Document:

2006 Non-Employee Director Stock Incentive Plan

 Exhibit 10.27 
 Wyeth 
 2006 NON-EMPLOYEE DIRECTOR STOCK INCENTIVE PLAN 
 (As approved by stockholders on April 27, 2006 and as amended by the Board of Directors 
 through November 16, 2006 with further amendments through December 5, 2007) 
  

	1.	Purpose. 

 The purpose of the Plan is to
provide a means through which the Company may attract able persons to become and remain Non-Employee Directors of the Company and to provide a means whereby Non-Employee Directors of the Company can acquire and retain Stock ownership, thereby
strengthening their commitment to the welfare of the Company and promoting an identity of interest between stockholders and such Non-Employee Directors. 
  

	2.	Definitions. 

 The following definitions shall be
applicable throughout the Plan: 
 (a) “Annual Meeting” shall mean the annual meeting of the Company’s stockholders.

 (b) “Award” means, individually or collectively, any Option or Deferred Stock Unit Award. 
 (c) “Award Agreement” means the agreement between the Company and a Participant who has been granted an Option or Deferred Stock Unit Award
which defines the rights and obligations of the parties. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Board Membership” means the period of time during which a Director serves on the Board. 
 (f) “Change in Control” means (i) any “person” (as that term is used in Sections 13 and 14(d)(2) of the Exchange Act) other
than a Permitted Holder (as defined below) who is or becomes the beneficial owner (as that term is used in Section 13(d) of the Exchange Act), directly or indirectly, of 50% or more of either the outstanding shares of Stock or the combined
voting power of the Company’s then outstanding voting securities entitled to vote generally, (ii) during any period of two consecutive years, individuals who constitute the Board at the beginning of such period cease for any reason to
constitute at least a majority thereof, unless the election or the nomination for election by the Company’s stockholders of each new director was approved by a vote of at least three-quarters of the directors then still in office who were
directors at the beginning of the period or (iii) the Company undergoes a liquidation or dissolution or a sale of all or substantially all of the assets of the Company. No merger, consolidation or corporate reorganization in which the owners of
the combined voting power of the Company’s then outstanding voting securities entitled to vote generally prior to said combination, own 50% or more of the resulting entity’s outstanding voting securities shall, by itself, be considered a
Change in Control. As used herein, “Permitted Holder” means (i) the Company, (ii) any corporation, partnership, trust or other entity controlled by the Company and (iii) any employee benefit plan (or related trust) sponsored
or maintained by the Company or any such controlled entity. 

 (g) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including
regulations thereunder and successor provisions and regulations thereto. 
 (h) “Committee” means the Compensation and Benefits
Committee of the Board and any successor thereto. 
 (i) “Company” means Wyeth, a Delaware corporation. 
 (j) “Date of Grant” means the date on which an Award is granted to a Participant under the Plan. 
 (k) “Default Election” shall have the meaning attributed thereto in Section 8(d)(i)(B). 
 (l) “Deferred Stock Account” means an account established by the Trustee to hold the shares of Stock attributable to each Participant receiving
a Deferred Stock Unit Award. 
 (m) “Deferred Unit Account” means a bookkeeping account established and maintained by the Company
in the name of each Participant who receives a Deferred Stock Unit Award. 
 (n) “Deferred Stock Unit” means a hypothetical
investment representing one share of Stock granted in connection with a Deferred Stock Unit Award pursuant to Section 8 of the Plan. 
 (o) “Deferred Stock Unit Award” shall mean the Deferred Stock Unit Award granted to a Participant in accordance with Section 8 of the Plan. 
 (p) “Director” means any member of the Board. 
 (q) “Disability” means a medically
determinable physical or mental impairment which renders a Participant substantially unable to function as a Director, as determined in the sole discretion of the Committee. 
 (r) “Distribution Election Form” shall mean the election form filed by a Non-Employee Director with the Company indicating whether such
Non-Employee Director’s Deferred Stock Unit Awards will be distributed in a lump sum or in a series of 2 to 10 substantially equal annual installments. 
 (s) “Distribution Election Modification Form” shall mean the election form filed by a Non-Employee Director with the Company indicating a change in the form of distribution of such Non-Employee
Director’s future Deferred Stock Unit Awards. 
 (t) “Dividend Equivalents” means an amount equal to the cash dividends
otherwise payable by the Company upon each share of Stock credited to a Participant’s Deferred Stock Account. 
  

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 (u) “Exchange Act” means the Securities Exchange Act of 1934. 
 (v) “Fair Market Value” on a given date means (i) if the Stock is listed on a national securities exchange, the closing sale price
reported as having occurred on the primary exchange with which the Stock is listed and traded on such date, or, if there is no such sale on that date, then on the last preceding date on which such a sale was reported; or (ii) if the Stock is
not listed on a national securities exchange, the amount determined by the Committee to be the fair market value based upon a good faith attempt to value the Stock accurately and computed in accordance with applicable regulations of the Internal
Revenue Service. 
 (w) “Initial Election” shall have the meaning attributed thereto in Section 8(d)(i)(A). 
 (x) “Non-Employee Director” means a Director who is not also a current employee of the Company or any of its subsidiaries or affiliates.

 (y) “Option” means an option to purchase Stock. 
 (z) “Option Period” means the period during which an Option remains outstanding and following which the Option will expire, subject to early expiration upon a termination of a Participant’s Board
Membership as provided herein. 
 (aa) “Option Price” means the per-share exercise price set for an Option as reflected in the
applicable Award Agreement. 
 (bb) “Participant” means each Non-Employee Director to whom an Award has been granted under the
Plan. 
 (cc) “Plan” means the Company’s 2006 Non-Employee Director Stock Incentive Plan. 
 (dd) “Section 402 of SOX” shall have the meaning attributed thereto in Section 7(e). 
 (ee) “Section 409A” means Section 409A of the Code. 
 (ff) “Section 409A Change in Control Event” means a change in control event within the meaning of the default definitions set forth in Treasury Regulation Section 1.409A-3(i)(5) or the successor
thereto. 
 (gg) “Section 409A Compliance” shall have the meaning attributed thereto in Section 8(e). 
 (hh) “Securities Act” means the Securities Act of 1933, as amended. 
 (ii) “Specified Employee” means (a) each “specified employee,” as defined
in Section 409A(a)(2)(B)(i) of the Code, who meets the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in accordance with the regulations thereunder and disregarding Section 416(i)(5) of the Code)
any time during the 12 month period ending on December 31st of a calendar year and (b) to the extent not otherwise included in (a) hereof,
each of the top-100 paid individuals (based on taxable wages as reported in Box 1 of Form W-2 for the 12- month period 

  

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ending on December 31st of such calendar year plus amounts
that would be included in wages for such 12 month period but for pre-tax deferrals to a tax-favored retirement plan or cafeteria plan or for qualified transportation benefits) who performed services for the Company at any time during the 12- month
period ending on December 31st of such calendar year. A Participant shall be treated as a “Specified Employee” for the 12-month period
beginning on April 1st of the calendar year following the calendar year for which the determination under clause (a) or (b) of this
definition is made. 
 (jj) “Stock” means the common stock par value $0.33 1/3 per share, of the Company.

 (kk) “Termination of Board Membership” shall mean, solely with respect to a Deferred Stock Unit Award, (i) the date on
which the Board Membership of a Participant terminates, provided that such termination constitutes a separation from service from the Company and its affiliates that meets the requirements of the default provisions of Treasury Regulation
Section 1.409A-1(h) or the successor thereto or (ii) such later date on which the Participant incurs a separation from service from the Company and its affiliates that meets the requirements of the default provisions of Treasury Regulation
Section 1.409A-1(h) or the successor thereto. 
 (ll) “Trust” shall mean the grantor trust established by the Company to hold
the shares of Stock attributable to Participants receiving Deferred Stock Unit Awards. 
 (mm) “Trustee” shall mean the trustee of
the Trust. 
 (nn) “Unforeseeable Emergency” means a severe financial hardship to a Participant resulting from (a) an illness
or accident of the Participant or his or her spouse, beneficiary or dependents (as defined in Section 152 of the Code, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B) of the Code), (b) a loss of the Participant’s property
by reason of casualty (including the need to rebuild the Participant’s home following damage thereto not otherwise covered by insurance) or (c) such other extraordinary and unforeseeable financial circumstances, arising as a result of
events beyond the Participant’s control. 
  

	3.	Effective Date and Stockholder Approval. 

 The Plan
was submitted to the stockholders of the Company for their approval at the Annual Meeting of Stockholders held on April 27, 2006. The Plan became effective upon the affirmative vote of the holders of a majority of the shares of Stock present,
or represented, and entitled to vote at the meeting. 
  

	4.	Administration. 

 The Committee shall administer the
Plan. The majority of the members of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed the
acts of the Committee. Subject to the provisions of the Plan, the Committee shall have exclusive power to (i) grant discretionary Awards under the Plan, (ii) determine the nature and extent of the Awards to be made to each Non-Employee
Director, (iii) determine the time or times when Awards will be made to Non-Employee Directors, (iv) determine the conditions to which the payment of Awards may be subject, (v) change the number, type and 

  

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terms of the Awards granted under the Plan, (vi) prescribe the form or forms of Award Agreements, and (vii) cause records to be established in
which there shall be entered, from time to time as Awards are made to Participants, the date of each Award, the number of Options and Deferred Stock Units awarded by the Committee to each Participant, and the expiration date. 
 The Committee shall have the authority, subject to the provisions of the Plan, to establish, adopt, and revise such rules and regulations and to make all
such determinations relating to the Plan as it may deem necessary or advisable for the administration of the Plan. The Committee shall also have the authority to construe and interpret the Plan and all Awards and Award Agreements issued pursuant to
the Plan and to correct any defects, supply any omissions and/or reconcile any inconsistencies therein. The Committee’s interpretation of the Plan or any documents evidencing Awards granted pursuant thereto and all decisions and determinations
by the Committee with respect to the Plan shall be final, binding, and conclusive on all parties. 
  

