Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 EMPLOYEE
MATTERS AGREEMENT 
 BY AND BETWEEN 

BECTON, DICKINSON AND COMPANY 

AND 
 EMBECTA CORP. 

DATED AS OF MARCH 31, 2022 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	  	Definitions	  	 	1	 
		
	 ARTICLE II GENERAL PRINCIPLES FOR ALLOCATION OF LIABILITIES
	  	 	6	 
			
	 Section 2.01.
	  	General Principles	  	 	6	 
	 Section 2.02.
	  	Service Credit	  	 	8	 
	 Section 2.03.
	  	Adoption and Transfer and Assumption of Benefit Plans	  	 	8	 
		
	 ARTICLE III ASSIGNMENT OF EMPLOYEES
	  	 	10	 
			
	 Section 3.01.
	  	Active Employees	  	 	10	 
	 Section 3.02.
	  	Individual Agreements	  	 	11	 
	 Section 3.03.
	  	SpinCo Delayed Transfer Employees	  	 	12	 
	 Section 3.04.
	  	Consultation with Labor Representatives; Labor Agreements	  	 	12	 
	 Section 3.05.
	  	Non-Solicitation	  	 	13	 
		
	 ARTICLE IV EQUITY, INCENTIVE AND EXECUTIVE COMPENSATION
	  	 	13	 
			
	 Section 4.01.
	  	Generally	  	 	13	 
	 Section 4.02.
	  	Equity Incentive Awards	  	 	14	 
	 Section 4.03.
	  	Non-Equity Incentive Plans	  	 	17	 
	 Section 4.04.
	  	Director Compensation	  	 	18	 
		
	 ARTICLE V U.S. RETIREMENT PLANS
	  	 	18	 
			
	 Section 5.01.
	  	Parent Defined Benefit Plan	  	 	18	 
	 Section 5.02.
	  	SpinCo 401(k) Plan	  	 	18	 
	 Section 5.03.
	  	No Distributions	  	 	20	 
		
	 ARTICLE VI NONQUALIFIED DEFERRED COMPENSATION PLANS
	  	 	20	 
		
	 ARTICLE VII WELFARE BENEFIT PLANS
	  	 	21	 
			
	 Section 7.01.
	  	Welfare Plans	  	 	21	 
	 Section 7.02.
	  	Vacation, Holidays and Leaves of Absence	  	 	21	 
	 Section 7.03.
	  	Severance and Unemployment Compensation	  	 	21	 
	 Section 7.04.
	  	Workers’ Compensation	  	 	22	 
		
	 ARTICLE VIII NON-U.S. EMPLOYEES
	  	 	22	 
		
	 ARTICLE IX MISCELLANEOUS
	  	 	22	 
			
	 Section 9.01.
	  	Information Sharing and Access	  	 	22	 
	 Section 9.02.
	  	Preservation of Rights to Amend	  	 	23	 
	 Section 9.03.
	  	Fiduciary Matters	  	 	23	 

  
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	 Section 9.04.
	  	Further Assurances	  	 	24	 
	 Section 9.05.
	  	Reimbursement of Costs and Expenses	  	 	24	 
	 Section 9.06.
	  	Dispute Resolution	  	 	24	 
	 Section 9.07.
	  	Third-Party Beneficiaries	  	 	24	 
	 Section 9.08.
	  	Incorporation of Separation Agreement Provisions	  	 	24	 

  

  
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 EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT, dated as of March 31, 2022 (this “Agreement”), is by and between Becton, Dickinson and
Company, a New Jersey corporation (“Parent”), and Embecta Corp., a Delaware corporation (“SpinCo”). 
 R E
C I T A L S: 
 WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best
interests of Parent and its shareholders to create a new publicly traded company that shall operate the SpinCo Business; 
 WHEREAS, in
furtherance of the foregoing, the Parent Board has determined that it is appropriate and desirable to separate the SpinCo Business from the Parent Business (the “Separation”) and, following the Separation, make a distribution, on a
pro rata basis, to holders of Parent Shares on the Record Date of all of the outstanding SpinCo Shares owned by Parent (the “Distribution”); 

WHEREAS, in order to effectuate the Separation and Distribution, Parent and SpinCo have entered into a Separation Agreement, dated as of March
31, 2022 (the “Separation Agreement”); 
 WHEREAS, in addition to the matters addressed by the Separation Agreement, the
Parties desire to enter into this Agreement to set forth the terms and conditions of certain employment, compensation and benefit matters; and 

WHEREAS, the Parties acknowledge that this Agreement, the Separation Agreement and the other Ancillary Agreements represent the integrated
agreement of Parent and SpinCo relating to the Separation and Distribution, are being entered into together and would not have been entered into independently. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. For purposes of this Agreement, the following terms have the meanings set forth below, and capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation Agreement. 

“Agreement” shall have the meaning set forth in the Preamble to this Agreement and shall include all Schedules hereto and all
amendments, modifications, and changes hereto entered into pursuant to Section 9.08. 
 “Applicable Exchange” shall
mean the securities exchange as may at the applicable time be the principal market for Parent Shares or SpinCo Shares, as applicable. 

 “Benefit Plan” shall mean any contract, agreement, policy, practice,
program, plan, trust, commitment or arrangement providing for benefits, perquisites or compensation of any nature from an employer to any Employee or Former Employee, or to any family member, dependent, or beneficiary of any such Employee or Former
Employee, including cash or deferred arrangement plans, profit sharing plans, post-employment programs, pension plans, thrift plans, supplemental pension plans, welfare plans, stock option, stock purchase, stock appreciation rights, restricted
stock, restricted stock units, performance stock units, other equity-based compensation and contracts, agreements, policies, practices, programs, plans, trusts, commitments and arrangements providing for terms of employment, fringe benefits,
severance benefits, change in control protections or benefits, travel and accident, life, accidental death and dismemberment, disability and accident insurance, tuition reimbursement, adoption assistance, travel reimbursement, vacation, sick,
personal or bereavement days, leaves of absences and holidays; provided, however, that the term “Benefit Plan” does not include any government-sponsored benefits, such as workers’ compensation, unemployment or any
similar plans, programs, policies or individual agreements. 
 “COBRA” shall mean the U.S. Consolidated Omnibus Budget
Reconciliation Act of 1985, as codified at Section 601 et seq. of ERISA and at Section 4980B of the Code. 

“Distribution” shall have the meaning set forth in the Recitals. 

“Employee” shall mean any Parent Group Employee or SpinCo Group Employee. 

“ERISA” shall mean the U.S. Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated
thereunder. 
 “Former Employee” shall mean any individual who is a former employee of the Parent Group as of the Effective
Time and who is not a SpinCo Group Employee. 
 “Group” shall mean either the SpinCo Group or the Parent Group, as the
context requires. 
 “HIPAA” shall mean the U.S. Health Insurance Portability and Accountability Act of 1996, as amended,
and the regulations promulgated thereunder. 
 “Individual Agreement” shall mean any individual (a) employment
contract or offer letter, (b) retention, severance or change in control agreement, (c) expatriate (including any international assignee) contract or agreement (including agreements and obligations regarding repatriation, relocation,
equalization of Taxes and living standards in the host country), or (d) other agreement containing restrictive covenants (including confidentiality, non-competition and
non-solicitation provisions) between a member of the Parent Group and a SpinCo Group Employee, as in effect immediately prior to the Effective Time. 

“Labor Agreement” shall have the meaning set forth in Section 2.01. 

“Parent” shall have the meaning set forth in the Preamble. 

“Parent 401(k) Plan” shall mean the BD 401(k) Plan. 

  
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 “Parent Awards” shall mean Parent SAR Awards, Parent PSU Awards, and Parent
TVU Awards, collectively. 
 “Parent Benefit Plan” shall mean any Benefit Plan established, sponsored or maintained by
Parent or any of its Subsidiaries immediately prior to the Effective Time, but excluding any SpinCo Benefit Plan. 
 “Parent
Board” shall have the meaning set forth in the Recitals. 
 “Parent Compensation Committee” shall mean the
Compensation Committee of the Parent Board. 
 “Parent Deferred Compensation Plan” shall mean the Deferred Compensation and
Retirement Benefit Restoration Plan. 
 “Parent Directors’ Plan” shall mean the 1996 Directors’ Deferral Plan.

 “Parent Defined Benefit Plan” shall mean the BD Retirement Plan. 

“Parent Group Employees” shall have the meaning set forth in Section 3.01(a)(ii). 

“Parent LTIP” shall mean the 2004 Employee and Director Equity-Based Compensation Plan and the Stock Award Plan. 

“Parent Non-Employee Director” means an individual who serves or served as a non-employee director of the Parent Board. 
 “Parent PSU Award” shall mean an award of
performance-based restricted stock units granted pursuant to a Parent LTIP that is outstanding as of immediately prior to the Effective Time. 

“Parent Ratio” shall mean the quotient obtained by dividing (a) the
Pre-Separation Parent Stock Value by (b) the Post-Separation Parent Stock Value. 

“Parent TVU Award” shall mean an award of time-based restricted stock units granted pursuant to a Parent LTIP that is
outstanding as of immediately prior to the Effective Time. 
 “Parent SAR” shall mean a stock appreciation right
corresponding to shares of common stock of Parent granted under a Parent LTIP that is outstanding as of immediately prior to the Effective Time. 

“Parent Welfare Plan” shall mean any Parent Benefit Plan which is a Welfare Plan. 

“Parties” shall mean the parties to this Agreement. 

“Post-Separation Parent Awards” shall mean Post-Separation Parent SAR Awards, and Post-Separation Parent TVU Awards,
collectively. 

  
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 “Post-Separation Parent TVU Award” shall mean a Parent TVU Award adjusted
as of the Effective Time in accordance with Section 4.02(b). 
 “Post-Separation Parent SAR
Award” shall mean a Parent SAR Award adjusted as of the Effective Time in accordance with Section 4.02(a). 

“Post-Separation Parent Stock Value” shall mean the volume-weighted average trading price of Parent Shares trading on the
Applicable Exchange on the trading day that immediately follows the effective time of the Distribution, as reported by Bloomberg, L.P. 

“Pre-Separation Parent Stock Value” shall mean the closing price of Parent Shares
trading on the Applicable Exchange on the trading day that immediately precedes the effective time of the Distribution, as reported by Bloomberg, L.P. 

“QDRO” shall mean a qualified domestic relations order within the meaning of Section 206(d) of ERISA and
Section 414(p) of the Code. 
 “Requesting Party” shall have the meaning set forth in
Section 9.05. 
 “Restricted Employees” shall have the meaning set forth in
Section 3.03. 
 “Separation” shall have the meaning set forth in the Recitals. 

“Separation Agreement” shall have the meaning set forth in the Recitals. 

“SpinCo” shall have the meaning set forth in the Preamble. 

“SpinCo 401(k) Plan” shall mean the Embecta 401(k) Plan. 

“SpinCo 401(k) Trust” shall have the meaning set forth in Section 5.01(a). 

“SpinCo Awards” shall mean SpinCo SAR Awards and SpinCo TVU Awards, collectively. 

“SpinCo Benefit Plan” shall mean any Benefit Plan established, sponsored, maintained or contributed to by a member of the
SpinCo Group as of or after the Effective Time, including any Benefit Plans retained or adopted by SpinCo pursuant to Section 2.03(a) and Section 2.03(b). 

“SpinCo Deferred Compensation Plan” shall mean the SpinCo Deferred Compensation Plan, to be adopted by SpinCo as of the
Effective Time pursuant to Section 2.03(a) and Article VI. 
 “SpinCo Delayed
Employment Period” shall have the meaning set forth in Section 3.03. 
 “SpinCo Delayed Transfer
Employee” shall have the meaning set forth in Section 3.03. 

  
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 “SpinCo Directors’ Plan” shall mean the SpinCo Directors’ Plan,
to be adopted by SpinCo as of the Effective Time pursuant to Section 2.03(a) and Article VI. 

“SpinCo Group Employees” shall have the meaning set forth in Section 3.01(a)(i). 

“SpinCo LTIP” shall mean the Embecta 2022 Employee and Director Equity-Based Compensation Plan, as established by SpinCo as
of the Effective Time pursuant to Section 2.03(a) and Section 4.01. 
 “SpinCo
PTO Plan” shall mean the plan established by SpinCo that provides paid time off benefits. 
 “SpinCo Restricted Stock
Awards” shall mean an award of restricted stock assumed by SpinCo pursuant to the SpinCo LTIP in accordance with Section 4.02(c)(ii). 

“SpinCo Ratio” shall mean the quotient obtained by dividing (a) the
Pre-Separation Parent Stock Value by (b) the SpinCo Stock Value. 
 “SpinCo Severance
Plan” shall mean the plan established by SpinCo that provides severance and unemployment compensation benefits. 
 “SpinCo
TVU Award” shall mean an award of time-based restricted stock units assumed pursuant to the SpinCo LTIP in accordance with Section 4.02(b)(ii) or Section 4.02(c)(ii). 

“SpinCo SAR Award” shall mean an award of stock appreciation rights assumed pursuant to the SpinCo LTIP in accordance with
Section 4.02(a)(ii). 
 “SpinCo Stock Value” shall mean the volume-weighted average trading price of SpinCo
Shares trading on the Applicable Exchange on the trading day that immediately follows the effective time of the Distribution, as reported by Bloomberg, L.P. 

“SpinCo Welfare Plan” shall mean a Welfare Plan established, sponsored, maintained or contributed to by any member of the
SpinCo Group for the benefit of SpinCo Group Employees. 
 “Trading Sessions” shall mean the period of time during any
given calendar day, commencing with the determination of the opening price on the Applicable Exchange and ending with the determination of the closing per-share price on the Applicable Exchange, in which
trading in Parent Shares or SpinCo Shares (as applicable) is permitted on the Applicable Exchange. 
 “Transferred Account
Balances” shall have the meaning set forth in Section 7.01(d). 
 “Transferred Director”
shall mean each SpinCo non-employee director as of the Effective Time who served on the Parent Board immediately prior to the Effective Time. 

  
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 “Welfare Plan” shall mean any “welfare plan” (as defined in
Section 3(1) of ERISA) or a “cafeteria plan” under Section 125 of the Code, and any benefits offered thereunder, and any other plan offering health benefits (including medical, prescription drug, dental, vision, mental health,
substance abuse and retiree health), disability benefits, or life, accidental death and dismemberment, and business travel insurance, pre-Tax premium conversion benefits, dependent care assistance programs,
employee assistance programs, contribution funding toward a health savings account, or flexible spending accounts. 
 “Welfare
Transition Services Agreement” shall mean the Transition Services Agreement contemplated under Section 7.01. 
 ARTICLE II

 GENERAL PRINCIPLES FOR ALLOCATION OF LIABILITIES 

Section 2.01. General Principles. All provisions herein shall be subject to the requirements of all applicable Law and any
collective bargaining, works council or similar agreement or arrangement with any labor union, works council or other labor representative (each, a “Labor Agreement”). Notwithstanding anything in this Agreement to the contrary, if
the terms of a Labor Agreement or applicable Law require that any Assets or Liabilities be retained or assumed by, or transferred to, a Party in a manner that is different than what is set forth in this Agreement, such retention, assumption or
transfer shall be made in accordance with the terms of such Labor Agreement and applicable Law and shall not be made as otherwise set forth in this Agreement; provided that, in such case, the Parties shall take all necessary action to
preserve the economic terms of the allocation of Assets and Liabilities contemplated by this Agreement. The provisions of this Agreement shall apply in respect of all jurisdictions. 

(a) Acceptance and Assumption of SpinCo Liabilities. Except as otherwise provided by this Agreement (and without limitation of
Parent’s and SpinCo’s obligations under transition services arrangements), on or prior to the Effective Time, but in any case prior to the Distribution, SpinCo and the applicable SpinCo Designees shall accept, assume and agree faithfully
to perform, discharge and fulfill all of the following Liabilities in accordance with their respective terms (each of which shall be considered a SpinCo Liability), regardless of when or where such Liabilities arose or arise, or whether the facts on
which they are based occurred prior to, at or subsequent to the Effective Time, regardless of where or against whom such Liabilities are asserted or determined (including any Liabilities arising out of claims made by Parent’s or SpinCo’s
respective directors, officers, Employees, Former Employees, agents, Subsidiaries or Affiliates against any member of the Parent Group or the SpinCo Group) or whether asserted or determined prior to the date hereof, and regardless of whether arising
from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation by any member of the Parent Group or the SpinCo Group, or any of their respective directors, officers, Employees, Former Employees, agents,
Subsidiaries or Affiliates: 
 (i) any and all wages, salaries, incentive compensation, equity compensation, commissions, bonuses and any
other employee compensation or benefits payable to or on behalf of any SpinCo Group Employees after the Effective Time, without regard to when such wages, salaries, incentive compensation, equity compensation, commissions, bonuses or other employee
compensation or benefits are or may have been awarded or earned; 

  
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 (ii) any and all Liabilities whatsoever with respect to claims under a SpinCo Benefit Plan,
taking into account the SpinCo Benefit Plan’s assumption of Liabilities with respect to SpinCo Group Employees that were originally the Liabilities of the corresponding Parent Benefit Plan with respect to periods prior to the Effective Time;

 (iii) any and all Liabilities arising out of, relating to or resulting from the employment, or termination of employment of all
SpinCo Group Employees; and 
 (iv) any and all Liabilities expressly assumed or retained by any member of the SpinCo Group pursuant to this
Agreement. 
 (b) Acceptance and Assumption of Parent Liabilities. Except as otherwise provided by this Agreement, on or prior to the
Effective Time, but in any case prior to the Distribution, Parent and certain members of the Parent Group designated by Parent shall accept, assume and agree faithfully to perform, discharge and fulfill all of the following Liabilities in accordance
with their respective terms (each of which shall be considered a Parent Liability), regardless of when or where such Liabilities arose or arise, or whether the facts on which they are based occurred prior to, at or subsequent to the Effective Time,
regardless of where or against whom such Liabilities are asserted or determined (including any Liabilities arising out of claims made by Parent’s or SpinCo’s respective directors, officers, Employees, Former Employees, agents, Subsidiaries
or Affiliates against any member of the Parent Group or the SpinCo Group) or whether asserted or determined prior to the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud
or misrepresentation by any member of the Parent Group or the SpinCo Group, or any of their respective directors, officers, Employees, Former Employees, agents, Subsidiaries or Affiliates: 

(i) any and all wages, salaries, incentive compensation, equity compensation, commissions, bonuses and any other employee compensation or
benefits payable to or on behalf of any Parent Group Employees and Former Employees after the Effective Time, without regard to when such wages, salaries, incentive compensation, equity compensation, commissions, bonuses or other employee
compensation or benefits are or may have been awarded or earned; 
 (ii) any and all Liabilities whatsoever with respect to claims under a
Parent Benefit Plan, taking into account a corresponding SpinCo Benefit Plan’s assumption of Liabilities with respect to SpinCo Group Employees that were originally the Liabilities of such Parent Benefit Plan with respect to periods prior to
the Effective Time; 
 (iii) any and all Liabilities arising out of, relating to or resulting from the employment, or termination of
employment of all Parent Group Employees and Former Employees; and 
 (iv) any and all Liabilities expressly assumed or retained by any
member of the Parent Group pursuant to this Agreement. 
 (c) Unaddressed Liabilities. Nothing in this Agreement shall require a
transfer of Liabilities with respect to a Benefit Plan except as specifically set forth herein or as otherwise required by applicable Law. To the extent that this Agreement does not address particular Liabilities under any Benefit Plan and the
Parties later determine that they should be allocated in connection with the Distribution, the Parties shall agree in good faith on the allocation, taking into account the handling of comparable Liabilities under this Agreement. 

