Document:

EX10.1

 Exhibit 10.1 
  

 
  
 Zimmer Biomet Holdings, Inc. 

Executive Severance Plan 
 Effective as of
January 15, 2018 
  
  
  

 

  

Table of Contents 
  

					
	 INTRODUCTION
	  	 	1	 
		
	 ABOUT YOUR PARTICIPATION
	  	 	1	 
		
	 Eligibility to Participate in the Plan
	  	 	1	 
		
	 Eligibility to Receive Severance Benefits
	  	 	2	 
		
	 AMOUNT OF SEVERANCE BENEFIT OFFER
	  	 	3	 
		
	 How Your Severance Benefit Offer Is Calculated
	  	 	3	 
		
	 HOW SEVERANCE BENEFITS ARE PAID
	  	 	4	 
		
	 General Release Requirements
	  	 	5	 
		
	 Forfeiture and Repayment
	  	 	5	 
		
	 Form of General Release
	  	 	5	 
		
	 How Other Benefits Are Affected
	  	 	6	 
		
	 Deductions from Severance Benefits
	  	 	6	 
		
	 PLAN ADMINISTRATION
	  	 	6	 
		
	 Plan Sponsor
	  	 	7	 
		
	 Plan Administrator
	  	 	7	 
		
	 Agent for Service of Legal Process
	  	 	9	 
		
	 Identification Numbers
	  	 	9	 
		
	 Plan Year
	  	 	9	 
		
	 Plan Funding
	  	 	9	 
		
	 Amendments/Reservation of Rights
	  	 	9	 
		
	 Plan Document
	  	 	9	 
		
	 CLAIM AND APPEAL PROCESS FOR SEVERANCE BENEFITS
	  	 	9	 
		
	 Initial Claims for Benefits
	  	 	9	 
		
	 Procedures for Appealing an Adverse Benefit Determination
	  	 	10	 
		
	 YOUR RIGHTS UNDER ERISA
	  	 	12	 

  
  

					
		
	 Receive Information About Your Plan and Benefits
	  	 	12	 
		
	 Enforce Your Rights
	  	 	12	 
		
	 Assistance with Your Questions
	  	 	12	 
		
	 GENERAL PROVISIONS
	  	 	13	 
		
	 GOVERNING LAW
	  	 	13	 
		
	 SECTION 409A
	  	 	13	 

			
	Executive Severance Plan	  	
 1

  

 INTRODUCTION 

Zimmer Biomet Holdings, Inc. (the “Company”) hereby establishes the Zimmer Biomet Holdings, Inc. Executive Severance Plan (the “Executive
Severance Plan” or the “Plan”). This document serves as the plan document and summary plan description (SPD) for the Plan. It describes the benefits as they apply to eligible executives. The Plan document applies to eligible
participants (as defined below) who are notified in writing by the Company on or after the effective date of this Plan of their separation or pending separation from employment with the Company. 

Nothing in this Plan creates or constitutes a contract of employment with the Company or any of its direct or indirect subsidiaries or affiliates. Employment
with the Company and its affiliates is “at-will” absent any contractual employment agreement or applicable law to the contrary, which means that either the executive or the Company, subsidiary or
affiliate may terminate the employment relationship at any time for any reason, with or without cause or notice. 
 ABOUT YOUR PARTICIPATION 

This section includes important information about your participation in the Executive Severance Plan. The Plan provides severance benefits to eligible
executives of the Company and its direct and indirect subsidiaries and affiliates whose employment is involuntarily terminated for reasons other than misconduct or other cause, subject to the terms set forth below. No individual shall have a vested
right to benefits under the Plan. 
 This section covers two types of eligibility — eligibility to participate in the Plan and eligibility to receive
severance benefits under the Plan. You must satisfy both eligibility requirements to be eligible for benefits. 
 Eligibility to Participate in the Plan

 You are eligible to participate in the Executive Severance Plan if you: 
  

	 	•	 	Are employed by the Company or a direct or indirect subsidiary or affiliated company of the Company; and 

  

	 	•	 	Are designated by the Company’s President and CEO or the Compensation and Management Development Committee of the Board of Directors (the “Board”) a member of the Company’s Operating Committee at the
time of the Company’s providing to you written notice of immediate or pending separation from employment as of a specified date. 

Notwithstanding the foregoing, you are not eligible to participate in this Plan if you: 

 

	 	•	 	Are eligible to receive (regardless of whether you actually qualify for or receive the benefits), or have received, an offer of severance benefits pursuant to the terms and conditions of an individual employment or
change in control agreement; 

  

	 	•	 	Are entitled to long-term disability (LTD) benefits under a Company long-term disability plan; and/or 

  

	 	•	 	Have agreed in writing that you are not entitled to participate in this Plan. 

 If you are a participant in
this Plan, you are not eligible to participate in or receive benefits under the Zimmer Biomet Holdings, Inc. Restated Severance Plan. 
 When
Participation Ends 
 Participation in the Plan ends on the first of the following dates: 

 

	 	•	 	The date you no longer meet the eligibility requirements to participate; 

			
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	 	•	 	The date all severance benefits you are eligible or agree to receive have been paid; 

  

	 	•	 	The date your employment ends for any reason that does not qualify you for an offer of severance benefits; 

  

	 	•	 	The date of your death; or 

  

	 	•	 	The date the Plan is terminated or amended so that you lose coverage. 

 Eligibility to Receive Severance
Benefits 
 As a Plan participant, you become eligible to receive severance benefits if you meet all of the following requirements: 

 

	 	•	 	You are notified in writing that your employment is being terminated; 

  

	 	•	 	You sign the general release required by the Company within the time period specified within the general release and, if applicable, do not validly revoke your signature within the revocation period; 

 

	 	•	 	If required to do so, you execute any confidentiality, intellectual property, and/or other restrictive covenant agreement in a form provided by the Company; and 

 

	 	•	 	You work through your scheduled termination date. 

 Notwithstanding the foregoing, you will not be eligible to
receive severance benefits under this Plan if your employment is terminated for any of the following reasons: 
  

	 	•	 	Voluntary termination of employment or resignation of employment before your scheduled termination date; 

  

	 	•	 	Mandatory retirement due to Company policies or legal requirements; 

  

	 	•	 	Willful misconduct or activity that the Company has deemed actually or potentially detrimental to the interests of the Company, which may include, but is not limited to, dishonesty; theft; violation of the Company Code
of Business Conduct and Ethics or other Company policy, rule, or procedure, such as those relating to alcohol or drugs, discrimination or harassment, workplace violence, product quality, safety, etc.; unauthorized disclosure of confidential
information; conduct inconsistent with any applicable law or regulation; or other serious misconduct; 

  

	 	•	 	Willful failure or refusal to substantially perform job responsibilities (other than any such failure resulting from incapacity due to disability), as determined by the Company, including but not limited to deliberate
unsatisfactory behavior and/or job performance; 

  

	 	•	 	Excessive, unauthorized absenteeism; 

  

	 	•	 	Any act or omission that the Company has determined has caused, is causing, will cause, or has the potential to cause significant harm or loss to the Company, its officers, and/or its employees; 

 

	 	•	 	Refusal to accept reassignment to a different primary work location designated by the Board (for the President and CEO) or by the President and CEO (for other Operating Committee members), despite the availability of
relocation assistance benefits in accordance with the terms of the Company’s relocation policy and plan as applicable for senior executives; 

  

	 	•	 	The sale of all or part of the Company’s business, if you are offered comparable employment with the acquiring or restructured company; or 

 

	 	•	 	Extended absence under a Company short-term disability (STD) or LTD plan or program, including your failure or inability to return to active employment from a period of receiving STD/ LTD benefits; provided, however,
if, but for your approved leave, you would have been separated from employment for a reason unrelated to your leave, such as position elimination or organizational restructuring, while you are receiving STD benefits, then you may be eligible for
severance benefits equal to the amount of benefits determined under the Plan less the amount of STD benefits paid after the date your employment would have terminated. 

