Document:

EX-4.2

 Exhibit 4.2 

2005 EQUITY COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS OF PRAXAIR, INC. 

Adopted by the Board: February 22, 2005 

Approved by Shareholders: April 26, 2005 

Amended and Restated: January 26, 2010 

 2005 EQUITY COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS OF PRAXAIR, INC. 

Section 1. Purpose. The 2005 Equity Compensation Plan For Non-Employee
Directors of Praxair, Inc. (hereinafter referred to as the “Plan”) is established to attract, retain and compensate highly qualified individuals who are not employees of Praxair, Inc. for service as members of the Board and to
provide them with an ownership interest in the Company’s common stock. The Plan will be beneficial to the Company and its stockholders by allowing these Non-Employee Directors to have a personal financial
stake in the Company through an ownership interest in the Company, in addition to underscoring their common interest with stockholders in increasing the value of the Company’s stock over the long term. 

Section 2. Definitions. 

2.1 “Board” means the Board of Directors of the Company. 

2.2 A “Change in Control of the Company” means the occurrence of any one of the following events with respect to the Company: 

(i) individuals who, on January 1, 2003, constitute the Board (the “Incumbent Directors”) cease for any reason
to constitute at least a majority of the Board, provided that any person becoming a director subsequent to January 1, 2003, whose election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without
objection to such nomination) shall be an Incumbent Director; provided, however, that no individual elected or nominated as a director of the Company initially as a result of an actual or threatened election contest with respect to
directors or any other actual or threatened solicitation of proxies [or consents] by or on behalf of any person other than the Board shall be deemed an Incumbent Director; 

(ii) any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the
“Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”);
provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any subsidiary, (B) by any employee
benefit plan sponsored or maintained by the Company or subsidiary, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying
Transaction (as defined in paragraph (iii)) or (E) pursuant to any acquisition by a Director participating in this Plan or any group of persons including such a Director (or any entity controlled by such a Director or by any group of persons
including such a Director); 
 (iii) the consummation of a merger, consolidation, statutory share exchange or similar form of
corporate transaction involving the Company or any of its subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”),
unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the
ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Company Voting
Securities that were outstanding immediately prior to such Business Combination (or, if applicable, shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders
thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan sponsored or
maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation)
were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and
(C) above shall be deemed to be a “Non-Qualifying Transaction”); or 

(iv) The stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or a sale or
disposition of all or substantially all of the Company’s assets. 
 Notwithstanding the foregoing, a Change in Control of the Company
shall not be deemed to occur solely because any person acquires beneficial ownership of more than 20% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company
Voting Securities outstanding; 

 provided, that if after such acquisition by the Company such person becomes the beneficial
owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur. 

2.3 “Closing Price” shall mean the closing price of the Stock as reported on the New York Stock Exchange-Composite Transactions on
the closing date for which a Closing Price is to be determined under this Plan (or, if it was not traded on such date, the next preceding day such Stock was traded on an exchange included in the New York Stock Exchange-Composite Transactions). 

2.4 “Code” means the Internal Revenue Code of 1986, as now or hereafter amended. 

2.5 “Committee” shall mean the Governance and Nominating Committee of the Board or such other Committee appointed by the Board for
the purpose of administering this Plan comprising two or more members of the Board all of whom are “non-employee” directors within the meaning of Rule 16b-3
under the Exchange Act. 
 2.6 “Company” means Praxair, Inc. 

2.7 “Deferral Plan” means the Praxair, Inc. Director’s Fees Deferral Plan as amended and restated from time to time. 

2.8 “Disability” means a Participant’s inability to engage in any substantial gainful activity because of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of twelve months or longer. 

2.9 “Mandatory Deferrals” means the amounts described and granted pursuant to Section 9 of this Plan. 

2.10 “Market Price” is the mean of the high and low prices of Stock as reported in the New York Stock Exchange-Composite Transactions
on the date for which a Market Price is to be determined under this Plan (or, if it was not traded on such date, on the next preceding day such Stock was traded on a stock exchange included in the New York Stock Exchange-Composite Transactions).

 2.11 “1995 Stock Option Plan” shall mean The Praxair, Inc. 1995 Stock Option Plan for
Non-Employee Directors. 
 2.12 “Non-Employee
Director” or “Director” means a member of the Board who is not an employee of the Company or a Subsidiary or Affiliate. 

2.13 “Participant” shall mean an individual participating in the Plan pursuant to Section 3. 

2.14 “Restricted Stock” means Stock of the Company subject to restrictions on the transfer of such Stock, conditions for forfeiture
of such Stock, or any other limitations or restrictions as determined by the Committee and granted pursuant to Section 8 of this Plan. 

2.15 “Retirement” shall mean a Non-Employee Director’s reaching the Board’s
mandatory retirement age or ceasing to serve as a Director at a later age with the approval of the Board. 
 2.16 “Stock” shall
mean the common stock, $0.01 par value, of the Company. 
 2.17 “Stock Option” shall mean an option to purchase Stock granted
pursuant to Section 6 of this Plan. 
 2.18 “Subsidiary” and “Affiliate” of the Company each shall mean any entity
in which the Company has a 50% or greater ownership interest, directly or indirectly. 
 Section 3.
Participation. The Participants in the Plan shall be all Non-Employee Directors. 

Section 4. Administration. The Plan shall be administered and interpreted by the Committee, which shall have
sole authority to make rules and regulations for the administration of the Plan. The interpretations and decisions of the Committee with regard to the Plan shall be final and conclusive and binding upon all Participants. The Committee may
request advice or assistance or employ such persons (including without limitation, legal counsel, consultants and accountants) as it deems necessary for the proper administration of the Plan. The Committee (i) shall determine the number and
types of grants to be made under the Plan; (ii) shall select the types of grants to be made to Participants;(iii) shall set the exercise price, the number of options to be granted, and the number of shares to be granted out of the total number
of shares available for grant; (iv) may establish administrative regulations to further the purpose of the Plan; and (v) may take any other action desirable or necessary to interpret, construe or implement properly the provisions of the Plan.

 Section 5. Grants. 

5.1 Annual Grants. Each calendar year the Committee may make a grant to each Non-Employee
Director in accordance with this Section 5. Except as provided in Section 5.6, if a grant is made, each Participant shall receive the identical grant without discrimination. 

 5.2 Aggregate Grant Value. The total value of each Participant’s annual grant as
of the date of grant shall be such amount as the Board may from time to time determine. 
 5.3 Form and Terms of Grant. The Committee
shall, in its discretion, (a) select the forms of grant to be made which can be Stock Options, Stock, Restricted Stock or Mandatory Deferrals, or a combination thereof, each as more particularly described in this Plan, and (b) set the
terms and conditions of such grant subject to the applicable limitations set forth in this Plan. 
 5.4 Date of Grant. To the extent
feasible, and except for a grant for 2005, such grants shall be made as of the same date that annual long term incentive grants are made to the Company’s officers and employees which is expected to be the date of the Board’s regularly
scheduled meeting in February of each year. To the extent required by law, a grant of Mandatory Deferrals under Section 9 shall be made no later than the last meeting of the Committee occurring prior to the year for which the grant is being
made. 
 5.5 2005 Grant. The first grants under this Plan shall be made at the first meeting of the Committee following the approval
of this Plan by the shareholders of the Company, the date of which meeting shall be the date of grant. To reflect a grant of stock options made in 2005 under the 1995 Stock Option Plan, the total value of the initial grant under this Plan for 2005
for each Participant who received a grant of stock options in 2005 shall be (i) $70,000, less (ii) the value of the stock options granted in 2005 under the 1995 Stock Option Plan to such Participant. The value of such stock options shall be
calculated using the same methodology as the Compensation and Management Development Committee of the Board used for determining the value of stock options granted to employees of the Company in 2005, but updated from the date of such employee grant
to the date of the 2005 grant of options under the 1995 Stock Option Plan. 
 5.6 Grants Upon Initial Election or Appointment to the
Board. With respect to a Non-Employee Director first elected at an annual meeting of shareholders of the Company or appointed by the Board during a year (including any
Non-Employee Director first elected to the Board at the meeting of shareholders which approves this Plan), such Non-Employee Director shall receive a grant having a
value equal to a pro-rata portion of that year’s grant dollar value based on the period of time from the effective date on which such Non-Employee Director begins
serving on the Board to the end of such calendar year. To the extent feasible, the pro-rata grant shall be made in the same form(s) made to other Non-Employee Directors
for such year, but shall reflect the effective date of the Non-Employee Director’s service on the Board as the applicable grant date. 

5.7 Valuation of Grants. For purposes of determining the value of grants made hereunder (except for the 2005 grant), (1) the value of
grants of Stock Options shall be determined using the same methodology as the Compensation and Management Development Committee (or such other Committee as determined by the Board) uses for determining the value of stock options granted to employees
of the Company; and (2) the value of any grants of Stock and Restricted Stock shall be determined by the Closing Price on the date of grant. 

5.8 Types of Grants. Grants under this Plan may be in any of the following forms of grants (or a combination thereof): (i) Stock
Options; (ii) Stock, (iii) Restricted Stock, or (iv) Mandatory Deferrals. 
 5.9 Maximum Amount Available. The total number
of shares of Stock (including Restricted Stock) optioned or granted under this Plan during the term of the Plan shall not exceed five hundred thousand (500,000) shares. Solely for the purpose of computing the total number of shares of Stock optioned
or granted under this Plan, there shall not be counted (i) any shares which have been forfeited; and (ii) any shares covered by an option which, prior to such computation, has terminated in accordance with its terms or has been cancelled
by the Participant or the Company. 
 5.10 Adjustment in the Event of Recapitalization, etc. In the event of any change in the
outstanding shares of the Company by reason of any stock split, stock dividend, recapitalization, merger, consolidation, combination or exchange of shares or other similar corporate change or in the event of any special distribution to the
stockholders, the Committee shall make equitable adjustments in the number of shares and prices per share applicable to Stock Option grants then outstanding and in the number of shares which are available thereafter for Stock Option grants or other
awards, both under the Plan as a whole and with respect to individuals and award type. Such adjustments shall be made in a manner that the Committee determines is necessary and appropriate, and shall be conclusive and binding for all purposes of the
Plan. 
 Section 6. Stock Options. 

6.1 Grant Types. The Committee may grant, either alone or in combination with other forms of grant as provided in this Plan,
options to purchase Stock (hereinafter referred to as “Stock Option grants”) under such terms as the Committee establishes, subject to the limitations set forth in this Section 6. All Stock Option grants shall be non-qualified stock options. 
 6.2 Exercise Price. The exercise price of each share of Stock
subject to a Stock Option grant shall be specified in the grant, but in no event shall the exercise price be less than the Closing Price on the date of grant. 