  
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 (d) Non-U.S. Employees. SpinCo Group
Employees who are residents outside of the United States or otherwise are subject to non-U.S. Law and their related benefits and Liabilities shall be treated in the same manner as the SpinCo Group Employees,
respectively, who are residents of the United States and are not subject to non-U.S. Law. Notwithstanding anything in this Agreement to the contrary, all actions taken with respect to non-U.S. Employees or U.S. Employees working in non-U.S. jurisdictions, including any action under a Benefit Plan, shall be subject to and accomplished in accordance with
applicable Law in the custom of the applicable jurisdictions and SpinCo may make such changes, modifications or amendments to the SpinCo Benefit Plans as may be required by applicable Law, vendor limitations or as are necessary to reflect the
Separation. 
 Section 2.02. Service Credit. As of the Effective Time, the SpinCo Benefit Plans shall, and SpinCo shall cause
each member of the SpinCo Group to, recognize each SpinCo Group Employee’s full service with Parent or any of its Subsidiaries or predecessor entities at or before the Effective Time, to the same extent that such service was recognized by
Parent for similar purposes prior to the Effective Time as if such full service had been performed for a member of the SpinCo Group, for purposes of eligibility, vesting and determination of level of benefits under any SpinCo Benefit Plans. 

Section 2.03. Adoption and Transfer and Assumption of Benefit Plans. 

(a) Adoption by SpinCo of Benefit Plans. As of no later than the Effective Time (or such other time as is set forth herein), SpinCo
shall, or shall cause the members of the SpinCo Group to, adopt Benefit Plans (and related trusts), to the extent applicable, as contemplated and in accordance with the terms of this Agreement, which Benefit Plans are generally intended to contain
terms substantially similar in all material respects to those of the corresponding Parent Benefit Plans as in effect immediately prior to the Effective Time. 

(b) Retention by SpinCo of SpinCo Plans. From and after the Effective Time, SpinCo shall retain all of the SpinCo Benefits Plans,
including all related Liabilities and Assets, and any related trusts and other funding vehicles and insurance contracts of any of such plans other than as specifically provided in this Agreement; provided, however, that SpinCo may make
such changes, modifications or amendments to the SpinCo Benefit Plans as may be required by applicable Law or to reflect the Separation Agreement, including limiting participation in any such SpinCo Benefit Plan to SpinCo Group Employees who
participated in the corresponding Parent Benefit Plan immediately prior to the Effective Time. Nothing in this Agreement shall preclude SpinCo, at any time after the Effective Time, from amending, merging, modifying, terminating, eliminating,
reducing, or otherwise altering in any respect any SpinCo Benefit Plan, any benefit under any SpinCo Benefit Plan or any trust, insurance policy or funding vehicle related to any SpinCo Benefit Plan, or any employment or other service arrangement
with SpinCo Group Employees, independent contractors or vendors (to the extent permitted by law). 

  
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 (c) Plans Not Required to Be Adopted. With respect to any Benefit Plan not
addressed in this Agreement, the Parties shall agree in good faith on the treatment of such plan taking into account the handling of any comparable plan under this Agreement and, notwithstanding that SpinCo shall not have an obligation to continue
to maintain any such plan with respect to the provision of future benefits from and after the Effective Time, SpinCo shall remain obligated to pay or provide any previously accrued or incurred benefits to the SpinCo Group Employees consistent with
Section 2.01(a) of this Agreement. 
 (d) Information and Operation. Each Party shall use its commercially
reasonable efforts to provide the other Party with information describing each Benefit Plan election made by an Employee or Former Employee that may have application to such Party’s Benefit Plans from and after the Effective Time, and each
Party shall use its commercially reasonable efforts to administer its Benefit Plans using those elections, including any beneficiary designations. Each Party shall, upon reasonable request, use its commercially reasonable efforts to provide the
other Party and the other Party’s respective Affiliates, agents, and vendors all information reasonably necessary to the other Party’s operation or administration of its Benefit Plans. 

(e) No Duplication or Acceleration of Benefits. Notwithstanding anything to the contrary in this Agreement, the Separation Agreement or
any Ancillary Agreement, no participant in any Benefit Plan shall receive service credit or benefits to the extent that receipt of such service credit or benefits would result in duplication of benefits provided to such participant by the
corresponding Benefit Plan or any other plan, program or arrangement sponsored or maintained by a member of the Group that sponsors the corresponding Benefit Plan. Furthermore, unless expressly provided for in this Agreement, the Separation
Agreement or in any Ancillary Agreement or required by applicable Law, no provision in this Agreement shall be construed to create any right to accelerate vesting distributions or entitlements under any Benefit Plan sponsored or maintained by a
member of the Parent Group or member of the SpinCo Group on the part of any Employee or Former Employee. 
 (f) Transition Services.
The Parties acknowledge that, in addition to the Welfare Transition Services Agreement, the Parent Group or the SpinCo Group may provide administrative services for certain of the other Party’s compensation and benefit programs for a
transitional period under the terms of the Transition Services Agreement. The Parties agree to enter into a business associate agreement (if required by HIPAA or other applicable health information privacy Laws) in connection with such Transition
Services Agreement. 
 (g) Beneficiaries. References to Parent Group Employees, Former Employees, SpinCo Group Employees, and current
and former non-employee directors of either Parent or SpinCo shall be deemed to refer to their beneficiaries, dependents, survivors and alternate payees, as applicable. 

  
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 ARTICLE III 

ASSIGNMENT OF EMPLOYEES 

Section 3.01. Active Employees. 

(a) Assignment and Transfer of Employees. Effective as of no later than the Effective Time and except as otherwise agreed by the
Parties, (i) the applicable member of the Parent Group shall have taken such actions as are necessary to ensure that each individual who is intended to be an employee of the SpinCo Group as of immediately after the Effective Time (including any
such individual who is not actively working as of the Effective Time as a result of an illness, injury or leave of absence approved by the Parent Human Resources department or otherwise taken in accordance with applicable Law) (collectively, the
“SpinCo Group Employees”) is employed by a member of the SpinCo Group as of immediately after the Effective Time and (ii) the applicable member of the Parent Group shall have taken such actions as are necessary to ensure that
each individual who is intended to be an employee of the Parent Group as of immediately after the Effective Time (including any such individual who is not actively working as of the Effective Time as a result of an illness, injury or leave of
absence approved by the Parent Human Resources department or otherwise taken in accordance with applicable Law) and any other individual employed by the Parent Group as of the Effective Time who is not a SpinCo Group Employee (collectively, the
“Parent Group Employees”) is employed by a member of the Parent Group as of immediately after the Effective Time. Each of the Parties agrees to execute, and to seek to have the applicable Employees execute, such documentation, if
any, as may be necessary to reflect such assignment and/or transfer. 
 (b) Employees with Work Visas or Permits; License to Do
Business. Notwithstanding anything to the contrary in this Section 3.01, a SpinCo Employee who, immediately prior to the Effective Time, is employed pursuant to a work or training visa or permit that authorizes
employment only by a member of the Parent Group shall remain employed by such member of the Parent Group following the Effective Time until the visa or permit is amended or a new visa or permit is granted to authorize employment by a member of the
SpinCo Group. Any such SpinCo Employee shall be treated as a SpinCo Delayed Transfer Employee for purposes of this Agreement. As of the Effective Time, the applicable member of the Parent Group shall cease to serve and SpinCo shall
commence to serve as the sponsoring and petitioning employer for U.S. immigration law purposes with respect to Delayed SpinCo Employees. SpinCo shall assume all immigration-related obligations and liabilities that have arisen or will hereafter arise
in connection with the submission of petitions, applications or other filings to certain US government authorities within the U.S. Department of Homeland Security (U.S. Citizenship and Immigration Services, Immigration and Customs Enforcement, and
Customs and Border Protection), the U.S. Department of Labor or the U.S. Department of State (including any U.S. embassy or consular post) requesting the grant of employment-based nonimmigrant and immigrant visa benefits on behalf of these persons.
The Parties intend that SpinCo (by agreeing to employ the SpinCo Employees and agreeing, as a sponsoring employer, to assume the immigration-related obligations and liabilities described above) shall be considered the successor in interest to the
applicable member of the Parent Group for U.S. immigration law. 
 (c) At-Will Status. Nothing in this Agreement shall create any
obligation on the part of any member of the Parent Group or any member of the SpinCo Group to (i) continue the employment of any Employee or permit the return from a leave of absence for any period after the date of this Agreement (except as
required by applicable Law) or (ii) change the employment status of any Employee from “at-will,” to the extent that such Employee is an
“at-will” employee under applicable Law. Except as provided in this Agreement, this Agreement shall not limit the ability of the Parent Group or the SpinCo Group to change the position, compensation
or benefits of any Employees for performance-related, business or any other reason. 

  
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 (d) Severance. The Parties acknowledge and agree that the Separation, the
Distribution and the assignment, transfer or continuation of the employment of Employees as contemplated by this Section 3.01 shall not be deemed an involuntary termination of employment entitling any SpinCo Group Employee
or Parent Group Employee to severance payments or benefits, except as otherwise required by applicable Laws. 
 (e) Not a Change in
Control. The Parties acknowledge and agree that neither the consummation of the Separation, the Distribution nor any transaction contemplated by this Agreement, the Separation Agreement or any other Ancillary Agreement shall be deemed a
“change in control,” “change of control” or term of similar import for purposes of any Benefit Plan sponsored or maintained by any member of the Parent Group or member of the SpinCo Group and except as provided in this Agreement
or as otherwise required by applicable law or Individual Agreement, no provision of this Agreement shall be construed to accelerate any vesting or create a right or entitlement to any compensation or benefits on the part of any Employee. 

(f) Payroll and Related Taxes. SpinCo shall (i) be responsible for all payroll obligations, Tax withholding and reporting
obligations, and associated government audit assessments; and (ii) furnish a Form W-2 or similar earnings statement, in each case, for all Employees employed by a member of the SpinCo Group with respect
to the period during which they were employed by a member of the SpinCo Group before the Distribution Date and for all SpinCo Group Employees following the Effective Time. Parent shall (A) be responsible for all payroll obligations, Tax
withholding and reporting obligations, and associated government audit assessments; and (B) furnish a Form W-2 or similar earnings statement, in each case, for all Employees employed by a member of the
Parent Group with respect to the period during which they were employed by a member of the Parent Group before Distribution Date and for all Parent Group Employees following the Effective Time. 

Section 3.02. Individual Agreements. 

(a) Assignment by Parent or SpinCo. To the extent necessary, Parent shall assign, or cause an applicable member of the Parent
Group to assign, to SpinCo or another member of the SpinCo Group, as designated by SpinCo, Individual Agreements, with such assignment to be effective as of no later than the Distribution Date; provided, however, that to the extent
that assignment of any such Individual Agreement is not permitted by the terms of such agreement or by applicable Law, effective as of the Distribution Date, each member of the SpinCo Group shall be considered to be a successor to each member of the
Parent Group, for purposes of, and a third-party beneficiary with respect to, such agreement, such that each member of the SpinCo Group shall enjoy all of the rights and benefits under such agreement (including rights and benefits as a third-party
beneficiary), with respect to the business operations of the SpinCo Group; provided, further, that in no event shall Parent be permitted to enforce any Individual Agreement (including any agreement containing non-competition or non-solicitation covenants) against a SpinCo Employee for action taken in such individual’s capacity as a SpinCo Employee other than on behalf of the
SpinCo Group as requested by the SpinCo Group in its capacity as a third-party beneficiary. 

  
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 (b) Assumption by SpinCo and Parent. Effective as of no later than the Distribution
Date, SpinCo shall, or shall cause the members of the SpinCo Group to, assume and honor any Individual Agreement, including any obligations thereunder to which any SpinCo Group Employee is a party with any member of the Parent Group. 

Section 3.03. SpinCo Delayed Transfer Employees. In the case of a SpinCo Employee who is employed by a member of the Parent Group
as of immediately prior to the Effective Time and whose employment cannot commence with, or be transferred to, the SpinCo Group or whose transfer of employment to the SpinCo Group is otherwise delayed (a “SpinCo Delayed Transfer
Employee”), the Parties shall cooperate in good faith to cause such SpinCo Delayed Transfer Employee to provide services to the SpinCo Group while remaining employed by the Parent Group until such time as such SpinCo Delayed Transfer
Employee’s employment can be transferred to the SpinCo Group or otherwise terminates with the Parent Group. The Parties shall cooperate in good faith to cause each SpinCo Delayed Transfer Employee to commence employment with a member of the
SpinCo Group as soon as reasonably practicable following the Closing Date as permitted by applicable Law in such a manner that, to the maximum extent practical, does not trigger the right of such SpinCo Employee to redundancy, severance, termination
or similar pay and is otherwise consistent with the terms and conditions of this Agreement and applicable Law or Labor Agreement. In respect of the SpinCo Delayed Transfer Employees, unless otherwise specified, references to “Effective
Time” and “Distribution Date” shall be treated as references to the first date and time at which the applicable SpinCo Delayed Transfer Employee’s employment commences with or transfers to a member of the SpinCo Group.
Notwithstanding the delayed transfer of a SpinCo Delayed Transfer Employee, from and after the Effective Time or, if earlier, the date of the applicable SpinCo Delayed Transfer Employee’s termination of employment (the “SpinCo Delayed
Employment Period”), any Liability related to a SpinCo Delayed Transfer Employee in respect of the SpinCo Delayed Employment Period (including with respect to compensation and benefits paid by Parent) shall be considered a SpinCo Liability;
provided that, during such period, the SpinCo Group shall receive the benefit of such SpinCo Delayed Transfer Employee’s services. 

Section 3.04. Consultation with Labor Representatives; Labor Agreements. The Parties shall cooperate to notify, inform and/or
consult with any labor union, works council or other labor representative regarding the Separation and Distributions to the extent required by Law or a Labor Agreement. No later than as of immediately before the Effective Time, (a) SpinCo shall
have taken, or caused another member of the SpinCo Group to take, all actions that are necessary (if any) for SpinCo or another member of the SpinCo Group to (i) assume any Labor Agreements in effect with respect to SpinCo Group Employees
(excluding obligations thereunder with respect to any Parent Group Employees or Former Employees, to the extent applicable) and (ii) unless otherwise provided in this Agreement, assume and honor any obligations of the Parent Group under any
Labor Agreements as such obligations relate to SpinCo Group Employees, and (b) Parent shall have taken, or caused another member of the Parent Group to take, all actions that are necessary (if any) for Parent or another member of the Parent
Group to (i) assume any Labor Agreements in effect with respect to Parent Employees and Former Employees (excluding obligations thereunder with respect to any SpinCo Group Employees) and (ii) assume and honor any obligations of the SpinCo
Group under any Labor Agreements as such obligations relate to Parent Group Employees and Former Employees. 

  
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 Section 3.05. Non-Solicitation. 

(a) Each Party agrees that, for a period of 24 months from the Effective Time, such Party shall, and shall cause each member in its Group, to
not solicit for employment, or hire, any individual who is an employee of a member of the other Group as of immediately prior to the Effective Time (“Restricted Employees”); provided that the foregoing restrictions shall not
apply to: (i) any Restricted Employee who terminates employment at least 12 months prior to the applicable solicitation or hire, (ii) the solicitation or hire of a Person whose employment was involuntarily terminated by the employing Party
in a severance qualifying termination before the employment discussions with the soliciting or hiring Party commenced, and (iii) any Restricted Employee whose prospective employment is agreed to in writing by both the Chief Human Resources
Officer of the soliciting Party and the Chief Human Resources Officer of the employing Party, or in the case of a Restricted Employee who is not currently employed, the Party who last employed Restricted Employee. The Parties acknowledge that
certain Parent Employees will be providing transition services to the SpinCo Group, and the SpinCo Group may desire to offer such Parent Employees employment with the SpinCo Group following the conclusion of the applicable transition services
period, and the Parties agree to cooperate in good faith to consider authorization of exceptions to this provision with respect to such Parent Employees. 

(b) Remedies; Enforcement. Each Party acknowledges and agrees that (i) injury to the employing Party from any breach by the other
Party of the obligations set forth in this Section 3.05 would be irreparable and impossible to measure and (ii) the remedies at Law for any breach or threatened breach of this Section 3.05,
including monetary damages, would therefore be inadequate compensation for any loss and the employing Party shall have the right to specific performance and injunctive or other equitable relief in accordance with this
Section 3.05, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. Each Party understands and acknowledges that the restrictive covenants and other
agreements contained in this Section 3.05 are an essential part of this Agreement and the transactions contemplated hereby. It is the intent of the Parties that the provisions of this Section 3.05
shall be enforced to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought. If any particular provision or portion of this Section 3.05 shall be adjudicated to be
invalid or unenforceable, such provision or portion thereof shall be deemed amended to the minimum extent necessary to render such provision or portion valid and enforceable, such amendment to apply only with respect to the operation of such
provision or portion thereof in the particular jurisdiction in which such adjudication is made. 
 ARTICLE IV 

EQUITY, INCENTIVE AND EXECUTIVE COMPENSATION 

Section 4.01. Generally. Each Parent Award that is outstanding as of immediately prior to the Effective Time shall be adjusted as
described below; provided, however, effective immediately prior to the Effective Time, the Parent Compensation Committee may provide for different adjustments with respect to some or all Parent Awards to the extent that the Parent
Compensation Committee deems such adjustments necessary and appropriate. Any adjustments made by the Parent Compensation Committee pursuant to the foregoing sentence shall be deemed incorporated by reference herein as if fully set forth below and
shall be binding on the Parties and their respective Affiliates. Before the Effective Time, the SpinCo LTIP shall be established, with such terms as are necessary to permit the implementation of the provisions of Section 4.02. 

  
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 Section 4.02. Equity Incentive Awards. 

(a) SAR Awards. Each Parent SAR Award that is outstanding as of immediately prior to the Effective Time shall be treated as follows:

 (i) Parent Group Employee or Former Employee. If the holder is a Parent Group Employee or Former Employee, such award shall be
converted, as of the Effective Time, into a Post-Separation Parent SAR Award and shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to vesting and
expiration) after the Effective Time as were applicable to such Parent SAR Award immediately prior to the Effective Time; provided, however, that from and after the Effective Time: 

(A) the number of Parent Shares underlying such Post-Separation Parent SAR Award shall be equal to the product, rounded down to the nearest
whole share, of (I) the number of Parent Shares underlying the corresponding Parent SAR Award immediately prior to the Effective Time, multiplied by (II) the Parent Ratio; and 

(B) the per-share exercise price of such Post-Separation Parent SAR Award shall be equal to the
quotient, rounded up to the nearest cent, of (I) the per-share exercise price of the corresponding Parent SAR Award immediately prior to the Effective Time, divided by (II) the Parent Ratio.

 Notwithstanding anything to the contrary in this Section 4.02(a), the exercise price, the number of Parent Shares underlying
each Post-Separation Parent SAR Award and the terms and conditions of exercise of such awards shall be determined in a manner consistent with the requirements of Section 409A of the Code. 

(ii) SpinCo Group Employee. If the holder is a SpinCo Group Employee, such award shall be converted, as of the Effective Time, into a
SpinCo SAR Award and shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to vesting and expiration) after the Effective Time as were applicable to
such Parent SAR Award immediately prior to the Effective Time; provided, however, that from and after the Effective Time: 

(A) the number of SpinCo Shares underlying such SpinCo SAR Award shall be equal to the product, rounded down to the nearest whole share, of
(I) the number of Parent Shares subject to the corresponding Parent SAR Award immediately prior to the Effective Time, multiplied by (II) the SpinCo Ratio; and 

(B) the per-share exercise price of such SpinCo SAR Award shall be equal to the quotient, rounded up
to the nearest cent, of (I) the per-share exercise price of the corresponding Parent SAR Award immediately prior to the Effective Time, divided by (II) the SpinCo Ratio. 

