Document:

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EXECUTION VERSION
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Exhibit 10.1

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CERTAIN IDENTIFIED INFORMATION MARKED WITH “[***]” HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.
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STRATEGIC ALLIANCE AND REMARKETING AGREEMENT
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This STRATEGIC ALLIANCE AND REMARKETING AGREEMENT (“Agreement”) is entered into as August 29, 2016 (the “Execution Date”) by and between RITCHIE BROS. AUCTIONEERS INCORPORATED, a Canadian corporation having its principal place of business at 9500 Glenlyon Parkway, Burnaby, British Columbia, V5J 0C6 (“RBA”), on behalf of itself and its other wholly-owned subsidiaries (collectively, “RCC”), IronPlanet, Inc., a Delaware corporation having its principal place of business at 3825 Hopyard Road, Suite 250, Pleasanton, CA  94588, solely for purposes of Sections 3, 7, 8 and 9 (“IronPlanet”), and CATERPILLAR INC., a Delaware corporation having it principal place of business at 100 North East Adams Street, Peoria, IL 61629, on behalf of itself and its wholly-owned subsidiaries (collectively, “Caterpillar” and together with RCC, the “Parties” and each a “Party”).
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RECITALS
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WHEREAS, RBA and IronPlanet are in the business of facilitating the exchange, buying, selling and auctioneering of industrial equipment;
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WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), RBA will acquire one hundred percent (100%) of the issued and outstanding capital stock of IronPlanet Holdings, Inc. (“IP”), the parent of IronPlanet, upon the Closing (as such term is defined in the Merger Agreement) (the “Merger”);
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WHEREAS, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial turbines and diesel-electric locomotives and has a long history of innovation and using leading edge technology to provide customer solutions to ensure their success; 
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WHEREAS, commencing upon, subject to and contingent upon the occurrence of the Closing,  RCC and Caterpillar desire to create a strategic alliance to provide a reliable volume of used CAT equipment to customers through RCC live onsite auctions and online auctions and marketplaces in the countries where RCC does business (the “Alliance”); and
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NOW, THEREFORE, in consideration of the premises and mutual covenants and promises described herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and agreed, RCC and Caterpillar hereby agree as follows:
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1.GOVERNING PRINCIPLES
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1.1Objectives.  Pursuant to this Agreement, the Parties’ objectives (“Objectives”) for the Alliance include, but are not limited to collaborating together to:
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a)Provide Caterpillar’s authorized dealers (“Cat dealers”) other relevant channels to sell used Cat equipment;
b)Serve the used equipment disposition needs of Caterpillar;

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		c)	Provide Caterpillar with rich data and customer insights to allow Caterpillar to better serve owners and users of equipment branded with a trademark owned by Caterpillar;

		d)	Encourage an increased flow of high quality Cat machines for sale through RCC’s sales channels; 

		e)	Drive international growth and operational efficiency for RCC; and

		f)	Maintain RCC’s neutrality among different equipment manufacturers, dealers and end-users.

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	1.2	Cat Customer Advisory Board.  In order to better implement this Agreement and achieve the Objectives, RCC and Caterpillar have established, as of the Effective Date (as defined below) a Cat Customer Advisory Board (the “Advisory Board”) that will meet in person quarterly during the one (1) year following the Effective Date and semi-annually thereafter during the Term of this Agreement, including any Renewal Term.  The Advisory Board shall consist of nine (9) people, comprised of three (3) representatives appointed by Caterpillar, three (3) representatives appointed by RCC and three (3) representatives of Cat dealers, appointed by Caterpillar with input from Cat dealers.  As of the Effective Date, the three (3) representatives of Caterpillar are George Taylor, Marketing & Digital Division Vice President, Phil Kelliher, Americas & Europe Distribution Vice President, and Pierre-Alain Masson, Global Rental & Used, and the three (3) representatives of RCC are Ravi Saligram, RCC CEO, Jim Barr, RCC Group President, and Karl Werner, RCC Chief Operations Officer.  The Advisory Board shall review and advise on the overall strategic direction of the Alliance as well as monitor Alliance performance against the Objectives and obligations set forth in this Agreement.  The Advisory Board shall be responsible for and work together in good faith to execute the following tasks:  (i) coordinate, monitor and resolve any issue related to the day-to-day implementation of this Agreement; (ii) identify and address any strategic, tactical or operational issues that may arise from time to time; and (iii) review reported equipment volumes sold through RCC Auctions by Caterpillar and Cat dealers in connection with Caterpillar’s obligations under Section 4.12 of this Agreement and each Cat dealer’s obligations under the agreement entered into between RCC and the individual Cat dealer relating to RCC’s services and the provision of rich customer data (“Dealer Remarketing Agreement”).

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	1.3	Salesforce Engagement.  Within 90 days after the Effective Date, RCC will propose a salesforce engagement plan to the Advisory Board for consideration.  The plan will discuss how RCC will coach its salesforce to engage with Cat dealers and educate such salesforce about the Cat dealers’ value proposition and business model.  The goal of the plan will be for the RCC salesforce and the Cat dealers to develop value-added customer solutions consistent with the Alliance and Objectives.  Members of the Advisory Board and RCC will establish a task force to develop specific actions that ensure strong communication and alignment in execution of the adopted plan.

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	1.4	Brand.  Caterpillar recognizes that RCC’s model is based on brand neutrality and that its marketplaces and auctions attract used equipment from various manufacturers, distributors and customers.  Any use by RCC of a brand owned by Caterpillar will be governed by a separate agreement between the Parties.  The Parties intend to enter into such an agreement in support of the Alliance.

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	1.5	[ *** ] 

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	1.6	Preferred Status.  

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		a)	During the Term or any Renewal Term of this Agreement, RCC shall be designated as a “preferred” but nonexclusive provider of online and on-site auction services by Caterpillar as provided in this Agreement.  In consideration of such designation and in accordance with the terms of this Agreement, RCC shall provide use of its sites (physical and online) to Caterpillar and Cat dealers on which Caterpillar and Cat dealers can consign, list and advertise equipment and other items for sale to potential buyers, as further described below, on a commission rate structure that is a discount to RCC’s standard rates and as further described in Section 4.4.  

		b)	Subject to the terms of Section 4.12 of this Agreement, RCC shall designate Cat Financial and Cat Insurance as “preferred” but nonexclusive providers of financial and insurance products that purchasers of equipment branded with a trademark owned by Caterpillar may desire or require, provided that Cat Financial (i) offers financial terms that are equal to or better than other providers, (ii) pays the same fees paid by other providers, (iii) integrates into the Ritchie Bros. Financial Services’ (“RBFS”) platform and (iv) maintains the same standards of service required of other lenders on the RBFS platform (e.g., timeliness of credit decision).

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		c)	Subject to the terms of Section 4.12 of this Agreement, RCC shall include Cat Financial and Cat Insurance products (including powertrain assurance programs) in its RBFS and RCC offerings, as applicable, for all equipment, provided that Cat Financial (i) pays the same fees paid by other providers, (ii) integrates into the RBFS platform and (iii) maintains the same standards of service required of other lenders on the RBFS platform (e.g., timeliness of credit decision).

		d)	RCC agrees to designate Cat dealers as preferred service providers for the servicing of equipment branded with a trademark owned by Caterpillar to the extent RCC uses an outside or non-RCC service provider for such servicing.

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		1.7	Mascus.  In order to help grow Mascus and build deeper relationships between Mascus and Cat dealers, RCC will provide volume discounts to Caterpillar and Cat dealers (through Dealer Remarketing Agreements) on Mascus advertising and syndication worldwide. Specifics of such discounts will be agreed between the parties and based on analysis of current aggregate Caterpillar and Cat dealer Mascus volume, with more substantial discounts on incremental volume.  Caterpillar will strive to support RCC’s building of the Mascus business in North and South America through RCC creation and marketing of a Mascus advertising program to Caterpillar, Cat Financial and Cat dealers.  RCC will strive to support CatUsed.com up to and including RCC running CatUsed.com on behalf of Caterpillar, as agreed between the Parties.

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2.SCOPE OF AGREEMENT.  This Agreement is a “master” form of contract that will allow the parties to contract for equipment auction and listing services, to enter into marketing programs as agreed upon by the parties, and to exchange commercial data as more specifically described herein.  
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3.EFFECTIVENESS OF AGREEMENT.  
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	3.1	This Agreement is executed as of the Execution Date but shall only become effective as set forth in Section 3.2 below.

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	3.2	Unless otherwise terminated or voided as provided herein, this Agreement shall become effective upon (the “Effective Date”) the consummation of the Merger contemplated by the Merger Agreement; provided, however, that (a) if the Merger has not been consummated prior to the End Date (as such term is defined in the Merger Agreement), or (b) the Merger is approved by any regulatory authority on the condition that RCC make any changes to its business (structure, process or otherwise) that may materially impact Caterpillar’s value and benefit derived from the Alliance or intents of this Agreement (as determined by Caterpillar in its reasonable discretion), this Agreement shall be null and void and of no further force or effect.

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4.AUCTION AND LISTING SERVICES.
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	4.1	Standard Terms.  This Agreement incorporates by reference RCC’s Seller Terms and Conditions attached hereto as Schedule A (“Standard Terms”).  Unless otherwise defined, capitalized terms used in this Agreement shall have the same meaning ascribed to them in the Standard Terms.  In the event of a conflict between the provisions of this Agreement and the Standard Terms, this Agreement shall control.  The terms and conditions of this Agreement and the Standard Terms shall supersede and take precedence over the terms in any Caterpillar purchase order or other ordering document provided to RCC by Caterpillar.  

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	4.2	Equipment Listings.  The specific details of each equipment listing or consignment shall be separately specified in writing on terms and in a form acceptable to the Parties (“Equipment Listing Form”).  A sample Equipment Listing Form is attached as Schedule B.  Each Equipment Listing Form will include, as appropriate, Caterpillar’s contact information, equipment location, list of equipment to be offered for sale, contact for inspections, lien holder information, and payment instructions.  Caterpillar has the option of outlining each equipment listing or consignment in a separate Equipment Listing Form or via a Caterpillar-generated e-mail or fax that contains the foregoing information regarding the equipment, in each case sent from an authorized representative designated by Caterpillar (a “Designated Seller Representative”) to RCC’s designated corporate office.  

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	4.3	Affiliates.  This Agreement covers the provision of services by RCC and its corporate affiliates in any geographic area in which RCC or its corporate affiliates conduct business.  Accordingly, this Agreement represents a vehicle 

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		by which Caterpillar and its corporate affiliates can efficiently contract with RCC and its corporate affiliates in any geographic area in which RCC or its corporate affiliates conducts business for online marketplace services and live, on-site auction services.  Any affiliate of RCC or Caterpillar may enter into Equipment Listing Forms outlining equipment to be placed for sale, and the terms, conditions and rights in this Agreement shall be incorporated into the Equipment Listing Form and be binding on such affiliate.  For greater certainty, any consignment of equipment to an RB Channel (as defined below) would be made with the RCC corporate affiliate operating in the corresponding country of the specific auction.  The term “affiliate” shall mean all entities controlling, controlled by or under common control with a Party.  The term “control” shall mean the ability to vote fifty percent (50%) or more of the voting securities of any entity or otherwise having the ability to influence and direct the polices and direction of an entity.

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	4.4	Commission Rate.  

