Document:

EX-10.11

 Exhibit 10.11 

 
 

 
 April 12, 2021 
 Rebecca
Whitney 
 [Address redacted] 
 Dear Rebecca, 

We are pleased to offer you the position of SVP, President—Spine for NewCo (“NewCo”), a corporation to be formed as a wholly owned subsidiary
of Zimmer Biomet (the “Company”) in anticipation of the spin-off of certain Company’s businesses, reporting to me. In this position, you will be paid a gross annual base salary of $400,000 in bi-weekly installments and your salary grade will be Z05. Your position is exempt, as such, your annual salary is intended to compensate you for all hours worked and you will not be eligible to receive overtime pay.
Your start date will be April 19, 2021. 
 Neither this letter nor any other written or oral statement by the Company or NewCo, including any policy
manual or handbook, creates a contract of employment, express or implied, or a guarantee of employment for any specific time period. At all times, your employment will be at will, meaning either you or Zimmer Biomet (or NewCo following the spin
transaction) may terminate your employment for any reason and at any time, with or without notice. 
 Annual Merit Adjustment 

Beginning in 2022, you will be eligible for Zimmer Biomet’s annual merit review process which involves possible base pay adjustments consistent with your
job performance until such time that NewCo is established as a separate legal entity; at that time, you will be eligible for NewCo’s annual merit review process. 

Performance Incentive Plan 
 You will be eligible
to earn an annual bonus under the Zimmer Biomet Holdings, Inc. Non-Executive Performance Incentive Plan (“Plan”), subject to the terms of that Plan, which may be changed by the Company in its sole
discretion. Your current target bonus in this position is 50% of your eligible earnings for the 2021 bonus year. The bonus that you may earn under the Plan may be more or less than this target percentage, depending on actual year-end results for the established performance measures, and the application of applicable modifiers, if any. Annual bonuses under the Plan are paid by March
15th of the year following the performance year. You generally must remain employed by Zimmer Biomet at the time of bonus payout to earn the bonus; however, once NewCo is established, you will be
eligible to earn an annual bonus under the new entity’s Performance Incentive Plan. 
 Long-Term Incentive Plan 

Based on your performance, you may be eligible to receive annual Zimmer Biomet stock option grants or other equity awards beginning in 2022 at the discretion
of the Compensation and Management Development Committee (“Committee”) of the Board of Directors of the Company (the “Board”). These grants provide opportunities for longterm compensation and ownership of the Company and are
subject to the terms of the applicable grant award agreements and stock incentive plan. For 2022, your estimated LTI grant date fair value in this role will be approximately $600,000. We anticipate the grant date of the 2022 award will be in or
around February/March 2022, subject to the Committee’s approval. Once NewCo is established, you may be eligible to receive stock option grants or other equity awards in respect of NewCo stock after NewCo is spun off. 

NewCo Change In Control (“CIC”) Severance Agreement and Executive Severance Plan 

It is expected that you will be a covered participant in NewCo’s CIC Severance Agreement and Executive Severance Plan once established at the separation
of Zimmer Biomet and NewCo. Generally, the expected payment under the CIC Severance Agreement for a qualifying termination by NewCo without cause or by you for good reason following a CIC of NewCo is expected to be two times your annual base salary
and bonus target. Additionally, your expected payment under the Executive Severance Plan, for qualifying terminations prior to a CIC, is expected to be the sum of your final base salary and final target bonus. There would be no duplication of
benefits provided under the CIC Severance Agreement and the Executive Severance Plan or otherwise. 
 Mileage Reimbursement 

In accordance with Zimmer Biomet policies, you will be reimbursed for business mileage at the rate determined by the IRS from time to time or at any
alternative rate required by law. Also and unless otherwise required by law, Zimmer Biomet will not reimburse you for gas, maintenance or repairs separately from this mileage reimbursement and this mileage reimbursement will not be eligible for any
benefits and/or compensation plan purposes. This mileage reimbursement is tied to your position, so if you change positions within the Company you may become ineligible for the mileage reimbursement. 

 

 
  

 Repayment Obligation/Company’s Right to Offset 

If you leave the Company, you agree that you will be required to repay any amounts you may owe the Company as of your last day of employment. You also agree
that the Company, to the extent permitted by law, will be able to deduct and offset any amounts you owe from or against any payments to be made to you, including but not limited to payments for wages, bonuses, expenses, or vacation pay and you agree
to reimburse the Company for any remaining balance owed after such deduction or offset. Finally, you agree to execute any agreement presented by Zimmer Biomet related to your repayment obligation. 