  
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 Notwithstanding anything to the contrary in this Section 4.02(a), the exercise
price, the number of SpinCo Shares underlying each SpinCo SAR Award and the terms and conditions of exercise of such awards shall be determined in a manner consistent with the requirements of Section 409A of the Code. 

(b) TVU Awards. Each Parent TVU Award that is outstanding as of immediately prior to the Effective Time shall be treated as follows:

 (i) Parent Group Employee. If the holder is a Parent Group Employee, or Parent Non-Employee Director (other than a Transferred
Director) such award shall be converted, as of the Effective Time, into a Post-Separation Parent TVU Award and shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including
with respect to vesting and settlement) after the Effective Time as were applicable to such Parent TVU Award immediately prior to the Effective Time; provided, however, that from and after the Effective Time, the number of Parent
Shares subject to such Post-Separation Parent TVU Award shall be equal to the product, rounded to the nearest whole share, of (A) the number of Parent Shares subject to the corresponding Parent TVU Award immediately prior to the Effective Time,
multiplied by (B) the Parent Ratio. 
 (ii) SpinCo Group Employee. If the holder is a SpinCo Group Employee, such award
shall be converted, as of the Effective Time, into a SpinCo TVU Award and shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to settlement and
vesting) after the Effective Time as were applicable to such Parent TVU Award immediately prior to the Effective Time; provided, however, that from and after the Effective Time, the number of SpinCo Shares subject to such SpinCo TVU
Award shall be equal to the product, rounded to the nearest whole share, of (A) the number of Parent Shares subject to the corresponding Parent TVU Award immediately prior to the Effective Time, multiplied by (B) the SpinCo Ratio.

 (c) PSU Awards. As of the Effective Time, Parent PSU Awards shall be treated as set forth below. 

(i) Parent Group Employee. If the holder is a Parent Group Employee, such award shall remain subject to the same terms and conditions
(including with respect to vesting and settlement) after the Effective Time as were applicable to such Parent Performance Award immediately prior to the Effective Time; provided, however, that from and after the Effective Time, the
number of Parent Shares subject to such Parent PSU Award shall be equal to the product, rounded to the nearest whole share, of (A) the number of Parent Shares subject to such Parent PSU Award immediately prior to the Effective Time,
multiplied by (B) the Parent Ratio; and, provided, further, that the Compensation Committee of the Parent Board may authorize such adjustments to the performance goals underlying the applicable Parent PSU Award as it
determines to be appropriate to reflect the impact of the Separation. 

  
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 (ii) SpinCo Group Employee. Prior to the Effective Time, the Parent Board shall
determine the level of performance achieved with respect to each Parent PSU Award held by a SpinCo Group Employee that is outstanding as of immediately prior to the Effective Time and shall determine the resulting number of Parent Shares that shall
remain subject to such Parent PSU Award (with the remaining Parent Shares subject to such Parent PSU Award shall be forfeited). Such award shall be converted, as of the Effective Time, into a SpinCo TVU Award and shall, except as otherwise provided
in this Section 4.02, be subject to the same terms and conditions (including with respect to vesting and settlement) after the Effective Time as were applicable to such Parent PSU Award immediately prior to the Effective
Time (other than with respect to performance conditions); provided, however, that from and after the Effective Time, the number of SpinCo Shares subject to such SpinCo TVU Award shall be equal to the product, rounded to the nearest
whole share, of (A) the number of Parent Shares subject to the corresponding Parent PSU Award immediately prior to the Effective Time (based on the level of performance determined by Parent Board), multiplied by (B) the SpinCo
Ratio. 
 (d) Miscellaneous Award Terms. 

(i) None of the Separation, the Distribution or any employment transfer described in Section 3.01(a) shall
constitute a termination of employment for any Employee for purposes of any Post-Separation Parent Award or any SpinCo Award. 
 (ii) After
the Effective Time, for any award adjusted under this Section 4.02, any reference to a “change in control,” “change of control” or similar definition in an award agreement, employment agreement or Parent
LTIP applicable to such award, (x) with respect to Post-Separation Parent Awards, shall be deemed to refer to a “change in control,” “change of control” or similar definition as set forth in the applicable award agreement,
employment agreement or Parent Omnibus Plan, and (y) with respect to SpinCo Awards, shall be deemed to refer to a “Change in Control” as defined in the SpinCo LTIP. 

(iii) For purposes of rounding fractional shares under Section 4.02(b) through (e), a fractional share which
equals less than one-half of a share shall be rounded down to the nearest whole share and a fraction share that is equal to or greater than one-half of a share shall be
rounded up to the nearest whole share. 
 (e) Settlement; Tax Reporting and Withholding. 

(i) After the Effective Time, Post-Separation Parent Awards, regardless of by whom held, shall be settled by Parent, and SpinCo Awards,
regardless of by whom held, shall be settled by SpinCo. 
 (ii) Upon the vesting, payment or settlement, as applicable, of
Post-Separation Parent Awards, Parent shall be solely responsible for ensuring the satisfaction of all applicable Tax withholding requirements on behalf of each Former Employee. Following the Effective Time, if any Post-Separation Parent Award shall
fail to become vested, such Post-Separation Parent Award shall be forfeited to Parent, and if any SpinCo Award shall fail to become vested, such SpinCo Award shall be forfeited to SpinCo. 

(iii) Without limiting the generality of Section 3.01(f), Parent shall be responsible for all Liabilities (and entitled to the tax
deduction) associated with awards that relate to Parent Shares following the Effective Time, and SpinCo shall be responsible for all Liabilities (and entitled to the tax deduction) associated with awards that relate to SpinCo Shares following the
Effective Time. In the event the treatment specified in this Section 4.02(e)(iii) does not comply with applicable Law or results in the Party who bore the economic Liability associated with the award not being the Party entitled to the
corresponding tax deduction under applicable Law, the Parties agree to negotiate in good faith an alternative treatment that complies with applicable Law and does not result in such adverse economic consequence to a Party. 

  
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 (f) Cooperation. Each of the Parties shall establish an appropriate administration
system to administer, in an orderly manner, (i) exercises of vested Post-Separation Parent SARs, (ii) the vesting and forfeiture of unvested Post-Separation Parent Awards, and (iii) the withholding and reporting requirements with
respect to Post-Separation Parent SARs. To the extent necessary, each of the Parties shall work together to unify and consolidate all indicative data and payroll and employment information on regular timetables and make certain that each applicable
Person’s data and records in respect of such awards are correct and updated on a timely basis. The foregoing shall include employment status and information required for vesting and forfeiture of awards and Tax withholding/remittance,
compliance with trading windows and compliance with the requirements of the Exchange Act and other applicable Laws. 
 (g) Registration
and Other Regulatory Requirements. SpinCo agrees to file the appropriate registration statements with respect to, and to cause to be registered pursuant to the Securities Act, the SpinCo Shares authorized for issuance under the SpinCo LTIP Plan,
as required pursuant to the Securities Act, not later than the Effective Time and in any event before the date of issuance of any SpinCo Shares pursuant to the SpinCo LTIP Plan. The Parties shall take such additional actions as are deemed necessary
or advisable to effectuate the foregoing provisions of this Section 4.02(g), including, to the extent applicable, compliance with securities Laws and other legal requirements associated with equity compensation awards in
affected non-U.S. jurisdictions. Parent agrees to facilitate the adoption and approval of the SpinCo LTIP Plan. 

Section 4.03. Non-Equity Incentive Plans. 

(a) The SpinCo Group shall assume or retain all Liabilities with respect to all non-equity incentive
awards that would otherwise be payable to SpinCo Employees for any performance periods that are open as of the Distribution Date. The SpinCo Group shall also determine for SpinCo Employees (i) the extent to which established performance
criteria (as interpreted by the SpinCo Group, in its sole discretion) have been met, and (ii) the payment level for each SpinCo Employee. The SpinCo Group shall assume all Liabilities with respect to any such incentive awards payable to SpinCo
Employees for any performance periods that are open as of the Closing and thereafter, and no member of the Parent Group shall have any obligations with respect thereto. 

(b) The Parent Group shall assume or retain all Liabilities with respect to any non-equity incentive
awards that would otherwise be payable to Parent Employees or Former Employees for any performance periods that are open as of the Distribution Date. The Parent Group shall also determine for Parent Group Employees or Former Employees (i) the
extent to which established performance criteria (as interpreted by the Parent Group, in its sole discretion) have been met, and (ii) the payment level for each Parent Group Employee or Former Employee. The Parent Group shall retain (or assume
as necessary) all Liabilities with respect to any such bonus awards payable to Parent Group Employees or Former Employees for any performance periods that are open when the Effective Time occurs and thereafter, and no member of the SpinCo Group
shall have any obligations with respect thereto. 

  
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 (c) From and following the Distribution Date, the SpinCo Group shall assume or retain
pursuant to Section 2.03(b) any incentive plan for the exclusive benefit of SpinCo Group Employees, whether or not sponsored by the SpinCo Group, and, from and after the Effective Time, shall be solely responsible for all
Liabilities thereunder. 
 Section 4.04. Director Compensation. Parent shall be responsible for the payment of any fees for
service on the Parent Board that are earned at, before, or after the Effective Time, and SpinCo shall not have any responsibility for any such payments, except as otherwise provided in Section 4.02 or
Article VI. With respect to any SpinCo non-employee director, SpinCo shall be responsible for the payment of any fees for service on the Board of Directors of SpinCo that are earned
at any time after the Effective Time and Parent shall not have any responsibility for any such payments. SpinCo shall pay fees to SpinCo non-employee directors in respect of the quarter in which the Effective
Time occurs; provided that Parent shall pay SpinCo an amount equal to the portion of such payment that is attributable to Transferred Directors’ service to Parent on and prior to the Effective Time as soon as practicable following the
Effective Time. 
 ARTICLE V 

U.S. RETIREMENT PLANS 

Section 5.01. Parent Defined Benefit Plan. Parent shall assume and retain the Parent Defined Benefit Plan as of the
Effective Time and no member of the SpinCo Group shall assume or retain any Liability with respect to the Parent Defined Benefit Plan. Following the Effective Time, no SpinCo Group Employee shall be credited with any additional service under the
Parent Defined Benefit Plan; except that for purposes of vesting and eligibility for early retirement subsidies only, any SpinCo Employee participating in the Parent Defined Benefit Plan immediately prior to the Effective Time who does not take a
distribution of his or her benefit from the Parent Defined Benefit Plan shall receive credit for his or her continuous service with SpinCo on and after the Effective Time, and, at the Effective Time, SpinCo will reimburse Parent for the estimated
costs ($1,980,000 or such amount as the plan’s actuary shall determine prior to the Effective Time) of the subsidy for participating SpinCo Employees. SpinCo Employees participating in the Parent Defined Benefit Pension Plan immediately prior
to the Effective Time who continue employment with SpinCo on and after the Effective Time shall be eligible for a temporary supplemental non-elective 401(k) contribution transition benefit (the
“Transition Benefit”) under the SpinCo 401(k) Plan. The Transition Benefit will expire in 2024. 
 Section 5.02.
SpinCo 401(k) Plan. 
 (a) Establishment of Plan. Effective on or before the Distribution Date, SpinCo shall or shall cause the
members of the SpinCo Group to adopt and establish the SpinCo 401(k) Plan and a related trust (the “SpinCo 401(k) Trust”), which shall be intended to meet the tax qualification requirements of Section 401(a) of the Code, the
tax exemption requirement of Section 501(a) of the Code, and the requirements described in Sections 401(k) and (m) of the Code. 

(b) Transfer of Account Balances. As soon as practicable following the Effective Time (or such other times as mutually agreed to by the
parties), Parent shall cause the trustee of the Parent 401(k) Plan to transfer from the trust which forms a part of the Parent 401(k) Plan to the SpinCo 401(k) Trust, the account balances of SpinCo Group Employees under the Parent 401(k) Plan,
determined as of the date of the transfer. Unless otherwise agreed by the parties, such transfers shall be made in kind, including promissory notes evidencing the transfer of 

  
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outstanding loans. Any Asset and Liability transfers pursuant to this Section 5.02 shall comply in all respects with Sections 414(l) and 411(d)(6) of the Code and
if required, shall be made not less than 30 days after Parent shall have filed the notice under Section 6058(b) of the Code. The parties agree that to the extent that any Assets are not transferred in kind, the Assets transferred will be mapped
into an appropriate investment vehicle which may include the SpinCo 401(k) Plan qualified default investment alternative. 
 (c) Transfer
of Liabilities. Effective as of the Effective Time but subject to the Asset transfer specified in Section 5.02(b) above, the SpinCo 401(k) Plan shall assume and be solely responsible for all the Liabilities for or
relating to SpinCo Group Employees under the Parent 401(k) Plan. SpinCo shall be responsible for all ongoing rights of or relating to SpinCo Group Employees for future participation (including the right to make payroll deductions) in the SpinCo
401(k) Plan. 
 (d) SpinCo 401(k) Plan Provisions. The SpinCo 401(k) Plan shall provide that: 

(i) SpinCo Group Employees shall be eligible to participate in the SpinCo 401(k) Plan as of the Effective Time to the extent that they were
eligible to participate in the Parent 401(k) Plan immediately prior to the Effective Time; 
 (ii) the account balance of each SpinCo Group
Employee under the Parent 401(k) Plan as of the date of the transfer of Assets from the Parent 401(k) Plan (including any outstanding promissory notes relating to outstanding loans) shall be credited to such individual’s account under the
SpinCo 401(k) Plan; and 
 (iii) the SpinCo 401(k) Plan shall assume and honor the terms of all QDROs in effect under the Parent 401(k) Plan
in respect of SpinCo Group Employees immediately prior to the Effective Time. 
 (e) Plan Fiduciaries. For all periods at and after
the Effective Time, the parties agree that the applicable fiduciaries of each of the Parent 401(k) Plan and the SpinCo 401(k) Plans, respectively, shall have the authority with respect to the Parent 401(k) Plans and the SpinCo 401(k) Plan,
respectively, to determine the investment alternatives, the terms and conditions with respect to those investment alternatives and such other matters as are within the scope of their duties under ERISA and the terms of the applicable plan documents.

 (f) Determination Letter Request. SpinCo shall submit an application to the IRS as soon as practicable after adoption of the SpinCo
401(k) Plan (but no later than the last day of the remedial amendment period as described in Section 401(b) of the Code and the regulations and IRS pronouncements thereunder) requesting a determination letter that the SpinCo 401(k) Plan meets
the qualification requirements under Sections 401(a) and 401(k) of the Code, as applicable, and shall make any amendments reasonably requested by the IRS to receive such a favorable determination letter. 

  
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 Section 5.03. No Distributions. No SpinCo Group Employee shall be entitled to a
right to a distribution of his or her benefit under the Parent 401(k) Plan as a result of the Separation, Distribution or the assignment of his or her transfer of employment contemplated by Section 3.01. 

ARTICLE VI 
 NONQUALIFIED
DEFERRED COMPENSATION PLANS 
 (a) Establishment of SpinCo Deferred Compensation Plan and SpinCo Directors’ Plan.
Effective as of no later than the Effective Time, (i) the SpinCo Group shall establish the SpinCo Deferred Compensation Plan, which shall have substantially the same terms as of immediately prior to the Effective Time as the Parent Deferred
Compensation Plan other than with respect to portions of the Parent Deferred Compensation Plan that relate to Restoration Plan Benefits; (ii) the SpinCo Group shall establish the SpinCo Directors’ Plan, which shall have substantially the
same terms as of immediately prior to the Effective Time as the Parent Directors’ Plan; and (iii) SpinCo shall and shall cause the SpinCo Group Deferred Compensation Plan or the SpinCo Directors’ Plan, as applicable, to assume, as of
no later than the Effective Time, all Liabilities under the Parent Deferred Compensation Plan related to the SpinCo Group Employees (other than with respect to Liabilities related to Restoration Plan Benefits) and all Liabilities under the Parent
Directors’ Plan related to the Transferred Directors and the Parent Deferred Compensation Plan and Parent Directors’ Plan shall have no further obligations related to the SpinCo Group Employees other than with respect to Restoration Plan
Benefits, and to the Transferred Directors from and following the Effective Time. Notwithstanding the foregoing, SpinCo may make such changes, modifications or amendments to the SpinCo Deferred Compensation Plan and the SpinCo Directors’ Plan
as may be required by applicable Law or as are necessary and appropriate to reflect the Separation and Distribution or as SpinCo otherwise determines to be advisable. 

(b) Parent Nonqualified Plans. From and after the Effective Time, no SpinCo Group Employees, and Transferred Directors shall participate
in or accrue any benefits under the Parent Deferred Compensation Plan or the Parent Directors’ Plan, as applicable, and Parent shall continue to be responsible for Liabilities in respect of Parent Group Employees, Former Employees and Parent Non-Employee Directors under the Parent Nonqualified Deferred Compensation Plan. In addition, Parent shall continue to be responsible for Liabilities in respect of SpinCo Group Employees related to Restoration Plan
Benefits. 
 (c) Distributions. The parties acknowledge that none of the transactions contemplated by this Agreement, the Separation
Agreement or any Transaction Document will trigger a payment or distribution of compensation under the Parent Deferred Compensation Plan (other than with respect to the Restoration Plan Benefits accrued by SpinCo Group Employees), SpinCo Deferred
Compensation Plan, Parent Directors’ Plan, or SpinCo Directors’ Plan. 

  
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 ARTICLE VII 

WELFARE BENEFIT PLANS 

Section 7.01. Welfare Plans. 

(a) Welfare Plan Transition Services. For the period beginning at the Effective Time and ending on December 31, 2022, SpinCo Group
Employees will continue to participate in the Parent Welfare Plans in which such SpinCo Group Employees participated prior to the Effective Time, on the same terms and conditions as applied to such SpinCo Group Employees prior to the Effective Time.
Prior to the Effective Time, the Parties will enter into a Welfare Transition Services Agreement with respect to the continued participation of SpinCo Group Employees in the Parent Welfare Plans. The Parties agree to enter into a business associate
agreement (if required by HIPAA or other applicable health information privacy Laws) in connection with such Welfare Transition Services Agreement. 

(b) Establishment of SpinCo Welfare Plans. Except as otherwise provided in this Article VII, as of or before
January 1, 2023, SpinCo shall, or shall cause the members of the SpinCo Group to, establish the SpinCo Welfare Plans that generally correspond to the Parent Welfare Plans in which such SpinCo Group Employees participate immediately prior to
such date. Beginning on January 1, 2023, SpinCo Group Employees who are employed by SpinCo or members of the SpinCo Group as of such date shall cease participation in all Parent Welfare Plans. Any Liabilities incurred or paid by the Parent
Group after December 31, 2022 under the Parent Welfare Plan with respect to SpinCo Group Employees shall be subject to reimbursement by the SpinCo Group in accordance with Section 9.04. Without limiting the generality
of Section 9.02, SpinCo may modify the terms of the SpinCo Welfare Plans as it deems necessary and appropriate.  

Section 7.02. Vacation, Holidays and Leaves of Absence. As of or before the Effective Time, SpinCo shall, or shall cause
the members of the SpinCo Group to, establish the SpinCo PTO Plan, which shall have terms substantially similar in all material respects to those of the corresponding Parent Benefit Plan. From and following the Effective Time, (a) the SpinCo
Group shall retain all Liabilities with respect to vacation, holiday, annual leave or other leave of absence, and required payments related thereto, for each SpinCo Group Employee, unless otherwise required by applicable Law, and (b) the Parent
Group shall retain all Liabilities with respect to vacation, holiday, annual leave or other leave of absence, and required payments related thereto, for each Parent Group Employee and Former Employee. Without limiting the generality of
Section 9.02, SpinCo may modify the terms of the SpinCo PTO Plan as it deems necessary and appropriate.  