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		a)	During the Term of this Agreement, Caterpillar is entitled to the fixed, volume-based commission rates set forth on Schedule C for all consignments sold through RCC’s online auctions and marketplaces (“Auction Sites”) and/or RCC’s live, on-site auction marketplaces (“Live Auctions”, and together with Auctions Sites, “RCC Auctions”).  For the avoidance of doubt, the term “RCC Auctions” shall not include any closed sales channels among Caterpillar and Cat dealers.

		b)	Notwithstanding the foregoing, Caterpillar is entitled to a maximum commission rate of [ *** ]% for all consignments sold via closed sales channels among Caterpillar and Cat dealers conducted through RCC Auctions during the Term. 

		c)	Ninety (90) days in advance of the expiration of the Term and any Renewal Term, the Parties will review the commission rates and Caterpillar Volume then in effect and negotiate in good faith potential rate or Caterpillar Volume increases or decreases in determining the Caterpillar Volume and rates that will apply during the succeeding Renewal Term.  When negotiating such rates, the Parties will consider factors such as RCC costs, industry commission rate benchmarking, and the incremental value that Caterpillar and Cat dealers have brought RCC to the extent they exceeded the Caterpillar Volume in the prior Term or Renewal Term.  In no event shall such rates increase by more than [ *** ] ([ *** ]) basis points over the rates for the initial Term nor, in respect of the next Renewal Term, by more than a further [ *** ] ([ *** ]) basis points over the rates for the first Renewal Term.  If the Parties cannot agree on the Caterpillar Volume for the Renewal Term, the Caterpillar Volume for such Renewal Term shall be [ *** ] percent ([ *** ]%).

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	4.5	Listing Fee.  As set forth in the Standard Terms, a listing fee (“Listing Fee”) is charged for each item of equipment inspected by RCC in advance of an RCC Auction.  Caterpillar will be charged the prevailing Listing Fee at the time of each equipment Listing.  Listing fees shall only be revised annually and any such revisions will be communicated to Caterpillar no later than thirty (30) days prior to such revised Listing Fees taking effect.  To the extent equipment is not inspected by RCC in advance of an RCC Auction, no Listing Fee will be charged.

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	4.6	Out-of-Pocket Expenses.  RCC shall be reimbursed for all pre-approved out-of-pocket expenses related to the sale of equipment consigned by Caterpillar for RCC Auction, including, but not limited to, refurbishment, repair, painting, cleaning, and moving and storage charges necessary for the sale of the equipment.  

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	4.7	Reporting and Payment to Caterpillar.  No later than seven (7) days after the RCC Auction, RCC shall issue to Caterpillar a settlement report (the “Settlement Report”) that will set forth in detail information regarding the sale of equipment and the allocation of the funds, subject to open items or uncollected accounts, if any. The Settlement Report also will set forth all reimbursable expenses.  The sale of equipment shall be on a cash only basis.  In the event of non-payment by a buyer, RCC may cancel the sale, enforce payment by the buyer, or sell the equipment and take any other action permitted by law.  In addition, RCC shall be granted a security interest in such equipment to secure any amounts owed to RCC including any amounts advanced to Caterpillar by RCC for which the proceeds have not been collected from the buyer.  

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	4.8	Timing of Proceeds from Sales of Equipment.  Payment of proceeds from sales of equipment shall be made to Caterpillar as set forth in the Standard Terms.  

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	4.9	Certification of Liens and Encumbrances.  For each equipment listing, Caterpillar shall provide RCC with information (name and contact information) regarding outstanding liens or encumbrances on such equipment at the time of listing.  Unless as otherwise disclosed at the time of such equipment listing, Caterpillar shall be deemed to have certified that the equipment is or shall be free of all liens and encumbrances prior to being placed for auction with RCC.  Caterpillar hereby authorizes RCC to contact potential lien holders for the disclosure of liens, charges, encumbrances and security interests and to obtain pay-off balances and releases.  Caterpillar also consents to the release to RCC of any and all information pertaining to any such lien, charge, encumbrance or security interest by the holder thereof.  

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	4.10	Titles.  For sales completed on an Auction Site or IP Channel, subject to Caterpillar’s receipt of payment for the equipment, Caterpillar, at its own expense, shall deliver to RCC a bill of sale and such other documentation as may be reasonably necessary to transfer title to the equipment to the buyer.  For each consignment of equipment to a live, onsite auction in the RB Channel, Caterpillar, at its own expense, will deliver to RCC all documents as may be reasonably necessary to transfer title to the equipment to the buyer in accordance with the Standard Terms. Caterpillar agrees and acknowledges that pursuant to the Standard Terms, Caterpillar hereby appoints RCC as its attorney-in-fact with a limited power of attorney (“LPOA”) to execute on Caterpillar’s behalf, all documents necessary and required to transfer title to, and permit registration of ownership of, any portion of the equipment to the buyer; provided, however, if original titles or a notarized LPOA are required by state or local regulation to transfer title, Caterpillar shall provide RCC with either, as applicable, (i) signed original titles or (ii) a notarized LPOA and unsigned original titles at least two weeks prior to the sale date.  Failure to provide title(s) and/or an LPOA as required will prevent the equipment from being made available for sale until such documentation is provided.  For IP Channels, titles shall be sent to:  IronPlanet Holdings, Inc., Attn: Title Specialist, 3825 Hopyard Road, Ste. 250, Pleasanton, CA  94588.  Phone: 925-225-8800, as such address may be updated from time to time.  For RB Channels, titles shall be sent to the local RCC auction office at which the corresponding equipment will be sold.

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	4.11	Currency and Payment.  All prices noted in this Agreement are listed in U.S. Dollars.  Other than equipment Listing Forms entered into in respect of Live Auctions through RB Channels: (a) Equipment Listing Forms entered into with Caterpillar in the U.S. will be invoiced and paid in U.S. Dollars; (b) Equipment Listing Forms entered into with Caterpillar in Canada will be invoiced and paid in Canadian Dollars; (c) Equipment Listing Forms entered into with Caterpillar in Europe will be invoiced and paid in Euros; (d) Equipment Listing Forms entered into with Caterpillar in the United Kingdom will be invoiced and paid in Pounds Sterling; (e) Equipment Listing Forms entered into with Caterpillar in Australia will be invoiced and paid in Australian Dollars; and (f) Equipment Listing Forms entered into with Caterpillar in a country other than the U.S., Canada, the UK, Australia or country within Europe will be invoiced and paid in U.S. Dollars.  Unless otherwise agreed by the Parties in writing, Equipment Listing Forms entered into with RCC in respect of Live Auctions through RB Channels will be invoiced and paid in the local currency of the applicable RCC office, except in the case of Mexico, Panama, and the United Arab Emirates which will be invoiced and paid in U.S. Dollars.

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	4.12	Caterpillar Volume Commitments.  

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		a)	Commitment.  From time to time Caterpillar and Cat dealers may choose to dispose of equipment via public online or on-site auctions in the following jurisdictions: North America (United States, Canada and Mexico); the United Kingdom (England, Scotland, Wales and Northern Ireland); Australia; the Middle East (Turkey, Israel, Saudi Arabia, United Arab Emirates, Egypt, Iraq, Yemen,   Jordan, Palestine, Lebanon, Oman, Kuwait, Qatar and Bahrain); or the European Union (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden) (“Total Volume”).  Of the Total Volume, Caterpillar agrees that the following percentages of equipment, as calculated per below, shall be disposed of through RCC Auctions (“Caterpillar Volume”):   

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	2017
	2018
	2019
	2020

	[ *** ]%
	[ *** ]%
	[ *** ]%
	[ *** ]%

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For the avoidance of doubt and for purposes of the Total Volume definition, public online or on-site auctions do not include closed auctions among Caterpillar and/or Cat dealers.
		b)	Calculation.  The Caterpillar Volume will reflect, in the aggregate, the percent of equipment as compared to the Total Volume that Caterpillar and Cat dealers sell through RCC Auctions.  Within sixty (60) days of the end of each calendar year, as set forth in the table above, Caterpillar will report to RCC the Caterpillar Volume as a percent of the Total Volume.  When calculating the Caterpillar Volume, Caterpillar will consider the percent of dollars represented by the Total Volume.  

		c)	Effect of Caterpillar Volume Commitments.  To the extent Caterpillar fails to achieve the Caterpillar Volume in any calendar year, RCC may, subject to the terms hereof, (i) revoke Caterpillar’s access to the Tool granted in Section 6.1, (ii) discontinue provision of the Information set forth in Section 6.2, and/or (iii) only to the extent Caterpillar fails to cure as set forth in Section 4.12(d), terminate this Agreement in accordance with Section 7.  The Parties agree that the remedies set forth herein are the exclusive RCC remedies for failure by Caterpillar to achieve the Caterpillar Volume and such failure shall not be considered grounds to claim damages for breach.  RCC further agrees not to revoke Caterpillar’s access to the Tool granted in Section 6.1 or discontinue providing Information set forth in Section 6.2 to Caterpillar (the “Data Remedies”) for the first twelve (12) months following the Effective Date, regardless of the Caterpillar Volume commitments set forth in this Section 4.12.  For the avoidance of doubt, RCC taking action on the Data Remedies shall not affect Caterpillar’s rights in the Information, granted pursuant to Section 6.3, previously received, extracted, used, reviewed, shared, distributed, transferred, analyzed or processed and shall also not affect Caterpillar rights in any derivative works made therefrom.

		d)	Caterpillar Cure.  To the extent Caterpillar fails to meet the Caterpillar Volume commitment for a calendar year, RCC agrees that before RCC may take action on any of the remedies set forth in Section 4.12(c), the Advisory Board shall meet within thirty (30) days after determination of such failure to discuss in good faith waiving or modifying the Caterpillar Volume commitment for that year or granting Caterpillar the opportunity to achieve the Caterpillar Volume with an extended timeline.  Following such Advisory Board meeting, RCC shall provide Caterpillar with at least thirty (30) days’ prior written notice before it takes action on the Data Remedies.  RCC shall resume sharing data pursuant to its commitments under Section 6 immediately following Caterpillar achieving the Caterpillar Volume percentage for the then current year as set forth in Section 4.12(a) for the three (3) months following RCC’s actions regarding the Data Remedies.

		e)	Cat dealers.  Caterpillar understands that RCC will require a minimum volume commitment from Cat dealers as further described in Section 4.14 as a condition to granting Cat dealers access to certain data elements.  Caterpillar further understands that such requirements will be agreed between RCC and each Cat dealer that agrees to so contract with RCC in a Dealer Remarketing Agreement or other such agreement.

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	4.13	Volume Commitment Audit Rights.  RCC shall have the right to audit Caterpillar’s reporting of Caterpillar Volume through the use of a “clean team” which will be comprised of independent outside consultants that do not interact with Caterpillar and are not involved with the Alliance and Objectives.  Such consultants will review Caterpillar’s methodology for creating the reports, together with the data and records used in generating the reports.  Such consultant will be engaged to perform such work and share only their conclusions with RCC, not Caterpillar’s internal business processes and reporting procedures.

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	4.14	Dealer Volume Requests.  Caterpillar understands that RCC will require Cat dealers that choose to enter into a Dealer Remarketing Agreement to sell greater than [ *** ] of equipment sold through RCC Auctions (for greater certainty, excluding the use of non-transactional listing services),[ *** ].  RCC will agree in the Dealer Remarketing Agreement not to revoke Cat dealers’ access to the data provided thereunder for the first twelve (12) months following the effective date of such agreement, regardless of the Cat dealer’s volume commitments.  For the avoidance of doubt, Caterpillar makes no commitments to RCC about the volume of equipment Cat dealers will sell through RCC Auctions.

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	4.15	Auction Locations.  For Live Auctions where RCC does not have a permanent location, RCC shall seek to use Cat dealer sites when appropriate.  Additionally, in preparation for Live Auctions and at RCC’s locations, RCC will use equipment branded with a trademark owned by Caterpillar as its preferred equipment.  

