Document:

Exhibit 10.3

 

HILLENBRAND, INC.
STOCK INCENTIVE PLAN

PERFORMANCE BASED UNIT AWARD AGREEMENT

 

Relative Total Shareholder Return

 

This Performance Based
Unit Award Agreement (this “Agreement”) is effective as of the ___ day of December, 20__, between Hillenbrand, Inc.
(the “Company”) and _________________ (the “Employee”). The Award evidences the grant by the Company
of Restricted Stock Units subject to the attainment of certain performance measures as described herein (hereinafter, “Performance
Based Units,” “Units” or “Award”), all in accordance with the provisions of the Hillenbrand, Inc.
Amended and Restated Stock Incentive Plan, as amended from time-to-time (the “Plan”). The number of Units that will
ultimately be earned under this Agreement, as well as the number of shares of Common Stock that will be distributed in settling
those earned Units, which will not be determined until the end of the Measurement Period, will depend on the Company’s Total
Shareholder Return (as defined below) relative to that of the current members of the S&P MidCap 400 Industrials Index (the
 “Index”).

 

The Units are subject
to the terms and conditions set forth in the Plan (which is incorporated herein by reference), any rules and regulations adopted
by the Board of Directors of the Company or the committee of the Board which administers the Plan (collectively, the “Committee”),
and this Agreement. In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms,
conditions, and provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly. This grant
becomes effective only if Employee affirmatively accepts it and evidences Employee’s understanding of the terms and conditions
of the Award, in accordance with applicable procedures established by the Company, including by the Stock Plan Provider (as defined
below). By agreeing on this Agreement, the Company and the Employee establish a legal relationship separate from the employment
relationship between the Employee and the Employer (as defined below). The Employer is neither a party to nor in any respect liable
for the obligations and liabilities of the Company under this Agreement. Notwithstanding the foregoing and as far as required by
applicable laws, the Employer may nevertheless be involved in the procurement of payments and withdrawals of wages taxes and social
security contributions. Any terms used in this Agreement as capitalized defined terms that are not defined herein shall have the
meanings set forth in the Plan. For purposes of this Agreement, “Employer” means the entity (i.e., the Company or the
Subsidiary) that employs the Employee.

 

AWARD
INFORMATION

 

	Target Performance Based Unit Award	______ Units
	Measurement Period (three fiscal years)	October 1, 20__ through September 30, 20__

 

     

     

    

 

AWARD
DETERMINATION

 

The
number of Units that will be earned at the end of the Measurement Period is a function of the Company’s Total Shareholder
Return, compared and ranked against the Total Shareholder Return of the members of the Index as of the date that this award is
approved by the Compensation and Management Development Committee of the Board of Directors of the Company. For purposes of this
Agreement, the term “Total Shareholder Return” (TSR), as applied to the Company or any member of the Index,
shall mean stock price appreciation from the beginning to the end of the Measurement Period, plus dividends and distributions made
or declared during the Measurement Period (it shall be assumed that such dividends or distributions are reinvested in the common
stock of the Company or the applicable member of the Index), expressed as a percentage return.

  

Except
as otherwise provided below in the Terms and Conditions, at the end of the Measurement Period, the Units earned will be the number
of whole Units (rounded down) equal to the product of (a) the number of Units constituting the Target Performance Based
Unit Award set forth above, and (b) a multiplier, calculated as the ranking (expressed as a percentage) of the Company’s
TSR during the Measurement Period against the TSR of the members of the Index.

 

	
        Ranking of Company TSR against
Index members, expressed as a percentage
	
        Multiplier

	Equal to or less than 24.99% of Index 	zero (no Units earned)
	Equal to 25% of Index	0.25
	Equal to 25.01% up to 49.99% of Index	determined via linear interpolation, from 0.2501 through 0.9999
	Equal to 50% of Index	1.0 (target number of Units earned)
	Equal to 50.01% up to 74.99% of Index	determined via linear interpolation, from 1.01 through 1.7499
	Equal to or greater than 75% of Index	1.75 (maximum Units earned) (the “Maximum Performance Based Unit Award”)

 

In the event any member
of the Index is not publicly traded at the conclusion of the Measurement Period, it will not be included in the TSR ranking calculated
following the Measurement Period; provided, however, that in the event any such company is not publicly traded by reason of bankruptcy,
liquidation, or similar proceeding, it shall be included in the TSR ranking with an applicable TSR equal to negative one hundred
percent (-100%).

 

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TERMS
AND CONDITIONS

 

Note: If this
Award is granted to an Employee who is employed outside of the United States of America, the terms and conditions of the Appendix
A (and the addendum attached to Appendix A) are hereby incorporated into and shall become part of the Terms and Conditions
of this Agreement.

 

1.            Grant
of Performance Based Units. Pursuant to and subject to the terms and conditions of the Plan, the Company hereby awards to the
Employee, who is an employee of the Company or one of its Subsidiaries, the opportunity to earn the number of Units that will be
determined at the end of the Measurement Period under the Award Determination section above, up to but not exceeding the number
of Units specified above as the Maximum Performance Based Unit Award. Each Unit represents the conditional right to receive one
share of the Company’s common stock, without par value (“Common Stock”). Upon settlement at the end of the Measurement
Period, the earned Units will be settled by the distribution to the Employee of one share of Common Stock for each Unit being settled,
as provided in Paragraph 7 and subject to withholding as provided in Paragraph 11.

 

2.            Acceptance;
Transfer Restrictions. The Employee hereby accepts the award of Units described in this Agreement and agrees that the Units
will be held by the Employee and the Employee’s successors subject to (and will not be disposed of except in accordance with)
all of the restrictions, terms, and conditions contained in this Agreement and the Plan. Except as otherwise provided in this Agreement
or the Plan, the Employee may not sell, assign, transfer, pledge, or otherwise dispose of or encumber any of the Units, any shares
of Common Stock underlying the Units, or any interest in the Units or underlying shares of Common Stock, until the Measurement
Period expires, at which time the Employee’s rights in the Units will be earned and settled to the extent provided in this
Agreement. Any purported sale, assignment, transfer, pledge, or other disposition or encumbrance in violation of this Agreement
or the Plan will be void and of no effect.

 

3.            Earning/Measurement
Period. If the Employee remains employed by the Company or a Subsidiary through the end of the Measurement Period, then at
the end of the Measurement Period the Units will become fully earned, to the extent determined under the Award Determination section
above. If the Employee does not remain employed through the end of the Measurement Period, the provisions of Paragraph 8 below
will apply in determining the number of Units, if any, which will become earned at the end of the Measurement Period. All Units
not earned at the end of the Measurement Period will be forfeited, and the Employee will have no rights or interest in or to those
forfeited Units.

 

4.            Unfunded
Obligations. The Company will reflect the Employee’s interests in the Units and the underlying shares of Common Stock
by means of bookkeeping entries on the financial records of the Company, and this Agreement will not create in the Employee or
any successors any right to, or claim against any, specific assets of the Company or result in the creation of any trust or escrow
account for the Employee or any successors. With respect to their interests under this Agreement, the Employee and any successors
will be general creditors of the Company.

  

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5.            Voting
Rights. The Employee will not have any rights of a shareholder to vote the shares of Common Stock underlying the Units until
the Units are earned and settled after the end of the Measurement Period. Once the Units are settled by distribution of shares
of Common Stock, the Employee will have all shareholder voting rights with respect to those shares of Common Stock.

 

6.            Dividends
and Other Distributions. During the Measurement Period, the Employee will not have any rights of a shareholder to receive dividends
or other distributions with respect to the shares of Common Stock underlying the Units (i.e., the Units will not accrue dividends).
Once the Units are settled by distribution of shares of Common Stock, the Employee will have all shareholder rights to dividends
and other distributions with respect to those shares of Common Stock.

 

7.            Actions
after Earning is Determined. As soon after the end of the Measurement Period as is practicable, and in any event on or before
the end of the calendar year during which the Measurement Period ends, the Company will settle the earned Units by distributing
to the Employee one share of Common Stock for each Unit earned under this Agreement. To distribute those shares of Common Stock,
the Company shall instruct the Company’s transfer agent to recognize in book entry form that the Employee is the registered
holder of the number of shares of Common Stock attributable to the earned Units as of the end of the Measurement Period, free from
any restrictions or other terms and conditions of this Agreement. At that same time, the Company shall take such actions as it
shall deem appropriate to cancel the forfeited Units and to cause them to no longer be recognized as outstanding awards under the
Plan. The Employee (or his or her successors) shall execute and deliver such instruments and take such other actions as the Company
shall reasonably request with respect to the actions to be taken pursuant to this Paragraph.

 

8.            Termination
of Employment. If the Employee’s employment with the Company and/or a Subsidiary terminates during the Measurement Period
(a transfer of employment among the Company and its Subsidiaries will not be treated as a termination of employment), then all
or some portion of the Units that would otherwise have become earned Units (based on the actual performance for the Measurement
Period) had the Employee remained employed throughout the entire Measurement Period, if any (the “Full Period Units”),
will be earned or be forfeited as follows:

 

(a)            if
the Employee’s employment terminates due to death, Disability or Retirement, then at the end of the Measurement Period the
number of Units that then become earned Units will be equal to the product (rounded down to the nearest whole Unit) of (i) the
number of Full Period Units, and (ii) a fraction, the numerator of which is the number of full weeks in the Measurement Period
during which the Employee was employed by the Company or a Subsidiary, and the denominator of which is 156;

 

(b)            if
the Employee’s employment terminates due to involuntary termination without Cause, then at the end of the Measurement Period
the number of Units that then become earned Units will be equal to the product (rounded down to the nearest whole Unit) of (i) the
number of Full Period Units, and (ii) a fraction, the numerator of which is the number of full weeks in the Measurement Period
during which the Employee was employed by the Company or a Subsidiary, and the denominator of which is 156;

 

    -4- 

     

    

 

(c)            if
the Employee, at termination of employment, is a party to a written employment agreement with the Company or a Subsidiary that
provides for the voluntary termination of employment by the Employee for Good Reason, and if the Employee terminates employment
voluntarily for Good Reason, then at the end of the Measurement Period the number of Units that then become earned Units will be
the same portion of the Full Period Units as if the Employee’s employment had been involuntarily terminated without Cause,
as determined under subparagraph (b) of this Paragraph; and

 

(d)            upon
termination of the Employee’s employment for any reason other than those described in subparagraphs (a), (b), or (c) of
this Paragraph, all of the Units will be forfeited immediately upon the termination of the Employee’s employment.

 

9.            Change
in Control. Except as otherwise required under the terms and conditions of any applicable change in control agreement between
the Employee and the Company or a Subsidiary, upon the occurrence of a Change in Control during the Measurement Period, then the
Units shall vest in full (without pro-ration) on the date of the Change in Control, with the number of Units that become earned
Units based on the greater of: (a) an assumed achievement of the relative TSR performance goal at its “target”
level (i.e., an assumed multiplier of 1.0), or (b) the actual level of achievement by ranking (expressed as a percentage)
the Company’s TSR against the TSR of the members of the Index through the date immediately prior to the Change in Control
(or as close to such date as administratively practicable).

