2006, and (2) does not cause an amount to be distributed to a participant in 2006; and (II) a participant may make an Equity-Based Compensation Deferral Election that changes the time
and manner of payment of Equity-Based Compensation subject to Code Section 409A and deferred on or before December 31, 2007 at any time on or before December 31, 2007, provided that if any such election is made during the calendar year ending on
December 31, 2007, the election (1) is for Equity-Based Compensation not otherwise distributable in 2007, and (2) does not cause an amount to be distributed to a participant in 2007. A participant may make an Equity-Based Compensation Deferral
Election for any percentage of the participant’s Equity-Based Compensation that is a multiple of 10%. Once made, an Equity-Based Compensation Deferral Election cannot be changed or revoked except as provided herein.	
	 
	 	
(b)      		
The Committee shall provide the participant with the appropriate election forms with which a participant may make an Equity-Based Compensation Deferral Election. All Equity-Based Compensation Deferral Elections (including any
modifications of prior Equity-Based Compensation Deferral Elections otherwise permitted under the Plan) may be made in accordance with written, electronic or telephonic procedures prescribed by the Committee.	
	 
	 	
(c)      		
Equity-Based Compensation that is deferred pursuant to an Equity-Based Compensation Deferral Election will be transferred to the Deferred Equity-Based Compensation Account, and credited with dividend equivalent rights as follows:
each time the Company declares a dividend on its Common Stock, each participant’s Deferred Equity-Based Compensation Account will be credited with a Dividend Reinvestment Return equal to that number of shares of Common Stock (rounded to the
nearest one-one hundredth of a share) determined by dividing (i) the amount that would have been paid (or the fair market value thereof, if the dividend is not paid in cash) to the participant on the total number of shares of Common Stock credited
to the participant’s Deferred Equity-Based Compensation Account had that number of shares of Common Stock been held by such participant by (ii) the average price paid by the Trustee of the Stock Trust for shares of Common Stock with respect to
the dividend payment date or, if the Trustee shall not at such time purchase any shares of Common Stock, then the price shall be the average of the high and low NYSE market price for the Common Stock on such date.	
	 

  

  21

	
A.3      		Diversification of Equity-Based Compensation Upon Termination of Service	
	 
	 	
(a)      		
On and after the date the participant separates from service on the Board, and before the occurrence of the event specified in the terms of the participant’s Equity-Based Compensation Deferral Election form, amounts in the
participant’s Deferred Equity-Based Compensation Account shall, except as otherwise provided in the Plan or to the extent the Company is otherwise, in the reasonable judgment of the Committee, precluded from doing so, be transferred to the
participant’s Deferred Stock Account and administered in accordance with the Plan provisions governing the Deferred Stock Account.	
	 
	
A.4      		Distributions of Equity-Based Compensation	
	 
	 	
(a)      		
Upon the occurrence of an event specified in the terms of the participant’s Equity-Based Compensation Deferral Election form, the Equity-Based Compensation in a participant’s Deferred Stock Account shall be paid in
accordance with the Plan provisions governing the distribution of the Deferred Stock Account, in each case to the participant or his or her beneficiary, as applicable; and the Equity-Based Compensation in a participant’s Deferred Cash Account,
if any, shall be paid in the same manner as provided in Section 3.8(a) for the Deferred Cash Account, in each case to the participant or his or her beneficiary, as applicable.	
	 
	 	
(b)      		
Deferred amounts shall be distributed (or begin to be distributed) as soon as practicable following the occurrence of the event making distribution necessary, but in no event later than the fifteenth day of the third month
following the end of the calendar year in which such distribution event occurs.	
	 

  

  22Exhibit 10(o)

     BECTON, DICKINSON AND COMPANY 

2004 EMPLOYEE AND DIRECTOR EQUITY-BASED

COMPENSATION PLAN 

As Amended and Restated as of November 21, 2006 

         Section 1. Purpose.

         The purpose of the Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan is to provide an incentive to employees of the Company and its subsidiaries to achieve
long-range goals, to aid in attracting and retaining employees and directors of outstanding ability and to closely align their interests with those of shareholders. 

         
Section 2. Definition.

         
As used in the Plan, the following terms shall have the meanings set forth below: 

         (a) “Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which
the Company has a significant equity interest, in either case as determined by the Committee. 

         (b) “Award” shall mean any Option, Stock Appreciation Right, award of Restricted Stock, Restricted Stock Unit, Performance Unit or
Other Stock-Based Award granted under the Plan. 