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	4.16	Cat Parts.  RCC will use genuine Cat parts for servicing equipment branded with a trademark owned by Caterpillar that is (a) used in RCC’s operations or (b) in RCC’s care, to the extent RCC may select the brand of parts to use.  RCC will encourage sellers and buyers at RCC Auctions to select Cat parts for service.  

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5.Marketing.
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	5.1	RCC will provide Caterpillar with preferred access for marketing opportunities such as the following, which opportunities RCC agrees will also be reflected in the Dealer Remarketing Agreement with each Cat dealer that chooses to so contract with RCC:

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		a)	Prominent signage, in conformance with Caterpillar brand standards;

		b)	Warranty sale opportunities;

		c)	Ability to promote service offerings; and

		d)	Ability to promote finance offerings (for Caterpillar consistent with Section 1.6).

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	5.2	RCC will work with Caterpillar and Cat dealers to help drive demand for new sectors (such as power generation) in both the IP Channels and RB Channels.

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	5.3	The Parties shall review and discuss adoption of additional marketing programs that may include: (a) additional lead generation and co-marketing arrangements; (b) appropriate business intelligence gathering and sharing; and (c) direct marketing programs to the Caterpillar’s and RCC’s customer bases.  

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	5.4	Caterpillar will assist RCC (a) with verification of emissions regulatory status of certain serial numbers and (b) by connecting RCC with Cat dealers to purchase appropriate decals for equipment.  RCC is ultimately responsible for confirming an item’s regulatory status and the placement of appropriate decals.

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	5.5	Caterpillar will provide RCC with publicly available product information and specifications so RCC can better market equipment branded with a trademark owned by Caterpillar.

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	5.6	RCC and Cat dealers will work together to create a “welcome kit” to encourage winning bidders to become Cat dealer customers.

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6.Data Sharing.  
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	6.1	Tool.  RCC will provide Caterpillar with access to the Dealer Portal (the “Tool”), which shall be an access point to certain applications including the IronPlanet Auction Pricing Tool.  Such access shall be provided through the Internet at a web address to be provided by RCC.  RCC hereby grants Caterpillar a worldwide, fully paid up, royalty free, non-exclusive, license to access the Tool.  The Tool provides the following data related to equipment sales: Year, Make, Model, Sales Price, Serial Number, Date of Sale, Buyer Location and Description of the equipment.

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	6.2	Data.  Pursuant to the data licenses below and in addition to access to the data set forth in the Tool, RCC shall in accordance with Sections 6.4(a) and 6.4(b) provide Caterpillar with the following information (together with the data set forth in the Tool, the “Information”):

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		a)	In respect of all equipment branded with a trademark owned by Caterpillar (“Cat Branded Equipment”), Customer Information (as defined below) for: 

		i)	[ *** ], together with the [ *** ] and [ *** ], for such Cat Branded Equipment sold through an Auction Site that was previously owned by IP, a Live Auction of the type previously run by IP or any other online marketplace previously owned by IP (the “IP Channels”) or any other equipment sale marketplace that is not within the IP Channels (“RB Channels”); and

		ii)	[ *** ]for such Cat Branded Equipment sold through IP Channels or RB Channels, provided that in the context of a live on-site auction within the IP Channels or RB Channels, RCC agrees to provide the information set forth in this section 6.2(a)(ii) only to the extent RCC collects such information; 

		b)	In respect of all equipment consigned by Caterpillar or a Cat dealer (“Cat Consigned Equipment”), Customer Information for: 

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		i)	[ *** ], together with the [ *** ] and [ *** ], for such Cat Consigned Equipment sold through IP Channels or RB Channels; and 

		ii)	[ *** ] for such Cat Consigned Equipment sold through IP Channels or RB Channels, provided that in the context of a live on-site auction within the IP Channels or RB Channels, RCC agrees to provide the information set forth in this Section 6.2(b)(ii) only to the extent RCC collects such information.  

		c)	A one-time report with [ *** ] of equipment branded with a trademark owned by Caterpillar and sold through the RB Channels; and

		d)	(A) Inspection and condition reports for all equipment branded with a trademark owned by Caterpillar regardless of the channel to the extent RCC conducts an inspection; and (B) Inspection and condition reports for all equipment consigned by Caterpillar or a Cat dealer regardless of the channel to the extent RCC conducts an inspection.

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“Customer Information” shall mean: [ *** ].
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RCC further agrees that the Information it will provide Caterpillar under Section 6.2(a) regarding equipment branded with a trademark owned by Caterpillar shall be provided to Caterpillar exclusively, provided RCC shall not be restricted from sharing such information with the consignor of the specific equipment or from using the Information for its business operations in the ordinary course.
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	6.3	License.  RCC further grants Caterpillar a worldwide, perpetual, fully paid up, royalty free, non-exclusive, irrevocable, transferable license to receive, use, review, share, distribute and make derivative works from Information.  For the avoidance of doubt, Caterpillar may use, distribute, transfer, analyze and process the Information, including through the use of third party processors.  The license set forth in this Section 6.3 is intended to grant such rights in the Information to Caterpillar for use in Caterpillar’s internal business purposes which, for the avoidance of doubt, includes, without limitation, (a) incorporating or integrating such data into products and services that Caterpillar sells to customers, either directly, through Cat dealers or by other means, provided that the data is not being sold on a standalone basis as a data set regardless of form, (b) incorporating such data into products and services used by Cat dealers, (c) business intelligence, and (d) marketing.

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For the avoidance of doubt, this Section 6.3 does not restrict RCC’s rights to use the Information for its internal business purposes or from developing services and products (for which it may derive a fee) that utilize aggregated Information.  Further, RCC shall not be restricted or prevented (through this Agreement) from entering into similar data sharing arrangements with other customers or manufacturers as it relates to such customers’ or manufacturers’ equipment.  
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	6.4	Data Delivery.

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		a)	Method.  As of the Effective Date and subject to the terms of this Agreement, RCC shall deliver the Information to Caterpillar through the Tool and by such other means as are necessary to fully deliver the Information, as agreed between Caterpillar and RCC.  RCC is committed to enhancing the delivery of data directly to Caterpillar through a data feed (or other similar means) and to develop other mutually acceptable means and methods to accelerate the delivery of information where time is of the essence.  

		b)	Timing.  For Information that is collected on IP Channels, RCC shall provide such Information to Caterpillar immediately upon the Effective Date.  In the case of data collected on RB Channels, RCC shall provide such Information as soon as reasonably practicable for RCC technologically, but no later than one hundred and twenty (120) days following the Effective Date.

		c)	Delivery to Cat dealers Working with IP as of the Execution Date.  Cat dealers that are engaged with IP and receiving certain customer data as of the Execution Date shall continue to receive such data consistent with past practice following the Effective Date.  Caterpillar understands that RCC will require Cat dealers to enter into Dealer Remarketing Agreements that include certain terms for such Cat dealers to begin receiving service territory specific data from RCC that is broader than what is received as of the Execution Date.  RCC shall be prepared (technologically and otherwise) to commence sharing this broader set of service territory specific data with Cat dealers within one hundred twenty (120) days following the Effective Date.  

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		d)	Delivery to other Cat dealers.  For Cat dealers not engaged with IP as of the Execution Date but that wish to engage with RCC under a Dealer Remarketing Agreement or otherwise, RCC agrees that such Cat dealers will commence receiving the agreed upon data as soon as possible following execution of the Dealer Remarketing Agreement and being on-boarded by RCC onto the RCC data interface then in effect.  

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	6.5	Customer Documentation.  RCC will revise its template customer agreements and other related documentation, including its privacy policy, if any and as needed, to reflect the data sharing principals expressed herein such that RCC is permitted in the future to share data consistent with its obligations set forth in this Agreement and as permissible under applicable privacy laws and regulations.  To the extent Caterpillar wishes to use data acquired under this Agreement for purposes other than those expressly outlined in this Agreement, Caterpillar will be solely responsible for obtaining such consent from customers as it deems necessary in its discretion.

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	6.6	Warranty; Limitation of Liability.  EACH PARTY warrants that the services IT provideS under this Agreement will be provided in a professional manner AND TO THE REASONABLE SATISFACTION OF THE RECEIVING PARTY.  ADDITIONALLY, EACH PARTY warrants that the INFORMATION IT provideS under this Agreement will be provided in a professional manner.  Except as expressly provided in the immediately preceding sentenceS or as otherwise expressly set forth in this agreement or an equipment listing form, ALL SERVICES AND INFORMATION PROVIDED BY OR THROUGH THIS AGREEMENT ARE PROVIDED WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.  TO THE FULLEST EXTENT PERMITTED BY LAW AND EXCEPT FOR Either party’s BREACH OF THE LICENSES GRANTED TO THE INFORMATION IN SECTION 6.3 or Section 8 of this Agreement, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY SPECIAL, INDIRECT, PUNITIVE, COVER, INCIDENTAL OR CONSEQUENTIAL DAMAGES, HOWEVER CAUSED, WHETHER IN CONTRACT OR TORT OR UNDER ANY OTHER THEORY OF LIABILITY, INCLUDING LOSS OF REVENUE, PROFITS, OR BUSINESS, ANY LOSS OF GOODWILL OR REPUTATION, OR COST OF REPLACEMENT GOODS AND/OR SERVICES, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

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	6.7	Telematics.  

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		a)	Live Auctions.  For Live Auctions, RCC, in compliance with all applicable law, shall use its best reasonable efforts to obtain any necessary consent to place and activate a data transmitter, such as a telematics device (“Data Transmitter”), on (i) each piece of equipment listed by Caterpillar or Cat dealers for sale via IP Channels or RB Channels and (ii) each piece of equipment branded with a trademark owned by Caterpillar and listed by others, to the extent the equipment is not already outfitted with such a device.  Such request for consent shall be included in RCC’s initial documentation with customers or as otherwise agreed between RCC and Caterpillar.  For equipment sellers and purchasers that consent to the placement of a Data Transmitter and its activation, RCC would further provide any necessary notice to activate such Data Transmitter so as to collect information from the equipment and transmit the same to Caterpillar.  The form of such consent is attached hereto as Schedule D.  Notwithstanding anything in this Agreement to the contrary, Caterpillar may amend Schedule D to this Agreement at any time by sending a copy of the revised Schedule D to any RCC representative on the Advisory Board.  The amended consent form will be used in replacement of the previously provided consent form no later than thirty (30) days from the date of delivery, and for greater certainty, RCC will be under no obligation to obtain consent from any customers retroactively or for any Live Auctions already in process.

		b)	Auction Sites.  For auctions conducted through the Auction Sites, RCC would provide the purchaser of each piece of equipment purchased via RCC’s services with Caterpillar’s then current promotion for the installation of a Data Transmitter on such purchased equipment.  

		c)	Costs.  Caterpillar and Cat dealers will be responsible for the cost of hardware and installation of Data Transmitters, while RCC will be responsible for the implicit cost of obtaining the necessary consents through its business processes.  

		d)	Data Sharing to RCC.  RCC shall be entitled to receive certain data from the equipment sold through the RCC Auctions that RCC causes to become equipped with a Data Transmitter, accompanied by consent as 

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			set forth in Section 6.7(a) from the equipment owner as outlined above and as allowed by applicable law.  The data RCC shall receive pursuant to this Section 6.7(d) shall be provided for RCC’s internal use (and not for RCC resale) and shall include (i) the machine hours at the later of the activation of the telematics device or the date the equipment is sold using the RCC Auctions and (ii) the location of the equipment 120 days after the date the equipment is sold using the RCC Auctions.  

		e)	Audit.  Caterpillar shall have the right at reasonable times and during normal business hours to audit, inspect and copy RCC’s records maintained in connection with this Section 6.7, including any consents, notices and other documents.

		f)	Advance Notice.  To allow Caterpillar to effectively market Data Transmitters and other related services to customers, RCC shall provide Caterpillar with a list of equipment serial numbers for equipment that is (i) branded with a trademark owned by Caterpillar or (ii) listed or consigned by Caterpillar or a Cat dealer via RCC’s services, at least five (5) days in advance of the applicable RCC Auction for all equipment that has been consigned to such RCC Auction or otherwise as promptly as reasonably practicable. 