6.3 Repricing. Without the prior approval of the Company’s shareholders, the exercise price of any Stock Option grant made
pursuant to this Plan shall not be changed following the date of its grant, other than such equitable changes as may arise in connection with the adjustments permitted under Section 5.10 and no Stock Option grant may be cancelled and replaced
with a new Stock Option grant with a lower exercise price where the economic effect would be the same as reducing the exercise price of the cancelled option. 

 6.4 Transferability. 

(a) Stock Option grants shall not be transferable by the Participant other than: 

(i) In the case of the Participant’s death, pursuant to the beneficiary designation then on file with the Company, or, in
the absence of such a beneficiary designation (or if the designated beneficiary has pre-deceased the Participant), by will or the laws of descent and distribution (in which case the Company without liability
to any other person, may rely on the directions of the executor or administrator of the Participant’s estate with respect to the disposition or exercise of such options); 

(ii) In the Committee’s discretion, the terms of a Stock Option may permit the Participant to transfer the Stock Option
grant to (A) his or her spouse, children (including by adoption), stepchildren or grandchildren (referred to herein as the Participant’s “Family Members”), (B) a trust or trusts for the exclusive benefit of such Family Members,
(C) a partnership in which such Family Members are the only partners, or (D) such other persons or entities as the Committee may approve on a case-by-case
basis; or 
 (iii) In the case of a transferee’s death, to his/her estate without rights to further distribution. 

(b) Any transfer pursuant to this Section 6.4 shall be subject to the following: 

(i) there may be no consideration for any such transfer; 

(ii) the stock option agreement pursuant to which such Stock Option grant is made must be approved by the Committee, and must
expressly provide for transferability in a manner consistent with this Section 6.4; and 
 (iii) subsequent transfers
of transferred Stock Option grants shall be prohibited except those in accordance with this Section 6.4. 
 (c) Following transfer, any
transferred Stock Option grant shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer. The events of death, Disability, Retirement and termination of service as a
Non-Employee Director with respect to an outstanding Stock Option grant shall be in relation to the original grantee Participant notwithstanding an earlier transfer of the Stock Option grant. Following such
events, the Stock Option grant shall be exercisable by the transferee only to the extent and for the periods specified in Sections 6.6 and 6.7 hereof. 

6.5 Duration of Stock Option Grants. A Stock Option grant by its terms shall be of no more than ten (10) years’
duration. 
 6.6 Initial Exercisability. A Stock Option grant by its terms shall be exercisable only after the earliest of:

 (i) such period of time as the Committee shall determine and specify in the grant, but in no event less than three years
following the date of grant, provided that Stock Options may be partially exercisable after no less than one (1) year so long as the entire grant does not become fully exercisable until at least three (3) years have elapsed from the date
of grant; 
 (ii) the Participant’s death; or 

(iii) a Change in Control of the Company. 

In the event of the Participant’s Disability, Retirement, resignation or the termination of the Participant’s service as a Non-Employee Director other than for cause, a Stock Option grant shall not be exercisable at the time of such event but shall become exercisable at the time specified in clauses (i), (ii) and (iii) above.
Notwithstanding the foregoing, in the event of a Participant’s Retirement, resignation or termination of service as a Non-Employee Director prior to the first anniversary date after the date of a Stock
Option grant, such Stock Option grant shall not be exercisable but shall be immediately forfeited. 
 6.7 Exercise Period. A
Stock Option grant is only exercisable by a Participant (or, if the Stock Option grant has been duly transferred pursuant to Section 6.4, the transferee) while the Participant is in active service as a
Non-Employee Director, except: 
 (i) in the case of a Participant’s death, the
Stock Option grant shall remain exercisable by the transferee of the grant during a three (3) year period following the date of death; 

(ii) in the case of a Participant’s Retirement or Disability, the Stock Option grant, to the extent not forfeited in
accordance with Section 6.6 above, shall remain exercisable during the original grant duration as specified in the grant agreement; or 

(iii) in the case of a resignation or termination of the Participant’s service as a
Non-Employee Director other than for cause, the Stock Option grant shall remain exercisable during a three (3) year period commencing on the effective date of such resignation or termination; or 

 (iv) in the case of a resignation or termination of the Participant’s
services as a Non-Employee Director within two (2) years after a Change in Control of the Company, unless such termination of services is for cause, the Stock Option grant shall remain exercisable during a
three-year period commencing on the effective date of termination; or 
 (v) if the Committee decides that it is in the best
interest of the Company to permit individual exceptions. 
 In no event may a Stock Option grant be exercised after its expiration date.

 6.8 Manner of Exercise. A Stock Option grant may be exercised by the Participant (or, if the Stock Option grant has been
duly transferred pursuant to Section 6.4, the transferee) with respect to part or all of the shares subject to the option by giving written notice to the Company or its designee of the exercise of the option according to such procedures as the
Committee may establish. 
 6.9 Payment of Exercise Price. The exercise price for the shares for which an option is exercised
shall be paid by the exerciser within three (3) business days after the date of exercise and the terms of the Stock Option grant may provide that the exerciser price may be paid: 

(a) in cash; 
 (b) in whole shares
of Stock owned by the exerciser prior to exercising the option provided such shares have been held by the exerciser for at least six months; 

(c) by having the Company withhold shares that otherwise would be delivered to the exerciser pursuant to the exercise of the option in an
amount equaling in value the exercise price; 
 (d) in a combination of either cash and delivery of shares, or cash and withholding of
shares; or 
 (e) by whatever other means the Committee may deem appropriate, other than by a loan by the Company to the exerciser. 

The Company shall establish procedures in connection with payments pursuant to (b), (c), (d), and (e) above, to ensure that the Plan does
not become subject to variable accounting by virtue of such payment methods. Shares of stock shall not be delivered to the exerciser until the full exercise price has been paid. The value of any share of Stock delivered or withheld in payment of the
exercise price shall be its Market Price on the date the option is exercised. 
 Section 7. Grants of Stock. 

The Committee may grant, either alone or in addition to other grants made under the Plan, shares of Stock. 

Section 8. Grants of Restricted Stock. 

8.1 Grant Types. The Committee may grant, either alone or in addition to other grants made under the Plan, shares of Restricted
Stock under such terms as the Committee establishes, subject to the limitations set forth in this Section 8. 
 8.2 Vesting
Periods. Restricted Stock shall be vested and transferable only after the earliest of; 
 (i) such period of time as
the Committee shall determine and specify in the grant, but in no event less than three years following the date of grant; 

(ii) the Participant’s death; 

(iii) the Participant’s Disability; or 

(iv) a Change in Control of the Company. 

In the event of a Participant’s Retirement, resignation or termination of service as a
Non-Employee Director other than for cause, the Restricted Stock shall be vested but not transferable at the time of such event but shall become transferable at the time specified in clauses (i) through
(iv) above, except that if the Restricted Stock is taxable income to the Director at the time of such event, then the Director may sell or transfer up to thirty-five percent (35%) of the Restricted Stock at any time after such event. 

8.3 Forfeitures of Restricted Stock. In the event a Director’s services as a Director are terminated for cause, any non-vested Restricted Stock shall be forfeited, unless the Committee shall otherwise determine that it is in the best interests of the Company to permit individual exceptions. 

8.4 Rights as a Stockholder. The Participant shall have, with respect to Restricted Stock, all of the rights of a stockholder of
the Company, including the right to vote the shares and the right to receive any dividends, unless the Committee shall otherwise determine. 

 8.5 Transferability. Restricted Stock may not be sold or transferred by the
Participant until any restrictions that have been established by the Committee have lapsed. 
 Section 9. Mandatory Deferrals.

 9.1 Grant Type. The Committee may award cash amounts, either alone or in addition to other grants made under the Plan,
which shall be mandatorily deferred by way of the Deferral Plan. Such amounts shall be credited to the Director’s Stock Unit Account established under the Deferral Plan and shall be paid out under such terms and conditions as the Committee may
determine at the time of award, provided that: 
 (i) such payout conditions are consistent with the terms of the Deferral
Plan and do not conflict with any then current provisions of the Internal Revenue Code or Internal Revenue Service regulations or interpretations promulgated thereunder governing the deferral of taxes on compensation; and 

(ii) except for any payout acceleration events as the Committee may permit or the Deferral Plan may require, payout of such
amounts shall be deferred for a period of three (3) years from the date of grant or such longer period as the Committee may specify. 

9.2 Forfeiture. Notwithstanding the foregoing, a Director shall forfeit any award amounts and earnings thereon that have been
mandatorily deferred pursuant to Section 9.1 if (i) the Director’s service on the Board is terminated for cause, or (ii) the Director fails to meet any vesting conditions that the Committee may establish with respect to the
award. 
 Section 10. General Provisions. 

10.1 Assignment. Subject to the provisions of Section 6.4, if applicable, any assignment or transfer of any grants without
the written consent of the Company shall be null and void. 
 10.2 No Trust. Nothing contained herein shall require the Company
to segregate any monies from its general funds, or to create any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant for any year. 

10.3 Cancellation and Rescission of Grants. 

(a) The Committee shall have the discretion with respect to any grant made under this Plan to establish upon its grant conditions under which
(i) the grant may be later forfeited, cancelled, rescinded, suspended, withheld or otherwise limited or restricted; or (ii) gains realized by the grantee in connection with a grant or a grant’s exercise may be recovered; provided that
such conditions and their consequences are 
 (A) clearly set forth in the grant agreement or other grant document; and (B) fully comply with applicable
laws. 
 (b) The Committee may require, upon exercise, payment or delivery pursuant to a grant, that the Participant certify in a manner
acceptable to the Company that he or she is in compliance with the terms and conditions of the grant. 
 10.4 Payment of Taxes.
To enable the Company to meet any applicable federal, state, local or foreign withholding tax requirements arising as a result of the exercise of a Stock Option or the grant, vesting or payment of Stock or Restricted Stock, a Participant or the
Participant’s estate shall pay to the Company the amount of tax to be withheld, or may elect to satisfy such obligation: 
 (a) By
delivering to the Company other shares of Stock owned by the Participant for at least six months prior to the Option exercise or grant, vesting or payment of the Stock or Restricted Stock; 

(b) by making a payment to the Company consisting of a combination of cash and such shares of Stock; or 

(c) if the exerciser or grantee is the Participant, by having the Company withhold shares that otherwise would be delivered to the Participant
pursuant to the Option exercise or grant, vesting or payment of the Stock or Restricted Stock for which the tax is being withheld, provided that withholding by such method shall be limited to the minimum required applicable tax withholding.; 

Such an election shall be made in such manner as may be prescribed by the Committee and the Committee shall have the right, in its discretion,
to disapprove such election. Any such election must be made prior to the date to be used to determine the tax to be withheld and shall be irrevocable. The value of any share of Stock to be withheld by the Company or delivered to the Company pursuant
to this Section 10.4 shall be the Market Price on the date used to determine the amount of tax to be withheld. 
 The Company shall
establish procedures in connection with payments pursuant to (a), (b), and (c) above, to ensure that the Plan does not become subject to variable accounting by virtue of such payment methods. 