 

10.          Forfeiture;
Potential Repayment Obligation.

 

(a)            The
Employee’s Units, any Common Stock acquired under the Plan, and any proceeds from the sale of any of the foregoing are required
to be forfeited by the Employee, including after vesting or delivery, if the Employee breaches any restrictive covenant contained
in any employment, severance, or other agreement with the Company or the Employer or in any applicable Company or Employer policy,
and the Company may direct the Stock Plan Provider (as defined below) to deliver to the Company such Units, Common Stock, or proceeds
from the sale of any of the foregoing, to the extent held in an account with such Stock Plan Provider.

 

(b)            This
Paragraph 10(b) is applicable only if the Employee holds the office of Vice President, or a higher office, with the Company
or one of its significant Subsidiaries as of the effective date of this Agreement. Notwithstanding any other provision of this
Agreement to the contrary, any Units granted or shares of Common Stock issued in connection with this Agreement, and/or any amount
received with respect to any sale of any such shares, shall be subject to potential cancellation, recoupment, rescission, payback,
or other action in accordance with the terms of the Company’s clawback policy, as it may be amended from time to time (the
 “Policy”). The Employee agrees and consents to the Company’s application, implementation, and enforcement of
(i) the Policy or any similar policy established by the Company or its Subsidiaries that may apply to the Employee, and (ii) any
provision of applicable law relating to cancellation, rescission, payback, or recoupment of compensation, and expressly agrees
that the Company may take such actions as are necessary to effectuate the Policy, any similar policy (as applicable to the Employee)
or applicable law without further consent or action being required by the Employee. To the extent that the terms of this Agreement
and the Policy or any similar policy conflict, the terms of such policy shall prevail.

 

    -5- 

     

    

 

11.          Withholding.
At the time of the settlement of Units by distribution of any shares of Common Stock pursuant to Paragraph 7 of this Agreement,
the Company has the right and power to deduct or withhold, or require the Employee to remit to the Company, an amount sufficient
to satisfy all applicable tax withholding requirements with respect to such distributed shares. The Company may permit or require
the Employee to satisfy all or part of the tax withholding obligations in connection with this Agreement by (a) having the
Company withhold otherwise distributable shares, or (b) delivering to the Company shares of Company Common Stock already owned
for a period of at least six months (or such longer or shorter period as may be required to avoid a charge to earnings for financial
accounting purposes), in each case having a value equal to the amount to be withheld, which shall not exceed the amount determined
by the maximum statutory tax withholding rate in the Employee’s applicable jurisdictions, including of employment and residence.
For these purposes, the value of the shares of Common Stock to be withheld or delivered will be equal to the Fair Market Value
as of the date that the taxes are required to be withheld.

 

12.          Deferral
of Distribution; Code Section 409A Compliance. If permitted by the Committee, and to the extent that the Employee is a
U.S. tax resident, the Employee may make a one-time, irrevocable election to defer distribution of shares of Common Stock issued
in settlement of earned Units by completing and submitting a written election to the Company on such forms and following such procedures
as are required by the Company for effecting such elections. To be effective, the election must be delivered to the Company by
the date that is six months before the last day of the Measurement Period and must specify an event or date for distribution of
shares of Common Stock from among the following: (a) separation of service, (b) Disability, (c) death, (d) a
fixed date, or (e) a Change in Control. The Employee’s right to defer, as well as all other provisions of this Agreement,
shall be interpreted and applied in a manner consistent with the applicable standards for nonqualified deferred compensation plans
established by Code Section 409A and its interpretive regulations and other regulatory guidance. To the extent that any terms
of this Agreement would subject the Employee to gross income inclusion, interest, or additional tax pursuant to Code Section 409A,
those terms are to that extent superseded by, and shall be adjusted to the minimum extent necessary to satisfy, the applicable
Code Section 409A standards.

 

13.          Notices.
All notices and other communications required or permitted under this Agreement shall be written and delivered personally or sent
by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Company,
to the Company’s executive offices in Batesville, Indiana, and if to the Employee or his or her successor, to the address
last furnished by the Employee to the Company. The Company may, however, authorize notice by any other means it deems desirable
or efficient at a given time, such as notice by facsimile or electronic mail.

 

14.          No
Employment Rights. Neither the Plan nor this Agreement confers upon the Employee any right to continue in the employ of the
Employer or limits in any way the right of the Employer to terminate the Employee’s employment at any time. The Employee
shall have no rights as a shareholder of the Company with respect to any shares of Common Stock issuable upon the earning of the
Units until the date of issuance of such shares of Common Stock in settlement of the award.

 

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15.          Plan
Controlling. The terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of
the Plan, which are controlling. All determinations and interpretations of the Company or the Committee are binding and conclusive
upon the Employee and his or her legal representatives. The Employee agrees to be bound by the terms and provisions of the Plan.

 

16.          Discretionary
Nature of Grant; No Vested Rights. The Employee acknowledges and agrees that the Plan is discretionary in nature and may be
amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of the Units under the Plan is
a one-time benefit and does not create any contractual or other right to receive a grant of Units or benefits in lieu of Units
in the future. Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the form and
timing of any grant, the number of shares of Common Stock subject to the grant, and the vesting provisions. Any amendment, modification,
or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Employee’s employment
with the Employer. Neither the Company nor the Employer shall be liable for any change in value of the Award, the amount realized
upon settlement of the Award or the amount realized upon a subsequent sale of any shares of Common Stock acquired upon settlement
of the Award resulting from any fluctuation of the United States Dollar/local currency foreign exchange rate. The Employee’s
participation in the Plan is voluntary. The value of the Award and any other awards granted under the Plan is an extraordinary
item of compensation outside the scope of the Employee’s employment (and the Employee’s employment contract, if any).
Any grant under the Plan, including the grant of the Award, is not part of normal or expected compensation for purposes of calculating
any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or
similar payments.

 

17.          Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the Units or other awards granted
to the Employee under the Plan by electronic means. The Employee hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

18.          Additional
Requirements. The Company reserves the right to impose other requirements on the Units, any shares of Common Stock acquired
pursuant to the Units, and the Employee’s participation in the Plan, to the extent the Company determines, in its sole discretion,
that such other requirements are necessary or advisable in order to comply with local law or to facilitate the administration of
the Plan. Such requirements may include (but are not limited to) requiring the Employee to sign any agreements or undertakings
that may be necessary to accomplish the foregoing.

 

19.          Defined
Terms. For purposes of this Agreement, the following terms have the meanings provided in this Paragraph. The terms included
in the Award Information section of this Agreement have the values specified in that section.

 

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(a)            “Cause”
means:

 

(i)            if
the Employee is a party to a written employment agreement with the Company or a Subsidiary that defines “cause” or
a comparable term, the definition in that employment agreement, and

 

(ii)            if
not, the Company’s good faith determination that the Employee has:

 

(1)            failed
or refused to comply fully and timely with any reasonable instruction or order of the Company or applicable Subsidiary, provided
that such noncompliance is not based primarily on the Employee’s compliance with applicable legal or ethical standards;

 

(2)            acquiesced
or participated in any conduct that is dishonest, fraudulent, illegal (at the felony level), unethical, involves moral turpitude,
or is otherwise illegal and involves conduct that has the potential to cause the Company or a Subsidiary or any of their respective
officers or directors embarrassment or ridicule;

 

(3)            violated
any applicable Company or Subsidiary policy or procedure, including the Company’s Code of Ethical Business Conduct; or

 

(4)            engaged
in any act that is contrary to the best interests of or would expose the Company, a Subsidiary, their related businesses, or any
of their respective officers or directors to probable civil or criminal liability, excluding the Employee’s actions in accordance
with applicable legal or ethical standards.

 

(b)            “Disability”
means:

 

(i)            if
the Employee, at termination of employment, is a party to a written employment agreement with the Company or a Subsidiary that
defines “disability” or a comparable term, the definition in such employment agreement, and

 

(ii)            if
not, the Company’s good faith determination that the Employee is eligible (except for the waiting period) for permanent disability
benefits under Title II of the Federal Social Security Act or, as it relates to Employees residing outside the United States, applicable
local law.

 

(c)            “Good
Reason” means, if the Employee, at termination of employment, is a party to a written employment agreement with the Company
or a Subsidiary, the definition given to that term or a comparable term in that agreement, if any.

 

(d)            “Retirement”
means termination of employment, other than upon death or discharge by the Company or any Subsidiary for Cause, after having:

 

(i)            completed
at least five years of service in the aggregate with the Company or any of its Subsidiaries, and

 

 

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(ii)            reached
age fifty-five (55).

 

20.            Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America, and
grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the Company’s
grant of the Award under the Plan and its ongoing administration of such award, the Company is providing the following information
about its data collection, processing and transfer practices. In accepting the grant of the Award, the Employee expressly and explicitly
consents to the personal data activities as described herein.

 

(a)            Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information about
the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth, date of
hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title, any
shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested or outstanding in the Employee’s favor (“Data”), for the
exclusive purpose of implementing, administering and managing the Plan. The Company’s legal basis for the collection, processing
and use of the Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

(b)            Stock
Plan Provider. The Company and the Employer transfer the Employee’s Data to Fidelity Stock Plan Services LLC, a broker
firm/third party service provider based in the United States of America and engaged by the Company to assist with the implementation,
administration and management of awards granted under the Plan (the “Stock Plan Provider”). In the future, the Company
may select a different Stock Plan Provider and share the Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

(c)            International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is the Employee’s
consent.

 

(d)            Voluntariness
and Consequences of Consent, Denial or Withdrawal. The Employee’s participation in the Plan and the Employee’s
grant of consent hereunder is purely voluntary. The Employee may deny or withdraw his or her consent at any time. If the Employee
does not consent, or if the Employee later withdraws his or her consent, the Employee may be unable to participate in the Plan.
This would not affect the Employee’s existing employment or salary; instead, the Employee merely may forfeit the opportunities
associated with participation in the Plan.

 

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(e)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Award and participation in the Plan. When the Company no longer needs the Data, the
Company will remove it from its systems. If the Company retains the Employee’s Data longer, it would be to satisfy the Company’s
legal or regulatory obligations and the Company’s legal basis would be for compliance with applicable laws, rules and
regulations.

 

(f)            Data
Subject Rights. The Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, and (v) lodge complaints with the competent
supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources representative.

 

Please note that you must accept the Award
set forth in this Agreement online in accordance with the procedures established by the Company and the Stock Plan Provider no
later than the date set forth in the online materials or this Agreement may be cancelled by the Company, in its sole discretion.
The terms and conditions of the Plan and this Agreement constitute a legal contract that will bind both you and the Company as
soon as you accept the Award.

 

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left blank]

 

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APPENDIX
A

 

HILLENBRAND, INC.