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7.TERM AND TERMINATION.  
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	7.1	Term.  The term (“Term”) of this Agreement shall be a five (5) year period commencing on the Effective Date (the “Initial Term”).  Thereafter, this Agreement will automatically renew for consecutive renewal terms of three (3) years (each, a “Renewal Term”), except that if the Caterpillar Volume has not been met for the previous calendar year RCC may elect to terminate subject to compliance with the provisions of Sections 4.12(d) and 7.2.  The Parties will make reasonable efforts to resolve any disputes between them.  Reasonable efforts shall include the relevant business team, or portions thereof, from each of Caterpillar, RCC and the affected Cat dealer, if appropriate, meeting to attempt to resolve the dispute.  To the extent that team cannot come to a resolution of the dispute, the Advisory Board shall meet to attempt to resolve the dispute.

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	7.2	Termination.  To the extent the Parties are unable to resolve a dispute, either Party may terminate the Agreement for cause upon not less than twelve (12) months written notice prior to the end of the then-current Initial Term or Renewal Term, as the case may be.  The termination of this Agreement shall not affect any right or obligation of a Party that accrues under this Agreement prior to the effective date of the termination of this Agreement.  The Parties’ rights and obligations under the last sentence of Section 4.12(c) – Effect of Volume Commitments; Section 7 –Term and Termination, Section 8 – Confidentiality, and Section 9 – Miscellaneous will survive termination of this Agreement.

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	7.3	Transition Services.  To the extent this Agreement is terminated per Section 7.2, the Parties will work together to devise mechanisms to provide continuity of benefits for a transition and wind-down period (the “Transition Period”) of up to twenty-four (24) months (at Caterpillar’s election, or as few as twelve (12) months if RCC has terminated for cause) following notice of any termination.  During the Transition Period, RCC shall: (a) continue to provide auction services and access to the Information as set forth in Section 6; and (b) provide transition services to enable Caterpillar to achieve a smooth transition and avoid disruption while it explores alternative auction solutions.  Caterpillar will pay RCC for transition services at RCC’s cost plus [ *** ] percent ([ *** ]%).  During the Transition Period and notwithstanding the terms of Section 6.2, access to the Information shall be provided to Caterpillar on a non-exclusive, royalty free basis.  For the sake of clarity, data sharing pursuant to Section 6 and commission rates then in effect shall remain unchanged during the Transition Period, subject to continued observance by Caterpillar of the Caterpillar Volume described in Section 4.12.  The Parties shall work cooperatively during the Transition Period to ensure an orderly wind-down and transition.  

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8.CONFIDENTIALITY.  
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	8.1	In the spirit of the strategic alliance described in this Agreement, Caterpillar and RCC anticipate disclosing to one another information that each deems to be confidential or proprietary. The receiving Party shall (a) accord Confidential Information (as defined below) received by it from the disclosing Party with the same degree of confidential treatment that it accords its similar proprietary and confidential business and technical information, which shall not be less than the care a reasonable business person would exercise under similar circumstances, (b) use such Confidential Information only as permitted in writing by the disclosing Party or as contemplated in this Agreement, and (c) not disclose any of such Confidential Information to any Person other than its directors, officers, employees, and representatives (collectively “Representatives”) who have a need to know in connection with this Agreement.

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	8.2	Notwithstanding any other provision of Section 8.1, the receiving Party may disclose Confidential Information of the disclosing Party, without liability for such disclosure, to the extent that such disclosure is (a) required to be made pursuant to applicable law, government authority, duly authorized subpoena, or court order, in which case the receiving Party will provide prompt notice to the disclosing Party and endeavor to give the disclosing Party an opportunity to respond prior to such disclosure, (b) required to be made to a court or other tribunal in connection with the enforcement of the receiving Party’s rights under this Agreement, or (c) approved by the prior written consent of the disclosing Party.

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	8.3	The rights and obligations under this Section 8 with respect to any Confidential Information will survive for as long as such information continues to qualify as Confidential Information under Section 8.6.

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	8.4	Upon the request of the disclosing Party following the termination of this Agreement, and in accordance with the disclosing Party’s written instructions and at the disclosing Party’s expense, the receiving Party will promptly return or destroy all of the disclosing Party’s Confidential Information in the receiving Party’s possession or control; provided, that the receiving Party may retain a legal file copy and will not be required to destroy electronic back-up copies made in the ordinary course of business, so long as the receiving Party does not use such copies following the termination of this Agreement.

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	8.5	No Party shall issue any press release or make any public announcement relating to the subject matter of this Agreement without the prior written approval of the other Party; provided, however, that either Party may make any public disclosure it believes in good faith is required by applicable laws, in which case the disclosing Party will use its reasonable efforts to advise the other Party prior to making the disclosure.  Notwithstanding any other provision of this Agreement, if RCC believes in good faith that it is required to file or publicly disclose a copy of this Agreement to comply with any applicable disclosure laws or regulations (including any reporting requirement of the Securities Exchange Commission), or any listing requirement of any stock exchange, RCC shall (a) use its reasonable efforts to notify Caterpillar prior to any such filing of this Agreement; (b) use its reasonable efforts to redact pricing and other competitively sensitive terms and conditions of this Agreement as Caterpillar may reasonably request prior to any such filing; and (c) file a confidential treatment request reasonably acceptable to Caterpillar with respect to such redacted document as part of any such filing.

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	8.6	“Confidential Information” means any design, specification, idea, concept, plan, copy, formula, drawing, procedure, business process, organizational data, customer or supplier lists, or other business or technical information that the disclosing Party holds confidential or considers proprietary whether oral, written or viewed by audit, in connection with this Agreement. Notwithstanding the foregoing, the term “Confidential Information” does not include any information that (a) was already in the possession of the receiving Party prior to the receipt of the information from the disclosing Party without restriction on its use or disclosure; (b) is or becomes available to the general public through no act or fault of the receiving Party; (c) is rightfully disclosed to the receiving Party by a third party without restriction on its use or disclosure; or (d) is independently developed by the receiving Party without any use of or reference to the disclosing Party’s Confidential Information.

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	8.7	Notwithstanding the foregoing to the contrary, RCC shall be free to use and disclose to persons and entities (a) any information regarding the pricing and specifications of any equipment sold at public auction or available for sale at public auction through Auction Sites and/or Live Auctions to the extent disclosed as part of the auction and provided 

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		to all bidders, and (b) any relevant commercial data from RCC’s business, including, but not limited to, market data, real-time public auction pricing, equipment utilization data, and regional sales trend information, so long as such commercial data does not identify Caterpillar and cannot be segmented to separately identify Caterpillar.  Further, RCC may share any information regarding any equipment branded with a trademark owned by Caterpillar sold at public auction or available for sale at public auction through Auction Sites and/or Live Auctions with the consignors of such items.

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	8.8	Further, in the event that RCC is engaged to provide services to a manufacturer of products competitive with those of Caterpillar, its affiliate, dealers or distributors, then RCC is obligated and will not disclose to Caterpillar confidential commercial information regarding the business of such manufacturers of such products and such manufacturers’ dealers and distributors.  

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9.MISCELLANEOUS.
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	9.1	Counterparts.  This Agreement may be executed in counterparts, each of which shall be considered an original, but all of which together shall constitute the same instrument.  Execution and delivery of the Agreement may be evidenced by facsimile, PDF (Portable Document Format), or electronic signature and shall hold the same force and effect as an original signature for purposes of binding the Parties.

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	9.2	Entire Agreement. This Agreement constitutes the entire agreement between the Parties regarding their strategic alliance and supersedes any prior understandings, agreements, or representations by the Parties, written or oral, to the extent that they relate in any way to the Alliance.  For the avoidance of doubt and only upon the Effective Date, this Agreement supersedes and terminates that certain Master Operating and Remarketing Agreement dated as of April 1, 2015 by and between Caterpillar and IP.

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	9.3	Amendment. This Agreement may be amended or modified only by a writing that is signed by the Parties and that refers explicitly to this Agreement.

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	9.4	Succession and Assignment. This Agreement will be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Neither Party may assign any of its rights or obligations under this Agreement, directly or indirectly, without the prior written consent of the other Party, and any attempt to do so without the required consent will be void and of no effect.  

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	9.5	No Third Party Beneficiaries. This Agreement will not confer any rights or remedies upon any Person other than the Parties.

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	9.6	Severability. Any provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction will not affect the validity or enforceability of the remaining provisions of this Agreement or the validity or enforceability of the offending provision in any other situation or in any other jurisdiction. The Parties will attempt in good faith to replace any such invalid or unenforceable provision with a valid and enforceable provision designed to achieve, to the extent possible under applicable laws, the business purpose and intent of such invalid or unenforceable provision.

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	9.7	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than the State of Delaware.

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	9.8	Forum. The Parties agree and further acknowledge that any claim, demand or suit made in connection with any lien, claim, demand or suit arising from this Agreement be initiated in the U.S. District Court for the Southern District of New York and that only in the event such federal court is not available may a dispute arising from this Agreement be initiated in any of the Superior Courts in the State of New York. Each Party irrevocably waives, to the fullest extent allowed by applicable law, the defense of an inconvenient forum in any such action or proceeding.

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	9.9	Relationship. Nothing in this Agreement is to imply an agency, joint venture, partnership, or fiduciary relationship between the Parties. Neither Party is authorized to make any representations or commitments on behalf of the other Party. 

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	9.10	Expenses. Except as otherwise expressly set forth in this Agreement, each Party shall bear all of its own costs and expenses incurred in performing and complying with such Party’s obligations related to or arising out of this Agreement.

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	9.11	Force Majeure. No failure or delay by any Party in the performance of any of its obligations under this Agreement will be deemed a breach of this Agreement or create any liability, if such failure or delay arises from a general strike, labor dispute, lockout, fire, flood, severe weather, or other act of God, war, terrorism, insurrection, civil disturbance, embargoes of goods by any government or any other governmental action, and any such cause will absolve the affected Party from liability for such failure or delay in performing such obligation or responsibility; provided, that the affected Party uses commercially reasonable efforts to avoid or promptly remove such causes of nonperformance and promptly resumes performance when such causes are removed. The affected Party will provide the other Party with prompt written notice describing any failure or delay in performance that occurs by reason of force majeure and stating the estimated delay in performance due to such force majeure. The Parties will remain liable for those obligations under this Agreement that are not affected by the force majeure event.

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	9.12	Waiver. No waiver by a Party of any provision of this Agreement or any default, misrepresentation, or breach of warranty under this Agreement, whether intentional or not, will be valid unless such waiver is in writing and signed by the Party making such waiver, nor will such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty under this Agreement or affect in any way any rights arising by virtue of any prior or subsequent such default, misrepresentation, or breach of warranty.

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	9.13	Incorporation of Schedules. The schedules identified in this Agreement are incorporated in this Agreement by reference and made a part of this Agreement.

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	9.14	Notices. Any notice, request, instruction, or other document to be given under this Agreement by a Party will be in writing and will be deemed to have been given (a) when received, if given in person or by courier or a reputable courier service (e.g., FedEx, UPS, DHL, etc.), (b) on the date of transmission, if sent by facsimile or other wire transmission including electronic mail (receipt confirmed) or (c) five (5) Business Days after being deposited in the mail, certified or registered, postage prepaid.

