Document:

EX-10.14

 Exhibit 10.14 

MEDTRONIC, INC. 
 CHANGE OF CONTROL
SEVERANCE PLAN – SECTION 16B OFFICERS 
 (As Amended and Restated as of January 26, 2015) 

WHEREAS, Medtronic, Inc., a Minnesota corporation (the “Company”) previously determined that it is in the best interests of the
Company and its shareholders to assure that the Company will have the continued dedication of certain key employees, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) and in that regard adopted the
Medtronic, Inc. Change of Control Severance Plan (the “Plan”); 
 WHEREAS, the Company continues to believe that it is imperative
to diminish the inevitable distraction of such key employees by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage such key employees’ full attention and dedication to the
Company currently and in the event of any threatened or pending Change of Control, and to provide such key employees with compensation and benefits arrangements upon a Change of Control which are competitive with those of other corporations and
which ensure that the compensation and benefits expectations of such key employees will be satisfied; 
 WHEREAS, on June 15, 2014, the
Company entered into a Transaction Agreement with Covidien plc and the other parties named therein to acquire Covidien through the formation of a new holding company incorporated in Ireland that will be renamed Medtronic plc (the
“Transaction”); and 
 WHEREAS, technical changes to the Plan are required in connection with the Transaction; and 

NOW, THEREFORE, the Plan is hereby amended and restated as follows: 
  

	 	1.	Certain Definitions. 

 (a) The “Effective Date” shall mean the first date during the
Change of Control Period (as defined in Section l(b)) on which a Change of Control occurs. Anything in this Plan to the contrary notwithstanding, if (i) an Executive’s (as defined in Section 1(c)) employment with the Company is
terminated by the Company, (ii) the Date of Termination occurs prior to the date on which a Change of Control occurs, and (iii) it is reasonably demonstrated by the Executive that such termination of employment (A) was at the request
of a third party who has taken steps reasonably calculated to effect the Change of Control or (B) otherwise arose in connection with or anticipation of the Change of Control, then for all purposes of this Plan the “Effective Date”
shall mean the date immediately prior to such Date of Termination. 
 (b) The “Change of Control Period” shall mean the period
commencing on May 1, 2014 and ending on the third anniversary of such date; provided, however, that commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual
anniversary thereof shall be hereinafter referred to as the 

 
“Renewal Date”), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate three years from such Renewal Date, unless at least 60
days prior to the Renewal Date the Company shall determine that the Change of Control Period shall not be so extended. 
 (c)
“Executive” shall mean an individual who has been designated by the Board as a Section 16 officer of Medtronic plc for purposes of the Securities Exchange Act of 1934; provided, however, that no individual who is party
to a severance, employment or other agreement providing severance benefits upon a Change of Control may be an Executive for purposes of the Plan. 

(d) “Affiliate” shall mean any company controlled by, controlling or under common control with the Company. 

(e) “Medtronic plc” shall mean Medtronic plc, an Irish public limited company. 

2. Change of Control. For the purpose of this Plan, a “Change of Control” shall mean: 

(a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the then-outstanding ordinary shares of Medtronic
plc, par value $.0001, as such par value may be adjusted from time to time (the “Outstanding Ordinary Shares”) or (ii) the combined voting power of the then-outstanding voting securities of Medtronic plc entitled to vote generally in
the election of directors (the “Outstanding Voting Securities”); provided, however, that, for purposes of this Section 2(a), the following acquisitions shall not constitute a Change of Control: (1) any acquisition
directly from the Medtronic plc, (2) any acquisition by Medtronic plc or any of its subsidiaries, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Medtronic plc or any of its subsidiaries,
(4) any acquisition by an underwriter temporarily holding securities pursuant to an offering of such securities or (5) any acquisition pursuant to a transaction that complies with clauses (i), (ii) and (iii) of Section 2(c);
or 
 (b) Individuals who, as of the date hereof, constitute the Board of Directors of Medtronic plc (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board of Directors of Medtronic plc (the “Board”); provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by Medtronic plc’s shareholders, was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be considered as though such individual was an Incumbent Director, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;
or 

  
 2 

 (c) Consummation of a reorganization, merger, statutory share exchange or consolidation (or
similar corporate transaction) involving Medtronic plc or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of Medtronic plc, or the acquisition of assets or stock of another entity by Medtronic plc or
any of its subsidiaries (each, a “Business Combination”), in each case, unless, immediately following such Business Combination, (i) substantially all of the individuals and entities who were the beneficial owners, respectively, of
the Outstanding Ordinary Shares and the Outstanding Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then-outstanding ordinary shares (or, for a
non-corporate entity, equivalent securities) and the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of (A) the entity
resulting from such Business Combination (the “Surviving Corporation”) or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of 80% or more of the voting securities eligible to elect
directors of the Surviving Corporation (the “Parent Corporation”), in substantially the same proportion as their ownership, immediately prior to the Business Combination, of the Outstanding Ordinary Shares and the Outstanding Voting
Securities, as the case may be, (ii) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly,
of 30% or more of the outstanding ordinary shares and the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and
(iii) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination; or 
 (d) Approval
by the shareholders of Medtronic plc of a complete liquidation or dissolution of Medtronic plc. 
 For the avoidance of doubt, any one or
more of the above events may be effected pursuant to (A) compromise or arrangement sanctioned by the court under section 201 of the Companies Act 1963 of the Republic of Ireland or (B) section 204 of the Companies Act 1963 of the Republic
of Ireland. 
 3. Employment Period. The Company shall continue each Executive in its employ for the period commencing on the Effective Date
and ending on the third anniversary of the Effective Date (the “Employment Period”), provided that nothing stated in this Plan shall restrict the right of the Company or the Executive at any time to terminate the Executive’s
employment, subject to the obligations of the Company provided for in this Plan in the event of such terminations. The Employment Period with respect to an Executive shall terminate upon such Executive’s termination of employment for any
reason. 
  

	 	4.	Terms of Employment. 

  

	 	(a)	Position and Duties. 

 (i) During the Employment Period, (A) each Executive’s
position (including titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respects with the most significant of those held, exercised and

  
 3 

 
assigned at any time during the 90-day period immediately preceding the Effective Date; and (B) each Executive’s services shall be performed at the location where such Executive was
employed immediately preceding the Effective Date or any office or location less than 50 miles from such location. 
 (ii) Except as
otherwise expressly provided in this Plan, during the Employment Period, and excluding any periods of vacation and sick leave to which an Executive is entitled, each Executive agrees, by acceptance of his or her participation in the Plan, to devote
reasonable attention and time during normal business hours to the business and affairs of the Company. During the Employment Period, it shall not be a violation of this Plan for each Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of such
Executive’s responsibilities as an employee of the Company in accordance with this Plan. It is expressly understood and agreed that to the extent that any such activities have been conducted by such Executive prior to the Effective Date, the
continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of such Executive’s responsibilities to
the Company. 
  

	 	(b)	Compensation. 

 (i) Base Salary. During the Employment Period, each Executive shall receive an
annual base salary (“Annual Base Salary”) at an annual rate at least equal to 12 times the highest monthly base salary paid or payable, including any base salary that has been earned but deferred, to such Executive by the Company and its
Affiliates in respect of the 12-month period immediately preceding the month in which the Effective Date occurs. The Annual Base Salary shall be paid at such intervals as the Company pays executive salaries generally. During the Employment Period,
the Annual Base Salary shall be reviewed at least annually and shall be increased at any time and from time to time as shall be substantially consistent with increases in base salary generally awarded in the ordinary course of business to other peer
executives of the Company and its Affiliates. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to an Executive under this Plan. Annual Base Salary shall not be reduced after any such increase and the term
“Annual Base Salary” as utilized in this Plan shall refer to Annual Base Salary as so increased. 
 (ii) Annual Incentive
Payments. In addition to Annual Base Salary, each Executive shall be paid, for each fiscal year ending during the Employment Period, an annual bonus (“Annual Bonus”) in cash at least equal to such Executive’s average annual or
annualized (for any fiscal year consisting of less than 12 full months or with respect to which such Executive has been employed by the Company for less than 12 full months) award earned by such Executive, including any award earned but deferred,
under the Company’s Executive Incentive Plan, as amended from time to time prior to the Effective Date (or under any predecessor, successor or replacement annual incentive plan of the Company or any of its Affiliates), for the last three fiscal
years immediately preceding the fiscal year in which the Effective Date occurs (the “Three-Year Average Bonus”). If such Executive has not been eligible to earn, or has not been employed, for each of the last three fiscal years immediately
preceding 

  
 4 

 
the fiscal year during which the Effective Date occurs but has earned a bonus for at least one fiscal year during the last three fiscal years immediately preceding the fiscal year during which
the Effective Date occurs, the “Three-Year Average Bonus” shall mean the average of any annual or annualized bonus actually earned over any such years. If such Executive has not been eligible to earn, or has not received, such a bonus for
any fiscal year prior to the Effective Date, the “Three-Year Average Bonus” shall mean such Executive’s Target Annual Bonus for the year during which the Effective Date occurs. Each such Annual Bonus shall be paid no later than two
and a half months after the end of the fiscal year for which the Annual Bonus is awarded, unless such Executive shall elect to defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”). 
 (iii) Long-Term Cash and Equity Incentives, Savings Plans and
Retirement Plans. During the Employment Period, each Executive shall be entitled to participate in all long-term cash incentive, equity incentive, savings and retirement plans, practices, policies and programs (any such arrangement a “Benefit
Plan” for purposes of this Plan) applicable generally to other peer executives of the Company and its Affiliates, but in no event shall such Benefit Plans provide such Executive with incentive opportunities (measured with respect to both
regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those
provided by the Company and its Affiliates for such Executive under such Benefit Plans as in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to such Executive, those provided generally at
any time after the Effective Date to other peer executives of the Company and its Affiliates. 
 (iv) Welfare Benefit Plans. During the
Employment Period, each Executive and/or each Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare Benefit Plans provided by the Company and its Affiliates (including,
without limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance Benefit Plans) to the extent applicable generally to other peer executives of the Company
and its Affiliates, but in no event shall such Benefit Plans provide such Executive with benefits which are less favorable, in the aggregate, than the most favorable of such Benefit Plans in effect for such Executive at any time during the 90-day
period immediately preceding the Effective Date or, if more favorable to such Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its Affiliates. 

(v) Expenses. During the Employment Period, each Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by such Executive in accordance with the most favorable policies, practices and procedures of the Company and its Affiliates in effect for such Executive at any time during the 90-day period immediately preceding the Effective Date or, if
more favorable to such Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliates. 