			
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 When Severance Benefits End 

Severance benefit eligibility will end on the earliest of the following dates: 
  

	 	•	 	The date you receive all severance benefits to which you are entitled or agree to receive; 

  

	 	•	 	The date you effectively revoke your signature on your release within the time allowed; 

  

	 	•	 	The date you engage in activity that the Company determines has caused, is causing, will cause, or has the potential to cause significant loss or harm to the Company, its officers and/or its employees; or

  

	 	•	 	The date the Plan is terminated or amended to change eligibility requirements so as to make you ineligible. 

AMOUNT OF SEVERANCE BENEFIT OFFER 
 The amount of your
severance benefit offer is calculated based on the following as of the date of your termination of employment: 
 How Your Severance Benefit Offer Is
Calculated 
  

			
	 Position
	  	 
	 President and CEO
	  	2x the sum of your annualized base salary plus your target annual bonus, determined as of your separation date
		
	 Other Operating Committee Members
	  	1x the sum of your annualized base salary plus your target annual bonus, determined as of your separation date

 In addition to the benefit described above, if you are eligible to receive severance benefits (including providing a valid
general release as described above) and you are covered under the federal law known as COBRA, you will receive an amount equal to the then-current monthly COBRA premium based upon the group health insurance (medical and dental, but excluding vision)
you had in effect the day before your separation from employment, multiplied by 24 for the President and CEO and by 12 for other members of the Operating Committee. If you are eligible to receive severance benefits, you will receive this amount
(less all applicable withholding taxes) whether or not you elect COBRA coverage or use the amount to pay for the cost of COBRA coverage. In order to continue your health insurance coverage after your separation from employment, you must elect
continuation of coverage in accordance with COBRA instructions you will be provided upon your separation from employment, and pay the applicable premiums in a timely manner. 

Effective January 1, 2019, in addition to the above amounts, if your employment is terminated by the Company on or after January 1 but prior to the
payment date for bonuses related to the previous calendar year under the Executive Performance Incentive Plan (“EPIP”), and you were eligible to participate in the EPIP immediately prior to your separation and are entitled to severance
benefits under this Plan, your severance benefit will be increased by the value of the bonus you would have received under the EPIP, if any, had you remained employed on the payment date (“Enhanced Amount”). If EPIP payout amounts have not
yet been determined at that time, your lump-sum severance payment that includes the base pay, target bonus, and COBRA subsidy components will include a bonus component based upon the approximate value of the
anticipated bonus you would have been eligible to receive had you remained employed as of the payout date (“Estimated Bonus Payment”). The Company, upon finalizing bonus payment calculations for the year, will determine the actual bonus
you would have been paid had you remained employed on the payout date and, if that amount is greater than the Estimated Bonus Payment, will pay such difference (“Bonus True-Up Payment”) to you. 

			
	Executive Severance Plan	  	
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 Notwithstanding the foregoing, if you are on an approved STD leave and would, but for your approved STD
leave, be separated from employment for a severance-qualifying reason unrelated to your leave, such as position elimination or organizational restructuring, then you may be eligible for severance benefits upon your separation equal to the amount of
benefits determined under the Plan less the amount of STD benefits paid after the date your employment would have terminated. 
 Any severance benefits
otherwise offered under this Plan shall be reduced by any severance benefits required to be paid under applicable law, including, but not limited to, statutes, ordinances, or local laws or customs (collectively, “Other Severance
Benefits”). If the amount of Other Severance Benefits is greater than the amount offered under this Plan, no benefits are payable under this Plan. In the event that in your situation the laws of a country other than the United States may apply
to this Plan and/or to your employment relationship with the Company or its affiliates, and such laws will cause, directly or indirectly, total severance benefits under this Plan and Other Severance Benefits otherwise payable to you to exceed the
benefits payable under this Plan, then you shall be excluded from participation in this Plan. 
 The Company will also offer to you, if you are eligible,
reasonable outplacement services provided through a third-party administrator at the Company’s expense (with a value not to exceed $25,000) or an equivalent cash benefit in the plan administrator’s
discretion. 
 The Company may from time to time amend this Plan, via addendum or otherwise, to provide for different severance benefits and/or severance
benefit terms and conditions, or to eliminate severance benefits entirely, for all or a portion of the Company’s executives. Any addendum will be effective only upon approval by the Compensation and Management Development Committee of the Board
(or by the Board, should the Board limit or remove the authority of the Compensation and Management Development Committee to approve such Plan changes). All other terms of the Plan document shall continue to apply. 

HOW SEVERANCE BENEFITS ARE PAID 
 Severance payments will
be made in lump-sum form, less tax withholdings and any amounts owed to the Company for any reason. Payment will be made as soon as administratively feasible, in accordance with the Company’s regular
payroll schedule, after your timely return of a signed general release in the form you were provided and, if applicable, after the expiration of a specified revocation period during which you do not validly revoke your signature on the general
release. Any Bonus True-Up Payment you are eligible to receive will be paid in lump-sum form as soon as administratively feasible in accordance with the Company’s regular payroll schedule once the amount
has been determined, less tax withholdings and any amounts owed to the Company for any reason. 
 Notwithstanding the foregoing, severance benefits will not
be paid to you until you have returned all Company-owned property to the Company in a condition satisfactory to the Company. Company-owned property shall include, but not be limited to, the Company’s intellectual property and confidential and
trade secret information as well as Company-issued computers, PDAs, electronic tablets, cell phones, and corporate credit cards that are in your possession or control. 

			
	Executive Severance Plan	  	
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 General Release Requirements 

You must sign a release in the form provided by the Company to receive severance benefits. By signing the release, you agree to the terms of the release, which
include giving up, to the fullest extent permitted by law, any right to sue the Company and any of its direct or indirect subsidiaries and affiliates. 

The general release you are provided will state how many days you have to sign and deliver the release to the Company and, if applicable, how many days you
have to rescind your signature. If you do not deliver the signed release within the time allowed, or if you timely and properly rescind your signature, the Company will consider this a refusal to sign and you will not be eligible to receive
severance benefits. 
 Forfeiture and Repayment 
 If
(1) you violate or breach any term of the Plan or the general release or any non-disclosure, intellectual property, and/or other restrictive covenant agreement with the Company or any of its direct or
indirect subsidiaries or affiliates, or (2) after your termination of employment, facts are disclosed or discovered that could have supported your termination for cause and would have rendered you ineligible to receive severance benefits under
this Plan, as described in the Eligibility to Receive Severance Benefits section above, then you shall automatically forfeit any and all rights to benefits under this Plan, and, to the extent benefits have been paid to you under this Plan,
you must repay the full amount within 15 days of receiving written notification from the Company. The Company may recover any benefits that you fail to repay in any of the following ways: 

 

	 	•	 	Withholding wages, or any other money owed to you, if permitted by applicable law; and 

  

	 	•	 	Using other appropriate legal means. 

 These remedies are not exclusive, and the Company may pursue any other
legal claims and/or remedies that it may have against you arising out of or related to the facts supporting the forfeiture of rights under this Plan. 

Form of General Release 
 The form of general release you
must sign to receive any severance benefits for which you are eligible will be determined by the Company at the time of your separation from employment, and may include, among other provisions, the following: 

 

	 	•	 	Your agreement that you will not take any action or make any statement which disparages the Company or other released parties, or its or their practices, or which disrupts or impairs its or their normal operations so as
to cause a material adverse impact; provided, however, that nothing in the general release shall restrict your rights to make disclosures specifically allowed or required under applicable law. 

 

	 	•	 	Your agreement to make yourself reasonably available by telephone, without additional compensation beyond your severance benefit, for a specified period of time following your separation date to respond in a timely
manner to inquiries from one or more designated Company officials related to carrying out an orderly transition of business. 