         (c) “Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under
the Plan, which may, but need not, be executed or acknowledged by a Participant. 

         
(d) “Board” shall mean the board of directors of the Company. 

         (e) “Cause” shall mean (i) the willful and continued failure of a Participant to perform substantially the Participant’s
duties with the Company or any Affiliate (other than any such failure resulting from incapacity due to physical or mental illness), or (ii) the willful engaging by the Participant in illegal conduct or gross misconduct that is materially and
demonstrably injurious to the Company. No act, or failure to act, on the part of the Participant shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith or without the reasonable belief that
the Participant’s action or omission was in the best interest of the Company. 

         
(f) “Change in Control” means: 

            (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (A) the then-outstanding shares of
    common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote
    generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for
    purposes of this Section 2(f), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company; (ii) any acquisition by the Company, or (iii) any acquisition by any employee benefit plan (or related
    trust) sponsored or maintained by the Company or any affiliated

- 1 - 

  
    company, (iv) any acquisition by any corporation pursuant to a transaction that complies with Section 2(f)(iii)(A), Section 2(f)(iii)(B) and Section 2(f)(iii)(C), or (v) any acquisition that the Board determines, in good faith,
    was inadvertent, if the acquiring Person divests as promptly as practicable a sufficient amount of the Outstanding Company Common Stock and/or the Outstanding Company Voting Securities, as applicable, to reverse such acquisition of 25% or more
    thereof. 

            (ii) individuals who, as of the day after the effective time of this Plan, constitute the Board (the “Incumbent Board”) cease for
  any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to such time whose election, or nomination for election as a director by the Company’s shareholders, was approved
  by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
  of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consent by or on behalf of a Person other than the Board.
  

            (iii) consummation of a reorganization, merger, consolidation or sale or other disposition of all or subsequently all of the assets of the Company (a “Business
  Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the
  Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting
  securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company
  or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common
  Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting
  from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the
  then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of the corporation resulting from such
  Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or (iv) approval by the shareholders of the Company of a complete
  liquidation or dissolution of the Company. 

         (g) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

         (h) “Committee” shall mean the Compensation and Benefits Committee of the Board or such other committee as may be designated by the Board. 

         
(i) “Company” shall mean Becton, Dickinson and Company. 

- 2 - 

         (j) “Earnings Per Share” shall mean earnings per share calculated in accordance with U.S. Generally Accepted Accounting Principles.

         (k) “Executive Group” shall mean every person who is expected by the Committee to be both (i) a “covered employee” as
defined in Section 162(m) of the Code as of the end of the taxable year in which payment of the Award may be deducted by the Company, and (ii) the recipient of compensation of more than $1,000,000 for that taxable year. 

         (l) “Fair Market Value” shall mean, with respect to any property (including, without limitation, any Shares or other securities)
the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

         (m) “Incentive Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted under and in
accordance with the terms of Section 6, that meets the requirements of Section 422 of the Code, or any successor provision thereto. 

         (n) “Market Share” shall mean the percent of sales of the total available market in an industry, product line or product attained
by the Company or one of its business units during a time period. 

         (o) “Net Income” shall mean net income calculated in accordance with U.S. Generally Accepted Accounting Principles. 

         (p) “Net Revenue Per Employee” in a period shall mean net revenue divided by the average number of employees of the Company, with
average defined as the sum of the number of employees at the beginning and ending of the period divided by two. 

         (q) “Non-Qualified Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted under and
in accordance with the terms of Section 6, that is not an Incentive Stock Option. 

         (r) “Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 

         (s) “Other
Stock-Based Award” shall mean any right granted under Section 9. 

         (t) “Participant” shall mean an individual granted an Award under the Plan. 

         (u) “Performance Unit” shall mean any right granted under Section 8. 

         (v) “Restricted Stock” shall mean any Share
  granted under Section 7. 

         (w) “Restricted Stock Unit” shall mean a contractual right granted under Section 7 that is denominated in Shares. Each Unit represents a right to receive
        the value of one Share (or a percentage of such value, which percentage may be higher than 100%) upon the terms and conditions set forth in the Plan and the applicable Award Agreement. Awards of Restricted Stock Units may include, without
    limitation, the right to receive dividend equivalents. 

         (x) “Return On Common Equity” for a period shall mean net income less preferred stock dividends divided by total shareholders’
equity, less amounts, if any, attributable to preferred stock. 

         (y) “Return on Invested Capital” for a period shall mean earnings before interest, taxes, depreciation and amortization divided by
the difference of total assets less non-interest bearing current liabilities. 