  
 5 

 (vi) Business Allowance. During the Employment Period, each Executive shall be entitled to a
business allowance in accordance with the most favorable Benefit Plans of the Company and its Affiliates in effect for such Executive at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to such
Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliates. 
 (vii)
Office and Support Staff. During the Employment Period, each Executive shall be entitled to an office or offices of a size and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, at least equal to the
most favorable of the foregoing provided to such Executive by the Company and its Affiliates at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to such Executive, as provided generally at any time
thereafter with respect to other peer executives of the Company and its Affiliates. 
 (viii) Vacation. During the Employment Period, such
Executive shall be entitled to paid vacations in accordance with the most favorable Benefit Plans of the Company and its Affiliates as in effect for such Executive at any time during the 90-day period immediately preceding the Effective Date or, if
more favorable to such Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliates. 
  

	 	5.	Termination of Employment. 

 (a) Death or Disability. An Executive’s employment shall
terminate automatically upon an Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of an Executive has occurred during the Employment Period (pursuant to the definition of Disability set
forth below), it may give to such Executive written notice in accordance with Section 12(b) of this Plan of its intention to terminate such Executive’s employment. In such event, such Executive’s employment with the Company shall
terminate on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the
Executive’s duties. For purposes of this Plan, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company and its Affiliates on a full-time basis for 180 consecutive days as a result of
incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to
acceptability not to be unreasonably withheld). 
 (b) Cause. (i) The Company may terminate an Executive’s employment during the
Employment Period with or without Cause. For purposes of this Plan, “Cause” shall mean (A) repeated violations by the Executive of the Executive’s obligations under Section 4(a) of this Plan (other than as a result of
incapacity due to physical or mental illness) which are demonstrably willful and deliberate on the Executive’s part, which are not remedied in a reasonable period of time after receipt of written notice from the Company specifying such
violations; (B) the conviction of the Executive of, or the Executive’s plea of guilty or no contest with respect to, a felony involving moral turpitude; or (C) the Executive’s willful engagement in malfeasance, dishonesty, fraud
or gross misconduct that is intended to, or does, result in a material detrimental effect on the reputation, business or financial condition of the Company or its Affiliates. 

  
 6 

 (ii) For purposes of Section 5(b)(i)(A) and Section 5(b)(i)(C) of this Plan, no act,
or failure to act, on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith and without reasonable belief that the Executive’s action or omission was in the
best interests of the Company and its Affiliates. Any act, or failure to act, based upon (A) authority given pursuant to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of its Affiliates and is
not publicly traded, the board of directors of the Parent Corporation (the “Applicable Board”), (B) the instructions of the Chief Executive Officer of the Company or the Parent Corporation or a senior officer of the Company or the
Parent Corporation or (C) the advice of counsel for the Company or the Parent Corporation shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company and its
Affiliates. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the Applicable Board (excluding the Executive, if the Executive is a member of the Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is
provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive, to be heard before the Applicable Board), finding that, in the good faith opinion of the Applicable Board, the Executive is guilty of the
conduct described in Section 5(b)(i)(A) and Section 5(b)(i)(C) of this Plan, and specifying the particulars thereof in detail. 

(c) Good Reason. An Executive’s employment may be terminated by the Executive for Good Reason or by the Executive voluntarily without
Good Reason. For purposes of this Plan, “Good Reason” shall mean: 
 (i) the assignment to the Executive of any duties
inconsistent in any respect with the Executive’s position (including titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 4(a) of this Plan, or any diminution in such position, authority,
duties or responsibilities (whether or not occurring solely as a result of Medtronic plc ceasing to be a publicly traded entity or becoming a subsidiary), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad
faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive; 
 (ii) any failure by the
Company to comply with any of the provisions of Section 4(b) of this Plan, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and that is remedied by the Company promptly after receipt of notice thereof
given by the Executive; 
 (iii) the Company’s requiring the Executive to be based at any office or location other than that described
in Section 4(a)(i)(B) of this Plan or the Company’s requiring the Executive to travel on Company business to a substantially greater extent than required immediately prior to the Effective Date; 

  
 7 

 (iv) any purported termination by the Company of the Executive’s employment otherwise than
as expressly permitted by this Plan; or 
 (v) any failure by the Company to comply with and satisfy Section 11(c) of this Plan. 

The Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (v) shall not affect
the Executive’s ability to terminate employment for Good Reason. The Executive shall not be deemed to have resigned for Good Reason unless (A) the Executive provides written notice to the Company of the existence of the Good Reason event
within ninety (90) days after its initial occurrence; (B) the Company is provided with thirty (30) days after receipt of such notice in which to cure such Good Reason event and fails to do so; and (C) the Executive effectively
terminates employment within one hundred eighty (180) days following the occurrence of the non-cured Good Reason event. 
 (d) Notice
of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 12(b) of this Plan. For purposes of this
Plan, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Plan relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined herein) is other than the date of receipt of such notice, specifies the Date of
Termination (which Date of Termination shall be not more than 30 days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of
Good Reason or Cause, respectively, shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company from asserting such fact or circumstance in enforcing the Executive’s or the
Company’s respective rights hereunder. 
 (e) Date of Termination. “Date of Termination” means (i) if the
Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified in the Notice of Termination, as the case may be, (ii) if the
Executive’s employment is terminated by the Company other than for Cause or Disability or death, the Date of Termination shall be the date on which the Company notifies the Executive of such termination, (iii) if the Executive resigns
without Good Reason, the date on which the Executive notifies the Company of such termination and (iv) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the
Executive or the Disability Effective Date, as the case may be. Notwithstanding the foregoing, in no event shall the Date of Termination occur until the Executive experiences a “separation from service” within the meaning of
Section 409A of the Code, and the date on which such separation from service takes place shall be the “Date of Termination.” 

  
 8 

	 	6.	Obligations of the Company upon Termination. 

 (a) Good Reason; Other Than for Cause, Death or
Disability. If, during the Employment Period, the Company terminates an Executive’s employment other than for Cause, death or Disability or an Executive terminates employment for Good Reason, in lieu of further payments pursuant to
Section 4(b) of this Plan with respect to periods following the Date of Termination, and subject to the execution (within 45 days following the Executive’s termination of employment) and non-revocation of a release in substantially the
form used by the Company for substantially similar employees of the Company immediately prior to the Change of Control: 
 (i) the Company
shall pay to the Executive in a lump sum in cash within 60 days after the Date of Termination (provided, however, that if the release revocation period spans two years, to the extent required by Section 409A of the Code, the
amounts shall be paid in the second of the two years) the aggregate of the following amounts: 
 (A) the sum of (1) the
Executive’s Annual Base Salary through the Date of Termination, and (2) any accrued vacation pay, in each case, to the extent not theretofore paid (the sum of the amounts described in subclauses (1) and (2), the “Accrued
Obligations”); 
 (B) an amount equal to the product of (1) the higher of (I) the Three-Year Average Bonus
and (II) the Annual Bonus paid or payable, including any portion thereof that has been earned but deferred (and annualized for any fiscal year consisting of less than 12 full months or during which the Executive has been employed for less than 12
full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount, the “Highest Annual Bonus”), and (2) a fraction, the numerator of which is the number of days in the current fiscal
year through the Date of Termination, and the denominator of which is 365, in lieu of any amounts otherwise payable pursuant to the Executive Incentive Plan solely with respect to the year in which the Date of Termination occurs (the “Pro-Rata
Incentive Payment”); and 
 (C) the amount equal to the product of (1) three; and (2) the sum of (x) the
Executive’s Annual Base Salary, and (y) the Highest Annual Bonus; and 
 (ii) the Executive’s benefits under the
Company’s tax qualified retirement plan (the “Retirement Plan”) and any excess or supplemental retirement plan in which the Executive participates as of the Effective Date (or if more favorable to the Executive, as of the Date of
Termination) (collectively, the “NRPS”) shall be calculated assuming that the Executive’s employment had continued for three years following the Date of Termination (such three-year period, the “Continuation Period”) and
that during such period the Executive received service credit for all purposes under such plans and the Executive’s age increased by the number of years that the Executive is deemed to be so employed; provided, however, that in no
event shall the Executive be entitled to age or service credit, as a result of the application of this Section 6(a)(ii), beyond the maximum age or maximum number of years of service credit, as applicable, permitted under the Retirement Plan or
the NRPS; and 
 (iii) for the Continuation Period, or such longer period as any plan, program, practice or policy may provide (the
“Benefit Continuation Period”), the Company shall provide health care and life insurance benefits to the Executive and/or the Executive’s family at 

  
 9 

 
least equal to, and at the same after-tax cost to the Executive and/or the Executive’s family (taking into account any applicable required employee contributions), as those which would have
been provided to them in accordance with the Benefit Plans providing health care and life insurance benefits and at the benefit level described in Section 4(b)(iv) of this Plan if the Executive’s employment had not been terminated;
provided, however, that the health care benefits provided during the Benefit Continuation Period shall be provided in such a manner that such benefits (and the costs and premiums thereof) are excluded from the Executive’s income
for federal income tax purposes and, if the Company reasonably determines that providing continued coverage under one or more of its health care benefit plans contemplated herein could be taxable to the Executive, the Company shall provide such
benefits at the level required hereby through the purchase of individual insurance coverage; provided, further, that if the Executive becomes re-employed with another employer and is eligible to receive health care and life insurance
benefits under another employer-provided plan, the health care and life benefits provided hereunder shall be secondary to those provided under such other plan during such applicable period of eligibility. Following the end of the Benefit
Continuation Period, the Executive shall be eligible for continued health coverage as required by Section 4980B of the Code or other applicable law (“COBRA Coverage”), as if the Executive’s employment with the Company had
terminated as of the end of such period, and the Company shall take such actions as are necessary to cause such COBRA Coverage not to be offset by the provision of benefits under this Section 6(a)(iii) and to cause the period of COBRA Coverage
to commence at the end of the Benefit Continuation Period. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree welfare benefits pursuant to the retiree welfare Benefit Plans, the
Executive shall be considered to have remained employed until the end of the Employment Period (disregarding for purposes of such definition the Executive’s termination of employment) and to have retired on the last day of such period, and the
Company shall cause the Executive to be eligible to commence in the applicable retiree welfare Benefit Plans as of the applicable benefit commencement date; and 