PERFORMANCE BASED UNIT AWARD AGREEMENT

 

Additional Provisions Applicable Outside
of the United States of America

 

To the extent that
the Employee is employed outside of the United States of America, the following provisions are considered part of, and modify,
as applicable, the Terms and Conditions of the Agreement:

 

1.            The
following paragraph is added to the end of Paragraph 7:

 

Notwithstanding
anything in the Agreement to the contrary, the Company may, in its sole discretion, settle the Units in the form of a cash payment
to the extent settlement in shares of Common Stock is prohibited under local law or would require the Employee, the Company and/or
the Employer to obtain the approval of any governmental and/or regulatory body in the Employee’s country of residence (and
country of employment, if different). Alternatively, the Company may, in its sole discretion, settle the Units in the form of shares
of Common Stock but require an immediate sale of such shares (in which case, the Employee hereby expressly authorizes the Company
to issue sales instructions in relation to such shares of Common Stock on the Employee’s behalf).

 

2.            The
following subparagraphs (e) and (f) are added to the end of Paragraph 8:

 

(e)            if
the Employee is a resident or employed outside of the United States, the Employee’s employment will be considered terminated
(for any reason whatsoever, whether or not later found to be invalid or unlawful for any reason or in breach of employment laws
in the jurisdiction where the Employee is employed or the terms of the Employee's employment agreement, if any) as of the date
that is the earliest of (i) the date on which notice of termination is provided to the Employee, (ii) the last day of
the Employee’s active service with the Company or one of its Subsidiaries, or (iii) the last day on which the Employee
is an “employee” of the Company or one of its Subsidiaries, as determined in each case without including any required
advance notice period and irrespective of the status of the termination under local labor or employment laws; and

 

(f)            if
the Employee is a resident or employed in a country that is a member of the European Union, the grant of the Units and this Agreement
is intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into
local law (the “Age Discrimination Rules”). To the extent that a court or tribunal of competent jurisdiction determines
that any provision of this Agreement is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the
Company, in its sole discretion, shall have the power and authority to revise or strike such provision to the minimum extent necessary
to make it valid and enforceable to the full extent permitted under local law.

 

3.            Paragraph
11 is deleted in its entirety and replaced with the following:

 

    A-1 

     

    

 

11.            Tax
and Social Insurance Contributions Withholding.

 

(a)            Regardless
of any action the Company and/or the Employer take with respect to any or all income tax (including U.S. federal, state, and local
taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account, or other tax-related withholding (“Tax-Related
Items”), the Employee acknowledges that the ultimate liability for all Tax-Related Items legally due by the Employee is and
remains the Employee’s responsibility and that the Company and the Employer (i) make no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award,
the vesting and settlement of the Award, and the subsequent sale of any shares of Common Stock acquired pursuant to the Award and
the receipt of any dividends; and (ii) do not commit to structure the terms of the grant or any aspect of the Award to reduce
or eliminate the Employee’s liability for Tax-Related Items.

 

(a)            Prior
to the delivery of shares of Common Stock upon vesting of the Award, if the Employee’s country of residence (and/or the Employee’s
country of employment, if different) requires withholding of Tax-Related Items, the Company shall withhold a sufficient number
of whole shares of Common Stock otherwise issuable upon vesting of the Award that have an aggregate Fair Market Value sufficient
to pay the Tax-Related Items required to be withheld with respect to the shares of Common Stock. The cash equivalent of the shares
of Common Stock withheld will be used to settle the obligation to withhold the Tax-Related Items. In the event that the withholding
of shares of Common Stock may trigger adverse consequences to the Company or the Employer, the Company or the Employer may withhold
the Tax-Related Items required to be withheld with respect to the shares of Common Stock in cash from the Employee’s regular
salary and/or wages, or other amounts payable to the Employee, or may require the Employee to personally make payment of the Tax-Related
Items required to be withheld. In the event the withholding requirements are not satisfied through the withholding of shares of
Common Stock by the Company or through withholding from the Employee’s regular salary and/or wages or any other amounts payable
to the Employee, no shares of Common Stock will be issued to the Employee (or the Employee’s estate) upon vesting of the
Award unless and until satisfactory arrangements (as determined by the Committee) have been made by the Employee with respect to
the payment of any Tax-Related Items which the Company and the Employer determine, each in its sole discretion, must be withheld
or collected with respect to such Award. By accepting the Award, the Employee expressly consents to the withholding of shares of
Common Stock and/or cash as provided for hereunder. All other Tax-Related Items related to the Award and any shares of Common Stock
delivered in settlement thereof are the Employee’s sole responsibility. If the obligation for the Employee’s Tax-Related
Items is satisfied by withholding a number of shares of Common Stock as described herein, the Employee shall be deemed to have
been issued the full number of shares of Common Stock issuable upon vesting, notwithstanding that a number of the shares of Common
Stock is held back solely for the purpose of paying the Tax-Related Items due as a result of the vesting or any other aspect of
the Award.

 

    A-2 

     

    

 

(b)            To
the extent the Company or the Employer pays any Tax-Related Items that are the Employee’s responsibility (“Advanced
Tax Payments”), the Company or the Employer shall be entitled to recover such Advanced Tax Payments from the Employee in
any and all manner that the Company determines appropriate in its sole discretion. For purposes of the foregoing, the manner of
recovery of the Advanced Tax Payments shall include (but is not limited to) offsetting the Advanced Tax Payments against any and
all amounts that may be otherwise owed to the Employee by the Company or the Employer (including regular salary/wages, bonuses,
incentive payments and shares of Common Stock acquired by the Employee pursuant to any equity compensation plan that are otherwise
held by the Company for the Employee’s benefit).

 

(c)            If
the Employee is subject to taxation in more than one jurisdiction, the Employee acknowledges that the Company or the Employer may
be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Employee hereby consents to any action
reasonably taken by the Company and the Employer to meet the Employee’s obligation for Tax-Related Items. By accepting the
Award, the Employee expressly consents to the withholding of shares of Common Stock and/or withholding from the Employee’s
regular salary and/or wages or other amounts payable to the Employee as provided for hereunder. All other Tax-Related Items related
to the Award and any shares of Common Stock delivered in payment thereof are the Employee’s sole responsibility.

 

4.            Paragraph
20 is deleted in its entirety and replaced with the following:

 

20.            Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America, and
grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the Company’s
grant of the Award under the Plan and its ongoing administration of such award, the Company is providing the following information
about its data collection, processing and transfer practices. In accepting the grant of the Award, the Employee expressly and explicitly
consents to the personal data activities as described herein.

 

(g)            Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information about
the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth, date of
hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title, any
shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested, or outstanding in the Employee’s favor (“Data”), for the
exclusive purpose of implementing, administering and managing the Plan. The Company’s legal basis for the collection, processing
and use of the Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

    A-3 

     

    

 

(h)            Stock
Plan Providers. The Company and the Employer transfer the Employee’s Data to Fidelity Stock Plan Services LLC, a broker
firm/third party service provider based in the United States of America and engaged by the Company to assist with the implementation,
administration and management of awards granted under the Plan (the “Stock Plan Provider”). In the future, the Company
may select a different Stock Plan Provider and share the Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

(i)            International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is the Employee’s
consent.

 

(j)            Voluntariness
and Consequences of Consent, Denial or Withdrawal. The Employee’s participation in the Plan and the Employee’s
grant of consent hereunder is purely voluntary. The Employee may deny or withdraw his or her consent at any time. If the Employee
does not consent, or if the Employee later withdraws his or her consent, the Employee may be unable to participate in the Plan.
This would not affect the Employee’s existing employment or salary; instead, the Employee merely may forfeit the opportunities
associated with participation in the Plan.

 

(k)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Units and participation in the Plan. When the Company no longer needs the Data, the
Company will remove it from its systems. If the Company retains the Employee’s Data longer, it would be to satisfy the Company’s
legal or regulatory obligations and the Company’s legal basis would be for compliance with applicable laws, rules and
regulations.

 

(l)            Data
Subject Rights. The Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, (vi) lodge complaints with the competent
supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources representative.

 

    A-4 

     

    

 

5.            The
following Paragraphs 21 through 26 are added to the end of the Terms and Conditions of the Agreement:

 

21.            Termination
Indemnities. The Employee’s participation in the Plan is voluntary. The value of the Units and any other awards granted
under the Plan is an extraordinary item of compensation outside the scope of the Employee’s employment (and the Employee’s
employment contract, if any). Any grant under the Plan, including the grant of the Units, is not part of normal or expected compensation
for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension
or retirement benefits, or similar payments.

 

22.            No
Public Offering of Securities. The grant of the Units is not intended to be a public offering of securities in the Employee’s
country of residence (and country of employment, if different). The Company has not submitted any registration statement, prospectus,
or other filings with the local securities authorities (unless otherwise required under local law).

 

23.            English
Language. If the Employee is a resident outside of the United States, the Employee acknowledges and agrees that it is the Employee’s
express intent that this Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Units, be drawn up in English. If the Employee has received this Agreement, the Plan, or any other documents related
to the Units translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

24.            Addendum.
Notwithstanding any provisions of this Agreement to the contrary, the Award shall be subject to any special terms and conditions
for the Employee’s country of residence (and country of employment, if different), as are set forth in the applicable Addendum
to this Agreement. Further, if the Employee transfers the Employee’s residence and/or employment to another country reflected
in the Addenda to this Agreement, the special terms and conditions for such country will apply to the Employee to the extent the
Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable (or the
Company may establish such alternative terms and conditions that may be necessary or advisable to accommodate the Employee’s
transfer). Any applicable Addendum shall constitute part of this Agreement.

 

    A-5 

     

    

 

25.            Insider
Trading Restrictions/Market Abuse Laws. The Employee may be subject to insider trading restrictions and/or market abuse laws
based on the exchange on which the shares of Common Stock are listed and in applicable jurisdictions including the United States
and the Employee's country of residence (and country of employment, if different) or the country of operation of the Employee's
broker, if different, which may affect the Employee's ability to accept, acquire, sell or otherwise dispose of shares of Common
Stock, rights to shares of Common Stock (e.g., Units) or rights linked to the value of shares of Common Stock during such
times as the Employee is considered to have “inside information” regarding the Company (as defined by the laws
in the applicable jurisdictions).  Local insider trading laws and regulations may prohibit the cancellation or amendment of
orders the Employee places before he or she possessed inside information. Furthermore the Employee could be prohibited from (i) disclosing
the inside information to any third party, which may include fellow employees (other than on a “need to know”
basis) and (ii) “tipping” third parties or causing them otherwise to buy or sell securities. Any restrictions
under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable
Company insider trading policy.  The Employee personally is responsible for ensuring compliance with any applicable restrictions
and should seek appropriate advice from his or her personal legal advisor.

 

26.            Foreign
Asset/Account, Tax Reporting Information. The Employee's country of residence may have certain foreign asset and/or account
reporting requirements which may affect his or her ability to acquire or hold shares of Common Stock under the Plan or cash received
from participating in the Plan (including from any dividends received, or sale proceeds arising from the sale of shares of Common
Stock) in a brokerage or bank account outside of the Employee's country of residence. The Employee may be required to report such
accounts, assets or transactions to the tax or other authorities in his or her country. The Employee also may be required to repatriate
sale proceeds or other funds received as a result of participating in the Plan to his or her country within a certain time after
receipt. The Employee personally is responsible for ensuring compliance with such regulations, and should seek appropriate advice
from his or her personal legal advisor.

 

    A-6 

     

    

  

HILLENBRAND, INC.