	5.	Shares Subject to the Plan. 

 Unless otherwise
determined by the Committee, Options and Deferred Stock Unit Awards shall be automatically granted to Non-Employee Directors pursuant to the formulas set forth in Sections 7 and 8; provided, however, that: 
 (a) Subject to Section 11, the maximum number of shares of Stock that may be issued pursuant to all Awards under the Plan shall be
300,000; provided, however, that the maximum number of shares of Stock that may be issued pursuant to Deferred Stock Unit Awards shall be 75,000. 
 (b) The Committee may adopt reasonable counting procedures to ensure appropriate counting and make adjustments if the number of shares of
Stock actually delivered differs from the number of shares previously counted in connection with an Award. To the extent that an Award expires or is canceled, forfeited, settled in cash or otherwise terminated or concluded without a delivery to the
Participant of the full number of shares to which the Award related, the undelivered shares will again be available for Awards under the Plan; and 
 (c) Stock delivered by the Company in settlement of Awards under the Plan may be authorized and unissued Stock or Stock held in the treasury of the Company or may be purchased on the open market or by private
purchase. 
  

	6.	Eligibility. 

 Participation in the Plan shall be
limited to Non-Employee Directors. 
  

	7.	Annual Option Awards. 

 (a) Automatic Grant.
Unless otherwise determined by the Committee, on the date of each Annual Meeting, each Non-Employee Director who is newly elected as a Non-Employee Director or who was previously so elected and continues as a Non-Employee Director immediately
following such Annual Meeting shall automatically be granted, without further action by the Board or the Committee, an Option to purchase 3,500 shares of Stock. 
  

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 (b) Option Price. Options shall have an Option Price equal to the Fair Market Value of a share of
Stock on the Date of Grant. 
 (c) Option Period. Unless otherwise determined by the Committee, the Option Period of each Option,
after which each such Option shall expire, shall be ten (10) years from the Date of Grant. 
 (d) Vesting of Options. Unless
otherwise determined by the Committee and subject to early expiration upon termination of a Participant’s Board Membership or accelerated vesting, as provided herein, each Option shall become fully vested and exercisable on the earlier of
(i) the day immediately prior to the next Annual Meeting or (ii) the date that is twelve (12) months from the Date of Grant; provided, however, that no Options shall become vested and exercisable prior to the date upon
which a Participant has completed two years of continuous Board Membership. For purposes of this Plan, a Non-Employee Director will be deemed to have completed two years of continuous Board Membership on the date immediately prior to the second
anniversary of such Non-Employee Director’s date of election to the Board. Notwithstanding any vesting schedule established for any Option, the Committee may, in its sole discretion, accelerate the exercisability of any Option. If an Option is
exercisable in installments, such installments or portions thereof which become exercisable shall remain exercisable until the Option expires either at the end of the Option Period or earlier upon termination of a Participant’s Board
Membership, as provided herein. 
 (e) Manner of Exercise and Form of Payment. Options which have become exercisable may be exercised
by delivery of a written notice of exercise to the Company accompanied by payment of the Option Price covering the shares of Stock with respect to which the exercise relates. The Option Price may be payable in cash and/or by delivery of shares of
Stock having a Fair Market Value on the day prior to the date the Option is exercised equal to the Option Price multiplied by the number of shares subject to exercise or, in the discretion of the Committee, either (i) by delivery to the Company
of a copy of irrevocable instructions to a stockbroker to deliver promptly to the Company an amount of sale or loan proceeds sufficient to pay the Option Price multiplied by the number of shares subject to exercise; (ii) by delivery of a notice
of “net exercise” to the Company, pursuant to which the Participant shall receive the number of shares of Stock subject to exercise reduced by the number of shares of Stock equal to the aggregate exercise price for such shares divided by
the Fair Market Value on the date prior to such exercise; or (iii) by any other means approved by the Committee. Anything herein to the contrary notwithstanding, the Company shall not directly or indirectly extend or maintain credit, or arrange
for the extension of credit, in the form of a personal loan to or for any Non-Employee Director through the Plan in violation of Section 402 of the Sarbanes-Oxley Act of 2002 (“Section 402 of SOX”), and to the extent that any
form of payment would, upon the advice of the Company’s counsel, result in a violation of Section 402 of SOX, such form of payment shall not be available. 
  

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 (f) Termination of a Participant’s Board Membership. Unless otherwise determined by the
Committee, the termination of a Participant’s Board Membership shall have the following consequences to outstanding Options: 
 (i) If a Participant’s Board Membership is terminated by reason of the Participant’s death or Disability, and such Participant has completed at least two years of continuous Board Membership, any outstanding Options held by such
Participant which are not vested and exercisable on the date of such termination shall become immediately vested and exercisable and all outstanding Options held by such Participant shall remain exercisable until the earlier of (x) the third
anniversary of the date of termination, or (y) the expiration of the Option Period. 
 (ii) If a Participant’s Board
Membership is terminated for any other reason other than death or Disability, any unvested Options then held by such Participant shall expire immediately upon such termination and any vested Options then held by such Participant shall remain
exercisable until the earlier of (x) the third anniversary of the date of termination, or (y) the expiration of the Option Period. 
 (g) Award Agreement. Each Option shall be evidenced by an Award Agreement, which shall contain such provisions as may be determined by the Committee. 
 (h) Amendment or Cancellation of Option Award Formula. Notwithstanding anything herein to the contrary, the Committee may, at any time and from time to time in its sole discretion, terminate or amend the
automatic Option Award to Non-Employee Directors set forth in this Section 7, by increasing or decreasing the number of shares of Stock subject to the formula or substituting an alternate formula or a different Award on different terms,
including different or no vesting conditions. 
  

	8.	Annual Deferred Stock Unit Awards. 

 (a)
Automatic Grant. Unless otherwise determined by the Committee, on the date of each Annual Meeting, each Non-Employee Director who is newly elected as a Non-Employee Director or who was previously so elected and continues as a Non-Employee
Director immediately following such Annual Meeting shall automatically be granted, without further action by the Board or the Committee, an Award of 1,200 Deferred Stock Units. 
 (b) Establishment of Deferred Unit Account. Unless otherwise determined by the Committee, on the Date of Grant of each Deferred Stock Unit Award
to a Participant, the Company shall establish a Deferred Unit Account for each new Participant receiving such Award and credit to each such newly established or previously established Deferred Unit Account for each such Participant the number of
Deferred Stock Units attributable to each such Award. 
 (c) Contribution of Stock to Trust. Unless otherwise determined by the
Committee, on the Date of Grant of each Deferred Stock Unit Award, the Company shall contribute to the Trust for the benefit of each Participant receiving such Award a number of shares of Stock equal to the number of Deferred Stock Units granted to
each such Participant pursuant to each such Award and shall instruct the Trustee or applicable record keeper to establish a Deferred Stock Account for each such new Participant and to allocate to each such 

  

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newly established or previously established Deferred Stock Account for each such Participant the number of shares of Stock attributable to such Award. Each
Participant with respect to whom a Deferred Stock Account has been established shall have the voting power to direct the trustee with respect to the voting of Stock allocated to such Deferred Stock Account. The trustee shall not have discretion to
vote the Stock held in the Trust unless instructed to do so by the Participant to whose account the Stock has been allocated. Stock held in Deferred Stock Accounts (including, without limitation, Dividend Equivalents) shall be subject to forfeiture
and returned to the Company to the same extent that the corresponding Deferred Stock Unit Award is subject to forfeiture. Upon forfeiture of all or a portion of any Deferred Stock Unit Award, the corresponding number of shares of Stock held in a
Deferred Stock Account shall be forfeited and returned to the Company. Each Deferred Stock Account shall be maintained under the Trust for each Participant with respect to whom a Deferred Stock Account has been established until the distribution
and/or forfeiture of all shares of Stock allocated to such Deferred Stock Account. 
 (d) Time and Form of Distribution Election.