(iv) except as otherwise set forth in the last sentence of Section 7, to the extent not theretofore paid or provided, the Company shall
timely pay or provide to the Executive any other amounts or benefits that the Executive is otherwise entitled to receive under any other plan, program, practice, policy, contract, arrangement or agreement of the Company or its Affiliates (such other
amounts and benefits, the “Other Benefits”). 
 Notwithstanding the foregoing provisions of Section 6(a)(i), in the event
that (A) the Executive is terminated (1) following a Change of Control but prior to a change in ownership or control of the Company within the meaning of Section 409A of the Code, or (2) more than two years following a change in
ownership or control of the Company within the meaning of Section 409A of the Code, amounts payable to the Executive under Sections 6(a)(i)(B) and (C), to the extent not in excess of the amount that the Executive would have received under any
other pre-Change of Control severance plan or arrangement with the Company had such plan or arrangement been applicable, shall be paid at the time and in the manner provided by such plan or arrangement, and the remainder shall be paid to the
Executive in accordance with the provisions of this Agreement; and (B) the Executive is a “specified employee” within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the
Company as in effect on the Date of Termination) (a “Specified Employee”), amounts that would otherwise be payable under Section 6(a)(i) during the six-month period 

  
 10 

 
immediately following the Date of Termination (other than the Accrued Obligations) shall instead be paid, with interest on any delayed payment at the applicable federal rate provided for in
Section 7872(f)(2)(A) of the Code (“Interest”), on the first business day after the date that is six months following the Executive’s “separation from service” within the meaning of Section 409A of the Code (the
“409A Payment Date”). 
 (b) Death. If an Executive’s employment is terminated by reason of the Executive’s death during
the Employment Period, the Company shall provide the Executive’s estate or beneficiaries with the Accrued Obligations, the Pro-Rata Incentive Payment and the timely payment or delivery of the Other Benefits, and shall have no other severance
obligations under this Plan. The Accrued Obligations shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. With respect to the provision of the Other Benefits,
the term “Other Benefits” as used in this Section 6(b) shall include, without limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits
provided by the Company and its Affiliates to the estates and beneficiaries of peer executives of the Company and its Affiliates under such Benefit Plans relating to death benefits, if any, as in effect with respect to other peer executives and
their beneficiaries at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect on the date of the Executive’s death
with respect to other peer executives of the Company and its Affiliates and their beneficiaries. 
 (c) Disability. If an Executive’s
employment is terminated by reason of the Executive’s Disability during the Employment Period, the Company shall provide the Executive with the Accrued Obligations and the Pro-Rata Incentive Payment and the timely payment or delivery of the
Other Benefits in accordance with the terms of the underlying plans or agreements, and shall have no other severance obligations under this Plan. The Accrued Obligations and the Pro-Rata Incentive Payment shall be paid to the Executive in a lump sum
in cash within 30 days of the Date of Termination, provided that in the event that the Executive is a Specified Employee, the Pro-Rata Incentive Payment shall be paid, with Interest, to the Executive on the 409A Payment Date. With respect to
the provision of the Other Benefits, the term “Other Benefits” as used in this Section 6(c) shall include, and the Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits at least
equal to the most favorable of those generally provided by the Company and its Affiliates to disabled executives and/or their families in accordance with such Benefit Plans relating to disability, if any, as in effect generally with respect to other
peer executives and their families at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive’s family, as in effect at any time thereafter generally with respect to
other disabled peer executives of the Company and its Affiliates and their families. 
 (d) Cause; Other Than for Good Reason. If an
Executive’s employment is terminated for Cause during the Employment Period, the Company shall provide to the Executive (i) the Accrued Obligations and (ii) the Other Benefits, in each case to the extent theretofore unpaid, and shall
have no other severance obligations under this Plan. If an Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, the Company shall provide to the Executive the Accrued Obligations and the
Pro-Rata Incentive Payment and the timely payment or delivery of the Other Benefits, and shall have 

  
 11 

 
no other severance obligations under this Plan. In such case, the Accrued Obligations and the Pro-Rata Incentive Payment shall be paid to the Executive in a lump sum in cash within 30 days of the
Date of Termination, provided that in the event that the Executive is a Specified Employee, the Pro-Rata Incentive Payment shall be paid, with Interest, to the Executive on the 409A Payment Date. 

7. Non-Exclusivity of Rights. Nothing in this Plan shall prevent or limit an Executive’s continuing or future participation in any plan,
program, policy or practice provided by the Company or any of its Affiliates (other than participation in any severance plan upon an Executive’s termination of employment during the Employment Period) and for which an Executive may qualify,
nor, subject to Section 12(f) of this Plan, shall anything herein limit or otherwise affect such rights as an Executive may have under any contract or agreement with the Company or any of its Affiliates. Amounts which are vested benefits or
which an Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its Affiliates at or subsequent to the Date of Termination shall be payable in accordance with
such plan, policy, practice or program or contract or agreement except as explicitly modified by this Plan. Without limiting the generality of the foregoing, an Executive’s resignation under this Plan with or without Good Reason, shall in no
way affect an Executive’s ability to terminate employment by reason of the Executive’s “retirement” under any compensation and benefits plans, programs or arrangements of its Affiliates, including without limitation any
retirement or pension plans or arrangements or to be eligible to receive benefits under any compensation or benefit plans, programs or arrangements of its Affiliates, including without limitation any retirement or pension plan or arrangement of its
Affiliates or substitute plans adopted by the Company or its successors, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a “retirement” for purposes of any such plan. Notwithstanding
the foregoing, if an Executive receives payments and benefits pursuant to Section 6(a) of this Plan, the Executive shall not be entitled to any other severance pay or benefits under any severance plan, program or policy of the Company or its
Affiliates, unless expressly provided therein in a specific reference to this Plan. 
 8. Full Settlement; Legal Fees. The Company’s
obligation to make the payments provided for in this Plan and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against
the Executive or others. In no event shall an Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Plan and such amounts shall not
be reduced whether or not an Executive obtains other employment. The Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from an Executive) at any time from the Effective Date of this Plan through the
Executive’s remaining lifetime (or, if longer, through the 20th anniversary of the Effective Date), to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of any contest by the
Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Plan or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment
pursuant to this Plan), plus, in each case, Interest, provided that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in

  
 12 

 
which such fees and expenses were incurred (any such fees, expenses and Interest paid to the Executive, the “Legal Fee Reimbursements”). The amount of such Legal Fee Reimbursements that
the Company is obligated to pay in any given calendar year shall not affect the Legal Fee Reimbursements that the Company is obligated to pay in any other calendar year. Notwithstanding the foregoing, if it is ultimately determined that the
Executive has not prevailed on at least one material item with respect to a contest brought by the Executive, then the Executive shall repay any such Legal Fee Reimbursements with respect to such contest to the Company within sixty (60) days
following such determination. 
  

	 	9.	Reduction of Payments in Certain Circumstances. 

 (a) Anything in this Plan to the contrary
notwithstanding, in the event PricewaterhouseCoopers or such other nationally recognized certified public accounting firm as may be designated by the Company (the “Accounting Firm”) shall determine that receipt of all payments or
distributions by the Company or its Affiliates in the nature of compensation to or for the Executive’s benefit, whether paid or payable pursuant to this Plan or otherwise (a “Payment”) would subject an Executive to the excise tax
under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Plan (the “Plan Payments”) to the Reduced Amount (as defined below). The Plan Payments shall be
reduced to the Reduced Amount only if the Accounting Firm determines that the Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Executive’s Plan Payments were reduced to the Reduced Amount. If
the Accounting Firm determines that the Executive would not have a greater Net After-Tax Receipt of aggregate Payments if the Executive’s Plan Payments were so reduced, the Executive shall receive all Plan Payments to which the Executive is
entitled under this Plan. For purposes of this Section 9, (i) “Reduced Amount” shall mean the greatest amount of Plan Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of
the Code if the Accounting Firm determines to reduce Plan Payments pursuant to Section 9(a); and (ii) “Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and
280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under
Section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determined to be likely to apply to the Executive
in the relevant tax year(s). 
 (b) If the Accounting Firm determines that aggregate Plan Payments should be reduced to the Reduced Amount,
the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 9 shall be binding upon the Company and the Executive and
shall be made as soon as reasonably practicable and in no event later than fifteen (15) days following the Date of Termination. For purposes of reducing the Plan Payments to the Reduced Amount, only amounts payable under this Plan (and no other
Payments) shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order: (i) Section 6(a)(1)(C),
(ii) Section 6(a)(1)(B), (iii) Section 6(a)(iii) and (iv) Section 6(a)(ii). All fees and expenses of the Accounting Firm shall be borne solely by the Company. 

  
 13 

 (c) As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Plan which should not have been so paid or
distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Plan could have been so paid or distributed
(“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or
the Executive which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, the Executive shall pay any such Overpayment to the Company together with interest at the applicable federal rate
provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not either reduce the amount on which the Executive is
subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred,
any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by the Company to or for the benefit of the Executive together with interest at the applicable federal rate
provided for in Section 7872(f)(2) of the Code. 
 10. Confidential Information. Each Executive shall comply with any and all
confidentiality agreements with the Company and its Affiliates to which the Executive is, or shall be, a party. 
  

	 	11.	Successors. 

 (a) Except as otherwise provided herein or by law, no right or interest of an
Executive under this Plan shall be assignable or transferable, in whole or in part, either directly or otherwise, including without limitation, by execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or transfer
thereof shall be effective; and no right or interest of any Executive under this Plan shall be subject to any obligation or liability of such Executive. When a payment is due under this Plan to an Executive who is unable to care for his or her
affairs, payment may be made directly to his legal guardian or personal representative. 
 (b) This Plan shall inure to the benefit of and
be binding upon the Company and its successors and assigns. Except as provided in Section 11(c) of this Plan, this Plan shall not be assignable by the Company. 

(c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to perform the Company’s obligations under this Plan in the same manner and to the same extent that the Company would be required to perform it if no
such succession had taken place. As used in this Plan, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Plan by operation of law
or otherwise. 

  
 14 

	 	12.	Miscellaneous. 

 (a) This Plan shall be governed by and construed in accordance with the laws of
the State of Minnesota, without reference to principles of conflict of laws. The captions of this Plan are not part of the provisions hereof and shall have no force or effect. This Plan may not be amended or modified otherwise than by a written
agreement executed by the parties hereto or their respective successors and legal representatives. 
 (b) All notices and other
communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to an Executive: 
 At the
most recent address on file at the Company. 
 If to the Company: 

Medtronic, Inc. 
 Legal Dept.
LC400 
 710 Medtronic Parkway 

Minneapolis, MN 55432-5604 

Attention: General Counsel 
 or to such other
address an Executive or the Company shall have furnished in writing in accordance herewith. Notices and communications shall be effective within 5 business days of the date of mailing. 

(c) The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of
this Plan. 
 (d) The Company may withhold from any amounts payable under this Plan such United States federal, state, or local or foreign
taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (e) An Executive’s or the Company’s
failure to insist upon strict compliance with any provision of this Plan or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of such Executive to terminate employment for Good
Reason pursuant to Sections 5(c)(i) through 5(c)(v) of this Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Plan. 