 

ADDENDUM
TO

PERFORMANCE BASED UNIT AWARD AGREEMENT

 

In addition to the
terms of the Plan, the Agreement, and Appendix A, the Award is subject to the following additional terms and conditions.
All defined terms as contained in this Addendum shall have the same meaning as set forth in the Plan, the Agreement, and Appendix
A. Pursuant to Paragraph 24 of the Agreement (as reflected in Appendix A), if the Employee transfers residence and/or
employment to another country reflected in an Addendum, the special terms and conditions for such country will apply to the Employee
to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or
advisable in order to comply with local laws, rules, and regulations, or to facilitate the operation and administration of the
Award and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate
the Employee’s transfer).

 

EUROPEAN
UNION (“EU”) / EUROPEAN ECONOMIC AREA (“EEA”) / SWITZERLAND / THE UNITED KINGDOM

 

1.            Data
Privacy. If the Employee resides and/or is employed in the EU/EEA, Switzerland or the United Kingdom, the following provisions
replace Paragraph 20 of the Agreement:

 

Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America,
and grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the
Company’s grant of the Award under the Plan and its ongoing administration of such award, the Company is providing the following
information about its data collection, processing and transfer practices, which the Employee should carefully review.

 

(a)            Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information about
the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth, date of
hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title, any
shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested or outstanding in the Employee’s favor (“Data”), for the
exclusive purpose of implementing, administering and managing the Plan. The Company’s legal basis for the collection, processing
and use of the Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

    A-7 

     

    

 

(b)            Stock
Plan Providers. The Company and the Employer transfer the Employee’s Data to Fidelity Stock Plan Services LLC, a broker
firm/third party service provider based in the United States of America and engaged by the Company to assist with the implementation,
administration and management of awards granted under the Plan (the “Stock Plan Provider”). In the future, the Company
may select a different Stock Plan Provider and share the Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

(c)            International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is to satisfy
its contractual obligations under the terms and conditions of this Agreement.

 

(d)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Award and participation in the Plan. When the Company no longer needs the Data, the
Company will remove it from its systems. If the Company retains the Employee’s Data longer, it would be to satisfy the Company’s
legal or regulatory obligations and the Company’s legal basis would be for compliance with applicable laws, rules and
regulations.

 

(e)            Data
Subject Rights. The Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, and (v) lodge complaints with the competent
supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources representative.

 

Canada

 

1.            Settlement
in Shares. Notwithstanding anything to the contrary in the Agreement or the Plan, the Award shall be settled only in shares
of Common Stock (and may not be settled in cash).

 

The following provisions shall apply
to the Employee if he or she is a resident of Québec:

 

2.            Data
Privacy. The following provision shall supplement Paragraph 20 of the Agreement:

 

The Employee authorizes the Company and
the Company’s representative to discuss with and obtain all relevant information from all personnel, professional or non-professional,
involved in the administration of the Employee’s Award granted under the Plan. The Employee further authorizes the Company,
the Employer, any broker or any stock plan service provider as may be selected by the Company from time to time to assist with
the Plan, to disclose and discuss the Employee’s participation in the Plan with their advisors. The Employee also authorizes
the Company and the Employer to record such information related to the Employee’s participation in the Plan and to keep such
information in the Employee’s employment file.

 

    A-8 

     

    

 

3.            English
Language. If the Employee is a resident of Québec, the Employee acknowledges and agrees that it is the Employee’s
express intent that the Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Award, be drawn up in English. If the Employee has received the Agreement, the Plan, or any other documents related
to the Award translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

Langue
Anglaise. Si le Salarié est un résident du Québec,
il reconnaît et accepte avoir expressément exigé la rédaction an anglais du présent Contrat,
du Plan et de tous autres documents exécutés, avis donnés et procédures judiciaires intentées
en vertu de l’Attribution. Si le Salarié a reçu le présent Contrat, le Plan ou tout autre document relatif
 à l'Attribution traduit dans une langue autre que l’anglais, et si la signification de la version traduite est différente
de celle de la version anglaise, la version anglaise prévaudra.

 

China

 

1.            Award
Conditioned on Satisfaction of Regulatory Obligations. If the Employee is a national of the People’s Republic of China
(“PRC”), the grant of the Award is conditioned upon the Company securing all necessary approvals from the PRC State
Administration of Foreign Exchange to permit the operation of the Plan and the participation of PRC nationals employed by the Employer,
as determined by the Company in its sole discretion.

 

2.            Sale
of Shares. Notwithstanding anything to the contrary in the Plan, upon any termination of employment with the Employer, the
Employee may be required to sell all shares of Common Stock acquired under the Plan within such time period as may be established
by the PRC State Administration of Foreign Exchange.

 

3.            Exchange
Control Restrictions. The Employee understands and agrees that, if the Employee is subject to exchange control laws in China,
the Employee will be required to repatriate immediately to China the proceeds from the sale of any shares of Common Stock acquired
under the Plan. The Employee further understands that such repatriation of sale proceeds must be effected through a special bank
account established by the Company with a financial institution in China and the Employee hereby consents and agrees that proceeds
from the sale of shares of Common Stock acquired under the Plan may be transferred to such account by the Company on the Employee’s
behalf prior to being delivered to the Employee and that no interest shall be paid with respect to funds held in such account.
Sale proceeds may be paid to the Employee in U.S. dollars or local currency at the Company’s discretion. If the sale proceeds
are paid to the Employee in U.S. dollars, the Employee understands that the Employee must establish and maintain a U.S. dollar
bank account in China so that the proceeds may be deposited into such account. If the sale proceeds are paid to the Employee in
local currency, the Employee acknowledges that the Company is under no obligation to secure any particular exchange conversion
rate and that the Company may face delays in converting the sale proceeds to local currency due to exchange control restrictions.
The Employee agrees to bear any currency fluctuation risk between the time the shares of Common Stock are sold and the net proceeds
are converted into local currency and distributed to the Employee. The Employee further agrees to comply with any other requirements
that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China.

 

    A-9 

     

    

 

4.            Administration.
The Company shall not be liable for any costs, fees, lost interest or dividends or other losses the Employee may incur or suffer
resulting from the enforcement of the terms of this section or otherwise from the Company’s operation and enforcement of
the terms of the Plan, the Agreement and this Addendum, and the Award in accordance with Chinese law including, without limitation,
any applicable rules, regulations, requirements and approvals issued by the State Administration of Foreign Exchange.

 

Denmark

 

1.            Treatment
of Units Upon Termination of Employment. Notwithstanding any provision in the Agreement or the Plan to the contrary, the treatment
of the Award upon the Employee’s termination of employment shall be governed by the Danish Act on the Usage of Rights to
Purchase or Subscribe for Shares etc. in Employment Relationships (the “Stock Option Act”), as in effect at the time
of the Employee’s termination of employment (as determined by the Company, in its sole discretion, in consultation with legal
counsel). The Employee acknowledges having received an “Employer Statement” in Danish, which is being provided in conjunction
with the Award to comply with the Stock Option Act.

 

France

 

1.            English
Language. If the Employee is a resident of France, the Employee acknowledges and agrees that it is the Employee’s express
intent that the Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Award, be drawn up in English. If the Employee has received the Agreement, the Plan, or any other documents related
to the Award translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

Langue
Anglaise. Si le Salarié est un résident de la France, il reconnaît et accepte avoir expressément
exigé la rédaction en anglais du présent Contrat, du Plan et de tous autres documents exécutés,
avis donnés et procédures judiciaires intentées en vertu de l’Attribution. Si le Salarié a reçu
le présent Contrat, le plan ou tout autre document relatif à l'Attribution traduit dans une langue autre que l’anglais,
et si la signification de la version traduite est différente de celle de la version anglaise, la version anglaise prévaudra.

 

Germany

 

No country-specific provisions.

 

    A-10 

     

    

 

Mexico

 

1.            Commercial
Relationship. The Employee expressly recognizes that the Employee’s participation in the Plan and the Company’s
grant of the Award does not create an employment relationship between the Employee and the Company. The Company has granted the
Employee the Award as a consequence of the commercial relationship between the Company and the Company’s Subsidiary in Mexico
that employs the Employee (i.e., the Employer), and the Company’s Subsidiary in Mexico is the Employee’s sole employer.
Based on the foregoing, (a) the Employee expressly recognizes the Plan and the benefits the Employee may derive from the Employee’s
participation in the Plan does not establish any rights between the Employee and the Employer, (b) the Plan and the benefits
the Employee may derive from the Employee’s participation in the Plan are not part of the employment conditions and/or benefits
provided by the Employer, and (c) any modifications or amendments of the Plan by the Company, or a termination of the Plan
by the Company, shall not constitute a change or impairment of the terms and conditions of the Employee’s employment with
the Employer.

 

Singapore

 

1.            Qualifying
Person Exemption. The grant of the Award under the Plan is being made pursuant to the “Qualifying Person” exemption
under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (the “SFA”). The Plan has not
been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any
financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation
to the content of prospectuses would not apply. The Employee should note that, as a result, the Award are subject to section 257
of the SFA and the Employee will be unable to make: (a) any subsequent sale of the shares of Common Stock underlying
the Award in Singapore; or (b) any offer of such subsequent sale of the shares of Common Stock subject to the Award in
Singapore, unless such sale or offer is made pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other
than section 280) of the SFA.

 

Sweden

 

1.            Withholding
of Tax-Related Items from Cash Payments. The following provision shall supplement Paragraph 11 of the Agreement (as reflected
in Appendix A):

 

Notwithstanding anything in Paragraph 11
of the Agreement to the contrary, if the Employee is a local national of Sweden, any Tax-Related Items shall be withheld only in
cash from the Employee’s regular salary/wages or other amounts payable to the Employee in cash, or such other withholding
methods as may be permitted under the Plan and allowed under local law.

 

Switzerland

 

1.            Securities
Law Notice. Neither the Agreement, this Addendum nor any other materials relating to the Award (a) constitutes a prospectus
according to article 35 et seq. of the Swiss Federal Act on Financial Services (“FinSA”), (b) may be publicly
distributed nor otherwise made publicly available in Switzerland to any person other than
an employee of the Company or a Subsidiary, or (c) has been or will be filed with, approved or supervised by any Swiss
reviewing body according to article 51 of FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory
Authority (FINMA).

 

    A-11 

     

    

 

United Kingdom

 

1.            Income
Tax and Social Insurance Contribution Withholding. The following provision shall supplement Paragraph 11 of the Agreement (as
reflected in Appendix A):

 

Without limitation to Paragraph 11 of the
Agreement, the Employee hereby agrees that the Employee is liable for all Tax-Related Items and hereby consents to pay all such
Tax-Related Items, as and when requested by the Company, the Employer or by HM Revenue & Customs (“HMRC”)
(or any other tax authority or any other relevant authority). The Employee hereby agrees to indemnify and keep indemnified the
Company and the Employer against any Tax-Related Items that they are required to pay or withhold on the Employee’s behalf
or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).