10.5 Termination of Prior Plan. Following the approval of this Plan by the shareholders of the Company, no further stock options
will be granted to Non-Employee Directors under the 1995 Stock Option Plan. 

 10.6 Effect of Participation. Participation in this Plan shall not provide any
Participant the right to continue service as a Director of the Company. 
 10.7 Termination for Cause. For purposes of Sections
6, 8 and 9 of this Plan, a Director who is not nominated for re-election to the Board or a Director who is not re-elected to the Board by the shareholders of the
Company, shall not be considered a Director whose services as a Director were terminated for cause unless the Board duly adopts a resolution specifying otherwise and setting forth the reasons such event shall be deemed a termination for cause. 

Section 11. Amendment, Suspension, or Termination. 

11.1 The Board may suspend, terminate, or amend the Plan, including, but not limited to, such amendments as may be necessary or desirable
resulting from changes in the federal income tax laws and other applicable laws, but may not, without the affirmative vote of a majority of all votes duly cast on the matter at a meeting of the stockholders of the Company (provided that the total
votes cast on the matter represent over 50% of the shares entitled to vote on the matter): (a) increase the total number of shares of Stock that may be optioned or granted under this Plan; (b) amend Section 6.3 with respect to re-pricing of Stock Option grants; (c) change the eligibility requirements for participation in the Plan; or (d) adopt any other material revision to this Plan that would require the approval of the
stockholders under the rules promulgated by the New York Stock Exchange. 
 11.2 It is the Company’s intent that the Plan comply in all
respects with Rule 16b-3 under the Exchange Act and any related regulations and other authority. If any provision of this Plan is later found not to be in compliance with such rules and regulations, the
provisions shall be deemed null and void. All grants to, and exercises of options under, this Plan shall be executed in accordance with the requirements of Section 16 of the Exchange Act and regulations promulgated thereunder. 

Section 12. Governing Law. 

The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the
laws of the State of Connecticut and applicable federal law. 
 Section 13. Effective Date and Duration of the Plan. 

This Plan shall be effective upon approval of this Plan by the shareholders of the Company. No further grants shall be made under the Plan
after April 30, 2010.EX-4.3

 Exhibit 4.3 

Praxair, Inc. and Subsidiaries 
  

 
  

Amended and Restated 

2009 Praxair, Inc. 
 Long
Term Incentive Plan 
 Effective April 22, 2014 

 Table of Contents 

 

							
	 Article 1.
	 	Establishment, Purpose, and Duration	  	 	2	 
			
	 Article 2.
	 	Definitions	  	 	2	 
			
	 Article 3.
	 	Administration	  	 	9	 
			
	 Article 4.
	 	Shares Subject to this Plan and Maximum Awards	  	 	10	 
			
	 Article 5.
	 	Eligibility and Participation	  	 	12	 
			
	 Article 6.
	 	Stock Options	  	 	12	 
			
	 Article 7.
	 	Stock Appreciation Rights	  	 	14	 
			
	 Article 8.
	 	Restricted Stock Grants	  	 	15	 
			
	 Article 9.
	 	Performance Units	  	 	17	 
			
	 Article 10.
	 	Other Stock-Based Awards	  	 	18	 
			
	 Article 11.
	 	Transferability of Awards	  	 	19	 
			
	 Article 12.
	 	Performance Measures	  	 	20	 
			
	 Article 13.
	 	Dividend Equivalents	  	 	22	 
			
	 Article 14.
	 	Termination of Employment or Service as a Director	  	 	22	 
			
	 Article 15.
	 	Rights of Participants	  	 	22	 
			
	 Article 16.
	 	Change in Control	  	 	23	 
			
	 Article 17.
	 	Amendment, Modification, Suspension, and Termination	  	 	24	 
			
	 Article 18.
	 	Tax Withholding; No Liability with Respect to Tax	  			
			
		 	Qualification or Adverse Tax Treatment	  	 	24	 
			
	 Article 19.
	 	Successors	  	 	25	 
			
	 Article 20.
	 	General Provisions	  	 	25	 

 Amended and Restated 

2009 Praxair, Inc. 
 Long
Term Incentive Plan 
 Article 1. Establishment, Purpose, and Duration 

1.1 Establishment. Praxair, Inc., a Delaware corporation (hereinafter referred to as the “Company”), hereby amends and
restates its 2009 Praxair, Inc. Long Term Incentive Plan (the Amended and Restated 2009 Praxair, Inc. Long Term Incentive Plan, hereinafter referred to as the “Plan”), as set forth in this document. 

This Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights (“SARs”), Restricted
Stock, Restricted Stock Units, Performance Units, and Other Stock-Based Awards. 
 This Plan was originally adopted by the Board on
February 24, 2009, became effective upon shareholder approval on April 28, 2009 and was subsequently amended, effective as of April 27, 2010, January 25, 2011 and October 23, 2012. This amendment and restatement of the Plan
was adopted by the Board on January 28, 2014 and shall become effective upon shareholder approval on April 22, 2014 (the “Effective Date”) and shall remain in effect as provided in Section 1.3 hereof. 

1.2 Purpose of this Plan. The purpose of this Plan is to provide a means whereby Employees develop personal involvement in the
financial success of the Company, and to encourage them to devote their best efforts to the business of the Company, thereby advancing the interests of the Company and its shareholders. A further purpose of this Plan is to provide a means through
which the Company may attract and retain able Employees and to provide a means whereby those individuals can acquire and maintain stock ownership, thereby strengthening their concern for the welfare of the Company. This Plan also provides a means of
compensating Directors in the form of equity as a complement to other elements of the Directors’ overall compensation program and to align their interests with those of the Company’s shareholders. 

1.3 Duration of this Plan. Unless sooner terminated as provided herein, this Plan shall terminate April 22, 2024. After this
Plan is terminated, no Awards may be granted but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and this Plan’s terms and conditions. 

Article 2. Definitions 
 Whenever used in
this Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized. 
  

	 	2.1	 “Acquisition Awards” has the meaning set forth in Section 4.2. 

 

  
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	 	2.2	 “Administrator” has the meaning set forth in Section 3.4. 

 

	 	2.3	 “Award” means, individually or collectively, a grant under this Plan of Nonqualified Stock
Options, Incentive Stock Options, SARs, Restricted Stock, Restricted Stock Units, Performance Units, or Other Stock-Based Awards, in each case subject to the terms of this Plan. 

 

	 	2.4	 “Award Agreement” means either (a) a written agreement entered into by the Company and a
Participant setting forth the terms and provisions applicable to an Award granted under this Plan, or (b) a written or electronic statement issued by the Company to a Participant describing the terms and provisions of such Award,
including any amendment or modification thereof. The Committee may provide for the use of electronic, Internet or other non-paper Award Agreements, and the use of electronic, Internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant. 

  

	 	2.5	 “Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed
to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 

  

	 	2.6	 “Board” means the Board of Directors of the Company. 

 

	 	2.7	 “Change in Control” means the occurrence of any one of the following events with respect to
the Company: 

  

	 	(a)	 individuals who, on January 1, 2014, constitute the Board (the “Incumbent Directors”) cease, for
any reason, to constitute at least a majority of the Board, provided that any person becoming a director subsequent to January 1, 2014, whose election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the Company proxy statement in which such person is named as a nominee for director, without objection to
such nomination) shall be an Incumbent Director; provided, however, that no individual elected or nominated as a director of the Company initially as a result of an actual or threatened election contest with respect to directors or any other actual
or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed an Incumbent Director; 

  

	 	(b)	 any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities
eligible to vote for the election of the Board (the “Praxair Voting Securities”); provided, however, that the event 

  
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	 	described in this Subsection 2.7(b) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any of its subsidiaries; (B) by any employee benefit plan
sponsored or maintained by the Company or any of its subsidiaries; (C) by any underwriter temporarily holding securities pursuant to an offering of such securities; or (D) pursuant to a
Non-Qualifying Transaction (as defined in Subsection 2.7(c)); 

  

	 	(c)	 the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction
involving the Company or any of its subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately
following such Business Combination: (A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent
corporation that directly or indirectly has Beneficial Ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Praxair Voting Securities that were
outstanding immediately prior to such Business Combination (or, if applicable, shares into which such Praxair Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Praxair Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan sponsored or maintained by the
Surviving Corporation or the Parent Corporation), is or becomes the Beneficial Owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if
there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) were Incumbent
Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be
deemed to be a “Non-Qualifying Transaction”); or 

  

	 	(d)	 the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or a sale
or disposition of all or substantially all of the Company’s assets. 

 Notwithstanding the foregoing, to the extent an
Award is subject to Code Section 409A, the Committee shall have the discretion to define Change in Control for such Award in a manner which complies with such Code Section. 

 

  
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	 	2.8	 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. For
purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

 

	 	2.9	 “Committee” means, with respect to Awards granted to (a) Employees, the Compensation and
Management Development Committee of the Board, and (b) Directors, the Governance and Nominating Committee of the Board, and in each case, any other committee designated by the Board to administer this Plan with respect to Employee or
Director Awards. The Committee shall consist of not less than two directors. However, if a member of the Committee is not an “outside director” within the meaning of Code Section 162(m) or is not a
“non-employee director” within the meaning of Rule 16b-3 under the Exchange Act, the Committee may, from time to time, delegate some or all of its functions under the Plan to a committee or
subcommittee composed of members that meet the relevant requirements. The term “Committee” includes any such committee or subcommittee, to the extent of the Compensation and Management Development Committee’s delegation, or the
Governance and Nominating Committee’s delegation, as the case may be. If the Committee does not exist or cannot function for any reason, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee,
other than any actions required to be carried out by a committee of at least two “outside directors” or “non-employee directors”. 

 

	 	2.10	 “Company” means Praxair, Inc., a Delaware corporation, and any successor thereto as provided
in Article 18 herein. 

  

	 	2.11	 “Covered Employee” means any Employee who is or may become a “Covered Employee,” as
defined in Code Section 162(m), and who is designated, either as an individual Employee or class of Employees, by the Committee within the shorter of (a) ninety (90) days after the beginning of the Performance Period, or
(b) the period prior to the date twenty-five percent (25%) of the Performance Period has elapsed, as a “Covered Employee” under this Plan for such applicable Performance Period. 

 

	 	2.12	 “Director” means any director of the Company who is not an Employee. 

 

	 	2.13	 “Effective Date” has the meaning set forth in Section 1.1. 