(f) Except as may otherwise be provided under any other written agreement between the Executive and the Company, the employment of the
Executive by the Company may be terminated by either the Executive or the Company at any time prior to the Effective Date or, subject to the obligations of the Company provided for in this Plan in the event of a termination after the Effective Date,
at any time on or after the Effective Date. Moreover, if prior to the Effective Date, (i) the Executive’s employment with the Company terminates or (ii) the Executive ceases to be an officer of Medtronic plc or (iii) the Board or
any committee of the 

  
 15 

 
Board which is designated by the Board to administer the Plan (the “Administrator”) determines that an individual previously designated as an Executive for purposes of the Plan is no
longer an Executive for purposes of this Plan, then such Executive shall have no further rights under this Plan. Notwithstanding the foregoing, if (i) an Executive’s participation in the Plan is terminated due to the Company’s or
Administrator’s determination that Executive shall no longer be an officer of Medtronic plc, or due to the Administrator’s determination that Executive shall no longer be an Executive for purposes of the Plan, (ii) such termination of
participation occurs prior to the date on which a Change of Control occurs, and (iii) it is reasonably demonstrated by the Executive that such termination of participation (A) was at the request of a third party who has taken steps
reasonably calculated to effect the Change of Control or (B) otherwise arose in connection with or anticipation of the Change of Control, then such individual shall be deemed to be an Executive for purposes of the Plan. From and after the
Effective Date, except with respect to the Plans described in Section 10 hereof, this Plan shall supersede any other agreement between the parties with respect to the subject matter hereof in effect immediately prior to the adoption of this
Plan. 
 (g) The Plan is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom
and, with respect to amounts that are subject to Section 409A of the Code, shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Plan shall be treated as a separate payment for purposes
of Section 409A of the Code. In no event may an Executive, directly or indirectly, designate the calendar year of any payment to be made under this Plan. If an Executive dies following the Date of Termination and prior to the payment of any
amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of such Executive’s estate within 30 days after the date of the Executive’s death. All reimbursements and in-kind
benefits provided under this Plan that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without
limitation, that (i) in no event shall reimbursements by the Company under this Plan be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided that
an Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits
that the Company is obligated to pay or provide in any given calendar year shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) such Executive’s right to have the Company
pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply
later than such Executive’s remaining lifetime (or if longer, through the 20th anniversary of the Effective Date). 
 (h) This Plan
shall be interpreted, administered and operated by the Administrator, which shall have complete authority, in its sole discretion subject to the express provisions of this Plan, to interpret this 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 this Plan. All questions of any character whatsoever arising in connection with the interpretation of this Plan or its administration or
operation shall be submitted to and settled and determined by the Administrator in accordance with the procedure for claims and appeals 

  
 16 

 
described in Section 7 hereof. Any such settlement and determination shall be final and conclusive, and shall bind and may be relied upon by the Company, each Executive and all other parties
in interest. The Administrator may delegate any of its duties hereunder to such person or persons from time to time as it may designate. 

(i) The obligations of the Company and each Executive under this Plan which by their nature may require either partial or total performance
after the expiration of the Plan shall survive such expiration. 
 (j) This Plan shall not be funded. No Executive shall have any right to,
or interest in, any assets of the Company which may be applied by the Company to the payment of benefits or other rights under this Plan. 

(k) In the event of a claim by an Executive as to the amount or timing of any payment or benefit, such Executive shall present the reason for
his or her claim in writing to the Company. The Company shall, within sixty (60) days after receipt of such written claim, send a written notification to the Executive as to its disposition. In the event the claim is wholly or partially denied,
such written notification shall (i) state the specific reason or reasons for the denial, (ii) make specific reference to pertinent Plan provisions on which the denial is based, (iii) provide a description of any additional material or
information necessary for the Executive to perfect the claim and an explanation of why such material or information is necessary, and (iv) set forth the procedure by which the Executive may appeal the denial of the claim. In the event an
Executive wishes to appeal the denial of a claim, he or she may request a review of such denial by making application in writing to the Company within sixty (60) days after receipt of such denial. Such Executive (or his or her duly authorized
legal representative) may, upon written request to the Company, review any documents pertinent to his claim, and submit in writing issues and comments in support of his position. Within sixty (60) days after receipt of a written appeal (unless
special circumstances, such as the need to hold a hearing, require an extension of time, but in no event more than one hundred twenty (120) days after such receipt), the Company shall notify the Executive of the final decision. The final
decision shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, and specific references to the pertinent Plan provisions on which the decision is based. 

(l) This Plan may be amended or terminated by the Administrator at any time prior to the Effective Date; provided, however, that
any change which would be adverse to any Executive, as determined in the sole discretion of the Administrator, shall not be effective with respect to such Executive until twelve (12) months following the date on which such change is
communicated to such Executive. Following the Effective Date, this Plan may not be terminated or amended in a manner which would be adverse to any Executive. 

  
 17EX-10.15

 Exhibit 10.15 

MEDTRONIC PLC 
 SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN 
 (as restated generally effective January 26, 2015) 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	ARTICLE 1 DEFERRED COMPENSATION ACCOUNT	  	 	2	  
	 Section 1.1
	  	Establishment of Account	  	 	2	  
	 Section 1.2
	  	Property of Company	  	 	2	  
		
	ARTICLE 2 DEFINITIONS, GENDER, AND NUMBER	  	 	2	  
	 Section 2.1
	  	Definitions	  	 	2	  
	 Section 2.2
	  	Gender and Number	  	 	6	  
		
	ARTICLE 3 PARTICIPATION	  	 	6	  
	 Section 3.1
	  	Who May Participate	  	 	6	  
	 Section 3.2
	  	Time and Conditions of Participation	  	 	6	  
	 Section 3.3
	  	Termination and Suspension of Participation	  	 	6	  
	 Section 3.4
	  	Missing Persons	  	 	6	  
	 Section 3.5
	  	Relationship to Other Plans	  	 	7	  
		
	ARTICLE 4 RETIREMENT PLAN SUPPLEMENTAL BENEFIT	  	 	7	  
	 Section 4.1
	  	Calculation of Retirement Plan Supplemental Benefit	  	 	7	  
	 Section 4.2
	  	Establishment of Nonqualified Retirement Plan Account	  	 	8	  
	 Section 4.3
	  	Interest Credited to Nonqualified Retirement Plan Account	  	 	8	  
	 Section 4.4
	  	Payment of Nonqualified Retirement Plan Account	  	 	8	  
		
	ARTICLE 5 DEFINED CONTRIBUTION SUPPLEMENTAL BENEFIT	  	 	8	  
	 Section 5.1
	  	Nonqualified Defined Contribution Account	  	 	8	  
	 Section 5.2
	  	Gains Credited to Nonqualified Defined Contribution Account	  	 	9	  
	 Section 5.3
	  	Payment of Nonqualified Defined Contribution Account	  	 	9	  
		
	ARTICLE 6 PERSONAL INVESTMENT ACCOUNT SUPPLEMENTAL BENEFIT	  	 	9	  
	 Section 6.1
	  	Calculation of Personal Investment Account Supplemental Benefit	  	 	9	  
	 Section 6.2
	  	Establishment of Nonqualified Personal Investment Account	  	 	10	  
	 Section 6.3
	  	Crediting Gains and Losses to Nonqualified Personal Investment Account	  	 	10	  
	 Section 6.4
	  	Vested Interest in Nonqualified Personal Investment Account	  	 	10	  
	 Section 6.5
	  	Payment of Nonqualified Personal Investment Account	  	 	10	  
		
	ARTICLE 7 DEATH BENEFITS	  	 	11	  
	 Section 7.1
	  	Form and Time of Payment	  	 	11	  
	 Section 7.2
	  	Beneficiary	  	 	11	  
		
	ARTICLE 8 CHANGE IN CONTROL PROVISIONS	  	 	11	  
	 Section 8.1
	  	Application of Article 8	  	 	11	  
	 Section 8.2
	  	Payments to and by the Trust	  	 	11	  
	 Section 8.3
	  	Legal Fees and Expenses	  	 	11	  
	 Section 8.4
	  	Late Payment and Additional Payment Provisions	  	 	12	  
		
	ARTICLE 9 FUNDING	  	 	12	  

  
 i 

							
	 Section 9.1
	  	Source of Benefits	  	 	12	  
	 Section 9.2
	  	No Claim on Specific Assets	  	 	12	  
		
	ARTICLE 10 ADMINISTRATION	  	 	13	  
	 Section 10.1
	  	Administration	  	 	13	  
	 Section 10.2
	  	Powers of Committee	  	 	13	  
	 Section 10.3
	  	Actions of the Committee	  	 	13	  
	 Section 10.4
	  	Delegation	  	 	13	  
	 Section 10.5
	  	Reports and Records	  	 	13	  
	 Section 10.6
	  	Claims Procedure	  	 	13	  
		
	ARTICLE 11 AMENDMENTS AND TERMINATION	  	 	14	  
	 Section 11.1
	  	Amendments	  	 	14	  
	 Section 11.2
	  	Termination	  	 	14	  
		
	ARTICLE 12 MISCELLANEOUS	  	 	15	  
	 Section 12.1
	  	No Guarantee of Employment	  	 	15	  
	 Section 12.2
	  	Release	  	 	15	  
	 Section 12.3
	  	Notices	  	 	15	  
	 Section 12.4
	  	Nonalienation	  	 	15	  
	 Section 12.5
	  	Withholding	  	 	15	  
	 Section 12.6
	  	Captions	  	 	15	  
	 Section 12.7
	  	Applicable Law	  	 	15	  
	 Section 12.8
	  	Invalidity of Certain Provisions	  	 	15	  
	 Section 12.9
	  	No Other Agreements	  	 	16	  
	 Section 12.10
	  	Incapacity	  	 	16	  
	 Section 12.11
	  	Electronic Media	  	 	16	  
	 Section 12.12
	  	Delay of Distributions Upon Certain Events Delay in Distributions	  	 	16	  
	 Section 12.13
	  	Acceleration of Distributions Upon Certain Events	  	 	17	  
		
	SCHEDULE A	  	 	A-1	  

  
 ii 

 MEDTRONIC PLC 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

(as restated generally effective January 26, 2015) 