Restrictive Covenant Agreement 
 This offer is
contingent upon your agreement to the Non-Disclosure and Intellectual Property Agreement or Restrictive Covenant, Non-Disclosure and Intellectual Property
Agreement, which will be sent to you through DocuSign 
 Conflicts of Interest Policy and Reporting Requirements 

Please remember that in accordance with the Company’s Conflicts of Interest Policy, you are required disclose any Close Personal Relationship you have
with any Company employee if: (1) one of the two of you would be in the reporting line of the other; (2) one of you would act as the other’s supervisor, manager or lead, whether or not the two of you would share a formal reporting
line; (3) one of you is in a Corporate gatekeeping function (e.g., Legal, Compliance, Finance, Internal Audit, Human Resources, Trade Compliance); or (4) one of you is on the Leadership Team or otherwise is or would be in a Senior Vice
President or higher role. You must also disclose to Human Resources any such Close Personal Relationship with a leased staff person assigned to work for Zimmer Biomet or with a Zimmer Biomet contractor. 

You must also disclose any Close Personal Relationship1 or other potential conflict (e.g., a non-Zimmer Biomet business relationship) that you have with any Healthcare Professionals2 or other Public
Officials,3 or any other potential conflicts (e.g., ownership or investment in a Zimmer Biomet supplier or business partner or your being subject to any restrictive covenant agreements that would
inhibit or prevent you from working for Zimmer Biomet) that might interfere or appear to interfere with your employment for Zimmer Biomet. Human Resources and/or Compliance will determine whether the disclosed relationship poses an actual or
potential conflict of interest, and if so, what will be done to address the conflict. 
 Please note that Zimmer Biomet reserves the right to revise,
supplement, or rescind from time to time and as it deems appropriate any policies or plans referenced in this letter or applicable to your employment. By signing below, you agree that this offer letter constitutes the entire understanding and
agreement between the company and you with respect to this offer and supersedes all prior and simultaneous verbal or written agreements, understandings or communications regarding this offer. 

 

	1 	 A “Close Personal Relationship” is defined as a parent, sibling, child, grandparent, or grandchild,
whether by birth or adoption; a similar step- and half- relative or in-law; a spouse or domestic partner; or an individual with whom the Team Member is involved in a romantic and/or sexual relationship.

	2 	 A “Healthcare Professional” is defined as an individual, entity, or employee of such entity, within
the continuum of care of a patient, which may purchase, lease, recommend, use, prescribe, or arrange for the purchase or lease of Zimmer Biomet products and services 

	3 	 A “Public Official” is defined as any officer, agent, or employee or any person acting for or on
behalf of: (1) a government, including any legislative, administrative, or judiciary branch of such government; (2) any department, agency, or instrumentality of a government, including wholly or majority state-owned or controlled
enterprises; (3) any public international organization, such as the United Nations or World Health Organization; (4) a political party (including the political party itself); or (5) any candidate for political office.

 

 
  

 Rebecca, congratulations on being offered the position of SVP, President—Spine, NewCo. We are very
excited to have you join us and are looking forward to your acceptance. Please sign your acceptance of this offer below and return a copy to me by April 16, 2021. By signing this letter below and accepting our conditional offer of employment,
you are representing that you desire to become employed by the Company under the terms described in this letter. 
 We believe that you will make a valuable
contribution and will find your career with Zimmer Biomet challenging and rewarding. Should you have any questions, please call Lori Winkler at 574-306-8253. 

Sincerely, 
 Vafa Jamali 

Chief Executive Officer, NewCo 
 Zimmer Biomet 

I hereby accept this offer of employment as outlined above: 
  

			
	 /s/ Rebecca Whitney
	 	 April 13, 2021  

		
	Signature	 	Date                 
	
	 Rebecca Whitney

	Printed Name

 Cc: HREX-10.12

 Exhibit 10.12 

 
 