 

Notwithstanding the foregoing, if the Employee
is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934,
as amended), the terms of the immediately foregoing provision will not apply. In the event that the Employee is a director
or executive officer and income tax due is not collected from or paid by the Employee within ninety (90) days after the U.K. tax
year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute
a benefit to the Employee on which additional income tax and national insurance contributions may be payable. The Employee acknowledges
that the Employee ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly
to HMRC under the self-assessment regime and for reimbursing the Company or the Employer (as applicable) for the value of any employee
national insurance contributions due on this additional benefit, which the Company and/or the Employer may recover from the Employee
at any time thereafter by any of the means referred to in Paragraph 11 of the Agreement.

 

2.            Exclusion
of Claim. The Employee acknowledges and agrees that the Employee will have no entitlement to compensation or damages in consequence
of the termination of the Employee’s employment with the Employer for any reason whatsoever and whether or not in breach
of contract, insofar as such entitlement arises or may arise from the Employee’s ceasing to have rights under or to be entitled
to exercise the Award as a result of such termination, or from the loss or diminution in value of the Award. Upon the grant of
the Award, the Employee shall be deemed irrevocably to have waived any such entitlement.

 

******************************

 

    A-12Exhibit 10.4

 

HILLENBRAND, INC. STOCK INCENTIVE
PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

This Restricted Stock
Unit Award Agreement (this “Agreement”) is effective as of the ___ day of December, 20__ (the “Grant Date”),
between Hillenbrand, Inc. (the “Company”) and _______________ (the “Employee”) and evidences the grant
by the Company of Restricted Stock Units (hereinafter, “Restricted Stock Units,” “Units” or “Award”)
in accordance with the provisions of the Hillenbrand, Inc. Amended and Restated Stock Incentive Plan, as amended from time-to-time
(the “Plan”).

 

The Units are subject
to the terms and conditions set forth in the Plan (which is incorporated herein by reference), any rules and regulations adopted
by the Board of Directors of the Company (the “Board”) or the committee of the Board which administers the Plan (collectively,
the “Committee”), and this Agreement. In the event of any conflict between the provisions of the Plan and the provisions
of this Agreement, the terms, conditions, and provisions of the Plan shall control, and this Agreement shall be deemed to be modified
accordingly. This grant becomes effective only if Employee affirmatively accepts it and evidences Employee’s understanding
of the terms and conditions of the Award, in accordance with applicable procedures established by the Company, including by the
Stock Plan Provider (as defined below). By agreeing on this Agreement, the Company and the Employee establish a legal relationship
separate from the employment relationship between the Employee and the Employer (as defined below). The Employer is neither a party
to nor in any respect liable for the obligations and liabilities of the Company under this Agreement. Notwithstanding the foregoing
and as far as required by applicable laws, the Employer may nevertheless be involved in the procurement of payments and withdrawals
of wages taxes and social security contributions. Any terms used in this Agreement as capitalized defined terms that are not defined
herein shall have the meanings set forth in the Plan. For purposes of this Agreement, “Employer” means the entity (i.e.,
the Company or the Subsidiary) that employs the Employee.

 

TERMS
AND CONDITIONS

 

Note: If this
Award is granted to an Employee who is employed outside of the United States of America, the terms and conditions of the Appendix
A (and the addendum attached to Appendix A) are hereby incorporated into and shall become part of the Terms and Conditions
of this Agreement.

 

1.             AWARD
AMOUNT: ________ RESTRICTED STOCK UNITS

 

2.            Grant
of Restricted Stock Units. Pursuant to and subject to the terms and conditions of the Plan, the Company hereby awards to the
Employee, who is an employee of the Company or one of its Subsidiaries, the opportunity to earn the number of Units subject to
a time-based vesting schedule set forth below (the “Vesting Schedule”), up to but not exceeding the number of Units
specified in Section 1 above. Each Unit represents the conditional right to receive one share of the Company’s common
stock, without par value (“Common Stock”). At the end of the applicable vesting period, the vested Units will be settled
by the distribution to the Employee of one share of Common Stock for each Unit being settled, plus that number of Dividend Shares
distributable with respect to the earned Units as provided in Paragraph 6 below, subject to withholding as provided in Paragraph
12 below.

 

     

     

    

 

3.            Acceptance;
Transfer Restrictions. The Employee hereby accepts the award of Units described in this Agreement and agrees that the Units
will be held by the Employee and the Employee’s successors subject to (and will not be disposed of except in accordance with)
all of the restrictions, terms, and conditions contained in this Agreement and the Plan. Except as otherwise provided in this Agreement
or the Plan, the Employee may not sell, assign, transfer, pledge, or otherwise dispose of or encumber any of the Units, any shares
of Common Stock underlying the Units, or any interest in the Units or underlying shares of Common Stock, until the shares of Common
Stock underlying the Units are paid, at which time the Employee’s rights in the Units will be earned and settled to the extent
provided in this Agreement. Any purported sale, assignment, transfer, pledge, or other disposition or encumbrance in violation
of this Agreement or the Plan will be void and of no effect.

 

4.            Unfunded
Obligations. The Company will reflect the Employee’s interests in the Units and the underlying shares of Common Stock
by means of bookkeeping entries on the financial records of the Company, and this Agreement will not create in the Employee or
any successors any right to, or claim against any, specific assets of the Company or result in the creation of any trust or escrow
account for the Employee or any successors. With respect to their interests under this Agreement, the Employee and any successors
will be general creditors of the Company.

 

5.            Voting
Rights. The Employee will not have any rights of a shareholder to vote the shares of Common Stock underlying the Units until
the Units are vested and settled. Once the Units are settled by distribution of shares of Common Stock, the Employee will have
all shareholder voting rights with respect to those shares of Common Stock.

 

6.            Dividends
and Other Distributions; Dividend Shares. The Employee will not have any rights of a shareholder to receive dividends or other
distributions with respect to the shares of Common Stock underlying the Units until the Units are vested and settled. Once the
Units are settled by distribution of shares of Common Stock, the Employee will have all shareholder rights to dividends and other
distributions with respect to those shares of Common Stock. However, during the Vesting Schedule, and thereafter until such time
as the shares attributable to vested Units are distributed to the Employee, the Company will, on its books and records, credit
the Employee with the number of notional shares of the Company’s Common Stock (“Dividend Shares”) that could
have been purchased on each Common Stock dividend payment date, at the then current Fair Market Value, with the dividends that
would have been payable on the number of shares underlying the Units and on the Dividend Shares previously credited to the Employee
under this Paragraph. The Dividend Shares shall be subject to the same terms and conditions as apply to the related Units (including
the applicable vesting schedule and transfer restrictions), shall be forfeited to the extent that the related Units are forfeited,
and shall be paid, if at all, at the same time that the related vested Units are paid in accordance with Paragraph 9 below.

 

7.            Vesting
Under Vesting Schedule. The Units granted under this Agreement and related Dividend Shares shall become vested according the
Vesting Schedule set forth in the Appendix. The Employee must remain actively employed (which, for the avoidance of doubt, shall
mean being actively involved in the day-to-day operations of the business and shall not include any “garden leave”
or similar arrangements) by the Company and/or any one or more of its Subsidiaries continuously through the Vesting Schedule dates
set forth on the Vesting Schedule in order for the corresponding Units to become vested.

 

    		RSU | Revised February 2021	 - 2 -

     

    

 

Vesting Schedule (Dates & Quantities)

 

8.            Vesting
Outside Vesting Schedule.

 

(a)            All
Units which have not previously become vested under the Vesting Schedule, and have not otherwise been forfeited, shall become vested
upon the earlier to occur of any of the following events:

 

(i)            Death
or Disability: the termination of the Employee’s employment with the Company and/or one of its Subsidiaries by reason of
either the disability of the Employee, as determined by the Committee, or the death of the Employee, but only if such termination
of employment occurs after the date that is one year and one day after the Grant Date; or

 

(ii)            Change
in Control: except as otherwise required under the terms and conditions of any applicable change in control agreement between the
Employee and the Company or a Subsidiary, the occurrence of a Change in Control of the Company (as defined in the Plan).

 

(b)            If
the Employee’s employment with the Company and/or a Subsidiary terminates due to such Employee’s Retirement, then the
number of Units that then become vested will be equal to the product of (i) the number of unvested Units, and (ii) a
fraction, the numerator of which is the number of full weeks in the Vesting Schedule during which the Employee was employed by
the Company or a Subsidiary, and the denominator is 156. “Retirement” means termination of employment, other than upon
death or discharge by the Company or any Subsidiary for Cause, after having (1) completed at least five years of service in
the aggregate with the Company or any of its Subsidiaries, and (2) reached age fifty-five (55).

 

(c)            If
the Employee, at termination of employment, is a party to a written employment agreement with the Company or a Subsidiary that
provides for the voluntary termination of employment by the Employee for Good Reason (as defined below), and if the Employee terminates
employment voluntarily for Good Reason, then the number of Units that then become vested will be equal to the product of (i) the
number of unvested Units, and (ii) a fraction, the numerator of which is the number of full weeks in the Vesting Schedule
during which the Employee was employed by the Company or a Subsidiary, and the denominator is 156. For purposes of this Agreement,
 “Good Reason” means, if the Employee, at termination of employment, is a party to a written employment agreement with
the Company or a Subsidiary, the definition given to that term or a comparable term in that agreement, if any.

 

    		RSU | Revised February 2021	 - 3 -

     

    

 

(d)            For
purposes of this Agreement, “Cause” means:

 

(i)            if
the Employee is a party to a written employment agreement with the Company or a Subsidiary that defines “cause” or
a comparable term, the definition in that employment agreement, and

 

(ii)            if
not, the Company’s good faith determination that the Employee has:

 

(1)            failed
or refused to comply fully and timely with any reasonable instruction or order of the Company or applicable Subsidiary, provided
that such noncompliance is not based primarily on the Employee’s compliance with applicable legal or ethical standards;

 

(2)           acquiesced
or participated in any conduct that is dishonest, fraudulent, illegal (at the felony level), unethical, involves moral turpitude,
or is otherwise illegal and involves conduct that has the potential to cause the Company or a Subsidiary or any of their respective
officers or directors embarrassment or ridicule;

 

(3)            violated
any applicable Company or Subsidiary policy or procedure, including the Company’s Code of Ethical Business Conduct; or

 

(4)            engaged
in any act that is contrary to the best interests of or would expose the Company, a Subsidiary, their related businesses, or any
of their respective officers or directors to probable civil or criminal liability, excluding the Employee’s actions in accordance
with applicable legal or ethical standards.

 

For the avoidance of doubt, all Units (and
related Dividend Shares) which have not previously become vested shall be forfeited upon termination of employment for any reason
(or no reason), other than as expressly set forth above.

 

For the purposes of this Agreement, any
transfer of the Employee’s employment to or from the Employer to or from the Company or any of its Subsidiaries shall not
constitute a termination of employment, and the Employee’s employment will be deemed to be continuous notwithstanding any
such transfers. Temporary absences from employment because of illness or vacation shall not be considered terminations of employment.
For purposes of this Agreement and the Plan, the Committee shall have absolute discretion to determine the date and circumstances
of termination of the Employee’s employment, and its determination shall be final, conclusive and binding upon the Employee;
provided, however, the Committee shall at all times act in a manner that complies with (and avoids adverse income tax consequences
under) Section 409A of the Internal Revenue Code (“Section 409A”).