- 3 - 

         (z) “Return On Net Assets” for a period shall mean net income less preferred stock dividends divided by the difference of average
total assets less average non-debt liabilities, with average defined as the sum of assets or liabilities at the beginning and ending of the period divided by two. 

         (aa) “Revenue Growth” shall mean the percentage change in revenue (as defined in Statement of Financial Accounting Concepts No. 6,
published by the Financial Accounting Standards Board) from one period to another. 

         (bb) “Plan” shall mean this Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan. 

         (cc) “Shares” shall mean shares of the common stock of the Company, $1.00 par value. 

         (dd) “Stock Appreciation Right” shall mean a right to receive a payment, in cash and/or Shares, as determined by the Committee, equal in value to the excess of the Fair Market Value of a Share at the
  time the Stock Appreciation Right is exercised over the exercise price of the Stock Appreciation Right. 

         (ee) “Substitute Awards” shall mean Awards granted in assumption of, or in substitution for, outstanding awards previously granted
by a company acquired by the Company or with which the Company combines. 

         (ff) “Total Shareholder Return” shall mean the sum of the appreciation in the Company’s stock price and dividends paid on the
common stock of the Company over a given period of time. 

         
Section 3. Eligibility.

         (a) Any individual who is employed by (including any officer), or who serves as a member of the board of directors of, the Company or any Affiliate shall be eligible to be selected to receive an Award
under the Plan. 

         (b) An individual who has agreed to accept employment by the Company or an Affiliate shall be deemed to be eligible for Awards hereunder as of the date of such agreement. 

         (c) Holders of options and other types of Awards granted by a company acquired by the Company or with which the Company combines are eligible for grant of Substitute Awards hereunder. 

         
Section 4. Administration.

         (a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not less than three directors, each of whom shall be independent, within the
meaning of and to the extent required by applicable rulings and interpretations of the New York Stock Exchange and the Securities and Exchange Commission, and each of whom shall be a “Non-Employee
Director”, as defined from time to time for purposes of Section 16 of the Securities Exchange Act of 1934 and the rules promulgated thereunder. The Board may designate one or more directors as alternate members of
the Committee who may replace any absent or disqualified member at any meeting of the Committee. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. A majority of
the members of the Committee shall constitute a quorum. 

- 4 - 

         (b) Subject to the terms of the Plan and applicable law, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including
Substitute Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine
the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards, or other property, or canceled, forfeited or suspended,
and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, other property, and other
amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or
Award made under, the Plan; (viii) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (ix) determine whether and to what extent Awards should
comply or continue to comply with any requirement of statute or regulation; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

         (c) All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, the stockholders and the Participants. 

         
Section 5. Shares Available for Awards.

         (a) Subject to adjustment as provided below, the number of Shares available for issuance under the Plan shall be 9,000,000 shares.  Notwithstanding the foregoing and subject to adjustment as provided
in Section 5(e), (i) no Participant may receive Options and Stock Appreciation Rights under the Plan in any calendar year that relate to more than 250,000 Shares, and (ii) the maximum number of Shares with respect to which unrestricted Awards
(either as to vesting, performance or otherwise) may be made to employees under the Plan is 450,000 Shares. 

         (b) If, after the effective date of the Plan, any Shares covered by an Award other than a Substitute Award, or to which such an Award relates, are forfeited, or if such an Award otherwise terminates
without the delivery of Shares or of other consideration, then the Shares covered by such Award, or to which such Award relates, to the extent of any such forfeiture or termination, shall again be, or shall become, available for issuance under the
Plan, except as otherwise provided in Section 5(f). 

         (c) In the event that any Option or other Award granted hereunder (other than a Substitute Award) is exercised through the delivery of Shares, or in the event that withholding tax liabilities arising
from such Option or Award are satisfied by the withholding of Shares by the Company, the number of Shares available for Awards under the Plan shall be increased by the number of Shares so surrendered or withheld.  Notwithstanding the foregoing, this
Section 5(c) will not apply to any such surrender or withholding of Shares occurring on or after November 21, 2006. 

         (d) Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 

         (e) In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange of

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Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is
required in order to preserve the value of issued and outstanding Awards and to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may
deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or property) which thereafter may be made the subject of Awards, including the aggregate and individual limits specified in Section 5(a), (ii) the number and
type of Shares (or other securities or property) subject to outstanding Awards, and (iii) the grant, purchase, or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding
Award; provided, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number. 

         (f) Shares underlying Substitute Awards shall not reduce the number of Shares remaining available for issuance under the Plan. 