Section 7.03. Severance and Unemployment Compensation. As of or before January 1, 2023, SpinCo shall, or shall cause the
members of the SpinCo Group to, establish the SpinCo Severance Plan, which shall have terms substantially similar in all material respects to those of the corresponding Parent Benefit Plan. From and following the Effective Time, (a) the SpinCo
Group shall retain any and all Liabilities to, or relating to, SpinCo Group Employees in respect of severance and unemployment compensation, regardless of whether the event giving rise to the Liability occurred before, at or after the Effective
Time, and (b) the Parent Group shall retain any and all Liabilities to, or relating to, Parent Group Employees and Former Employees in respect of severance and unemployment compensation, regardless of whether the event giving rise to the
Liability occurred before, at or after the Effective Time. Without limiting the generality of Section 9.02, SpinCo may modify the terms of the SpinCo Severance Plan as it deems necessary and appropriate. 

  
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 Section 7.04. Workers’ Compensation. With respect to claims
for workers’ compensation, (a) the SpinCo Group shall be responsible for claims in respect of SpinCo Group Employees, whether occurring before, at or after the Effective Time, and (b) the Parent Group shall be responsible for all
claims in respect of Parent Group Employees and Former Employees, whether occurring before, at or after the Effective Time. The treatment of workers’ compensation claims by SpinCo with respect to Parent insurance policies shall be governed by
Section 5.1 of the Separation Agreement. 
 ARTICLE VIII 

NON-U.S. EMPLOYEES 

All actions taken under this Agreement with respect to benefits and Liabilities related to SpinCo Group Employees who are residents outside of the United
States or otherwise subject to non-U.S. Law shall be subject to and accomplished in accordance with applicable Laws or regulations of countries outside of the United States in the custom of the applicable
jurisdictions (including, as set forth in Section 2.01 above, as required by any applicable Labor Agreement). Except as otherwise may be expressly set forth in this Agreement, in the event that such applicable Law does not
require Parent and/or SpinCo to take any specific action with respect to any such benefit or Liability, such benefits and Liabilities shall be treated in the same manner as those related to SpinCo Group Employees, respectively, who are residents of
the United States and are not subject to non-U.S. Law. For the avoidance of doubt, Parent shall, in consultation with SpinCo, have the authority to adjust any treatment described in this Agreement with respect
to SpinCo Group Employees who are located outside of the United States in order to ensure compliance with the applicable Laws or regulations of countries outside of the United States or to preserve the tax benefits provided under local tax law or
regulation before the Distribution; provided that the Parties shall take all necessary action to preserve the economic terms of the allocation of Assets and Liabilities contemplated by this Agreement. 

ARTICLE IX 
 MISCELLANEOUS

 Section 9.01. Information Sharing and Access. 

(a) Sharing of Information. Subject to any limitations imposed by applicable Law, each of Parent and SpinCo (acting directly or through
members of the Parent Group or the SpinCo Group, respectively) shall provide to the other Party and its authorized agents and vendors all information necessary (including information for purposes of determining benefit eligibility, participation,
vesting, calculation of benefits) on a timely basis under the circumstances for the Party to perform its duties under this Agreement. Such information shall include information relating to equity awards under stock plans. To the extent that such
information is maintained by a third-party vendor, each Party shall use its commercially reasonable efforts to require the third-party vendor to provide the necessary information and assist in resolving discrepancies or obtaining missing data. 

(b) Transfer of Personnel Records and Authorization. Subject to any limitation imposed by applicable Law and to the extent that it has
not done so before the Effective Time, Parent shall transfer to SpinCo any and all employment records (including any Form I-9, Form W-2 or other IRS forms) with respect
to SpinCo Group Employees and other records reasonably required by SpinCo to enable SpinCo properly to carry out its obligations under this Agreement. Such transfer of records generally shall occur as soon as administratively practicable at or after
the Effective Time. Each Party shall permit the other Party reasonable access to its Employee records, to the extent reasonably necessary for such accessing Party to carry out its obligations hereunder. 

  
 -22- 

 (c) Access to Records. To the extent not inconsistent with this Agreement, the
Separation Agreement or any applicable privacy protection Laws or regulations, reasonable access to Employee-related and benefit plan related records after the Effective Time shall be provided to members of the Parent Group and members of the SpinCo
Group pursuant to the terms and conditions of Article VI of the Separation Agreement. 
 (d) Maintenance of Records. With respect to
retaining, destroying, transferring, sharing, copying and permitting access to all Employee-related information, Parent and SpinCo shall comply with all applicable Laws, regulations and internal policies, and shall indemnify and hold harmless each
other from and against any and all Liability, Actions, and damages that arise from a failure (by the indemnifying Party or its Subsidiaries or their respective agents) to so comply with all applicable Laws, regulations and internal policies
applicable to such information. 
 (e) Cooperation. Each Party shall use commercially reasonable efforts to cooperate and work
together to unify, consolidate and share (to the extent permissible under applicable privacy/data protection Laws) all relevant documents, resolutions, government filings, data, payroll, employment and benefit plan information on regular timetables
and cooperate as needed with respect to (i) any claims under or audit of or litigation with respect to any employee benefit plan, policy or arrangement contemplated by this Agreement, (ii) efforts to seek a determination letter, private
letter ruling or advisory opinion from the IRS or U.S. Department of Labor on behalf of any employee benefit plan, policy or arrangement contemplated by this Agreement, (iii) any filings that are required to be made or supplemented to the IRS,
U.S. Pension Benefit Guaranty Corporation, U.S. Department of Labor or any other Governmental Authority, and (iv) any audits by a Governmental Authority or corrective actions, relating to any Benefit Plan, labor or payroll practices;
provided, however, that requests for cooperation must be reasonable and not interfere with daily business operations. 
 (f)
Confidentiality. Notwithstanding anything in this Agreement to the contrary, all confidential records and data relating to Employees to be shared or transferred pursuant to this Agreement shall be subject to Section 6.9 of the Separation
Agreement and the requirements of applicable Law. 
 Section 9.02. Preservation of Rights to Amend. Except as specifically set
forth in this Agreement, the rights of each member of the Parent Group and each member of the SpinCo Group to amend, waive, or terminate any plan, arrangement, agreement, program, or policy referred to herein shall not be limited in any way by this
Agreement. 
 Section 9.03. Fiduciary Matters. Parent and SpinCo each acknowledges that actions required to be taken pursuant to
this Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its
good-faith determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate
to comply with its own fiduciary responsibilities and shall fully release and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility. 

  
 -23- 

 Section 9.04. Further Assurances. Each Party hereto shall take, or cause to be
taken, any and all reasonable actions, including the execution, acknowledgment, filing and delivery of any and all documents and instruments that any other Party hereto may reasonably request in order to effect the intent and purpose of this
Agreement and the transactions contemplated hereby. 
 Section 9.05. Reimbursement of Costs and Expenses. The Parties shall
promptly reimburse one another, upon reasonable request of the Party requesting reimbursement (the “Requesting Party”) as soon as practicable, but in any event within 30 days of receipt of an invoice detailing all costs, expenses
and other Liabilities paid or incurred by the Requesting Party (or any of its Affiliates), and any other substantiating documentation as the other Party shall reasonably request, that are, or have been made pursuant to this Agreement, the
responsibility of the other Party (or any of its Affiliates) including those Liabilities, if any, under Section 7.01(b). Each Party shall provide 30 days’ notice if it anticipates sending an invoice hereunder. 

Section 9.06. Dispute Resolution. The dispute resolution procedures set forth in Article VII of the Separation Agreement shall
apply to any dispute, controversy or claim arising out of or relating to this Agreement. 
 Section 9.07. Third-Party
Beneficiaries. The provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon any other Person except the Parties any rights or remedies hereunder. There are no third-party beneficiaries of this
Agreement and this Agreement shall not provide any Third Person with any remedy, claim, Liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. Without limiting the generality of the
foregoing, (a) nothing in this Agreement is intended to amend any employee benefit plan or affect the applicable plan sponsor’s right to amend or terminate any employee benefit plan pursuant to the terms of such plan and (b) the
provisions of this Agreement are solely for the benefit of the Parties, and no current or former Employee, officer, director, or independent contractor or any other individual associated therewith shall be regarded for any purpose as a third-party
beneficiary of this Agreement. 
 Section 9.08. Incorporation of Separation Agreement Provisions. Article X of the Separation
Agreement is incorporated herein by reference and shall apply to this Agreement as if set forth herein mutatis mutandis. 

[Remainder of page intentionally left blank] 

  
 -24- 

 IN WITNESS WHEREOF, the Parties have caused this Employee Matters Agreement to be executed
by their duly authorized representatives as of the date first written above. 
  

			
	BECTON, DICKINSON AND COMPANY
		
	By:	 	 /s/ Christopher J. DelOrefice

		 	Name: Christopher J. DelOrefice
		 	 Title:   Executive Vice President and

            Chief Financial Officer

	
	EMBECTA CORP.
		
	By:	 	 /s/ Jacob Elguicze

		 	Name: Jacob Elguicze
		 	Title:   Chief Financial Officer

 [Signature Page to Employee Matters Agreement]EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

 

Certain confidential information contained in this document, marked by brackets, has been omitted because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 INTELLECTUAL PROPERTY MATTERS
AGREEMENT 
 BY AND BETWEEN 

BECTON, DICKINSON AND COMPANY 

AND 
 EMBECTA CORP. 

DATED AS OF MARCH 31, 2022 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	
	DEFINITIONS AND INTERPRETATION	  

			
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	Other Definitions	  	 	4	 
	
	ARTICLE II	  

	
	INTELLECTUAL PROPERTY LICENSES	  

			
	 Section 2.1
	 	License to Parent for Certain Diabetes Care Technology	  	 	5	 
	 Section 2.2
	 	License to SpinCo for Patch Pump Technology	  	 	5	 
	 Section 2.3
	 	License to SpinCo for Dual-Use Technology	  	 	6	 
	 Section 2.4
	 	Non-Policing	  	 	7	 
	 Section 2.5
	 	License to SpinCo for Manufacturing Line IP	  	 	7	 
	
	ARTICLE III	  

	
	ADDITIONAL LICENSE TERMS	  

			
	 Section 3.1
	 	Rights of Subsidiaries	  	 	8	 
	 Section 3.2
	 	Sublicensing	  	 	8	 
	 Section 3.3
	 	No Other Rights; Retained Ownership	  	 	9	 
	 Section 3.4
	 	Reservation of Rights	  	 	9	 
	 Section 3.5
	 	Inadvertently Omitted Patents	  	 	9	 
	 Section 3.6
	 	Patent Prosecution and Maintenance	  	 	9	 
	 Section 3.7
	 	Patent Enforcement	  	 	10	 
	
	ARTICLE IV	  

	
	TRADEMARK LICENSE	  

			
	 Section 4.1
	 	License to SpinCo Licensees	  	 	12	 
	 Section 4.2
	 	Rights of Subsidiaries	  	 	13	 
	 Section 4.3
	 	No Sublicensing	  	 	13	 
	 Section 4.4
	 	Quality Control	  	 	13	 
	 Section 4.5
	 	Licensee Indemnity	  	 	15	 
	 Section 4.6
	 	Ownership of Licensed Marks	  	 	15	 

  
 i 

							
	ARTICLE V	  

	
	ADDITIONAL TERMS	  

	 Section 5.1
	 	Bankruptcy Rights	  	 	15	 
	 Section 5.2
	 	Confidentiality	  	 	15	 
	
	ARTICLE VI	  

	
	REPRESENTATIONS OR WARRANTIES	  

	 Section 6.1
	 	Parent Intellectual Property	  	 	16	 
	 Section 6.2
	 	No Other Representations or Warranties	  	 	16	 
	 Section 6.3
	 	General Disclaimer	  	 	16	 
	 Section 6.4
	 	Limitation of Liability	  	 	17	 
	
	ARTICLE VII	  

	
	TERM	  

	 Section 7.1
	 	Term and Termination	  	 	17	 
	 Section 7.2
	 	Licensee Post-Term Matters	  	 	18	 
	 Section 7.3
	 	Survival	  	 	18	 
	
	ARTICLE VIII	  

	
	GENERAL PROVISIONS	  

	 Section 8.1
	 	No Obligation	  	 	18	 
	 Section 8.2
	 	Amendment and Waivers	  	 	18	 
	 Section 8.3
	 	Notices	  	 	19	 
	 Section 8.4
	 	Successors and Assigns	  	 	19	 
	 Section 8.5
	 	MLIP Termination on Change of Control	  	 	19	 
	 Section 8.6
	 	Severability	  	 	20	 
	 Section 8.7
	 	Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	  	 	20	 
	 Section 8.8
	 	Counterparts	  	 	21	 
	 Section 8.9
	 	Interpretation	  	 	21	 
	 Section 8.10
	 	No Third-Party Beneficiaries	  	 	22	 
	 Section 8.11
	 	Entire Agreement	  	 	22	 
	 Section 8.12
	 	Specific Performance	  	 	22	 
	 Section 8.13
	 	Relationship of the Parties	  	 	23	 

  

  
 ii 

			
	 SCHEDULES
	  	
		
	Schedule I	  	Licensed BD Marks
	Schedule II	  	Licensed Cannula Marks
	Schedule III	  	Licensed Technology Marks
	Schedule IV	  	Parent Dual-Use Patents
	Schedule V	  	Parent Patch Pump Patents
	Schedule VI	  	SpinCo Invention Records
	Schedule VII	  	Patch Pump Features
		
	EXHIBITS	  	
		
	Exhibit A	  	Manufacturing Line IP
	Exhibit B	  	Trademark Usage Guidelines

  

  
 iii 

 EXECUTION VERSION 

INTELLECTUAL PROPERTY MATTERS AGREEMENT 

This INTELLECTUAL PROPERTY MATTERS AGREEMENT (this “Agreement”), dated as of March 31, 2022 (the “Effective
Date”), is by and between Becton, Dickinson and Company, a New Jersey corporation (“Parent”), and Embecta Corp., a Delaware corporation (“SpinCo” and, together with Parent, the “Parties”
and each, a “Party”). 
 R E C I T A L S 

WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best interests of Parent and
its shareholders to create a new publicly traded company that shall operate the SpinCo Business; 
 WHEREAS, in furtherance of the
foregoing, the Parent Board has determined that it is appropriate and desirable to separate the SpinCo Business from the Parent Business (the “Separation”) and, following the Separation, make a distribution, on a pro rata basis, to
holders of Parent Shares on the Record Date of all outstanding SpinCo Shares owned by Parent (the “Distribution”); 

WHEREAS, to effectuate the Separation and the Distribution, Parent and SpinCo have entered into a Separation and Distribution Agreement, dated
as of the date hereof (the “Separation and Distribution Agreement”); 
 WHEREAS, to facilitate and provide for an orderly
transition in connection with the Separation and the Distribution, Parent and its Subsidiaries (in such capacity, the “Parent Licensors”) wish to grant to SpinCo and its Subsidiaries (in such capacity, the “SpinCo
Licensees”) licenses to certain Parent Patch Pump Patents, Parent Dual-Use Patents, Parent Licensed Other IP and Manufacturing Line IP, and SpinCo and its Subsidiaries (in such capacity, the
“SpinCo Licensors”) wish to grant to Parent and its Subsidiaries (in such capacity, the “Parent Licensees”), licenses to certain SpinCo Patents and SpinCo Other IP, in each case, as and to the extent set forth
herein; and 
 WHEREAS, the Parties acknowledge that this Agreement, the Separation and Distribution Agreement, and the other Ancillary
Agreements represent the integrated agreement of Parent and SpinCo relating to the Separation and the Distribution, are being entered into together, and would not have been entered into independently. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions. As used herein, the following terms have the meanings set forth below. Unless the context otherwise
requires, capitalized terms that are not defined in this Agreement shall have the meanings set forth in the Separation and Distribution Agreement. 

(a) “BD Name and BD Marks” has the meaning set forth in the Separation and Distribution Agreement. 

(b) “Cannula Supply Agreement” means the Cannula Supply Agreement, entered into as of March 31, 2022, by and between Parent
and SpinCo. 
 (c) “Change of Control” means, with respect to a Party: (i) a merger or consolidation of such Party
with a Third Party, but only if the voting securities of such Party outstanding immediately prior thereto (or, if such voting securities are converted or exchanged in such merger or consolidation, any securities into which such voting securities
have been converted or exchanged) neither represents (x) at least fifty percent (50%) of the combined voting power of the surviving entity of such merger or consolidation nor (y) at least fifty percent (50%) of the ultimate parent of such
surviving entity immediately after such merger or consolidation; (ii) a transaction or series of related transactions (other than a merger or consolidation, which is addressed in clause (i)) in which a Third Party, together with its Affiliates,
becomes the beneficial owner of fifty percent (50%) or more of the combined voting power of the outstanding securities of such Party; or (iii) the sale or other transfer to a Third Party, directly or indirectly, of all or substantially all of
such Party’s assets or business to which the subject matter of this Agreement relates. 
 (d) “Excluded Technology”
means the Retained Cannula IP and Manufacturing Line IP. 
 (e) “Licensed BD Marks” means the Marks listed on
Schedule I. 
 (f) “Licensed Cannula Marks” means the Marks listed on
Schedule II. 
 (g) “Licensed Marks” means the Licensed BD Marks, Licensed Technology Marks and
Licensed Cannula Marks. 
 (h) “Licensed Technology Marks” means the Marks listed on
Schedule III. 
 (i) “Licensee(s)” means the Parent Licensees or the SpinCo Licensees, as
applicable, in their capacities as the licensees or grantees of the rights or licenses granted to them by the SpinCo Licensors or the Parent Licensors, as applicable, pursuant to Article II and
Article IV. 
 (j) “Licensor(s)” means the Parent Licensors or the SpinCo Licensors, as
applicable, in their capacities as the licensors or grantors of any rights or licenses granted by them to the SpinCo Licensees or the Parent Licensees, as applicable, pursuant to Article II and
Article IV. 
 (k) “Manufacturing Line IP” has the meaning set forth in Exhibit A of this
Agreement. 

  
 2 

 (l) “Parent Business” has the meaning set forth in the Separation and
Distribution Agreement. 
 (m) “Parent Dual-Use Patents” means (i) the Patents
set forth in Schedule IV, (ii) any Patent added to Schedule IV following the date hereof in accordance with Section 3.5, (iii) any Patent that issues after the
Effective Time that claims priority to any Patent in clause (i) or (ii), and (iii) any foreign counterparts to any of the foregoing. In addition, the Parent Dual-Use Patents shall include any Patent
that issues after the Effective Time that claims an invention identified in the invention records set forth on Schedule IV. 

(n) “Parent Field” means all fields other than the SpinCo Field. 

(o) “Parent Licensed Other IP” means the Intellectual Property Rights (other than (i) Patents, Marks and Internet
Properties and (ii) the SpinCo Intellectual Property) that is owned by Parent or its Subsidiaries as of immediately after the Distribution and embodied in or by any of the SpinCo Technology. 

(p) “Parent Patch Pump Patents” means (i) the Patents set forth in Schedule V, (ii) any
Patent that issues after the Effective Time that claims priority to any Patent in clause (i), and (iii) any foreign counterparts to any of the foregoing. In addition, the Parent Patch Pump Patents shall include any Patent that issues after the
Effective Time that claims an invention identified in the invention records set forth on Schedule V. 
 (q)
“Parent Technology” means any and all Technology, including any know-how or knowledge of any employees of the Parent Business, used in or held for use in the operation of the Parent Business.