 

	 	2.14	 “Employee” means any individual performing services for the Company or a Subsidiary and
designated as an employee of the Company or its Subsidiaries on the payroll records thereof. An Employee shall not include any individual during any period he or she is classified or treated by the Company or its Subsidiary as an independent
contractor, a consultant, or any employee of an employment, consulting, or temporary agency or any other entity other than the Company or its Subsidiary, without regard to whether such individual is subsequently determined to have been, or is
subsequently retroactively reclassified as a common-law employee of the Company or its Subsidiary during such period. 

  
 5 

	 	2.15	 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any
successor act thereto. 

  

	 	2.16	 “Fair Market Value” or “FMV” means, in respect of any date on or as of which
a determination thereof is being or to be made, the closing market price of a Share reported on the New York Stock Exchange Composite Transactions tape on such date, or, if no Shares were traded on such date, on the next preceding day on
which sales of Shares were reported on the New York Stock Exchange Composite Transactions tape. 

  

	 	2.17	 “Grant Date” means the date an Award is granted to a Participant pursuant to the Plan.

  

	 	2.18	 “Grant Price” means the price established at the time of grant of a SAR pursuant to Article 7,
used to determine whether there is any payment due upon exercise of the SAR. 

  

	 	2.19	 “Incentive Stock Option” or “ISO” means an Option to purchase Shares granted
under Article 6 to an Employee that is designated as an Incentive Stock Option and that is intended to meet the requirements of Code Section 422, or any successor provision. 

 

	 	2.20	 “Insider” shall mean an individual who is, on the relevant date, an executive officer of the
Company or a more than ten percent (10%) Beneficial Owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Board in accordance with Section 16
of the Exchange Act. 

  

	 	2.21	 “Market Price” means, in respect of any date on or as of which a determination thereof is
being or to be made, the average of the high and low prices of a Share reported on the New York Stock Exchange Composite Transactions tape on such date, or, if no Shares were traded on such date, on the next preceding day on which sales of
Shares were reported on the New York Stock Exchange Composite Transactions tape. 

  

	 	2.22	 “Nonqualified Stock Option” or “NQSO” means an Option that is not intended to
meet the requirements of Code Section 422, or that otherwise does not meet such requirements. 

  

	 	2.23	 “Officer” means an Employee who is either (a) an “executive officer”
(within the meaning of Rule 3b-7 of the Exchange Act), or (b) an “officer” elected by the Board and holding a position with a Company salary level of 18 or higher (or the future equivalent
thereof). 

  
 6 

	 	2.24	 “Option” means an Incentive Stock Option or a Nonqualified Stock Option, as described in
Article 6. 

  

	 	2.25	 “Option Price” means the price at which a Share may be purchased by a Participant pursuant to
an Option. 

  

	 	2.26	 “Other Stock-Based Award” means an equity-based or equity-related Award not otherwise
described by the terms of this Plan, granted pursuant to Article 10. 

  

	 	2.27	 “Participant” means any Employee or a Director to whom an Award is granted.

  

	 	2.28	 “Performance-Based Compensation” means compensation under an Award that is intended to satisfy
the requirements of Code Section 162(m) for certain performance-based compensation paid to Covered Employees. Any Award granted hereunder that is intended to be Performance-Based Compensation within the meaning of Code
Section 162(m) shall be subject to the terms and provisions of this Plan and not the Praxair, Inc. Plan for Determining Performance-Based Awards Under Section 162(m). 

 

	 	2.29	 “Performance Goal” means, with respect to any applicable Award to an Employee, the one or more
targets, goals or levels of attainment required to be achieved in terms of the specified Performance Measures during the specified Performance Period, as set forth in the related Award Agreement. 

 

	 	2.30	 “Performance Measures” means: (a) with respect to any Award to an Employee intended to
qualify as Performance-Based Compensation, any one or more of the measures described in Article 12 on which the Performance Goals are based and which are approved by the Company’s shareholders pursuant to this Plan in order to qualify
Awards as Performance-Based Compensation; and (b) with respect to any other Award, such performance measures as determined by the Committee in its sole discretion and set forth in the applicable Award Agreement for purposes of determining the
applicable Performance Goal. 

  

	 	2.31	 “Performance Period” means the period of time during which the Performance Goals must be met
in order to determine the degree of payout and/or vesting with respect to an Award granted to an Employee. 

  

	 	2.32	 “Performance Unit” means an Award to an Employee under Article 9 herein and subject to the
terms of this Plan, denominated in Units, the value of which at the time it is payable is determined as a function of the extent to which corresponding Performance Goal(s) has been achieved during the applicable Performance Period.

  
 7 

	 	2.33	 “Plan” means this Amended and Restated 2009 Praxair, Inc. Long Term Incentive Plan.

  

	 	2.34	 “Restricted Stock” means Shares issued pursuant to a Restricted Stock Grant under Article 8,
so long as the Shares remain subject to the restrictions and conditions specified in the Award Agreement pursuant to which such Restricted Stock Grant is made. 

 

	 	2.35	 “Restricted Stock Grant” means an Award of Restricted Stock or Restricted Stock Units made
pursuant to the provisions of Article 8. 

  

	 	2.36	 “Restricted Stock Unit” means a Unit issued pursuant to a Restricted Stock Grant under Article
8 so long as the Units remain subject to the restrictions and conditions specified in the Award Agreement. 

  

	 	2.37	 “Restriction Period” means the period when Restricted Stock or Restricted Stock Units are
subject to a substantial risk of forfeiture (based on the passage of time, the achievement of Performance Goals, or upon the occurrence of other events as determined by the Committee, in its discretion), as provided in Article 8.

  

	 	2.38	 “Share” means a share of common stock of the Company, $0.01 par value per share or any
security issued by the Company in substitution or exchange therefor or in lieu thereof. 

  

	 	2.39	 “Share Equivalent” means a Unit (or fraction thereof, if authorized by the Committee)
substantially equivalent to a hypothetical Share, credited to the Participant and having a value at any time equal to the FMV of a Share (or fraction thereof) at such time. 

 

	 	2.40	 “Stock Appreciation Right” or “SAR” means an Award, designated as a SAR,
pursuant to the terms of Article 7 herein. 

  

	 	2.41	 “Subsidiary” means any corporation or other entity, whether domestic or foreign, in which the
Company has or obtains, directly or indirectly, a proprietary interest of fifty percent (50%) or greater by reason of stock ownership or otherwise; provided, however, that (a) for purposes of determining whether any Employee can be a
Participant with respect to any Award of Incentive Stock Option, the term “Subsidiary” has the meaning given to such term in Code Section 424, as interpreted by the regulations thereunder and applicable law; and (b) for purposes
of determining whether any individual may be a Participant with respect to any Award of Options or SARs that are intended to be exempt from Code Section 409A, the term “Subsidiary” means any corporation or other entity to which the
Company is an “eligible issuer of service recipient stock” within the meaning of Code Section 409A. 

  
 8 

	 	2.42	 “Unit” means a bookkeeping entry used by the Company to record and account for the grant or
settlement of an Award until such time as the Award is paid, canceled, forfeited or terminated, as the case may be, which, except as otherwise specified by the Committee, shall be equal to one Share Equivalent. 

Article 3. Administration 
 3.1
General. The Committee shall be responsible for administering this Plan, subject to this Article 3 and the other provisions of this Plan. The Committee may employ attorneys, consultants, accountants, agents, and other individuals, any of
whom may be an Employee, and the Committee, the Company, and its officers and Directors shall be entitled to rely upon the advice, opinions, or valuations of any such individuals. All actions taken and all interpretations and determinations made by
the Committee shall be final and binding upon the Participants, the Company, and all other interested individuals. 
 3.2 Authority of the
Committee. The Committee shall have full and exclusive discretionary power to interpret the terms and the intent of this Plan and any Award Agreement or other agreement or document ancillary to, or in connection with, this Plan, to
determine eligibility for Awards and to adopt such rules, regulations, forms, instruments, and guidelines for administering this Plan as the Committee may deem necessary or proper. Such authority shall include, but not be limited to,
(a) selecting Participants, (b) establishing all Award terms and conditions, including the terms and conditions set forth in Award Agreements, (c) granting Awards as an alternative to or as the form of payment for grants or rights earned
or due under compensation plans or arrangements of the Company, (d) construing any ambiguous provision of the Plan or any Award Agreement, (e) determining whether, to what extent and under what circumstances and method or methods
(1) Awards may be (A) settled in cash, Shares, other securities, other Awards or other property, (B) exercised or (C) canceled, forfeited or suspended, (2) Shares, other securities, other Awards or other property, and other
amounts payable with respect to an Award may be deferred either automatically or at the election of the Participant thereof or of the Committee, and (3) Awards may be settled by the Company or any of its designees, and (f) subject to
Article 16 adopting modifications and amendments to this Plan or any Award Agreement, including, without limitation, any that are necessary to comply with the laws, rules or regulations of the countries and other jurisdictions in which the Company
and/or its Subsidiaries operate or to accelerate the time or times at which the Award becomes vested, unrestricted or may be exercised. 

3.3 Delegation. The Committee may delegate to one or more of its members or to one or more officers of the Company, and/or its
Subsidiaries or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee or any individuals to whom it has delegated duties or powers as aforesaid may employ one or more individuals to
render advice with respect to any responsibility the Committee or such individuals may have under this Plan. The Committee may, by resolution, authorize the Chief Executive Officer of the Company (the “CEO”) or any other officer of the
Company, to do one or both of the following on the same basis as can the Committee: (a) designate Employees to be recipients of Awards 

  
 9 

 and (b) determine the size of any such Awards; provided, however, (i) the
Committee shall not delegate such responsibilities for any Awards to be granted to an Employee who is considered an Insider; (ii) the resolution providing such authorization sets forth the total number of Awards the CEO or officer may grant;
and (iii) the CEO or officer, as applicable, shall report periodically to the Committee regarding the nature and scope of the Awards granted pursuant to the authority delegated. 

3.4 Indemnification. No member of the Committee or any person to whom administrative duties or powers have been delegated in
accordance with Section 3.3 (each, an “Administrator”) will have any liability to any person (including any Participant) for any action taken or omitted or any determination made in good faith with respect to the Plan or any Award.
Each Administrator will be indemnified and held harmless by the Company against and from any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Administrator in connection with or resulting
from any action, suit or proceeding to which such Administrator may be a party or in which such Administrator may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and against and from any and all
amounts paid by such Administrator, with the Company’s approval, in settlement thereof, or paid by such Administrator in satisfaction of any judgment in any such action, suit or proceeding against such Administrator, provided that the Company
will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company will have sole control over such defense with counsel of the
Company’s choice. To the extent any taxable expense reimbursement under this paragraph is subject to Section 409A of the Code, (a) the amount thereof eligible in one taxable year shall not affect the amount eligible in any other
taxable year; (b) in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which the Administrator incurred such expenses; and (c) in no event shall any right to reimbursement be
subject to liquidation or exchange for another benefit. The foregoing right of indemnification will not be available to an Administrator to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either
case, not subject to further appeal, determines that the acts or omissions of such Administrator giving rise to the indemnification claim resulted from such Administrator’s bad faith, fraud or willful misconduct. The foregoing right of
indemnification will not be exclusive of any other rights of indemnification to which an Administrator may be entitled under the Company’s certificate of incorporation or by-laws, as a matter of law, or
otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless. 
 Article 4. Shares Subject to this Plan and
Maximum Awards 
 4.1 Number of Shares Available for Awards. Subject to adjustment as provided in Section 4.5, the maximum
number of Shares which may be issued pursuant to Awards under this Plan on or after the Effective Date shall be 8,000,000 Shares (the “Share Authorization”). The Shares available for issuance under this Plan may be authorized
and unissued Shares or treasury Shares. The maximum number of Shares of the Share Authorization that may be issued pursuant to ISOs under this Plan shall be 8,000,000 Shares. The maximum number of Shares of the Share Authorization that may be
issued under this Plan pursuant to Awards other than Options or SARs shall be 2,600,000 Shares. 