 

    		RSU | Revised February 2021	 - 4 -

     

    

 

9.             Payment
of Award. To the extent the Units become vested as provided in this Agreement, the Company will settle the vested Units by
distributing to the Employee one share of Common Stock for each vested Unit. Settlement shall occur within 30 calendar days after
the Units become vested; provided, however, that if the Employee is a “specified employee” under Section 409A,
payment of the vested Units will be delayed for a period of six (6) months as and to the extent necessary to comply with
(avoid adverse income tax consequences under) the provisions of Section 409A. To distribute those shares of Common Stock,
the Company shall instruct the Company’s transfer agent to recognize in book entry form that the Employee is the registered
holder of the number of shares of Common Stock attributable to the vested Units, free from any restrictions or other terms and
conditions of this Agreement. At that same time, the Company shall take such actions as it shall deem appropriate to cancel the
forfeited Units, if any, and to cause them to no longer be recognized as outstanding awards under the Plan. In addition, at the
same time the vested Units are paid, the Company will issue to the Employee that number of shares of Common Stock equal to the
Dividend Shares credited on those vested Units. The Employee (or his or her successors) shall execute and deliver such instruments
and take such other actions as the Company shall reasonably request with respect to the actions to be taken pursuant to this Paragraph.
Any fractional shares of Common Stock to be delivered to the Employee shall be rounded up to the next whole share.

 

10.            Forfeiture;
Potential Repayment Obligation.

 

(a)            The
Employee’s Units and Dividend Shares, any Common Stock acquired under the Plan, and any proceeds from the sale of any of
the foregoing are required to be forfeited by the Employee, including after vesting or delivery, if the Employee breaches any restrictive
covenant contained in any employment, severance, or other agreement with the Company or the Employer or in any applicable Company
or Employer policy, and the Company may direct the Stock Plan Provider (as defined below) to deliver to the Company such Units,
Dividend Shares Common Stock, or proceeds from the sale of any of the foregoing, to the extent held in an account with such Stock
Plan Provider.

 

(b)            This
Paragraph 11(b) is applicable only if the Employee holds the office of Vice President, or a higher office, with the Company
or one of its significant Subsidiaries as of the effective date of this Agreement. Notwithstanding any other provision of this
Agreement to the contrary, any Units granted or shares of Common Stock issued in connection with this Agreement, and/or any amount
received with respect to any sale of any such shares, shall be subject to potential cancellation, recoupment, rescission, payback,
or other action in accordance with the terms of the Company’s clawback policy, as it may be amended from time to time (the
 “Policy”). The Employee agrees and consents to the Company’s application, implementation, and enforcement of
(a) the Policy or any similar policy established by the Company or its Subsidiaries that may apply to the Employee, and (b) any
provision of applicable law relating to cancellation, rescission, payback, or recoupment of compensation, and expressly agrees
that the Company may take such actions as are necessary to effectuate the Policy, any similar policy (as applicable to the Employee)
or applicable law without further consent or action being required by the Employee. To the extent that the terms of this Agreement
and the Policy or any similar policy conflict, the terms of such policy shall prevail.

 

    		RSU | Revised February 2021	 - 5 -

     

    

 

11.            Withholding.
At the time of the settlement of Units by distribution of any shares of Common Stock or other property or cash under this Agreement,
the Company has the right and power to deduct or withhold, or require the Employee to remit to the Company, an amount sufficient
to satisfy all applicable tax withholding requirements with respect to such distributed shares. The Company may permit or require
the Employee to satisfy all or part of the tax withholding obligations in connection with this Agreement by (a) having the
Company withhold otherwise distributable shares of Common Stock or cash, or (b) delivering to the Company shares of Company
Common Stock already owned for a period of at least six months (or such longer or shorter period as may be required to avoid a
charge to earnings for financial accounting purposes), in each case having a value equal to the amount to be withheld, which shall
not exceed the amount determined by the maximum statutory tax withholding rate in the Employee’s applicable jurisdictions,
including of employment and residence. For these purposes, the value of the shares of Common Stock to be withheld or delivered
will be equal to the Fair Market Value as of the date that the taxes are required to be withheld.

 

12.            Notices.
All notices and other communications required or permitted under this Agreement shall be written and delivered personally or sent
by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Company,
to the Company’s executive offices in Batesville, Indiana, and if to the Employee or his or her successor, to the address
last furnished by the Employee to the Company. The Company may, however, authorize notice by any other means it deems desirable
or efficient at a given time, such as notice by facsimile or electronic mail.

 

13.            No
Employment Rights. Neither the Plan nor this Agreement confers upon the Employee any right to continue in the employ of the
Employer or limits in any way the right of the Employer to terminate the Employee’s employment at any time.

 

14.            Plan
Controlling. The terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of
the Plan, which are controlling. All determinations and interpretations of the Company or the Committee are binding and conclusive
upon the Employee and his or her legal representatives. The Employee agrees to be bound by the terms and provisions of the Plan.

 

15.            Discretionary
Nature of Grant; No Vested Rights. The Employee acknowledges and agrees that the Plan is discretionary in nature and may be
amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of the Units under the Plan is
a one-time benefit and does not create any contractual or other right to receive a grant of Units or benefits in lieu of Units
in the future. Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the form and
timing of any grant, the number of shares of Common Stock subject to the grant, and the vesting provisions. Any amendment, modification,
or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Employee’s employment
with the Employer. Neither the Company nor the Employer shall be liable for any change in value of the Award, the amount realized
upon settlement of the Award or the amount realized upon a subsequent sale of any shares of Common Stock acquired upon settlement
of the Award resulting from any fluctuation of the United States Dollar/local currency foreign exchange rate. The Employee’s
participation in the Plan is voluntary. The value of the Award and any other awards granted under the Plan is an extraordinary
item of compensation outside the scope of the Employee’s employment (and the Employee’s employment contract, if any).
Any grant under the Plan, including the grant of the Award, is not part of normal or expected compensation for purposes of calculating
any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or
similar payments.

 

    		RSU | Revised February 2021	 - 6 -

     

    

 

16.            Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the Units or other awards granted
to the Employee under the Plan by electronic means. The Employee hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

17.             Additional
Requirements. The Company reserves the right to impose other requirements on the Units, any shares of Common Stock acquired
pursuant to the Units, and the Employee’s participation in the Plan, to the extent the Company determines, in its sole discretion,
that such other requirements are necessary or advisable in order to comply with local law or to facilitate the administration of
the Plan. Such requirements may include (but are not limited to) requiring the Employee to sign any agreements or undertakings
that may be necessary to accomplish the foregoing.

 

18.           Section 409A
Compliance. The Award is intended to be exempt from the requirements of Section 409A. The Plan and this Agreement shall
be administered and interpreted in a manner consistent with this intent. If the Company determines that this Agreement is subject
to Section 409A and that it has failed to comply with the requirements of that Section, the Company may, at the Company’s
sole discretion and without the Employee’s consent, amend this Agreement to cause it to comply with Section 409A or
be exempt from Section 409A.

 

19.            Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America, and
grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the Company’s
grant of the Award under the Plan and its ongoing administration of such award, the Company is providing the following information
about its data collection, processing and transfer practices. In accepting the grant of the Award, the Employee expressly and explicitly
consents to the personal data activities as described herein.

 

(a)            Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information about
the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth, date of
hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title, any
shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested or outstanding in the Employee’s favor (“Data”), for the
exclusive purpose of implementing, administering and managing the Plan. The Company’s legal basis for the collection, processing
and use of the Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

(b)            Stock
Plan Providers. The Company and the Employer transfer the Employee’s Data to Fidelity Stock Plan Services LLC, a broker
firm/third party service provider based in the United States of America and engaged by the Company to assist with the implementation,
administration and management of awards granted under the Plan (the “Stock Plan Provider”). In the future, the Company
may select a different Stock Plan Provider and share the Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

    		RSU | Revised February 2021	 - 7 -

     

    

 

(c)            International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is the Employee’s
consent.

 

(d)            Voluntariness
and Consequences of Consent, Denial or Withdrawal. The Employee’s participation in the Plan and the Employee’s
grant of consent hereunder is purely voluntary. The Employee may deny or withdraw his or her consent at any time. If the Employee
does not consent, or if the Employee later withdraws his or her consent, the Employee may be unable to participate in the Plan.
This would not affect the Employee’s existing employment or salary; instead, the Employee merely may forfeit the opportunities
associated with participation in the Plan.

 

(e)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Award and participation in the Plan. When the Company no longer needs the Data, the
Company will remove it from its systems. If the Company retains the Employee’s Data longer, it would be to satisfy the Company’s
legal or regulatory obligations and the Company’s legal basis would be for compliance with applicable laws, rules and
regulations.

 

(f)           Data
Subject Rights. The Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, and (v) lodge complaints with the competent
supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources representative.

 

Please note that you must accept the Award
set forth in this Agreement online in accordance with the procedures established by the Company and the Stock Plan Provider no
later than the date set forth in the online materials or this Agreement may be cancelled by the Company, in its sole discretion.
The terms and conditions of the Plan and this Agreement constitute a legal contract that will bind both you and the Company as
soon as you accept the Award.

 

    		RSU | Revised February 2021	 - 8 -

     

    

 

HILLENBRAND, INC.

 

APPENDIX
A

 

HILLENBRAND, INC.

PERFORMANCE BASED UNIT AWARD AGREEMENT

 

Additional Provisions Applicable Outside
of the United States of America

 

To the extent that
the Employee is employed outside of the United States of America, the following provisions are considered part of, and modify,
as applicable, the Terms and Conditions of the Agreement:

 

1.            The
following paragraph is added to the end of Paragraph 9:

 

Notwithstanding
anything in the Agreement to the contrary, the Company may, in its sole discretion, settle the Units (and any Dividend Shares)
in the form of a cash payment to the extent settlement in shares of Common Stock is prohibited under local law or would require
the Employee, the Company and/or the Employer to obtain the approval of any governmental and/or regulatory body in the Employee’s
country of residence (and country of employment, if different). Alternatively, the Company may, in its sole discretion, settle
the Units (and any Dividend Shares) in the form of shares of Common Stock but require an immediate sale of such shares (in which
case, the Employee hereby expressly authorizes the Company to issue sales instructions in relation to such shares of Common Stock
on the Employee’s behalf).

 

The following subparagraphs
(e) and (f) are added to the end of Paragraph 8:

 

(e)            if
the Employee is a resident or employed outside of the United States, the Employee’s employment will be considered terminated
(for any reason whatsoever, whether or not later found to be invalid or unlawful for any reason or in breach of employment laws
in the jurisdiction where the Employee is employed or the terms of the Employee's employment agreement, if any) as of the date
that is the earliest of (i) the date on which notice of termination is provided to the Employee, (ii) the last day of
the Employee’s active service with the Company or one of its Subsidiaries, or (iii) the last day on which the Employee
is an “employee” of the Company or one of its Subsidiaries, as determined in each case without including any required
advance notice period and irrespective of the status of the termination under local labor or employment laws; and

 

(f)            if
the Employee is a resident or employed in a country that is a member of the European Union, the grant of the Units and this Agreement
is intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into
local law (the “Age Discrimination Rules”). To the extent that a court or tribunal of competent jurisdiction determines
that any provision of this Agreement is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the
Company, in its sole discretion, shall have the power and authority to revise or strike such provision to the minimum extent necessary
to make it valid and enforceable to the full extent permitted under local law.

