Document:

EX-10.11

 Exhibit 10.11 

The ESAB Group, Inc. 
 Nonqualified Deferred
Compensation Plan 
 Master Plan Document 

 
  

Effective January 1, 2022 

 The ESAB Group, Inc. 

Nonqualified Deferred Compensation Plan 
 Master Plan Document

  
 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article 1
	 	Definitions	  	 	1	 
			
	 1.1
	 	“Account Balance”	  	 	1	 
	 1.2
	 	“Annual Account”	  	 	1	 
	 1.3
	 	“Annual Deferral Amount”	  	 	1	 
	 1.4
	 	“Quarterly Installment Method”	  	 	2	 
	 1.5
	 	“Base Salary”	  	 	2	 
	 1.6
	 	“Beneficiary”	  	 	2	 
	 1.7
	 	“Beneficiary Designation Form”	  	 	2	 
	 1.8
	 	“Benefit Distribution Date”	  	 	2	 
	 1.9
	 	“Board”	  	 	2	 
	 1.10
	 	“Bonus”	  	 	2	 
	 1.11
	 	“Change in Control”	  	 	3	 
	 1.12
	 	“Claimant”	  	 	3	 
	 1.13
	 	“Code”	  	 	3	 
	 1.14
	 	“Committee”	  	 	3	 
	 1.15
	 	“Company”	  	 	3	 
	 1.16
	 	“Company Discretionary Contribution Amount”	  	 	3	 
	 1.17
	 	“Company Matching Contribution Amount	  	 	3	 
	 1.18
	 	“Company 401(k) Plan”	  	 	3	 
	 1.19
	 	“Disability” or “Disabled”	  	 	3	 
	 1.20
	 	“Disability Benefit”	  	 	3	 
	 1.21
	 	“Election Form”	  	 	3	 
	 1.22
	 	“Eligible Match Compensation”	  	 	3	 
	 1.23
	 	“Employee”	  	 	4	 
	 1.24
	 	“Employer(s)”	  	 	4	 
	 1.25
	 	“ERISA”	  	 	4	 
	 1.26
	 	“Forfeitable Right”	  	 	4	 
	 1.27
	 	“Measurement Funds”	  	 	4	 
	 1.28
	 	“Participant”	  	 	4	 
	 1.29
	 	“Plan”	  	 	4	 
	 1.30
	 	“Plan Year”	  	 	4	 
	 1.31
	 	“Retirement Date”	  	 	4	 
	 1.32
	 	“Scheduled Distribution”	  	 	4	 
	 1.33
	 	“Separation Benefit”	  	 	4	 
	 1.34
	 	“Separation from Service”	  	 	4	 
	 1.35
	 	“Specified Employee”	  	 	4	 
	 1.36
	 	“Survivor Benefit”	  	 	4	 
	 1.37
	 	“Terminate the Plan,” “Termination of the Plan”	  	 	4	 
	 1.38
	 	“Trust”	  	 	5	 
	 1.39
	 	“Unforeseeable Financial Emergency”	  	 	5	 

  
 i 

 The ESAB Group, Inc. 

Nonqualified Deferred Compensation Plan 
 Master Plan Document

  
  

							
	 Article 2
	 	Selection, Enrollment, Eligibility	  	 	5	 
			
	 2.1
	 	Selection by Committee	  	 	5	 
	 2.2
	 	Enrollment and Eligibility Requirements; Commencement of Participation	  	 	5	 
	 2.3
	 	Termination of a Participant’s Eligibility	  	 	6	 
			
	 Article 3
	 	Deferral Commitments / Contribution Amounts / Vesting / Crediting / Taxes	  	 	6	 
			
	 3.1
	 	Maximum Deferral	  	 	6	 
	 3.2
	 	Election to Defer; Effect of Election Form	  	 	6	 
	 3.3
	 	Withholding and Crediting of Annual Deferral Amounts	  	 	7	 
	 3.4
	 	Company Matching Contribution Amount; Company Discretionary Contribution Amount	  	 	8	 
	 3.5
	 	Vesting	  	 	8	 
	 3.6
	 	Crediting/Debiting of Account Balances	  	 	8	 
	 3.7
	 	FICA and Other Taxes	  	 	10	 
			
	 Article 4
	 	Scheduled Distribution; Unforeseeable Financial Emergencies	  	 	10	 
			
	 4.1
	 	Scheduled Distribution	  	 	10	 
	 4.2
	 	Postponing Scheduled Distributions	  	 	10	 
	 4.3
	 	Other Benefits Take Precedence Over Scheduled Distributions	  	 	11	 
	 4.4
	 	Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies	  	 	11	 
			
	 Article 5
	 	Separation Benefit	  	 	12	 
			
	 5.1
	 	Separation Benefit	  	 	12	 
	 5.2
	 	Payment of Separation Benefit	  	 	12	 
	 5.3
	 	Small Plan Benefit	  	 	13	 
			
	 Article 6
	 	Disability Benefit	  	 	13	 
			
	 6.1
	 	Disability Benefit	  	 	13	 
	 6.2
	 	Payment of Disability Benefit	  	 	13	 
			
	 Article 7
	 	Survivor Benefit	  	 	13	 
			
	 7.1
	 	Survivor Benefit	  	 	13	 
	 7.2
	 	Payment of Survivor Benefit	  	 	14	 
			
	 Article 8
	 	Beneficiary Designation	  	 	14	 
			
	 8.1
	 	Beneficiary	  	 	14	 
	 8.2
	 	Beneficiary Designation; Chance; Spousal Consent	  	 	14	 
	 8.3
	 	Acknowledgment	  	 	14	 
	 8.4
	 	No Beneficiary Designation	  	 	14	 
	 8.5
	 	Doubt as to Beneficiary	  	 	14	 
	 8.6
	 	Discharge of Obligations	  	 	14	 
			
	 Article 9
	 	Leave of Absence	  	 	15	 
			
	 9.1
	 	Paid Leave of Absence	  	 	15	 

  
 ii 

 The ESAB Group, Inc. 

Nonqualified Deferred Compensation Plan 
 Master Plan Document

  
  

							
	 9.2
	 	Unpaid Leave of Absence	  	 	15	 
			
	 Article 10
	 	Termination of Plan, Amendment or Modification	  	 	15	 
			
	 10.1
	 	Termination of Plan	  	 	15	 
	 10.2
	 	Amendment	  	 	15	 
	 10.3
	 	Effect of Payment	  	 	16	 
			
	 Article 11
	 	Administration	  	 	16	 
			
	 11.1
	 	Committee Duties	  	 	16	 
	 11.2
	 	Administration Upon Change in Control	  	 	16	 
	 11.3
	 	Agents	  	 	17	 
	 11.4
	 	Binding Effect of Decisions	  	 	17	 
	 11.5
	 	Indemnity of Committee	  	 	17	 
	 11.6
	 	Employer Information	  	 	17	 
			
	 Article 12
	 	Other Benefits and Agreements	  	 	17	 
			
	 12.1
	 	Coordination with Other Benefits	  	 	17	 
			
	 Article 13
	 	Claims Procedures	  	 	18	 
			
	 13.1
	 	Presentation of Claim	  	 	18	 
	 13.2
	 	Notification of Decision	  	 	18	 
	 13.3
	 	Review of a Denied Claim	  	 	19	 
	 13.4
	 	Decision on Review	  	 	19	 
	 13.5
	 	Controlling Law	  	 	19	 
			
	 Article 14
	 	Trust	  	 	20	 
			
	 14.1
	 	Establishment of the Trust	  	 	20	 
	 14.2
	 	Interrelationship of the Plan and the Trust	  	 	20	 
	 14.3
	 	Distributions From the Trust	  	 	20	 
			
	 Article 15
	 	Miscellaneous	  	 	20	 
			
	 15.1
	 	Status of Plan	  	 	20	 
	 15.2
	 	Unsecured General Creditor	  	 	20	 
	 15.3
	 	Employer’s Liability	  	 	20	 
	 15.4
	 	Assignment	  	 	20	 
	 15.5
	 	Not a Contract of Employment	  	 	21	 
	 15.6
	 	Furnishing Information	  	 	21	 
	 15.7
	 	Terms	  	 	21	 
	 15.8
	 	Captions	  	 	21	 
	 15.9
	 	Governing Law	  	 	21	 
	 15.10
	 	Notice	  	 	22	 
	 15.11
	 	Successors	  	 	22	 
	 15.12
	 	Spouse’s Interest	  	 	22	 
	 15.13
	 	Validity	  	 	22	 

  
 iii 

 The ESAB Group, Inc. 

Nonqualified Deferred Compensation Plan 
 Master Plan Document

  
  

							
	 15.14
	 	Incompetent	  	 	22	 
	 15.15
	 	Court Order	  	 	22	 
	 15.16
	 	Insurance	  	 	23	 
	 15.17
	 	No Acceleration of Benefits	  	 	23	 

  
 iv 

 THE ESAB GROUP, INC. 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

Effective January 1, 2022 

Purpose 
 The
purpose of The ESAB Group, Inc. Nonqualified Deferred Compensation Plan (the “Plan”) is to provide specified benefits to a select group of management or highly compensated Employees who contribute materially to the continued growth,
development and future business success of ESAB Corporation and its subsidiaries, if any, that sponsor this Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA: 

The Plan is intended to comply with all applicable law, including Code Section 409A and related Treasury guidance and Regulations, and
shall be operated and interpreted in accordance with this intention. 
 ARTICLE 1 

Definitions 
 For
the purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings: 
  

	1.1	 “Account Balance” shall mean, with respect to a Participant, an entry on the records of the Employer
equal to the sum of (i) the Participant’s Annual Accounts, less (ii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan. The Account Balance shall be a bookkeeping entry only and shall be
utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan. 

 

	1.2	 “Annual Account” shall mean, with respect to a Participant, an entry on the records of the Employer
equal to the following amount: (i) the sum of the Participant’s Annual Deferral Amount, Company Discretionary Contribution Amount and Company Matching Contribution Amount for any one Plan Year, plus (ii) amounts credited or debited to
such amounts pursuant to this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Annual Account for such Plan Year. The Annual Account shall be a bookkeeping entry only
and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary, pursuant to this Plan. 

 

	1.3	 “Annual Deferral Amount” shall mean that portion of a Participant’s Base Salary and/or Bonus
that a Participant defers in accordance with Article 3 for any one Plan Year, without regard to whether such amounts are withheld and credited during such Plan Year. In the event of a Participant’s Separation from Service, Disability or death
prior to the end of a Plan Year, such year’s Annual Deferral Amount shall be the actual amount withheld prior to such event. 

  
 1 

	1.4	 “Quarterly Installment Method” shall be a quarterly installment payment over the number of years
selected by the Participant in accordance with this Plan, calculated as follows: (i) for the first quarterly installment, the vested portion of each Annual Account shall be calculated as of the close of business on or around the
Participant’s Benefit Distribution Date or Scheduled Distribution Date, as applicable, as determined by the Committee in its sole discretion, and (ii) for remaining quarterly installments, the vested portion of each applicable Annual
Account shall be calculated on or around the first business day of each fiscal quarter of the Company following the initial installment payment. Each quarterly installment shall be calculated by multiplying this balance by a fraction, the numerator
of which is one and the denominator of which is the remaining number of quarterly payments due to the Participant. 

  

	1.5	 “Base Salary” shall mean an Employee’s regular base salary paid by any Employer.

  

	1.6	 “Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in
accordance with Article 8, that are entitled to receive benefits under this Plan upon the death of a Participant. 

  

	1.7	 “Beneficiary Designation Form” shall mean the form established from time to time by the Committee
that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries. 

  

	1.8	 “Benefit Distribution Date” shall mean a date that automatically triggers distribution of a
Participant’s vested benefits. A Benefit Distribution Date for a Participant shall be determined upon the occurrence of any one of the following: 

  

	 	(a)	 If the Participant experiences a Separation from Service, the Benefit Distribution Date for his or her vested
Account Balance shall be the date on which the Participant experiences a Separation from Service; provided, however, in the event the Participant changes the Separation Benefit election for one or more Annual Accounts in accordance with
Section 5.2(b), the Benefit Distribution Date for such Annual Account(s) shall be postponed in accordance with such Section 5.2(b); or 

  

	 	(b)	 If the Participant dies prior to the complete distribution of his or her vested Account Balance, the
Participant’s Benefit Distribution Date shall be the date on which the Committee is provided with proof that is satisfactory to the Committee of the Participant’s death; or 

 

	 	(c)	 If the Participant becomes Disabled, the Participant’s Benefit Distribution Date shall be the date on
which the Participant becomes Disabled. 