         (g) Upon the exercise of any Stock Appreciation Rights, the greater of (i) the number of shares subject to the Stock Appreciation Rights so exercised, and (ii) the number of Shares, if any, that are
issued in connection with such exercise, shall be deducted from the number of Shares available for issuance under the Plan. 

         
Section 6. Options and Stock Appreciation Rights.

         The Committee is hereby authorized to grant Options and Stock Appreciation Rights to Participants with the following terms and conditions and with such additional terms and conditions, in either case
not inconsistent with the provisions of the Plan, as the Committee shall determine: 

         (a) The exercise price per Share under an Option or Stock Appreciation Right shall be determined by the Committee; provided,
  however, that, except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option or Stock Appreciation Right. 

         (b) The term of each Option and Stock Appreciation Right shall be fixed by the Committee but shall not exceed 10 years from the date of grant thereof. 

         (c) The Committee shall determine the time or times at which an Option or Stock Appreciation Right may be exercised in whole or in part, and, with respect to Options, the method or methods by which,
and the form or forms, including, without limitation, cash, Shares, other Awards, or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise
price with respect thereto may be made or deemed to have been made. 

         (d) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision thereto, and any regulations
promulgated thereunder. 

         (e) Section 10 sets forth certain additional provisions that shall apply to Options and Stock Appreciation Rights. 

         Section 7. Restricted Stock and Restricted Stock Units. 

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         (a) The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants. 

         (b) Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share
of Restricted Stock or the right to receive any dividend or other right or property), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate;
provided, that if the vesting conditions applicable to an Award of Restricted Stock or Restricted Stock Units to an employee of the Company relate exclusively to the passage of time and continued employment, such time period shall consist of not
less than thirty-six (36) months. 

         (c) Any share of Restricted Stock granted under the Plan may be evidenced in such manner as the Committee may deem appropriate including, without limitation, book-entry registration or issuance of a
stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend
referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

         (d) Except as otherwise provided by the Committee at the time the Award is granted or in any amendment thereto, upon a Participant’s (i) retirement, death, disability or involuntary termination
without Cause, any and all remaining restrictions with respect to Shares of Restricted Stock or Restricted Stock Units granted to the Participant shall lapse, and (ii) voluntary termination or involuntary termination with Cause, all Shares of
Restricted Stock or Restricted Stock Units held by the Participant shall be forfeited as of the date of termination. 

         (e) The Committee may in its discretion, when it finds that a waiver would be in the best interests of the Company, waive in whole or in part any or all restrictions with respect to Shares of
Restricted Stock or Restricted Stock Units; provided, that the Committee’s authority under this Section 7(d) is limited in the case of Awards subject to Section 11(f) as set forth in
Section 11(f). 

         
Section 8. Performance Units.

         
(a) The Committee is hereby authorized to grant Performance Units to Participants. 

         (b) Subject to the terms of the Plan, a Performance Unit granted under the Plan (i) may be denominated or payable in cash, Shares (including, without limitation, Restricted Stock), other securities,
other Awards, or other property and (ii) shall confer on the holder thereof rights valued as determined by the Committee and payable to, or exercisable by, the holder of the Performance Unit, in whole or in part, upon the achievement of such
performance goals during such performance periods as the Committee shall establish. Subject to the terms of the Plan, the performance goals to be achieved during any performance period, the length of any performance period, the amount of any
Performance Unit granted and the amount of any payment or transfer to be made pursuant to any Performance Unit shall be determined by the Committee; provided, that the performance period relating to any Award of Performance Units shall be at least
twelve (12) months. 

         (c) Notwithstanding anything contained herein to the contrary, (i) in the event of a Participant’s retirement prior to the expiration of any performance period applicable to a Performance Unit
granted to the Participant, the Participant shall be entitled to receive following the expiration of such performance period, a pro-rata portion of any amounts otherwise payable 

- 7 - 

with respect to, or a pro-rata right to exercise, the Performance Unit, (ii) in the event of a Participant’s death, disability or involuntary termination without Cause prior to the expiration of any performance period
applicable to a Performance Unit granted to the Participant, the Participant shall receive upon such termination a partial payment with respect to, or a partial right to exercise, such Performance Unit, as determined by the Committee in its
discretion, and (iii) upon a Participant’s voluntary termination or involuntary termination with Cause, all Performance Units held by the Participant shall be canceled as of the date of termination. 

         
Section 9. Other Stock-Based Awards.