 (i) Initial Elections. 
 (A) Within thirty (30) days following the date of (x) the 2006 Annual Meeting, and (y) any subsequent Annual Meeting at
which a newly-elected Non-Employee Director receives an initial Deferred Stock Unit Award (whether such Non-Employee Director was newly-elected at the Annual Meeting or prior to the Annual Meeting) or such earlier date prescribed by the Committee,
each Non-Employee Director receiving an initial Deferred Stock Unit Award hereunder must file a Distribution Election Form, a form of which is attached hereto as Exhibit A, with the Company indicating the form of distribution of such
Award (a lump sum or in a series of 2 to 10 substantially equal annual installments) and the time of distribution (in accordance with the provisions of the Distribution Election Form) (the “Initial Election”). 
 (B) In the event that any Non-Employee Director fails to make an Initial Election by filing a timely Distribution Election Form with
respect to an initial Deferred Stock Unit Award, such Deferred Stock Unit Award will be distributed to the Non-Employee Director in a lump sum on the first day of the month following the Termination of Board Membership of such Non-Employee Director
(the “Default Election”). 
 (ii) Change in Form of Distribution. The Initial Election or the Default
Election, if applicable, for each Non-Employee Director shall be a standing election and shall apply to the initial Deferred Stock Unit Award for such Non-Employee Director and, unless such election is timely changed, to all of the Non-Employee
Director’s subsequent annual Deferred Stock Unit Awards. A Non-Employee Director may elect to change the form of payment for any future Deferred Stock Unit Award by filing a Distribution Election Modification Form, a form of which is attached
hereto as Exhibit B, with the Company no later than December 31, or such earlier date prescribed by the Committee, of the year prior to the year in which the Deferred Stock Unit Award with respect to which the change will be
effective is to be granted. Any such Distribution Election Modification Form shall apply to all of the Non-Employee Director’s subsequent Deferred Stock Unit Awards, unless and until a new Distribution Election Modification Form is filed with
the Company. 
  

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 (e) Vesting. Subject to forfeiture upon the Termination of Board Membership of a Participant or
accelerated vesting, as provided herein, and unless otherwise provided in a Deferred Stock Unit Award: 
 (i) Awards
Granted at 2006 Annual Meeting. Each Deferred Stock Unit Award granted to a Non-Employee Director at the 2006 Annual Meeting shall become fully vested and no longer subject to forfeiture on the date that is twelve (12) months and
thirty (30) days from the Date of Grant; provided, however, that no Deferred Stock Unit Award shall become vested prior to the date upon which a Non-Employee Director has completed two years of continuous Board Membership;

 (ii) Awards Granted to Newly-Elected Non-Employee Directors. Each initial Deferred Stock Unit Award granted to a
Non-Employee Director who is newly-elected to the Board after the 2006 Annual Meeting shall become fully vested and no longer subject to forfeiture on the date that is twelve (12) months and thirty (30) days from the Date of Grant;
provided, however, that no Deferred Stock Unit Award shall become vested prior to the date upon which a Non-Employee Director has completed two years of continuous Board Membership; and 
 (iii) Awards Granted to Non-Employee Directors Who Are Not Newly-Elected to the Board. Except as provided in Section 8(e)(i),
each Deferred Stock Unit Award granted to a Non-Employee Director who is not newly-elected to the Board shall become fully vested and no longer subject to forfeiture on the earlier of (x) the date that is twelve (12) months from the Date
of Grant or (y) the day immediately prior to the next Annual Meeting; provided, however, that no Deferred Stock Unit Award shall become vested prior to the date upon which a Non-Employee Director has completed two years of
continuous Board Membership. 
 Notwithstanding any vesting schedule established for any Deferred Stock Unit Award, the Committee may, in its
sole discretion, accelerate the vesting of any Deferred Stock Unit Award and cause the forfeiture restrictions with respect to such Award to lapse; provided, however, that the Committee may not accelerate the vesting of any initial
Deferred Stock Unit Award (otherwise subject to vesting on the date that is twelve (12) months and thirty (30) days from the Date of Grant), if the Initial Election was made in reliance on Treasury Regulation Section 1.409A-2(a)(5)
and acceleration of vesting would preclude such reliance. 
 (f) Dividend Equivalents. Unless otherwise provided in an Award
Agreement, the Company shall withhold cash dividends payable on the shares of Stock held in the Trust and, on each date that cash dividends are otherwise payable to the holders of Stock, the Company shall credit the Dividend Equivalents to each
Participant’s Deferred Unit Account. On each date that the Dividend Equivalents in any Deferred Unit Account equal the value of a full share of Stock, the Company shall deduct such value from such Deferred Unit Account and contribute one share
of Stock to the Participant’s Deferred Stock Account in the Trust. Dividend Equivalents and shares of Stock attributable to Dividend Equivalents shall be subject to forfeiture in the same 

  

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manner as the Deferred Stock Unit Awards with respect to which such Dividend Equivalents are attributable. Shares of Stock in a Participant’s Deferred
Stock Unit Account attributable to Dividend Equivalents shall be distributed, to the extent not forfeited, to the Participant at the same time and in the same form as the shares underlying the Deferred Stock Unit Award to which such Dividend
Equivalents are attributable. 
 (g) Accelerated Vesting and Forfeiture of Deferred Stock Unit Awards upon the Termination of a
Participant’s Board Membership. Unless otherwise determined by the Committee or provided in the Award Agreement or this Section (g), (i) in the event of a Participant’s Termination of Board Membership on account of such
Participant’s death or Disability and such Participant has completed at least two years of continuous Board Membership, all unvested Deferred Stock Units held by such Participant as of such termination date shall immediately become fully vested
and the forfeiture restrictions thereon shall lapse; provided, however, that a Deferred Stock Unit Award subject to an Initial Election pursuant to Section 8(d)(i) shall not become fully vested pursuant to this Section 8(g)
if the Initial Election was made in reliance on Treasury Regulation Section 1.409A-2(a)(5) and acceleration of vesting would preclude such reliance, and (ii) except as otherwise provided in Section 12, in the event of the
Participant’s Termination of Board Membership for any other reason, all unvested Deferred Stock Units held by such Participant as of the date of such Termination of Board Membership shall immediately expire and be forfeited. 
 (h) Payment of Deferred Stock Unit Awards. 
 (i) The shares of Stock attributable to Deferred Stock Unit Awards for each Participant (including shares attributable to Dividend Equivalents) shall, subject to Section 12, be held in the Trust until a
Participant incurs a Termination of Board Membership. Following such Termination of Board Membership, the shares of Stock held in such Participant’s Deferred Stock Account attributable to vested Deferred Stock Units shall be distributed by the
Trustee to such Participant at the time or times determined pursuant to Section 8(d) in a lump sum or in a series of annual installments (net of required withholding for federal, state, local and foreign taxes, if any) as elected by such
Participant pursuant to a Distribution Election Form or Distribution Election Modification Form, as applicable or pursuant to a Default Election. Notwithstanding the foregoing provisions of this Section 8(h), upon the death of a Participant,
the undistributed shares of Stock attributable to a Deferred Stock Unit Award, to the extent vested, shall be distributed, without regard to any election pursuant to Section 8(d), in a lump sum, on the first day of the month following such
death. 
 (ii) The Committee shall not have the discretionary authority to accelerate or delay distribution of shares of Stock
attributable to a Deferred Stock Unit Award except to the extent that such acceleration or delay may, in the discretion of the Committee, be effected in a manner that will not cause any person to incur taxes, interest or penalties under
Section 409A (“Section 409A Compliance”). 
 (iii) Delay for Specified Employees. Notwithstanding
anything in Section 8 to the contrary, (A) to the extent that the shares of Stock attributable to a Deferred Stock Unit Award are to be issued for any reason other than Termination of Board Membership 

  

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due to death during the period beginning on the Participant’s Termination from Board Membership and ending on the six-month anniversary of such date and
(B) at the time of such Termination of Board Membership, the Participant is a Specified Employee, then such issuance shall be delayed until the first day of the month following the six-month anniversary of the Termination of Board Membership.

 (i) Award Agreement. Each Deferred Stock Unit Award shall be evidenced by an Award Agreement, which shall contain such provisions
as may be determined by the Committee. 
 (j) Amendment or Cancellation of Deferred Stock Unit Award Formula. Notwithstanding anything
herein to the contrary, the Committee may, at any time and from time to time in its sole discretion amend the form of automatic Deferred Stock Unit Award to Non-Employee Directors as set forth in this Section 8 by increasing or decreasing the
number of shares of Stock subject to the formula or substituting an alternate formula or a different Award on different terms, including different or no vesting conditions. Any such amendment shall apply prospectively to Deferred Stock Unit Awards
granted after the effective date of the amendment in a manner that will result in Section 409A Compliance. 
 (k) Distribution upon
an Unforeseeable Emergency. 
 (i) A Participant may petition the Committee for a distribution of the shares of Stock held
in such Participant’s Deferred Stock Account attributable to vested Deferred Stock Units on account of an Unforeseeable Emergency. Upon the application of a Participant for a distribution on account of an Unforeseeable Emergency the Committee
shall determine whether such distribution request qualifies for a distribution pursuant to Section 409A as an Unforeseeable Emergency and, if so, shall approve such request and instruct the Trustee to distribute to such Participant only the
number of shares of Stock attributable to vested Deferred Stock Units necessary to satisfy such Unforeseeable Emergency; provided, however, that (A) such distribution shall not exceed the balance of all shares of Stock
attributable to vested Deferred Stock Units held in such Participant’s Deferred Stock Account; (B) such distribution shall not be made to the extent the Unforeseeable Financial Emergency is, or may be, relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of a Participant’s assets to the extent the liquidation of such assets would not itself cause severe financial hardship; and (C) amounts available to a Participant from other
deferred compensation plans shall not be considered. No Participant requesting a distribution for an Unforeseeable Emergency shall have any involvement in making the determination to approve such distribution on the part of the Committee.