 (r) “Patch Pump Products” means any drug delivery device adhered or attached to the user’s body, comprising a means
for accessing the user’s body, a reservoir which may be filled at time of use or pre-filled, a pumping mechanism for pumping fluid from the reservoir, and internal fluid pathway(s) within the device
body providing a conduit from the reservoir to the user’s body, and accessories thereto. Patch Pump Products may deliver doses of medication (including basal and/or bolus doses) from the reservoir, may also include an insertion mechanism for
inserting and/or shielding a catheter, may include a variety of sensors and/or alarms for sensing and reporting various states of the device, and may include a communication system for communicating to an external controller. Patch Pump Products do
not include: (i) infusion sets, which are devices that are externally tethered to a durable infusion pump, such as Medtronic’s MiniMedTM
Quick-setTM, MiniMedTM mioTM, MiniMedTM SilhouetteTM, and MiniMedTM Sure-TTM, (such infusion sets being part of the subject matter to which Section 2.3 relates) or (ii) non-wearable, large volume pumps or a
non-wearable syringe pump, such as the BD AlarisTM or the BD BodyguardTM infusion pumps. 

(s) “Patch Pump Technology” means any Parent Technology or SpinCo Technology related to Patch Pump Products. 

(t) “Product” has the meaning set forth in the Cannula Supply Agreement. 

  
 3 

 (u) “Retained Cannula IP” means Intellectual Property Rights in the
Technology relating to Parent cannula, manufacture thereof, and other critical cannula-related technology, including steel strip material specifications and processing, tubing welding and forming, tubing drawing/sinking processes, tubing cutting,
tubing straightening, fabrication of point geometries (including grinding and etching), cannula cleaning, cannula bulk packaging, cannula inspection technologies (including point geometry) and patency. 

(v) “SpinCo Business” has the meaning set forth in the Separation and Distribution Agreement. 

(w) “SpinCo Field” means the diabetes care sector. 

(x) “SpinCo Intellectual Property Rights” has the meaning set forth in the Separation and Distribution Agreement. 

(y) “SpinCo Other IP” means the SpinCo Intellectual Property Rights (other than Patents, Marks and Internet Properties) that
are embodied in or by any Parent Technology. 
 (z) “SpinCo Patents” means (i) the Patents included in the SpinCo
Intellectual Property Rights, (ii) any Patent that issues after the Effective Time that claims priority to any Patent in clause (i), and (iii) any foreign counterparts to any of the foregoing. In addition, the SpinCo Patents shall include
any Patent that issues after the Effective Time that claims an invention identified in the invention records set forth on Schedule VI. 

(aa) “SpinCo Product” has the meaning set forth in the Cannula Supply Agreement. 

(bb) “SpinCo Technology” has the meaning set forth in the Separation and Distribution Agreement. 

(cc) “Zodiac Line IP” has the meaning set forth in Exhibit A of this Agreement. 

Section 1.2 Other Definitions. As used herein, the following terms have the meanings set forth in the Sections set forth below.

  

			
	 Term
	  	 Section

	Acquired Business	  	8.4
	Acquired Party	  	8.4
	Acquiring Party	  	8.4
	Agreement	  	Preamble
	Bankruptcy Code	  	5.1
	BD Mark Term	  	4.1(a)
	Discussion Period	  	Section 7.1(b)
	Distribution	  	Recitals
	Effective Date	  	Preamble

  
 4 

			
	Parent	  	Preamble
	Parent Board	  	Recitals
	Parent Licensees	  	Recitals
	Parent Licensors	  	Recitals
	Parties	  	Preamble
	Party	  	Preamble
	Patent Action	  	3.7(b)
	Separation	  	Recitals
	Separation and Distribution Agreement	  	Recitals
	SpinCo	  	Preamble
	SpinCo Licensees	  	Recitals
	SpinCo Licensors	  	Recitals
	Steering Committee	  	Section 7.1(b)
	Uncured Breach Notice	  	Section 7.1(b)

 ARTICLE II 

INTELLECTUAL PROPERTY LICENSES 

Section 2.1 License to Parent for Certain Diabetes Care Technology. 

(a) Patent License. Subject to the terms and conditions of this Agreement, the Parent Licensees hereby retain, and the SpinCo
Licensors agree to grant, and hereby grant, to the Parent Licensees a nonexclusive, sublicensable (solely to the extent provided in Section 3.2), royalty-free, fully paid, nontransferable (except as set forth in
Section 8.4), irrevocable (except as provided in Section 7.1(a)), worldwide license under the SpinCo Patents to make, have made, import, use, offer to sell, sell, and otherwise provide any current
and future product or service, including to practice any method, process or procedure claimed in any of the SpinCo Patents, in each case, solely within the Parent Field. 

(b) Know-How License. Subject to the terms and conditions of this Agreement, the Parent
Licensees hereby retain, and the SpinCo Licensors agree to grant, and hereby grant, to the Parent Licensees a nonexclusive, sublicensable (to the extent provided in Section 3.2), royalty-free, fully paid, nontransferable
(except as set forth in Section 8.4), perpetual, irrevocable (except as provided in Section 7.1(a)), worldwide license under the SpinCo Other IP to use, reproduce, distribute, disclose, make,
modify, improve, display and perform, create derivative works of, or otherwise exploit any Parent Technology, in each case, solely within the Parent Field. 

Section 2.2 License to SpinCo for Patch Pump Technology. 

(a) Patent License. Subject to the terms and conditions of this Agreement, the Parent Licensors agree to grant, and hereby grant, to
the SpinCo Licensees a nonexclusive, sublicensable (solely to the extent provided in Section 3.2), royalty-free, fully paid, nontransferable (except as set forth in Section 8.4), irrevocable
(except as provided in Section 7.1(a)), worldwide license under the Parent Patch Pump Patents to make, have made, import, use, offer to sell, sell, and otherwise provide any current and future products or services,

  
 5 

 
including to practice any method, process or procedure claimed in any of the Parent Patch Pump Patents, in each case, solely with respect to the SpinCo Field; provided that the foregoing
license does not extend to the Excluded Technology or any Intellectual Property Rights embodied therein; provided, further, that the foregoing license shall be exclusive (including as to Parent Licensors) solely with respect to Patch
Pump Products developed or commercialized for infusion of insulin or insulin analogs. 
 (b)
Know-How License. Subject to the terms and conditions of this Agreement, the Parent Licensors agree to grant, and hereby grant, to the SpinCo Licensees a nonexclusive, sublicensable (solely to the
extent provided in Section 3.2), royalty-free, fully paid, nontransferable (except as set forth in Section 8.4), perpetual, irrevocable (except as provided in
Section 7.1(a)), worldwide license under all of the Parent Licensed Other IP to use, reproduce, distribute, disclose, make, modify, improve, display and perform, create derivative works of, or otherwise exploit any Patch
Pump Technology, in each case, solely with respect to Patch Pump Products in the SpinCo Field; provided that the foregoing license does not extend to the Excluded Technology or any Intellectual Property Rights embodied therein. During the
term of the foregoing license, Parent Licensors agree that they will not, and will not permit or authorize any Third Party to, exploit any Patch Pump Technology for the development or commercialization of Patch Pump Products for infusion of insulin
or insulin analogs. 
 (c) Exclusivity Covenant. For a period of ten (10) years following the Effective Date, SpinCo Licensees
will not, and will not permit or authorize any Third Party to, commercialize a Patch Pump Product with the features set forth in Schedule VII for applications other than infusion of insulin or insulin analogs. In the event
the SpinCo Licensees acquire a Third Party, the covenant in this Section 2.2(c) shall not extend to such Third Party’s Patch Pump Products (and natural extensions of such products) sold, distributed, provided or
otherwise commercialized at any time prior to the consummation of such transaction resulting in the acquisition of such Third Party; provided, for clarity, that the licenses granted herein will not extend to any such Patch Pump Products of
the Third Party. 
 Section 2.3 License to SpinCo for Dual-Use Technology. 

(a) Patent License. Subject to the terms and conditions of this Agreement, the Parent Licensors agree to grant, and hereby grant, to
the SpinCo Licensees a nonexclusive, sublicensable (solely to the extent provided in Section 3.2), royalty-free, fully paid, nontransferable (except as set forth in Section 8.4), irrevocable
(except as provided in Section 7.1(a)), worldwide license under the Parent Dual-Use Patents to make, have made, import, use, offer to sell, sell, and otherwise provide any current and
future products or services, including to practice any method, process or procedure claimed in any of the Parent Dual-Use Patents, in each case, solely with respect to the SpinCo Field; provided that
the foregoing license does not extend to the Excluded Technology or any Intellectual Property Rights embodied therein; provided, further, that the foregoing license shall be exclusive (including as to Parent Licensors) solely with
respect to syringe or pen needle products promoted, marketed or labeled for injection of insulin or insulin analogs (for avoidance of doubt, marketing excludes a sale by Parent Licensors where there is no other marketing-type activity directed to,
and where there is no promotion or labeling of, syringes or pen needles for injection of insulin or insulin analogs). 

  
 6 

 (b) Know-How License. Subject to the terms
and conditions of this Agreement, the Parent Licensors agree to grant, and hereby grant, to the SpinCo Licensees a nonexclusive, sublicensable (solely to the extent provided in Section 3.2), royalty-free, fully paid,
nontransferable (except as set forth in Section 8.4), perpetual, irrevocable (except as provided in Section 7.1(a)), worldwide license under all the Parent Licensed Other IP to use, reproduce,
distribute, disclose, make, modify, improve, display and perform, create derivative works of, or otherwise exploit any SpinCo Technology (including, for clarity, Zodiac Line IP), in each case, solely with respect to the SpinCo Field; provided
that the foregoing license does not extend to (i) Patch Pump Technology or Intellectual Property Rights embodied therein that are subject to the license in Section 2.2, and (ii) the Excluded Technology or any
Intellectual Property Rights embodied therein. For a ten (10)-year period from Separation, Parent Licensors agree that they will not, and will not permit or authorize any Third Party to, exploit any SpinCo Technology for syringe or pen needle
products promoted, marketed or labeled for injection of insulin or insulin analogs (for avoidance of doubt, marketing excludes a sale by Parent Licensors where there is no other marketing-type activity directed to, and where there is no promotion or
labeling of, syringes or pen needles for injection of insulin or insulin analogs). 
 (c) Exclusivity Covenant. Parent Licensors
shall not, and shall not permit or authorize any Third Party to, commercialize SafetyGlide TNT syringes (or products not more than colorably distinct therefrom) labeled and sold specifically for diabetes applications. Examples of such syringes
include BD catalog numbers 305946, 328449 and 328447. 
 (d) Parent Business. Nothing in this Section 2.3 shall
prohibit Parent Licensors from (i) operating the Pharmaceutical Systems business of Parent in substantially the same manner as operated as of the Separation (including commercializing the BD
VystraTM disposable pen, the BD InteviaTM and BD PhysiojectTM Autoinjectors,
and the BD HypakTM, BD NeopakTM and BD Sterifill AdvanceTM pre-fillable
syringe product lines, and natural extensions of the foregoing products), (ii) selling any prefillable syringe product to a pharmaceutical or biotech company (or to a person on behalf of such pharmaceutical or biotech company (e.g., a
contract manufacturer)), or (iii) commercializing BD Luer Slip TipTM syringes. 

(e) Contract Manufacturing Agreements. Nothing in this Section 2.3 shall limit Parent Licensors’
rights (including rights to promote, market and sell) with respect to pen needles supplied by SpinCo under the Contract Manufacturing Agreements. 

Section 2.4 Non-Policing. Notwithstanding the field limitations and obligations in this
Article II, neither Party shall have an obligation to police or enforce end use of its products so long as such Party has complied with the applicable field limitations and obligations in this
Article II. 
 Section 2.5 License to SpinCo for Manufacturing Line IP. Subject to the terms
and conditions of this Agreement, Parent Licensors agree to grant, and hereby grant, to the SpinCo Licensees the licenses to Manufacturing Line IP in accordance with the terms set forth in Exhibit A. 

  
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 ARTICLE III 

ADDITIONAL LICENSE TERMS 

Section 3.1 Rights of Subsidiaries. 

(a) All rights and licenses granted in Article II are granted to SpinCo and Parent as a Licensee, respectively, and
to any entity that is a Subsidiary of the Licensee, but only for so long as such entity is a Subsidiary of the Licensee, and, except as set forth in Section 3.1(b), will terminate with respect to such entity when it ceases
to be a Subsidiary of the Licensee. 
 (b) Notwithstanding the foregoing, if such entity ceases to be a Subsidiary of Licensee, including by
way of a divestiture, spin-off, split-off or similar transaction, the licenses granted in Section 2.1, Section 2.2,
and Section 2.3, as applicable, shall continue to apply to such Subsidiary, but only with respect to the line of business that it is engaged in at the effective time of such cessation as a Subsidiary of Licensee;
provided that such entity or its successor provides the applicable Licensors hereunder with written notice of its change in status as a Subsidiary of Licensee and agrees in writing to be bound by the terms and conditions of this Agreement,
including any license limitations. In the event that such Subsidiary is acquired by a Third Party, the licenses granted herein will not extend to any products, business or operations of such Third Party that exist prior to the date of the
consummation of such transaction. 
 Section 3.2 Sublicensing. 

(a) The SpinCo Licensees and the Parent Licensees may sublicense the licenses and rights granted to them in
Section 2.1(b), Section 2.2(b) and Section 2.3(b), respectively, to a Third Party solely in connection with the operation of such Licensee’s business in the ordinary
course, including in connection with the exploitation or licensing of its respective Technology, products and services; provided that (i) each Licensee shall, and shall cause its sublicensees to, comply with
Section 5.2; (ii) each Licensee shall not disclose such Trade Secrets or confidential information of the other Party (including Technology that embodies such Trade Secrets or confidential information) to a Third Party,
except in connection with the disclosure of such Party’s own confidential information or Trade Secrets of at least comparable importance and value; and (iii) each Licensee shall be responsible and liable hereunder for any act or omission
of a sublicensee as if such act or omission were taken by Licensee directly. 
 (b) Except with approval from the Licensor, not to be
unreasonably withheld, neither SpinCo Licensee nor Parent Licensee shall sublicense the Patents licensed to it in Section 2.1(a), Section 2.2(a) and Section 2.3(a),
respectively, to a Third Party, and neither SpinCo Licensee nor Parent Licensee shall exercise its “make” or “have made” rights in a manner that would have the effect of granting a sublicense to any Third Party. Without limiting
the foregoing, SpinCo Licensee or Parent Licensee, as the case may be, may exercise its “make” or “have made” rights only with respect to its own products, the design of which is exclusively owned by it, including private label
or original equipment manufacturer (OEM) versions of such products. 

  
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 Section 3.3 No Other Rights; Retained Ownership. 

(a) Each Party acknowledges and agrees that its rights and licenses to the other Party’s Intellectual Property Rights are solely as set
forth in, and as may be limited by, this Agreement, the Separation and Distribution Agreement and the other Ancillary Agreements. No Licensee shall exercise the respective Intellectual Property Rights licensed to such Licensee in
Article II, respectively, outside the relevant licensed field. The Parent Licensors and the SpinCo Licensors retain sole ownership of the Intellectual Property Rights licensed by them in
Article II, respectively. 
 (b) Notwithstanding anything to the contrary set forth in this Agreement, this
Agreement grants to the Parent Licensees no right or license to any Intellectual Property Rights that the SpinCo Licensors may own now or in the future, except as expressly set forth in Section 2.1, whether by implication,
estoppel or otherwise. The SpinCo Licensors retain sole ownership of the SpinCo Intellectual Property Rights licensed by the SpinCo Licensors under this Agreement. 

(c) Notwithstanding anything to the contrary set forth in this Agreement, this Agreement grants to the SpinCo Licensees no right or license to
any Intellectual Property Rights that the Parent Licensors may own now or in the future, except as expressly set forth in Section 2.2 and Section 2.3, whether by implication, estoppel or otherwise.
The Parent Licensors retain sole ownership of the Parent Intellectual Property Rights licensed by the Parent Licensors under this Agreement. 

Section 3.4 Reservation of Rights. All rights not expressly granted by a Party hereunder are reserved by such Party. The rights
and licenses granted in Article II are subject to, and limited by, any and all licenses, rights, limitations and restrictions with respect to Intellectual Property Rights previously granted to or otherwise obtained by any
Third Party that are in effect as of the Effective Date. Without limiting the foregoing, neither Party shall or shall have the right to file any Patent application based upon, or that includes, in whole or part, an invention disclosure owned by the
other Party and licensed to it hereunder. 
 Section 3.5 Inadvertently Omitted Patents. In the event it is determined within the
two (2)-year period following the Distribution that a Patent owned by Parent Licensors as of the Distribution was practiced by the SpinCo Business (other than with respect to Excluded Technology) as of the Distribution, then on request from SpinCo,
such Patent shall be deemed for all purposes hereunder to be a Parent Dual-Use Patent as of the Distribution, and Schedule IV attached hereto shall be amended to include such Patent.

 Section 3.6 Patent Prosecution and Maintenance. 

(a) Subject to Section 3.6(b) and Section 3.6(c), each Party and its Subsidiaries retain
the sole right, but not the obligation, to protect at their sole discretion the Patents owned or controlled by such Party and its Subsidiaries, including deciding whether and how to file and prosecute applications included in such Party’s
Intellectual Property Rights, whether to abandon prosecution of such applications, and whether to discontinue payment of any maintenance or renewal fees with respect to any such registration or issued items. 

  
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 (b) Each Party, as Licensor of the Patents licensed under
Section 2.1(a), Section 2.2(a) and Section 2.3(a), shall cooperate with Licensee to formulate commercially reasonable processes to keep the Licensee reasonably apprised of
the status of such Patents, and such processes may vary on a Patent-by-Patent or
Technology-by-Technology basis. 
 (c) Should the Parent
Licensors choose to cease prosecution or maintenance of a Parent Patch Pump Patent licensed under Section 2.2(a) or Parent Dual-Use Patent licensed under
Section 2.3(a), or choose not to defend the validity or enforceability of such Patent (such as pursuant to an inter partes review, opposition, reexamination, business method review, or post-grant challenge to a
registration), the Parent Licensors shall promptly offer the SpinCo Licensees the opportunity to take over such prosecution, maintenance or defense (including, without limitation, by assuming an application or by filing a continuation application
with respect to any claims abandoned or amended by Parent Licensors), in each case prior to any abandonment of rights therefor. Upon SpinCo Licensee’s request, Parent Licensor shall assign any such Patent to a SpinCo Licensee at no cost and
provide such assistance and perform such actions as may be requested by SpinCo Licensee in connection therewith or any maintenance, defense, or enforcement thereof. SpinCo Licensees hereby grant Purchaser Licensors a worldwide, nonexclusive,
sublicensable (solely to the extent provided in Section 3.2), royalty-free, fully paid, nontransferable and sublicensable (except as set forth in Section 8.4), irrevocable, unrestricted right and
license under any such Patent assigned to Purchaser Licensees by Seller Licensors; provided that the field of the foregoing license with respect to (i) any Parent Patch Pump Patent shall not include the SpinCo Licensees’ exclusive
field in Section 2.2(a), or (ii) any Parent Dual-Use Patent shall not include the SpinCo Licensees’ exclusive field in Section 2.3(a). Additionally, if Parent Licensor elects
not to seek patent protection in a territory where SpinCo Licensees desires to do so and the corresponding Patent (if issued) would be considered a Parent Dual-Use Patent or Parent Patch Pump Patent, then
SpinCo Licensees may require Parent Licensor to facilitate the filing at the SpinCo Licensee’s expense, and SpinCo Licensees shall remain obligated to reimburse continuing costs associated with prosecution and maintenance of such Patent. 