 

    		RSU | Revised February 2021	 - A-1 -

     

    

 

Paragraph 11 is deleted
in its entirety and replaced with the following:

 

11.            Tax
and Social Insurance Contributions Withholding.

 

(a)            Regardless
of any action the Company and/or the Employer take with respect to any or all income tax (including U.S. federal, state, and local
taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account, or other tax-related withholding (“Tax-Related
Items”), the Employee acknowledges that the ultimate liability for all Tax-Related Items legally due by the Employee is and
remains the Employee’s responsibility and that the Company and the Employer (i) make no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award,
the vesting and settlement of the Award, and the subsequent sale of any shares of Common Stock acquired pursuant to the Award and
the receipt of any dividends; and (ii) do not commit to structure the terms of the grant or any aspect of the Award to reduce
or eliminate the Employee’s liability for Tax-Related Items.

 

(b)            Prior
to the delivery of shares of Common Stock upon vesting of the Award, if the Employee’s country of residence (and/or the Employee’s
country of employment, if different) requires withholding of Tax-Related Items, the Company shall withhold a sufficient number
of whole shares of Common Stock otherwise issuable upon vesting of the Award that have an aggregate Fair Market Value sufficient
to pay the Tax-Related Items required to be withheld with respect to the shares of Common Stock. The cash equivalent of the shares
of Common Stock withheld will be used to settle the obligation to withhold the Tax-Related Items. In the event that the withholding
of shares of Common Stock may trigger adverse consequences to the Company or the Employer, the Company or the Employer may withhold
the Tax-Related Items required to be withheld with respect to the shares of Common Stock in cash from the Employee’s regular
salary and/or wages or other amounts payable to the Employee, or may require the Employee to personally make payment of the Tax-Related
Items required to be withheld. In the event the withholding requirements are not satisfied through the withholding of shares of
Common Stock by the Company or through withholding from the Employee’s regular salary and/or wages or any other amounts payable
to the Employee, no shares of Common Stock will be issued to the Employee (or the Employee’s estate) upon vesting of the
Award unless and until satisfactory arrangements (as determined by the Committee) have been made by the Employee with respect to
the payment of any Tax-Related Items which the Company and the Employer determine, each in its sole discretion, must be withheld
or collected with respect to such Award. By accepting the Award, the Employee expressly consents to the withholding of shares of
Common Stock and/or cash as provided for hereunder. All other Tax-Related Items related to the Award and any shares of Common Stock
delivered in settlement thereof are the Employee’s sole responsibility. If the obligation for the Employee’s Tax-Related
Items is satisfied by withholding a number of shares of Common Stock as described herein, the Employee shall be deemed to have
been issued the full number of shares of Common Stock issuable upon vesting, notwithstanding that a number of the shares of Common
Stock is held back solely for the purpose of paying the Tax-Related Items due as a result of the vesting or any other aspect of
the Award.

 

    		RSU | Revised February 2021	 - A-2 -

     

    

 

 

(c)            To
the extent the Company or the Employer pays any Tax-Related Items that are the Employee’s responsibility (“Advanced
Tax Payments”), the Company or the Employer shall be entitled to recover such Advanced Tax Payments from the Employee in
any and all manner that the Company determines appropriate in its sole discretion. For purposes of the foregoing, the manner of
recovery of the Advanced Tax Payments shall include (but is not limited to) offsetting the Advanced Tax Payments against any and
all amounts that may be otherwise owed to the Employee by the Company or the Employer (including regular salary/wages, bonuses,
incentive payments and shares of Common Stock acquired by the Employee pursuant to any equity compensation plan that are otherwise
held by the Company for the Employee’s benefit).

 

(d)            If
the Employee is subject to taxation in more than one jurisdiction, the Employee acknowledges that the Company or the Employer may
be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Employee hereby consents to any action
reasonably taken by the Company and the Employer to meet the Employee’s obligation for Tax-Related Items. By accepting the
Award, the Employee expressly consents to the withholding of shares of Common Stock and/or withholding from the Employee’s
regular salary and/or wages or other amounts payable to the Employee as provided for hereunder. All other Tax-Related Items related
to the Award and any shares of Common Stock delivered in payment thereof are the Employee’s sole responsibility.

 

Paragraph 19 is deleted
in its entirety and replaced with the following:

 

19.            Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America, and
grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the Company’s
grant of the Award under the Plan and its ongoing administration of such award, the Company is providing the following information
about its data collection, processing and transfer practices. In accepting the grant of the Award, the Employee expressly and explicitly
consents to the personal data activities as described herein.

 

(a)             Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information about
the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth, date of
hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title, any
shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested, or outstanding in the Employee’s favor (“Data”), for the
exclusive purpose of implementing, administering and managing the Plan. The Company’s legal basis for the collection, processing
and use of the Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

    		RSU | Revised February 2021	 - A-3 -

     

    

 

(b)           Stock
Plan Provider. The Company and the Employer transfer the Employee’s Data to Fidelity Stock Plan Services LLC, a broker
firm/third party service provider based in the United States of America and engaged by the Company to assist with the implementation,
administration and management of awards granted under the Plan (the “Stock Plan Provider”). In the future, the Company
may select a different Stock Plan Provider and share the Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

(c)            International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is the Employee’s
consent.

 

(d)           Voluntariness
and Consequences of Consent, Denial or Withdrawal. The Employee’s participation in the Plan and the Employee’s
grant of consent hereunder is purely voluntary. The Employee may deny or withdraw his or her consent at any time. If the Employee
does not consent, or if the Employee later withdraws his or her consent, the Employee may be unable to participate in the Plan.
This would not affect the Employee’s existing employment or salary; instead, the Employee merely may forfeit the opportunities
associated with participation in the Plan.

 

(e)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Units and participation in the Plan. When the Company no longer needs the Data, the
Company will remove it from its systems. If the Company retains the Employee’s Data longer, it would be to satisfy the Company’s
legal or regulatory obligations and the Company’s legal basis would be for compliance with applicable laws, rules and
regulations.

 

(f)            Data
Subject Rights. The Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, (vi) lodge complaints with the competent
supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources representative.

 

    		RSU | Revised February 2021	 - A-4 -

     

    

 

The following Paragraphs
20 through 25 are added to the end of the Terms and Conditions of the Agreement:

 

20.            Termination
Indemnities. The Employee’s participation in the Plan is voluntary. The value of the Units and any other awards granted
under the Plan is an extraordinary item of compensation outside the scope of the Employee’s employment (and the Employee’s
employment contract, if any). Any grant under the Plan, including the grant of the Units, is not part of normal or expected compensation
for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension
or retirement benefits, or similar payments.

 

21.            No
Public Offering of Securities. The grant of the Units is not intended to be a public offering of securities in the Employee’s
country of residence (and country of employment, if different). The Company has not submitted any registration statement, prospectus,
or other filings with the local securities authorities (unless otherwise required under local law).

 

22.            English
Language. If the Employee is a resident outside of the United States, the Employee acknowledges and agrees that it is the Employee’s
express intent that this Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Units, be drawn up in English. If the Employee has received this Agreement, the Plan, or any other documents related
to the Units translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

23.            Addendum.
Notwithstanding any provisions of this Agreement to the contrary, the Award shall be subject to any special terms and conditions
for the Employee’s country of residence (and country of employment, if different), as are set forth in the applicable Addendum
to this Agreement. Further, if the Employee transfers the Employee’s residence and/or employment to another country reflected
in the Addenda to this Agreement, the special terms and conditions for such country will apply to the Employee to the extent the
Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable (or the
Company may establish such alternative terms and conditions that may be necessary or advisable to accommodate the Employee’s
transfer). Any applicable Addendum shall constitute part of this Agreement.

 

    		RSU | Revised February 2021	 - A-5 -

     

    

 

24.            Insider
Trading Restrictions/Market Abuse Laws. The Employee may be subject to insider trading restrictions and/or market abuse laws
based on the exchange on which the shares of Common Stock are listed and in applicable jurisdictions including the United States
and the Employee's country of residence (and country of employment, if different) or the country of operation of the Employee's
broker, if different, which may affect the Employee's ability to accept, acquire, sell or otherwise dispose of shares of Common
Stock, rights to shares of Common Stock (e.g., Units) or rights linked to the value of shares of Common Stock during such
times as the Employee is considered to have “inside information” regarding the Company (as defined by the laws
in the applicable jurisdictions).  Local insider trading laws and regulations may prohibit the cancellation or amendment of
orders the Employee places before he or she possessed inside information. Furthermore the Employee could be prohibited from (i) disclosing
the inside information to any third party, which may include fellow employees (other than on a “need to know”
basis) and (ii) “tipping” third parties or causing them otherwise to buy or sell securities. Any restrictions
under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable
Company insider trading policy.  The Employee personally is responsible for ensuring compliance with any applicable restrictions
and should seek appropriate advice from his or her personal legal advisor.

 

25.            Foreign
Asset/Account, Tax Reporting Information. The Employee's country of residence may have certain foreign asset and/or account
reporting requirements which may affect his or her ability to acquire or hold shares of Common Stock under the Plan or cash received
from participating in the Plan (including from any dividends received, or sale proceeds arising from the sale of shares of Common
Stock) in a brokerage or bank account outside of the Employee's country of residence. The Employee may be required to report such
accounts, assets or transactions to the tax or other authorities in his or her country. The Employee also may be required to repatriate
sale proceeds or other funds received as a result of participating in the Plan to his or her country within a certain time after
receipt. The Employee personally is responsible for ensuring compliance with such regulations, and should seek appropriate advice
from his or her personal legal advisor.

 

    		RSU | Revised February 2021	 - A-6 -

     

    

 

ADDENDUM
TO

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

In addition to the
terms of the Plan, the Agreement and Appendix A, the Award is subject to the following additional terms and conditions.
All defined terms as contained in this Addendum shall have the same meaning as set forth in the Plan, the Agreement, and Appendix
A. Pursuant to Section 23 of the Agreement (as reflected in Appendix A), if the Employee transfers residence and/or employment
to another country reflected in an Addendum, the special terms and conditions for such country will apply to the Employee to the
extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable
in order to comply with local laws, rules, and regulations, or to facilitate the operation and administration of the Award and
the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate the Employee’s
transfer).

 

EUROPEAN
UNION (“EU”) / EUROPEAN ECONOMIC AREA (“EEA”) / SWITZERLAND / THE UNITED KINGDOM

 

1.            Data
Privacy. If the Employee resides and/or is employed in the EU/EEA, Switzerland or the United Kingdom, the following provisions
replace Section 19 of the Agreement:

 

19.           Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America, and
grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the Company’s
grant of the Award under the Plan and its ongoing administration of such award, the Company is providing the following information
about its data collection, processing and transfer practices, which the Employee should carefully review.