  

	 	•	 	Your agreement to cooperate with the Company and any of its direct or indirect subsidiaries and affiliates on an ongoing basis to the extent reasonably necessary for response to any governmental investigation or defense
of litigation, with reimbursement for reasonable out-of-pocket expenses that you may incur in providing this cooperation and compensation for your time at an hourly rate
based on your final Company base salary. 

			
	Executive Severance Plan	  	
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	 	•	 	If your separation date falls on or after January 1 but prior to the payment date for bonuses related to the previous calendar year under the EPIP and your severance benefit includes an Enhanced Amount, your
specific waiver and release of any entitlement to any further payout under the EPIP for the prior calendar year. 

 How Other Benefits Are
Affected 
 Your participation in all Company employee benefit plans will end on your termination date, unless the provisions of a plan specifically
allow for benefits to continue following termination. 
 Severance benefits shall not be considered compensation for purposes of any qualified or
nonqualified deferred compensation or retirement plan or program. 
 Deductions from Severance Benefits 

Amounts Owed to the Company 
 The Company reserves
the right to deduct any amount you owe the Company, or any of its direct or indirect subsidiaries or affiliates, for any reason, including but not limited to plan premiums, borrowed vacation/PTO days, loans, signing or retention incentives,
educational assistance, and/or relocation reimbursement, from any severance benefits payable to you, to the fullest extent permitted by law. Any offset shall be considered a reduction in severance benefits under this Plan (but may still be
considered taxable income under applicable law). 
 Deductions 

Federal, state, and local income taxes and other deductions required by law will be withheld from all severance benefits. 

Correction of Errors 
 The Company reserves the
right to correct any errors that may occur in administering the Plan. The Company has the right to recover, at any time, any excess severance benefits that occur if severance benefits paid exceed those due to you because of a mistake, incorrect
information about your entitlement to severance benefits, or any other reason. The Company may recover any excess severance benefits paid to you in any of the following ways: 
  

	 	•	 	Reducing or suspending future severance benefit payments; 

  

	 	•	 	Requesting direct payment from you; 

  

	 	•	 	Withholding wages, or any other money owed to you, if permitted by applicable law; and 

  

	 	•	 	Using other appropriate legal means. 

 These remedies are not exclusive, and the Company may pursue any other
legal claims and/or remedies that it may have against you arising out of or related to the facts supporting the correction of any errors under this Plan as described above. 

PLAN ADMINISTRATION 
 This information about the
administration of the Plan is provided in compliance with the Employee Retirement Income Security Act of 1974, as amended (ERISA). While you should not need these details on a regular basis, the information may be useful if you have specific
questions about the Plan. 

			
	Executive Severance Plan	  	
 7

  

 Plan Sponsor 

The name and address of the plan sponsor are: 

Zimmer Biomet Holdings, Inc. 

345 East Main Street 
 Warsaw,
IN 46580 
 USA 
 This Plan is a welfare
benefit plan that provides severance benefits to eligible executives. 
 Plan Administrator 

The name, address and telephone number of the plan administrator and named fiduciary are: 

Administrative Committee 

Zimmer Biomet Holdings, Inc. 

345 East Main Street 
 Warsaw,
IN 46580 
 USA 
 1-574-267-6131 
 The administration of
the Plan will be under the supervision of the plan administrator. To the fullest extent permitted by law, the plan administrator will have the discretion to determine all matters relating to eligibility, coverage, and benefits under the Plan.
Benefits under the Plan will be paid only if the plan administrator or any authorized delegate decides in the administrator’s or delegate’s discretion that the applicant is entitled to them. The plan administrator will also have the
discretion to determine all matters relating to the interpretation and operation of the Plan. Any determination by the plan administrator or any authorized delegate shall be final and binding. 

Questions regarding this Plan should be directed to the plan administrator at the address shown above. 

In addition to any other authority or responsibility placed upon the plan administrator under the terms of this Plan or applicable law, the plan administrator
is responsible for and authorized to do the following: 
  

	 	•	 	To grant or deny an individual’s claim for benefits under the Plan; 

  

	 	•	 	To require any individual seeking benefits under the Plan to furnish such information as the plan administrator may request for the purpose of the proper administration of the Plan and as a condition to receiving any
benefits under the Plan; 

  

	 	•	 	To make and enforce such rules and regulations and prescribe the use of such forms as the plan administrator deems necessary for the efficient administration of the Plan; 

 

	 	•	 	To decide such questions as may arise in connection with the operation of the Plan including, but not limited to, questions concerning the eligibility of any individual to participate in or receive benefits under the
Plan; 

  

	 	•	 	To determine the amount of benefits which shall be payable to an executive in accordance with the provisions of the Plan and to authorize payment of such benefits; 

 

	 	•	 	To require, as a condition of receiving any benefits payable under the Plan, the filing of an authorization or release by the spouse of an eligible executive divesting such spouse of any right in the Plan or in any
payments thereunder which such spouse may have by operation of law under the laws of his or her matrimonial domicile or otherwise; 

			
	Executive Severance Plan	  	
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	 	•	 	To comply with all reporting and disclosure requirements with respect to the Plan; 

  

	 	•	 	To interpret and construe, with discretionary authority, the provisions of the Plan and to resolve ambiguities, inconsistencies and omissions therein; 

 

	 	•	 	To employ legal counsel, who may be counsel to the Company, in which case the employment of such counsel shall not be construed or otherwise used in any direct or indirect manner to support any allegation of an actual
or purported conflict of interest (inherent, structural, or otherwise) under the Plan, and such other specialists or persons as the plan administrator deems necessary or desirable in connection with the administration of the Plan; and

  

	 	•	 	To delegate any of the plan administrator’s discretionary or ministerial responsibilities to other designated persons as the plan administrator may see fit, including, but not limited to, the determination of
questions concerning the eligibility of any employee to participate in or receive benefits under the Plan, the interpretation and construction of the provisions of the Plan and the resolution of ambiguities, inconsistencies, and omissions therein,
and the resolution of any appeal of the denial of a claim for benefits under the Plan. The delegation of ministerial responsibilities may be effected with or without written instrument, including pursuant to a standard operating procedure that the
plan administrator utilizes to administer the Plan. The delegation of discretionary responsibilities will be effected by written instrument executed by the plan administrator. Notwithstanding the foregoing, the plan administrator’s failure to
delegate responsibilities in writing shall not affect or undermine the propriety of any delegation of the plan administrator’s responsibilities under the Plan, and the plan administrator may ratify, at any later time, through written instrument
or otherwise, actions that a delegate has taken in accordance with delegation authority not previously conveyed through written instrument, upon which ratification the delegate’s actions shall be treated as if originally taken under a
delegation effected in accordance with the terms of the Plan. The determination of the plan administrator as to any question involving the general administration and interpretation of the Plan, and such determinations made by each person to whom the
plan administrator may delegate the plan administrator’s responsibilities under the Plan, shall be final, conclusive and binding upon all persons claiming any interest in or under the Plan except as otherwise provided by law. Any discretionary
actions to be taken under the Plan by the plan administrator, and such actions taken by each person to whom the plan administrator may delegate the plan administrator’s responsibilities under the Plan, shall not be subject to de novo
review if challenged in court, by arbitration or in any other forum, and shall be upheld unless found to be an abuse of discretion. 

Consistent with the requirements of ERISA and the regulations thereunder of the Secretary of Labor, the plan administrator will: 

 

	 	•	 	Provide adequate notice in writing to any individual whose claim for benefits under the Plan has been denied, setting forth specific reasons for such denial, written in a manner calculated to be understood by such
employee or former employee, and 

  

	 	•	 	Afford a reasonable opportunity to any individual whose claim for benefits has been denied for a full and fair review of the decision denying the claim. 

			
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 Agent for Service of Legal Process 

The name and address of the agent for service of legal process are: 

Corporate Secretary 
 Zimmer
Biomet Holdings, Inc. 
 345 East Main Street 

Warsaw, IN 46580 
 USA 

Legal process also can be served on the plan administrator. 