Section 3.7 Patent Enforcement. 

(a) Notice of Infringement. In the event that either Party reasonably believes that any Patent licensed to it under
Section 2.1(a), Section 2.2(a) and Section 2.3(a), respectively, is being infringed by a Third Party, such Party shall promptly notify the other Party. 

(b) Initiating Actions. Each Party, as a Licensor and owner of a Patent licensed to the other Party as Licensee, shall have the initial
right (but not the obligation), at its own expense, to bring an action for infringement against a Third-Party infringer of any such Patent or to defend any declaratory judgment action seeking to invalidate such Patent or a declaration of non-infringement (either such action, a “Patent Action”). The SpinCo Licensees’ enforcement rights with respect to the exclusive rights under the Parent Patch Pump Patents licensed to it under
Section 2.2(a) and the Parent Dual-Use Patents licensed to it under Section 2.3(a) shall be governed by Section 3.7(c). Each Party’s
enforcement rights as a nonexclusive licensee of the Patents licensed to it under Section 2.1(a), Section 2.2(a) and Section 2.3(a), respectively, shall be governed by
Section 3.7(c). 

  
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 (c) SpinCo Licensees’ Exclusive Field. If the scope of
infringement at issue in such a Patent Action involving the Parent Patch Pump Patents or Parent Dual-Use Patents in Section 3.7(b) includes the SpinCo Licensees’ exclusive field,
then Parent Licensors shall have the first right to determine whether any Patent Action shall be taken, and the SpinCo Licensees may participate at their own expense in such Patent Action insofar as it relates to the SpinCo Licensees’ exclusive
field, and the Parties will reasonably cooperate with each other in pursuing such action in accordance with Section 3.7(e). If the Parent Licensors fail to initiate an infringement action under
Section 3.7(b) within twenty (20) days of a written request by SpinCo Licensees, or do not intend to respond to a declaratory judgment action in a timely manner, and the scope of infringement at issue includes the
SpinCo Licensees’ exclusive field, then upon notice to Parent Licensors, SpinCo Licensees shall have the second right to initiate such Patent Action (including responding to any declaratory judgment action) at their own expense. In addition, to
the extent required to maintain such Patent Action, Parent Licensors shall agree to be named as a party to such Patent Action and may participate in such action at their own expense. The Parties will reasonably cooperate with each other in pursuing
such action in accordance with Section 3.7(e). 
 (d) Licensees’ Nonexclusive Field. To
the extent the scope of infringement at issue in such a Patent Action in Section 3.7(b) is in a Licensee’s non-exclusively licensed field, then Licensee may participate at their
own expense in such Patent Action insofar as it relates to such Licensee’s non-exclusively licensed field, and the Parties will reasonably cooperate with each other in pursuing such action in accordance
with Section 3.7(e). Licensee may request in writing that Licensor initiate such a Patent Action, and if Licensor declines Licensee’s request (or fails to respond to Licensee’s request within thirty
(30) days), then Licensee shall have the right to request a meeting, to take place within ten (10) days, between in-house intellectual property counsel and vice president-level or higher business
representatives from each Party to attempt in good faith to reach agreement with respect to the Patent Action. For clarity, it will not be unreasonable for Licensor to decline Licensee’s request to pursue a Patent Action if Licensor reasonably
believes that such Patent Action would likely result in the Licensor’s Patent at issue being rendered unpatentable or unenforceable or would otherwise have a significant negative commercial impact on Licensor. If the Parties reach an agreement
to pursue the Patent Action, then the Parties will reasonably cooperate with each other in pursuing such action in accordance with Section 3.7(e). 

(e) Cooperation. Regardless of which Party initiates the Patent Action, each Party shall keep the other Party reasonably informed of
all material developments in connection with such Patent Action. Each Party may provide input and comments related to the strategy for any such Patent Action, and the other Party shall consider such input and comments in good faith. In addition, the
Parties shall assist one another and cooperate in any such Patent Action at the other’s reasonable request and expense, and may participate in such action at its own expense. Such cooperation shall include agreeing to be named as a party to
such Patent Action initiated (by filing or counterclaim) by the other Party at the request of the initiating Party and taking such other actions as are necessary for standing or for the Party initiating or defending any action to otherwise maintain
or pursue such Patent Action, at the initiating or defending Party’s expense. Neither Party shall take any action, or refrain from taking any action, including agreeing to any settlement, that could reasonably be expected to affect the other
Party’s rights with respect to a Patent without consulting with, and obtaining the consent of, the other Party (which consent shall not be unreasonably withheld or delayed). For clarity, it will not be unreasonable for a Party to withhold such
consent if the requested action would be likely to adversely impact the Party’s right to exclude others from practicing the Patent in such Party’s exclusive field. 

  
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 (f) Recovery. Any damages or other monetary awards recovered from a Patent Action
shall be allocated first to reimburse the out-of-pocket costs and expenses of each Party incurred in such Patent Action. For a Patent Action involving a Parent Patch
Pump Patent or Parent Dual-Use Patent where the scope of infringement includes the SpinCo Licensees’ exclusive field under Section 3.7(c), any remaining recovery shall be
allocated in accordance with the damages with respect to infringement in the SpinCo Licensees’ exclusive field and outside the exclusive field, respectively. For all other Patent Actions, a meeting among
in-house intellectual property counsel and vice president-level or higher business representatives from each Party shall be held, and the Parties shall, in good faith, determine an appropriate allocation of
any remaining recovery. 
 ARTICLE IV 

TRADEMARK LICENSE 

Section 4.1 License to SpinCo Licensees. Subject to the terms and conditions of this Agreement, the Parent Licensors agree
to grant, and hereby grant, to the SpinCo Licensees a nonexclusive, nontransferable (except as set forth in Section 8.4), non-sublicensable (except as set forth in
Section 4.3), fully paid, royalty-free, irrevocable (except as provided in Section 7.1), worldwide license to use: 

(a) the Licensed BD Marks in connection with the SpinCo Business for the two (2)-year period following the Distribution Date (the “BD
Mark Term”) in substantially the same manner as such Licensed BD Marks are used by the SpinCo Business as of the Effective Date, so long as SpinCo Licensees use commercially reasonable efforts to minimize and discontinue the use of the
Licensed BD Marks as soon as reasonably practicable after the Effective Time; provided that the BD Mark Term shall extend if required to meet applicable regulatory or transfer requirements, but for no longer than the minimum period required
to meet such regulatory or transfer requirements and only with respect to the portion of the license that is reasonably necessary to meet such regulatory or transfer requirements; 

(b) the Licensed Technology Marks solely in connection with the marketing, promotion, distribution and sale of current or future products and
services of the SpinCo Business; and 
 (c) the Licensed Cannula Marks solely in connection with the marketing, promotion, distribution and
sale of SpinCo Products incorporating any Product (as such terms are defined in the Cannula Supply Agreement) in accordance with, and during the Term of, the Cannula Supply Agreement. 

Without limiting the generality of the foregoing, the SpinCo Licensees will use the Licensed Marks hereunder only in such form and appearance
as are described on Exhibit B and only in compliance with Section 4.4. 

  
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 Section 4.2 Rights of Subsidiaries. All rights and licenses granted in
Section 4.1 are granted to SpinCo and to any entity that is a Subsidiary of SpinCo, but only for so long as such entity is a Subsidiary of SpinCo, and will terminate with respect to such entity when it ceases to be a
Subsidiary of SpinCo. 
 Section 4.3 No Sublicensing. The licenses granted in Section 4.1 are personal
to the SpinCo Licensees, and, except as set forth herein the SpinCo Licensees shall not assign, transfer, sublicense or in any manner purport to convey all or any part of its rights or obligations in Section 4.1
without the prior written consent of the Parent Licensors, which consent may not be unreasonably withheld by the Parent Licensors; provided that, subject to compliance with Section 4.4, SpinCo Licensees shall be permitted to sublicense
the licenses granted in Section 4.1 to distributors to the extent necessary for the use and display of the Licensed Marks by distributors in the ordinary course of providing distribution services. Any purported assignment, sublicense or
other transfer of the SpinCo Licensees’ rights or obligations in violation of this Section 4.3 shall be deemed a material breach of this Agreement and is void. 

Section 4.4 Quality Control. 

(a) To comply with the Parent Licensors’ quality control standards, the SpinCo Licensees shall: (i) adhere to reasonable levels of
quality for the services identified by the Licensed Marks that are at least as high as those standards maintained by the Parent Licensors as of the Effective Date and such other specific reasonable updates to the global standards for the level of
quality for the services that are communicated from time to time to the SpinCo Licensees; (ii) comply with all applicable Laws and regulations in any country or other governmental jurisdiction; (iii) comply with Parent Licensors’
seller rules with respect to the sale of illegal, regulated or restricted items, which are available on Parent Licensors’ website on the Effective Date, including any reasonable amendments to those rules that may be made from time to time
thereafter on a global basis; provided that such rules or amendments thereto do not conflict with applicable Law; (iv) use the Licensed Marks in accordance with sound trademark and trade name usage principles and adhere to the global
usage and display guidelines that are applicable to the SpinCo Business as of the date of execution of this Agreement, that will be provided to SpinCo Licensees and attached as Exhibit B before the Effective Date and that
may be amended from time to time thereafter (except that any more restrictive provision of this Agreement will control over such guidelines); and (v) not alter or modify the appearance of the Licensed Marks in any way from the form(s) of
display described on Exhibit B or in use in the SpinCo Business as of immediately before the Effective Date. SpinCo Licensees shall appropriately use TM, ® or any other proprietary rights designation provided by the Parent Licensors in connection with each use or display of the Licensed Marks, consistent with the historic practices of Parent or
then-current practices of SpinCo with respect to its own Marks. 
 (b) The SpinCo Licensees shall not use the Licensed Marks in any
commercial manner that would, or would reasonably be anticipated to, reflect adversely on the reputation for quality symbolized by the Licensed Marks. The SpinCo Licensees shall not engage in any commercial conduct that would, or would reasonably be
anticipated to, place the Licensed Marks or the Parent Licensors in a negative light or context. The SpinCo Licensees shall not use the Licensed Marks in a commercial manner that would, or would reasonably be anticipated to, devalue, injure, demean,
or dilute the reputation of the Licensed Marks or the Parent Licensors. The SpinCo Licensees shall not use the Licensed Marks in any commercial manner that would be reasonably likely to tarnish, disparage or reflect adversely on the Parent Licensors
or the Licensed Marks. 

  
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 (c) The SpinCo Licensees shall not make any material changes to the Licensed Marks without
the prior written consent of the Parent Licensors, which consent may be withheld in the Parent Licensors’ sole discretion. 
 (d) The
SpinCo Licensees shall not use the Licensed Marks in any manner that is reasonably likely to cause consumer confusion as to the source or origin of any goods or services or imply any endorsement by or ongoing association with Parent Licensors (other
than as a result of the Separation and other than as the licensee of the Licensed Marks hereunder); and the SpinCo Licensees shall take commercially reasonable precautions necessary to avoid or prevent such confusion as to affiliation or association
occurring (for example, by including, where reasonably appropriate, a statement that the Licensed Marks are owned by Parent Licensors and used by SpinCo Licensees under a license.) 

(e) To confirm that the SpinCo Licensees’ use of the Licensed Marks complies with this Section 4.4: 

(i) SpinCo Licensees shall, upon reasonable request by the Parent Licensors, submit to the Parent Licensors representative
samples of publicly disseminated materials bearing any of the Licensed Marks that are in the possession or control of the SpinCo Licensees and, if the Parent Licensors find that use of the Licensed Marks in such samples (A) materially deviates
from Parent Licensors’ use immediately before the Effective Date or (B) is in any manner other than as expressly permitted herein, the SpinCo Licensees shall, upon notice from the Parent Licensors, immediately take steps necessary to
correct the identified deviations or misuse of the respective items; provided, however, that if the defect reasonably poses a threat to public health or safety, or an imminent and material threat to the validity of any of the Licensed
Marks or to the goodwill associated therewith, the SpinCo Licensees shall, upon notice from the Parent Licensors, immediately cease and direct others to cease all use of the nonconforming materials and all use of the Licensed Marks in connection
therewith. 
 (ii) Not more than twice per year, Parent Licensors shall have the right to inspect, upon at least thirty
(30) calendar days’ advance notice and during normal business hours, SpinCo Licensees’ records, premises and operations reasonably related to its use of the Licensed Marks; provided, however, that Parent Licensors shall
have the right to an inspection under this Section 4.4(e)(ii) upon reasonable notice of no less than twenty-four (24) hours if Parent has a reasonable basis to believe a matter in fact needs prompt review. Parent
Licensors shall bear their own costs in relation to any such audit. 

  
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 Section 4.5 Licensee Indemnity. SpinCo Licensees shall indemnify, hold harmless,
compensate and reimburse (and if requested by Parent Licensors, defend) the Parent Licensors and any of their officers, directors, managers and Affiliates from and against any and all losses, costs, liabilities, damages or expenses (including
reasonable attorneys’ fees and litigation costs) arising from any claim, demand, action, suit or other proceeding brought by an unaffiliated Third Party and arising out of SpinCo Licensees’ use of any of the Licensed Marks, except any
liability or expense in respect of any infringement of Third-Party rights as a result of SpinCo Licensee’s use of the Licensed Marks in accordance with the terms and conditions of this Agreement. SpinCo Licensees shall not settle any dispute
involving or affecting the rights in or to the Licensed Marks without the prior written consent of Parent Licensors. 
 Section 4.6
Ownership of Licensed Marks. SpinCo Licensees acknowledge and agree that Parent Licensors own all right, title and interest in and to the Licensed Marks and the goodwill associated therewith and that, except as expressly provided in this
Agreement, SpinCo Licensees have and will hereby acquire no rights in the Licensed Marks. Any and all goodwill associated with or that arises from SpinCo Licensees’ use of the Licensed Marks shall inure to the sole and exclusive benefit of
Parent Licensors. Without limiting the generality of the foregoing, SpinCo Licensees shall not, directly or indirectly, object to or challenge Parent Licensors’ ownership, rights in or use of the Licensed Marks or any registration or
application for registration of the Licensed Marks or contest the fact that SpinCo Licensors’ rights to use the Licensed Marks under this Agreement are solely those of a Licensee, which rights terminate upon expiration of the respective terms
or termination of this Agreement. If, at any time, by operation of law or otherwise, SpinCo Licensees acquire any interest in any of the Licensed Marks or the BD Name and BD Marks, SpinCo Licensees hereby assign, and agree to assign, such interest
(along with associated goodwill) to Parent Licensors, and SpinCo Licensees shall, upon Parent Licensors’ written request, immediately execute, deliver, and record such documents as are necessary to transfer such interest to Parent Licensors or
to cancel any registration made in violation of this Agreement. 
 ARTICLE V 

ADDITIONAL TERMS 

Section 5.1 Bankruptcy Rights. All rights and licenses granted to a Party as Licensee hereunder, are, for purposes of section
365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”), licenses of intellectual property within the scope of section 101 of the Bankruptcy Code. The Licensors acknowledge that the Licensees, as licensees of such rights
and licenses hereunder, will retain and may fully exercise all of their rights and elections under the Bankruptcy Code. Each Party irrevocably waives all arguments and defenses arising under 11 U.S.C. § 365(c)(1) or successor provisions to
the effect that applicable Law excuses such Party from accepting performance from or rendering performance to an entity other than the debtor or debtor-in-possession as a basis for opposing assumption of this Agreement in a case under
Chapter 11 of the Bankruptcy Code to the extent that such consent is required under 11 U.S.C. § 365(c)(1) or any successor statute. 

Section 5.2 Confidentiality. Notwithstanding the transfer or disclosure of any Technology or grant or retention of any license to
a Trade Secret or other proprietary right in confidential information to or by a Party hereunder, each Party agrees on behalf of itself and its Subsidiaries that (a) it (and each of its Subsidiaries) shall treat the Trade Secrets and
confidential information of the other Party with at least the same degree of care as they treat their own similar Trade Secrets and confidential information, but in no event with less than reasonable care, and

  
 15 

 
(b) neither Party (nor any of its Subsidiaries) may use or disclose the Trade Secrets or confidential information, as applicable, licensed or disclosed to it by the other Party under this
Agreement, except in accordance with its respective license granted in Article II. Nothing herein will limit either Party’s ability to enforce its rights against any Third Party that misappropriates or attempts
to misappropriate any Trade Secret or confidential information from it, regardless of whether it is an owner or licensee of such Trade Secret or confidential information. Notwithstanding the foregoing, each Party may disclose the Trade Secrets and
confidential information of the other Party pursuant to a valid order or requirement of a court or government agency if: (i) such disclosing Party gives prompt written notice to the other Party to give such other Party the opportunity to
prevent disclosure or protect its Trade Secrets and confidential information, and (ii) such disclosing Party shall reasonably cooperate with any efforts by the other Party to seek confidential treatment of the information to be
disclosed, provided that such disclosure shall not affect the other Party’s obligations to treat the information as a Trade Secret or confidential information. 

ARTICLE VI 

REPRESENTATIONS OR WARRANTIES 

Section 6.1 Parent Intellectual Property. As of the date hereof, Parent does not have knowledge of any Intellectual Property
Rights owned, licensed or controlled by Parent or its Subsidiaries as of immediately after the Distribution that, absent a license thereto of the scope granted under this Agreement, would be infringed by the operation of the SpinCo Business
immediately following the Distribution in the same manner as such SpinCo Business was operated immediately preceding the Distribution. 

Section 6.2 No Other Representations or Warranties. ALL LICENSES AND RIGHTS GRANTED HEREUNDER ARE GRANTED ON AN AS-IS BASIS
WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND. NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, CUSTOM, TRADE,
NON-INFRINGEMENT, NON-VIOLATION OR NON-MISAPPROPRIATION OF THIRD-PARTY INTELLECTUAL PROPERTY, ARE MADE OR GIVEN BY OR ON BEHALF OF A PARTY. ALL SUCH REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR
OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED AND DISCLAIMED. 
 Section 6.3 General Disclaimer. Except as set forth in
Section 6.1, nothing contained in this Agreement shall be construed as: 
 (a) a warranty or representation by
either Party as to the validity, enforceability or scope of any Intellectual Property Rights; 
 (b) an agreement by either Party to
maintain any Intellectual Property Rights in force; 

  
 16 

 (c) an agreement by either Party to bring or prosecute actions or suits against any Third
Party for infringement of Intellectual Property Rights or any other right, or conferring upon either Party any right to bring or prosecute actions or suits against any Third Party for infringement of Intellectual Property Rights or any other right;

 (d) conferring upon either Party any right to use in advertising, publicity or otherwise any trademark, trade name or names, or any
contraction, abbreviation or simulations thereof, of the other Party, other than as permitted hereunder; 
 (e) conferring upon either Party
by implication, estoppel or otherwise, any license or other right, except the licenses and rights expressly granted hereunder; or 
 (f) an
obligation to provide any technical information, know-how, consultation, technical services or other assistance or deliverables to the other Party. 

Section 6.4 Limitation of Liability. IN NO EVENT SHALL EITHER PARTY, ITS AFFILIATES OR THEIR RESPECTIVE REPRESENTATIVES BE LIABLE
TO THE OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES ARISING FROM THIS AGREEMENT. 

ARTICLE VII 

TERM 

Section 7.1 Term and Termination. 