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	If to RCC: 
Ritchie Bros.
9500 Glenlyon Parkway
Burnaby, BC V5J 0C6
Attn:  Jim Barr
Email: 
Facsimile: 
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With a copy to:
Ritchie Bros.
9500 Glenlyon Parkway
Burnaby, BC V5J 0C6
Attn:  Legal Affairs
Facsimile: 
	If to Caterpillar: 
Caterpillar Inc.
100 NW Adams
Peoria, IL 61629
Attn:  George H. Taylor, Jr.
Email: 
Facsimile: 
With a copy to: 
Caterpillar Inc.
100 N.E. Adams Street 
Peoria, Illinois 61629
Attn:  General Counsel
Facsimile: 
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	9.15	Construction. Capitalized terms defined in the singular include the plural and vice versa. The words “include,” “includes,” and “including” mean include, includes, and including “without limitation.” Unless otherwise provided in this Agreement, all references to a “Section” or a “Schedule” are to a Section of or a Schedule attached to this Agreement. Reference to and the definition of any document will be deemed a reference to such document, including any schedules or exhibits to such document, as it may be amended, supplemented, revised, or modified 

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		upon mutual written agreement of the Parties. The headings appearing in this Agreement are inserted for convenience only and in no way define, limit, construe, or describe the scope or extent of any Section or in any way affect any Section.

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	9.16	Jointly Drafted. The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring either Party by virtue of the authorship of any provisions of this Agreement.

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	9.17	Independent Legal Counsel. The Parties acknowledge that they have been advised or had the opportunity to be advised by their own independently selected counsel and other advisors in connection with this Agreement and enter into this Agreement solely on the basis of that advice and on the basis of their own independent investigation of all of the facts, laws, and circumstances material to this Agreement, and not in any manner or to any degree based upon any statement or omission by the other Party or its counsel.

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[SIGNATURE PAGE FOLLOWS]
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In Witness Whereof, the Parties hereto have caused this Strategic Alliance and Remarketing Agreement to be executed by their duly authorized representatives as of the Execution Date, and each represents and warrants to the other that it has validly executed this Strategic Alliance and Remarketing Agreement and has the legal power to do so.
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CATERPILLAR INC.RITCHIE BROS. AUCTIONEERS incorporated
By: /s/ George H. Taylor​ ​By: /s/ Ravichandra Saligram________________
Name: George H. TaylorName: Ravichandra Saligram
Title: Vice PresidentTitle: Chief Executive Officer
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IRONPLANET, INC. (solely for purposes of
Sections 3, 7, 8 and 9)
By: /s/ Douglas P. Feick​ ​
Name: Douglas P. Feick
Title: Senior Vice President and Chief Legal Officer
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​
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SCHEDULE A TO Strategic Alliance AND REMARKETING AGREEMENT
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SELLER TERMS AND CONDITIONS 
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This SCHEDULE A to Strategic Alliance and Remarketing Agreement provides additional terms that govern the sale of the equipment and the provision of related services by RCC.  
These Seller Terms and Conditions, including all schedules and other policies, establish the terms of your use of RCC's sites and services (e.g., www.rbauction.com, www.ironplanet.com, eu.IronPlanet.com, www.truckplanet.com, www.govplanet.com, www.allequip.com, www.catauctions.com and any third party online marketplace owned by RCC) and are incorporated by reference into the Strategic Alliance and Remarketing Agreement between Caterpillar and RCC for the consigning, or listing and advertising of equipment for sale to buyers at RCC Auctions.

	1.	Services.  RCC offers you the use of the Auction Sites, which function as an online marketplace and platform on which you can list and advertise equipment for sale to potential buyers (“Buyers”), as well as live, on-site auctions in the RB Channel or the IP Channel, such as Cat Auction Services’ eQuipment Yard timed out auction marketplace.  In respect of sale completed using the Action Sites or IP Channels, each Party is acting on its own behalf, and RCC is not a party to the subsequent purchase contract for equipment that is entered into between Caterpillar and the Buyer. The Auction Sites and/or the live, on-site auctions in the IP Channel shall be a listing site for the equipment, and Caterpillar shall not offer for sale or sell the equipment in any other manner until the earlier of (i) the date the equipment is sold in Live Auction or Auction Sites, or (ii) for the period of ninety (90) days following the date Caterpillar withdraws the equipment from the applicable auction.  By listing a piece of equipment with RCC on an Auction Site or in the IP Channel Caterpillar extends an irrevocable offer to sell the equipment, as applicable, (a) to a Buyer who is the highest bidder and who meets or exceeds the opening bid or reserve price, or (b) to a Buyer who commits to purchase equipment at the buy now price.  After the winning bid for a piece of equipment has been established by RCC or the Buyer has committed to purchase the equipment at the buy now price, the bid or purchase commitment of Buyer will be automatically accepted by the Caterpillar and a purchase contract between Caterpillar and Buyer is automatically concluded ("Purchase Contract").  All applicable terms and conditions of this Agreement shall apply to the Purchase Contract.  Buyer and Caterpillar will be notified of the conclusion of the Purchase Contract by an email or other notification that is generated automatically by the Auction Site or at the live, on-site auction in the IP Channel.  There is no guarantee as to the gross proceeds that may be realized from the sale of equipment through the Auction Site other than by Caterpillar establishing a reserve price which may or may not be accepted by a Buyer.  In respect of sales via live, on-site auctions in the RB Channels (an “RB Auction”), RCC shall, as agent of Caterpillar, offer for sale to Buyers the equipment designated for sale at the RB Auction.  After the winning bid for a piece of equipment has been accepted and established by RCC, the Buyer will be unconditionally and irrevocably bound to complete the purchase of such piece of equipment.  Auctions within the RB Channel will have the exclusive right to sell any equipment designated on an Equipment Listing Form for sale by such means and Caterpillar shall not withdraw such equipment, or offer for sale or sell such equipment in any other manner, from the date the equipment is first advertised for sale at an RB Auction which generally occurs twenty (20) days in advance of said auction.  All Live Auctions are unreserved and equipment offered for sale will be sold to the highest bidder on the date of the auction.  There is no guarantee as to the gross proceeds that may be realized from sales of equipment at Live Auctions and RCC has no obligation or duty to withdraw equipment from such auctions or cancel the same.  The timing of the sale of equipment and opening bid shall be set by RCC.  RCC shall use its best efforts to sell the equipment on behalf of Caterpillar in a commercially reasonable manner.  Caterpillar may not intentionally manipulate, directly or indirectly, the price of equipment by any means.  To the extent Caterpillar wishes to sell equipment at Live Auction outside of the U.S., Canada, U.K., Europe and Australia, the Parties will cooperate and review the terms in this Schedule A to ensure any local laws and requirements relating to the sale of equipment are addressed in a mutually satisfactory manner. 

	2.	Inspections.  For all requested inspections, Caterpillar agrees to permit RCC and/or its authorized representatives to test and inspect each piece of equipment at a time and place specified in the Agreement or as otherwise mutually agreed.  To the extent conducted as part of the ordinary course of business, RCC shall produce an inspection report ("Inspection Report") for each piece of equipment. RCC inspections are solely for the purpose of reporting on the condition of the equipment's major systems and attachments.  RCC inspections are NOT intended to detect latent or hidden defects or conditions that could only be found in connection with the physical dismantling of the equipment or the use of diagnostic equipment or techniques.  As such, RCC provides all Inspection Reports to Caterpillar “as is.”  Caterpillar’s failure to properly maintain the equipment from the date of inspection until its removal from Caterpillar’s location by Buyer will void the inspection.  If Caterpillar alters or performs repairs or other maintenance to the equipment after the inspection, another inspection will be required, and Caterpillar will be subject to a re-inspection fee for the actual costs of such additional inspection.  Subject to the foregoing, all Inspection Reports and reports related to re-inspection shall be shared by RCC with Caterpillar.  RCC acknowledges and agrees that Caterpillar is permitted to use, share and distribute all information that will be contained in such Inspection Reports, consistent with the terms of the Agreement, including sharing such information and Inspection Reports with its consultants, data processors, legal counsel and financial advisors.

	3.	Equipment Availability; Risk of Loss; Insurance. Caterpillar agrees to have the equipment available for transportation, complete with ignition key, to the Buyer no later than one (1) business day after the conclusion of the sale.  The responsibility and risk of loss for equipment shall be and remain with Caterpillar (and not RCC) until the earlier of: (i) the removal of the equipment from the posted equipment location by the Buyer or the Buyer's designated transportation provider or (ii) receipt by Caterpillar of all proceeds from the sale of equipment.  Thereafter, the equipment shall be and remain at the risk of the Buyer or the Buyer's designated transportation provider (and not RCC).  With respect to sales through live, on-site auction, Caterpillar shall be responsible for maintaining insurance coverage pertaining to the equipment and its transfer to and from, and storage at, the auction site, until the earlier of transfer of title of the equipment or removal from the equipment from the auction site.  RCC has no obligation to maintain insurance coverage pertaining to the equipment in the possession of RCC for purposes hereunder.

	4.	Delivery.  For sales of equipment to be conducted by RCC through live, on-site auctions, Caterpillar, at its expense, shall deliver the equipment and all related titles, certifications, or other documents relating to ownership to RCC at the auction site no later than fifteen (15) days prior to the auction.  At the time of delivery to the auction site the equipment shall be in compliance with all Federal and State regulations regarding emissions, safety or any other regulations as required by law. Titled items must have a legible VIN or other I.D. as required by law.  Caterpillar will disclose to RCC any and all modifications or omissions to the aforementioned Federal and State regulations.  

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	5.	Fees; Payment of Proceeds; Taxes.  All fees and payment instructions are set forth in the Agreement.  Caterpillar shall be responsible for the payment of any tax or duty that is Caterpillar’s responsibility as a seller of the equipment.  After the Purchase Contract is concluded between Caterpillar and the Buyer, the Site will generate a third party invoice that is issued to Buyer on your behalf. The Buyer is responsible for paying to Caterpillar the purchase price for the equipment upon conclusion of a Purchase Contract, and Caterpillar hereby instructs RCC to act as a payment processor and facilitate receipt of the purchase price. Further, Caterpillar hereby grants RCC the right, in its own name, to enforce your right to payment. Caterpillar agrees that no monies shall be payable to Caterpillar until paid by the Buyer.  For equipment sold via RB Channels, RCC will invoice the Buyer directly and the Buyer is responsible for paying RCC the purchase price for the equipment.  The net proceeds collected from sales of equipment via RB Channels (net of agreed amounts due to RCC) will be paid by RCC to Caterpillar within twenty-one (21) days after the auction in accordance with the payment instructions provided by Caterpillar.  Caterpillar acknowledges that Buyers may fail to perform or pay on a timely basis and that RCC shall not have any liability to Caterpillar for any act or omission of Buyers.

	6.	Representations.  (i) Caterpillar represents and warrants that: (a) to its knowledge, no equipment shall be fraudulent, stolen or counterfeit; (b) Caterpillar is duly authorized to enter into the Agreement and sell such equipment; (c) Caterpillar is solvent and has not made any assignment, proposal or other proceeding for the benefit of its creditors; (d) Caterpillar owns all right, title and interest in and to the equipment and the equipment is free and clear of all liens or other encumbrances, except as otherwise disclosed by Caterpillar to RCC in writing; and (e) Caterpillar operates its business and will perform under this Agreement in compliance with all applicable laws, agreements and policies by which Caterpillar is bound, including applicable emissions regulation.  (ii) RCC represents and warrants that: (w)  RCC is duly authorized under the laws of the jurisdiction of its organization; (x) RCC is duly authorized to enter into the Agreement and take all actions required of RCC pursuant to the Agreement; (y) RCC operates its business and will perform under this Agreement in compliance with all applicable laws, agreements and policies by which RCC is bound, including applicable emissions regulation; and (z) RCC employs and maintains security policies and standards in accordance with industry standards for similarly-situated organizations.