  

	1.9	 “Board” shall mean the board of directors of the Company. 

 

	1.10	 “Bonus” shall mean one or more cash bonuses designated from time to time by the Committee as eligible
for deferral under this Plan, including, without limitation, bonuses under The ESAB Group, Inc. Annual Incentive Plan, but excluding all retention bonuses and change in control bonuses unless the Committee otherwise determines that retention and
change in control bonuses will be included. 

  
 2 

	1.11	 “Change in Control” shall mean any “change in control event” as defined in accordance with
Treasury guidance and Regulations related to Code Section 409A, including but not limited to IRS Notice 2005-1 and such other Treasury guidance or Regulations issued after the effective date of this Plan,
but excluding the dividend of Company stock by Colfax Corporation to the stockholders of Colfax Corporation. 

  

	1.12	 “Claimant” shall have the meaning set forth in Section 13.1. 

 

	1.13	 “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.

  

	1.14	 “Committee” shall mean the committee described in Article 11. 

 

	1.15	 “Company” shall mean The ESAB Group, Inc. and any successor to all or substantially all of the
Company’s assets or business. 

  

	1.16	 “Company Discretionary Contribution Amount” shall mean, for any one Plan Year, the amount determined
in accordance with Section 3.4(b). 

  

	1.17	 “Company Matching Contribution Amount” shall mean, for any one plan Year, the amount determined in
accordance with section 3.4(a). 

  

	1.18	 “Company 401(k) Plan” shall mean The ESAB Group, Inc. 401(k) Savings Plan Plus, effective as of
January 1, 2022, as it may be amended from time to time. 

  

	1.19	 “Disability” or “Disabled” shall mean that a Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. A Participant
shall be considered Disabled only if he or she meets one or both of the following criteria: 

 (a) He or she has been
determined under the Employer’s long-term disability plan as eligible for benefits thereunder; or 
 (b) He or she has been determined
by the Social Security Administration as eligible for Social Security disability benefits. 
  

	1.20	 “Disability Benefit” shall mean the benefit set forth in Article 6. 

 

	1.21	 “Election Form” shall mean the form, which may be in electronic format, established from time to time
by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan. 

  

	1.22	 “Eligible Match Compensation” shall mean, for any one Plan Year, “Compensation” (as defined
in the Company 401(k) Plan) in excess of the annual Code Section 401(a)(17) limit in effect for such Plan Year excluding from such “Compensation” amounts that are not a Bonus as defined in Section 1.10. 

  
 3 

	1.23	 “Employee” shall mean a person who is an employee of any Employer. 

 

	1.24	 “Employer(s)” shall mean the Company and/or any of its subsidiaries (now in existence or hereafter
formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as a sponsor. 

  

	1.25	 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from
time to time. 

  

	1.26	 “Forfeitable Right” shall mean an amount to which a Participant has a legally binding right that is
payable in a subsequent year and requires continued service by the Participant for a period of at least twelve (12) months to avoid forfeiture of such amount. 

 

	1.27	 “Measurement Funds” shall have the definition set forth in Section 3.6(a).

  

	1.28	 “Participant” shall mean any Employee selected to participate in the Plan by the Committee who
submits an executed Election Form and Beneficiary Designation Form which are accepted by the Committee. 

  

	1.29	 “Plan” shall mean The ESAB Group, Inc. Nonqualified Deferred Compensation Plan, effective as of
January 1, 2022, which shall be evidenced by this instrument, as it may be amended from time to time. 

  

	1.30	 “Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing
through December 31 of such calendar year. 

  

	1.31	 “Retirement Date” shall mean a Participants Separation from Service upon reaching age sixty-five
(65) with five (5) years of Vesting Service (as defined for purposes of the Company 401(k) Plan) or age fifty-five (55) with ten (10) years of Vesting Service (as defined for purposes of the Company 401(k) Plan).

  

	1.32	 “Scheduled Distribution” shall mean the distribution set forth in Section 4.1.

  

	1.33	 “Separation Benefit” shall mean the benefit set forth in Article 5. 

 

	1.34	 “Separation from Service” shall mean the separation from service with all Employers, voluntarily or
involuntarily, for any reason other than death, Disability, or an authorized leave of absence, as determined in accordance with Code Section 409A and related Treasury guidance and Regulations. 

 

	1.35	 “Specified Employee” shall mean “specified employee” as defined under Code
Section 409A. 

  

	1.36	 “Survivor Benefit” shall mean the benefit set forth in Article 7. 

 

	1.37	 “Terminate the Plan,” “Termination of the Plan” shall mean a determination by an
Employer’s board of directors that (i) all of its Participants shall no longer be eligible to participate in the Plan, (ii) all deferral elections for such Participants shall terminate, and (iii) such Participants shall no longer be
eligible to receive Company contributions under this Plan. 

  
 4 

	1.38	 “Trust” shall mean one or more trusts established by the Company in accordance with Article 14.

  

	1.39	 “Unforeseeable Financial Emergency” shall mean an unforeseeable emergency that is caused by an event
beyond the control of the Participant that would result in severe financial hardship to the Participant resulting from (i) a sudden and unexpected illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined
in Code Section 152(a)) of the Participant, (ii) a loss of the Participant’s property due to casualty, or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of
the Participant, all as determined in the sole discretion of the Committee. 

 ARTICLE 2 

Selection, Enrollment, Eligibility 
  

	2.1	 Selection by Committee. Participation in the Plan shall be limited to those Employees who
(i) are officers or other select managerial employees and (ii) are, upon recommendation of the Company, approved for such participation by the Company, in its sole discretion. 

 

	2.2	 Enrollment and Eligibility Requirements; Commencement of Participation. 

 

	 	(a)	 As a condition to participation, each selected Employee or Employee who otherwise is eligible to participate in
the Plan as of the first day of a Plan Year shall complete, execute and return to the Committee an Election Form and a Beneficiary Designation Form, prior to the first day of such Plan Year, or such other deadline as may be established by the
Committee in its sole discretion. In addition, the Committee shall establish from time to time such other enrollment requirements as it determines, in its sole discretion, are necessary. 

 

	 	(b)	 An Employee who first becomes eligible to participate in this Plan after the first day of a Plan Year must
complete these requirements within thirty (30) days after he or she first becomes eligible to participate in the Plan, or within such other earlier deadline as may be established by the Committee, in its sole discretion, in order to participate
for that Plan Year. In such event, such Employee’s participation in this Plan shall not commence earlier than the date determined by the Committee pursuant to Section 2.2(c) and such Employee shall not be permitted to defer under this Plan
any amount earned with respect to services performed prior to his or her participation commencement date. 

  

	 	(c)	 Each selected Employee who is eligible to participate in the Plan shall commence participation in the Plan on
the date that the Committee determines, in its sole discretion, that the Employee has met all enrollment requirements set forth in this Plan and required by the Committee, including returning all required documents to the Committee within the
specified time period. Notwithstanding the foregoing, the Committee shall process such Participant’s deferral election as soon as administratively practicable after such deferral election is submitted to and accepted by the Committee.

  
 5 

	 	(d)	 If an Employee fails to meet all requirements contained in this Section 2.2 within the period required,
that Employee shall not be eligible to participate in the Plan during such Plan Year. 

  

	2.3	 Termination of a Participant’s Eligibility. If the Committee
determines that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the
Committee shall have the right, in its sole discretion, to prevent the Participant from making future deferral elections and/or take further action that the Committee deems appropriate. Notwithstanding the foregoing, in the event of a Termination of
the Plan, the termination of the affected Participants’ eligibility for participation in the Plan shall not be governed by this Section 2.3, but rather shall be governed by Section 10.1. In the event that a Participant is no longer
eligible to defer compensation under this Plan, the Participant’s Account Balance shall continue to be governed by the terms of this Plan until such time as the Participant’s Account Balance is paid in accordance with the terms of this
Plan. 

 ARTICLE 3 

Deferral Commitments / Contribution Amounts / Vesting / Crediting / Taxes 

 

	3.1	 Maximum Deferral. 

 

	 	(a)	 Annual Deferral Amount. For each Plan Year, a Participant may elect to defer, as his or her
Annual Deferral Amount, a maximum of up to 75% of his or her Bonus and up to 50% of Base Salary. 

  

	 	(b)	 Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a Participant
after the first day of a Plan Year, the maximum Annual Deferral Amount shall be limited to the amount of compensation not yet earned by the Participant as of the date the Participant submits an Election Form to the Committee for acceptance.

  

	3.2	 Election to Defer; Effect of Election Form. 

 

	 	(a)	 First Plan Year. In connection with a Participant’s commencement of participation in the
Plan, the Participant shall make an irrevocable deferral election for the Plan Year in which the Participant commences participation in the Plan, along with such other elections as the Committee deems necessary or desirable under the Plan. For these
elections to be valid, the Election Form must be completed and executed by the Participant, timely delivered to the Committee (in accordance with Section 2.2 above) and accepted by the Committee. 

  
 6 

	 	(b)	 Subsequent Plan Years. For each succeeding Plan Year, an irrevocable deferral election for that
Plan Year, and such other elections as the Committee deems necessary or desirable under the Plan, shall be made by timely delivering a new Election Form to the Committee, in accordance with its rules and procedures, before the end of the Plan Year
preceding the Plan Year for which the election is made. 

  

	 	(c)	 Performance-Based Compensation. Notwithstanding the foregoing, the Committee may, in its sole
discretion, determine that an irrevocable deferral election pertaining to performance-based compensation may be made by timely delivering an Election Form to the Committee, in accordance with its rules and procedures, no later than six
(6) months before the end of the performance service period. “Performance-based compensation” shall be compensation based on services performed over a period of at least twelve (12) months, in accordance with Code
Section 409A and related Treasury Regulations. 

  

	 	(d)	 Short-Term Deferrals. Notwithstanding the foregoing, the Committee may, in its sole discretion,
determine that an irrevocable deferral election pertaining to certain amounts that would otherwise be considered exempt from Section 409A of the Code as short-term deferrals may be made by timely delivering an Election Form to the Committee, in
accordance with its rules and procedures, no later than twelve (12) months before the date the substantial risk of forfeiture with respect to such payment lapses. Such deferral election shall be treated as subsequent deferral election and
subject to the provisions of Section 4.2 below. 

  

	 	(e)	 Forfeitable Rights. Notwithstanding the foregoing, the Committee may, in its sole discretion,
determine that an irrevocable deferral election pertaining to a Forfeitable Right may be made by timely delivering an Election Form to the Committee, in accordance with its rules and procedures, no later than thirty (30) days after the
Participant obtains a legally binding right to the Forfeitable Right; provided that the election is made at least twelve (12) months in advance of the earliest date at which the forfeiture condition to which the Forfeitable Right is subject
could lapse (other than as a result of the Participant’s death or Disability or the occurrence of a Change in Control). 

  

	 	(f)	 Improper Election. If the Committee determines, in its sole discretion, prior to the beginning of
a Plan Year that a Participant has made an election for less than the stated minimum amounts, or if no election is made, the amount deferred shall be zero. If the Committee determines, in its sole discretion, at any time after the beginning of a
Plan Year that a Participant has deferred less than the stated minimum amounts for that Plan Year, any amount credited to the Participant’s applicable Annual Account as the Annual Deferral Amount for that Plan Year shall be distributed to the
Participant within sixty (60) days after the last day of the Plan Year in which the Committee determination was made. 

  

	3.3	 Withholding and Crediting of Annual Deferral Amounts. For each Plan Year, the Annual Deferral
Amount shall be withheld at the time the Bonus and/or Base Salary, as the case may be, is or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself. The Annual Deferral Amount shall be credited to the
Participant’s Annual Account for such Plan Year at the time such amounts would otherwise have been paid to the Participant. 