(a) Except as expressly set forth herein, the term of this Agreement shall commence on the Effective Date and shall continue until the
expiration of the last-to-expire of the Intellectual Property Rights licensed under this Agreement, if ever; provided that (i) the term of the Patent
licenses granted pursuant to Section 2.1(a), Section 2.2(a) and Section 2.3(a), respectively, shall end upon the expiration of the last Patent licensed thereunder, and
(ii) the term of the licenses granted in Exhibit A shall be subject to Section 8.5. 
 (b) If SpinCo
Licensee is in material breach of Section 4.4 or any other provision of Article IV and such breach continues uncured for a period of sixty (60) days after SpinCo Licensees’ receipt of
notice from Parent Licensor of such breach (or, if such breach is not reasonably curable in such sixty (60)-day period, if SpinCo Licensee is not using commercially reasonable efforts to cure or remedy such
breach thereafter), then Parent Licensor may send written notice of such uncured material breach (a “Uncured Breach Notice”) to SpinCo Licensee and attempt to resolve such breach through good-faith discussion by a committee
comprising an equal number of members designated by each Party for such purpose (the “Steering Committee”). The Steering Committee shall meet in person to conduct good-faith negotiations during the ten (10)-business day period
following the Uncured Breach Notice (such period, as it may be extended by mutual written consent of the Parties, being the “Discussion Period”). If the breach is not resolved after the end of the Discussion Period, the Parties
shall promptly escalate such breach to the chief executive officer of each Party to attempt to resolve such breach through good-faith discussions. If the chief executive officers fail to resolve such breach within ten (10) business days, then
Parent Licensor may terminate, partially or in its entirety, the licenses granted to the SpinCo Licensees under Section 4.1 only with respect to the portion of the license that was the subject of such uncured material
breach. 

  
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 (c) Termination of the licenses granted by a Party or its Subsidiaries as a Licensor shall
not in any way affect or limit the licenses granted to such Party or its Subsidiaries as a Licensee. 
 Section 7.2 Licensee
Post-Term Matters. Upon the expiration or termination of the licenses granted in Section 4.1 (partially or in its entirety) for any reason, all rights granted to the SpinCo Licensees under such license shall
revert to the Parent Licensors, and the SpinCo Licensees shall, immediately upon expiration and as soon as possible, but no later than within thirty (30) days of termination, cease all use of the Licensed Marks; provided, however,
that SpinCo Licensees may continue to sell off inventory (including both finished and unfinished inventory and literature or other printed material) containing such Licensed Marks applied to such products created, and for the related regulatory
registrations for such inventory, before the expiration or termination (as applicable) of the applicable license. 
 Section 7.3
Survival. The terms and conditions of the following provisions will survive termination of this Agreement: Article I, Section 5.2, Article VI,
Section 7.2, this Section 7.3 and Article VIII. The termination of this Agreement will not relieve either Party of any Liability under this Agreement that accrued before
such termination. 
 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.1 No Obligation. Nothing set forth herein shall restrict either Party from transferring, assigning or licensing any
Intellectual Property Rights owned by it and licensed to the other Party hereunder; provided that any transfer or assignment of any Intellectual Property Rights licensed to a Party hereunder shall be subject to the licenses granted in this
Agreement. 
 Section 8.2 Amendment and Waivers. This Agreement may not be modified or amended, except by an instrument or
instruments in writing signed by the Party against whom enforcement of any such modification or amendment is sought. Any Party may, only by an instrument in writing, waive compliance by the other Party with any term or provision of this Agreement on
the part of such other Party to be performed or complied with. The waiver by any Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. No failure or delay by any Party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

  
 18 

 Section 8.3 Notices. All notices and other communications to be given to any
Party hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service, or three (3) days after being mailed by certified or registered mail, return receipt requested,
with appropriate postage prepaid, or by electronic mail (“e-mail”) transmission (so long as a receipt of such e-mail is requested and received), and shall be
directed to the address set forth below (or at such other address as such Party shall designate by like notice): 
 (a)    If
to Parent (or any of its Subsidiaries in their capacity as either a Licensor or a Licensee): 
 Becton, Dickinson and
Company 
 1 Becton Drive 

Franklin Lakes, New Jersey 07417 

Attention: Joseph LaSala 

                 Chief Counsel -
Transactions/M&A 
  

E-mail: joseph_lasala@bd.com 

(b)    If to SpinCo (or any of its Subsidiaries in its capacity as either a Licensor or Licensee): 

Embecta Corp. 

300 Kimball Drive 

Parsippany, New Jersey 07054 

Attention: Jeff Mann 

                 Senior Vice President,
General Counsel, Head of Corporate Development and Corporate Secretary 
 E-mail:
jeff.mann@bd.com; jeff.mann@embecta.com 
 Section 8.4 Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the Parties and their respective permitted successors and assigns; provided that neither this Agreement nor any of the rights and benefits of a Licensee Party hereunder may be assigned to or assumed by a
Third Party (whether by operation of Law or otherwise) without the express prior written consent of the other Party. Notwithstanding the foregoing, no such consent shall be required for the assignment or assumption of a Party’s rights, licenses
or obligations under Article II and Article IV in whole or in relevant part, in connection with, or as a result of a merger, acquisition, restructuring or reorganization of a Party (such
Party, the “Acquired Party”) or the sale or other disposition of a substantial business or substantial assets (such as product lines or service lines) of a Party or its Subsidiaries to which this Agreement relates (such business or
assets, the “Acquired Business”); provided that the resulting, surviving or transferee Person or acquirer of the Acquired Business (the “Acquiring Party”) assumes all the applicable obligations of the
Acquired Party by operation of Law or by express assignment, as the case may be. Any Party that is assigning its rights, licenses or obligations pursuant to the prior sentence shall provide written notice to the other Party of any such assignment no
later than promptly following such assignment 
 Section 8.5 MLIP Termination on Change of Control. If SpinCo consummates a
Change of Control with a Third Party or a sale or other disposition to a Third Party of the Acquired Business, and such Third Party is a competitor of the Parent Licensors in the field of cannula-bearing devices, then Parent will have the right, in
its sole discretion, to terminate in their entirety the licenses to Manufacturing Line IP set forth in Exhibit A (it being understood that such termination shall not include the licenses granted under
Section 2.2, Section 2.3 and Article IV). SpinCo shall 

  
 19 

 provide written notice to Parent of any such Change of Control, sale or other disposition no later than
promptly following consummation of such transaction.    If SpinCo makes a written request to Parent seeking Parent’s determination whether, at such the time of such request, a Third Party is a competitor of the Parent
Licensors in the field of cannula-bearing devices, Parent will use commercially reasonable efforts to respond to such request reasonably promptly. 

Section 8.6 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so
as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 8.7 Governing Law; Jurisdiction and Forum; Waiver of Jury Trial. 

(a) This Agreement shall be governed by, and construed and enforced in accordance with, the Laws of the State of Delaware, without regard to
any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. The Parties expressly waive any right
they may have, now or in the future, to demand or seek the application of a governing Law other than the Law of the State of Delaware. In addition, each of the Parties hereto irrevocably: (i) submits to the personal jurisdiction of the Delaware
Court of Chancery in and for New Castle County, or in the event (but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over such dispute, the United States District Court for the District of Delaware,
or in the event (but only in the event) that such United States District Court also does not have jurisdiction over such dispute, any Delaware State court sitting in New Castle County (and in each case, appellate courts therefrom), in the event any
dispute (whether in contract, tort or otherwise) arises out of this Agreement or the transactions contemplated hereby; (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from
any such court; (iii) waives any objection to the laying of venue of any Action relating to this Agreement or the transactions contemplated hereby in such court; (iv) waives and agrees not to plead or claim in any such court that any
Action relating to this Agreement or the transactions contemplated hereby brought in any such court has been brought in an inconvenient forum; and (v) agrees that it will not bring any Action relating to this Agreement or the transactions
contemplated hereby in any court other than the Delaware Court of Chancery in and for New Castle County, or in the event (but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over such Action, the
United States District Court for the District of Delaware, or in the event (but only in the event) that such United States District Court also does not have jurisdiction over such Action, any Delaware State court sitting in New Castle County (and,
in each case, appellate courts therefrom). Each Party agrees that service of process upon such Party in any such Action shall be effective if notice is given in accordance with Section 8.3. 

  
 20 

 (b) EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE OTHER ANCILLARY AGREEMENTS, THE SEPARATION AND DISTRIBUTION AGREEMENT, OR ANY OTHER AGREEMENTS EXECUTED IN CONNECTION HEREWITH OR
THEREWITH OR THE ADMINISTRATION HEREOF OR THEREOF OR THE SALE OR ANY OF THE OTHER TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN. NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM OR ANY OTHER LITIGATION
PROCEDURE BASED UPON, OR ARISING OUT OF, THIS AGREEMENT, THE OTHER ANCILLARY AGREEMENTS, THE SEPARATION AND DISTRIBUTION AGREEMENT, OR RELATED INSTRUMENTS. NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH
ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH IN THIS
SECTION 8.7(b). NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION 8.7(b) WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

Section 8.8 Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties in separate
counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by fax or other
electronic method shall be as effective as delivery of a manually executed counterpart of this Agreement. 
 Section 8.9
Interpretation. For the purposes of this Agreement: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires;
(b) references to the terms Article, Section, paragraph, Exhibit and Schedule are references to the Articles, Sections, paragraphs, Exhibits and Schedules to this Agreement unless otherwise specified; (c) the terms “hereof,”
“herein,” “hereby,” “hereto” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto; (d) references to “$” shall mean U.S. dollars, and any amounts
that are denominated in a foreign currency shall be deemed to be converted into U.S. dollars at the applicable exchange rate in effect at 9:00 a.m. New York City time (as reported by Bloomberg L.P.) on the date for which such U.S. dollar amount
is to be calculated; (e) the word “including” and words of similar import when used in this Agreement and the Ancillary Agreements shall mean “including without limitation,” unless otherwise specified; (f) the word
“or” need not be exclusive; (g) references to “written” or “in writing” include in electronic form; (h) provisions shall apply, when appropriate, to successive events and transactions; (i) Parent
and SpinCo have each participated in the negotiation and drafting of this Agreement and the Ancillary Agreements, and if an ambiguity or question of interpretation should arise, this Agreement and the Ancillary Agreements shall be construed as if
drafted jointly by the parties thereto, and no presumption or burden of proof shall arise favoring or burdening either party by virtue of the authorship of any of the provisions in this Agreement or the Ancillary Agreements; (j) references to
any statute shall be deemed to refer to such statute as amended through the date hereof and to any rules or regulations promulgated thereunder as amended through 

  
 21 

 the date hereof (provided that, for purposes of any representations and warranties contained in this
Agreement that are made as of a specific date, references to any statute shall be deemed to refer to such statute and any rules or regulations promulgated thereunder as amended through such specific date); (k) references to any Contract are to
that Contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; (l) a reference to any Person includes such Person’s successors and permitted assigns; (m) any reference to
“days” shall mean calendar days unless Business Days are expressly specified; (n) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the
date that is the reference date in calculating such period shall be excluded, and if the last day of such period is not a Business Day, the period shall end on the next succeeding Business Day; and (o) amounts used in any calculations for
purposes of this Agreement may be either positive or negative, it being understood that the addition of a negative number shall mean the subtraction of the absolute value of such negative number, and the subtraction of a negative number shall mean
the addition of the absolute value of such negative number. Unless otherwise specified, any reference in this Agreement to a specified date shall mean 9:00 a.m. New York City time on such date. 

Section 8.10 No Third-Party Beneficiaries. This Agreement and the Schedules hereto are not intended to confer in or on behalf of
any Person not a Party to this Agreement (and their successors and assigns) any rights, benefits, causes of action or remedies with respect to the subject matter or any provision hereof. 

Section 8.11 Entire Agreement. This Agreement, the other Ancillary Agreements, and the Separation and Distribution Agreement
constitute the entire agreement and understanding among the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings relating to such subject matter. Neither Party shall be liable or bound
to the other Party in any manner by any representations, warranties or covenants relating to such subject matter, except as specifically set forth herein and therein. To the extent that any provision of this Agreement conflicts with a provision of
the Separation and Distribution Agreement, the provisions of this Agreement shall be deemed to control with respect to the subject matter hereof. However, nothing contained herein shall limit either Party’s obligations under the other Ancillary
Agreements and the Separation and Distribution Agreement. 
 Section 8.12 Specific Performance. The Parties agree that
irreparable damage, for which monetary damages (even if available) would not be an adequate remedy, may occur if the Parties hereto do not perform any provision of this Agreement in accordance with its specified terms or otherwise breach such
provisions. Accordingly, the Parties acknowledge and agree that the Parties shall be entitled to seek an injunction, specific performance and other equitable relief to prevent breaches or threatened breaches of this Agreement and to enforce
specifically the terms and provisions hereof, in addition to any other remedy to which they are entitled in Law or in equity. 

  
 22 

 Section 8.13 Relationship of the Parties. Nothing contained herein shall be
deemed to create a partnership, joint venture or similar relationship between the Parties. Neither Party is the agent, employee, joint venturer, partner, franchisee or representative of the other Party. Each Party specifically acknowledges that it
does not have the authority to, and shall not, incur any obligations or responsibilities on behalf of the other Party. Notwithstanding anything to the contrary in this Agreement, each Party (and its officers, directors, agents, employees and
members) shall not hold themselves out as employees, agents, representatives or franchisees of the other Party or enter into any agreements on such Party’s behalf. 

[Remainder of page left blank intentionally; signature page follows] 

  
 23 

 EXECUTION VERSION 
  

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

			
	BECTON, DICKINSON AND COMPANY
		
	By:	 	 /s/ Christopher J. DelOrefice

		 	Name: Christopher J. DelOrefice
		 	 Title:   Executive Vice President and

            Chief Financial Officer

	
	EMBECTA CORP.
		
	By:	 	 /s/ Jacob Elguicze

		 	Name: Jacob Elguicze
		 	Title:   Chief Financial Officer

  
 [Signature Page to
Intellectual Property Matters Agreement] 

 EXECUTION VERSION 

EXHIBIT A 

MANUFACTURING LINE IP 

ARTICLE I – DEFINITIONS 

Section 1.1 Definitions. As used in this Exhibit A, the following terms have the meanings set forth below. Unless the
context otherwise requires, capitalized terms that are not defined in this Exhibit A shall have the meanings set forth in the Agreement. 

(a) “Approved Facilities” means (i) the facilities in Holdrege, Nebraska, Dun Laoghaire, Ireland, and Suzhou, China,
with manufacturing lines containing Manufacturing Line IP as of the Separation, and (ii) any facility approved by Parent following the date hereof in accordance with Section 2.3. 

(b) “Cannula Supply Agreement” means the Cannula Supply Agreement, entered into as of March 31, 2022, by and between Parent
and SpinCo. 
 (c) “Cartridge” has the meaning set forth in the Cannula Supply Agreement. 

(d) “Major Supply Failure” has the meaning set forth in the Cannula Supply Agreement. 

(e) “Major Supply Failure Termination Event” has the meaning set forth in the Cannula Supply Agreement. 

(f) “Manufacturing Line IP” or “MLIP” shall mean the Technology of the cannulation systems and processes
within the syringe and pen needle lines at the SpinCo facilities in Holdrege, Nebraska, Dun Laoghaire, Ireland, and Suzhou, China, as of the Separation Time. Such Technology shall include, for avoidance of doubt, [* * *]. For clarity,
(i) systems or processes, as of the Distribution Date, of the manufacturing lines of the SpinCo Business that produce the Zodiac patch pump that are not part of such syringe and pen needle lines (herein “Zodiac Line IP”) shall
not be considered Manufacturing Line IP hereunder, and (ii) the mere identity of a vendor associated with MLIP is not itself MLIP. 

(g) “MLIP Licensed Other IP” means the Intellectual Property Rights (other than (i) Patents, Marks and Internet
Properties and (ii) the SpinCo Intellectual Property) that are owned by Parent or its Subsidiaries as of immediately after the Distribution and embodied in or by any of the Manufacturing Line IP. 

(h) “MLIP Licensed Patents” means the Patents owned by Parent or members of its Group as of the Separation Time that, absent
a license thereto of the scope granted under Section 2.1 and Section 2.2, would be infringed by the use of the Manufacturing Line IP in accordance with this Agreement or the Cannula Supply
Agreement. For the purposes of the foregoing determination, a Patent issued after the Separation Time on a Patent application or invention disclosure owned by Parent or members of its Group as of the Separation Time, shall be deemed to have been
issued immediately prior to the Separation Time. 
  

	[***]	 = [CONFIDENTIAL PORTION HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 

  
 Ex. A-1 

 (i) “Net Sales” shall mean the total of the gross invoice prices charged
and received by SpinCo Licensees or Affiliates for the sale of a Royalty Product (whether to end-user or distributor, as the case may be), less only the sum of the following deductions, but only to the extent
that they are actually applicable to the disposition of such Royalty Product and taken by SpinCo Licensee: 
 (i) cash or quantity discounts
or rebates (including distributor chargebacks and payment term discounts) actually allowed; 
 (ii) sales, use, tariff, import/export duties
or other excise taxes imposed on particular sales, including value added tax (excepting income taxes); 
 (iii) service fees; 

(iv) reasonable write offs due to non-payment; 

(v) transportation charges, including insurance, freight, logistics or other such charges; and 

(vi) allowances or credit actually granted to customers because of rejections or returns. 

The following principles shall apply to the calculation of Net Sales: 

(i) Except as noted above, no deductions shall be made for commissions paid to individuals or companies, whether independent sales agents or
persons or companies regularly employed by SpinCo Licensee or its Affiliates or distributors. 
 (ii) (If SpinCo Licensee or any Affiliate
is the End-User, all Royalty Product used (except amounts used by SpinCo Licensee or its Affiliates for internal research and development or demonstration purposes, for use in clinical trials, or for bona-fide
donations) shall be included in Net Sales at the price that would have been paid for transfer of such Royalty Product in an arm’s-length transaction with an unaffiliated Third Party in the same situation,
provided always that the transfer of Royalty Products from SpinCo Licensee to its Affiliates, or vice versa, for subsequent resale will not constitute sale to Third Parties. 

(iii) If material volumes of Royalty Products are routinely transferred at no cost or at an artificial price substantially below customary
discounted prices in arm’s-length transactions with unaffiliated entities (as determined based on relative pricing vis a vis competitors and historical pricing of the same Royalty Products (after giving
effect to any other reasonable economic conditions)), Net Sales will be imputed based on average sales prices for Royalty Products within the applicable territory or territories in which such unaffiliated entities reside, provided that there will be
no imputed revenues from promotional free samples, bona-fide donations (as noted above), free goods, or other marketing programs whereby customary amounts of Royalty Products are provided free of charge to promote sales of Royalty Products. 

  
 Ex. A-2 

 (iv) Unless otherwise specified herein, Net Sales will be calculated in accordance with
U.S. Generally Accepted Accounting Principles and consistent with SpinCo Licensee’s accounting policies. 
 (j)
“Product” has the meaning set forth in the Cannula Supply Agreement. 
 (k) “Royalty Products” has the
meaning set forth in Section 3.3. 
 (l) “SpinCo Product” has the meaning set forth in the
Cannula Supply Agreement. 
 (m) “Zodiac Line IP” has the meaning set forth in Section 1.1(f).