         The Committee is hereby authorized to grant to Participants such other Awards (including, without limitation, rights to dividends and dividend equivalents) that are denominated or payable in, valued
in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares) as are deemed by the Committee to be consistent with the purposes of the Plan (provided that no
rights to dividends and dividend equivalents shall be granted in tandem with an Award of Options or Stock Appreciation Rights). Subject to the terms of the Plan, the Committee shall determine the terms and conditions of such Awards. Shares or other
securities delivered pursuant to a purchase right granted under this Section 9 shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other
securities, other Awards, or other property, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, shall, except in the case of Substitute Awards, not be less than the Fair
Market Value of such Shares or other securities as of the date such purchase right is granted. Additional terms applicable to certain Other Stock-Based Awards are set forth in Section 10. 

         
Section 10. Effect Of Termination On Certain Awards.

         Except as otherwise provided by the Committee at the time an Option or Stock Appreciation Right is granted or in any amendment thereto, if a Participant ceases to be employed by, or serve as a
non-employee director of, the Company or any Affiliate, then: 

         (a) if termination is for Cause, all Options and Stock Appreciation Rights held by the Participant shall be canceled as of the date of termination; 

         (b) if termination is voluntary or
    involuntary without Cause, the Participant may exercise each Option or Stock Appreciation Right held by the Participant within three months after such termination (but not after the expiration date of such Award) to the extent such Award was
    exercisable pursuant to its terms at the date of termination; provided, however, if the Participant should die within three months after such termination, each Option or Stock Appreciation
    Right held by the Participant may be exercised by the Participant’s estate, or by any person who acquires the right to exercise by reason of the Participant’s death, at any time within a period of one year after death (but not after the
    expiration date of the Award) to the extent such Award was exercisable pursuant to its terms at the date of termination; 

         (c) if termination is (i) by reason of retirement at a time when the Participant is entitled to the current receipt of benefits
      under any retirement plan maintained by the Company or any Affiliate (or alternatively, in the case of a non-employee director, at a time when the Participant has served for five full years or more and has attained the age of sixty), or (ii) by
      reason of disability, each Option or Stock Appreciation Right held by the Participant shall, at the date of retirement or disability, become exercisable to the extent of the total number of shares subject to

- 8 - 

the Option or Stock Appreciation Right, irrespective of the extent to which such Award would otherwise have been exercisable pursuant to the terms of the Award at the date of retirement or disability, and shall otherwise remain in
full force and effect in accordance with its terms; 

         (d) if termination is by reason of the death of the Participant, each Option or Stock Appreciation Right held by the Participant may be exercised by the Participant’s estate, or by any person
  who acquires the right to exercise such Award by reason of the Participant’s death, to the extent of the total number of shares subject to the Award, irrespective of the extent to which such Award would have otherwise been exercisable pursuant
  to the terms of the Award at the date of death, and such Award shall otherwise remain in full force and effect in accordance with its terms. 

         
Section 11. General Provisions Applicable To Awards.

         (a) Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.

         (b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award. Awards granted in addition to or in tandem with other Awards may be
granted either at the same time as or at a different time from the grant of such other Awards or awards.

         (c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine
including, without limitation, cash, Shares, other securities, other Awards, or other property, or any combination thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with
rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend
equivalents in respect of installment or deferred payments. Notwithstanding the foregoing, in no event shall the Company extend any loan to any Participant in connection with the exercise of an Award; provided, however, that nothing contained herein
shall prohibit the Company from maintaining or establishing any broker-assisted cashless exercise program.

         (d)  Unless the Committee shall otherwise determine, no Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or by the
laws of descent and distribution. In no event may an Award be transferred by a Participant for value. Each Award, and each right under any Award, shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible
under applicable law, by the Participant’s guardian or legal representative. The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of
an Award in accordance with the terms thereof.

         (e) All certificates for Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the
Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any applicable Federal or
state securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

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         (f) Every Award (other than an Option or Stock Appreciation Right) to a member of the Executive Group shall, if the Committee intends that such Award should constitute “qualified
performance-based compensation” for purposes of Section 162(m) of the Code, include a pre-established formula, such that payment, retention or vesting of the Award is subject to the achievement during a performance period or periods, as
determined by the Committee, of a level or levels, as determined by the Committee, of one or more of the following performance measures: (i) Return on Net Assets, (ii) Revenue Growth, (iii) Return on Common Equity, (iv) Total Shareholder Return, (v)
Earnings Per Share, (vi) Net Revenue Per Employee, (vii) Market Share, (viii) Return on Invested Capital, or (ix) Net Income. For any Award subject to any such pre-established formula, no more than 150,000 Shares can be paid in satisfaction of such
Award to any Participant, subject to adjustment as provided in Section 5(e). Notwithstanding any provision of this Plan to the contrary, the Committee shall not be authorized to increase the amount payable under any Award to which this Section 11(f)
applies upon attainment of such pre-established formula.