Identification Numbers 
 The Employer Identification
Number (EIN) assigned by the Internal Revenue Service to the Company is 13-4151777. The plan number for the Plan is 513. 

Plan Year 
 The plan year for the Plan is January 1
through December 31. 
 Plan Funding 
 The Plan is
funded from the general assets of the Company, as needed. Executives are not required to contribute to the Plan. 
 Amendments/Reservation of Rights

 The Plan may be amended by the duly authorized action of the Compensation and Management Development Committee of the Board or by the Board, should
the Board limit or remove the authority of the Compensation and Management Development Committee to approve such Plan changes. 
 The Company reserves the
right, as described above, to amend, terminate, suspend, withdraw, or modify the Plan, in whole or in part, at any time, for any or no reason, and without prior notice. Any Plan amendments may be made by execution of a written document incorporating
the changes. The Company also reserves in the plan administrator and service providers, as applicable, the discretionary authority and responsibility to interpret and construe the provisions of the Plan as described in the above Plan
Administrator section. 
 Plan Document 
 This
document serves as both the summary plan description (SPD) and the official plan document for the Zimmer Biomet Holdings, Inc. Executive Severance Plan. 

CLAIM AND APPEAL PROCESS FOR SEVERANCE BENEFITS 
 As
further explained below, if your claim for severance benefits is denied, you will receive a notice in writing that explains the reasons for the denial. You will then have the opportunity to appeal the denial of your claim and receive a full and fair
review of the decision. 
 Initial Claims for Benefits 

The plan administrator, or its delegate, will consider your involuntary termination to be a claim for benefits under the Plan. Notwithstanding the foregoing,
if you believe that you are entitled to benefits under this Plan, you may submit a claim to the plan administrator within 60 days of your date of termination. Your claim submission must be written and delivered to the plan administrator. 

			
	Executive Severance Plan	  	
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 If the plan administrator delegates the initial determination on your claim, that delegation shall be
considered a delegation of the plan administrator’s ministerial responsibilities under the Plan, unless the plan administrator determines that the delegation was of its discretionary responsibilities under the Plan and effects, or ratifies, the
discretionary delegation in accordance with the Plan’s terms. 
 If the determination on your claim is adverse because your claim is denied in whole or
in part, the plan administrator or its delegate will notify you of that adverse determination within a reasonable period of time, but not later than 90 days after receiving the claim, or within 90 days of your date of termination if the plan
administrator or its delegate has automatically considered your termination to be a claim for benefits under the Plan. 
 If an adverse determination is
made on your claim, the plan administrator’s, or its delegate’s, notice to you will include: 
  

	 	•	 	The specific reason(s) for the adverse benefit determination; 

  

	 	•	 	References to the specific Plan provisions on which the benefit determination is based; and 

  

	 	•	 	A description of the Plan’s appeal procedures and the time limits applicable to those procedures, including a statement of your right to bring a civil action under ERISA after an adverse determination on appeal.

 The 90-day claim determination period may be extended for up to an additional 90 days if the plan
administrator or its delegate (1) determines that special circumstances require an extension of time for processing the claim, and (2) notifies you, before the initial 90-day period expires, of the
special circumstances requiring the extension of time along with the date by which the it expects to render a determination. 
 In the event that additional
material or information is needed from you to process and make a determination on your claim, the plan administrator or its delegate will send you a request for that information, along with an explanation of why it is necessary. If an extension of
time is necessary in order to obtain such additional information, the Plan’s time frame for making a benefit determination on review will be suspended from the date the plan administrator or its delegate sends you the request for information
with an extension notification until the date you respond to the request for additional information. 
 Procedures for Appealing an Adverse Benefit
Determination 
 If you receive an adverse benefit determination, you may appeal that determination. You or your authorized representative will have 60
days following receipt of a notification of an adverse benefit determination within which to appeal the determination. You have the right to: 
  

	 	•	 	Request, free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to your claim for benefits. For this purpose, a document, record, or other information is treated as
“relevant” to your claim if it: 

  

	 	—	 	Was relied upon in making the benefit determination; 

  

	 	—	 	Was submitted, considered, or generated in the course of making the benefit determination, regardless of whether such document, record or other information was relied upon in making the benefit determination; or

  

	 	—	 	Demonstrates compliance with the administrative processes and safeguards required in making the benefit determination. 

			
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	 	•	 	Submit written comments, documents, records, and other information relating to your claim for benefits, which will be taken into account in the review on appeal, regardless of whether the information was submitted or
considered in the initial benefit determination. 

 The plan administrator or its delegate will notify you of the determination on appeal
within a reasonable period of time, but not later than 60 days after receipt of your request to appeal. This 60-day period may be extended for up to an additional 60 days if the plan administrator or its
delegate (1) determines that special circumstances require an extension of time for processing the claim, and (2) notifies you, before the initial 60-day period expires, of the special circumstances
requiring the extension of time and the date by which a determination on review is expected. 
 In the event that additional material or information is
needed from you to process and make a determination on your request for appeal, the plan administrator or its delegate will send you a request for that information. If an extension of time is necessary in order to obtain such additional information,
the time frame for making a benefit determination on appeal will be suspended from the date the plan administrator or its delegate sends you the request for information with an extension notification until the date you respond to the request for
additional information. 
 If an adverse determination is made on your appeal, the plan administrator’s or its delegate’s notice to you will
include: 
  

	 	•	 	The specific reason(s) for the adverse benefit determination; 

  

	 	•	 	References to the specific Plan provisions on which the benefit determination is based; 

  

	 	•	 	A statement that you are entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to your claim; and 

 

	 	•	 	A statement describing any further voluntary appeal procedures that may be offered under the Plan and your right to obtain information about such procedures, and a statement of your right to bring an action under ERISA.

 You must use and exhaust the Plan’s administrative claim and appeal procedures described above before bringing a lawsuit claiming
benefits under the Plan in either state or federal court. Your failure to follow the Plan’s prescribed procedures in a timely manner may cause you to lose your right to contest an adverse benefit determination in court. Any lawsuit claiming
benefits must be filed within two years from your date of termination. In other words, you may not file a lawsuit related to any claim for benefits under the Plan on or after the second anniversary of your termination date. 

			
	Executive Severance Plan	  	
 12

  

 YOUR RIGHTS UNDER ERISA 

As a participant in the Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants shall be entitled to:

 Receive Information About Your Plan and Benefits 
  

	 	•	 	Examine, without charge, at the plan administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, including a copy of the latest annual report (Form 5500 Series)
filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

  

	 	•	 	Obtain, upon written request to the plan administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series) and updated SPD. The plan administrator
may make a reasonable charge for the copies. 

  

	 	•	 	Receive a summary of the Plan’s annual financial report. The plan administrator is required by law to furnish each participant with a copy of this summary annual report. 

Enforce Your Rights 
 If your claim for Plan benefits is
denied or ignored, in whole or in part, you have the right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from
the Plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the
materials were not sent because of reasons beyond the control of the administrator. 
 If you have a claim for benefits that is denied or ignored, in whole
or in part, you may file a suit in a state or federal court, but only after you have exhausted the Plan’s claims and appeals procedures as described in the Claim and Appeal Process for Severance Benefits section. 

If it should happen that Plan fiduciaries misuse Plan money, or if you are discriminated against for asserting your rights, you may seek assistance from the
U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the
court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
 Assistance with Your Questions 

If you have any questions about the Plan, you should contact the plan administrator. If you have any questions about this statement or about your rights under
ERISA, or if you need assistance in obtaining documents from the plan administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory, or the
Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, DC 20210. 

You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits
Security Administration. 

			
	Executive Severance Plan	  	
 13

  

 GENERAL PROVISIONS 

The Plan shall not be deemed to constitute a contract of employment, nor shall anything contained herein be deemed to give you any right to be retained in the
employ of any employer or to interfere with the rights of the employer to discharge you at any time and to treat you without regard to the effect which such treatment might have upon you with respect to participation in the Plan. 