  
 7 

	3.4	 Company Matching Contribution Amount; Company Discretionary Contribution Amount.

  

	 	(a)	 Company Matching Contribution Amount. For each Plan Year, an Employer shall credit an amount to
each Participant’s Annual Account under the Plan equal to a percentage (which percentage may be zero) of the Participant’s Eligible Match Compensation as determined by the Committee, in its sole discretion. Such amount shall be credited to
the Participant’s Annual Account for the applicable Plan Year on a date or dates to be determined by the Committee, in its sole discretion. 

  

	 	(b)	 Company Discretionary Contribution Amount. For each Plan Year, an Employer, in its sole
discretion, may, but is not required to, credit any amount it desires to any Participant’s Annual Account under this Plan, which amount shall be part of the Participant’s Company Discretionary Contribution Amount for that Plan Year. The
amount so credited to a Participant may be smaller or larger than the amount credited to any other Participant, and the amount credited to any Participant for a Plan Year may be zero, even though one or more other Participants receive a Company
Discretionary Contribution Amount for that Plan Year. The Company Discretionary Contribution Amount described in this Section 3.4(b), if any, shall be credited to the Participant’s Annual Account for the applicable Plan Year on a date or
dates to be determined by the Committee, in its sole discretion. 

  

	3.5	 Vesting. A Participant shall at all times be 100% vested in his or her deferrals of Bonus
and Base Salary. A Participant shall be vested in the portion of his or her Account Balance attributable to any Company Discretionary Contribution Amount and Company Matching Contribution Amount, upon such vesting schedule as may be established by
the Committee, in its sole discretion. 

  

	3.6	 Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules and
procedures that are established from time to time by the Committee, in its sole discretion, amounts shall be credited or debited to a Participant’s Account Balance in accordance with the following rules: 

 

	 	(a)	 Measurement Funds. The Committee shall select from time to time certain mutual funds, insurance
company separate accounts, indexed rates or other methods (the “Measurement Funds”) for purposes of crediting or debiting additional amounts to Participants’ Account Balances. The Committee may discontinue, substitute or add a
Measurement Fund, in its sole discretion. 

  

	 	(b)	 Election of Measurement Funds. A Participant, in connection with each Plan Year deferral election
made in accordance with Section 3.2 above, shall elect, on the Election Form, one or more Measurement Fund(s) (as described in Section 3.6(a) above) to be used to determine the amounts to be credited or debited to his or her Account
Balance. If a Participant does not elect any of the Measurement Funds as 

  
 8 

	 	
described in the previous sentence, the Participant’s Account Balance shall automatically be allocated by the Committee, in its sole discretion. A Participant may (but is not required to)
elect, by submitting an Election Form to the Committee that is accepted by the Committee, to add or delete one or more Measurement Fund(s) to be used to determine the amounts to be credited or debited to his or her Account Balance, or to change the
portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund. If an election is made in accordance with the previous sentence, it shall apply as of the first business day deemed reasonably practicable by the
Committee, in its sole discretion, and shall continue thereafter for each subsequent day in which the Participant participates in the Plan, unless changed in accordance with the previous sentence. Notwithstanding the foregoing, the Committee, in its
sole discretion, may impose limitations on the frequency with which one or more of the Measurement Funds elected in accordance with this Section 3.6(b) may be added or deleted by such Participant; furthermore, the Committee, in its sole
discretion, may impose limitations on the frequency with which the Participant may change the portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund. 

 

	 	(c)	 Proportionate Allocation. In making any election described in Section 3.6(b) above, the
Participant shall specify on the Election Form, in increments of one percent (1%), the percentage of his or her Account Balance or Measurement Fund, as applicable, to be allocated/reallocated. 

 

	 	(d)	 Crediting or Debiting Method. The performance of each Measurement Fund (either positive or
negative) will be determined on a daily basis based on the manner in which such Participant’s Account Balance has been hypothetically allocated among the Measurement Funds by the Participant. 

 

	 	(e)	 No Actual Investment. Notwithstanding any other provision of this Plan that may be interpreted to
the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election of any such Measurement Fund, the allocation of his or her Account Balance thereto, the calculation of additional amounts and the
crediting or debiting of such amounts to a Participant’s Account Balance shall not be considered or construed in any manner as an actual investment of his or her Account Balance in any such Measurement Fund. In the event that the Company or the
Trustee (as that term is defined in the Trust), in its own discretion, decides to invest funds in any or all of the investments on which the Measurement Funds are based, no Participant shall have any rights in or to such investments themselves.
Without limiting the foregoing, a Participant’s Account Balance shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the Company or the Trust. 

  
 9 

	3.7	 FICA and Other Taxes. 

 

	 	(a)	 Deferrals and Contributions. With respect to deferrals and other contributions to the Plan, a
Participant’s Employer(s) either shall withhold from that portion of the Participant’s Bonus, Base Salary or other compensation that is not being deferred, or shall reduce the amounts contributed to the Participant’s Annual Account
by, the Participant’s share of FICA and other employment taxes on such deferrals and contributions. Withholdings and reductions pursuant to this Section 3.8(a) shall be undertaken in a manner determined by the Employer(s).

  

	 	(b)	 Distributions. The Participant’s Employer(s), or the trustee of the Trust, shall withhold
from any payments made to a Participant under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Employer(s), or the trustee of the Trust, in connection with such payments, in amounts and in a
manner to be determined in the sole discretion of the Employer(s) and the trustee of the Trust. 

 ARTICLE 4 

Scheduled Distribution; Unforeseeable Financial Emergencies 

 

	4.1	 Scheduled Distribution. In connection with each election to defer an Annual Deferral Amount, a
Participant may irrevocably elect to receive a Scheduled Distribution, in the form of a lump sum payment or pursuant to a Quarterly Installment Method to be paid quarterly over two (2) to ten (10) years, from the Plan with respect to his
or her Annual Account for such Plan Year. The Scheduled Distribution shall be in an amount that is equal to the portion of the Annual Account the Participant elected to have distributed as a Scheduled Distribution, plus amounts credited or debited
in the manner provided in Section 3.6 above on that amount, calculated as of the close of business on or around the date on which the Scheduled Distribution becomes payable (or calculated in accordance with the Quarterly Installment Method, if
selected), as determined by the Committee in its sole discretion. Subject to the other terms and conditions of this Plan, each Scheduled Distribution elected shall be paid out (or shall commence, with respect to a Quarterly Installment Method)
during a sixty (60) day period commencing immediately after the first day of any Plan Year designated by the Participant (the “Scheduled Distribution Date”). Remaining installments, if any, shall be paid in accordance with the
Quarterly Installment Method. The Plan Year designated by the Participant must be at least one (1) Plan Year after the end of the Plan Year to which the Participant’s deferral election described in Section 3.2 relates.

  

	4.2	 Postponing Scheduled Distributions. A Participant may elect to postpone a Scheduled Distribution
described in Section 4.1 above, and have such amount paid out during a sixty (60) day period commencing immediately after an allowable alternative distribution date designated by the Participant in accordance with this Section 4.2. In
order to make this election, the Participant must submit a new Scheduled Distribution Election Form to the Committee in accordance with the following criteria: 

 

	 	(a)	 Such Scheduled Distribution Election Form must be submitted to and accepted by the Committee in its sole
discretion at least twelve (12) months prior to the Participant’s previously designated Scheduled Distribution Date; 

  
 10 

	 	(b)	 Either (X) the lump sum payment or the entire series of installment payments, as the case may be, shall be
delayed at least five (5) years from the original Scheduled Distribution Date (provided, however, that the number of installments may be changed), or (Y) the entire series of installment payments shall be converted into a lump sum payable
not sooner than five (5) years after the original Scheduled Distribution Date; and 

  

	 	(c)	 The election of the new Scheduled Distribution Date shall have no effect until at least twelve (12) months
after the date on which the election is made. 

  

	4.3	 Other Benefits Take Precedence Over Scheduled Distributions. Should a Benefit Distribution Date
occur that triggers a benefit under Articles 5, 6 or 7, any Annual Deferral Amount that is subject to a Scheduled Distribution election under Section 4.1 shall not be paid in accordance with Section 4.1, but shall be paid in accordance
with the other applicable Article. Notwithstanding the foregoing, the Committee shall interpret this Section 4.3 in a manner that is consistent with Code Section 409A and other applicable tax law, including but not limited to Treasury
guidance and Regulations issued after the effective date of this Plan. 

  

	4.4	 Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies. 

 

	 	(a)	 If the Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the Committee
to suspend deferrals of Bonus and Base Salary to the extent deemed necessary by the Committee to satisfy the Unforeseeable Financial Emergency. If suspension of deferrals is not sufficient to satisfy the Participant’s Unforeseeable Financial
Emergency, or if suspension of deferrals is not required or permitted under Code Section 409A and other applicable tax law, the Participant may further petition the Committee to receive a partial or full payout from the Plan. The Participant
shall only receive a payout from the Plan to the extent such payout is deemed necessary by the Committee to satisfy the Participant’s Unforeseeable Financial Emergency, plus amounts reasonably necessary to pay taxes reasonably anticipated as a
result of the distribution. 

  

	 	(b)	 The payout shall not exceed the lesser of (i) the Participant’s Account Balance, calculated as of the
close of business on or around the date on which the amount becomes payable, as determined by the Committee in its sole discretion, or (ii) the amount necessary to satisfy the Unforeseeable Financial Emergency, plus amounts reasonably necessary
to pay taxes reasonably anticipated as a result of the distribution. Notwithstanding the foregoing, a Participant may not receive a payout from the Plan to the extent that the Unforeseeable Financial Emergency is or may be relieved (A) through
reimbursement or compensation by insurance or otherwise, (B) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship or (C) by suspension of
deferrals under this Plan, if the Committee, in its sole discretion, determines that suspension is required by Code Section 409A and other applicable tax law. 

  
 11 

	 	(c)	 If the Committee, in its sole discretion, approves a Participant’s petition for suspension, the
Participant’s deferrals under this Plan shall be suspended as of the date of such approval. If the Committee, in its sole discretion, approves a Participant’s petition for suspension and payout, the Participant’s deferrals under this
Plan shall be suspended as of the date of such approval and the Participant shall receive a payout from the Plan within sixty (60) days of the date of such approval. 

 

	 	(d)	 Notwithstanding the foregoing, the Committee shall interpret all provisions relating to suspension and/or
payout under this Section 4.4 in a manner .that is consistent with Code Section 409A and other applicable tax law, including but not limited to Treasury guidance and Regulations issued after the effective date of this Plan.

 ARTICLE 5 

Separation Benefit 
  

	5.1	 Separation Benefit. A Participant who experiences a Separation from Service shall receive, as a
Separation Benefit, his or her vested Account Balance, calculated as of the close of business on or around the Participant’s Benefit Distribution Date. 

  

	5.2	 Payment of Separation Benefit. 

 

	 	(a)	 In connection with a Participant’s election to defer an Annual Deferral Amount, the Participant shall
elect (regardless of whether the Participant also has elected a Scheduled Distribution pursuant to Section 4.1) the form in which his or her Annual Account for such Plan Year will be paid upon Separation from Service. The Participant may elect
to receive each Annual Account in the form of a lump sum or pursuant to a Quarterly Installment Method payable quarterly over two (2) to ten (10) years. If a Participant does not make any election with respect to the payment of an Annual
Account, then the Participant shall be deemed to have elected to receive such Annual Account as a lump sum at Separation of Service. 

  

	 	(b)	 A Participant may change the form of payment (including the number of installments) for an Annual Account by
submitting an Election Form to the Committee (which the Committee may accept, in its sole discretion) in accordance with the following criteria: 

  

	 	(i)	 The election to modify the form of payment must be made at least twelve (12) months before a Participant
experiences a Separation from Service; 

  

	 	(ii)	 The election to modify the form of payment shall have no effect until at least twelve (12) months after
the date on which the election is made; and 

  

	 	(iii)	 Either (X) the lump sum payment or the entire series of installment payments, as the case may be, shall be
delayed at least five (5) years from the original Benefit Distribution Date (provided, however, that the number of installments may be changed), or (Y) the entire series of installment payments shall be converted into a lump sum payable
not sooner than five (5) years after the original Benefit Distribution Date. 

  
 12 

 The Election Form most recently accepted by the Plan committee in accordance with the
criteria set forth above shall govern the payout of the applicable Annual Account. For avoidance of doubt, a Participant may not make changes to his or her Separation Benefit election after a Separation from Service. 