  
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 4.2 Share Usage. Shares subject to an Award that expires according to its terms or is
forfeited, terminated, canceled or surrendered, in each case, without having been exercised or settled, or can be paid only in cash, will be available again for grant under the Plan, without reducing the number of Shares that are available
for Awards under the Plan. In no event shall (a) any Shares subject to an Option that is cancelled upon the exercise of a tandem SAR, (b) any Shares subject to an Award that are surrendered in payment of the exercise price of an Option or
in payment of the taxes associated with an Award, (c) any Shares subject to a SAR that are not issued in connection with the stock settlement of the SAR upon exercise thereof, or (d) any Shares repurchased by the Company using Option
proceeds, become available for grant under the Plan pursuant to this Section. Shares subject to awards that are assumed, converted or substituted under the Plan as a result of the Company’s acquisition of another company (including by way of
merger, combination or similar transaction) (“Acquisition Awards”) will not count against the Share Authorization. Available shares under a stockholder approved plan of an acquired company (as appropriately adjusted to reflect the
transaction) may be used for Awards under the Plan and do not reduce the Share Authorization, subject to applicable stock exchange requirements. 

4.3 Annual Award Limits. The following limits (each an “Annual Award Limit” and, collectively, “Annual Award
Limits”), as adjusted pursuant to Section 4.5, shall apply to grants of Awards to Employees under this Plan, whether or not such Awards are intended to qualify as Performance-Based Compensation: 

 

	 	(a)	 Options and SARS: The maximum aggregate number of Shares subject to Options, SARs or any combination
thereof granted in any one calendar year to any one Participant shall be 2,000,000 (with tandem Options and SARs being counted only once with respect to this limit). 

 

	 	(b)	 Other Awards Intended to be Performance-Based Compensation: The maximum aggregate number of
Shares subject to Awards of Restricted Stock, Restricted Stock Units, Performance Units or Other Stock-Based Compensation that are intended to be Performance-Based Compensation granted in any one calendar year to any one Participant shall be
300,000 Shares or, in the event such Award is payable in cash, the equivalent cash value thereof on the first day of the performance period to which such Award relates, as determined by the Committee. 

4.4 Director Awards. In order to retain and compensate Directors for their services, and to strengthen the alignment of their
interests with those of the shareholders of the Company, the Plan permits the grant of stock-based awards to Directors. Aggregate Awards to any one Director in respect of any calendar year, solely with respect to his or her service as a Director,
may not exceed $750,000 based on the Fair Market Value of stock-based Awards, determined as of the Grant Date. 

  
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 4.5 Adjustments in Authorized Shares. In the event of any corporate event or
transaction such as a merger, consolidation, reorganization, recapitalization, separation, partial or complete liquidation, stock dividend, other distribution of cash or property (other than normal cash dividends) to shareholders of the
Company, stock split, reverse stock split, split up, spin-off, combination of Shares, exchange of Shares, dividend in kind, or other like change in capital structure affecting the number or type of outstanding
Shares, the Committee, in order to prevent dilution or enlargement of Participants’ rights under this Plan, shall substitute or adjust, as applicable, the number and kind of Shares that may be issued under this Plan or under particular forms of
Awards, the number and kind of Shares subject to outstanding Awards (including, without limitation, the substitution of other securities, cash or property in lieu thereof), the Option Price or Grant Price applicable to outstanding Awards, the Annual
Award Limits, and other value determinations applicable to outstanding Awards. 
 To further reflect any of the foregoing events,
transactions or adjustments, the Committee, in its sole discretion, may also make adjustments in the terms of any Awards under this Plan and may modify any other terms of outstanding Awards, including modifications of Performance Goals and changes
in the length of Performance Periods, as it deems necessary or appropriate. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under this Plan. 

Subject to the provisions of Article 16 and notwithstanding anything else herein to the contrary, without affecting the number of Shares
reserved or available hereunder, the Committee may authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, or reorganization upon such terms and conditions as
it may deem appropriate (including, but not limited to, a conversion of equity awards into Awards under this Plan in a manner consistent with FASB ASC Topic 718). 

Article 5. Eligibility and Participation 

Only Employees and Directors shall be eligible to participate in this Plan. Subject to the provisions of this Plan, the designated Committee
may, from time to time, select those Employees or Directors to whom Awards shall be granted and shall determine, in its sole discretion, the nature of, any and all terms permissible by law, and the amount of each Award; provided, however, that no
Award made to a Director shall be subject to or conditioned upon the attainment of any Performance Goal. 
 Article 6. Stock Options 

6.1 Grant of Options. Subject to the terms and provisions of this Plan, Options may be granted to Participants in such number,
and upon such terms, and at any time and from time to time as shall be determined by the Committee, in its sole discretion. Options may be granted in addition to, or in tandem with or independent of, SARs or any other Awards under the Plan. 

  
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 6.2 Award Agreement. Each Option grant shall be evidenced by an Award Agreement that
shall specify the Option Price, the term of the Option, the number of Shares to which the Option pertains, the conditions, including any Performance Goals, upon which an Option shall become vested and exercisable, and such other terms and
conditions as the Committee shall determine which are not inconsistent with the terms of this Plan. The Award Agreement also shall specify whether the Option is intended to be an ISO or an NQSO. To the extent that an Award Agreement does not specify
whether the Option is intended to be an ISO or an NQSO, such Option shall be an NQSO. 
 6.3 Option Price. The Option Price for each
grant of an Option under this Plan shall be determined by the Committee in its sole discretion and shall be specified in the Award Agreement; provided, however, the Option Price (other than the Option Price of Acquisition Awards) must be at
least equal to 100% of the FMV of the Shares as determined on the Grant Date. 
 6.4 Term of Options. Each Option granted to a
Participant shall expire at such time as the Committee shall determine at the time of grant; provided, however, no Option shall be exercisable later than the day before the tenth (10th)
anniversary of its Grant Date. 
 6.5 Exercise of Options. Options granted under this Article 6 shall be exercisable at such times and
be subject to such restrictions and conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant. Except upon a Change in Control and in certain limited
situations (including, but not limited to, the death or disability of the Participant): (a) Awards of Options subject solely to the continued service of the Participant shall become exercisable no earlier than three (3) years after the Grant
Date, provided that such Option may partially vest after no less than one (1) year following such Grant Date; and (b) any other Award of Options shall become exercisable no earlier than one (1) year after the Grant Date. 

6.6 Payment. Options granted under this Article 6 shall be exercised by the delivery of a notice of exercise to the Company or an
agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures which may be authorized by the Committee, setting forth the number of Shares with respect to which the Option is to be
exercised, accompanied by full payment for the Shares. 
 A condition of the issuance of the Shares as to which an Option shall be exercised
shall be the payment of the Option Price. The Option Price of any Option shall be payable to the Company in full either: (a) in cash or its equivalent; (b) by tendering (either by actual delivery or attestation) previously acquired Shares
having an aggregate Market Price at the time of exercise equal to the Option Price (provided that the Shares that are tendered may be subject to a minimum holding period, as determined by the Committee in its discretion, prior to their tender to
satisfy the Option Price if acquired under this Plan or any other compensation plan maintained by the Company or have been purchased on the open market); (c) by having the Company withhold Shares that otherwise would be delivered to the exerciser
pursuant to the exercise of the Option having a value equaling the aggregate Option Price due; (d) by a cashless (broker-assisted) exercise; (e) by a combination of (a), (b), (c) and/or (d); or (f) any other method approved or
accepted by the Committee in its sole discretion. 

  
 13 

 Subject to any governing rules or regulations, as soon as practicable after receipt of
written notification of exercise and full payment (including satisfaction of any applicable tax withholding), the Company shall deliver to the Participant evidence of book entry Shares, or upon the Participant’s request, Share certificates in
an appropriate amount based upon the number of Shares purchased under the Option(s). 
 Unless otherwise determined by the Committee, all
payments under all of the methods indicated above shall be paid in United States dollars. 
 6.7 Notification of Disqualifying
Disposition. If any Participant shall make any disposition of Shares issued pursuant to the exercise of an ISO under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions), such
Participant shall notify the Company of such disposition within ten (10) days thereof. 
 Article 7. Stock Appreciation Rights 

7.1 Grant of SARs. Subject to the terms and conditions of this Plan, SARs may be granted to Participants at any time and from
time to time as shall be determined by the Committee, in its sole discretion. Subject to the terms and conditions of this Plan, the Committee shall have complete discretion in determining the number of SARs granted to each Participant and,
consistent with the provisions of this Plan, in determining the terms and conditions pertaining to such SARs. SARs may be granted under the Plan alone, in tandem with, in addition to or independent of, Options or any other Awards under the Plan.

 7.2 SAR Agreement. Each SAR Award shall be evidenced by an Award Agreement that shall specify the Grant Price, the term of
the SAR, the number of Shares to which the SAR pertains, the conditions, including any Performance Goals, upon which the SAR shall become vested and exercisable, and such other terms and conditions as the Committee shall determine, which are not
inconsistent with the terms of this Plan. 
 7.3 Term of SAR. The term of a SAR granted under this Plan shall be determined by the
Committee, in its sole discretion, and specified in the SAR Award Agreement; provided, however, no SAR shall be exercisable later than the tenth (10th) anniversary of its Grant Date. 

7.4 Grant Price. The Grant Price for each Award of a SAR shall be determined by the Committee and shall be specified in the Award
Agreement; provided, however, the Grant Price must be at least equal to 100% of the FMV of the Shares as determined on the Grant Date (other than the Grant Price of Acquisition Awards). 