If the plan administrator or its delegate determines that you are entitled to benefits under the Plan but are incompetent or unable to care for your affairs
by reason of physical or mental disability, the plan administrator or its delegate may cause all payments thereafter becoming due to you to be made to another person for your benefit, without responsibility to follow the application of amounts so
paid. Payments made pursuant to this provision shall completely discharge the Company, its direct and indirect subsidiaries and affiliates, the plan administrator, its delegate(s), and the named fiduciary with respect to such payments. 

In the United States, the Plan is not in lieu of, and does not affect any requirement for coverage by, workers’ compensation insurance. 

You have no right to anticipate, expect, assign, or otherwise dispose of any interest under the Plan, nor may your interests under the Plan be assigned or
transferred by operation of law. 
 GOVERNING LAW 
 The
provisions of the Plan shall be construed, administered and governed under the laws of the State of Indiana to the extent such laws are not pre-empted by ERISA. To the extent that the laws of a country other
than the United States may apply to an eligible executive, the Plan shall be administered consistent with the laws of the other country, or, in the alternative and notwithstanding any other provisions of this Plan, the plan administrator or its
delegate may deem the executive ineligible to participate in this Plan, and the Company may provide alternative benefits as it deems reasonable in its sole discretion. 

SECTION 409A 
 The Plan is intended to comply with
the requirements of Section 409A of the Internal Revenue Code (the “Code”) and shall be interpreted and construed consistently with such intent. Payments to you pursuant to the Plan are also intended to be exempt from
Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury
regulation §1.409A-1(b)(4), and, for purposes of such exemptions, each payment under the Plan shall be considered a separate payment. In the event the terms of the Plan would subject you to taxes or
penalties under Section 409A of the Code (“409A Penalties”), the Company shall cooperate diligently with you to amend the terms of the Plan to avoid such 409A Penalties, to the extent possible. Notwithstanding any other provision in
the Plan, if you are a “specified employee,” as defined in Section 409A of the Code, as of the date of your separation from service, then to the extent any amount payable under the Plan (i) constitutes the payment of nonqualified
deferred compensation, within the meaning of Section 409A of the Code, (ii) is payable upon your separation from service and (iii) under the terms of the Plan would be payable prior to the
six-month anniversary of your separation from service, such payment shall be delayed until the earlier to occur of (a) the six-month anniversary of your separation
from service or (b) the date of your death. In addition to the foregoing, to the extent that any payment of deferred compensation subject to Section 409A of the Code is contingent upon the execution of a written release, if the designated
period for executing a written release spans two tax years, the payment will be paid in the second tax year.EX-10.1

 Exhibit 10.1 

SUPPORT AGREEMENT 
 This Support
Agreement, dated January 18, 2018 (this “Agreement”), is by and between Strategic Value Partners, LLC and certain investment funds directly or indirectly managed by Strategic Value Partners, LLC, as listed on Schedule A hereto
(collectively, “Shareholder” and each individually, a “member” of Shareholder), and Penn Virginia Corporation (the “Company”). 

RECITALS 
 WHEREAS, the Company
and Shareholder have engaged in various discussions and communications concerning the Company’s business, financial performance and other matters; 

WHEREAS, Shareholder is deemed to Beneficially Own shares of common stock of the Company, par value $0.01 (the “Common
Stock”), totaling, in the aggregate, 1,534,180 shares; and 
 WHEREAS, the Company has determined that it is in the best interests
of the Company and its shareholders and Shareholder has determined that it is in its best interests to come to an agreement with respect to certain matters in respect of the Board of Directors of the Company (the “Board”) and
certain other matters, as provided in this Agreement. 
 NOW, THEREFORE, in consideration of and reliance upon the mutual covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Board Representation and Board Matters. 

  

	 	(a)	Concurrently with the execution of this Agreement, the Company and the Board have (i) increased the size of the Board by two directors and (ii) elected David Geenberg (the “Shareholder
Designee”) to fill one of the newly created vacancies. The Shareholder Designee shall become a director of the Company effective immediately upon execution of this Agreement. The Shareholder Designee has previously executed and delivered to
the Company (x) a completed director and officer questionnaire (the “D&O Questionnaire”), in the form provided, (y) an executed letter in the form attached hereto as Exhibit A (the “Nominee
Letter”) and (z) an executed irrevocable resignation in the form attached hereto as Exhibit B (the “Resignation Letter” and together with the D&O Questionnaire and the Nominee Letter, the “Nomination
Documents”). 

  

	 	(b)	Subject to Shareholder’s and Shareholder Affiliates’ compliance with Section 2, the Company will include the Shareholder Designee in its slate of nominees for election as directors of the Company at the
Company’s 2018 annual meeting of shareholders (the “2018 Annual Meeting”) and, if the Shareholder Designee agrees to serve, at the 2019 annual meeting of shareholders (the “2019 Annual Meeting”).

	 	(c)	Subject to Shareholder’s and Shareholder Affiliates’ compliance with Section 2, the Company will use reasonable best efforts to cause the election of the Shareholder Designee to the Board at the 2018
Annual Meeting, and, if the Shareholder Designee agrees to serve, at the 2019 Annual Meeting (including, for each of the 2018 Annual Meeting and the 2019 Annual Meeting, recommending that the Company’s shareholders vote in favor of the election
of the Shareholder Designee (along with all of the Company’s nominees) and otherwise supporting the Shareholder Designee for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees in
the aggregate). 

  

	 	(d)	Immediately following the execution of this Agreement, the Board and all applicable committees of the Board will take all action necessary to appoint the Shareholder Designee as a member of the Nominating and Corporate
Governance Committee of the Board (the “N&G Committee”). 

  

	 	(e)	At all times while serving as a member of the Board, the Shareholder Designee shall comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to Board members, including the Code
of Business Conduct and Ethics, securities trading policies, anti-hedging policies, Regulation FD-related policies, director confidentiality policies and corporate governance guidelines, and preserve the confidentiality of Company business and
information, including discussions or matters considered in meetings of the Board or Board committees. 

  

	 	(f)	The Company agrees that the Shareholder Designee shall receive the same benefits of director and officer insurance and any indemnity and exculpation arrangements available generally to the Company’s directors. The
Company will execute a director indemnification agreement in favor of the Shareholder Designee upon his or her appointment to the Board, in a form substantially the same as that executed in favor of the Board’s current members. The Shareholder
Designee has waived any right to receive compensation for service as a director of the Company pursuant to the Company’s director compensation policy, including any stock or cash compensation. 

 

	 	(g)	Should the Shareholder Designee be rendered unable to serve on the Board at any time, the Company shall, at the request of Shareholder, add as a member of the Board a replacement that is selected by Shareholder and
approved by the Board (a “Replacement”), such approval not to be unreasonably withheld, delayed or conditioned. Any such Replacement who becomes a Board member in replacement of the Shareholder Designee shall be deemed to be the
Shareholder Designee for all purposes under this Agreement, and the Replacement, prior to his or her appointment to the Board, shall be required to provide to the Company equivalent Nomination Documents and meet with representatives of the
Nominating and Corporate Governance Committee of the Board in accordance with the practices of the Board and the Nominating and Corporate Governance Committee. 

  

	 	(h)	 If at any time after the date hereof, Shareholder, together with all controlled Affiliates of the members of
Shareholder (such controlled Affiliates, collectively and individually, the “Shareholder Affiliates”), ceases collectively to Beneficially Own, an aggregate of at least 5% of the number of shares of Common Stock then

  
 2 

	 	
outstanding, the Resignation Letter previously provided by the Shareholder Designee in the form of Exhibit B shall become effective, and the Company shall have no further obligations under this
Section 1. Shareholder shall keep the Company regularly apprised of the Beneficial Ownership of Shareholder and the Shareholder Affiliates to the extent that such position differs by 1% or more from the ownership positions publicly reported on
Shareholder’s Schedule 13D and amendments thereto. 