 ARTICLE II – MANUFACTURING LINE IP LICENSES 

Section 2.1 License Grant to Manufacture with Parent Cannula. Subject to the terms and conditions of this Agreement, including
this Exhibit A, the Parent Licensors agree to grant, and hereby grant, to the SpinCo Licensees a nonexclusive, non-sublicensable, royalty-free, fully paid, nontransferable (except as set forth in
Section 8.4 of the Agreement), irrevocable (except as provided in Section 7.1(a) and Section 8.5 of the Agreement) license under (a) the MLIP Licensed Patents to practice any method, process or procedure claimed in the MLIP
Licensed Patents, and (b) the MLIP Licensed Other IP to internally use (subject to Section 5.2 of the Agreement and Section 4.1 of this Exhibit) the Manufacturing Line IP, in each case of clause (a) and
clause (b), solely in connection with the manufacture of SpinCo Products (as defined in the Cannula Supply Agreement) by SpinCo Licensees that contain Products (as defined in the Cannula Supply Agreement) and are assembled in whole or in part on
manufacturing lines containing Manufacturing Line IP in the Approved Facilities. 
 Section 2.2 License Grant to Manufacture with
Third Party-Sourced Cannula. Subject to the terms and conditions of this Agreement, including this Exhibit A and in particular Section 3.8 hereof, the Parent Licensors agree to grant, and hereby grant, to the
SpinCo Licensees a nonexclusive, non-sublicensable, royalty-bearing, nontransferable (except as set forth in Section 8.4 of the Agreement), irrevocable (except as provided in Section 7.1(a) and
Section 8.5 of the Agreement) license under (a) the MLIP Licensed Patents to practice any method, process or procedure claimed in the MLIP Licensed Patents, and (b) the MLIP Licensed Other IP to internally use (subject to
Section 5.2 of the Agreement and Section 4.1 of this Exhibit) the Manufacturing Line IP, in each case of clause (a) and clause (b), solely in connection with the manufacture of SpinCo Products by SpinCo Licensees
that contain Third Party-sourced cannula and are assembled in whole or in part on manufacturing lines containing Manufacturing Line IP in the Approved Facilities. 

Section 2.3 Approved Facilities. The SpinCo Licensees are prohibited from moving the Manufacturing Line IP and/or elements of the
manufacturing lines embodying Manufacturing Line IP out of the Approved Facilities, or from duplicating the Manufacturing Line IP and/or elements of the manufacturing lines embodying Manufacturing Line IP, outside the Approved Facilities, without
Parent’s prior written consent, which consent will not be unreasonably withheld. If Parent approves the SpinCo Licensees’ request to move the 

  
 Ex. A-3 

 
Manufacturing Line IP and/or elements of the manufacturing lines embodying Manufacturing Line IP to a new facility, then such facility shall be deemed added to the Approved Facilities.
Notwithstanding the preceding language, the manufacturing lines of the SpinCo Business that produce the Zodiac patch pump, as existing at the Distribution Date, may be transferred to a contract manufacturer without prior consent, provided SpinCo
provides Parent notice of such activity and provided that the protections set forth in Article IV apply to the extent MLIP is present in such lines. 

Section 2.4 Zodiac Line IP. For clarity, the licenses and rights granted to SpinCo Licensees with respect to Parent Dual-Use Patents in Section 2.3(a) of the Agreement and with respect to Parent Licensed Other IP in Section 2.3(b) of the Agreement include rights to Zodiac Line IP.  

ARTICLE III – SUPPLY & PAYMENTS 

Section 3.1 Notice and Selection of Third-Party Cannula Supplier. SpinCo shall promptly provide written notice to Parent at least
sixty (60) days prior to the date on which any SpinCo Licensee plans to begin commercial manufacturing SpinCo Products incorporating Third Party sourced cannula assembled in whole or in party on manufacturing lines containing Manufacturing Line
IP in the Approved Facilities. Parent shall have a right to consent to the supplier of such Third Party sourced cannula if such supplier is listed on Schedule 3.1. 

Section 3.2 Technology Access Fee. In partial consideration for the rights granted by Parent Licensors to SpinCo Licensees
hereunder, SpinCo shall pay to Parent a one-time, nonrefundable and noncreditable upfront payment in an amount equal to five million dollars ($5,000,000), by wire transfer of immediately available funds to an
account specified by Parent, within thirty (30) days after the date any SpinCo Licensee begins commercial manufacturing Spinco Products using a Third Party sourced cannula and on a manufacturing line incorporating or designed or built using
Manufacturing Line IP. 
 Section 3.3 Volume-Based Royalty (for Third-Party Sourced Cannula). SpinCo shall pay to Parent a
quarterly royalty of two percent (2%) of Net Sales of each finished SpinCo Product (e.g., pen needles, syringes, etc.) manufactured using a Third Party sourced cannula and on a manufacturing line incorporating or designed or built using
Manufacturing Line IP (such finished products, “Royalty Products”). 
 Section 3.4 New Manufacturing Lines. 

(a) SpinCo shall notify Parent within ninety (90) days of when it initiates a process to design and build a new pen needle or syringe
manufacturing line (“New Manufacturing Line”). SpinCo, at its option, may initiate a pre-approval process with respect to such New Manufacturing Line. Such
pre-approval process shall involve the following: 
 (i) SpinCo shall present to
Parent a process describing in detail the project plan for such New Manufacturing Line, including the plans for ensuring the New Manufacturing Line is not designed or built using, and there is no unauthorized disclosure of, MLIP, e.g., project plan,
clean team approach, involved associates, vendors, etc. 

  
 Ex. A-4 

 (ii) SpinCo and Parent shall discuss such project plan and shall work in
good faith to mutually agree upon a process with sufficient protections to ensure the New Manufacturing Line is not designed or built using MLIP, including use by existing vendors of MLIP in their possession. 

(iii) Upon completion of the New Manufacturing Line, Parent shall be entitled to a commercially reasonable audit to ensure
compliance with the project plan (given effect to SpinCo’s confidential information including use of a clean team by Parent). To the extent the New Manufacturing Line was designed and built in compliance with the plan, and assuming no
unauthorized disclosure or use of MLIP outside the plan, such New Manufacturing Line shall be considered to be a manufacturing line designed or built without using Manufacturing Line IP. 

(b) Notwithstanding Section 5.2 of this Agreement, (i) the restrictions on use of MLIP for designing or
building a New Manufacturing Line shall not apply to, and (ii) the payments under Section 3.2 or Section 3.3 shall not be triggered when the only MLIP used to design or build a New
Manufacturing Line is, MLIP that SpinCo can demonstrate is: (A) in the public domain or generally available to the public, other than as a result of a disclosure by SpinCo, its Subsidiaries or any of their Representatives in violation of this
Agreement or Ancillary Agreements, (B) lawfully acquired by SpinCo (free of any confidentiality obligation or other contractual, legal or fiduciary obligation of confidentiality at the time of such acquisition) from a Third Party who has a
lawful right to disclose it, or (C) independently developed or generated by SpinCo or by a Third Party by persons without use of, or other reliance upon, MLIP. 

Section 3.5 Manner of Payment. All payments to be made by SpinCo hereunder shall be made in United States dollars by wire transfer
of immediately available funds to such bank account as shall be designated by Parent, as applicable. Amounts on which royalties or other payments are calculated that are in currencies other than U.S. dollars shall be converted to U.S. dollars based
on the average rate of exchange as quoted in the Wall Street Journal for each fiscal quarter for which a payment is due. If not so published, the Parties may agree on a substitute publication. If, due to restrictions or prohibitions imposed
by national or international authority, payments cannot be made as provided in this Agreement, the Parties will consult with a view to finding a prompt and acceptable solution. All costs of payment, such as wire transfer, shall be borne solely by
SpinCo Licensees and may not be credited or withheld. 
 Section 3.6 Sales Reports and Royalty Calculations. Beginning
forty-five (45) days after any notice provided under Section 3.1, and thereafter within forty-five (45) days after the end of each quarter, to the extent applicable, SpinCo shall provide to Parent a written report
showing the amount of royalty due for such quarter. Royalty payments for each quarter shall be due at the same time as such written report for the quarter. With each quarterly payment, SpinCo shall deliver to Parent a full and accurate accounting to
include at least the following information: (i) the total gross sales for each Royalty Product and the calculation of Net Sales from such gross sales; and (ii) the calculation of royalties payable in United States dollars which shall have
accrued hereunder in respect of such Net Sales; (iii) the exchange rates used if any; and (iv) any credits deducted based on overpayments of royalties in prior quarters, such as for rebates, credits or other adjustments to Net Sales. All
payments not made when due hereunder shall accrue interest on an annual basis at the Prime Rate. “Prime Rate” shall mean the average prime rate published in the Wall Street Journal during the relevant period (calculated by dividing
(a) the sum of the prime rates for each of the days during the relevant period, by (b) the number of days in the relevant period). 

  
 Ex. A-5 

 Section 3.7 Sales Record Audit. SpinCo shall keep, and shall ensure that each of
its Affiliates keeps, complete, true and accurate books of accounts and records in accordance with GAAP sufficient to determine and establish the amounts payable incurred under this Agreement, and compliance with the other terms and conditions of
this Agreement. Such books of accounting of SpinCo and its Affiliates shall be open for inspection not more than once per calendar year by an independent certified public accountant selected by Parent and as to which SpinCo has no reasonable
objection, for the purpose of verifying royalty statements and payments for compliance with this Agreement for any period within the preceding three (3) calendar years. The independent certified public accountant shall disclose to Parent only
the amounts that the independent auditor believes to be due and payable hereunder to Parent and details concerning any discrepancy from the amount paid (including the reasons therefor), and shall disclose no other information revealed in such audit.

 Section 3.8 Cannula Cartridge. Parent and its Affiliates shall have no obligation hereunder or pursuant to the other
Ancillary Agreements and the Separation and Distribution Agreement to supply a Cartridge to any Third-Party cannula supplier, nor shall SpinCo have the right to supply a Cartridge to any Third-Party cannula supplier. Notwithstanding the foregoing,
Parent shall provide, upon the request and expense of SpinCo, assistance to SpinCo, as follows: 
 Option 1: Parent and its Affiliates
shall cooperate with SpinCo to design an interface for a Third-Party cannula holder to work directly with the hopper; or 
 Option 2:
If Option 1 is not feasible, Parent and its Affiliates shall cooperate with SpinCo to design an off-line cannula transfer to allow the Third Party-sourced cannula to be transferred from the Third-Party cannula
holder to Parent’s Cartridge at an Approved Facility. 
 Any and all Intellectual Property Rights in the design and development by Parent and its
Affiliates under this Section 3.8 shall be owned solely and exclusively by Parent and its Affiliates and shall be considered MLIP. The SpinCo Licensees hereby assign and agree to assign to Parent any such Intellectual
Property Rights to the extent any ownership rights in such Intellectual Property Rights vest in SpinCo Licensees. 
 Parent Licensors agree to grant, and
hereby grant, to the SpinCo Licensees a nonexclusive, non-sublicensable, royalty-free, fully paid, nontransferable (except as set forth in Section 8.4 of the Agreement), irrevocable
(except as provided in Section 7.1(a) and Section 8.5 of the Agreement) license under any such Intellectual Property Rights to use, as applicable, the interface or the off-line
cannula transfer designed and developed under this Section 3.8 in connection with the manufacture of SpinCo Products by SpinCo Licensees that contain Third Party-sourced cannula and are assembled in whole or in part on
manufacturing lines containing Manufacturing Line IP in the Approved Facilities controlled, operated and directed by SpinCo Licensees. 

  
 Ex. A-6 

 Section 3.9 Upon Major Supply Failure. In the event of a Major Supply Failure
(as defined in the Cannula Supply Agreement) that is not a Major Supply Failure Termination Event (as defined in the Cannula Supply Agreement) under Section 6.4(e) of the Cannula Supply Agreement, the SpinCo Licensees’ exclusive remedy
under this Agreement is a waiver of the upfront and incremental royalty fees under Section 3.2 or Section 3.3, as applicable, otherwise due to Parent on cannula sourced from a Third Party during
such Major Supply Failure; provided that such waiver is applicable for a maximum of two (2) years from the date of the commencement of such Major Supply Failure (it being understood that if Third Party-sourced cannula are being used with
Manufacturing Line IP following such two (2) year waiver, then the upfront payment under Section 3.2 or Section 3.3 (if not already paid by SpinCo prior to the Major Supply Failure) will
become due from SpinCo to Parent within thirty (30) days of the end of such waiver, and royalty fees under Section 3.3 will be due on sales of such Third Party-sourced cannula following the end of such waiver, as
further described herein). 
 Section 3.10 Retained Cannula IP. The Parties agree that the sale of Product to SpinCo under the
Cannula Supply Agreement shall constitute an exhaustion of Parent’s Patent rights in Retained Cannula IP pursuant to the exhaustion or first sale doctrine under U.S. law, and any equivalent or similar doctrines under the law of any
jurisdiction. Notwithstanding the foregoing, the sale of SpinCo Products with Product supplied from BD or of Royalty Products are subject to the terms and conditions of the Cannula Supply Agreement (including being sold by or on behalf of SpinCo for
use for the Permitted Purposes). 
 ARTICLE IV – ADDITIONAL TERMS 

Section 4.1 Manufacturing Line IP Security & Restrictions. Without limiting the generality of
Section 5.2 of the Agreement, SpinCo Licensees shall comply with the following: 
 (a) Restrictions/Obligations: 

(i) SpinCo Licensees will use best practices to protect the MLIP, to the extent consistent with Parent practices as of the Distribution Date.

 (ii) Access (in-person or electronic) to MLIP will be limited to SpinCo Licensees’ employees
and contractors (including Third-Party maintenance contractors) with need to know/need to access. 
 (iii) All SpinCo Licensees’
employees from other locations visiting sites containing MLIP will be required to be recorded in a logbook (to be retained for up to three (3) years for audit purposes). 

(iv) All Third-Party visitors will be required to be under contractual obligations of confidentiality or to sign a confidentiality agreement
before being allowed entry to any areas where MLIP may be disclosed (copy to be retained for audit purposes), with confidentiality obligations with respect to Trade Secrets continuing in perpetuity). 

  
 Ex. A-7 

 (v) MLIP will not be shown to or shared with Third Parties, subject to: (A) a new
vendor can be hired to service aspects of MLIP subject to Section 4.1(a)(iv), (B) should SpinCo Licensees need to duplicate a cannulization line, a vendor may be shown the MLIP only after advance written notice to Parent,
and (C) regulatory agencies may view, if necessary, the MLIP, provided that Parent is given (to the extent feasible) at least five (5) business days advance notice. 

(vi) In no event will (A) a contract manufacturer, or (B) the companies listed in Schedule 4.1, be allowed to view, or
otherwise access, information containing MLIP. SpinCo Licensees will require confidentiality agreements between a SpinCo Licensee and any potential strategic partners. 

(vii) SpinCo Licensees will require agreements/undertakings between a SpinCo Licensee and its employees who have access to MLIP, either as
stand-alone or as employment agreements. Such agreements will be retained in a central location or HR system. 
 (viii) SpinCo Licensees
will have a Trade Secret policy, regular Trade Secret training, and regular Trade Secret assessment/audits of its manufacturing sites. 

Section 4.2 Parent Audits of SpinCo. 

(a) Prior to, or within ninety (90) days of, the Distribution Date, Parent Licensors will perform an initial virtual or in-person (at Parent Licensors’ option) Trade Secret audit of SpinCo Licensees’ manufacturing locations, and SpinCo Licensees will implement reasonable recommendations arising from such audits consistent
with prior practices of Parent and best practices. SpinCo Licensees will also allow Parent Licensors to participate in the development of trade secret training at each location in conjunction with, or promptly after, each such audit. 

(b) Parent Licensors will be entitled to annual audits of SpinCo Licensees’ sites to confirm adherence to restrictions and best
practices, and semiannual audits of the Suzhou, China, site under best practices for confidentiality arrangements and clean team restrictions. 

(c) SpinCo Licensees will designate a single person at each site at which MLIP is used responsible for compliance with the restrictions, and a
single person responsible for controlling system access to MLIP (e.g., via SAP). 
 (d) Audit recommendations by Parent Licensors
consistent with best practices will be given reasonable consideration for adoption, and Parent’s prior and then-current practices will be given reasonable consideration for adoption; in the case of disputes over such adoption, executives of the
parties will meet within ten (10) Business Days to try to resolve the dispute, but if not resolved after thirty (30) Business Days, either party may submit the matter to WIPO Expedited Arbitration. 

Section 4.3 Notifications/Breaches. SpinCo Licensees will be required to notify Parent Licensors upon events involving potential
or actual disclosure of MLIP to Third Parties, including breach of restrictions, misappropriation, compelled disclosure, or change of control. SpinCo Licensees will promptly notify Parent of all breaches, misuse, misappropriation, or other
unauthorized disclosures of MLIP, whether or not considered material, along with its actions or plans to cure such breach. 

  
 Ex. A-8 

 Section 4.4 Consequences for Breach. 

(a) SpinCo Licensees shall indemnify, defend and hold harmless Parent, its Affiliates and its and their respective Representatives from and
against any and all Third-Party claims to the extent arising out of or resulting from any breach of this Exhibit A or Section 5.2 of this Agreement with respect to MLIP by SpinCo Licensees, their Affiliates or Representatives. 

(b) SpinCo Licensees will reasonably and promptly enforce its Third-Party confidentiality agreements if any such breach is due to such
Third-Party actions, including, if appropriate, seeking injunctive relief. SpinCo Licensees will be required to consider Parent’s reasonable recommendations to address the causes of any breach, including increased audits or other monitoring.

 Section 4.5 Return of MLIP to Parent. 

(a) If during the course of an audit or other business review, it is identified that any aspect or element of the MLIP at a facility is no
longer being used by SpinCo Licensees for a period of twelve (12) consecutive months, then the Parties shall discuss in good faith the appropriate action to take with respect to such aspect or element of the MLIP, including whether SpinCo
Licensees shall return or destroy (at Parent’s option) aspect or element of the MLIP. 
 (b) Upon the expiration or termination of the
licenses granted in this Exhibit A (partially or in their entirety) for any reason, all rights granted to the SpinCo Licensees shall revert to the Parent Licensors, and the SpinCo Licensees shall (i) immediately upon
expiration, and (ii) as soon as possible, but no later than within thirty (30) days of termination, use commercially reasonable efforts to return or destroy (at Parent’s option) the MLIP in the SpinCo Licensees’ possession and
control and shall certify to Parent that it has taken such steps in writing within thirty (30) days of the obligation to take such steps. 

(c) Notwithstanding any expiration or termination of the licenses granted in this Exhibit A (partially or in their entirety) for any
reason, the confidentiality and non-use obligations of the SpinCo Licensees with respect to the MLIP, and the Trade Secrets and confidential information embodied therein, shall be perpetual for as long as any
information derives independent economic value, actual or potential, from not being generally known to or readily ascertainable through proper means by the public and are the subject of efforts that are reasonable under the circumstances to maintain
secrecy. 

  
 Ex. A-9 

 EXECUTION VERSION 
  

Exhibit A – Schedule 3.1 
 B Braun

 Terumo 
 Weigau 

Smiths/ICU 
 KDL 

Nipro 
 Greiner 

Zhejiang Gongdong Medical Technology Co., Ltd. 
 TAIZHOU RICH
MEDICAL PRODUCTS CO., LTD. 
 Guangzhou Improve Medical Instruments Co., Ltd 

Sarstedt 
 Sol Millennium 

Exhibit A – Schedule 4.1 
 B Braun

 Terumo 
 Weigau 

Smiths/ICU 
 KDL 

Nipro 
 Greiner 

Zhejiang Gongdong Medical Technology Co., Ltd. 
 TAIZHOU RICH
MEDICAL PRODUCTS CO., LTD. 
 Guangzhou Improve Medical Instruments Co., Ltd 

Sarstedt 
 Sol Millennium 

  
 Ex. A-10

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