  
 14 

 7.5 Exercise of SARs. SARs granted under this Article 7 shall be exercisable at such
times and be subject to such restrictions and conditions as the Committee shall in each instance approve, which terms and restrictions need not be the same for each grant or for each Participant. Except upon a Change in Control and in certain
limited situations (including, but not limited to, the death or disability of the Participant): (a) Awards of SARs subject solely to the continued service of the Participant shall become exercisable no earlier than three (3) years after the
Grant Date provided that such SAR may partially vest after no less than one (1) year following such Grant Date; and (b) any other Award of SARs shall become exercisable no earlier than one (1) year after the Grant Date. The Committee
may provide that a SAR shall be automatically exercised on one or more specified dates. 
 7.6 Payment of SARs. Upon the exercise of a
SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying: 
  

	 	(a)	 The excess of the FMV of a Share on the date of exercise over the Grant Price; by 

 

	 	(b)	 The number of Shares with respect to which the SAR is exercised. 

At the discretion of the Committee, the payment upon exercise of a SAR may be in cash, Shares, or any combination thereof, or in any other
manner approved by the Committee in its sole discretion. The Committee’s determination regarding the form of SAR payout shall be set forth in the Award Agreement pertaining to the grant of the SAR. 

Article 8. Restricted Stock Grants 

8.1 Grant of Restricted Stock or Restricted Stock Units. Subject to the terms and provisions of this Plan, the Committee, at any
time and from time to time, may grant Restricted Stock Grants to Participants in such amounts as the Committee shall determine. A Restricted Stock Grant is the issue of Shares or Units in the name of a Participant subject to such terms and
conditions as the Committee shall deem appropriate, including, without limitation, restrictions on the sale, assignment, transfer or other disposition of such Shares or Units and the requirement that the Participant forfeit such Shares or Units back
to the Company (a) upon termination of employment of an Employee or termination of service as a Director for specified reasons within a specified period of time; (b) if any specified Performance Goals are not achieved during a specified
Performance Period; or (c) if such other conditions as the Committee may specify are not satisfied. 
 8.2 Restricted Stock or
Restricted Stock Unit Agreement. Each Restricted Stock Grant shall be evidenced by an Award Agreement that shall specify the Restriction Period(s), the number of Shares of Restricted Stock and/or Restricted Stock Units granted, the
conditions and restrictions imposed upon the Restricted Stock Grant, and such other provisions as the Committee shall determine which are not inconsistent with the terms of this Plan. 

  
 15 

 8.3 Restriction Period. Each Restricted Stock Grant shall provide that in order for a
Participant to receive unrestricted Shares or payment in settlement of a Restricted Stock Unit, the Participant must remain an Employee or a Director, as the case may be, for a period of time specified by the Committee in the Award Agreement.
The Committee may also establish one or more Performance Goals that are required to be achieved during one or more Performance Periods within the Restriction Period as a condition to the lapse of restrictions of Awards to Employees. Except upon a
Change in Control and in certain limited situations (including, but not limited to, the death or disability of the Participant): (a) Except as provided in clause (c) of this Section 8.3, Awards of Restricted Stock and/or Restricted Stock
Units subject solely to the continued service of the Participant shall have a Restriction Period of not less than three (3) years from the Grant Date; (b) Awards to Employees of Restricted Stock and/or Restricted Stock Units subject to the
achievement of one or more Performance Goals shall have a minimum Restriction Period of one (1) year; and (c) Awards of Restricted Stock and/or Restricted Stock Units subject solely to the continued service of a Director shall have such
Restriction Period as the Committee shall determine; provided, however, that the aggregate number of Shares subject to Restricted Stock or Restricted Stock Unit Awards granted to Directors under clause (c) of this Section 8.3 with a
vesting period of less than three (3) years shall not exceed five percent (5%) of the 2,600,000 Share Authorization under Section 4.1 of this Plan applicable to Awards other than Options or SARs, as may be adjusted from time to time
pursuant to the provisions of this Plan. The Committee may provide for the lapse of restrictions in installments during the Restriction Period. 

8.4 Restrictions. During the Restriction Period, the Participant may not sell, assign, transfer, pledge, hypothecate, encumber or
otherwise dispose of or realize on the Shares or Units subject to the Restricted Stock Grant. Unless otherwise directed by the Committee, (i) all certificates representing Shares of Restricted Stock will be held in custody by the Company until
all restrictions thereon have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are registered, endorsed in blank and covering such Shares, or (ii) all uncertificated Shares of Restricted
Stock will be held at the Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such Shares of Restricted Stock. The Committee may, in its sole discretion, include such other restrictions and
conditions as it may deem appropriate. 
 8.5 Payment. Subject to Section 12.4 below, if applicable, upon expiration of the
Restriction Period and if all conditions have been satisfied and any applicable Performance Goals attained, the Shares of Restricted Stock will be made available to the Participant or the Restricted Stock Units will be vested in the account
of the Participant, free of all restrictions, provided that the Committee may, in its discretion, require (a) the further deferral of any Restricted Stock Grant beyond the initially specified Restriction Period; (b) that the Restricted
Stock or Restricted Stock Units be retained by the Company; and (c) that the Participant receive a cash payment in lieu of unrestricted Shares or Units. 

  
 16 

 8.6 Rights as a Shareholder. Unless otherwise determined by the Committee and set
forth in a Participant’s Award Agreement, the Participant shall have, with respect to shares of Restricted Stock, all of the rights of a shareholder of the Company, including the right to vote the shares and receive any dividends paid
thereon. Any such dividends shall be reinvested on the dividend payment date in additional Shares of Restricted Stock under the Restricted Stock Grant and shall be subject to the restrictions and other terms and conditions set forth therein. A
Participant shall not have, with respect to Restricted Stock Units, any voting or other rights of a shareholder of the Company; provided, however, that if determined by the Committee and set forth in the Participant’s Award Agreement, the
Participant shall have the right to receive Dividend Equivalents in accordance with the provisions of Article 13. 
 8.7
Section 83(b) Election. The Committee may provide in an Award Agreement that the Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election with respect to the Award under
Code Section 83 
 (b). If a Participant makes an election pursuant to Code Section 83(b) concerning a Restricted Stock Award, the Participant
shall be required to file promptly a copy of such election with the Company. 
 8.8 Restricted Stock Grants Intended to be
Performance-Based Compensation. Restricted Stock Grant that is intended to be Performance-Based Compensation shall also be subject to the terms and conditions of Article 12 below and the termination provisions in the Award Agreement shall
comply with the requirements of Code Section 162(m) (including any regulations, rulings, notices and procedures thereunder). 
 Article 9.
Performance Units 
 9.1 Grant of Performance Units. Subject to the terms and provisions of this Plan, the Committee, at any time
and from time to time, may grant Performance Units to Employees in such amounts and upon such terms as the Committee shall determine. Each Performance Unit shall represent the prospective contingent right to receive payment based upon Company
and/or Subsidiary performance over a specified Performance Period. Each Performance Unit shall have an initial value that is established by the Committee at the time of grant and need not be equivalent to the value of a Share Equivalent. At the time
of grant, the Committee, in its sole discretion, shall establish the Performance Period, Performance Measures, Performance Goals and such other terms and conditions applicable to such Award. The number of Shares and/or the amount of cash or other
consideration earned in settlement of a Performance Unit shall be determined at the end of the Performance Period. Any Performance Unit that is intended to be Performance-Based Compensation shall also be subject to the terms and conditions of
Article 12 below and the termination provisions in the Award Agreement shall comply with the requirements of Code Section 162(m) (including any regulations, rulings, notices and procedures thereunder). 

9.2 Earning of Performance Units. Each Performance Unit Award Agreement shall provide that in order for an Employee to receive a
payment in settlement of the Award, the Company must achieve certain Performance Goals over a designated Performance Period, with attainment of one or more Performance Goals determined using one or more specific Performance Measures. The Performance
Goals and the Performance Period shall be established by the Committee in its sole discretion; provided, however, that except upon a Change in Control 

  
 17 

 and in certain limited situations (including, but not limited to, the death or disability of the
Participant), the Performance Period must have a minimum duration of one (1) year. The Committee shall establish one or more Performance Measures for each Performance Period for determining the portion of the Performance Unit Award, which will
be earned or forfeited, based on the extent to which the Performance Goals are achieved or exceeded. Such Performance Goals may include minimum, maximum and target levels of performance, with the size of the payment payable in settlement of the
Performance Unit Award based on the level attained. 
 9.3 Form of Performance Unit Award. Performance Unit Awards shall be made on
such terms and conditions not inconsistent with the Plan, and in such form or forms, as the Committee may, from time to time, approve. Performance Units may be awarded alone, in addition to, or independent of other Awards under the Plan.
Subject to the terms of the Plan, the Committee shall, in its discretion, determine the number of Units subject to each Performance Unit Award made to an Employee and may impose different terms and conditions on any particular Performance Unit Award
made to any Employee. The Performance Goals, Performance Period or Periods, Performance Measures and other terms and conditions applicable to any Performance Unit Award shall be set forth in the relevant Award Agreement. 

9.4 Payment of Performance Units. Subject to the terms of this Plan and the applicable Award Agreement, after the later of the
date the applicable Performance Period has ended or the date on which any other terms and conditions applicable to such Performance Unit Award have been satisfied, the holder of Performance Units shall be entitled to receive payout of the value and
number of Performance Units earned by the Employee over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Goals have been achieved. Subject to Section 12.4 below, if applicable, such
payment shall be as determined by the Committee and as evidenced in the Award Agreement. Subject to the terms of this Plan, the Committee, in its sole discretion, may pay earned Performance Units in the form of Shares, cash, any combination thereof,
or any other form as designated by the Committee in its sole discretion, equal to the value of the earned Performance Units at the close of the applicable Performance Period, or at such other time as specified in the Award Agreement. Any Shares paid
in settlement of such Performance Units may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of such Awards shall be set forth in the applicable Award
Agreement. 
 Article 10. Other Stock-Based Awards 

10.1 Other Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise
described by the terms of this Plan (including, subject to the limitations below, the grant or offer for sale of unrestricted Shares) in such amounts and subject to such terms and conditions, as the Committee shall determine. Such Awards may involve
the transfer of actual Shares to Participants, or payment in cash or otherwise of amounts based on the value of Shares and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of
jurisdictions other than the United States. Notwithstanding any provision in this Plan to the contrary, Awards of unrestricted Shares shall only be made in lieu of salary and/or cash bonuses/variable compensation paid to Employees or cash fees paid
to Directors. 

  
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 10.2 Value of Other Stock-Based Awards. Each Other Stock-Based Award shall be
expressed in terms of Shares or Units, as determined by the Committee. The Committee may, in its discretion, establish Performance Goals with respect to any Other Stock-Based Awards. If the Committee exercises its discretion to establish
Performance Goals, the number and/or value of Other Stock-Based Awards that will be paid out to the Participant may depend on the extent to which the Performance Goals are met. 