  

	 	(i)	If at any time after the date hereof and prior to the expiration or termination of the Standstill Period, Shareholder or any of the Shareholder Affiliates breaches in any material respect any of the terms of this
Agreement, the Company in good faith notifies Shareholders or the applicable Shareholder Affiliates of such breach, and Shareholder or such Shareholder Affiliate fails to cure such breach within twenty business days following the receipt of written
notice thereof from the Company specifying such breach (it being understood that breaches that by their nature cannot be reversed or undone shall be deemed to have been cured for purposes hereof if the Shareholder or a Shareholder Affiliate has
taken commercially reasonable actions to reduce the adverse impact of such breach), the Resignation Letter previously provided by the Shareholder Designee shall become effective, and the Company shall have no further obligations under this
Section 1. 

  

	 	(j)	The Company promptly after the date hereof shall take all necessary action to cause the obligations of its insurers providing directors’ and officers’ insurance to be primary to any (1) directors’
and officers’ insurance policy issued to Shareholder or a Shareholder Affiliate, and (2) advancement or indemnification rights provided by Shareholder or a Shareholder Affiliate. 

 

	2.	Standstill and Voting Obligations. 

  

	 	(a)	Shareholder agrees that, from the date of this Agreement until the earlier of (1) the date that is twenty business days following written notice from Shareholder to the Company of a material breach by the Company
of this Agreement if the Company has not cured such breach by the twentieth business day following such notice (it being understood that breaches that by their nature cannot be reversed or undone shall be deemed to have been cured for purposes
hereof if the Company has taken commercially reasonable actions to reduce the adverse impact of such breach) and (2) the later of (x) the completion of the 2019 Annual Meeting (including any postponements, adjournments and continuations
thereof) and (y) 15 days after the date that the Shareholder Designee (including any Replacement) ceases to serve as a director (the “Standstill Period”), no member of Shareholder shall, directly or indirectly, and each member
of Shareholder shall cause each Shareholder Affiliate not to, directly or indirectly (it being understood and agreed that the following restrictions shall not apply to the Shareholder Designee’s boardroom discussions conducted in such
person’s capacity as a director of the Company, or other actions taken in his or her capacity as a director, including his or her responsibilities as a member of a board committee): 

  
 3 

	 	(i)	engage in a “solicitation” of “proxies” (as such terms are defined under the Exchange Act) or written consents of stockholders with respect to, or from the holders of, the Voting Securities (other
than any Shareholder Affiliate), for the election of individuals to the Board or to approve stockholder proposals, or become a “participant” (as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the
Exchange Act) in any contested “solicitation” for the election of directors with respect to the Company (as such terms are defined under the Exchange Act) (other than a “solicitation” or acting as a “participant” in
support of the nominees of the Board at any stockholder meeting or voting its shares at any such meeting in its sole discretion, or providing such encouragement, advice or influence that is consistent with Company management’s recommendation in
connection with such director nominees); 

  

	 	(ii)	form or join a “group” as defined under Section 13(d) of the Exchange Act with respect to the Voting Securities (excluding, for the avoidance of doubt, any group composed solely of Shareholder and
Shareholder Affiliates); 

  

	 	(iii)	support or participate in any effort by any person or entity not a party to this Agreement (a “Third Party”) with respect to the matters set forth in Section 2(a)(i) of this Agreement;

  

	 	(iv)	present at any annual meeting or any special meeting of the Company’s stockholders or through action by written consent any proposal for consideration for action by stockholders or seek the removal of any member of
the Board or propose any nominee for election to the Board or seek representation on the Board except as set forth herein; 

  

	 	(v)	solely with respect to matters set forth in Section 2(a)(i) of this Agreement, grant any proxy, consent or other authority to vote with respect to any matters (other than to the named proxies included in the
Company’s proxy card for any annual meeting or special meeting of stockholders) or deposit any Voting Securities of the Company in a voting trust or subject them to a voting agreement or other arrangement of similar effect with respect to any
annual or special meeting or action by written consent (excluding customary brokerage accounts, margin accounts, prime brokerage accounts and the like); or 

  

	 	(vi)	request, directly or indirectly, any amendment or waiver of the foregoing in a manner that would be reasonably likely to require public disclosure by Shareholder or the Company. 

 

	 	(b)	 Until the end of the Standstill Period, Shareholder and the Shareholder Affiliates shall cause all Voting
Securities owned by them directly or indirectly, whether owned of record or Beneficially Owned, as of the record date for any annual or special meeting of stockholders or in connection with any solicitation of shareholder action by written consent
(each a “Shareholders Meeting”) within the 

  
 4 

	 	
Standstill Period, in each case that are entitled to vote at any such Shareholders Meeting, to be present for quorum purposes and to be voted, at all such Shareholders Meetings or at any
adjournments or postponements thereof, (i) for all directors nominated by the Board for election at such Shareholders Meeting and (ii) in accordance with the recommendation of the Board on any other proposals or other business that comes
before any Shareholder Meeting, including with respect to the 2018 Annual Meeting and the 2019 Annual Meeting (other than any proposals that require shareholder approval relating to (1) amendments to the Company’s articles of incorporation
or other organizational documents, (2) mergers, acquisitions, asset sales or purchases, recapitalizations, or other business combinations or extraordinary transactions, or (3) the issuance of Company equity securities in connection with
any such transaction). 

  

	 	(c)	Nothing in this Section 2 shall be deemed to limit the exercise in good faith by Shareholder Designee of his or her fiduciary duties solely in his or her capacity as a director of the Company. 

 

	3.	Public Announcements. Promptly following the execution of this Agreement, the Company shall announce this Agreement by means of a press release in the form attached hereto as Exhibit C (the “Press
Release”). 

  

	4.	Confidentiality Agreement. The Company hereby agrees that the Shareholder Designee is permitted to and may provide confidential information to certain specified officers and employees of Shareholder that are
involved in advising Shareholder regarding its investment in the Company, subject to and in accordance with the confidentiality requirements applicable generally to the directors of the Company, including under applicable law and the Company’s
policies. For the avoidance of doubt, this Section 4 shall be deemed an “appropriate confidentiality agreement” permitting disclosure to persons outside the Company for purposes of the Company’s policies. 

 

	5.	Non-Disparagement. During the Standstill Period, Shareholder and the Company agree to not make, or cause to be made, and to cause each of their respective officers, directors, members, and employees not to make
(whether directly or indirectly through any Affiliate), any public statement or announcement that relates to and constitutes an ad hominem attack on, or relates to and otherwise disparages, the other party or their respective business,
operations or financial performance, officers, members or directors or any person who has served as an officer, member or director of either party in the past, or who serves as an officer, director or agent of either party (a) in any document
or report filed with or furnished to the SEC or any other governmental agency, (b) in any press release or other publicly available format or (c) to any journalist or member of the media (including without limitation, in a television,
radio, internet, newspaper or magazine interview). 

  

	6.	Representations and Warranties of All Parties. Each of the parties represents and warrants to the other party that: (a) such party has all requisite company power and authority to execute and deliver this
Agreement and to perform its obligations hereunder; (b) this Agreement has been duly and validly authorized, executed and delivered by it and is a valid and binding obligation of such party, enforceable against such party in accordance with its
terms; and (c) this Agreement will not result in a violation of any terms or conditions of any agreements to which such person is a party or by which such party may otherwise be bound or of any law, rule, license, regulation, judgment, order or
decree governing or affecting such party. 