 (ii) For purposes of this Section 8(k), the value of the shares of Stock shall be calculated based on the closing
market per-share price for the Stock as reported on the Consolidated Transaction Reporting System on the trading day immediately preceding the designated date of issuance or on such other reasonable basis for determining fair market value as the
Committee may from time to time adopt. A Participant must provide adequate documentation to the Committee in order to be eligible for the issuance of shares to confirm the amount needed to satisfy the costs related to the Unforeseeable Financial
Emergency and the taxes payable on the release of such shares. If a Participant 

  

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elected, pursuant to Section 8(d), to receive the shares of Stock in the form of installments, the number of shares issued due to the Unforeseeable
Financial Emergency shall be deducted from the remaining installments to be issued to such Participant starting with the last in time of such installments scheduled to be issued. 
  

	9.	Discretionary Grant of Awards. 

 The Committee is
authorized, subject to limitations under applicable law, to grant Awards on a discretionary basis to Non-Employee Directors. The Committee shall determine the terms and conditions of such Awards at the Date of Grant or thereafter. 
  

	10.	General. 

 (a) Privileges of Stock Ownership.
Except as otherwise specifically provided in the Plan, no person shall be entitled to the privileges of stock ownership in respect of shares of Stock which are subject to Awards hereunder until such shares have been issued to that person free of any
restrictions on stock ownership. 
 (b) Government and Other Regulations. 
 (i) Subject to Section 10(b)(ii), the obligation of the Company to make payment of Awards in Stock or otherwise shall be subject to
all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary and subject to this Section 10, the Company shall be under no
obligation to offer to sell or to sell and shall be prohibited from offering to sell or selling any shares of Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and
Exchange Commission or unless the Company has received the advice of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of
such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Stock to be offered or sold under the Plan. If the shares of Stock offered for sale or sold
under the Plan are offered or sold pursuant to an exemption from registration under the Securities Act, the Company may restrict the transfer of such shares and may legend the Stock certificates representing such shares in such manner as it deems
advisable to ensure the availability of any such exemption. 
 (ii) To the extent the Committee reasonably anticipates that
distribution of a Deferred Stock Unit Award would violate Federal securities law or other applicable law, the Committee may, in its discretion, delay issuance of shares of Stock underlying such award; provided that such delay is effected in a
manner that will result in Section 409A Compliance. In the event of such delay, such shares of Stock shall be issued as of the earliest date the Committee reasonably anticipates that such issuance will not cause a violation of applicable law or
may be effected in a manner that will result in Section 409A Compliance. Nothing in this Section 10(b)(ii) shall limit the generality of Section 10(b)(i) with respect to any Option. 
  

 12 

 (c) Designation and Change of Beneficiary. Each Participant may file with the Company a written
designation of one or more persons or entities as the beneficiary who shall be entitled to receive the rights or amounts payable with respect to an Award due under the Plan upon his death. A Participant may, from time to time, revoke or change his
beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Company. The last such designation received by the Company shall be controlling; provided, however, that no designation, or
change or revocation thereof, shall be effective unless received by the Company prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by the
Participant, the beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate. 
 (d) No Liability of Committee Members. No member of the Committee shall be personally liable by reason of any contract or other instrument executed by such member or on his behalf in his capacity as a member of the Committee nor for
any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each member of the Committee and each other employee, officer or director of the Company to whom any duty or power relating to the administration or
interpretation of the Plan may be allocated or delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim) arising out of any act or omission to act in connection with the Plan
unless arising out of such person’s own fraud or willful bad faith; provided, however, that approval of the Board shall be required for the payment of any amount in settlement of a claim against any such person. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Restated Certificate of Incorporation, as amended, or otherwise, or any power that the Company may
have to indemnify them or hold them harmless. 
 (e) Rights to Re-election. Nothing in the Plan shall be deemed to create any
obligation on the part of the Company or the Board to nominate any Non-Employee Director for re-election by the Company’s stockholders, nor confer upon any Non-Employee Director the right to remain a member of the Board. 
 (f) Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware without regard to the
principles of conflicts of law thereof. 
 (g) Nontransferability. Options shall not be transferable by the Participant other than by
will or the laws of descent and distribution, and Options shall during his or her lifetime be exercisable only by the Participant; provided, however, that the transfer of Options for estate planning purposes shall be allowed in
accordance with applicable law. No Deferred Stock Unit Award may be assigned or transferred, pledged or sold prior to its delivery to a Participant or, in the case of a Participant’s death, to the Participant’s legal representative or
legatee or such other person designated by an appropriate court; provided, however, that the transfer of a Deferred Stock Unit Award for estate planning purposes shall be allowed in accordance with applicable law. 
  

 13 

 (h) Titles and Headings. The titles and headings of the sections in the Plan are for convenience
of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control. References herein to sections are references to sections of the Plan, unless otherwise provided. 
  

	11.	Changes in Capital Structure. 

 Awards granted under
the Plan and any Award Agreements, the maximum number of shares of Stock subject to all Awards and the maximum number of shares of Stock subject to Deferred Stock Unit Awards shall be subject to adjustment or substitution, as determined by the
Committee in its sole discretion, as to the number, price or kind of a share of Stock or other consideration subject to such Awards or as otherwise determined by the Committee to be equitable (i) in the event of changes in the outstanding Stock
or in the capital structure of the Company by reason of stock dividends, extraordinary cash dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges, or other relevant
changes in capitalization occurring after the Date of Grant of any such Award or (ii) in the event of any change in applicable laws or any change in circumstances which results in or would result in any substantial dilution or enlargement of
the rights granted to, or available for, Participants in the Plan, or which otherwise warrants equitable adjustment because it interferes with the intended operation of the Plan. In addition, in the event of any such adjustments or substitution, the
aggregate number of shares of Stock available under the Plan and the maximum number of shares available for grant pursuant to Deferred Stock Unit Awards shall be appropriately adjusted by the Committee, whose determination shall be conclusive.

  

	12.	Change in Control. 

 Unless otherwise provided in a
particular Award Agreement, in the event of a Change in Control: 
 (a) Notwithstanding any vesting schedule, or any other limitation on
exercise or vesting, all outstanding Awards shall immediately become 100% vested and exercisable and the forfeiture provisions thereon shall lapse; 
 (b) The Committee may, in its discretion and upon at least 10 days advance notice to the affected persons, cancel any outstanding Options and pay to the Participants who are the holders thereof, in a lump sum of cash or Stock, the
value of such Options based upon the highest price per share of the Stock received or to be received by other stockholders of the Company in connection with the Change in Control; and 
 (c) Solely to the extent that the Change in Control is a Section 409A Change in Control Event, any outstanding Deferred Stock Unit Awards shall be
cancelled and the Participants who are the holders thereof shall receive, on the day following such Change in Control, in a lump sum of cash or Stock, the value of such Deferred Stock Unit Awards based upon the highest price per share of Stock
received or to be received by other stockholders of the Company in connection with the Change in Control. 
  

 14 

	13.	Amendments and Termination. 

 The Board may at any time terminate the Plan. Unless sooner terminated, the Plan shall terminate on the day before the tenth (10th) anniversary of the date the Plan is adopted by the Board. No Awards may be granted under the Plan after it is terminated; provided, however, that any Award outstanding under the Plan at the time of the termination of
the Plan shall remain in effect until such Award shall have been exercised or distributed, in accordance with its terms or shall have expired. Except as otherwise provided in the immediately following sentence, if the Plan is terminated, payment of
outstanding Deferred Stock Unit Awards shall be made in accordance with Section 8(h). Upon termination of the Plan, the Committee may not, in its discretion, accelerate payment of outstanding Deferred Stock Unit Awards except to the extent that
such acceleration may be effected in a manner that will result in Section 409A Compliance. The Committee may, at any time, or from time to time, amend or suspend and, if suspended, reinstate, the Plan in whole or in part; provided,
however, that without further stockholder approval the Committee shall not make any amendment to the Plan which would (i) materially increase the maximum number of shares of Stock which may be issued pursuant to Awards or the maximum
number of shares subject to Deferred Stock Unit Awards, except as provided in Section 11, or (ii) change the class of persons eligible to receive Awards under the Plan. Nothing in this Section 13 shall be construed as limiting the
authority granted hereunder to the Board with respect to any Option. 
  

	14.	409A. 

 The Committee shall have the right to amend
any Deferred Stock Unit Award granted hereunder without the consent of any Participant solely to extent that the Committee determines such amendment to be necessary to ensure Section 409A Compliance and such amendment may be effected in a
manner that will result in Section 409A Compliance. Nothing in this Section 14 shall limit the authority granted hereunder to the Committee with respect to any Option. 
 *                                *      
                          * 
 As adopted by the Board of Directors of Wyeth on January 27, 2006, subject to stockholder approval at the Annual Meeting of Stockholders to be held on April 27, 2006. 
  

 15Wyeth Directors' Deferral Plan

 Exhibit 10.31 
 WYETH 
 DIRECTORS’ DEFERRAL PLAN 
 (as amended to December 5, 2007) 
 SECTION 1. ESTABLISHMENT OF THE PLAN 

Effective May 1, 1997, there is hereby established a plan whereby Directors of the Company who are not current employees of the Company may
voluntarily defer compensation (the “Deferred Compensation” portion of the Plan), and may share in the long-term growth of the Company (the “Deferred Stock” portion of the Plan). Prior to May 1, 1997, the Company maintained
the Deferred Compensation portion of the Plan as a separate plan, The American Home Products Corporation Nonfunded Deferred Compensation Plan for Directors (the “Prior Plan”). The Plan is deemed to consist, in part, of the amounts held
under the Prior Plan and any election made by a Director under the Prior Plan, unless and until amended by the Director in accordance with this Plan, shall remain in effect under this Plan. 
 SECTION 2. DEFINITIONS 
 When used in the Plan, the following terms shall have the
definitions set forth in this Section 2: 
 2.1 409A Accounts. The term “409A Accounts” means the portion of a
Participant’s Individual Accounts attributable to the Deferred Amounts (and the earnings thereon) and Retirement Plan Transferred Amounts that are not both earned and vested (for purposes of Section 409A) as of December 31, 2004.