	7.	Disclaimer; Limitation of Liability.  RCC warrants that the Site and services provided under this Agreement will be provided in a professional manner and to the reasonable satisfaction of CATERPILLAR.  Except as expressly provided in the immediately preceding sentence or as otherwise expressly set forth in this agreement or an equipment listing form, THE SITE AND SERVICES PROVIDED BY OR THROUGH COMPANY ARE PROVIDED ON AN "AS IS" AND “AS AVAILABLE” BASIS WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.  TO THE FULLEST EXTENT PERMITTED BY LAW, IN NO EVENT SHALL COMPANY OR SELLER BE LIABLE FOR ANY SPECIAL, INDIRECT, PUNITIVE, COVER, INCIDENTAL OR CONSEQUENTIAL DAMAGES, HOWEVER CAUSED, WHETHER IN CONTRACT OR TORT OR UNDER ANY OTHER THEORY OF LIABILITY, INCLUDING LOSS OF REVENUE, PROFITS, OR BUSINESS, ANY LOSS OF GOODWILL OR REPUTATION, OR THE COSTS OF SUBSTITUTE GOODS OR SERVICES, EVEN IF COMPANY OR AN AUTHORIZED REPRESENTATIVE THEREOF HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

	8.	Indemnification.  Each of RCC and Caterpillar agrees to indemnify (“indemnifying party”) and hold harmless the other party, its affiliated companies and their respective officers, directors, employees, agents, successors and assigns ("indemnified parties") from and against any claim or demand (including reasonable attorneys' and experts' fees and costs) made by any third party due to or arising out of a party’s breach of this Agreement or violation of any law. The indemnified party shall promptly notify the indemnifying party in writing of any threatened or actual claim or demand and reasonably cooperate with indemnifying party to facilitate the settlement or defense thereof.  Indemnifying party shall have sole control of the defense or settlement of any claim or demand, provided that indemnified party, at its option and expense, may participate and appear on an equal footing with indemnifying party. Indemnifying party shall not settle any claim or demand without the written consent of the indemnified parties, with such consent not to be unreasonably withheld or delayed.

​
	9.	Additional Liens.  RCC shall have the right, in its sole discretion, to rescind the sale of equipment to a Buyer in whole or in part in the event there are liens, encumbrances or adverse claim on or to any equipment in addition to those that are listed in the Agreement.

​
​

Strategic Alliance and Remarketing Agreement‌
CONFIDENTIAL‌Page 17 of 21
​

​

SCHEDULE B TO Strategic Alliance AND REMARKETING AGREEMENT
​
SAMPLE EQUIPMENT LISTING REQUEST FORM
​
	SELLER:  
	DATE OF SUBMISSION:  

	DESIGNATED SELLER REPRESENTATIVE:
	DATE OF MASTER OPERATING AND REMARKETING AGREEMENT  

	Company SALES CONTRACT NO.:  
	​

​
Pursuant to the terms of the Strategic Alliance and Remarketing Agreement referenced above, Seller hereby authorizes __________ to place the following Equipment for sale:
​
	No.
	Seller Ref #
	Location
	Year
	Make
	Model
	Serial #
	Hours/ Miles
	Sale Type
	Insp. Reqs.
	Liens (Y/N)
	Features/Equipment Detail; Attachment Detail
	Equip. Code
	Listing Fee

	
1.

1

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2.

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3.

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4.

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5.

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6.

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7.

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8.

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9.

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11.

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12.

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​
BY AND ON BEHALF OF SELLER:​ ​​ ​​ ​​ ​​ ​​ ​

	LEGEND:

	Sale Type:
	FE = Featured Event    CAS = CAT Auction
DM = Daily Marketplace  RB = RB Auction
	Inspection Reqs:
	FI = Full InspectionB = Photos and Basic FunctionalityPO = Photos Only (non-powered units)
​

​
Strategic Alliance and Remarketing Agreement‌
CONFIDENTIAL‌Page 18 of 21

​

(Signature of Designated Seller Representative)
PAYMENT INSTRUCTIONS:  RCC shall remit payment to Seller according to the instructions provided below.  If no selection is made, payment shall be by check.
​
Select Payment Method: ​ ​​ ​ Company Check​ ​​ ​Wire Transfer
​
If Wire Transfer, instructions:  Beneficiary Name: ​ ​​ ​​ ​​ ​​ ​
​
Beneficiary Acct. No.: ​ ​​ ​​ ​​ ​​ ​
​
Bank Name: ​ ​​ ​​ ​​ ​​ ​​ ​
​
Bank Location: ​ ​​ ​​ ​​ ​​ ​​ ​
​
Bank (ABA) Routing No.: ​ ​​ ​​ ​​ ​
​
​
​

Strategic Alliance and Remarketing Agreement 
CONFIDENTIALPage 19 of 21
​

​

SCHEDULE C TO STRATEGIC ALLIANCE AND REMARKETING AGREEMENT
​
COMMISSION RATES
​
​
	Auction Sites (e.g. IP, E1 etc.):
				
		GTV2
		Commission Rate
	Fees
	
		[ *** ]
	 
	[ *** ]%
	Standard Listing Fee
	
		[ *** ]
	 
	[ *** ]%
	Standard Listing Fee
	
		[ *** ]
	 
	[ *** ]%
	Standard Listing Fee
	
						
	Live Auction (e.g. CAS1, RBA, etc.):
				
		US and Canada

		GAP2
		Commission Rate
	Annual Threshold Rebate
	Effective Rate

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

						
		Rest of the World

		GAP2
		Commission Rate
	Annual Threshold Rebate
	Effective Rate

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

		[ *** ]
	 
	[ *** ]%
	[ *** ]%
	[ *** ]%

​
​
1 Onsite Dealer CAS or RBA/CAS Cobranded Events
2 Aggregate GTV and GAP threshold levels in USD only applicable to straight commission business volume at a dealer level
​
​
​

Strategic Alliance and Remarketing Agreement‌
CONFIDENTIAL‌Page 20 of 21

​

​
SCHEDULE D TO STRATEGIC ALLIANCE AND REMARKETING AGREEMENT
​
FORM OF CONSENT
​
I agree and acknowledge that to the extent this equipment is equipped with a telematics system (e.g., Product Link), that data concerning this equipment, its condition, and its operation is being collected and transmitted to Caterpillar Inc., its affiliates (collectively, "Caterpillar"), and/or its dealers.  
​
Caterpillar Inc. recognizes and respects customer privacy.  The Caterpillar Telematics Data Privacy Statement (the “Privacy Statement”) describes the categories of information collected, the purposes of the processing of the information, how the information is shared, how to ask questions about telematics and how to revoke your consent.  The Privacy Statement is available online at www.cat.com and attached to this consent form.
​
I consent, agree to allow, and grant a worldwide, perpetual, fully paid up, non-exclusive, nonrevocable, license to, Caterpillar and/or its dealers to use, access and transfer this information in accordance with this consent form and the Privacy Statement, including for this information to be transferred to jurisdictions that may not offer the same level of data protection as the jurisdiction in which I am located.  Furthermore, I acknowledge and agree that to the extent consent of the operator is required that I will have and will obtain their consent prior to allowing them to use the equipment. 
​
Further, I consent that Caterpillar and/or its dealers to transfer to Richie Bros. Auctioneers Incorporated and its affiliates (the “RB Entities”) for its and their internal use, but not for resale, information regarding the hours of usage of this equipment at the later of the activation of the telematics system or the date the equipment is sold through RB Entities and the location of the equipment 120 days after the date the equipment is sold through RB Entities.
​
In the event that I transfer ownership of the equipment, I agree to notify the next owner about the telematics system, the information being transmitted and the Purposes and this language including the link to the privacy statement.  In addition, I will notify my dealer that I have transferred ownership of the equipment.
​
	◻
	I have been provided a copy of the Caterpillar Telematics Data Privacy Statement.

	◻
	I have read and I understand the Caterpillar Telematics Data Privacy Statement.

	◻
	I freely consent to the data collection and transfers described in this consent form, including the Caterpillar Telematics Data Privacy Statement.

​
The undersigned company hereby gives its voluntary consent and agreement:
​
	​
Company Name:
	​

	​
Represented by (printed):
	​

	​
Signature:
	​

	​
Date:
	​

​

Strategic Alliance and Remarketing Agreement‌
CONFIDENTIAL‌Page 21 of 21EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 

THIS EMPLOYEE MATTERS AGREEMENT (“Employee Matters Agreement”) is executed effective as of [●], 202[●], by and
between General Electric Company, a New York corporation (“Parent”) and GE HealthCare Technologies Inc., a Delaware corporation (“SpinCo”) (collectively, the “Parties”). 

WHEREAS, the Parties have entered into a Separation and Distribution Agreement dated [●], 2022 (the “Separation
Agreement”); and 
 WHEREAS, the Parties desire to set forth in writing the terms and conditions governing employee matters related
to the Separation Transactions as set forth in this Employee Matters Agreement, which shall supplement the provisions of the Separation Agreement. 

NOW, THEREFORE, in consideration of the promises and mutual covenants set forth in the Separation Agreement and herein, and other good and
valuable consideration, and contingent upon the Distribution, the Parties hereby agree as follows: 
 SECTION 1.    Definitions 

 For purposes of this Agreement, the following terms shall have the following meanings. All capitalized terms used but not defined herein shall have the
meanings assigned to them in the Separation Agreement unless otherwise indicated. 
 “Allocated Plan” means each Parent Plan identified in
Appendix A for which sponsorship is transferred to a member of the SpinCo Group in accordance with the terms of this Employee Matters Agreement. 

“Assets” for purposes of this Employee Matters Agreement is applicable only with respect to those Parent Plans or Business Plans which are
funded by a trust that is exempt from tax under Section 501(a) of the Code, and the Heller Financial Executive Deferred Compensation Plan and Heller Financial Inc. Deferral Restoration Plan which are each funded by a Rabbi trust. 