 
 May 19, 2021 
 Indraneel
Kanaglekar 
 [Address redacted] 
 Dear Indraneel, 

We are pleased to offer you the position of SVP, President—Dental for NewCo (“NewCo”), a corporation to be formed as a wholly owned subsidiary
of Zimmer Biomet (the “Company”) in anticipation of the spin-off of certain Company’s businesses, reporting to me. In this position, you will be paid a gross annual base salary of $350,000 in bi-weekly installments and your salary grade will be Z05. Your position is exempt, as such, your annual salary is intended to compensate you for all hours worked and you will not be eligible to receive overtime pay.
Your start date is June 1, 2021. 
 Neither this letter nor any other written or oral statement by the Company or NewCo, including any policy
manual or handbook, creates a contract of employment, express or implied, or a guarantee of employment for any specific time period. At all times, your employment will be at will, meaning either you or Zimmer Biomet (or NewCo following the spin
transaction) may terminate your employment for any reason and at any time, with or without notice. 
 Annual Merit Adjustment 

Beginning in 2022, you will be eligible for Zimmer Biomet’s annual merit review process which involves possible base pay adjustments consistent with your
job performance until such time that NewCo is established as a separate legal entity; at that time, you will be eligible for NewCo’s annual merit review process. 

Performance Incentive Plan 
 You will be eligible
to earn an annual bonus under the Zimmer Biomet Holdings, Inc. Non-Executive Performance Incentive Plan (“Plan”), subject to the terms of that Plan, which may be changed by the Company in its sole
discretion. Your current target bonus in this position is 50% of your eligible earnings for the 2021 bonus year. The bonus that you may earn under the Plan may be more or less than this target percentage, depending on actual year-end results for the established performance measures, and the application of applicable modifiers, if any. Annual bonuses under the Plan are paid by March
15th of the year following the performance year. You generally must remain employed by Zimmer Biomet at the time of bonus payout to earn the bonus; however, once NewCo is established, you wiII be
eligible to earn an annual bonus under the new entity’s Performance Incentive Plan. 
 Long-Term Incentive Plan 

Based on your performance, you may be eligible to receive annual Zimmer Biomet stock option grants or other equity awards beginning in 2022 at the discretion
of the Compensation and Management Development Committee (“Committee”) of the Board of Directors of the Company (the “Board”). These grants provide opportunities for long-term compensation and ownership of the Company and are
subject to the terms of the applicable grant award agreements and stock incentive plan. For 2022, your estimated LTI grant date fair value in this role will be approximately $600,000. We anticipate the grant date of the 2022 award will be in or
around February/March 2022, subject to the Committee’s approval. Once NewCo is established, you may be eligible to receive stock option grants or other equity awards in respect of NewCo stock after NewCo is spun off 

Long-Term Incentive Sign-on 

In addition to the estimated 2022 LTI award described above, subject to the requisite approval, as soon as administratively feasible, Zimmer Biomet is expected
to award you a one-time LTI grant with a grant date fair value of approximately $150,000 under the terms of the Company’s equity plan. This grant is expected to consist of
one-half (1/2) stock options (based upon a Black-Scholes valuation) and one-half (1/2) time-vested restricted stock units (RSUs) (based on the grant date fair value of
such awards). The grant date is expected to be the first business day of the month following your promotion. The stock options will be granted at the fair market value of the Company’s common stock on the grant date and will vest at the rate of
25% per year over four years beginning on the first anniversary of the grant date, assuming your continued employment with Zimmer Biomet, and will have a maximum term of 10 years. The RSUs will vest at the rate of 25% per year over four years
beginning on the first anniversary of the grant date, again assuming your continued employment with Zimmer Biomet. 

 

 
  

 NewCo Change In Control (“CIC”) Severance Agreement and Executive
Severance Plan 
 It is expected that you will be a covered participant in NewCo’s CIC Severance Agreement and Executive Severance Plan once
established at the separation of Zimmer Biomet and NewCo. Generally, the expected payment under the CIC Severance Agreement for a qualifying termination by NewCo without cause or by you for good reason following a CIC of NewCo is expected to be two
times your annual base salary and bonus target. Additionally, your expected payment under the Executive Severance Plan, for qualifying terminations prior to a CIC, is expected to be the sum of your final base salary and final target bonus. There
would be no duplication of benefits provided under the CIC Severance Agreement and the Executive Severance Plan or otherwise. 
 Mileage
Reimbursement 
 In accordance with Zimmer Biomet policies, you will be reimbursed for business mileage at the rate determined by the IRS from time
to time or at any alternative rate required by law. Also and unless otherwise required by law, Zimmer Biomet will not reimburse you for gas, maintenance or repairs separately from this mileage reimbursement and this mileage reimbursement will not be
eligible for any benefits and/or compensation plan purposes. This mileage reimbursement is tied to your position, so if you change positions within the Company you may become ineligible for the mileage reimbursement. 