10.3 Payment of Other Stock-Based Awards. Payment, if any, with respect to an Other Stock-Based Award shall be made in accordance
with the terms of the Award, in cash or Shares as the Committee determines. 
 10.4 Other Stock-Based Awards Intended to be
Performance-Based Compensation. Any Other Stock-Based Award that is intended to be Performance-Based Compensation shall also be subject to the terms and conditions of Article 12 below and the termination provisions in the Award Agreement
shall comply with the requirements of Code Section 162(m) (including any regulations, rulings, notices and procedures thereunder). 
 Article 11.
Transferability of Awards 
 No Award under the Plan, and no right or interest therein, shall be (a) assignable, alienable,
pledgable or transferable by a Participant, except by will or the laws of descent and distribution, or (b) subject to any obligation, or the lien or claims of any creditor, of any Participant, or (c) subject to any lien, encumbrance or
claim of any party made in respect of or through any Participant, however arising. During the lifetime of a Participant, Options and SARs are exercisable only by, Shares issued upon the exercise of Options and SARs or in settlement of other Awards
will be issued only to, and other payments in settlement of any Award will be payable only to, the Participant or his or her legal representative. Notwithstanding the foregoing, the Committee may, in its sole discretion and on and subject to such
terms and conditions as it shall deem appropriate, which terms and conditions shall be set forth in the related Award Agreement: (i) authorize a Participant to transfer all or a portion of any Nonqualified Stock Option or SAR, as the case may
be, granted to such Participant, provided that in no event shall any transfer be made to any person or persons other than such Participant’s spouse, children or grandchildren, or a trust or partnership for the exclusive benefit of one or more
such persons, which transfer must be made as a gift and without any consideration; and (ii) provide for the transferability of a particular grant or Award pursuant to a domestic relations order. All other transfers and any retransfer by any
permitted transferee are prohibited and any such purported transfer shall be null and void. Each Nonqualified Stock Option or SAR which becomes the subject of a permitted transfer (and the Participant to whom it was granted by the Company) shall
continue to be subject to the same terms and conditions as were in effect immediately prior to such permitted transfer. The Participant shall remain responsible to the Company for the payment of all withholding taxes incurred as a result of any
exercise of such Option or SAR. In 

  
 19 

 no event shall any permitted transfer of an Option, SAR or other grant or Award create any right in any
party in respect of any Option, SAR or other grant or Award, other than the rights of the qualified transferee in respect of such Option, SAR or other Award specified in the related Award Agreement. 

Article 12. Performance Measures 
 12.1
Performance Measures. The Performance Goals upon which the payment or vesting of an Award to a Covered Employee that is intended to qualify as Performance-Based Compensation shall be limited to the following Performance Measures: 

 

	 	(a)	 Net earnings or net income (before or after taxes); 

 

	 	(b)	 Earnings per share (basic or diluted); 

 

	 	(c)	 Net sales; 

  

	 	(d)	 Revenue growth; 

  

	 	(e)	 Operating profit; 

  

	 	(f)	 Return measures (including, but not limited to, return on assets, capital, invested capital, equity, sales, or
revenue); 

  

	 	(g)	 Cash flow (including, but not limited to, operating cash flow, free cash flow, cash flow return on equity, and
cash flow return on investment); 

  

	 	(h)	 Earnings before or after taxes, interest, depreciation, and/or amortization; 

 

	 	(i)	 Gross or operating margins; 

 

	 	(j)	 Productivity ratios; 

 

	 	(k)	 Share price (including, but not limited to, growth measures and total shareholder return);

  

	 	(l)	 Expense targets; 

  

	 	(m)	 Margins; 

  

	 	(n)	 Operating efficiency; 

 

	 	(o)	 Market share; 

  

	 	(p)	 Working capital targets; 

 

	 	(q)	 Economic value added or EVA (net operating profit after tax minus the sum of capital multiplied by the cost of
capital); and 

  

	 	(r)	 Objective safety measures. 

Any Performance Measure(s) may be used to measure the performance of the Company and/or its Subsidiary as a whole or any business unit of the
Company and/or its Subsidiary or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparator companies, or published or special index that the
Committee, in its sole discretion, deems appropriate, or the Committee may select Share price as a Performance Measure as compared to various stock market indices. The Committee also has the authority to provide in an Award Agreement for accelerated
vesting of any Award based on the achievement of Performance Goals pursuant to the Performance Measures specified in this Article 12, subject to compliance with Section 162(m) of the Code, to the extent an Award is intended to be
Performance-Based Compensation. 

  
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 Except as otherwise expressly provided in the Plan or an Award Agreement, all financial
terms are used as defined under Generally Accepted Accounting Principles or such other objective accounting principles, as may be designated by the Committee. 

12.2 Establishment of the Performance Period, Performance Goals and Formula. Except as otherwise required under applicable law,
rule or regulation, a Participant’s Award that is intended to be Performance-Based Compensation shall be determined based on the attainment of written objective Performance Goals approved by the Committee for a Performance Period established by
the Committee (i) while the outcome for that Performance Period is substantially uncertain and (ii) no more than 90 days after the commencement of the Performance Period to which the Performance Goal relates or, if less, the number of days
which is equal to 25% of the relevant Performance Period. At the same time as the Performance Goals are established, the Committee will prescribe a formula to determine the amount of Performance-Based Compensation under the Award that may be payable
based upon the level of attainment of the Performance Goals during the Performance Period. 
 12.3 Evaluation of Performance. The
Committee may provide at the time of any such Award that any evaluation of performance may include or exclude any of the following events that occurs during a Performance Period: (a) asset write-downs and impairments; (b) gain/loss
on sale of assets; (c) litigation or claim judgments or settlements (including insurance proceeds); (d) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results; (e) any
reorganization and restructuring programs; (f) extraordinary nonrecurring items as described in FASB ASC Topic 105 (or such other applicable accounting principle, as may be designated by the Committee) and/or in management’s discussion and
analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders and/or other public filings for the applicable year; (g) acquisitions or divestitures; (h) foreign exchange gains and
losses; and (i) the effect of any materially adverse and unforeseen market conditions beyond the control of the Company and its Subsidiaries, Employees, officers and directors. To the extent such inclusions or exclusions affect Awards to
Covered Employees that are intended to be Performance-Based Compensation, they shall be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility. 

12.4 Adjustment of Performance-Based Compensation. Awards that are intended to qualify as Performance-Based Compensation may not
be adjusted upward. The Committee shall retain the discretion to adjust such Awards downward, either on a formula or discretionary basis or any combination, as the Committee determines. 

12.5 Committee Discretion. In the event that the Committee determines that it is advisable to grant Awards that shall not qualify
as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set forth in Section 12.1. 

  
 21 

 Article 13. Dividend Equivalents 

Any Participant selected by the Committee may be granted dividend equivalents based on the dividends declared on Shares or Share Equivalents
that are subject to any Award (other than Options and SARs), to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the Award is exercised, vests, settled or expires, as determined by the
Committee (“Dividend Equivalents”). Except as otherwise provided in the Plan or the applicable Award Agreement, such Dividend Equivalents shall be converted to cash or additional Shares or Share Equivalents by such formula, at such time
and subject to such limitations as may be determined by the Committee; provided, however, that in no event shall any Dividend Equivalents become payable earlier than the date on which the underlying Award becomes vested and payable. 

Article 14. Termination of Employment or Service as a Director 

14.1 Stock Options and SARs. Each Award Agreement shall set forth the extent to which the Participant shall have the right to
exercise an Option or SAR following termination of, as the case may be, (a) an Employee’s employment with the Company and/or its Subsidiaries or (b) a Director’s service as a director of the Company. Such provisions shall be
determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Options and SARs issued under this Plan, and may reflect distinctions based on the reasons
for termination. 
 14.2 Restricted Stock Grant, Performance Units and Other Stock-Based Awards. The Award Agreement for each
Restricted Stock Grant, Performance Unit and Other Stock-Based Award shall set forth the extent to which such Award shall vest and/or may be forfeited upon termination of, as the case may be, (a) the Employee’s employment with the
Company and/or its Subsidiaries or (b) Director’s service as a director of the Company. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with each
Participant, need not be uniform among all such Awards, and may reflect distinctions based on the reasons for termination. Notwithstanding the foregoing, to the extent a Restricted Stock grant, Performance Unit or Other Stock-Based Award is intended
to be Performance-Based Compensation, the termination provisions in the Award Agreement shall comply with the requirements of Code Section 162(m) (including any regulations, rulings, notices and procedures thereunder). 

Article 15. Rights of Participants 

15.1 Employment. Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company
and/or its Subsidiaries, to terminate any Employee’s employment at any time or for any reason not prohibited by law, nor confer upon any Employee any right to continue his employment, or upon any Director a right to continue to serve as a
Director, for any specified period of time. 

  
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 Neither an Award nor any benefits arising under this Plan shall constitute an employment
contract with the Company and/or its Subsidiaries for an Employee or a contract for service as a director with the Company for a Director and, accordingly, subject to Article 16, this Plan and the benefits hereunder may be terminated at any time in
the sole and exclusive discretion of the Committee without giving rise to any liability on the part of the Company and/or its Subsidiaries. 

15.2 Participation. No individual shall have the right to be selected to receive an Award under this Plan, or, having been so
selected, to be selected to receive a future Award. 
 15.3 Rights as a Shareholder. Except as otherwise provided herein, a
Participant shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares. 

Article 16. Change in Control 
 The
Committee, in its sole discretion, may specify in the applicable Award Agreement the effect, if any, of a Change in Control on any Award held by a Participant, including the adjustment or other treatment of Performance Goals; provided, however, that
any such provision included in an Award Agreement granted to a Participant who is at the time an Officer shall specify that if (i) a Change in Control occurs and (ii) within two (2) years thereafter (or such other period of time
following the Change in Control specified in the applicable Award Agreement), such Officer’s employment with the Company (or an applicable Subsidiary) or any successor thereto is terminated without “cause” (as defined in the
applicable Award Agreement) or if the Officer terminates employment for “good reason” (as defined in the applicable Award Agreement), then such Award shall become partially or fully vested (including the lapsing of restrictions and
conditions) and, as applicable, exercisable as of the date of such termination of employment. 
 Notwithstanding the foregoing, the
Committee may, in its sole discretion, determine in connection with a Change in Control that any or all outstanding Awards granted under the Plan, whether or not exercisable, will be canceled and terminated and that in connection with such
cancellation and termination, the holder of such Award may receive for each Share subject to such Awards a cash payment (or the delivery of shares of stock, other securities or a combination of cash, stock and securities equivalent to such cash
payment) equal to the difference, if any, between the consideration received by shareholders of the Company in respect of a Share in connection with such transaction and the purchase price per share, if any, under the Award, multiplied by the number
of Shares subject to such Award; provided that if such product is zero or less, the Award will be canceled and terminated without payment therefor. 