“Business Plan” means each (i) “employee benefit plan,” as defined in Section 3(3) of ERISA (whether or not subject to ERISA),
(ii) other plan, program, fund, scheme or agreement, whether written or unwritten, providing for compensation, bonuses, profit-sharing, equity compensation or other forms of incentive or deferred compensation, insurance (including self-insured
arrangements), health, medical or other welfare benefits, or post-employment or retirement benefits (including severance or other compensation, pension, health, medical, life insurance or other welfare benefits), and (iii) Employee Agreement,
in each case which is sponsored, maintained, or administered or contributed to by one or more members of the SpinCo Group or with respect to which a SpinCo Group member has any Liability. Effective upon the applicable Split Date, the Business Plans
shall include the Allocated Plans and the Mirror Plans for which Liabilities (and Assets, where applicable) are transferred or allocated to the SpinCo Group, and shall exclude the Business Plans listed in

 
Appendix B for which sponsorship is transferred to a member of the Parent Group (the “Retained Plans”) and the Parent Plans retained by Parent Group, each in accordance with the terms
of this Employee Matters Agreement. 
 “COBRA” means the continuation coverage requirements under Section 4980B of the Internal
Revenue Code and Part 6 of Subtitle B of Title I of ERISA. 
 “Continuation Period” means the period from the Distribution Date, through
the later of (i) any continuation period required by applicable Law, and (ii) (A) for Employees other than those primarily employed in Canada, a period of twelve (12) months following the Distribution Date, or (B) for Employees
primarily employed in Canada, a period of twenty-four (24) months following the Distribution Date. 
 “Deferred Plans” means the
General Electric Company Annual Executive Incentive Plan, GE Incentive Compensation Plan, General Electric Company 2011 Executive Deferred Salary Plan, General Electric Company 2006 Executive Deferred Salary Plan, General Electric Company 2003
Executive Deferred Salary Plan, General Electric Company 2002 Executive Officer Deferred Salary Plan, General Electric Company 2001 Executive Officer Deferred Salary Plan, General Electric Company 2000 Executive Deferred Salary Plan, General
Electric Company 1999 Executive Officer Deferred Salary Plan, General Electric Company 1998 Executive Officer Deferred Salary Plan, General Electric Company 1997 Executive Deferred Salary Plan, General Electric Company 1996 Executive Officer
Deferred Salary Plan, General Electric Company 1995 Executive Officer Deferred Salary Plan, General Electric Company 1994 Executive Deferred Salary Plan, General Electric Company 1991 Executive Deferred Salary Plan, General Electric Company -1987
Executive Deferred Salary Plan, and RCA Executive Deferred Compensation Plan. 
 “De-Risking
Transaction” means a transaction that transfers any Liabilities with respect to the GEPP or GEPP Mirror Plan, any GE Non-Qualified Pension Plan or Non-Qualified
Mirror Pension Plans, the GE Restoration Plan or Restoration Mirror Plan or any Deferred Plan or Non-Qualified Deferred Compensation Mirror Plan to an unrelated third party, or otherwise eliminates the plan
sponsor’s obligation to satisfy such Liabilities, including: (i) the purchase of an annuity contract pursuant to which any portion of such plan’s Liabilities are transferred to the contract issuer, (ii) a lump sum window
offering, or (iii) the termination of all or part of such plan. For the avoidance of doubt, freezing the GEPP or GEPP Mirror Plan will not be considered a De-Risking Transaction. 

“Employee” means each employee of (i) a SpinCo Group member as of the Distribution Date, including any employee who is on a leave of
absence (including due to disability) (and their Plan Payees, as applicable), (ii) GE Operations Indonesia PT, who remains employed by that entity at the time the entity becomes a SpinCo Group member, or (iii) another Parent Group member as of
the Distribution Date who is employed outside of the U.S. and would have become a SpinCo employee on the Distribution Date, as determined by Parent, but for a delay transferring the employee from the employee’s employing entity. GESA Employees
outside of the U.S. are not Employees for purposes of this Employee Matters Agreement, except for purposes of Sections 5(c), 5(d), 5(g), and 12(d) herein. For purposes of Sections  

  
 2 

 
5(c), 5(d), 5(g), and 12(d) of this Employee Matters Agreement (U.S. Health and Other Welfare Benefits), “Employee” also includes any employee hired by a
SpinCo Group member after the Distribution Date. 
 “Employee Agreement” means each (i) employment, retention, termination, severance,
change in control, and other similar agreement between an Employee and a member of either the Parent Group or the SpinCo Group, and (ii) separation or other individual agreement between a Former Employee or a Legacy Former Employee and a member
of either the Parent Group or the SpinCo Group that provides for post-separation benefits or compensation. For purposes of this definition as used in this Employee Matters Agreement, the term “SpinCo Group” shall have the meaning assigned
to it in the Separation Agreement and shall also include any previously divested business of Parent or any of its current or former Affiliates which Parent attributes to the SpinCo Group. 

“Employment Liabilities” means any and all Liabilities (contingent, known or unknown, asserted, unasserted, or otherwise) relating to,
arising out of, or resulting from: (i) the employment of, or services provided by, (A) an Employee, Former Employee, or Legacy Former Employee, and/or (B) a current or former individual independent contractor, consultant or other
individual service provider who is or was providing services primarily for the benefit of the SpinCo Business as determined by Parent (collectively, “Service Providers”), including termination of employment, or termination of services
provided by, an Employee, Former Employee, Legacy Former Employee, or Service Provider, (ii) any Business Plan (including any Mirror Plan or Allocated Plan), and/or (iii) Health and Other Welfare Liabilities described in
Section 5(c) of this Employee Matters Agreement, in each case whether arising before, on, or after the applicable Split Date, and including any claims for benefits, fiduciary breach, or any type of equitable or non-monetary remedies, and obligations for related taxes and penalties. Such Liabilities are Employment Liabilities regardless of when such Liabilities, or any actual or alleged act, error, or omission giving rise
to Liabilities, arose or accrued, including before, on, or after the applicable Split Date, with respect to each participant in such Business Plan. Notwithstanding the foregoing, employment tax Liabilities with respect to Legacy Former Employees for
periods prior to the applicable Split Date shall remain the obligation of Parent as provided in the TMA. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the rules and regulations issued thereunder. 
 “Former Employee” means each former
employee (and their Plan Payees, as applicable) of Parent or any of its current or former Affiliates (including current or former members of the SpinCo Group) who when last employed by Parent or a current or former Parent Affiliate, was providing
services primarily for the benefit of the SpinCo Business or Former SpinCo Business as determined by Parent. For purposes of Sections 5(c), 5(d), 5(g), and 12(d) of this Employee Matters Agreement (U.S. Health and Other
Welfare Benefits), “Former Employee” also includes any employee hired by a SpinCo Group member after the Distribution Date who becomes a former employee of a SpinCo Group member after the Distribution Date. 

  
 3 

 “Future Hire” means each individual listed on Appendix I and any replacements for such
individuals, if the replacement is located in the same country as the listed individual being replaced. 
 “GE
Non-Qualified Pension Plans” means the GE Supplementary Pension Plan (including the GE Executive Retirement Benefit (“ERB”)), the GE Excess Benefits Plan, the GE Executive Special Early
Retirement Option and Plant Closing Pension Retirement Plan, the GE Expatriate Local Placement Pension Plan, the GE Expatriate Pension Plan, the GE Retirement for the Good of the Company Program, and the Employment Agreements that provide unfunded
retirement benefits. 
 “GESA Employee” means each employee of a SpinCo Group member who is engaged to provide services to a non-SpinCo Group member entity pursuant to the terms of a Global Employee Services Agreement (“GESA”) and who will transfer to the non-SpinCo Group member pursuant
to the terms of a GESA or will otherwise remain subject to a GESA during their term of employment with a SpinCo Group member. 
 “Legacy Former
Employee” means each former employee (and their Plan Payees, as applicable) of Parent or any of its current or former Affiliates who is not a Former Employee (as determined by Parent) but with respect to whom Liabilities are being
transferred to a member of the SpinCo Group. As soon as practicable following the Distribution, Parent will provide SpinCo with a list of all Legacy Former Employees as of the Distribution Date. 

“Liability Split Date” means the applicable date set forth in Appendix D or Appendix E for assumption of Health and Other Welfare Liabilities
by SpinCo. 
 “Maintained Health and Welfare Plans” means the Parent Plans identified on Appendix D. 

“Maintenance Period” means, except as otherwise provided in Appendix D, the period ending December 31, 2026. 

“Mirror Plan” means each Business Plan sponsored by a member of the SpinCo Group to which Liabilities (and Assets, where applicable) are
transferred from a Parent Plan on the Split Date. 
 “Non-U.S. Employees” means all employees of a
SpinCo Group member who are not U.S. Employees. 
 “Parent Health and Welfare Plans” means the Parent Plans identified in Appendix E. 

“Parent Plan” means each (i) “employee benefit plan,” as defined in Section 3(3) of ERISA (whether or not subject to ERISA),
(ii) other plan, program, fund, scheme or agreement, whether written or unwritten, providing for compensation, bonuses, profit-sharing, equity compensation or other forms of incentive or deferred compensation, insurance (including self-insured
arrangements), health, medical or other welfare benefits, or post-employment or retirement benefits (including severance or other compensation, pension, health, medical, life 

  
 4 

 
insurance or other welfare benefits), and (iii) Employee Agreement, in each case which is sponsored, maintained, administered or contributed to by Parent or any Affiliate (other than a
member of the SpinCo Group) or with respect to which Parent or any Affiliate (other than a member of the SpinCo Group) has any Liability. Effective upon the applicable Split Date, Parent Plans shall include the Retained Plans, and shall exclude the
Allocated Plans and Mirror Plans for which Liabilities (and Assets, where applicable) are transferred to the SpinCo Group, each in accordance with the terms of this Employee Matters Agreement. 

“Plan Payee” means, as to each individual who participates in a Business Plan or a Parent Plan, such individual’s dependents,
beneficiaries, alternate payees, and alternative recipients, as applicable, under each such Business Plan or Parent Plan. For the avoidance of doubt, to the extent an individual is both a Plan Payee and a current or former employee of Parent or any
of its Affiliates, references to “Plan Payee” shall be deemed to refer to such individual only in his or her capacity as such a dependent, beneficiary, alternate payee, or alternative recipient, as applicable. 

“Puerto Rico Health and Welfare Retained Plans” means the Health Plan insured by Triple-S Salud in
Puerto Rico (Caribe Plan) and Long-Term Disability Income (Caribe Plan) on Appendix B. The Liability Split Date for the Puerto Rico Health and Welfare Retained Plans shall be January 1, 2023. 

“Split Date” means with respect to each Split Plan, Allocated Plan and Retained Plan: (i) the date upon which certain Parent Plan
Liabilities (and Assets, where applicable) that are attributable to Employees, Former Employees and Legacy Former Employees will be allocated and transferred, as described herein, to a Mirror Plan or member of the SpinCo Group, (ii) the date
upon which the sponsorship of (and responsibility for) the Allocated Plan will be transferred to a member of the SpinCo Group, or (iii) the date upon which sponsorship of (and responsibility for) the Retained Plan will be transferred to a
member of the Parent Group. The Split Date for the Parent Plans listed in Appendix C, the Retained Plans listed in Appendix B, and the Allocated Plans listed in Appendix A, shall be the applicable date listed in the relevant Appendix. The Split Date
for the GE U.K. Pension Plan shall be January 1, 2023. The Split Date for the GE Canadian Pension Plans shall be January 1, 2023. The Split Date for the Dutch Pension Plan shall be November 1, 2022. The Split Date for the Maintained
Health and Welfare Plans shall be January 1, 2024 (the “Plan Split Date”), although Health and Other Welfare Plan Liabilities for the Maintained Health and Welfare Plans shall be allocated and transferred to a member of the
SpinCo Group, as described herein, on the applicable Liability Split Date. 
 “Split Plans” means those Parent Plans for which Liabilities
(and Assets, where applicable) will be allocated between Parent and SpinCo. The Split Plans are the plans identified in Appendix C and the Maintained Health and Welfare Plans. 

“Transition Services Period” means the period following the Distribution Date as provided in the Transition Services Agreement, or such other
period mutually agreed upon by the Parties with respect to a specific administrative service. 

  
 5 

 “U.S. Employees” means all employees of a SpinCo Group member employed in the United
States. 
 SECTION 2.    Assumption of Certain Obligations and Liabilities.
 
 (a)    General Liability Allocation. To the fullest extent permitted by applicable Law,
SpinCo shall, or shall cause one or more of the SpinCo Group members to, assume or retain, as the case may be, any and all Employment Liabilities, and Parent and each other member of the Parent Group shall transfer, assign, and convey, each
effective as of the following dates: (i) in the case of Employment Liabilities other than those related to the Mirror Plans or Allocated Plans, the Distribution Date, (ii) in the case of Employment Liabilities related to the Mirror Plans
and the Allocated Plans, the applicable Split Date. Without limiting the generality of the foregoing, one or more of the SpinCo Group members shall assume or retain the Liabilities described in Section 5(c) of this Employee
Matters Agreement (U.S. Health and Other Welfare Benefits) related to participation by Employees, Former Employees, and Legacy Former Employees in Parent Health and Welfare Plans from and after the Liability Split Date. 