Repayment Obliqation/Company’s Right to Offset 

If you leave the Company, you agree that you will be required to repay any amounts you may owe the Company as of your last day of employment. You also agree
that the Company, to the extent permitted by law, will be able to deduct and offset any amounts you owe from or against any payments to be made to you, including but not limited to payments for wages, bonuses, expenses, or vacation pay and you agree
to reimburse the Company for any remaining balance owed after such deduction or offset. Finally, you agree to execute any agreement presented by Zimmer Biomet related to your repayment obligation. 

Restrictive Covenant Agreement 
 This offer is
contingent upon your agreement to the Non-Disclosure and Intellectual Property Agreement or Restrictive Covenant, Non-Disclosure and Intellectual Property
Agreement, which will be sent to you through DocuSign 
 Conflicts of Interest Policy and Reporting Requirements 

Please remember that in accordance with the Company’s Conflicts of Interest Policy, you are requ red disclose any Close Personal Relationship you have
with any Company employee if: (1) one of the two of you would be in the reporting line of the other; (2) one of you would act as the other’s supervisor, manager or lead whether or not the two of you would share a formal reporting
line; (3) one of you is in a Corporate gatekeeping function (e g., Legal, Compliance, Finance, Internal Audit, Human Resources, Trade Compliance); or (4) one of you is on the Leadership Team or otherwise is or would be in a Senior Vice
President or higher role. You must also disclose to Human Resources any such Close Personal Relationship with a leased staff person assigned to work for Zimmer Biomet or with a Zimmer Biomet contractor. 

You must also disclose any Close Personal Relationship1 or other potential conflict (e.g., a non-Zimmer Biomet business relationship) that you have with any Healthcare Professionals2 or other Public
Officials,3 or any other potential conflicts (e.g., ownership or investment in a Zimmer Biomet supplier or business partner or your being subject to any restrictive covenant agreements that would
inhibit or prevent you from working for Zimmer Biomet) that might interfere or appear to interfere with your employment for Zimmer Biomet. Human Resources and/or Compliance will determine whether the disclosed relationship poses an actual or
potential conflict of interest, and if so, what will be done to address the conflict. 
  

	1 	 A “Close Personal Relationship” is defined as a parent, sibling, child, grandparent, or grandchild,
whether by birth or adoption, a similar step- and half- relative or in-law; a spouse or domestic partner; or an individual with whom the Team Member is involved in a romantic and/or sexual relationship.

	2 	 A “Healthcare Professional” is defined as an individual, entity, or employee of such entity, within
the continuum of care of a patient, which may purchase, lease, recommend, use, prescribe, or arrange for the purchase or lease of Zimmer Biomet products and services 

	3 	 A “Public Official” is defined as any officer, agent, or employee or any person acting for or on
behalf of (1) a government, including any legislative, administrative, or judiciary branch of such government; (2) any department, agency, or instrumentality of a government, including wholly or majority state-owned or controlled
enterprises: (3) any public international organization, such as the United Nations or World Health Organization, (4) a political party (including the political party itself): or (5) any candidate for political office.

 

 
  

 Please note that Zimmer Biomet reserves the right to revise, supplement, or rescind from time to time and as
it deems appropriate any policies or plans referenced in this letter or applicable to your employment. By signing below, you agree that this offer letter constitutes the entire understanding and agreement between the company and you with respect to
this offer and supersedes all prior and simultaneous verbal or written agreements, understandings or communications regarding this offer. 
 Indraneel,
congratulations on being offered the position of SVP, President—Dental, NewCo. We are very excited to have you join us and are looking forward to your acceptance Please sign your acceptance of this offer below and return a copy to me by
May 26, 2021. By signing this letter below and accepting our conditional offer of employment, you are representing that you desire to become employed by the Company under the terms described in this letter. 

We believe that you will make a valuable contribution and will find your career with Zimmer Biomet challenging and rewarding. Should you have any questions,
please call Lori Winkler at 574-306-8253. 
 Sincerely, 

Vafa Jamali 
 Chief Executive Officer, NewCo 

Zimmer Biomet 
 I hereby accept this offer of employment as
outlined above 
  

			
	/s/ Indraneel Kanaglekar	  	May 19, 2021      
	  

		
	Signature	  	Date                    
	
	 Indraneel Kanaglekar

	Printed Name	  	
		
	cc: HR

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