 

	 	(c)	 Subject to Section 5.2(d), the lump sum payment shall be made, or the first installment payment shall be
made, no later than sixty (60) days after the Benefit Distribution Date. Remaining installments, if any, shall be paid in accordance with the Quarterly Installment Method. 

 

	 	(d)	 Notwithstanding any other provision of this Plan to the contrary, if the Participant is a Specified Employee,
the lump sum payment or any installment payment that would have been paid within six (6) months after the Participant’s Separation from Service shall be delayed until six (6) months after the Participant’s Separation from
Service, and shall be paid on or as soon as administratively practicable after the first day of the seventh month. If the Participant has elected a Quarterly Installment Method, subsequent installments will be made pursuant to the original
installment schedule pursuant to Section 5.2(c). 

  

	5.3	 Small Plan Benefit. Notwithstanding any provision to the contrary in this Plan, if a
Participant’s vested Account Balance at the time of his or her Separation from Service is less than $15,000, payment of his or her vested Account Balance shall be paid in a lump sum on or before the later of (i) December 31 of the
calendar year in which occurs the Participant’s Separation from Service or (ii) the date 2-1/2 months after the Participant’s Separation from Service. 

ARTICLE 6 
 Disability
Benefit 
  

	6.1	 Disability Benefit. Upon a Participant’s Disability, the Participant shall receive a
Disability Benefit, which shall be equal to the Participant’s vested Account Balance, calculated as of the close of business on or around the Participant’s Benefit Distribution Date. 

 

	6.2	 Payment of Disability Benefit. The Disability Benefit shall be paid to the Participant in a lump
sum payment no later than sixty (60) days after the Participant’s Benefit Distribution Date. 

 ARTICLE 7

 Survivor Benefit 
  

	7.1	 Survivor Benefit. The Participant’s Beneficiary(ies) shall receive a Survivor Benefit upon
the Participant’s death which will be equal to the Participant’s vested Account Balance, calculated as of the close of business on or around the Participant’s Benefit Distribution Date. 

  
 13 

	7.2	 Payment of Survivor Benefit. The Survivor Benefit shall be paid to the Participant’s
Beneficiary(ies) in a lump sum payment no later than sixty (60) days after the Participant’s Benefit Distribution Date. 

ARTICLE 8 

Beneficiary Designation 
  

	8.1	 Beneficiary. Each Participant shall have the right, at any time, to designate his or her
Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary
designation under any other plan of an Employer in which the Participant participates. 

  

	8.2	 Beneficiary Designation; Chance; Spousal Consent. A Participant shall designate his or her
Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Committee or its designated agent. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the
terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to time. If the Participant names someone other than his or her spouse as a Beneficiary, the Committee may, in its sole discretion,
determine that spousal consent is required to be provided in a form designated by the Committee, executed by such Participant’s spouse and returned to the Committee. Upon the acceptance by the Committee of a new Beneficiary Designation Form,
all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his or her death.

  

	8.3	 Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until
received and acknowledged in writing by the Committee or its designated agent. 

  

	8.4	 No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided in
Sections 8.1, 8.2 and 8.3 above or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be his or
her surviving spouse. If the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate. 

 

	8.5	 Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary to receive
payments pursuant to this Plan, the Committee shall have the right, exercisable in its discretion, to cause the Participant’s Employer to withhold such payments until this matter is resolved to the Committee’s satisfaction.

  

	8.6	 Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary shall fully and
completely discharge all Employers and the Committee from all further obligations under this Plan with respect to the Participant. 

  
 14 

 ARTICLE 9 

Leave of Absence 
  

	9.1	 Paid Leave of Absence. If a Participant is authorized by the Participant’s Employer to take
a paid leave of absence from the employment of the Employer, (i) the Participant shall continue to be considered eligible for the benefits provided in Articles 4, 5, 6 or 7 in accordance with the provisions of those Articles, and (ii) the
Annual Deferral Amount shall continue to be withheld during such paid leave of absence in accordance with Section 3.3. 

  

	9.2	 Unpaid Leave of Absence. If a Participant is authorized by the Participant’s Employer to
take an unpaid leave of absence from the employment of the Employer for any reason, such Participant shall continue to be eligible for the benefits provided in Articles 4, 5, 6 or 7 in accordance with the provisions of those Articles. In addition,
such Participant’s deferral elections will remain in effect for the Plan Year that includes the commencement date of such unpaid leave, to the extent that his or her Annual Deferral Amount is actually earned for the Plan Year that includes the
commencement date of such unpaid leave. 

 ARTICLE 10 

Termination of Plan, Amendment or Modification 
  

	10.1	 Termination of Plan. Although each Employer anticipates that it will continue the Plan for an
indefinite period of time, there is no guarantee that any Employer will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, each Employer reserves the right to Terminate the Plan. In the event of a Termination of
the Plan, the Measurement Funds available to Participants following the Termination of the Plan shall be comparable in number and type to those Measurement Funds available to Participants in the Plan Year preceding the Plan Year in which the
Termination of the Plan is effective. Following a Termination of the Plan, Participant Account Balances shall remain in the Plan until the Participant becomes eligible for the benefits provided in Articles 4, 5, 6, or 7 in accordance with the
provisions of those Articles. The Termination of the Plan shall not adversely affect any Participant or Beneficiary who has become entitled to the payment of any benefits under the Plan as of the date of termination. Notwithstanding the foregoing,
to the extent permissible under Code Section 409A and other applicable tax law, including but not limited to applicable IRS Notices and such other Treasury guidance or Regulations issued after the effective date of this Plan, following a Change
in Control the Employer shall be permitted to (i) terminate the Plan by action of its board of directors, and (ii) distribute the vested Account Balances to Participants in a lump sum no later than twelve (12) months after the Change
in Control. 

  

	10.2	 Amendment. 

 

	 	(a)	 Any Employer may, at any time, amend or modify the Plan in whole or in pan with respect to that Employer.
Notwithstanding the foregoing, (i) no amendment or modification shall be effective to decrease the value of a Participant’s vested Account Balance in existence at the time the amendment or modification is made, and (ii) no amendment
or modification of this Section 10.2 or Section 11.2 of the Plan shall be effective. 

  
 15 

	 	(b)	 Notwithstanding any provision of the Plan to the contrary, in the event that the Company determines that any
provision of the Plan may cause amounts deferred under the Plan to become immediately taxable to any Participant under Code Section 409A and related Treasury guidance or Regulations, the Company may (i) adopt such amendments to the Plan
and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Company determines necessary or appropriate to preserve the intended tax treatment of the Plan benefits provided by the Plan and/or
(ii) take such other actions as the Company determines necessary or appropriate to comply with the requirements of Code Section 409A and related Treasury guidance or Regulations. 

 

	10.3	 Effect of Payment. The full payment of the Participant’s vested Account Balance under
Articles 4, 5, 6 or 7 of the Plan shall completely discharge all obligations to a Participant and his or her designated Beneficiaries under this Plan. 

ARTICLE 11 

Administration 
  

	11.1	 Committee Duties. Except as otherwise provided in this Article 11, this Plan shall be
administered by a Committee, which shall consist of the Board, or such committee as the Board shall appoint. Members of the Committee may be Participants under this Plan. The Committee shall also have the discretion and authority to (i) make,
amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan, and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. The
Committee is authorized to delegate the day-to-day administration of the Plan to one or more officers or employees of the Company. Any individual serving on the
Committee who is a Participant shall not vote or act on any matter relating solely to himself or herself. When making a determination or calculation, the Committee shall be entitled to rely on information furnished by a Participant or the Company.

  

	11.2	 Administration Upon Change in Control. For purposes of this Plan, the Committee shall be the
“Administrator” at all times prior to the occurrence of a Change in Control. Within one hundred and twenty (120) days following a Change in Control, an independent third-party “Administrator” may be selected by the
individual who, immediately prior to the Change in Control, was the Company’s Chief Executive Officer or, if not so identified, the Company’s highest ranking officer (the “Ex-CEO”), and
approved by the Trustee. The Committee, as constituted prior to the Change in Control, shall continue to be the Administrator until the earlier of (i) the date on which such independent third party is selected and approved, or (ii) the
expiration of the one hundred and twenty (120) day period following the Change in Control. If an independent third party is not selected within one hundred and twenty (120) days of such Change in Control, the Committee, as described in
Section 11.1 above, shall be the Administrator. The Administrator shall have the discretionary power to determine all questions arising in connection with the administration of the Plan and the interpretation of the Plan and Trust including,
but not limited to benefit entitlement determinations; provided, however, upon and after the occurrence of a Change in Control, the Administrator shall have no power to direct the investment of Plan or Trust

  
 16 

	 	
assets or select any investment manager or custodial firm for the Plan or Trust. Upon and after the occurrence of a Change in Control, the Company must: (1) pay all reasonable administrative
expenses and fees of the Administrator; (2) indemnify the Administrator against any costs, expenses and liabilities including, without limitation, attorney’s fees and expenses arising in connection with the performance of the Administrator
hereunder, except with respect to matters resulting from the gross negligence or willful misconduct of the Administrator or its employees or agents; and (3) supply full and timely information to the Administrator on all matters relating to the
Plan, the Trust, the Participants and their Beneficiaries, the Account Balances of the Participants, the date and circumstances of the Separation from Service, Disability or death of the Participants, and such other pertinent information as the
Administrator may reasonably require. Upon and after a Change in Control, the Administrator may be terminated (and a replacement appointed) by the Trustee only with the approval of the Ex-CEO. Upon and after a
Change in Control, the Administrator may not be terminated by the Company. 

  

	11.3	 Agents. In the administration of this Plan, the Committee may, from time to time, employ agents
and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to any Employer. 

 

	11.4	 Binding Effect of Decisions. The decision or action of the Administrator with respect to any
question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the
Plan. 

  

	11.5	 Indemnity of Committee. All Employers shall indemnify and hold harmless the members of the
Committee, any Employee to whom the duties of the Committee may be delegated, and the Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in
the case of willful misconduct by the Committee, any of its members, any such Employee or the Administrator. 

  

	11.6	 Employer Information. To enable the Committee and/or Administrator to perform its functions, the
Company and each Employer shall supply full and timely information to the Committee and/or Administrator, as the case may be, on all matters relating to the Plan, the Trust, the Participants and their Beneficiaries, the Account Balances of the
Participants, the compensation of its Participants, the date and circumstances of the Separation from Service, Disability or death of its Participants, and such other pertinent information as the Committee or Administrator may reasonably require.

 ARTICLE 12 

Other Benefits and Agreements 
  

	12.1	 Coordination with Other Benefits. The benefits provided for a Participant and Participant’s
Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Participant’s Employer. The Plan shall supplement and shall not supersede, modify or amend any
other such plan or program except as may otherwise be expressly provided. 

  
 17 

 ARTICLE 13 

Claims Procedures 
  

	13.1	 Presentation of Claim. Any Participant or Beneficiary of a deceased Participant (such Participant
or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a
notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by the Claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event that caused
the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant. 

  

	13.2	 Notification of Decision. The Committee shall consider a Claimant’s claim within a
reasonable time, but no later than ninety (90) days after receiving the claim. If the Committee determines that special circumstances require an extension of time for processing the claim, written notice of the extension shall be furnished to
the Claimant prior to the termination of the initial ninety (90) day period. In no event shall such extension exceed a period of ninety (90) days from the end of the initial period. The extension notice shall indicate the special
circumstances requiring an extension of time and the date by which the Committee expects to render the benefit determination. The Committee shall notify the Claimant in writing: 

 

	 	(a)	 that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or

  

	 	(b)	 that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested
determination, and such notice must set forth in a manner calculated to be understood by the Claimant: 

  

	 	(i)	 the specific reason(s) for the denial of the claim, or any part of it; 

 

	 	(ii)	 specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

  

	 	(iii)	 a description of any additional material or information necessary for the Claimant to perfect the claim, and an
explanation of why such material or information is necessary; 

  

	 	(iv)	 an explanation of the claim review procedure set forth in Section 13.3 below; and 

 

	 	(v)	 a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following an
adverse benefit determination on review. 

  
 18 

	13.3	 Review of a Denied Claim. On or before sixty (60) days after receiving a notice from the
Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. The Claimant (or the
Claimant’s duly authorized representative): 

  

	 	(a)	 may, upon request and free of charge, have reasonable access to, and copies of, all documents, records and
other information relevant to the claim for benefits; 

  

	 	(b)	 may submit written comments or other documents; and/or 

 

	 	(c)	 may request a hearing, which the Committee, in its sole discretion, may grant. 