  
 5 

	7.	Representations and Warranties of Shareholder. Each member of Shareholder jointly represents and warrants that, as of the date of this Agreement, (a) Shareholder, together with all of the Shareholder
Affiliates, collectively Beneficially Own, an aggregate of 1,534,180 shares of Common Stock; (b) except for such ownership, no member of Shareholder, individually or in the aggregate with all other members of Shareholder and the Shareholder
Affiliates, has any other Beneficial Ownership of, and/or economic exposure to, any Voting Securities, including through any derivative transaction described in the definition of “Beneficial Ownership” above; and (c) Shareholder has
not provided or agreed to provide, and will not provide, any compensation in cash or otherwise to the Shareholder Designee, solely in his capacity as a director or director nominee of the Company in connection with such Shareholder Designee’s
nomination and appointment to, or service on, the Board. 

  

	8.	Certain Defined Terms. For purposes of this Agreement: 

  

	 	(a)	The term “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act. 

  

	 	(b)	“Beneficially Own,” “Beneficial Owner”, and “Beneficial Ownership” shall have the same meaning as set forth in Rule 13d-3 under the Exchange Act. 

 

	 	(c)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  

	 	(d)	The terms “person” or “persons” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company,
joint venture, estate, trust, association, organization or other entity of any kind or nature. 

  

	 	(e)	“SEC” shall mean the Securities and Exchange Commission. 

  

	 	(f)	“Voting Securities” shall mean the Common Stock, and any other securities of the Company entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable for
Common Stock or other securities entitled to vote in the election of directors, whether or not subject to the passage of time or other contingencies. 

  

	9.	 Miscellaneous. The parties hereto recognize and agree that if for any reason any of the provisions of this
Agreement are not performed in accordance with their specific terms or are otherwise breached, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate remedy. Accordingly, each party agrees that in
addition to other remedies the other party shall be entitled to at law or equity, except to the extent mandatorily governed by the laws of the Commonwealth of Virginia 

  
 6 

	 	
concerning the internal affairs of the Company, the other party shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and
provisions of this Agreement exclusively in any federal or state court of competent jurisdiction in the Borough of Manhattan of the City of New York. In the event that any action shall be brought in equity to enforce the provisions of this
Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at law. This Agreement shall be construed in accordance with, and this Agreement and all disputes hereunder shall be governed by, the laws
of the State of New York, without regard to any conflict of laws provision which would require the application of the law of any other jurisdiction. By its execution and delivery of this Agreement, each of the parties hereto hereby irrevocably and
unconditionally agrees for itself that any legal action, suit or proceeding with respect to any matter under or arising out of or in connection with this Agreement or for recognition or enforcement of any judgment in any such action, suit or
proceeding may be brought, on an exclusive basis, in any federal or state court of competent jurisdiction in the Borough of Manhattan of the City of New York. By execution and delivery of this Agreement, each of the parties hereto irrevocably
accepts and submits itself to the exclusive jurisdiction of any such court, generally and unconditionally, with respect to any such action, suit or proceeding and waives any defense of forum non conveniens or based upon venue if such action,
suit or proceeding is brought in accordance with this provision. 

  

	10.	No Waiver. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision
of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that
term or any other term of this Agreement. 

  

	11.	Entire Agreement. This Agreement and the Confidentiality Agreement contain the entire understanding of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing
executed by the parties hereto. 

  

	12.	Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or
served, if (a) given by email, when email is sent to the email address set forth below and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address
specified in this subsection: 

  
 7 

 if to the Company: 

Penn Virginia Corporation 

14701 St. Mary’s Lane, Suite 275 

Houston, TX 77079 

Attention:         Chief Legal Officer 

Email:               katie.ryan@pennvirginia.com 

With a copy (which shall not constitute notice) to: 

Gibson, Dunn & Crutcher LLP 

1221 McKinney Street 
 Houston,
TX 77010-2046 
 Attention:         Hillary H. Holmes 

Email:               hholmes@gibsondunn.com 

if to Shareholder: 
 Strategic
Value Partners, LLC 
 100 West Putnam Ave. 

Greenwich, CT 06830 

Attention:         David B. Charnin 

Email:               dcharnin@svpglobal.com 

With a copy (which shall not constitute notice) to: 

Proskauer Rose LLP 
 Eleven
Times Square 
 New York, NY 10036-8299 

Attention:         Arnold S. Jacobs 

Email:               ajacobs@proskauer.com 

 

	13.	Severability. If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no
force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this Agreement. 

 

	14.	Counterparts. This Agreement may be executed in two or more counterparts which together shall constitute a single agreement. 

  

	15.	Successors and Assigns. This Agreement shall not be assignable by any of the parties to this Agreement. This Agreement, however, shall be binding on successors of the parties hereto. 

 

	16.	No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other persons, except with respect to Shareholder Designee (including any Replacement).

  
 8 

	17.	Fees and Expenses. Each party will bear its own costs, fees and expenses in connection with this Agreement. 

  

	18.	Interpretation and Construction. Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and
that it has executed the same with the advice of said independent counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating
thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require
interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be
decided without regards to events of drafting or preparation. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The term
“including” shall be deemed to mean “including without limitation” in all instances. 

 [Signature Pages
Follow] 

  
 9 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same to
be executed by its duly authorized representative as of the date first above written. 
  

			
	PENN VIRGINIA CORPORATION
		
	By:	 	/s/ John A. Brooks
		 	Name: John A. Brooks
		 	Title: President and Chief Executive Officer

 [Signatures continued on the following page.] 

[Signature Page to Support Agreement] 

			
	STRATEGIC VALUE PARTNERS, LLC
		
	By:	 	/s/ James Dougherty
		 	Name: James Dougherty
		 	Title: Fund Chief Financial Officer

 [Signatures continued on the following page.] 

[Signature Page to Support Agreement] 

 STRATEGIC VALUE MASTER FUND, LTD. 

By: Strategic Value Partners, LLC, its Investment Manager 

			
		
	By:	 	 /s/ James Dougherty

		 	Name: James Dougherty
		 	Title: Fund Chief Financial Officer

 [Signatures continued on the following page.] 

[Signature Page to Support Agreement] 

 STRATEGIC VALUE SPECIAL SITUATIONS FUND III, L.P. 

By: SVP Special Situations III, LLC, its Investment Manager 

			
		
	By:	 	 /s/ James Dougherty

		 	Name: James Dougherty
		 	Title: Fund Chief Financial Officer

 [Signatures continued on the following page.] 

[Signature Page to Support Agreement] 

 STRATEGIC VALUE OPPORTUNITIES FUND, L.P. 

By: SVP Special Situations III-A, LLC, its Investment Manager 

			
		
	By:	 	 /s/ James Dougherty

		 	Name: James Dougherty
		 	Title: Fund Chief Financial Officer

 [Signature Page to Support Agreement] 

 SCHEDULE A 

 
  

Strategic Value Master Fund, Ltd. 

Strategic Value Special Situations Fund III, L.P. 

Strategic Value Opportunities Fund, L.P. 

 EXHIBIT A 

FORM OF NOMINEE LETTER 
 January 18,
2018 
 Attention: Board of Directors 
 Penn Virginia
Corporation 
 14701 St. Mary’s Lane, Suite 275 
 Houston,
TX 77079 
  

	 	Re:	Consent 

 Ladies and Gentlemen: 

This letter is delivered pursuant to the Support Agreement, dated as of January 18, 2018 (the “Agreement”), by and among
Penn Virginia Corporation and Shareholder (as defined therein). Capitalized terms used herein but not defined shall have the meaning set forth in the Agreement. 

In connection with the Agreement, I hereby consent to (a) serve as a director of the Company effective January 19, 2018 (b) if
nominated by the Company, be named as a nominee for the position of director of the Company in the Company’s proxy statement for the 2018 Annual Meeting and the 2019 Annual Meeting and (c) serve as a director if I am so elected at the 2018
Annual Meeting and the 2019 Annual Meeting. I also agree that, after the date hereof, I will provide to the Company, as requested by the Company from time to time, such information as the Company is entitled to reasonably receive from other members
of the Board and as is required to be disclosed in proxy statements or other reports or filings under applicable law or securities exchange listing requirements. 