Medtronic, Inc., a Minnesota corporation (“Medtronic”), previously established the Medtronic, Inc. Executive Nonqualified
Supplemental Benefit Plan (the “Plan”) for the benefit of the Eligible Employees of Medtronic and certain of its Affiliates, effective May 1, 1986. The Plan was most recently amended and restated effective January 1, 2008. On
June 15, 2014, Medtronic entered into a Transaction Agreement with Covidien plc and the other parties named therein to acquire Covidien through the formation of a new holding company incorporated in Ireland that will be renamed Medtronic plc
(the “Transaction”). In connection with the Transaction, Medtronic plc, an Irish public limited company (the “Company”) hereby adopts and amends and restates the Plan, effective January 26, 2015 (the “Restatement
Date”). 
 This restatement applies to amounts deferred under the Plan on or after the Restatement Date, and to the payment of all
amounts deferred under the Plan (whether such amounts were deferred before, on, or after the Restatement Date) that have not yet been distributed as of the Restatement Date. No amount deferred under the Plan is intended to be
“grandfathered” under Section 409A of the Code (“Section 409A”). 
 The purpose of the Plan is to provide Eligible
Employees with benefits that supplement those provided under certain of the tax-qualified plans maintained by the Company and its Affiliates. More specifically, the Plan is intended to provide certain benefits on a nonqualified basis that are not
otherwise provided under such tax-qualified plans as a result of the application of certain legal limitations on contributions, benefits and includible compensation and as a result of elections made by eligible employees under other plans maintained
by the Company and its Affiliates. 
 The Plan is intended to be (and shall be construed and administered as) an employee benefit pension
plan under the provisions of ERISA, which is unfunded and maintained primarily for the purpose of providing deferred compensation for Eligible Employees who constitute a select group of management or highly-compensated employees, as described in
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 The Plan is not intended to be qualified under Section 401(a) of the Code. The
Plan, as restated herein, is subject to, and intended to comply with, Section 409A of the Code. Notwithstanding any provision of this Plan, all benefits payable hereunder shall be deemed to be paid solely for services to Medtronic and its
subsidiaries. 
 The obligation of the Company and its Affiliates to make payments under the Plan constitutes an unsecured (but legally
enforceable) promise of the Company and its Affiliates to make such payments and no person, including any Participant or Beneficiary, shall have any lien, prior claim or other security interest in any property of the Company or its Affiliates as a
result of the Plan. 

 ARTICLE 1 DEFERRED COMPENSATION ACCOUNT 

Section 1.1 Establishment of Account. The Company shall establish one or more Accounts for each Participant which shall be utilized
solely as a device to measure and determine the amount of deferred compensation to be paid under the Plan. 
 Section 1.2 Property of
Company. Any amounts set aside for benefits payable under the Plan are the property of the Company, except, and to the extent, provided in the Trust. 

ARTICLE 2 DEFINITIONS, GENDER, AND NUMBER 

Section 2.1 Definitions. Whenever used in the Plan, the following words and phrases shall have the meanings set forth below unless the
context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized. 
 2.1.1
“Account” means a bookkeeping account established by the Company on its books and records to record and determine the benefits payable to a Participant or Beneficiary under the Plan. The Company shall establish a separate Account on
behalf of each Participant for: 
 (a) The benefit the Participant is entitled to receive pursuant to Section 4.2, if
any, referred to as the “Nonqualified Retirement Plan Account;” 
 (b) The benefit the Participant is entitled to
receive pursuant to Article 5, if any, referred to as the “Nonqualified Defined Contribution Account;” and 
 (c)
The benefit the Participant is entitled to receive pursuant to Section 6.2, if any, entitled the “Supplemental Personal Investment Account.” 

The Committee may establish any number of sub-accounts on behalf of a Participant or Beneficiary as the Committee considers necessary or
advisable for purposes of maintaining a proper accounting of amounts to be credited under the Plan on behalf of a Participant or Beneficiary. 

2.1.2 “Affiliate” or “Affiliates” means the Company and any entity with which the Company would be
considered a single employer under Section 414(b) of the Code (employees of controlled group of corporations) and Section 414(c) of the Code (employees of partnerships, proprietorships, etc., under common control). 

2.1.3 “Beneficiary” or “Beneficiaries” means the persons or trusts designated by a Participant in writing
pursuant to Section 7.2.1 of the Plan as being entitled to receive any benefit payable under the Plan by reason of the death of a Participant, or, in the absence of such designation, the persons specified in Section 7.2.2 of the Plan. 

2.1.4 “Board” means the Board of Directors of the Company as constituted at the relevant time. 

  
 2 

 2.1.5 “Capital Accumulation Plan” means the Medtronic plc Capital Accumulation
Plan Deferral Program, as amended or restated from time to time or any successor thereto, and any predecessor or successor plan thereto. 

2.1.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time and any successor statute. References to a
Code section shall be deemed to be to that section or to any successor to that section. 
 2.1.7 “Committee” means the
Committee or individual appointed by the Compensation Committee of the Board (or any person or entity designated by the Committee) to administer the Plan pursuant to Section 10.4. 

2.1.8 “Company” means Medtronic plc and its successors and assigns, by merger, purchase or otherwise. 

2.1.9 “Defined Contribution Supplemental Benefit” means the benefit under the Predecessor Plan that was commonly referred to
as the “ESOP restoration benefit.” This benefit equals the difference between: (a) the allocation due to Medtronic contributions the Participant would have received under the ESOP prior to May, 1, 2005, but for the
Section 401(a)(17) Limitation and Section 415 Limitation; and (b) the actual allocation actually received by the Participant under the ESOP. 

2.1.10 “Domestic Relations Order” has the meaning set forth in Section 414(p)(1)(B) of the Code. 

2.1.11 “Eligible Employee” means an elected or appointed officer of the Company, or any other key employee of the Company or
an Affiliate designated by the Committee, excluding any individual who is neither a United States citizen nor a United States resident. In order to be an Eligible Employee an employee must be a member of a select group of management or highly
compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and rules established by the Committee. The Company may make such projections or estimates as it deems desirable in applying the eligibility requirements,
and its determination shall be conclusive. 
 2.1.12 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time and any successor statute. References to an ERISA section shall be deemed to be to that section or to any successor to that section. 

2.1.13 “ESOP” means the Medtronic, Inc. Employee Stock Ownership Plan, as in effect prior to April 30, 2001. (As of
April 30, 2001, the ESOP was amended to permit elective deferrals under Section 401(k) of the Code and renamed the Medtronic, Inc. Employee Stock Ownership and Supplemental Retirement Plan. As of May 1, 2005, the Medtronic, Inc.
Employee Stock Ownership and Supplemental Retirement Plan was amended and renamed the Medtronic, Inc. Savings and Investment Plan.) As of January 26, 2015, the Medtronic, Inc. Savings and Investment Plan was amended and renamed the Medtronic
plc Savings and Investment Plan. 

  
 3 

 2.1.14 “Event” means an event of change in control of the Company, as defined in
the Trust. 
 2.1.15 “Option Replacement Plan” means the Medtronic plc Option Replacement Plan, as amended or restated from
time to time or any predecessor or successor thereto. 
 2.1.16 “Participant” means an Eligible Employee who has commenced
participation in the Plan. 
 2.1.17 “Personal Investment Account” has the same meaning as in the Savings and Investment
Plan. 
 2.1.18 “Personal Investment Account Supplemental Benefit” has the meaning set forth in Article 6. 

2.1.19 “Plan” means the “Medtronic plc Supplemental Executive Retirement Plan” as set forth herein and as amended
or restated from time to time. 
 2.1.20 “Plan Year” means the 12-month period commencing May 1 and ending the
following April 30. 
 2.1.21 “Predecessor Plan” means the Plan, as in effect prior to May 1, 2005. 

2.1.22 “Restatement Date” has the meaning set forth in the preamble. 

2.1.23 “Retirement Plan” means the Medtronic plc Retirement Plan, as amended from time to time, and any predecessor or
successor thereto. In general, the Retirement Plan includes a final average pay benefit for individuals employed by the Company or an Affiliate prior to May 1, 2005. Effective May 1, 2005, the Retirement Plan provides a personal pension
account benefit for individuals who become employed on or after May 1, 2005. Individuals participating in the Retirement Plan prior to May 1, 2005, may elect a personal pension account benefit in lieu of the final average pay benefit for
Plan Years commencing May 1, 2005. Alternatively, an individual otherwise eligible to participate in the Retirement Plan may elect not to participate in the Retirement Plan and receive a contribution to a Personal Investment Account. 

2.1.24 “Retirement Plan Supplemental Benefit” has the meaning set forth in Article 4. 

2.1.25 “Savings and Investment Plan” means the Medtronic, plc Savings and Investment Plan, as amended from time to time, and
any successor thereto. The Savings and Investment Plan includes a salary reduction benefit under Section 401(k) of the Code and a matching contribution benefit under Section 401(m) of the Code. Effective May 1, 2005, the Savings and
Investment Plan also includes a Personal Investment Account for those Participants who have elected this retirement benefit option. 

  
 4 

 2.1.26 “Section 401(a)(17) Limitation” means the limitation on the dollar amount
of compensation that may be taken into account under qualified retirement plans under Section 401(a)(17) of the Code, or any successor provision thereto. 

2.1.27 “Section 415 Limitation” means the limitation on benefits for qualified defined benefit pension plans and the
limitation on allocations for qualified defined contribution plans, which are imposed by Section 415(b) and (c), respectively, of the Code, or any successor provision thereto. 

2.1.28 “Separation from Service” or “Separate from Service,” with respect to a Participant, means the
Participant’s separation from service with all Affiliates, within the meaning of Section 409A(a)(2)(A)(i) of the Code and the regulations thereunder. Solely for this purpose, a Participant will be considered to have a Separation from
Service when the Participant dies, retires, or otherwise has a termination of employment with all Affiliates. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide
leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual retains a right to reemployment with the an Affiliate under an applicable statute or by contract. For purposes hereof, a leave of
absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for an Affiliate. If the period of leave exceeds six months and the individual does not retain a right to
reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any
medically determinable physical or mental impairment that can be expected to last for a continuous period of not less than six months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment
or any substantially similar position of employment, the Company may substitute a 29-month period of absence for such six-month period. 

Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Affiliate and
the Participant reasonably anticipated that no further services will be performed after a certain date or that the level of bona fide services the Participant will perform after such date (whether as an employee or independent contractor) will
permanently decrease to no more than 40 percent of the average level of bona fide services performed (whether as an employee or independent contractor) over the immediately preceding 36-month period (or the full period of services if the Participant
has been providing services for less than 36 months). 
 Notwithstanding anything in Section 2.1.2 to the contrary, in determining
whether a Participant has had a Separation from Service with an Affiliate, an entity’s status as an “Affiliate” shall be determined substituting “50 percent” for “80 percent” each place it appears in
Section 1563(a)(1),(2), and (3) and in Treasury Regulation Section 1.414(c)-2. 
 The Company shall have discretion to
determine whether a Participant has experienced a Separation from Service in connection with an asset sale transaction entered into by the Company or an Affiliate, provided that such determination conforms to the requirements of
Section 409A and the regulations and other guidance issued thereunder, in which case the Company’s determination shall be binding on the Participant. 