 

	13.4	 Decision on Review. The Committee shall render its decision on review promptly, and no later than
sixty (60) days after the Committee receives the Claimant’s written request for a review of the denial of the claim. If the Committee determines that special circumstances require an extension of time for processing the claim, written
notice of the extension shall be furnished to the Claimant prior to the termination of the initial sixty (60) day period. In no event shall such extension exceed a period of sixty (60) days from the end of the initial period. The extension
notice shall indicate the special circumstances requiring an extension of time and the date by which the Committee expects to render the benefit determination. In rendering its decision, the Committee shall take into account all comments, documents,
records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The decision must be written in a manner calculated to be
understood by the Claimant, and it must contain: 

  

	 	(a)	 specific reasons for the decision; 

 

	 	(b)	 specific reference(s) to the pertinent Plan provisions upon which the decision was based;

  

	 	(c)	 a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and
copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits; and 

  

	 	(d)	 a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

  

	13.5	 Controlling Law. The provisions of this Plan shall be construed, interpreted, administered, and
enforced according to applicable federal law and the laws of the State of Delaware, without giving effect to conflict of laws principles thereunder and to the extent not preempted by federal law. 

  
 19 

 ARTICLE 14 

Trust 
  

	14.1	 Establishment of the Trust. In order to provide assets from which to fulfill the obligations of
the Participants and their beneficiaries under the Plan, the Company may establish a trust by a trust agreement with a third party, the trustee, to which each Employer may, in its discretion, contribute cash or other property, including securities
issued by the Company, to provide for the benefit payments under the Plan (the “Trust”). 

  

	14.2	 Interrelationship of the Plan and the Trust. The provisions of the Plan shall govern the rights
of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers, Participants and the creditors of the Employers to the assets transferred to the Trust. Each Employer shall at all
times remain liable to carry out its obligations under the Plan. 

  

	14.3	 Distributions From the Trust. Each Employer’s obligations under
the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Employer’s obligations under this Plan. 

ARTICLE 15 

Miscellaneous 
  

	15.1	 Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of
Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of ERISA
Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted (i) to the extent possible in a manner consistent with the intent described in the preceding sentence, and (ii) in accordance with Code
Section 409A and related Treasury guidance and Regulations. 

  

	15.2	 Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors and assigns
shall have no legal or equitable rights, interests or claims in any property or assets of an Employer. For purposes of the payment of benefits under this Plan, any and all of an Employer’s assets shall be, and remain, the general, unpledged
unrestricted assets of the Employer. An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

 

	15.3	 Employer’s Liability. An Employer’s liability for the
payment of benefits shall be defined only by the Plan. An Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan. 

 

	15.4	 Assignment. 

 

	 	(a)	 Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be,
unassignable and non-transferable. No part of the amounts 

  
 20 

	 	
payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a
Participant or any other person, be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.

  

	 	(b)	 The procedures established by the Company for the determination of the qualified status of domestic relations
orders and for making distributions under qualified domestic relations orders, as provided in Section 206(d) of ERISA, shall apply to the Plan, to the extent pertinent. Amounts awarded to an alternate payee under a qualified domestic relations
order shall be distributed in the form of a lump sum distribution as soon as administratively feasible following the determination of the qualified status of the domestic relations order; provided, however, that no portion of a Participant’s
Account Balance may be awarded to an alternate payee to the extent such Account Balance is not yet vested in accordance with Section 3.5. 

  

	15.5	 Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to
constitute a contract of employment between any Employer and the Participant. Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or
without cause, and with or without notice, unless expressly provided in a written employment agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer, or to interfere with the
right of any Employer to discipline or discharge the Participant at any time. 

  

	15.6	 Furnishing Information. A Participant or his or her Beneficiary will cooperate with the Committee
by furnishing any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such
physical examinations as the Committee may deem necessary. 

  

	15.7	 Terms. Whenever any words are used herein in the masculine, they shall be construed as
though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in
all cases where they would so apply. 

  

	15.8	 Captions. The captions of the articles, sections and paragraphs of this Plan are for convenience
only and shall not control or affect the meaning or construction of any of its provisions. 

  

	15.9	 Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted
according to the internal laws of the State of Delaware without regard to its conflict of laws principles. 

  
 21 

	15.10	 Notice. Any notice or filing required or permitted to be given to the Committee under this
Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

The ESAB Group, Inc. 
 Attn:
Director, Global Compensation & Benefits 
 909 Rose Avenue, Suite 800 

North Bethesda, MD 20852 
 Such
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 

Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered,
or sent by mail, to the last known address of the Participant. 
  

	15.11	 Successors. The provisions of this Plan shall bind and inure to the benefit of the
Participant’s Employer and its successors and assigns and the Participant and the Participant’s designated Beneficiaries. 

  

	15.12	 Spouse’s Interest. The interest in the benefits hereunder of a
spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass
under the laws of intestate succession. 

  

	15.13	 Validity. In case any provision of this Plan shall be illegal or invalid for any reason,
said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

 

	15.14	 Incompetent. If the Committee determines in its discretion that a benefit under this Plan is to
be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care
and custody of such minor, incompetent or incapable person. The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a
payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. 

 

	15.15	 Court Order. The Committee is authorized to comply with any court order in any action in which
the Plan or the Committee has been named as a party, including any action involving a determination of the rights or interests in a Participant’s benefits under the Plan. Notwithstanding the foregoing, the Committee shall interpret this
provision in a manner that is consistent with Code Section 409A and other applicable tax law, including but not limited to guidance issued after the effective date of this Plan. 

  
 22 

	15.16	 Insurance. The Employers, on their own behalf or on behalf of the trustee of the Trust, and, in
their sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such forms as the Trust may choose. The Employers or the trustee of the Trust, as the case may be, shall be the sole owner and
beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the request of the Employers shall submit to medical examinations and supply such information and execute such documents as
may be required by the insurance company or companies to whom the Employers have applied for insurance. 

  

	15.17	 No Acceleration of Benefits. The acceleration of the time or schedule of any payment under the
Plan is not permitted, except as provided in regulations by the Secretary of the Treasury. 

  
 23 

 IN WITNESS WHEREOF, the Company has signed this Plan document effective as of
January 1, 2022, but on the actual date below. 
  

	
	“Company”
	
	The ESAB Group, Inc.
	
	By:                                     
                                         
                  
	Title:                                     
                                         
              
	Date:
                                         
                                         
         

  
 24EX-10.12

 Exhibit 10.12 

ESAB Corporation 

Executive Officer Severance Plan 

and 
 Summary Plan
Description 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 Introduction and Highlights
	  	 	1	 
		
	 Eligibility to Participate
	  	 	1	 
		
	 Eligibility for Severance Benefits
	  	 	2	 
		
	 Severance Payments and Benefits
	  	 	5	 
		
	 Amendment and Plan Termination
	  	 	8	 
		
	 Additional Plan Information
	  	 	8	 
		
	 Administrative Information about Your Plan
	  	 	10	 
		
	 Your Rights and Privileges under ERISA
	  	 	12	 
		
	 Other Administrative Facts
	  	 	14	 
		
	 Glossary
	  	 	15	 
		
	 Exhibit A
	  	 	17	 

  
 -i- 

 Introduction and Highlights 

ESAB Corporation (the “Company”) has adopted the ESAB Corporation Executive Officer Severance Plan (the “Plan”) for eligible executive
officer level employees of the Company and its participating subsidiaries and affiliates (“Participating Employers”) who are not otherwise contractually entitled to severance compensation. The purpose of the Plan is to provide equitable
treatment for terminated eligible employees in concert with the Company’s values and culture, provide financial support for such employees seeking new employment, and recognize such employees’ contributions to the Company. The Company
further believes that the Plan will aid the Company in attracting and retaining highly qualified executive officer level employees who are essential to its success. 

This document sets out the Plan’s provisions on its effective date, which is _______, 2022. This document serves as the Plan’s official document and
summary plan description. It replaces and supersedes any plan document, summary, or description you may have previously received regarding the Company’s or its affiliates’ severance benefits as they apply to you. The Glossary at the end of
this document defines the capitalized terms used in the Plan or tells you where in this document to find a term’s meaning. When you encounter a capitalized term, turn to the Glossary to find its meaning. 

You are eligible to receive Severance Pay and other benefits under the Plan if (i) you meet the applicable eligibility criteria and you are not otherwise
contractually entitled to severance compensation, (ii) your employment terminates under circumstances which entitle you to benefits hereunder, (iii) you timely sign and return a Waiver and Release Agreement, (iv) the Waiver and
Release Agreement has become effective as described below, and (v) you comply with the covenants set forth in this Plan, including the confidentiality, non-competition,
non-solicitation and non-disparagement covenants herein. The “Covenant and Release Requirements” will be considered satisfied as of a specified date if the
requirements set forth in the forgoing clauses (iii), (iv), and (v) are met as of such date. 
 Severance Pay is based on your position and is equal to
a multiple of your base salary. Severance Pay also includes payment of a pro-rated portion of your annual bonus. As set forth below, certain benefits coverage may continue to be available for a specified time
period after your Termination Date. 
 Eligibility to Participate 

You are eligible to participate in the Plan only if you are an active, full-time executive officer level employee of the Company or a Participating Employer.
For the avoidance of doubt, “executive officer” has the definition given under Rule 3b-7 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

Who Is Not Eligible to Participate 

Notwithstanding any other Plan provision, you are not eligible to participate in the Plan and will be excluded from coverage under the Plan if you are: 

 

	(A)	 an employee who is a party to an individual arrangement or a written employment agreement providing severance
compensation other than pursuant to the Plan (for the avoidance of doubt, employees party to such an arrangement or agreement as of the effective date of this Plan are not eligible to participate until such arrangement or agreement ends or is
otherwise terminated and it is the intention of the Company to not enter into non-Plan based severance arrangements from the effective date hereof); 

 

	(B)	 employed in a position that is not eligible to participate in the Plan; or 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    1

	(C)	 covered by a local practice or local law outside the U.S. that provides for severance payments and/or benefits
in connection with a voluntary or involuntary termination of employment that are greater than the severance payments and/or benefits set forth in the Plan. 

Eligibility for Severance Benefits 
 Right to
Severance Payments and Benefits 
 You will be eligible to receive severance payments and benefits from the Company as set forth in the Severance
Payments and Benefits Section of this Plan if your Termination Date occurs for any one or more of the following reasons: 
  

	(A)	 Your employment is terminated by the Company or a Participating Employer, other than for Cause; or

  

	(B)	 You terminate your employment for Good Reason. 