 2.2 Affiliate. The term “Affiliate” means any corporation which is included in a controlled group of corporations (within
the meaning of Section 414(b) of the Code) which includes the Company and any trade or business (whether or not incorporated) which is under common control with the Company (within the meaning of Section 414(c) of the Code). 

 2.3 Applicable Transition Relief. The term “Applicable Transition Relief” means the
following transition guidance, as applicable, with respect to the application of Section 409A: (i) I.R.S. Notice 2005-1 (published as modified on January 6, 2005), (ii) Section XI.C. of the preamble to the proposed Treasury
Regulations under Section 409A, (70 F.R. 57930;(October 4, 2005), (iii) I.R.S. Notice 2006-79, I.R.B. 2006-43 and (iv) I.R.S. Notice 2007-86, I.R.B. 2007-46. 
 2.4 Average Closing Price. The term “Average Closing Price” means the average closing market price of the Shares on the Consolidated
Transaction Reporting System for the New York Stock Exchange for the last five (5) consecutive trading days on which at least one sale of Shares took place on such System up to and including the day prior to the date of determination (i.e.,
Deferral Allocation Date or Dividend Allocation Date). 
 2.5 Beneficiary. The term “Beneficiary” means the beneficiary or
beneficiaries (including any contingent beneficiary or beneficiaries) designated by the Participant pursuant to Section 7.3 hereof. 
 2.6 Board of Directors. The term “Board of Directors” means the Board of Directors of the Company. 
 2.7
Code. The term “Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder. 
 2.8 Company. The terms “Company” or “Wyeth” mean Wyeth, a Delaware corporation (as successor to American Home Products Corporation). 
 2.9 Company Credit. The term “Company Credit” means an amount computed and credited to a Participant’s Deferred Compensation Account, as described in Section 6.3, at an annual rate equal to
ten percent (10%) compounded quarterly. Effective as of December 20, 2004, Company Credit for a particular calendar year shall mean 120% of the long-term applicable federal rate, with quarterly compounding, for the month of January of such
calendar year, as published under Section 1274(d) of the Code for such year. 
  

 2 

 2.10 Compensation. The term “Compensation” means the retainer and the aggregate of all
fees for service and attendance at Board of Director and committee meetings to which a Director is entitled for services rendered to the Company as a Director. 
 2.11 Deferral Allocation Date. The term “Deferral Allocation Date” means the third Monday of any month, or if Shares are not traded on the New York Stock Exchange on such third Monday of the month,
the last day before the third Monday of the month on which Shares are traded on the New York Stock Exchange, that follows the date on which an amount deferred under the Plan would have been paid in cash if a deferral election had not been made
hereunder. 
 2.12 Deferred Amount. The term “Deferred Amount” has the meaning set forth in Section 4(i). 

2.13 Deferred Compensation Account. The term “Deferred Compensation Account” means the account described in Section 6.1.

 2.14 Deferred Compensation Participant. The term “Deferred Compensation Participant” means a Director who is not a
current employee of the Company and who has currently or previously elected to defer all or part of his/her Compensation pursuant to the Prior Plan or in accordance with Section 4 of this Plan, and for whom a Deferred Compensation Account is
currently maintained. 
 2.15 Deferred Stock Participant. The term “Deferred Stock Participant” means a Director who is not
a current employee of the Company and who becomes a Participant in the Plan in accordance with Section 3 hereof. 
 2.16
Director. The term “Director” means each member of the Board of Directors. 
 2.17 Disability. The term
“Disability” means the complete and permanent inability of an individual, by reason of illness or accident, to perform the individual’s duties as a Director. The determination whether a Director has suffered a Disability shall be made
by the Board of Directors based upon such evidence as it deems appropriate. 
  

 3 

 2.18 Dividend Allocation Date. The term “Dividend Allocation Date” means the first
Monday that (a) follows a Dividend Payment Date and (b) is the third Monday of a month. 
 2.19 Dividend Payment Date. The
term “Dividend Payment Date” means the date as of which the Company pays a cash dividend on Shares. 
 2.20 Dividend Record
Date. The term “Dividend Record Date” means, with respect to any Dividend Payment Date, the date established by the Board of Directors as the record date for determining shareholders entitled to receive payment of the dividend on such
Dividend Payment Date. 
 2.21 Individual Accounts. The term “Individual Accounts” or “Accounts” means the
separate Deferred Compensation Account and Share Accounts, described in Section 6 hereof, which are established under the Plan for each Participant. When used in the singular, the term shall refer to one of these accounts, as the context
requires. 
 2.22 Grandfathered Accounts. The term “Grandfathered Accounts” means the portion of a Participant’s
Accounts attributable to the Deferred Amounts (and the earnings thereon) that are both earned and vested as of December 31, 2004. 
 2.23 Participant. The term “Participant” means a Director who is a Deferred Stock Participant, a Deferred Compensation Participant, or both, as the case may be. 
 2.24 Plan. The term “Plan” means the Wyeth Directors’ Deferral Plan, as set forth herein and as it may be amended from time to
time. 
 2.25 Prior Plan. The term “Prior Plan” has the meaning set forth in Section 1 hereof. 
 2.26 Retirement Plan Transferred Amount. The term “Retirement Plan Transferred Amount” means the amount transferred to a
Participant’s Share Accounts in accordance with Section 5.4. 
  

 4 

 2.27 Section 409A. The term “Section 409A” means Section 409A of the
Code. 
 2.28 Section 409A Change in Control Event. The term “Section 409A Change in Control Event” means a change
in control event within the meaning of the default definitions set forth in Treasury Regulation Section 1.409A-3(i)(5) or the successor thereto. 
 2.29 Section 409A Compliance. The term “Section 409A Compliance” shall have the meaning attributed thereto in Section 11. 
 2.30 Share. The term “Share” means a share of Common Stock, par value $.33-1/3 per share, of the Company. 
 2.31 Share Accounts. The term “Share Accounts” means a Participant’s Vested Share Account and Unvested Share Account. 

2.32 Share Equivalents. The term “Share Equivalents” means bookkeeping entries credited to a Participant’s Share Accounts and
denominated in Shares. 
 2.33 Specified Employee. The term “Specified
Employee” means (a) each “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code, who meets the requirements of Section 416(i)(1)(A)(i), (ii) or (iii) of the Code (applied in accordance with
the regulations thereunder and disregarding Section 416(i)(5) of the Code) any time during the 12 month period ending on December 31st of a
calendar year and (b) to the extent not otherwise included in (a) hereof, each of the top-100 paid individuals (based on taxable wages as reported in Box 1 of Form W-2 for the 12- month period ending on December 31st of such calendar year plus amounts that would be included in wages for such 12 month period but for pre-tax deferrals to a tax-favored retirement plan or
cafeteria plan or for qualified transportation benefits) who performed services for the Company at any time during the 12- month period ending on December 31st of such calendar year. A Participant shall be treated as a “Specified Employee” for the 12-month period beginning on April 1st of
the calendar year following the calendar year for which the determination under clause (a) or (b) of this definition is made. 
  

 5 

 2.34 Termination of Board Membership. The term “Termination of Board Membership”, with
respect to a Participant’s 409A Accounts, means (i) the date on which a Participant ceases to be a member of the Board of Directors, provided that such cessation constitutes a separation from service from the Company and its
Affiliates that meets the requirements of the default provisions of Treasury Regulation Section 1.409A-1(h) or the successor thereto or (ii) such later date on which the Participant incurs a separation from service from the Company and its
Affiliates that meets the requirements of the default provisions of Treasury Regulation Section 1.409A-1(h) or the successor thereto. With respect to a Participant’s Grandfathered Accounts, Termination of Board Membership means the date on
which a Participant ceases to be a member of the Board of Directors. 
 2.35 Unvested Share Account. The term “Unvested Share
Account” means an account consisting of amounts transferred under Section 5.4 for which the vesting requirements of Section 5.5(ii) have not been satisfied, and which are denominated in Share Equivalents as described in
Section 6.2. 
 2.36 Vested Share Account. The term “Vested Share Account” means an account consisting of amounts
transferred under Section 5.4 for which the vesting requirements of Section 5.5(ii) have been satisfied together with amounts deferred hereunder, and which are denominated in Share Equivalents as described in Section 6.2, and
including any amounts previously maintained in a Participant’s Unvested Share Account which are transferred to such account following satisfaction of the vesting requirements described in Section 5.5(ii) and any cash accruing interest
pending the next Quarterly Deferral Allocation Date (as hereinafter defined). 
 2.37 Year of Service. The term “Year of
Service” means each full year and any partial year an individual served as a Director. For this purpose a “year” is the twelve-month period commencing with the first day of the individual’s service as a Director of the Company
both before and after the effective date of the Plan. For purposes of the (i) 409A Accounts, Year of Service shall be determined in accordance with the Plan in effect as of January 1, 2008 and (ii) Grandfathered Accounts, Year of
Service shall be determined in accordance with the Plan in effect on October 3, 2004. 
  