         (g) Unless specifically provided to the contrary in any Award Agreement, upon a Change in Control, all Awards shall become fully vested and exercisable, and any restrictions applicable to any Award
shall automatically lapse.

         (h) Non-employee Directors of the Company shall be entitled to defer the receipt of any Shares that may become issuable to them under any Award in accordance with the terms of the 1996 Directors’
Deferral Plan, as the same may be hereinafter amended, or any other plan that may be established by the Company that provides for the deferred receipt of such Shares. 

         (i) Employees of the Company shall be entitled to defer the receipt of any Shares that may become issuable to them under any Award in accordance with the terms of the Deferred Compensation Plan, as
the same may be hereinafter amended, or any other plan that may be established by the Company that provides for the deferred receipt of such Shares. 

         
Section 12. Amendments and Termination.

         (a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue, or terminate the
Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval (A)
if the effect thereof is to increase the number of Shares available for issuance under the Plan or to expand the class of persons eligible to participate in the Plan or (B) if such approval is necessary to comply with any tax or regulatory
requirement for which or with which the Board deems it necessary or desirable to qualify or comply or (ii) the consent of the affected Participant, if such action would adversely affect the rights of such Participant under any outstanding Award.
Notwithstanding anything to the contrary herein, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction outside the United States in a tax-efficient manner and in
compliance with local rules and regulations.

         (b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retroactively,
without the consent of any relevant Participant or holder or beneficiary of an Award, provided, however, that no such action shall impair the rights of any affected Participant

- 10 - 

or holder or beneficiary under any Award theretofore granted under the Plan; and provided further that, except as provided in Section 5(e), no such action shall reduce the
exercise price, grant price or purchase price of any Award established at the time of grant thereof and provided further, that the Committee’s authority under this Section 12(b) is
limited in the case of Awards subject to Section 11(f), as set forth in Section 11(f). In no event shall an outstanding Option or Stock Appreciation Right be cancelled and replaced with a new Option or Stock Appreciation Right with a lower exercise
price, without approval of the Company’s shareholders, except as provided in Section 5(e). 

         (c) Except as noted in Section 11(f), the Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including,
without limitation, the events described in Section 5(e)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever 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 the Plan.

         (d) Any provision of the Plan or any Award Agreement to the contrary notwithstanding, in connection with a Business Combination, the Committee may cause any Award granted hereunder to be canceled in
consideration of a cash payment or alternative Award made to the holder of such canceled Award equal in value to the Fair Market Value of such canceled Award.

         (e) The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into
effect.

         
Section 13. Miscellaneous.

         (a) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants, or holders
or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient.

         (b) The Committee may delegate to one or more officers or managers of the Company, or a committee of such officers or managers, the authority, subject to such terms and limitations as the Committee
shall determine, to grant Awards to, or to cancel, modify, waive rights with respect to, alter, discontinue, suspend or terminate Awards held by, employees who are not officers or directors of the Company for purposes of Section 16 of the Securities
Exchange Act of 1934, as amended; provided, however, that any delegation to management shall conform with the requirements of the corporate law of New Jersey and with the requirements, if
any, of the New York Stock Exchange, in either case as in effect from time to time.

         (c) The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a
Participant the amount (in cash, Shares, other securities, other Awards, or other property) of withholding taxes due in respect of an Award, its exercise, or any payment or transfer under such Award or under the Plan and to take such other action
(including, without limitation, providing for elective payment of such amounts in cash, Shares, other securities, other Awards or other property by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the
payment of such taxes.

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         (d) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally
applicable or applicable only in specific cases.

         (e) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate. Further, the Company or the applicable Affiliate may at
any time dismiss a Participant from employment, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award
under the Plan is not intended to confer any rights on the receiving Participant except as set forth in such Award.

         (f) If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any
Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.

         (g) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To
the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

         (h) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities or other property shall be paid or transferred
in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

         
Section 14. Effective Date Of Plan.

         The Plan shall be effective as of the date of its approval by the stockholders of the Company.

         
Section 15. Term Of The Plan.

         No Award shall be granted under the Plan after the tenth anniversary of the effective date. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award
theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board
to amend the Plan, shall extend beyond such date. 

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