To qualify for severance payments and benefits under the Plan upon voluntary termination for Good Reason, you must notify the Company and Participating
Employer in writing of termination for Good Reason, specifying the event constituting Good Reason, within thirty (30) calendar days after the occurrence of the event that you believe constitutes Good Reason. Failure for any reason to give
written notice of termination of employment for Good Reason in accordance with the foregoing period will be deemed a waiver of the right to voluntarily terminate your employment for that Good Reason event. The Company or Participating Employer will
have a period of thirty (30) calendar days after receipt of your notice in which to cure the Good Reason. If the Good Reason is cured within this period, you will not be entitled to severance payments and benefits under the Plan. If the Company
or Participating Employer waives its right to cure or does not, within the thirty (30) day period, cure the Good Reason, you will be entitled to severance payments and benefits under the Plan subject to the terms and conditions hereof, and your
actual Termination Date will be determined in the sole discretion of the Company, but in no event will it be later than thirty (30) days from the date the Company or Participating Employer waives its right to cure or the end of the thirty
(30) day period in which to cure the Good Reason, whichever is earlier. 
 Ineligibility for Severance Benefits 

Notwithstanding any other provision of the Plan, you will not be eligible for severance payments and benefits under the Plan if: 

 

	 	(1)	 You terminate your employment (including by reason of retirement) other than for Good Reason;

  

	 	(2)	 You terminate your employment as a result of Disability; 

 

	 	(3)	 You are terminated for Cause; 

 

	 	(4)	 You refuse to accept a transfer to a position with the Company or a Participating Employer, as applicable, for
which you are qualified, as determined by the Company, by reason of your knowledge, training, and experience, provided that the transfer would not constitute Good Reason for termination; or 

 

	 	(5)	 You violate the Covenant and Release Requirements described below. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    2

 Covenant and Release Requirements 

Notwithstanding any other provision of the Plan, you will not be eligible for severance payments and benefits (or continued receipt of severance payments and
benefits), if you violate any of the following Covenant and Release Requirements: 
 Release 

You must execute and deliver to the Company or a Participating Employer a Waiver and Release Agreement within forty-five (45) calendar days following your
receipt of such Waiver and Release Agreement, which Waiver and Release Agreement must be provided to you within seven (7) calendar days following your Termination Date, and the Waiver and Release Agreement must have become effective and
irrevocable in accordance with its terms. 
 Confidentiality 

During the course of your employment with the Company or a Participating Employer, you may receive special training and/or may be given access to or may become
acquainted with Confidential Information of the Company. As used in this section, “Confidential Information” of the Company means all trade practices, business plans, price lists, supplier lists, customer lists, marketing plans, financial
information, software and all other information which relates to the business of the Company, a Participating Employer, or to any of their subsidiaries, and which has not been disclosed by the Company to the public, or which is not otherwise
generally available to the public. 
 You acknowledge that the Confidential Information of the Company, as such may exist from time to time, is a valuable,
confidential, special and unique asset of the Company and its subsidiaries, expensive to produce and maintain and essential for the profitable operation of their respective businesses. You agree that, during the course of your employment with the
Company or a Participating Employer, or at any time thereafter, you will not, directly or indirectly, communicate, disclose or divulge to any Person, or use for your benefit or the benefit of any Person, in any manner, any Confidential Information
of the Company, acquired during your employment with the Company or a Participating Employer or any other confidential information concerning the conduct and details of the businesses of the Company and its subsidiaries, except as required in the
course of your employment with the Company or a Participating Employer or as otherwise may be required by law. For the purposes of this section, “Person” shall mean any individual, partnership, corporation, trust, unincorporated
association, joint venture, limited liability company or other entity or any government, governmental agency or political subdivision. 
 All documents and
other materials relating to the businesses of the Company and its affiliates including, without limitation, Confidential Information of the Company, whether prepared by you or otherwise coming into your possession, are the exclusive property of the
Company and such respective subsidiaries, and must not be removed from the premises of the Company, except as required in the course of your employment with the Company or a Participating Employer. You will return all such documents and materials
(including any copies thereof, electronic or otherwise) to the Company or a Participating Employer when you cease to be employed by the Company or a Participating Employer or upon the earlier request of the Company or the Company’s Board of
Directors. 
 Agreement Not to Compete 
 While employed
by the Company or a Participating Employer and thereafter until the later of (i) one (1) year following your Termination Date or (ii) the expiration of your Severance Pay Period (as defined below), you shall not, except with the
Company’s express prior written consent, for the benefit of any entity or person (including yourself) compete with the Business (as defined below) within the Territory (as defined below). For these purposes, “Business” means an entity
engaged in the same or similar business as the Company or its subsidiaries, including any entity which competes with the Company’s or its subsidiaries’ products or services, or may reasonably be construed to compete with the Company’s
or its 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    3

 
subsidiaries’ products and services at the time of Executive’s termination of employment. For these purposes, “Territory” means those states in the United States of America in
which the Company or a Participating Employer is operating and those countries abroad in which the Company or a Participating Employer has significant operations at the time of Executive’s termination of employment. 

Agreement Not to Solicit Employees or Clients 
 While
employed by the Company or a Participating Employer and for a period of two (2) years following your Termination Date, you shall not, except with the Company’s express prior written consent, for the benefit of any entity or person
(including yourself) solicit, induce or encourage any employee of the Company, a Participating Employer or any of their subsidiaries, to leave the employment of the Company, or solicit or accept business from any customer or client of the Company, a
Participating Employer or any of their subsidiaries or solicit, induce or encourage any customer, or client of the Company, a Participating Employer or any of their subsidiaries, to cease or reduce its business with the Company, a Participating
Employer or any of their subsidiaries. 
 Non-Disparagement 

You shall not, at any time while employed by the Company or a Participating Employer or thereafter make statements or representations, or otherwise
communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage or be damaging to the Company, a Participating Employer or any of their subsidiaries or affiliates or their
respective officers, directors, employees, advisors, businesses customers, suppliers, investors or other associated third parties or their respective reputations. Notwithstanding the foregoing, nothing in this Plan shall preclude you from making
truthful statements that are required by applicable law, regulation or legal process. 
 Nothing in this Plan prohibits, limits, or restricts, or shall be
construed to prohibit, limit, or restrict, you from exercising any legally protected whistleblower rights (including pursuant to Section 21F of the Exchange Act and the rules and regulations thereunder), without notice to or consent from the
Company or a Participating Employer. Moreover, the federal Defend Trade Secrets Act of 2016 immunizes you against criminal and civil liability under federal or state trade secret laws under certain circumstances if you disclose a trade secret for
the purpose of reporting a suspected violation of law. Immunity is available if you disclose a trade secret in either of these two circumstances: (1) you disclose the trade secret (a) in confidence, (b) directly or indirectly to a
government official (federal, state or local) or to a lawyer, and (c) solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a legal proceeding, you disclose the trade secret in the complaint or other
documents filed in the case, so long as the document is filed “under seal” (meaning that it is not accessible to the public). 
 Disability

 “Disability” means that you are unable, due to a physical or mental condition, to perform the essential functions of your position with
or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This
definition will be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, Section 409A of the Code and other applicable law. 

Cause 
 “Cause” means the following: 

 

	 	(1)	 Your conviction or plea of guilty or nolo contendere for commission of a felony or a crime involving
moral turpitude; 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    4

	 	(2)	 Your willful commission of any act of theft, fraud, embezzlement or misappropriation against the Company, a
Participating Employer or their subsidiaries or affiliates; or 

  

	 	(3)	 Your continued failure to substantially perform your duties (other than such failure resulting from your
incapacity due to physical or mental illness), which failure is not remedied within thirty (30) calendar days after written demand for substantial performance is delivered by the Company or the Participating Employer that specifically
identifies the manner in which the Company or Participating employer believes that you have not substantially performed your duties; or 

  

	 	(4)	 Your material violation of the Company’s written policies or codes of conduct, including written policies
related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct. 

 “Cause” will
be interpreted, in good faith, by the Compensation Committee (or its designee) in its sole discretion and such interpretation will be conclusive and binding on all parties. 

Good Reason 
 “Good Reason” means the
occurrence of any one or more of the following events which occur without your express written consent: 
  

	 	(1)	 The assignment to you of duties materially inconsistent with your position and status or an alteration,
materially adverse to you, in the nature of your duties, responsibilities, and authorities, your position or the conditions of your employment (other than inadvertent actions which are promptly remedied); except the foregoing will not constitute
Good Reason if occurring (A) in connection with the termination of your employment for Cause, Disability, or as a result of your death, (B) as a result of action by or with your consent or (C) as a result of reasonable adjustments in
your range of duties, responsibilities and authorities as needed to accommodate a change in the size of the Company or Participating Employer (which is to include a change in title or reporting to another senior executive officer); provided,
however, that such adjustments do not reduce your compensation; or 

  

	 	(2)	 The Company or a Participating Employer requiring you to relocate your principal place of business for the
Company or Participating Employer to a location at least fifty (50) miles from your current place of business, and which is at least fifty (50) miles longer distance from your place of residence. 

Severance Payments and Benefits 
 Under the Plan, you are
eligible to receive Severance Pay and benefits as set forth below, provided you meet the eligibility criteria for participation in the Plan and for the receipt of severance payments and benefits described in the Plan. 

Cash Severance Payments 
 General 

If you are eligible for severance benefits, as defined by the Plan, you will be entitled to Severance Pay, subject to the terms and conditions of the Plan in
an amount equal to twelve (12) months’ of your Base Salary, plus payment of your pro-rated Bonus for the year of termination. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    5

 Payments of Severance Pay will begin as of the date that is sixty (60) days after your Termination Date
(the “Payment Start Date”) provided that the Covenant and Release Requirements are satisfied as of such date. Thereafter, payment of Severance Pay will be made in substantially equal installments over the Severance Pay Period at regular
payroll intervals according to your pay schedule prior to your Termination Date (unless otherwise required under Section 409A of the Code) for so long as the Covenant and Release Requirements remain satisfied. Your “Severance Pay
Period” shall mean the twelve (12) month period included in your severance multiplier. If the Covenant and Release Requirements are not satisfied as of the Payment Start Date or any scheduled payment date, you will not receive (or continue
to receive) Severance Pay (or other benefits) under the Plan. 
 No Duplication of Benefits/No Substitution 

Nothing in the Plan, a change in control plan or agreement, an offer letter or letter agreement from the Company or a Participating Employer, a prevailing
practice of the Company or a Participating Employer, or any oral statement made by or on behalf of the Company or a Participating Employer will entitle you to receive duplicate benefits in connection with a voluntary or involuntary termination of
employment. For example, you are not eligible for payments and benefits under both this Plan and an employment or change in control letter agreement between you and the Company or a Participating Employer. The Company’s (or any Participating
Employer’s) obligation to make payments under the Plan will be expressly conditioned upon you not receiving duplicate payments. In addition, if you are entitled to Severance Pay under the Plan, you will not receive payment of your Bonus for the
year in which your Termination Date occurs (other than a pro-rated portion of the Bonus as described above). 
 To
the extent that any amounts would otherwise be payable (or benefits would otherwise be provided) to an employee under another plan of the Company or a Participating Employer (or their affiliates) or an agreement with an employee and the Company or a
Participating Employer (or their affiliates), including an employment agreement, change in control plan or agreement, offer letter or letter agreement, and to the extent that such other payments or benefits or the severance payments and benefits
provided under this Plan are subject to Section 409A of the Code, the Plan shall be administered to ensure that no payment or benefit under the Plan will be (i) accelerated in violation of Section 409A of the Code or (ii) further
deferred in violation of Section 409A of the Code. 
 Offset for U.S. Expatriates 

The amount of the total Severance Pay to which you are entitled under the Plan will be reduced (but not below zero) for U.S. expatriates by an amount equal to
any payments of severance required to be paid by law in any country other than the U.S., and the payments and benefits under the Plan are conditioned upon any such payments required to be paid by law being offset. Any offset shall be applied in a
manner consistent with Section 409A of the Code to the extent that either the Severance Pay or the payments required to be paid are subject to Section 409A of the Code. 

Debt owed to the Company or a Participating Employer 

If you owe the Company or a Participating Employer money for any reason, the Company or Participating Employer may offset the amount of the debt from Severance
Pay to the extent permitted by law; provided, however, that, any such offset shall be applied in a manner consistent with Section 409A of the Code to the extent that the Severance Pay is subject to Section 409A of the Code.. 

Continuation of Employee Benefits/Special Benefits 

During your Severance Pay Period (and from and after your Termination Date), you are not considered an employee of the Company or a Participating Employer for
any purpose — including eligibility under any Company or Participating Employer or affiliate’s employee benefit plan. The following benefits, however, will continue to be available as outlined below: 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    6

 Health Care Plans 

If you and your dependents were enrolled in the Company’s or Participating Employer’s or affiliate’s medical and/or dental plan on your
Termination Date, this coverage will continue until the end of the month in which you are no longer employed with the Company or a Participating Employer, as applicable. At termination of employment, you and your enrolled eligible dependents will be
offered the opportunity to elect to continue your current plan coverage beyond the end of the month in which you are no longer employed with the Company or a Participating Employer under one of two options, to the extent permitted by applicable law.
The option that applies to you will depend upon whether or not the Covenant and Release Requirements have been satisfied as of the Payment Start Date. 