  
 5 

 2.1.29 “Section 409A” means section 409A of the Internal Revenue Code, as
amended from time to time and any successor statute. 
 2.1.30 “Specified Employee” means an employee of an Affiliate who
is subject to the six-month delay rule described in Section 409A(2)(B)(i) of the Code. The Company shall establish a written policy for identifying Specified Employees in a manner consistent with Section 409A, which policy may be amended
by the Company from time to time as permitted by Section 409A. 
 2.1.31 “Stock” means the Company’s ordinary
shares $.0001 par value per share (as such par value may be adjusted from time to time). 
 2.1.32 “Trust” means the
Medtronic plc Compensation Trust Agreement Number One, as amended from time to time. 
 Section 2.2 Gender and Number. Except as
otherwise indicated by context, masculine terminology used herein also includes the feminine and neuter, and terms used in the singular may also include the plural. 

ARTICLE 3 PARTICIPATION 
 Section 3.1
Who May Participate. Participation in the Plan is limited to Eligible Employees. 
 Section 3.2 Time and Conditions of
Participation. An Eligible Employee shall become a Participant on the date on which he or she first accrues a benefit under the Plan, provided that he or she is then in compliance with such terms and conditions as the Committee may from
time to time establish for the implementation of the Plan, including, but not limited to, any condition the Committee may deem necessary or appropriate for the Company to meet its obligations under the Plan. 

Section 3.3 Termination and Suspension of Participation. Once an individual has become a Participant, participation shall continue
until payment in full of all benefits to which the Participant or Beneficiary is entitled under the Plan. 
 Section 3.4 Missing
Persons. Each Participant and Beneficiary entitled to receive benefits under the Plan shall be obligated to keep the Company informed of his or her current address until all Plan benefits that are due to be paid to the Participant or Beneficiary
have been paid to him or her. If, after having made reasonable efforts to do so, the Company is unable to locate the Participant or Beneficiary for purposes of making a distribution, the Participant’s or Beneficiary’s Plan benefit will be
forfeited. In no event will a Participant’s or Beneficiary’s benefit be paid to him or her later than the date otherwise required by the Plan. 

  
 6 

 Section 3.5 Relationship to Other Plans. Participation in the Plan shall not preclude
participation of the Participant in any other fringe benefit program or plan sponsored by an Affiliate for which the Participant would otherwise be eligible. Notwithstanding anything in the Plan to the contrary, to the extent permitted by
Section 409A, the Committee, or anyone to whom the Committee has delegated this authority pursuant to Section 10.4, may reduce the benefits payable to a Participant under the Plan if, and to the extent that, benefits are payable to the
Participant under another similar plan or arrangement maintained by the Company or an Affiliate. The Committee (or its delegate) shall have complete and absolute discretion to determine whether another benefit plan or arrangement maintained by the
Company or an Affiliate is similar to the Plan, whether the benefit under the Plan can be reduced in a manner that does not cause a violation of Section 409A, and the amount of the reduction to be applied. 

ARTICLE 4 RETIREMENT PLAN SUPPLEMENTAL BENEFIT 

Section 4.1 Calculation of Retirement Plan Supplemental Benefit. An Eligible Employee shall earn a Retirement Plan Supplemental Benefit
as of any determination date in an amount equal to the lump sum actuarial equivalent value of his or her Unrestricted Retirement Plan Benefit less the lump sum actuarial equivalent value of his or her Actual Retirement Plan Benefit, determined as of
the determination date. For purposes hereof, the determination date is the first day of the month. The lump sum actuarial equivalent value shall be determined in each case by use of the otherwise applicable interest rates and other assumptions under
the Retirement Plan in determining actuarially equivalent benefits. 
 For purposes hereof, an Eligible Employee’s Unrestricted
Retirement Plan Benefit as of any determination date equals the vested benefit that such individual would have accrued under the Retirement Plan as of such date under the otherwise applicable provisions of the Retirement Plan, but determined for
periods from and after May 1, 1986, without application of the Section 415 Limitation or the Section 401(a)(17) Limitation and based upon the compensation that would have been paid to the Eligible Employee during the year but for his
or her election to reduce his or her compensation under the Capital Accumulation Plan or the Option Replacement Plan. 
 For purposes
hereof, compensation that is reduced pursuant to such an election shall be taken into account for the Plan Year during which such compensation would have been paid to the Eligible Employee but for such election and only to the extent that such
compensation would otherwise be taken into account under the Retirement Plan in calculating benefits thereunder had such compensation otherwise been paid directly to the Eligible Employee (but without regard to application of the
Section 401(a)(17) Limitation). 
 For purposes hereof, an Eligible Employee’s Actual Retirement Plan Benefit as of any
determination date equals the vested benefit that the individual has actually accrued as of such date under the provisions of the Retirement Plan, after taking into account all applicable limitations on contributions, benefits and compensation. 

An Eligible Employee’s Unrestricted Retirement Plan Benefit and Actual Retirement Plan Benefit shall be determined after giving effect to
the election a Participant makes under Section 3.2 of the Retirement Plan (i.e., the election to receive a contribution to a Personal Investment Account under the Savings and Investment Plan, the final average pay benefit under the Retirement
Plan or the personal pension account benefit under the Retirement Plan) for benefits accruing under the Retirement Plan on or after May 1, 2005. 

  
 7 

 Section 4.2 Establishment of Nonqualified Retirement Plan Account. A Participant’s
Retirement Plan Supplemental Benefit shall be determined as of the first day of the month following the month in which the Participant has a Separation from Service, and the lump sum value of such Retirement Plan Supplemental Benefit shall be
credited as of such date to a bookkeeping account established for the Participant on the books and records of the Company, referred to as the “Nonqualified Retirement Plan Account.” 

In the event a Participant terminates employment as a result of death, the value of the benefits, if any, to be credited to his or her
Nonqualified Retirement Account shall be based upon the lump sum actuarial equivalent value of the death benefits that would be paid under the Retirement Plan under the same assumptions as used under Section 4.1 hereof in determining the
Participant’s Unrestricted Retirement Plan Benefit (that is, without regard to the Section 415 Limitation and the Section 401(a)(17) Limitation and without regard to any election the Participant may have made under the Capital
Accumulation Plan or the Option Replacement Plan to reduce his or her compensation) less the lump sum actuarial equivalent value of death benefits actually payable with respect to such Participant under the Retirement Plan, if any, taking into
account all applicable limitations on contributions, benefits and compensation. 
 Section 4.3 Interest Credited to Nonqualified
Retirement Plan Account. All amounts credited to the Nonqualified Retirement Plan Account from time to time shall be credited with interest at a rate that is equal to the pre-retirement interest rate or rates used by the Retirement Plan during
the period for which interest is to be so credited for purposes of determining actuarially equivalent benefits under the Retirement Plan. Interest as so determined shall be compounded monthly during the Plan Year. 

Section 4.4 Payment of Nonqualified Retirement Plan Account. Payment to a Participant of his or her Nonqualified Retirement Plan
Account shall commence within 90 days following the six month anniversary of his or her Separation from Service. All distributions of the Nonqualified Retirement Account will be made in cash. If the value of the Participant’s Nonqualified
Retirement Account, determined as of the date on which such Account is established, is greater than $100,000, the Account together with interest thereon shall be paid to the Participant on a monthly basis over a 15-year period in 180 equal monthly
installments. If the value of the Participant’s Nonqualified Retirement Account, determined as of the date on which such Account is established, is $100,000 or less, the Account together with interest thereon shall be paid to the Participant in
a lump sum. 
 ARTICLE 5 DEFINED CONTRIBUTION SUPPLEMENTAL BENEFIT 

Section 5.1 Nonqualified Defined Contribution Account. The Company previously established an Account on behalf of each Participant
entitled to a Defined Contribution Supplemental Benefit (as defined in the Predecessor Plan and commonly referred to as the “ESOP restoration benefit”) referred to as the “Nonqualified Defined Contribution Account.” All
contributions to the Nonqualified Defined Contribution Account ceased effective April 30, 2005. A Participant’s Nonqualified Defined Contribution Account, if any, will continue to vest according to the terms of the Predecessor Plan. 

  
 8 

 Section 5.2 Gains Credited to Nonqualified Defined Contribution Account. A
Participant’s Defined Contribution Supplemental Benefit is expressed in the form of the right to receive Stock. Because of this, the Nonqualified Defined Contribution Account is adjusted to reflect Stock splits, Stock dividends and
recapitalizations in such manner as may be determined by the Committee. The Committee may also, in its discretion, adjust the Nonqualified Defined Contribution Account to reflect dividends payable with respect to the Stock from time to time in such
manner as it deems appropriate. 
 Section 5.3 Payment of Nonqualified Defined Contribution Account. Payment to a Participant of his
or her Nonqualified Defined Contribution Account shall be made within 90 days following the end of the Plan Year in which the Participant’s Separation from Service occurs. Payment shall be made in Stock in the form of a lump sum. 

ARTICLE 6 PERSONAL INVESTMENT ACCOUNT SUPPLEMENTAL BENEFIT 

Section 6.1 Calculation of Personal Investment Account Supplemental Benefit. An Eligible Employee who, pursuant to Section 3.2 of
the Retirement Plan, elects to participate in the Personal Investment Account Benefit under the Savings and Investment Plan, shall be credited with a Personal Investment Account Supplemental Benefit as of the end of each Plan Year commencing
May 1, 2005, in an amount equal to his or her Unrestricted Personal Investment Account Allocation for such year less his or her Actual Personal Investment Account Allocation for such year; provided, however, that for the year in
which the Participant has a Separation from Service, the Participant’s Personal Investment Account Supplemental Benefit for such year shall be determined as of the end of the month in which the Separation from Service occurs. 

An Eligible Employee’s Unrestricted Personal Investment Account Allocation for a year equals the dollar amount that would have been
allocated by the Company to his or her Personal Investment Account for the year, but without application of the Section 415 Limitation or the Section 401(a)(17) Limitation and based upon the compensation that would have been paid to the
Eligible Employee during the year but for his or her election to reduce his or her compensation under the Capital Accumulation Plan or the Option Replacement Plan. For purposes hereof, compensation that is reduced pursuant to such an election shall
be taken into account for the Plan Year during which such compensation would have been paid to the Eligible Employee but for such election and only to the extent that such compensation would otherwise be taken into account under the Savings and
Investment Plan in calculating benefits thereunder had such compensation otherwise been paid directly to the Eligible Employee (but without regard to application of the Section 401(a)(17) Limitation). 

An Eligible Employee’s Actual Personal Investment Account Allocation for a year equals the dollar amount that the Company actually
allocates as a contribution to the Eligible Employee’s Personal Investment Account for such year. 