 6 

 SECTION 3. DEFERRED STOCK PARTICIPANT 
 Each person who as of the effective date of this Plan is currently serving or who is hereafter elected or appointed to serve as a Director, as the case
may be, who is not an employee of the Company, and who elects to become a Participant by making a deferral under Section 5.2, or for whom a transfer is made under Section 5.4, shall become a Deferred Stock Participant. A Deferred Stock
Participant shall cease to participate in the Plan with respect to future compensation when the Participant ceases to be a Director. For purposes of the Plan, a Director shall be deemed to cease to be a Deferred Stock Participant with respect to
future compensation on the first day of the month next following the month in which he/she last serves as a Director. 
 SECTION 4. DEFERRED
COMPENSATION PARTICIPANT 
 By the deadline established by the Committee which shall be prior to the beginning of any calendar year, any
Director who is not an employee of the Company may defer the receipt of Compensation to be earned by the Director during such calendar year by filing with the Company a written election that: 
 (i) defers payment of a designated amount (of One Thousand Dollars ($1,000) or more) or a percentage of his/her Compensation for services
attributable to such calendar year (the “Deferred Amount”); 
 (ii) specifies the payment option selected by the
Participant pursuant to Section 7.2 hereof for such Deferred Amount; and 
 (iii) specifies the options selected by the
Participant pursuant to Section 5 hereof for such Deferred Amount. 
 The Deferred Amount may not exceed the Director’s
Compensation for the period of deferral and shall be separately determined for each calendar year. Notwithstanding the foregoing, any individual who is not an employee of the Company, and who is newly elected or appointed to serve as a Director may,
by the deadline established by the Committee which shall 

  

 7 

 
be no later than thirty (30) days after the earlier of (A) the date his/her election or appointment as a Director becomes effective, and
(B) the date the Director first becomes eligible to participate in any arrangement for Directors sponsored by the Company or an Affiliate that is an “elective account balance plan” as such term is defined for purposes of
Section 409A (the “Initial Election Period”), elect in accordance with the preceding provisions of this Section 4, to defer the receipt of Compensation earned during the portion of the current calendar year that follows the last
day of the election period described above in this paragraph. Any elections made pursuant to this Section 4 shall be irrevocable (i) on the last day of the calendar year immediately preceding the calendar year as to which the election
applies, or (ii) on the last day of the Initial Election Period, as applicable. If a Participant fails to cancel an election under this Section 4 with respect to his/her Deferred Amount for a future calendar year, the Participant’s
current election shall remain in effect for such entire future calendar year. A Participant may thereafter make a new election with regard to a future calendar year in accordance with the first paragraph of this Section 4 or cancel an election
with regard to a future calendar year, provided that such election or cancellation is made on or prior to December 31 of the calendar year proceeding such future calendar year. A Participant shall not be permitted to change or cancel an
election with regard to a particular calendar year on or after January 1 of such calendar year. Notwithstanding anything in this Section 4 to the contrary, for purposes of elections pursuant to this Section 4 made during calendar
years 2005, 2006 and 2007, the Committee may, in its discretion, establish a deadline that is later than the deadline otherwise permitted by this Section 4, provided that such extension is permitted by the Applicable Transition Relief.

 SECTION 5. FORM OF DEFERRED COMPENSATION CREDITS 
 5.1 Deferred Compensation Account. Except with respect to the deferral of Compensation for a year in which a Deferred Compensation Participant elects to have all or a percentage of the Deferred Amount credited
in Shares in accordance with Section 5.2 hereof, the Deferred Amount shall be denominated in U.S. dollars and credited to the Participant’s Deferred Compensation Account pursuant to Section 6.1 hereof. 
  

 8 

 5.2 Shares. Prior to the beginning of any calendar year or, in the case of an election by a
Director who is first eligible to participate in an elective account balance plan, during the Initial Election Period, as applicable, a Deferred Compensation Participant may elect, by filing a written election with the Board of Directors, to have
all or a percentage of the Deferred Amount for the calendar year credited in Share Equivalents and allocated to the Participant’s Vested Share Account pursuant to Section 6.2 hereof. Any elections made pursuant to this Section 5.2
shall be irrevocable on the last day of the calendar year immediately preceding the calendar year as to which the election applies or, if applicable, on the last day of the Initial Election Period described in Section 4. If a Participant fails
to discontinue an election under this Section 5 with respect to his/her Deferred Amount for a future period, his/her current election shall remain in effect, provided, however, that the Participant may thereafter make a new election with regard
to a future calendar year at any time. 
 5.3 Transfer of Deferred Compensation Account Balance to Share Account. Prior to the
effective date of the Plan, a Deferred Compensation Participant may elect to have all or a portion of his/her final credited account balance in the Prior Plan (i.e., the balance as of April 30, 1997) converted to Share Equivalents and credited
to the Participant’s Vested Share Account. Such conversion shall take place as of May 1, 1997, based on the Average Closing Price as of May 1, 1997. 
 5.4 Transfer of Present Value of Accrued Benefits Under Retirement Plan to Share Account. Prior to the effective date of the Plan, a Deferred Compensation Participant shall have allocated to his/her Unvested
Share Account, or if a Participant has satisfied the vesting requirements set forth in Section 5.5(ii) hereof, to his/her Vested Share Account, the number of Share Equivalents (maintained in fractions and rounded to three (3) decimal
places) having a market value (calculated as set forth below) equal to the actuarial present value as of May 1, 1997, of the amount that would have been due to such Participant under the American Home Products Corporation Retirement Plan for
Outside Directors at the time of his/her earliest retirement date assuming that the Participant has then satisfied the vesting requirements thereunder (the “Retirement Plan Transferred Amount”). Such actuarial present value
calculation shall be performed by the Company in its discretion and shall be converted to Share Equivalents and credited to the Participant’s Unvested or Vested Share Account, as the case may be. Such conversion shall take place as of
May 1, 1997, based on the Average Closing Price as of that date. 
  

 9 

 5.5 Vesting of Unvested Share Account. 
 (i) All amounts transferred pursuant to Section 5.4 shall be maintained in a Vested Share Account to the extent vested at the time of
transfer. All amounts which are not vested will be held in an Unvested Share Account until the Participant shall have satisfied the vesting requirements set forth in Section 5.5(ii), at which time such amounts in the Participant’s Unvested
Share Account shall be transferred from such Unvested Share Account and shall become a part of or be added to the Participant’s Vested Share Account. 
 (ii) A Participant shall have satisfied the vesting requirements upon completion of at least ten (10) Years of Service and attainment of age sixty-five (65), provided, however, that a Participant who ceases to be
a Director prior to attainment of age sixty-five (65) with at least ten (10) Years of Service shall be deemed to have satisfied the vesting requirements upon the first to occur of (1) attainment of age sixty-five (65), (2) death,
or (3) Disability. Any amounts in a Participant’s Unvested Share Account at the time the Participant incurs a Termination of Board Membership shall be forfeited if the Participant has not completed at least ten (10) Years of Service.

 SECTION 6. INDIVIDUAL ACCOUNTS 
 The Company shall maintain Individual Accounts for Participants, as follows: 
 6.1 Deferred Compensation Account. The
Company shall maintain a Deferred Compensation Account in the name of each Deferred Compensation Participant with respect to any amounts deferred under the Plan which the Deferred Compensation Participant does not elect to have credited in Share
Equivalents pursuant to Section 5.2 or 5.3 hereof. The portion of a Participant’s Deferred Compensation Account attributable to amounts deferred under the Plan that were earned and vested (for purposes of Section 409A) as of
December 31, 2004 shall be 

  

 10 

 
separately accounted for. The opening balance of each Participant’s Deferred Compensation Account on the effective date of this Plan shall be equal to
the closing balance on the immediately preceding date of the corresponding account maintained on the Participant’s behalf under the Prior Plan, if any, less any portion of such account converted to Share Equivalents and allocated to the
Participant’s Vested Share Account pursuant to Section 5.3 hereof. The Deferred Compensation Account shall be denominated in U.S. dollars, rounded to the nearest whole cent. A Deferred Amount allocated to a Deferred Compensation Account
pursuant to Section 5.1 hereof shall be credited to the Deferred Compensation Account as of the Deferral Allocation Date. 
 6.2
Share Accounts. The Company shall maintain Share Accounts consisting of (i) a Vested Share Account and (ii) an Unvested Share Account. The portion of a Participant’s Share Accounts attributable to amounts deferred under the
Plan that were earned and vested (for purposes of Section 409A) as of December 31, 2004 shall be separately accounted for. The Share Accounts shall be denominated in Share Equivalents, and shall be maintained in fractions rounded to
three (3) decimal places. Share Equivalents allocated to a Deferred Stock Participant’s Vested Share Account in accordance with the Participant’s election under Section 5.2 hereof, shall be credited to the Participant’s
Vested Share Account as of the Deferral Allocation Date next occurring in January, April, July or October (each a “Quarterly Deferral Allocation Date”), provided that a Deferred Amount so credited shall be credited with deemed interest at
the Company Credit rate calculated in accordance with Section 6.3 from the actual Deferral Allocation Date, if different, until the day preceding the next Quarterly Deferral Allocation Date. Share Equivalents and, if necessary, fractional Share
Equivalents, shall be credited to a Participant’s Vested Share Account based on the Average Closing Price at the Deferral Allocation Date. 
 6.3 Accrual of Company Credit. The Treasurer of the Company shall determine the annual rate of Company Credit in January of each calendar year. This rate as so determined shall be effective for the then current calendar year. The
Company Credit shall be compounded and credited to each Deferred Compensation Account as of the last day of each calendar quarter for each month (or part thereof) that the Participant serves as a Director during such calendar year. 
  