Option I applies to you if the Covenant and Release Requirements are satisfied as of the Payment Start Date. Under Option I, your eligibility for Company-, or
Participating Employer-, paid medical and/or dental plan coverage will continue for you and your family until the earliest of (i) the end of your Severance Pay Period, (ii) the date you begin new employment, (iii) the date that COBRA
coverage would otherwise end by its terms, provided, in any case, that you timely elect COBRA continuation coverage for you and your family on the forms provided to you, or (iv) the date that you violate the Covenant and Release Requirements.
Option I continuation coverage is COBRA continuation coverage, but its cost is paid by the Company or a Participating Employer. Please remember that your eligible dependents will be able to continue their medical and/or dental coverage under Option
I only if you are also entitled to continue coverage under this option. 
 Option II applies to you if the Covenant and Release Requirements are not
satisfied as of the Payment Start Date. Option II provides for the continuation of medical and/or dental plan coverage as required under COBRA. Under COBRA you are required to pay the full cost of coverage for you and your covered dependents plus a
2% administrative fee. The COBRA continuation period begins as of the first day following the month in which your Termination Date occurs. As with Option I, you are only entitled to COBRA continuation coverage if you timely elect the coverage on the
forms provided to you. 
 If Option I applies to you, then after your Company-, or Participating Employer-, paid continuation coverage ends, you can
continue COBRA coverage, if any. In any event, any medical and/or dental coverage that continues during your Severance Pay Period is also applied toward your maximum continuation period and does not extend the COBRA continuation coverage period.

 Detailed information about the two benefit continuation options described above will be mailed to you at the time of termination. 

Outplacement 
 You will be eligible for
outplacement services with one of the Company’s or Participating Employer’s preferred providers in accordance with the Company’s or Participating Employer’s outplacement services that are in effect for employees at your level as
of your Termination Date during your Severance Pay Period; provided, however, that no outplacement services will be provided if the Covenant and Release Requirements are not satisfied. 

Other Benefits 
 Accrued and unused vacation days
(including banked vacation), long-term performance awards, and vesting and exercising of equity awards will be determined in accordance with the applicable Company or Participating Employer plans, programs and/or policies. All other benefits
coverage and eligibility to participate in the Company’s or Participating Employer’s benefit plans will end as of your Termination Date except as otherwise expressly provided by the terms of the applicable benefit plans. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    7

 Notwithstanding the foregoing, if you are entitled to Severance Pay under the Plan, you will not receive
payment of any portion of your Bonus for the year in which your Termination Date occurs (other than a prorated portion of the Bonus as described above. 

Amendment and Plan Termination 
 The Company reserves the
right to terminate or amend the Plan, in whole or in part, at any time in the Company’s sole discretion. The Company reserves the right to implement changes even if the changes have not been reprinted or substituted in this document. 

Additional Plan Information 
 Employment Status

 The Plan does not constitute a contract of employment, and nothing in the Plan provides or may be construed to provide that participation in the Plan
is a guarantee of continued employment with the Company, a Participating Employer, or any of their respective affiliates. 
 Withholding of Taxes

 The Company or a Participating Employer will withhold from any amounts payable under the Plan all Federal, state, local or other taxes that are
legally required to be withheld from your severance payments. 
 No Effect on Other Benefits 

Neither the provisions of this Plan nor the severance payments and benefits provided for under the Plan will reduce any amounts otherwise payable to you under
any incentive, retirement, stock option, stock bonus, stock ownership, group insurance or other benefit plan. 
 Validity and Severability 

The invalidity or unenforceability of any provision of the Plan will not affect the validity or enforceability of any other provision of the Plan, which will
remain in full force and effect, and any prohibition or unenforceability in any jurisdiction will not invalidate that provision, or render it unenforceable, in any other jurisdiction. 

Unfunded Obligation 
 All severance payments and benefits
under the Plan constitute unfunded obligations of the Company and the Participating Employers. Severance payments will be made, as due, from the general funds of the Company or the Participating Employers. The Plan constitutes solely an unsecured
promise by the Company and the Participating Employers to provide severance benefits to you to the extent provided in the Plan. For avoidance of doubt, any medical or dental insurance coverage to which you may be entitled under the Plan will be
provided under other applicable employee benefit plans of the Company or Participating Employer. 
 Type of Plan and Governing Law 

This Plan is designed to qualify as a severance pay arrangement within the meaning of Section 3(2)(B)(i) of ERISA and is intended to be excepted from the
definitions of “employee pension benefit plan” and “pension plan” set forth under Section 3(2) of ERISA and is intended to meet the descriptive requirements of a plan constituting a “severance pay plan” within the
meaning of the regulations published by the Secretary of Labor. In addition, the Plan is intended to be a plan that primarily for the purpose of providing benefits to a select group of management or highly compensated employees within the meaning of
ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan and all rights under it will be governed and construed in accordance with ERISA and, to the extent not preempted by Federal law, with the laws of the State of Delaware, excluding choice of law
rules. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    8

 Section 409A 

Exemption 
 It is intended that payments of
Severance Pay under the Plan will be exempt from Section 409A of the Code to the extent payments (i) do not exceed two times the lesser of (1) the employee’s total annual compensation based on the employee’s annual rate of
pay for the prior taxable year (adjusted for any increase that was expected to continue indefinitely) or (2) the limitation under Code Section 401(a)(17) for the year in which the employee has a separation from service within the meaning
of Section 409A of the Code and Treasury regulation Section 1.409A-1(h) ($290,000 in 2021 (2x = $580,000)), and (ii) are paid in full no later than December 31 of the second year following
a separation from service, or to the extent that such payments otherwise fit within an exemption provided by Section 409A of the Code or applicable guidance. Similarly, other benefits provided under the Plan are intended to be exempt from
Section 409A of the Code to the extent an applicable exemption is applicable. 
 Specified Employees 

In general, Section 409A of the Code prohibits certain payments of nonqualified deferred compensation (within the meaning of Section 409A of the
Code) to “Specified Employees” within 6 months following the Specified Employee’s separation from service. This rule does not apply to amounts which are exempt from the requirements of Section 409A of the Code. To comply with
this rule and notwithstanding any other provision of the Plan to the contrary, if any payment or benefit under the Plan is subject to Section 409A of the Code, and if such payment or benefit is to be paid or provided on account of the
employee’s separation from service (within the meaning of Section 409A of the Code) and if the employee is a Specified Employee (within the meaning of Section 409A of the Code) and if any such payment or benefit is required to be made
or provided prior to the first day of the seventh month following the employee’s separation from service, such payment or benefit shall be delayed until the first day of the seventh month following the Executive’s separation from service
and shall at that time be paid on a lump sum (or, in the case of a non-cash benefit, shall be provided in a manner that is consistent with Section 409A of the Code). Any amount that would have been paid
or provided during this six month period will be paid on the first business day of the seventh month following the separation from service, or, if earlier, the date of the individual’s death. 

Statement of Intent 
 To the fullest extent
possible, amounts and other benefits payable under the Plan are intended to be exempt from the definition of “nonqualified deferred compensation” under Section 409A of the Code in accordance with one or more exemptions available under
the final Treasury regulations promulgated under Section 409A of the Code. To the extent that any such amount or benefit is or becomes subject to Section 409A of the Code, this Plan is intended to comply with the applicable requirements of
Section 409A of the Code with respect to those amounts or benefits so as to avoid the imposition of taxes and penalties. This Plan will be interpreted and administered to the extent possible in a manner consistent with the foregoing statement
of intent. 
 The Company in its sole discretion may modify the timing of payments and benefits under the Plan for the sole purpose of exempting those
payments and benefits from Section 409A of the Code. To the extent that any payment or benefit under the Plan is modified to comply with Section 409A of the Code or to be exempt from Section 409A of the Code, the modification or
exemption will be made in good faith and will, to the maximum extent reasonably possible, maintain the original intent and economic benefit to you and the Company of the applicable payment or benefit without violating the provisions of
Section 409A of the Code. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    9

 In no event whatsoever will the Company, a Participating Employer or any of their affiliates be liable for
any additional tax, interest or penalties that may be imposed on you by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. 

Each payment under the Plan is intended to be a “separate payment” and not a series of payments for purposes of Section 409A of the Code.
References in this Agreement to Section 409A of the Code include rules, regulations, and guidance of general application issued by the Department of the Treasury under Code Section 409A. Any payments or reimbursements of any expenses
provided for under this Agreement shall be made in accordance with Treas. Reg. § 1.409A-3(i)(1)(iv). 

Assignment 
 The Plan will inure to the benefit of and
will be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If you should die while any amount is still payable to you under the Plan had you continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of the Plan to your estate. Your rights under the Plan will not otherwise be transferable or subject to lien or attachment. 

Other Benefits 
 Nothing in this document is intended to
guarantee that benefit levels or costs will remain unchanged in the future in any other plan, program or arrangement of the Company or a Participating Employer. The Company, a Participating Employer and their affiliates and subsidiaries reserve the
right to terminate, amend, modify, suspend, or discontinue any other plan, program or arrangement of the Company, a Participating Employer or their subsidiaries or affiliates in accordance with the terms of that plan, program or arrangement and
applicable law. 
 Oral Statements 
 The provisions of
this document supersede any oral statements made by any employee, officer, or Board member of the Company or any Participating Employer regarding eligibility, severance payments and benefits. 

Successors and Assigns 
 This Plan will be binding upon
and inure to the benefit of the Company and its successors and assigns and will be binding upon and inure to the benefit of you and your legal representatives, heirs and legatees. 

Administrative Information about Your Plan 
 Employer
Identification Number 
 ESAB Corporation’s employer identification number is 87-0923837. 

Claim for Benefits 
 If you believe that you are entitled
to payments and benefits under the Plan that are not provided to you, or you disagree with any other action taken by the Plan Administrator with respect to the Plan, then you may submit a claim to the Plan Administrator in writing. A claim must be
made in writing and submitted within six (6) months of your Termination Date. In the event you make a claim for benefits beyond six (6) months of your Termination Date, then you are expressly precluded from receiving any severance payments
and/or benefits under the Plan. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    10

 Claims Review Procedures 

You will be notified in writing by the Plan Administrator if your claim under the Plan is denied. 

If a claim for benefits under the Plan is denied in full or in part, you may appeal the decision to the Plan Administrator. 

To appeal a decision, you must submit a written document through the U.S. Postal Service or other courier service appealing the denial of the claim within
sixty (60) days after you receive notice of the claim denial described above. You may also include information or other documentation in support of your claim. 

You will be notified of a decision within ninety (90) days (which may be extended to one hundred eighty (180) days, if required) of the date your
appeal is received. To the extent applicable, this notice will include the reasons for the denial and the specific provision(s) on which the denial is based, a description of any additional information needed to resubmit the claim, and an
explanation of the claims review procedure. If the Plan Administrator requires an extension of time to respond to your appeal, you will receive notice of the reason for the extension within the initial ninety (90) day period and a date by which
you can expect a decision. 
 If the original denial is upheld on first appeal, you may request a review of this decision. You may submit a written request
for reconsideration to the Plan Administrator (as listed on the last page of this Section) within sixty (60) days after receiving the denial. 
 You
can review all plan documents in preparing your appeal and you may have a qualified person represent you- during the appeal process. Any documents or records that support your position must be submitted with
your appeal letter. 
 The case will be reviewed, and you will receive written notice of the decision within sixty (60) days (which may be extended to
one hundred twenty (120) days, if required). The written notice will include the specific reasons for the decision and specific reference to the Plan provision(s) on which the decision is based. 

Any decision on final appeal will be final, conclusive and binding upon all parties. If the final appeal is denied, however, you will be advised of your right
to file a claim in court. It is the Company’s intent that in any challenge to a denial of benefits on final appeal under these procedures, the court of law or a professional arbitrator conducting the review will apply to a deferential
(“arbitrary and capricious”) standard and not a de novo review. 
 Legal Action 

You may not bring a lawsuit to recover benefits under the Plan until you have exhausted the internal administrative process described above. No legal action
may be commenced at all unless commenced no later than one (1) year following the issuance of a final decision on the claim for benefits, or the expiration of the appeal decision period if no decision is issued. This one (1) year statute
of limitations on suits for all benefits will apply in any forum where you may initiate such a suit. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    11

 Participating Employers 

A complete list of ESAB Corporation’s affiliates, subsidiaries or divisions that participate in the Plan may be obtained from the Plan Administrator by
written request. See the chart at the end of this Section for the name and address of the Plan Administrator. 
 Plan Administrator 

The administration of the Plan is the responsibility of the Plan Administrator. The Plan Administrator has the discretionary authority and responsibility for,
among other things, determining eligibility for benefits and construing and interpreting the terms of the Plan. In addition, the Plan Administrator has the authority, at its discretion, to delegate its responsibility to others. The rules,
interpretations, computations and other actions of the Plan Administrator or its delegate will be final, binding and conclusive on all persons. The chart at the end of this Section contains the name and address of the Plan Administrator.
Notwithstanding the foregoing, if and to the extent required by applicable law, the rules of any applicable securities exchange on which the shares of Company common stock is traded or the Company’s
by-laws or articles of incorporation, the Plan will be administered by the Company’s Board or the Compensation Committee. 