  
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 Article 17. Amendment, Modification, Suspension, and Termination 

17.1 Amendment, Modification, Suspension, and Termination. Subject to Section 17.2, the Board may, at any time and from time
to time, alter, amend, modify, suspend, or terminate this Plan and any Award Agreement in whole or in part without approval of the Company’s shareholders, unless such approval is necessary to comply with applicable laws, including the Exchange
Act and the Code, or the rules and regulations of any securities exchange on which the Shares are listed. In no event may the Board amend the Plan without the prior approval of the Company’s shareholders to (a) increase the maximum number
of Shares which may be issued pursuant to the Plan; (b) increase any limitation set forth in the Plan on the number of Shares which may be issued, or the aggregate value of Awards which may be made, in respect of any type of Award to any single
Participant during any specified period; (c) change the class of individuals eligible to participate in the Plan; (d) reduce the minimum Option Price or the minimum SAR Grant Price as set forth in Sections 6.3 and 7.4; or (e) reduce
the minimum vesting period, Restriction Period or Performance Period requirements applicable to Awards under the Plan. Furthermore, except as provided in Sections 4.5 and 16.1, in no event may the terms of a previously granted Option or SAR be
amended to reduce its Option Price or Grant Price, as applicable, or to cancel the Award in exchange for cash or an Option, SAR, or other Award with an Option Price, Grant Price or other exercise price that is less than the Option Price or Grant
Price, as applicable, of the original Option or SAR, without obtaining approval of the Company’s shareholders. 
 17.2 Awards
Previously Granted. Notwithstanding any other provision of this Plan to the contrary (other than Section 17.3), no termination, amendment, suspension, or modification of this Plan or an Award Agreement shall adversely affect in any
material way any Award previously granted under this Plan, without the written consent of the Participant holding such Award. 
 17.3
Amendment to Conform to Law. Notwithstanding any other provision of this Plan to the contrary, the Board may amend the Plan or an Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose
of conforming the Plan or an Award Agreement to any present or future law relating to plans of this or similar nature and to the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant
agrees to any amendment made pursuant to this Section 17.3 to any Award granted under the Plan without further consideration or action. 
 Article
18. Tax Withholding; No Liability with Respect to Tax Qualification or Adverse Tax Treatment 
 All Awards under the Plan will be made
subject to any applicable withholding for taxes of any kind. The Company shall have the right to deduct from any amount payable under the Plan, including delivery of Shares to be made under the Plan, all federal, state, city, local or foreign taxes
of any kind required by law to be withheld with respect to such payment and to take such other actions as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. The Company shall have the right to
require a Participant to pay cash to satisfy withholding taxes as a condition to the payment of any amount (whether in cash or Shares) under the Plan. 

  
 24 

 Notwithstanding anything to the contrary contained herein, in no event shall the Company be
liable to a Participant on account of an Award’s failure to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation,
Section 409A of the Code. 
 Article 19. Successors 

All obligations of the Company under this Plan with respect to Awards granted hereunder shall be binding on any successor to the Company,
whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

Article 20. General Provisions 
 20.1
Forfeiture Events and Clawback. The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture, or
recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be limited to, any Participant’s fraud resulting in the
restatement of the Company’s published earnings, termination of an Employee’s employment or a Director’s service as a director for cause, termination of the Participant’s provision of services to the Company and/or its
Subsidiary, violation of material Company and/or Subsidiary policies, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the
business or reputation of the Company and/or its Subsidiaries. In addition, Awards shall be subject to the clawback or recapture policy, if any, that the Company may adopt from time to time to the extent provided in such policy and, in accordance
with such policy, may be subject to the requirement that the Awards be repaid to the Company after they have been distributed or paid to the Participant. 

20.2 Legend; Restrictions on Share Transferability; Stock Ownership Policy. The certificates for Shares may include any legend,
which the Committee deems appropriate to reflect any restrictions on transfer of such Shares. The Committee may impose such restrictions on any Shares acquired pursuant to an Award as it may deem advisable, including, without limitation, minimum
holding period requirements, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, or under any blue sky or state securities laws
applicable to such Shares. In addition, as applicable, each Participant shall at all times be subject to compliance with the Company’s Executive Stock Ownership Policy, as in effect from time to time, with respect to each Award. 

  
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 20.3 Gender and Number. Except where otherwise indicated by the context, any
masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 

20.4 Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

20.5 Requirements of Law. The granting of Awards and the issuance of Shares under this Plan shall be subject to all applicable
laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

20.6 Delivery of Title. The Company shall have no obligation to issue or deliver evidence of title for Shares issued under this
Plan prior to: 
  

	 	(a)	 Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and

  

	 	(b)	 Completion of any registration or other qualification of the Shares under any applicable national or foreign
law or ruling of any governmental body that the Company determines to be necessary or advisable. 

 20.7 Inability to
Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares
hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

20.8 Investment Representations. The Committee may require any individual receiving Shares pursuant to an Award under this Plan
to represent and warrant in writing that the individual is acquiring the Shares for investment and without any present intention to sell or distribute such Shares. 

20.9 Employees or Directors Based Outside of the United States. Notwithstanding any provision of this Plan to the contrary, in
order to comply with the laws in other countries in which the Company and/or its Subsidiaries operate or have Employees or in which Directors may reside, the Committee, in its sole discretion, shall have the power and authority to: 

 

	 	(a)	 Determine which Subsidiaries shall be covered by this Plan; 

 

	 	(b)	 Determine which Employees or Directors outside the United States are eligible to participate in this Plan;

  

	 	(c)	 Modify the terms and conditions of any Award granted to Employees or Directors outside the United States to
comply with applicable foreign laws; 

  
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	 	(d)	 Establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions
may be necessary or advisable. Any subplans and modifications to Plan terms and procedures established under this Section 20.9 by the Committee shall be attached to this Plan document as appendices; and 

 

	 	(e)	 Take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with
any necessary local government regulatory exemptions or approvals. 

 Notwithstanding the above, the Committee may not
take any actions hereunder, and no Awards shall be granted, that would violate applicable law. 
 20.10 Uncertificated Shares. To the
extent that this Plan provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock
exchange. 
 20.11 Unfunded Plan. Participants shall have no right, title, or interest whatsoever in or to any investments that the
Company, and/or its Subsidiaries may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a
fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other individual. To the extent that any individual acquires a right to receive payments from the Company and/or its Subsidiaries under this
Plan, such right shall be no greater than the right of an unsecured general creditor of the Company or a Subsidiary, as the case may be. All payments to be made hereunder shall be paid from the general funds of the Company or a Subsidiary, as the
case may be, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in this Plan. 

20.12 No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to this Plan or any Award. To the extent
settlement or payout of an Award would result in a fractional Share being issuable, the number of Shares subject to settlement or payout under such Award shall be rounded down to the nearest whole Share and any rights to any fractional Shares (or
payment therefor) shall be forfeited. 
 20.13 Section 409A of the Code; Deferrals. The Committee shall have full
authority to give effect to any statement in an Award Agreement to the effect that an Award is intended to be “deferred compensation” subject to Section 409A, to be exempt from Section 409A or to have other intended
treatment under Section 409A and/or other provision of the Code. To the extent necessary to give effect to this authority, in the case of any conflict or potential inconsistency between the Plan and a provision of any Award or Award Agreement
with respect to the subject matter of this section, the Plan shall govern. With respect to any Award made under the Plan that is intended to be “deferred compensation” subject to Section 409A: (a) references to 

  
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 termination of the Participant’s employment will mean the Participant’s “separation from
service” with the Company or any applicable Subsidiary within the meaning of Section 409A; (b) any payment to be made with respect to such Award in connection with the Participant’s separation from service with the Company or any
applicable Subsidiary that would be subject to the limitations in Section 409A(a)(2)(b) of the Code shall be delayed until six months after the Participant’s separation from service (or earlier death) in accordance with the requirements of
Section 409A; (c) to the extent necessary to comply with Section 409A, any cash, other securities, other Awards or other property that the Company may deliver in lieu of Shares in respect of an Award shall not have the effect of
deferring delivery or payment beyond the date on which such delivery or payment would occur with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose in accordance with the
requirements of Section 409A); (d) if the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the regulations promulgated under the
Code), the Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment; and (e) if the Award includes “dividend equivalents”
(within the meaning of Section 1.409A-3(e) of the regulations promulgated under the Code), the Participant’s right to the dividend equivalents shall be treated separately from the right to other
amounts under the Award. 
 To the extent permitted by Code Section 409A, the Committee may, whether at the time of grant or at any
time thereafter prior to payment or settlement, require a Participant to defer, or permit (subject to such conditions as the Committee may from time to time establish) a Participant to elect to defer, receipt of all or any portion of any payment of
cash or Shares that would otherwise be due to such Participant in payment or settlement of any Award under the Plan. If any such deferral is required by the Committee (or is elected by the Participant with the permission of the Committee), the
Committee shall establish rules and procedures for payment of such deferrals. The Committee may provide for the payment or crediting of interest, at such rate or rates as it shall in its discretion deem appropriate, on such deferred amounts credited
in cash and the payment or crediting of Dividend Equivalents in respect of deferred amounts credited in Share Equivalents or Restricted Stock Units. Deferred amounts may be paid in a lump sum or in installments in the manner and to the extent
permitted, and in accordance with rules and procedures established by the Committee. This Section shall not apply to any grant of Options or SARs that are intended to be exempt from Code Section 409A. 

20.14 Nonexclusivity of this Plan. The adoption of this Plan shall not be construed as creating any limitations on the power of
the Board or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant or Participants. 

20.15 No Constraint on Corporate Action. Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect
the Company’s or a Subsidiary’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part
of its business or assets; or (b) limit the right or power of the Company or a Subsidiary to take any action which such entity deems to be necessary or appropriate. 

  
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 20.16 Governing Law. The Plan and each Award Agreement shall be governed by the laws
of the State of Connecticut, excluding any conflict of laws or choice of law rule or principle that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction. Unless otherwise provided in
the Award Agreement, recipients of an Award under this Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Connecticut, to resolve any and all issues that may arise out of or relate to this Plan or any
related Award Agreement. 
 20.17 Right of Offset. Except with respect to Awards that are intended to be “deferred
compensation” subject to Section 409A, the Company will have the right to offset against its obligation to deliver Shares (or cash, other securities or other property) under the Plan or any Award Agreement any outstanding amounts
(including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile or other employee programs)
that the Participant then owes to the Company and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. 

20.18 No Third Party Beneficiaries. Except as expressly provided therein, neither the Plan nor any Award Agreement will confer on
any person other than the Company and the Participant of any Award any rights or remedies thereunder. The exculpation and indemnification provisions of Section 3.4 will inure to the benefit of an Administrator’s estate and beneficiaries
and legatees. 
 20.19 Plan Headings. The headings in the Plan are for the purpose of convenience only and are not intended to define
or limit the construction of the provisions hereof. 

  
 29

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