  
 9 

 Section 6.2 Establishment of Nonqualified Personal Investment Account. The Personal
Investment Account Supplemental Benefit to be credited to a Participant for a Plan Year under Section 6.1 shall be credited as of the last day of such year (except for the Plan Year in which a Participant has a Separation from Service, in which
case it shall be credited as of the last day of the month in which the Separation from Service occurs) to an account established on the books and records of the Company, referred to as the “Nonqualified Personal Investment Account.” 

Section 6.3 Crediting Gains and Losses to Nonqualified Personal Investment Account. The Committee shall designate the manner in which a
Participant’s Nonqualified Personal Investment Account is to be credited with gains and losses as described on Schedule A hereto, which Schedule may be amended from time to time in the Committee’s discretion. If the Committee designates
specific investment funds to serve as an index for crediting gains and losses to a Participant’s Nonqualified Personal Investment Account: (a) the Participant shall be entitled to designate which such fund or funds shall be used to measure
gains and losses on his or her Nonqualified Personal Investment Account and to change such designation in accordance with rules established by the Committee; (b) the Participant’s Nonqualified Personal Investment Account will be credited
with gains and losses as if invested in such fund or funds in accordance with the Participant’s designation and the rules established by the Committee; and (c) the Committee may, in its sole discretion, eliminate any investment fund or
funds previously designated by it, substitute a new investment fund or funds therefore, or add investment fund or funds, at any time. If the Committee makes any such investment funds available for this purpose, the Company shall have no obligation
to actually invest any amounts in any such investment funds. Unless the Committee adopts a different rule, investment designations may be changed, generally, on a daily basis. 

Section 6.4 Vested Interest in Nonqualified Personal Investment Account. A Participant’s vested interest in his or her
Nonqualified Personal Investment Account shall be determined in the same manner as the Participant’s vested interest in his or her Personal Investment Account, and the Company may forfeit the non-vested portion of the Participant’s
Nonqualified Personal Investment Account under the same rules and subject to the same limitations as provided for the Personal Investment Account under the Savings and Investment Plan. Notwithstanding the preceding sentence, a Participant shall not
earn a fully-vested interest in his or her Nonqualified Personal Investment Account as a result of the termination or partial termination of the Plan in those situations where the Participant is not otherwise fully vested in such Account. 

Section 6.5 Payment of Nonqualified Personal Investment Account. Payment to a Participant of his or her Nonqualified Personal
Investment Account shall commence within 90 days following the six month anniversary of his or her Separation from Service. All distributions of the Nonqualified Personal Investment Account will be paid in the form of cash. If the value of the
Participant’s Nonqualified Personal Investment Account, determined as of the date on which the Participant’s Separation from Service occurs, is greater than $100,000, the Account shall be paid to the Participant on a monthly basis over a
fifteen-year period in 180 equal monthly installments. Gains and losses pursuant to Section 6.3 shall continue to be credited on the declining balance of the Account during the payout period. If the value of the Participant’s Nonqualified
Personal Investment Account, determined as of the date on which the Participant’s Separation from Service occurs, is $100,000 or less, the Account shall be paid to the Participant in a lump sum. 

  
 10 

 ARTICLE 7 DEATH BENEFITS 

Section 7.1 Form and Time of Payment. If a Participant dies before all amounts in an Account have been distributed to him or her
(whether the Participant’s death occurs before or after distributions have commenced to the Participant), the Account balance, to the extent then vested, shall be paid to the Participant’s Beneficiary in a lump sum within 90 days after the
Participant’s death. 
 Section 7.2 Beneficiary. 

7.2.1 Designation of Beneficiary. Each Participant has the right to designate primary and contingent Beneficiaries for death benefits
payable under the Plan. Such Beneficiaries may be individuals or trusts for the benefit of individuals. A Beneficiary designation by a Participant shall be in writing on a form acceptable to the Committee and shall only be effective upon delivery to
the Company. A Beneficiary designation may be revoked by a Participant at any time by delivering to the Company either written notice of revocation or a new Beneficiary designation form. The Beneficiary designation form last delivered to the Company
prior to the death of a Participant shall control. 
 7.2.2 Failure to Designate Beneficiary. In the event there is no Beneficiary
designation on file with the Company at the Participant’s death, or if all Beneficiaries designated by a Participant have predeceased the Participant, any benefits payable pursuant to this Article 7 will be paid to the Participant’s
surviving spouse, if living; or if the Participant does not leave a surviving spouse, to the Participant’s surviving issue by right of representation; or, if there are no such surviving issue, to the Participant’s estate. 

ARTICLE 8 CHANGE IN CONTROL PROVISIONS 

Section 8.1 Application of Article 8. To the extent applicable, the provisions of this Article 8 relating to an Event of change in
control of the Company shall control, notwithstanding any other provisions of the Plan to the contrary, and shall supersede any other provisions of the Plan to the extent inconsistent with the provisions of this Article 8. 

Section 8.2 Payments to and by the Trust. Pursuant to the terms of the Trust, the Company is required to make certain payments to the
Trust if an Event occurs or if the Company determines that it is probable that an Event may occur. The obligation of the Company to make such payments shall be considered an obligation under the Plan; provided, however, that such
obligation shall at all times be and remain subject to the terms of the Trust as in effect from time to time. 
 Section 8.3 Legal Fees
and Expenses. The Company shall reimburse a Participant or his or her Beneficiary for all reasonable legal fees and expenses incurred by such Participant or Beneficiary after the date of an Event in seeking to obtain any right or benefit
provided by the Plan; provided however, that: (a) any such reimbursement shall be made during a period not to exceed 20 years following the date of the Event; (b) the amount eligible for reimbursement 

  
 11 

 
during a taxable year of the Participant or Beneficiary shall not affect the amount eligible for reimbursement in any other taxable year; (c) the reimbursement is made on or before the last
day of the Participant’s or Beneficiary’s taxable year following the taxable year in which the legal fees and expenses are incurred; and (d) the right to reimbursement is not subject to liquidation or exchange for another benefit.

 Section 8.4 Late Payment and Additional Payment Provisions. If after the date of an Event the Company delays a payment required to
be made under the Plan past the final date that the payment was due to be made, the amount of each such delayed payment shall be credited with interest at the rate of five percent per year, compounded quarterly, from the date on which the
distribution was required to be made under the terms of the Plan until the actual date of the distribution. In the event that this interest is to be credited for some period less than a full calendar quarter, the interest shall be determined and
compounded for the fractional quarter. This interest represents a late payment penalty for the delay in payment and is intended to supplement any other interest or gains credited to a Participant’s Account under the Plan. 

Any benefit payments made by the Company after the date on which a benefit distribution was required to be made under the terms of the Plan
shall be applied first against the first due of such benefit distributions (with application first against any applicable late payment penalty and next against the benefit amount itself) until fully paid, and next against the next due of such
payments in the same manner, and so forth, for purposes of calculating the late payment penalties hereunder. 
 In the event that payment of
benefits has commenced to a Participant or Beneficiary prior to the date of an Event, then the date on which distribution was required to be made under the terms of the Plan shall be determined with reference to the payment provision that was in
effect prior to the date of the Event. No adjustment may be made to any payment form which was in effect prior to the date of an Event with respect to any Account which would have the effect of delaying payments otherwise to be made under the
payment form or otherwise increasing the period of time over which payments are to be made. 
 Participants and their Beneficiaries shall be
entitled to benefit payment under the Plan plus the late payment penalty referred to hereinabove first from the Trust and secondarily from the Company, as otherwise provided in Section 8.2. 

ARTICLE 9 FUNDING 
 Section 9.1 Source
of Benefits. All benefits under the Plan shall be paid when due by the Company out of its assets or from the Trust. 
 Section 9.2 No
Claim on Specific Assets. No Participant shall be deemed to have, by virtue of being a Participant in the Plan, any claim on any specific assets of the Company such that the Participant would be subject to income taxation on his or her benefits
under the Plan prior to distribution and the rights of Participants and Beneficiaries to benefits to which they are otherwise entitled under the Plan shall be those of an unsecured general creditor of the Company. 

  
 12 

 ARTICLE 10 ADMINISTRATION 

Section 10.1 Administration. The Plan shall be administered by the Committee. The Company shall bear all administrative costs of the
Plan other than those specifically charged to a Participant or Beneficiary. 
 Section 10.2 Powers of Committee. In addition to the
other powers granted under the Plan, the Committee shall have all powers necessary to administer the Plan, including, without limitation, powers to: 

(a) interpret the provisions of the Plan; 

(b) establish and revise the method of accounting for the Plan and to maintain the Accounts; and 

(c) establish rules for the administration of the Plan and to prescribe any forms required to administer the Plan. 

Section 10.3 Actions of the Committee. Except as modified by the Board, the Committee (including any person or entity to whom the
Committee has delegated duties, responsibilities or authority, to the extent of such delegation) has total and complete discretionary authority to determine conclusively for all parties all questions arising in the administration of the Plan, to
interpret and construe the terms of the Plan, and to determine all questions of eligibility and status of employees, Participants and Beneficiaries under the Plan and their respective interests. Subject to the claims procedures of Section 10.6,
all determinations, interpretations, rules and decisions of the Committee (including those made or established by any person or entity to whom the Committee has delegated duties, responsibilities or authority, if made or established pursuant to such
delegation) are conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. 
 Section 10.4
Delegation. The Committee, or any officer designated by the Committee, shall have the power to delegate specific duties and responsibilities to officers or other employees of the Company or other individuals or entities. Any delegation may be
rescinded by the Committee at any time. Each person or entity to whom a duty or responsibility has been delegated shall be responsible for the exercise of such duty or responsibility and shall not be responsible for any act or failure to act of any
other person or entity. 
 Section 10.5 Reports and Records. The Committee, and those to whom the Committee has delegated duties
under the Plan, shall keep records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for compliance with applicable law. 