Your Rights and Privileges under ERISA 
 As a participant
in the Plan, you are entitled to certain rights and protection under Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA provides that you shall be entitled to: 

Receive Information about Your Plan and Benefits 

Examine, without charge, at the Company’s offices and at other specified locations all documents governing the Plan 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 and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies. 

Enforce Your Rights 
 If your claim for a welfare
benefit is denied or ignored, in whole or in part, you have a 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 thirty (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 which is denied or
ignored, in whole or in part, you may file suit in a state or Federal court. 
 If it should happen that 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 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. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    12

 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, D.C. 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 at 1-866-444-EBSA (3272) or accessing their website at http://www.dol.gov/ebsa. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    13

 Other Administrative Facts 
  

			
	 	  	 Severance Plan

	 Name of Plan
	  	ESAB Corporation Executive Officer Severance Plan
		
	 Type of Plan
	  	ERISA “welfare plan” that is a severance pay arrangement
		
	 Plan Records
	  	Kept on a calendar-year basis
		
	 Plan Year
	  	January 1 — December 31
		
	 Plan Funding
	  	Unfunded—Company and Participating Employers provide severance benefits from general assets.
		
	 Plan Sponsor
	  	ESAB Corporation
		
	 Plan Administrator

and Named Fiduciary
	  	 ESAB Corporation
 909 Rose Avenue, Suite 800

North Bethesda, Maryland 20852

		
	 Agent for

Service of Legal

Process on the Plan
	  	 ESAB Corporation
 c/o General Counsel

909 Rose Avenue, Suite 800
 North Bethesda, Maryland
20852

		
	 Trustee
	  	Not applicable
		
	 Insurance Company
	  	Not applicable

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    14

 Glossary 

It is important to know about the following terms as they apply to the Plan. 
  

			
	Base Salary	  	Your base rate of salary in effect as of the effective date of your Termination Date (determined without regard to any reduction in your rate of base salary under circumstances that constitute Good Reason), including salary
reductions under Code Sections 132(f), 125, 137, or 401(k), and excluding overtime, bonuses, income from stock options, stock grants, dividend equivalents,
benefits-in-kind, allowances (including, but not limited to, car values, vacation bonuses, food coupons) or other incentives, and any other forms of extra compensation.
No foreign service or expatriate allowances shall be included in determining base salary or the amount of severance payments payable under the Plan.
		
	Bonus	  	Your target annual incentive bonus for the year in which your Termination Date occurs as determined under the Company’s or Participating Employer’s annual incentive bonus plan.
		
	Business	  	Business is defined on page 3 in the Eligibility For Severance Benefits Section, under the subheading, “Agreement Not to Compete”.
		
	Cause	  	Cause is defined beginning on page 4 in the Eligibility For Severance Benefits Section; under the subheading, “Cause”.
		
	COBRA	  	The continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
		
	Code	  	The Internal Revenue Code of 1986, as amended.
		
	Company	  	ESAB Corporation
		
	Compensation Committee	  	The Compensation Committee of the Board of Directors of ESAB Corporation
		
	Covenant and Release Requirements	  	Covenant and Release Requirements is defined on page 1 in the Introduction and Highlights Section.
		
	Disability	  	Disability is defined on page 4 in the Eligibility for Severance Benefits Section, under the subheading “Disability”.
		
	ERISA	  	The Employee Retirement Income Security Act of 1974, as amended, which is a Federal employee benefits law.
		
	Waiver and Release Agreement	  	A Waiver and Release Agreement in the form attached hereto as Exhibit A.
		
	Good Reason	  	Good Reason is defined on page 5 in the Eligibility for Severance Benefits Section, under the subheading “Good Reason”.
		
	Participating Employer	  	A subsidiary or affiliate of the Company that participates in the Plan.

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    15

			
	Payment Start Date	  	Payment Start Date is defined on page 6 in the Severance Payments and Benefits Section, under the subheading “Cash Severance Payments”.
		
	Plan	  	ESAB Corporation Executive Officer Severance Plan, as set forth in this document and as it may be amended from time to time.
		
	Severance Pay	  	Severance Pay is the cash severance benefits to which you are entitled under the Plan, as described in the Severance Payments and Benefits Section, under the subheading “Cash Severance Payments”.
		
	Severance Pay Period	  	Severance Pay Period is defined on page 6 in the Severance Payments and Benefits Section, under the subheading “Cash Severance Payments”.
		
	Specified Employee	  	Specified Employee is defined on page 9 in the Section 409A Section, under the subheading “Specified Employees”.
		
	Termination Date	  	The date on which your employment with the Company, the Participating Employers and their respective affiliates terminates for any reason. To the extent that any payments or benefits under the Plan are subject to Section 409A
of the Code, the determination of whether your Termination Date has occurred (or whether you have otherwise had a termination of employment) shall be made in accordance with the provisions of Section 409A of the Code and the guidance issued
thereunder without application of any alternative levels of reductions of bona fide services permitted thereunder.
		
	Territory	  	Territory is defined on page 3 in the Eligibility For Severance Benefits Section, under the subheading, “Agreement Not to Compete”.

 * * * 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    16

 WAIVER AND RELEASE AGREEMENT 

THIS WAIVER AND RELEASE AGREEMENT is entered into as of [TO BE DETERMINATED AT TERMINATION OF EMPLOYMENT] (the “Effective
Date”), by [NAME OF EXECUTIVE]    (the “Executive”) in consideration of the severance pay (the “Severance Payment”) provided to the Executive by [ ESAB CORPORATION OR THE
PARTICIPATING EMPLOYER] (the “Company”) pursuant to The ESAB Corporation Executive Officer Severance Plan (the “Plan”). 
  

	1.	 Waiver and Release. The Executive, on his or her own behalf and on behalf of his or her
heirs, executors, administrators, attorneys and assigns, hereby unconditionally and irrevocably releases, waives and forever discharges the Company and each of its affiliates, parents, successors, predecessors, and the subsidiaries, directors,
owners, members, shareholders, officers, agents, and employees of the Company and its affiliates, parents, successors, predecessors, and subsidiaries (collectively, all of the foregoing are referred to as the “Employer”), from any and all
causes of action, claims and damages, including attorneys’ fees, whether known or unknown, foreseen or unforeseen, presently asserted or otherwise arising through the date of his or her signing of the Waiver and Release Agreement, concerning
his or her employment or separation from employment and any other acts or omissions related to any matter occurring on or prior to the Effective Date. This release includes, but is not limited to, any claim or entitlement to salary, bonuses, any
other payments, benefits or damages arising under any federal law (including, but not limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act of 1974, the Americans
with Disabilities Act, Executive Order 11246, the Family and Medical Leave Act, and the Worker Adjustment and Retraining Notification Act, each as amended); the West Virginia Human Rights Act; the Massachusetts Wage Act; S.D. Codified Laws § 20-7-11; N.D. Cent. Code § 9-13-02; any claim arising under any state or local laws,
ordinances or regulations (including, but no limited to, any state or local laws, ordinances or regulations requiring that advance notice be given of certain workforce reductions); any allegation for costs, fees or other expenses including
attorneys’ fees incurred in the matters referenced herein; and any claim arising under any common law principle or public policy, including, but not limited to, all suits in tort or contract, such as wrongful termination, defamation, emotional
distress, invasion of privacy or loss of consortium. 

 The Executive understands that nothing in this Agreement precludes
the Executive from filing any charge with or communicating with the Equal Employment Opportunity Commission or any other state or federal governmental agency or from testifying, assisting, or participating in any investigation, hearing, or
proceeding of governmental agency. However, the Executive agrees to forever waive the Executive’s right to recover or receive any personal relief, monetary damages, attorneys’ fees, back pay, reinstatement or injunctive relief from the
Company and/or Employer relating to any matter whatsoever up to the date of this Agreement. Notwithstanding the foregoing, nothing in this Agreement (i) prohibits, limits or restricts, or shall be construed to prohibit, limit or restrict, the
Executive from exercising any legally protected whistleblower rights (including pursuant to Section 21F of the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules and regulations thereunder), without notice to or
consent from the Company, or (ii) to the extent required by law, prohibits or shall be construed to prohibit the Executive from receiving a reward from the Securities and Exchange Commission or other applicable government agency pursuant to
Section 21F of the Exchange Act or other applicable whistleblower or other law or regulation in connection therewith. 
 The Executive
further agrees without any reservation whatsoever, never to sue the Employer or become a party to a lawsuit on the basis of any and all claims of any type lawfully and validly released in this Waiver and Release Agreement. 

 

	2.	 Acknowledgments. The Executive is signing this Waiver and Release Agreement knowingly and
voluntarily. He or she acknowledges that: 

  

	 	(a)	 He or she is hereby advised in writing to consult an attorney before signing this Waiver and Release Agreement;

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    17

	 	(b)	 He or she has relied solely on his or her own judgment and/or that of his or her attorney regarding the
consideration for and the terms of the Waiver and Release Agreement and is signing this Waiver and Release Agreement knowingly and voluntarily of his or her own free will; 

 

	 	(c)	 He or she is not entitled to the Severance Payment unless he or she agrees to and honors the terms of this
Waiver and Release Agreement; 

  

	 	(d)	 He or she has been given at least forty-five (45) calendar days to consider this Waiver and Release
Agreement, or he or she expressly waives his or her right to have at least forty-five (45) days to consider this Waiver and Release Agreement; 

  

	 	(e)	 He or she may revoke this Waiver and Release Agreement within seven (7) calendar days after signing it by
submitting a written notice of revocation to the Company. He or she further understands that this Waiver and Release Agreement is not effective or enforceable until after the seven (7) day period of revocation has expired without revocation,
and that if he or she revokes this Waiver and Release Agreement within the seven (7) day revocation period, he or she will not receive the Severance Payment; 

 

	 	(f)	 He or she has read and understands the Waiver and Release Agreement and further understands that it includes a
general release of any and all known and unknown, foreseen and unforeseen claims presently asserted or otherwise arising through the date of his or her signing of this Waiver and Release Agreement that he or she may have against the Employer; and

  

	 	(g)	 No statements made or conduct by the Employer has in any way coerced or unduly influenced him or her to execute
this Waiver and Release Agreement. 

  

	3.	 No Admission of Liability. This Waiver and Release Agreement does not constitute an
admission of liability or wrongdoing on the part of the Employer, the Employer does not admit there has been any wrongdoing whatsoever against the Executive, and the Employer expressly denies that any wrongdoing has occurred. 

 

	4.	 Entire Agreement. There are no other agreements of any nature between the Employer and the
Executive with respect to the matters discussed in this Waiver and Release Agreement, except as expressly stated herein, and in signing this Waiver and Release Agreement, the Executive is not relying on any agreements or representations, except
those expressly contained in this Waiver and Release Agreement 

  

	5.	 Execution. It is not necessary that the Employer sign this Waiver and Release Agreement
following the Executive’s full and complete execution of it for it to become fully effective and enforceable. 

  

	6.	 Severability. If any provision of this Waiver and Release Agreement is found, held or deemed by a
court of competent jurisdiction to be void, unlawful or unenforceable under any applicable statute or controlling law, the remainder of this Waiver and Release Agreement shall continue in full force and effect. 

 

	7.	 Governing Law. This Waiver and Release Agreement shall be governed by the laws of the
State of Delaware, excluding the choice of law rules thereof. 

  

	8.	 Headings. Section and subsection headings contained in this Waiver and Release Agreement
are inserted for the convenience of reference only. Section and subsection headings shall not be deemed to be a part of this Waiver and Release Agreement for any purpose, and they shall not in any way define or affect the meaning, construction or
scope of any of the provisions hereof. 

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    18

 IN WITNESS WHEREOF, the undersigned has duly executed this Waiver and Release Agreement as of the day and
year first herein above written. 
  
  

  

			
	The ESAB Corporation Executive Officer Severance Plan & SPD	  	    19

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