 

(a)           Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information about
the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth, date of
hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title, any
shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested or outstanding in the Employee’s favor (“Data”), for the
exclusive purpose of implementing, administering and managing the Plan. The Company’s legal basis for the collection, processing
and use of the Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

(b)           Stock
Plan Providers. The Company and the Employer transfer the Employee’s Data to Fidelity Stock Plan Services LLC, a broker
firm/third party service provider based in the United States of America and engaged by the Company to assist with the implementation,
administration and management of awards granted under the Plan (the “Stock Plan Provider”). In the future, the Company
may select a different Stock Plan Provider and share the Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

    		RSU | Revised February 2021	 - A-7 -

     

    

 

(c)           International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is to satisfy
its contractual obligations under the terms and conditions of this Agreement.

 

(d)           Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Award and participation in the Plan. When the Company no longer needs the Data, the
Company will remove it from its systems. If the Company retains the Employee’s Data longer, it would be to satisfy the Company’s
legal or regulatory obligations and the Company’s legal basis would be for compliance with applicable laws, rules and
regulations.

 

(e)           Data
Subject Rights. The Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, and (v) lodge complaints with the competent
supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources representative.

 

Canada

 

1.             Settlement
in Shares. Notwithstanding anything to the contrary in the Agreement or the Plan, the Award shall be settled only in shares
of Common Stock (and may not be settled in cash).

 

The following provisions shall apply
to the Employee if he or she is a resident of Québec:

 

2.             Data
Privacy. The following provision shall supplement Section 19 of the Agreement:

 

The Employee authorizes the Company and
the Company’s representative to discuss with and obtain all relevant information from all personnel, professional or non-professional,
involved in the administration of the Employee’s Award granted under the Plan. The Employee further authorizes the Company,
the Employer, any broker or any stock plan service provider as may be selected by the Company from time to time to assist with
the Plan, to disclose and discuss the Employee’s participation in the Plan with their advisors. The Employee also authorizes
the Company and the Employer to record such information related to the Employee’s participation in the Plan and to keep such
information in the Employee’s employment file.

 

    		RSU | Revised February 2021	 - A-8 -

     

    

 

3.            English
Language. If the Employee is a resident of Québec, the Employee acknowledges and agrees that it is the Employee’s
express intent that the Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Award, be drawn up in English. If the Employee has received the Agreement, the Plan, or any other documents related
to the Award translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

Langue
Anglaise. Si le Salarié est un résident du Québec, il reconnaît
et accepte avoir expressément exigé la rédaction an anglais du présent Contrat, du Plan et de tous
autres documents exécutés, avis donnés et procédures judiciaires intentées en vertu de l’attribution
du RSU. Si le Salarié a reçu le présent Contrat, le Plan ou tout autre document relatif à l'attribution
du RSU traduit dans une langue autre que l’anglais, et si la signification de la version traduite est différente de
celle de la version anglaise, la version anglaise prévaudra.

 

China

 

1.            Award
Conditioned on Satisfaction of Regulatory Obligations. If the Employee is a national of the People’s Republic of China
(“PRC”), the grant of the Award is conditioned upon the Company securing all necessary approvals from the PRC State
Administration of Foreign Exchange to permit the operation of the Plan and the participation of PRC nationals employed by the Employer,
as determined by the Company in its sole discretion.

 

2.            Sale
of Shares. Notwithstanding anything to the contrary in the Plan, upon any termination of employment with the Employer, the
Employee may be required to sell all shares of Common Stock acquired under the Plan within such time period as may be established
by the PRC State Administration of Foreign Exchange.

 

3.            Exchange
Control Restrictions. The Employee understands and agrees that, if the Employee is subject to exchange control laws in China,
the Employee will be required to repatriate immediately to China the proceeds from the sale of any shares of Common Stock acquired
under the Plan. The Employee further understands that such repatriation of sale proceeds must be effected through a special bank
account established by the Company with a financial institution in China and the Employee hereby consents and agrees that proceeds
from the sale of shares of Common Stock acquired under the Plan may be transferred to such account by the Company on the Employee’s
behalf prior to being delivered to the Employee and that no interest shall be paid with respect to funds held in such account.
Sale proceeds may be paid to the Employee in U.S. dollars or local currency at the Company’s discretion. If the sale proceeds
are paid to the Employee in U.S. dollars, the Employee understands that the Employee must establish and maintain a U.S. dollar
bank account in China so that the proceeds may be deposited into such account. If the sale proceeds are paid to the Employee in
local currency, the Employee acknowledges that the Company is under no obligation to secure any particular exchange conversion
rate and that the Company may face delays in converting the sale proceeds to local currency due to exchange control restrictions.
The Employee agrees to bear any currency fluctuation risk between the time the shares of Common Stock are sold and the net proceeds
are converted into local currency and distributed to the Employee. The Employee further agrees to comply with any other requirements
that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China.

 

    		RSU | Revised February 2021	 - A-9 -

     

    

 

4.            Administration.
The Company shall not be liable for any costs, fees, lost interest or dividends or other losses the Employee may incur or suffer
resulting from the enforcement of the terms of this section or otherwise from the Company’s operation and enforcement of
the terms of the Plan, the Agreement and this Addendum, and the Award in accordance with Chinese law including, without limitation,
any applicable rules, regulations, requirements and approvals issued by the State Administration of Foreign Exchange.

 

Denmark

 

1.            Treatment
of Units Upon Termination of Employment. Notwithstanding any provision in the Agreement or the Plan to the contrary, the treatment
of the Award upon the Employee’s termination of employment shall be governed by the Danish Act on the Usage of Rights to
Purchase or Subscribe for Shares etc. in Employment Relationships (the “Stock Option Act”), as in effect at the time
of the Employee’s termination of employment (as determined by the Company, in its sole discretion, in consultation with legal
counsel). The Employee acknowledges having received an “Employer Statement” in Danish, which is being provided in conjunction
with the Award to comply with the Stock Option Act.

 

France

 

1.            English
Language. If the Employee is a resident of France, the Employee acknowledges and agrees that it is the Employee’s express
intent that the Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Award, be drawn up in English. If the Employee has received the Agreement, the Plan, or any other documents related
to the Award translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

Langue Anglaise.
Si le Salarié est un résident de la France, il reconnaît et accepte avoir expressément exigé
la rédaction en anglais du présent Contrat, du Plan et de tous autres documents exécutés, avis donnés
et procédures judiciaires intentées en vertu de l’attribution du RSU. Si le Salarié a reçu le
présent Contrat, le plan ou tout autre document relatif à l'attribution du RSU traduit dans une langue autre que
l’anglais, et si la signification de la version traduite est différente de celle de la version anglaise, la version
anglaise prévaudra.

 

Germany

 

No country-specific provisions.

 

Mexico

 

1.            Commercial
Relationship. The Employee expressly recognizes that the Employee’s participation in the Plan and the Company’s
grant of the Award does not create an employment relationship between the Employee and the Company. The Company has granted the
Employee the Award as a consequence of the commercial relationship between the Company and the Company’s Subsidiary in Mexico
that employs the Employee (i.e., the Employer), and the Company’s Subsidiary in Mexico is the Employee’s sole employer.
Based on the foregoing, (a) the Employee expressly recognizes the Plan and the benefits the Employee may derive from the Employee’s
participation in the Plan does not establish any rights between the Employee and the Employer, (b) the Plan and the benefits
the Employee may derive from the Employee’s participation in the Plan are not part of the employment conditions and/or benefits
provided by the Employer, and (c) any modifications or amendments of the Plan by the Company, or a termination of the Plan
by the Company, shall not constitute a change or impairment of the terms and conditions of the Employee’s employment with
the Employer.

 

    		RSU | Revised February 2021	 - A-10 -

     

    

 

Singapore

 

1.            Qualifying
Person Exemption. The grant of the Award under the Plan is being made pursuant to the “Qualifying Person” exemption
under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (the “SFA”). The Plan has not
been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any
financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation
to the content of prospectuses would not apply. The Employee should note that, as a result, the Award are subject to section 257
of the SFA and the Employee will be unable to make: (a) any subsequent sale of the shares of Common Stock underlying
the Award in Singapore; or (b) any offer of such subsequent sale of the shares of Common Stock subject to the Award in
Singapore, unless such sale or offer is made pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other
than section 280) of the SFA.

 

Sweden

 

1.            Withholding
of Tax-Related Items from Cash Payments. The following provision shall supplement Section 11 of the Agreement (as reflected
in Appendix A):

 

Notwithstanding anything in Section 11
of the Agreement to the contrary, if the Employee is a local national of Sweden, any Tax-Related Items shall be withheld only in
cash from the Employee’s regular salary/wages or other amounts payable to the Employee in cash, or such other withholding
methods as may be permitted under the Plan and allowed under local law.

 

Switzerland

 

1.            Securities
Law Notice. Neither the Agreement, this Addendum nor any other materials relating to the Award (a) constitutes a prospectus
according to article 35 et seq. of the Swiss Federal Act on Financial Services (“FinSA”), (b) may be publicly
distributed nor otherwise made publicly available in Switzerland to any person other than
an employee of the Company or a Subsidiary, or (c) has been or will be filed with, approved or supervised by any Swiss
reviewing body according to article 51 of FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory
Authority (FINMA).

 

    		RSU | Revised February 2021	 - A-11 -

     

    

 

United Kingdom

 

1.            Income
Tax and Social Insurance Contribution Withholding. The following provision shall supplement Section 11 of the Agreement
(as reflected in Appendix A):

 

Without limitation to Section 11 of
the Agreement, the Employee hereby agrees that the Employee is liable for all Tax-Related Items and hereby consents to pay all
such Tax-Related Items, as and when requested by the Company, the Employer or by HM Revenue & Customs (“HMRC”)
(or any other tax authority or any other relevant authority). The Employee hereby agrees to indemnify and keep indemnified the
Company and the Employer against any Tax-Related Items that they are required to pay or withhold on the Employee’s behalf
or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).

 

Notwithstanding the foregoing, if the Employee
is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934,
as amended), the terms of the immediately foregoing provision will not apply. In the event that the Employee is a director
or executive officer and income tax due is not collected from or paid by the Employee within ninety (90) days after the U.K. tax
year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute
a benefit to the Employee on which additional income tax and national insurance contributions may be payable. The Employee acknowledges
that the Employee ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly
to HMRC under the self-assessment regime and for reimbursing the Company or the Employer (as applicable) for the value of any employee
national insurance contributions due on this additional benefit, which the Company and/or the Employer may recover from the Employee
at any time thereafter by any of the means referred to in Section 11 of the Agreement.

 

2.            Exclusion
of Claim. The Employee acknowledges and agrees that the Employee will have no entitlement to compensation or damages in consequence
of the termination of the Employee’s employment with the Employer for any reason whatsoever and whether or not in breach
of contract, insofar as such entitlement arises or may arise from the Employee’s ceasing to have rights under or to be entitled
to exercise the Award as a result of such termination, or from the loss or diminution in value of the Award. Upon the grant of
the Award, the Employee shall be deemed irrevocably to have waived any such entitlement.

 

******************************

 

    		RSU | Revised February 2021	 - A-12 -

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