Section 10.6 Claims Procedure. The Committee shall notify a Participant in writing within 90 days of the Participant’s written
application for benefits of his or her eligibility or non-eligibility for benefits under the Plan. If the Committee determines that a Participant is not eligible for benefits or full benefits, the notice shall set forth: (a) the specific
reasons for such denial; (b) a specific reference to the provision of the Plan on which the denial is based; (c) a description of any additional information or material necessary for the claimant to perfect his or 

  
 13 

 
her claim, and a description of why it is needed; and (d) an explanation of the Plan’s claims review procedure and other appropriate information as to the steps to be taken if the
Participant wishes to have his or her claim reviewed. If the Committee determines that there are special circumstances requiring additional time to make a decision, the Committee shall notify the Participant of the special circumstances and the date
by which a decision is expected to be made, and may extend the time for up to an additional 90-day period. If a Participant is determined by the Committee to be not eligible for benefits, or if the Participant believes that he or she is entitled to
greater or different benefits, the Participant shall have the opportunity to have his or her claim reviewed by the Committee by filing a petition for review with the Committee within 60 days after receipt by the Participant of the notice issued by
the Committee. If a Participant does not appeal on time, the Participant will lose the right to appeal the denial and the right to file suit under ERISA, and the Participant will have failed to exhaust the Plan’s internal administrative appeal
process, which is generally a prerequisite to bringing suit. Said petition shall state the specific reasons the Participant believes he or she is entitled to benefits or greater or different benefits. Within 60 days after receipt by the Committee of
said petition, the Committee shall afford the Participant (and his or her counsel, if any) an opportunity to present the Participant’s position to the Committee orally or in writing, and the Participant (or his or her counsel) shall have the
right to review the pertinent documents, and the Committee shall notify the Participant of its decision in writing within said 60-day period, stating specifically the basis of the decision written in a manner calculated to be understood by the
Participant and the specific provisions of the Plan on which the decision is based. If, because of the need for a hearing, the 60-day period is not sufficient, the decision may be deferred for up to another 60-day period at the election of the
Committee, but notice of this deferral shall be given to the Participant. In the event an appeal of a denial of a claim for benefits is denied, any lawsuit to challenge the denial of such claim must be brought within one year of the date the
Committee has rendered a final decision on the appeal. 
 ARTICLE 11 AMENDMENTS AND TERMINATION 

Section 11.1 Amendments. The Company, by action of the Compensation Committee of the Board, or the Chief Executive Officer of the
Company or the Senior Vice President of Human Resources, to the extent authorized by the Compensation Committee of the Board, may amend the Plan, in whole or in part, at any time and from time to time. Any such amendment shall be filed with the Plan
documents. No amendment, however, may be effective to reduce the vested amounts credited to a Participant’s Account (or that would be so credited with respect to a Participant who is actively employed immediately prior to the date of amendment
had the Participant had a Separation from Service and had his or her Account been established immediately prior to such date), as determined immediately prior to such amendment, except that the Company may change the investment funds or funds that
it may make available for crediting gains and losses pursuant to Section 6.3 at any time in its discretion. 
 Section 11.2
Termination. The Company reserves the right to terminate the Plan at any time by action of the Compensation Committee of the Board. Upon termination of the Plan, all accruals and contributions shall immediately cease. Termination of the Plan
shall not be effective to reduce the vested amounts credited to a Participant’s Account (or that would be so credited with respect to a Participant who is actively employed immediately prior to the date of such termination had the Participant
had a Separation from Service and had his or her Account been 

  
 14 

 
established immediately prior to such date). If the Plan is terminated, payments from the Accounts of all Participants and Beneficiaries shall be made at the time and in the manner otherwise
specified in the Plan, except as otherwise determined by the Company at the time of termination, subject to Article 8. 
 ARTICLE 12 MISCELLANEOUS

 Section 12.1 No Guarantee of Employment. Neither the adoption nor the maintenance of the Plan shall be deemed to be a contract of
employment between any Affiliate and any Participant. Nothing contained herein shall give any Participant the right to be retained in the employ of an Affiliate or to perform services for an Affiliate, or to interfere with the right of an Affiliate
to discharge any Participant at any time; nor shall it give an Affiliate the right to require any Participant to remain in its employ or to perform services for it or to interfere with the Participant’s right to terminate his or her employment
or performance of services at any time. 
 Section 12.2 Release. Any payment of benefits to or for the benefit of a Participant or a
Participant’s Beneficiary that is made in good faith by the Company in accordance with the Company’s interpretation of its obligations under the Plan shall be in full satisfaction of all claims against the Company for benefits under the
Plan to the extent of such payment. 
 Section 12.3 Notices. Any notice permitted or required under the Plan shall be in writing and
shall be hand-delivered or sent, postage prepaid, by first class mail, or by certified or registered mail with return receipt requested, to the principal office of the Company, if to the Company, or to the address last shown on the records of the
Company, if to a Participant or Beneficiary. Any such notice shall be effective as of the date of hand-delivery or mailing. 
 Section 12.4
Nonalienation. No benefit payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, levy, attachment, or encumbrance of any kind by any Participant or Beneficiary, except with respect
to a Domestic Relations Order. 
 Section 12.5 Withholding. The Company may withhold from any payment of benefits or other
compensation payable to a Participant or Beneficiary, or the Company may direct the trustee of the Trust to withhold from any payment of benefits to a Participant or Beneficiary, such amounts as the Company determines are reasonably necessary to pay
any taxes or other amounts required to be withheld under applicable law. 
 Section 12.6 Captions. Article and section headings and
captions are provided for purposes of reference and convenience only and shall not be relied upon in any way to construe, define, modify, limit, or extend the scope of any provision of the Plan. 

Section 12.7 Applicable Law. The Plan and all rights hereunder shall be governed by and construed according to the laws of the State of
Minnesota, except to the extent such laws are preempted by the laws of the United States of America. 
 Section 12.8 Invalidity of
Certain Provisions; Sections 409A and 457A. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of the Plan and the Plan shall be construed and enforced as if
such 

  
 15 

 
provision had not been included. The Plan is intended to comply in form and operation with Section 409A, and shall be construed accordingly. If any provision of the Plan does not conform to
the requirements of Section 409A or Section 457A of the Code, the Plan shall be construed and enforced as if such provision had not been included. Without limiting the generality of the foregoing, no compensation may be deferred under the
Plan if such deferral would violate the provisions of Section 457A of the Code by virtue of being paid or payable in respect of services to any “non-qualified entity” within the meaning of Section 457A of the Code. 

Section 12.9   No Other Agreements. The terms and conditions set forth herein constitute the entire understanding of the
Company and the Participants with respect to the matters addressed herein. 
 Section 12.10 Incapacity. In the event that any
Participant is unable to care for his or her affairs because of illness or accident, any payment due may be paid to the Participant’s spouse, parent, brother, sister or other person deemed by the Committee to have incurred expenses for the care
of such Participant, unless a duly qualified guardian or other legal representative has been appointed. 
 Section 12.11 Electronic
Media. Notwithstanding anything in the Plan to the contrary, but subject to the requirements of ERISA, the Code, or other applicable law, any action or communication otherwise required to be taken or made in writing by a Participant or
Beneficiary or by the Company or Committee shall be effective if accomplished by another method or methods required or made available by the Company or Committee, or their agent, with respect to that action or communication, including e-mail,
telephone response systems, intranet systems, or the Internet. 
 Section 12.12 Delay of Distributions Upon Certain Events Delay in
Distributions. 
 (a) Except as set forth in Section 12.13, if a Participant is a Specified Employee as of the date
of his or her Separation from Service, any distributions that under the terms of the Plan are to commence to the Participant on his or her Separation from Service (“separation distributions”) shall commence within 90 days after the
Participant’s “delayed distribution date” (as defined below). In this case, the Company shall, in its discretion, determine whether the first separation distribution to the Participant shall include the aggregate amount of any
separation distributions that, but for this paragraph (a), would have been paid to the Participant from the date of his or her Separation from Service until the delayed distribution date, or whether each separation distribution shall be delayed for
six months. For purposes of this paragraph (a), a Specified Employee’s “delayed distribution date” is the first day of the seventh month following the Participant’s Separation from Service, or if earlier, the date of the
Participant’s death. 

  
 16 

                (b) A payment under the Plan
may be delayed by the Company under any of the following circumstances so long as all payments to similarly situated Participants are treated on a reasonably consistent basis: 

                     
   (i) The Company reasonably anticipates that if such payment were made as scheduled, the Company’s deduction with respect to such payment would not be permitted under Section 162(m) of the Code, provided that the
payment is made either during the first Plan Year in which the Company reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred by application of
Section 162(m) or during the period beginning with the date of the Participant’s Separation from Service and ending on the later of the last day of the Company’s fiscal year in which the Participant has a Separation from Service or
the 15th day of the third month following the Separation from Service. 

                     
   (ii) The Company reasonably anticipates that the making of the payment will violate Federal securities laws or other applicable law, provided that the payment is made at the earliest date at which the Company reasonably
anticipates that the making of the payment will not cause such violation. 

                     
   (iii) Upon such other events as determined by the Company and according to such terms as are consistent with Section 409A or are prescribed by the Commissioner of Internal Revenue. 

Section 12.13 Acceleration of Distributions Upon Certain Events. The Company may, in its discretion, distribute all or a portion of a
Participant’s Accounts at an earlier time and in a different form than specified above in this Article 5 under the circumstances described below: 

                     
   (a) As may be necessary to fulfill a Domestic Relations Order. Distributions pursuant to a Domestic Relations Order shall be made according to administrative procedures established by the Company. 

                     
   (b) To the extent reasonably necessary to avoid the violation of ethics laws or conflict of interest laws pursuant to Section 1.409A-3(j)(ii) of the Treasury regulations. 

                     
   (c) To pay FICA on amounts deferred under the Plan and the income tax resulting from such payment. 

                     
   (d) To pay the amount required to be included in income as a result of the Plan’s failure to comply with Section 409A. 

                     
   (e) If the Company determines, in its discretion, that it is advisable to liquidate the Plan in connection with a termination of the Plan pursuant to Section 11.2, subject to Article 8. 

                     
   (f) As satisfaction of a debt of the Participant to an Affiliate, where such debt is incurred in the ordinary course of the service relationship between the Affiliate and the Participant, the entire amount of the reduction in any
Plan Year does not exceed $5,000, and the reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 

  
 17 

 Notwithstanding anything in this Section 12.13 to the contrary, the Company shall not
provide the Participant with discretion or a direct or indirect election regarding whether a payment is accelerated pursuant to this Section 12.13. 

  
 18 

 SCHEDULE A 

Manner of Crediting Gains and Losses to Personal Investment Account 

Pursuant to Section 6.3 
 The
Personal Investment Accounts of Participants shall be credited with gains and losses as if invested in one or more of the investments funds listed below that are selected by the Company and communicated to the Participants from time to time, in the
proportions designated by the Participant on an investment election form submitted to the Company by the Participant. The investment election form shall be submitted to the Company in the form and manner specified by the Committee, which may be
electronically pursuant to Section 12.11. Until and unless changed by the Committee, Participants shall be permitted to change investment elections, generally, on a daily basis. 

Medtronic Interest Income Fund 

Vanguard Total Bond Market Index Fund 

Vanguard Wellington Fund 
 Vanguard
500 Index Fund 
 Vanguard Windsor II Fund 

Vanguard Morgan Growth Fund 

Vanguard PRIMECAP Fund 
 Vanguard
Extended Market Index Fund 
 Vanguard Explorer Fund 

Vanguard International Growth Fund 

Medtronic plc Stock Fund 

  
 A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]