 11 

 If a Participant elects the payment option under either Section 7.2(i)(b) or Section 7.2(i)(c) below, the
Company Credit shall continue to be credited to the Participant’s account until distributed. 
 6.4 Cash Dividends. Cash
dividends paid on Shares shall be deemed to have been paid on the Share Equivalents allocated to each Participant’s Share Accounts and shall be treated as if the allocated Share Equivalents were actual Shares issued and outstanding on the
Dividend Record Date. An amount equal to the amount of such dividends shall be credited in Share Equivalents to each Share Account as of each Dividend Allocation Date based on the Average Closing Price at the Dividend Allocation Date and shall be
paid, to the extent vested, at the same time and in the same form as the Share Equivalents to which such cash dividends relate. 
 6.5
Capital Adjustments. The number of Share Equivalents allocated to Share Accounts shall be adjusted by the Board of Directors, as it deems appropriate, to reflect stock dividends, stock splits, reclassifications, spinoffs, and other
extraordinary distributions, as if those Share Equivalents were actual Shares. 
 6.6 Account Statements. Within a reasonable time
following the end of each calendar year, the Company shall provide an annual statement to each Participant. The annual statement for each Participant shall report the number of Share Equivalents credited to each of the Participant’s Share
Accounts (together with the dollar amount of any cash accruing interest pending the next Quarterly Deferral Allocation Date) and shall report the dollar amount credited to the Participant’s Deferred Compensation Account as of December 31
of that year. 
 SECTION 7. PAYMENT PROVISIONS 
 7.1 Method of Payment. All payments to a Participant (or to a Participant’s Beneficiary or estate, as the case may be) with respect to the Participant’s Deferred Compensation Account and Vested Share
Account shall be paid in cash only, with Share Equivalents valued as set forth in Section 7.2 below. 
  

 12 

 7.2 Payment Options. 
 (i) At the time each Director makes a deferral election pursuant to Section 4, or for Participants who are Directors on May 1,
1997, prior to the effective date of the Plan, the Participant shall select a payment option with respect to the payment of the Participant’s Individual Accounts from the following payment options, subject to this Section 7.2 and
Section 7.3: 
 (a) a lump sum paid on the first day of the calendar quarter following the calendar quarter in which the
Participant incurs a Termination of Board Membership; 
 (b) payments in substantially equal annual installments over a period
of between two (2) to ten (10) years, as elected by the Participant at the time he/she makes his/her election under this paragraph (i)(b), commencing in January of the calendar year following the calendar year during which the
Participant incurs a Termination of Board Membership, with Share Equivalents in the Participant’s Vested Share Account treated as described in paragraph (iii) below; or 
 (c) payments in annual installments over a period of between two (2) to ten (10) years as elected by the Participant at the time
he/she makes his/her election under this paragraph (i)(c), commencing in January of the calendar year following the calendar year during which the Participant incurs a Termination of Board Membership, with Share Equivalents in the
Participant’s Vested Share Account treated as described in paragraph (iv) below. 
 (ii) If the payment option
described in paragraph (i)(a) above has been elected, the amount of the lump sum with respect to the Participant’s Deferred Compensation Account shall be equal to the portion of such Deferred Compensation Account as of the last day of the
calendar quarter preceding the date of payment attributable to a Deferred Amount subject to paragraph (i)(a), and the amount of the lump sum with respect to the 

  

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portion of the Participant’s Vested Share Account attributable to a Deferred Amount subject to paragraph (i)(a) shall be equal to the Average
Closing Price as of the last day of the calendar quarter preceding the date of payments multiplied by the number of Share Equivalents attributable to each such Deferred Amount and credited to the Participant’s Vested Share Account as of such
date plus any cash accruing interest pending the next Quarterly Deferral Allocation Date. 
 (iii) If the payment option
described in paragraph (i)(b) above has been elected, the value of the portion of Participant’s Vested Share Account attributable to a Deferred Amount subject to paragraph (i)(b) shall be added to the amount in such Participant’s
Deferred Compensation Account attributable to a Deferred Amount subject to paragraph (i)(b) based on the Average Closing Price at the date of the first payment and the amount of each installment with respect to such portion of the Participant’s
Deferred Compensation Account (including the portion transferred from the Participant’s Vested Share Account and any cash accruing interest pending the next Quarterly Deferral Allocation Date) shall be paid annually, in substantially equal
installment amounts based on the applicable number of installments elected. The determination of the amount of substantially equal installment payments shall be a fixed annuity computation determined based on the amount of the portion of the
Participant’s Deferred Compensation Account (including the amount transferred from the Participant’s Vested Share Account) subject to paragraph (i)(b) at the time of the first payment, the annual rate of the Company Credit at that time and
the number of installments selected, assuming compounding of the Company Credit on a quarterly basis. 
 (iv) If the payment
option described in paragraph (i)(c) above has been elected, the amount of each installment with respect to the portion of the Participant’s Deferred Compensation Account and Vested Share Account (and any cash accruing interest pending the
next Quarterly Deferral Allocation Date) attributable to a Deferred Amount subject to paragraph (i)(c) shall be paid annually, in the number of installments elected. The amount to be distributed annually with respect to Share Equivalents shall
be computed by dividing the number of Share Equivalents in the Participant’s Vested Share 

  

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Account attributable to a Deferred Amount subject to paragraph (i)(c) by the number of installment payments selected, with the resulting number of Share
Equivalents paid in cash, based on the Average Closing Price as of the December 31 preceding each date of payment. Any additional amounts in respect of Share Equivalents attributable to such Deferred Amount relating to dividend equivalents
during the duration of installment payments shall be included with and paid as part of the last installment. 
 (v) If the
Participant fails to elect a payment option, the amount credited to the Participant’s Deferred Compensation Account and Vested Share Account shall be distributed in a lump sum in accordance with the payment option described in
paragraph (i)(a) and paragraph (ii) above. 
 (vi) Notwithstanding anything in paragraphs (iii) and
(iv) above to the contrary, separate calculations shall be performed to the extent that Deferred Amounts subject to paragraphs (iii) or (iv) have different payment dates. 
 (vii) Notwithstanding anything in this Section 7.2 to the contrary, (A) effective January 1, 2008, amounts in a
Participant’s 409A Accounts attributable to the Retirement Plan Transferred Amount (if any) shall be paid to the Participant, subject to Section 5.5, in the form selected in paragraph (i)(a), (i)(b), or (i)(c), or pursuant to paragraph
(v), if applicable, on the later of the first day of the month following (x) the Participant’s Termination of Board Membership determined pursuant to paragraph (i)(a), (i)(b), (i)(c) or (v), as applicable, and (y) the
Participant’s attainment of age 65 and (B) amounts in a Participant’s Grandfathered Accounts attributable to such Participant’s Retirement Plan Transferred Amount (if any) credited as of his Termination of Board Membership
to his (I) Vested Share Account shall be paid in accordance with the time and form selected in paragraph (i)(a), (i)(b), or (i)(c) or pursuant to paragraph (v), if applicable, and (II) Unvested Share Account, if any, shall be paid,
subject to Section 5.5, to the Participant in the form selected in paragraph (i)(a), (i)(b), or (i)(c), or pursuant to paragraph (v), if applicable, on the first to occur of (1) attainment of age 65 and (2) Disability. If the
payment option described in paragraph (i)(a) above has been selected, the value of the Unvested Share Account shall be determined based on the Average 

  

 15 

 
Closing Price as of the December 31 preceding the date of payment. If the payment option described in paragraph (i)(b) above has been selected,
payment shall be made in accordance with Section 7.2(iii). If the payment option in paragraph (i)(c) above has been selected, payment shall be made in accordance with Section 7.2(iv). Notwithstanding the foregoing, any amounts
attributable to Retirement Plan Transferred Assets at the date of a Participant’ death (at any time), including amounts in the Unvested Share Account, shall be paid to the Participant’s Beneficiary or estate, as the case may be, in
accordance with Section 7.3. 
 7.3 Payment Upon Death. Notwithstanding any other provision of the Plan to the contrary, on the
first day of the month following the date of a Participant’s Termination of Board Membership due to his or her death or death following a Termination of Board Membership, the amount credited to the Participant’s Deferred Compensation
Account and all of the Share Equivalents credited to the Participant’s Share Accounts shall be paid by the Company in a lump sum to the Participant’s Beneficiary. For purposes of this Section 7.3, the amount credited to the
Participant’s Deferred Compensation Account, and the number and value of Share Equivalents credited to the Participant’s Share Accounts, shall be determined as of the date of payment using the Average Closing Price. A Participant may
designate a Beneficiary, in writing, in a form acceptable to the Board of Directors. A Participant may revoke a prior designation of a Beneficiary and may also designate a new Beneficiary without the consent of the previously designated Beneficiary,
provided, however, that such revocation and new designation (if any) are in writing, in a form acceptable to the Board of Directors, and filed with the Board of Directors before the Participant’s death. If the Participant does not designate a
Beneficiary, or if no designated Beneficiary survives the Participant, any amount not distributed to the Participant during the Participant’s life shall be paid to the Participant’s estate in a lump sum in accordance with this
Section 7.3. 
 7.4 Payment on Unforeseeable Emergency. The Board of Directors may, in its sole discretion, direct payment to a
Participant of all or of any portion of the vested portion of a Participant’s Accounts, notwithstanding an election of a payment option under Section 7.2 above, at any time that the Board of Directors determines that such Participant has
an 