At all times while serving as a member of the Board, I agree to comply with all policies, procedures, processes, codes, rules, standards and
guidelines applicable to Board members, including the Company’s Code of Business Conduct and Ethics, securities trading policies, anti-hedging policies, Regulation FD-related policies, director confidentiality policies and corporate governance
guidelines, in each case that have been identified to me, and preserve the confidentiality of the Company’s business and information, including discussions or matters considered in meetings of the Board or Board committees. I hereby waive any
right to receive compensation for service as a director of the Company pursuant to the Company’s director compensation policy, including any stock or cash compensation. I acknowledge and agree that the foregoing obligations are in addition to
the fiduciary and common law duties of any director of a Virginia corporation. 
 Sincerely, 

 

	
	 /s/ David Geenberg

	Name: David Geenberg

 EXHIBIT B 

FORM OF IRREVOCABLE RESIGNATION 

January 18, 2018 
 Attention: Board of Directors 

Penn Virginia Corporation 
 14701 St. Mary’s Lane, Suite 275

 Houston, TX 77079 
  

	 	Re:	Resignation 

 Ladies and Gentlemen: 

This irrevocable resignation is delivered pursuant to the Support Agreement, dated as of January 18, 2018 (the
“Agreement”), by and among Penn Virginia Corporation and Shareholder (as defined therein). Capitalized terms used herein but not defined shall have the meaning set forth in the Agreement. Effective only upon, and subject to,
(1) such time as Shareholder, together with all of the Shareholder Affiliates, ceases collectively to “beneficially own” (as defined in Rule 13d-3 under the Exchange Act) at least 5% of the shares of Common Stock then outstanding, or
(2) prior to the expiration or termination of the Standstill Period, Shareholder or any Shareholder Affiliate breaches in any material respect any of the terms of the Agreement and fails to cure such breach within twenty business days following
the receipt of written notice thereof from the Company specifying such breach (it being understood that breaches that by their nature cannot be reversed or undone shall be deemed to have been cured for purposes hereof if the Shareholder or a
Shareholder Affiliate has taken commercially reasonable actions to reduce the adverse impact of such breach), I hereby resign from my position as a director of the Company and from any and all committees of the Board on which I serve. 

This resignation may not be withdrawn by me at any time during which it is effective. 

Sincerely, 
  

	
	 /s/ David Geenberg

	Name: David Geenberg

 EXHIBIT C 

PRESS RELEASE 
 [See
attached.] 

 Penn Virginia Announces Retirement of Executive Chairman and Appointment of New Members of the Board of
Directors 
 HOUSTON, January 19, 2018 (GLOBE NEWSWIRE) — Penn Virginia Corporation (“Penn Virginia” or the “Company”)
(NASDAQ:PVAC) today announced the retirement of Harry Quarls from his positions as Executive Chairman and as a director of the Company, effective on February 28, 2018. Additionally, the Company also announced the expansion of its board of
directors from five to seven members and the appointments of Mr. David Geenberg and Mr. Michael Hanna as new independent board members, effective immediately. 

Mr. Quarls said, “I am very pleased by what we have been able to accomplish since the Company’s emergence from bankruptcy in September 2016. We
have rebuilt the capabilities of the Company to be a top performer in the Eagle Ford; managed a strategic alternatives process; and completed two accretive, strategic acquisitions in our core area which have increased production and operated
inventory by over 50%. The Company is now favorably positioned for the future. However, this effort has required a significant commitment of my time, which is limiting my ability to spend time with other opportunities, including time with my family.
With these accomplishments, now is a good time to step away and dedicate my time elsewhere. I thank all the employees at Penn Virginia and its board for the chance to work with them on this terrific journey. I wish all continued success.” 

Upon Mr. Quarls’ retirement, Penn Virginia’s board of directors will be reduced from seven members to six members, and each of
Mr. Darin G. Holderness and Mr. Geenberg will serve as the non-executive Co-Chairman of Penn Virginia’s board of directors. The Company plans to conduct a search for a new director and Chairman who is not a shareholder
representative and who has oil and gas industry expertise. Mr. Quarls has also agreed to provide consulting services for the Company through the end of 2018. 

“Harry has been instrumental in the Company’s turnaround and his leadership will be missed,” said John A. Brooks, President and Chief Executive
Officer. “His experience, energy, commitment and knowledge served the Company well over the last year and a half and positions Penn Virginia well for the future. With our focus on the future, we believe the insight that Michael and David will
provide as to the perspectives of our shareholders as well as their expertise in finance will prove to be an invaluable asset to Penn Virginia.” 

Mr. Geenberg is Co-Head of US Investment Team of Strategic Value Partners, LLC (“SVP”), which together with its affiliates manage certain
investment funds and accounts that hold approximately 10.2% of the Company’s outstanding common stock, respectively. Mr. Geenberg joined SVP in 2009, and since such time, he has led the firm’s investment efforts in the infrastructure,
energy, and power sectors in North America, serving on the steering committees of more than a dozen significant restructurings. Previously, Mr. Geenberg worked at Goldman, Sachs & Co., most recently in the Infrastructure Investment
Group and Principal Investment Area focused on energy and transportation infrastructure 

 
businesses, and, prior to that, in the investment bank’s Natural Resources Group. Mr. Geenberg received a B.A. in Economics summa cum laude from Dartmouth College in 2005. The
board of directors believes Mr. Geenberg’s experience in advising and investing in the energy industry will bring value to the Company. In connection with Mr. Geenberg’s election to the board of directors, SVP and
Mr. Geenberg have entered into a standstill and support agreement with the Company, pursuant to which, among other things, during the standstill period SVP will vote its shares of common stock in favor of the board’s recommendation with
respect to director nominations and other routine matters submitted to a vote of the Company’s Shareholders. 
 Mr. Hanna is a Partner and
Portfolio Manager of KLS Diversified Asset Management (“KLS”), which beneficially owns approximately 7.7% of the Company’s outstanding common stock. Mr. Hanna joined KLS in July 2015 and has 16 years of investment banking and
portfolio management experience. Prior to joining KLS, Mr. Hanna was a Portfolio Manager and Head of Trading at BulwarkBay Investment Group, LLC, a firm he co-founded in 2011. Previously, he was a portfolio manager with Concordia Advisors
LLC, where he co-managed the firm’s Distressed Debt Fund. Mr. Hanna joined Concordia in 2005. Prior to joining Concordia, he worked in the Leveraged Finance/Financial Sponsors and Global Corporate Investment Banking groups of RBC Capital
Markets from 2004 to 2005 and Bank of America Merrill Lynch from 2001 to 2004. Mr. Hanna’s industry experience includes oil & gas, industrials, paper and forest products, insurance and financials, aerospace and energy. He is
a member of the board of directors of Modular Space Corporation and Sensei, Inc. Mr. Hanna received a B.A. from the University of Michigan in 2001 and is a CFA Charter holder. The board of directors believes Mr. Hanna’s experience in
finance will bring value to the Company. 
 Penn Virginia also announced today its adoption of amended and restated bylaws to require the approval of at
least two-thirds of the directors then on its board of directors for certain significant transactions, including a sale of substantially all assets of the Company, an increase in the authorized capital of the company or the issuance of preferred
stock. 
 About Penn Virginia Corporation 
 Penn
Virginia Corporation is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in
south Texas. For more information, please visit our website at www.pennvirginia.com. 
 Forward-Looking Statements

Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as “will,” “pursue,” “expect,” “prove,”
“believes,” “future,” and 

 
variations of such words or similar expressions in this press release to identify forward-looking statements. Because such statements include assumptions, risks, uncertainties and contingencies,
actual results may differ materially from those expressed or implied by such forward-looking statements. Additional information concerning these and other factors can be found in our press releases and public filings with the SEC. Many of the
factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The
statements in this release speak only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable law. 
 Contact 

Steve Hartman 
 Chief Financial Officer 

Ph: (713) 722-6529 
 E-Mail: invest@pennvirginia.com

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