  

 16 

 
unforeseeable emergency. With respect to that portion of the Participant’s Grandfathered Accounts, “unforeseeable emergency” means severe
financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant. With respect to a Participant’s 409A Accounts, “unforeseeable emergency” means “unforeseeable emergency” within the
meaning of Section 409A. Notwithstanding the foregoing to the contrary, payments under this Section 7.4 shall be permitted in the event of an unforeseeable emergency (i) with respect to the Grandfathered Accounts, only to the extent
reasonably necessary to meet the emergency and (ii) with respect to the 409A Accounts, only if the emergency cannot be relieved through reimbursement from insurance or otherwise, by liquidation of the Participant’s assets, to the
extent the liquidation of such assets would not cause severe financial hardship to the Participant or by cessation of deferrals by the Participant in the Plan (determined without consideration of amounts available to the Participant from other
deferred compensation plans). For purposes of this Section 7.4, the value of the Shares shall be calculated based on the closing market per-share price for the Common Stock as reported on the Consolidated Transaction Reporting System on the
trading day immediately preceding the designated date of issuance or on such other reasonable basis for determining fair market value as the Committee may from time to time adopt. If the withdrawal due to the Unforeseeable Emergency is taken from
the Deferred Amount or the Retirement Plan Transferred Amount that the Participant elected, pursuant to Section 7.2, to have paid as installments, the amount of such withdrawal shall be deducted from the remaining installments to be paid to
such Participant starting with the last in time of such installments scheduled to be paid. 
 7.5 Delay for Specified Employees.
Notwithstanding anything in Section 7 to the contrary, (a) to the extent that the Shares credited to a Participant’s 409A Accounts are to be issued for any reason other than Termination of Board Membership due to death during the
period beginning on the Participant’s Termination from Board Membership and ending on the six-month anniversary of such date and (b) at the time of such Termination of Board Membership, the Participant is a Specified Employee, then such
issuance shall be delayed until the first day of the month following the six-month anniversary of the Termination of Board Membership. 
  

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 SECTION 8. OWNERSHIP OF SHARES 
 A Participant shall have no rights as a shareholder of the Company with respect to any Shares represented by the Share Equivalents described hereunder.

 SECTION 9. PROHIBITION AGAINST TRANSFER 
 The right of a Participant to receive payments under the Plan may not be transferred except by will or applicable laws of descent and distribution. A Participant may not assign, sell, pledge, or otherwise transfer
amounts to which he/she is entitled hereunder prior to payment thereof to the Participant. 
 SECTION 10. GENERAL PROVISIONS 
 10.1 Director’s Rights Unsecured. The Plan is unfunded. The right of any Participant to receive payments of cash under the provisions of the
Plan shall be an unsecured claim against the general assets of the Company. 
 10.2 Administration. Except as otherwise provided in
the Plan, the Plan shall be administered by the Board of Directors, which shall have the authority to adopt rules and regulations for carrying out the Plan, and which shall interpret, construe, and implement the provisions of the Plan. This Plan is
intended to comply with Section 16 of the Securities Exchange Act of 1934, as amended (the “Act”) and the rules promulgated thereunder. 
 10.3 Legal Opinions. The Board of Directors may consult with legal counsel, who may be counsel for the Company or other counsel, with respect to its obligations and duties under the Plan, or with respect to any
action, proceeding, or any questions of law, and shall not be liable with respect to any good faith action taken, or omitted, by it pursuant to the advice of such counsel. 
  

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 10.4 Liability. Any decision made or action taken by the Board of Directors, or any employee of
the Company or any of its subsidiaries, arising out of or in connection with the construction, administration, interpretation, or effect of the Plan, shall be absolutely discretionary, and shall be conclusive and binding on all parties. Neither the
Board of Directors nor any employee of the Company or any of its subsidiaries shall be liable for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom duties in connection with the
administration of the Plan have been delegated or, except in circumstances involving bad faith, for anything done or omitted to be done. 
 10.5 Withholding. The Company shall have the right to deduct from all payments hereunder any federal, state, local and foreign taxes required by law to be withheld from such payments. The recipients of such payments shall bear all
taxes on amounts paid under the Plan to the extent that no taxes are withheld thereon, irrespective of whether withholding is required. 
 10.6 Legal Holidays. If any day on (or on or before) which action under the Plan must be taken falls on a Saturday, Sunday, or legal holiday, such action may be taken on (or on or before) the next succeeding day that is not a
Saturday, Sunday, or legal holiday; provided, however, that this Section 10.6 shall not permit any action that must be taken in one calendar year to be taken in any subsequent calendar year. 
 10.7 Severability. In the event any provision of the Plan shall be held or determined to be illegal or invalid for any reason or it is determined
that any provision of the Plan would cause any Participant to be in constructive receipt for federal or state income tax purposes of any portion of his or her Accounts, then such provision will be considered null and void and the Plan shall be
construed and enforced as if the provision had not been included in the Plan as of the date such provision was determined to be illegal, invalid or to have the potential to cause the Participant to be in constructive receipt of a portion of his or
her Accounts. 
  

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 10.8 Applicable Transition Relief. 
 (i) All Participant elections made through December 31, 2007 regarding distribution of the Participant’s 409A Accounts shall be
pursuant to the Applicable Transition Relief. 
 (ii) To the extent that any Participant receives in 2005 a distribution of
all, or any portion of, the balance in the Participant’s 409A Accounts, such distribution shall be deemed a termination of such Participant’s participation in the Plan with respect to all or such portion of the Participant’s
409A Accounts, in accordance with to the Applicable Transition Relief. 
 SECTION 11. AMENDMENT, SUSPENSION, AND TERMINATION 

The Board of Directors shall have the right at any time, and for any reason, to amend, suspend, or terminate the Plan, provided, however, that no
amendment, suspension, or termination shall reduce the number of Share Equivalents or the cash balance in an Individual Account. The termination of the Plan shall not result in any acceleration of the payment of the balance of any Participant’s
409A Accounts, unless the Board decides, in its discretion to accelerate payment and such acceleration may be effected in a manner that will not cause any person to incur taxes, interest or penalties under Section 409A
(“Section 409A Compliance”). 
 SECTION 12. APPLICABLE LAW 
 The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware, except to the extent that such laws are preempted by
federal law. 
 SECTION 13. EFFECTIVE DATE 
 The initial effective date of this Plan is May 1, 1997. Nothing herein shall invalidate or adversely affect any previous election, designation, deferral, or accrual in accordance with the terms of the Prior Plan
that were in effect prior to the effective date of this Plan. 
  

 20 

 SECTION 14. CHANGE IN CONTROL 
 Upon the occurrence of a Change in Control, all Accounts under the Plan that are not fully vested as of the date of such occurrence (and which have not
previously been forfeited) will become fully vested. Notwithstanding any prior election by a Participant to the contrary, at any time following a Change in Control a Participant may elect to accelerate any or all payments from such
Participant’s Grandfathered Accounts due under the Plan to a single sum payment to be made on a date at least twelve (12) months subsequent to such election, provided, however, that such election may be made for an immediate single sum
payment, in which six percent (6%) of the amount of the accelerated payment shall be permanently forfeited to the Company. Notwithstanding any prior election by a Participant to the contrary, a Participant’s 409A Accounts shall be
paid to such Participant at the time of the Change in Control in a lump sum solely to the extent that such Change of Control transaction is also a Section 409A Change in Control Event. For purposes of this provision, a Change in Control
will be deemed to have occurred if: 
 (i) any person or persons acting in concert (excluding Company benefit plans) becomes
the beneficial owner of securities of the Company having at least 20% of the voting power of the Company’s then outstanding securities (unless the event causing the 20% threshold to be crossed is an acquisition of voting common securities
directly from the Company); or 
 (ii) the consummation of any merger or other business combination of the Company, sale or
lease of the Company’s assets or combination of the foregoing transactions (the “Transactions”) other than a Transaction immediately following which the shareholders of the Company who owned shares immediately prior to the Transaction
(including any trustee or fiduciary of any Company employee benefit plan) own, by virtue of their prior ownership of the Company’s shares, at least 65% of the voting power, directly or indirectly, of (a) the surviving corporation in any
such merger or other business combination; (b) the purchaser or lessee of the Company’s assets; or (c) both the surviving corporation and the purchaser or lessee in the event of any combination of Transactions; or 
  

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 (iii) within any 24 month period, the persons who were directors immediately before
the beginning of such period (the “Incumbent Directors”) shall cease (for any reason other than death) to constitute at least a majority of the Board of Directors or the board of directors of a successor to the Company. For this purpose,
any director who was not a director at the beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the Board of Directors by, or on the recommendation of or with the approval of, at least two–thirds
of the directors who then qualified as Incumbent Directors (so long as such director was not nominated by a person who has expressed an intent to effect a Change in Control or engage in a proxy or other control contest). 
 SECTION 15. 409A 
 The Board of Directors
shall not have the discretionary authority to accelerate or delay distribution of any amount from a 409A Account except to the extent that such acceleration or delay may, in the discretion of the Board of Directors, be effected in a manner that
will result in Section 409A Compliance. 
  

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