If applicable Law does not permit the assumption or retention, or the transfer, assignment, or conveyance, of a certain Employment Liability, then solely with
respect to that Employment Liability, SpinCo or any of the other SpinCo Group members shall indemnify, defend and hold harmless the Parent Indemnitees against any and all losses related to such Employment Liability. 

(b)    Bonuses. With respect to the fiscal year in which the Distribution Date occurs and each fiscal year
thereafter, SpinCo shall be solely responsible for paying (or causing to be paid) annual cash incentive bonuses to all Employees (and, if applicable, Former Employees). For the calendar year in which the Distribution Date occurs, (i) SpinCo
shall maintain a bonus plan for the benefit of Employees (and, if applicable, Former Employees) with substantially the same terms and conditions as the annual bonus plan applicable to such Employees (and, if applicable, Former Employees) immediately
prior to the Distribution Date, except that SpinCo may adjust the performance goals to the extent necessary or appropriate to maintain the intended incentive opportunity, and (ii) SpinCo shall pay (or cause to be paid) the bonuses due to each
Employee (and, if applicable, each Former Employee) under such bonus plan (taking into account any adjustments made pursuant to (i) above) during the next following calendar year consistent with past practice under the comparable Parent Plan.

 (c)    Individual Employee Agreements. SpinCo shall, or shall cause another member of the SpinCo Group to,
assume or retain exclusive responsibility for all Employee Agreements with Employees, Former Employees and Legacy Former Employees, which are or shall become Business Plans on and after the Split Date. 

(d)    Vacation and Paid Time-Off. Effective as of the Distribution Date,
SpinCo shall, or shall cause another member of the SpinCo Group to, assume or retain all obligations of the Parent Group members for the accrued, unused vacation and other paid time off or leave benefits for Employees, Former Employees and Legacy
Former Employees. 

  
 6 

 (e)    Litigation. If a member of the Parent Group is a party to
an Action brought by or on behalf of an Employee, Former Employee or Legacy Former Employee (including a class thereof), or related to a Business Plan (including an Allocated Plan or Mirror Plan), then a SpinCo Group member shall indemnify, defend
and hold harmless the Parent Indemnitees from and against any and all Liabilities of the Parent Indemnitees to the extent relating to, arising out of or resulting from such Action and manage any such Action (including without limitation any SpinCo
Directed Actions) pursuant to the terms of the Separation Agreement; provided, however that SpinCo shall not have any indemnification obligations with respect to any Parent Retained Liabilities. If SpinCo or another member of the SpinCo Group is a
party to an Action brought by an employee who is not an Employee, Former Employee, or Legacy Former Employee, and such Action relates to a Parent Plan, then a Parent Group member shall indemnify, defend and hold harmless the SpinCo Indemnitees from
and against any and all Liabilities of the SpinCo Indemnitees to the extent relating to, arising out of or resulting from such Action and manage any such Action (including without limitation any Parent Directed Actions) pursuant to the terms of the
Separation Agreement; provided, however that Parent shall not have any indemnification obligations with respect to any SpinCo Liabilities. 

(f)    Workers’ Compensation. For the avoidance of doubt, SpinCo or another member of the SpinCo
Group shall establish a workers’ compensation program covering all members of SpinCo Group, effective as of the Distribution Date, and shall cease to have access to any Parent Group workers’ compensation programs for any injuries from and
after the Distribution Date. Parent Group workers’ compensation programs shall cover any injuries occurring before the Distribution Date for Employees, Former Employees and Legacy Former Employees, provided that such Employees, Former Employees
and Legacy Former Employees, and such injuries, are otherwise eligible for coverage under the Parent Group’s workers’ compensation programs. 

SECTION 3.    Employment. 

(a)    Continuation of Employment. SpinCo shall, or shall cause another member of the SpinCo Group to, employ each
Employee employed immediately prior to the Distribution Date. 
 (b)    Automatic Transfer of Employment. Parent
and SpinCo agree that they will comply with the requirements of all applicable legislation affecting the automatic transfer of employees on the sale, transfer or continuation of a business and/or the provision of services and that they will work to
provide an orderly transition for those employees who will automatically transfer pursuant to applicable Law at the end of the applicable Service Period or other termination of services as set forth in the TSA. 

(c)    No Guarantee of Employment. Notwithstanding any other provision of this Employee Matters Agreement or the
Separation Agreement, and subject to applicable Law, no SpinCo Group member shall be obligated to continue to employ any Employee for any specific period of time. 

  
 7 

 (d)    Employee Representative Agreements. Effective as of the
Distribution Date, SpinCo shall, or shall cause another SpinCo Group member to, assume or remain a party to all collective bargaining, works council or other similar employee representative agreements (the employee representative party to such
agreements, collectively, “Appropriate Representatives”), or honor the obligations thereunder, that apply to any Employees and either (i) require assumption by Law, or (ii) state that such agreement or obligation applies
to successors (collectively, “Employee Representative Agreements”). If there are Employee Representative Agreements that continue to cover employees of the SpinCo Group and employees of the Parent Group, the Parties will work
together in good faith and in accordance with applicable Law to have separate agreements in place by the Distribution Date in the U.S., and to open and manage negotiations with the applicable Appropriate Representative with a goal of establishing
separate agreements to be in place by the Distribution Date, where possible on reasonable terms that are acceptable to both SpinCo and Parent, outside of the U.S.  

(e)    Future Hires. A member of the SpinCo Group shall offer employment to each Future Hire consistent with any
applicable Transition Services Period and applicable Law. 
 SECTION 4.    Employment Terms Following the Distribution Date. 

(a)    Terms and Conditions of Employment. Consistent with applicable Law, during the applicable Continuation
Period, a SpinCo Group member shall provide each Employee employed immediately prior to the Distribution Date with the following: 
 (i) at
least the same salary or wages, cash incentive compensation opportunities and cash bonus opportunities (excluding any transaction-related, retention or similar opportunities) as were provided to such Employee immediately prior to Distribution Date;

 (ii) employee benefits pursuant to plans, programs, policies and arrangements for the Employees that provide benefits to such Employees
that have a comparable aggregate value to those benefits (excluding equity awards, employee stock purchase plans, and de minimis fringe benefits) to which they were entitled immediately prior to the Distribution Date, subject to the
requirements of the TSA; and 
 (iii) to the extent required by applicable Law, an Employee Representative Agreement, a Parent Plan or a
Business Plan, other material terms and conditions of employment as were provided to such Employee immediately prior to the Distribution Date. 

(b)    Vacation and Paid Time Off. SpinCo shall, or shall cause another member of the SpinCo Group to, provide
vacation, paid time off, and leave benefits to Employees during the Continuation Period (or such longer period required by applicable Law) that are at least as favorable (and take into account the same service) as those provided to Employees under
the applicable vacation, paid time off, or leave program immediately prior to the Distribution Date. 

  
 8 

 (c)    Severance Benefits. SpinCo shall, or shall cause another
member of the SpinCo Group to, provide severance benefits to any Employee who was employed immediately prior to the Distribution Date, but who is laid off or terminated by a SpinCo Group member during the
12-month period immediately following the Distribution Date in an amount that is equal to the greater of (i) the severance benefits, if any, to which the Employee would have been entitled under the
circumstances pursuant to the terms of any Parent Plan or Business Plan that is a severance or layoff plan as would have applied to such Employee if such termination occurred immediately prior to the Distribution Date, or (ii) the severance
benefits, if any, provided under the severance arrangements of a SpinCo Group member applicable to similarly-situated employees and in connection with comparable terminations of employment, in each case to be calculated on the basis of the
Employee’s compensation and service at the time of the layoff or other termination. In addition, SpinCo shall consider such eligible laid off or terminated Employee for a pro rata bonus under the terms any bonus plan of the applicable SpinCo
Group member in which the employee participates. 
 (d)    Credit for Service. 

SpinCo shall, and shall cause the other SpinCo Group members to, credit Employees for all service earned on and prior to the Distribution Date
with the Parent Group and the SpinCo Group, in addition to service earned with the SpinCo Group on and after the Distribution Date for all purposes, including under the Business Plans (including the Mirror Plans and Allocated Plans) and other
similar plans and programs sponsored by a SpinCo Group member; provided, however, that in no event shall SpinCo be required to credit service for Employees in a manner that results in a duplication of service under a plan with respect to a period.
The SpinCo Group shall not amend any provision of a Business Plan (including a Mirror Plan or an Allocated Plan) as to any participant as of the applicable Split Date in any manner that would reduce the credit for service for such individual that is
provided under this Section 4(d), or if more generous, under the applicable plan or applicable Law. 
 SECTION 5.    Parent
Plans. 
 (a)    U.S. Pension Benefits. Effective as of the applicable Split Date, (i) (A) Parent
shall transfer from the GE Pension Plan (the “GEPP”) to a tax-qualified defined benefit plan sponsored by SpinCo or another member of the SpinCo Group (the “GEPP Mirror Plan”) all
Liabilities and allocable assets determined in accordance with Internal Revenue Code Section 414(l) under the GEPP with respect to Employees, Former Employees and Legacy Former Employees, and (B) the GEPP Mirror Plan shall assume
all such assets and Liabilities from the GEPP, (ii) (A) Parent shall transfer from the GE Non-Qualified Pension Plans to plans sponsored by SpinCo or another member of the SpinCo Group (the “Non-Qualified Pension Mirror Plans”) all Liabilities under the GE Non-Qualified Pension Plans with respect to Employees, Former Employees and Legacy Former
Employees and (B) the Non-Qualified Pension Mirror Plans shall assume all such Liabilities from the GE Non-Qualified Pension Plans, (iii) (A) the Parent Group
shall transfer the sponsorship of (and responsibility for) all Allocated Plans (including all Liabilities and Assets, where applicable, thereunder) to SpinCo or another member of the SpinCo Group, and (B) SpinCo or another member of the SpinCo
Group shall assume the sponsorship of (and responsibility for) all such Allocated Plans 

  
 9 

 
(including all Liabilities and Assets, where applicable, thereunder), and (iv) the SpinCo Group shall assume all responsibility for funding and paying (or causing to be paid) the Liabilities
transferred as described in this Section 5(a). For the avoidance of doubt, neither the transfers described in this Section 5(a), nor the Distribution Date shall be treated as a “Separation from Service,” as defined under Treasury
Regulation § 1.409A-1(h), for purposes of the GE Non-Qualified Pension Plans, the Non-Qualified Pension Mirror Plans, or the
Allocated Plans described in this Section 5(a). Parent shall draft the plan documents for the GEPP Mirror Plan and the Non-Qualified Pension Mirror Plans, which shall be adopted by SpinCo (or if
applicable, another member of the SpinCo Group) without alteration. 
 The Liabilities transferred in accordance with this Section 5(a) shall cease to
be Liabilities of the GEPP (and the GEPP Assets transferred in accordance with this Section 5(a) shall cease to be Assets of the GEPP), the GE Non-Qualified Pension Plans, and the Parent Group (excluding
the SpinCo Group) as of the Split Date. From and after the Split Date, the GEPP Mirror Plan, Non-Qualified Pension Mirror Plans, the Allocated Plans, and the SpinCo Group, as applicable, shall be responsible
for all obligations and Liabilities (including, for the avoidance of doubt, the obligation to defend claims related to benefits or benefits eligibility) with respect to, or in any way related to, the Liabilities transferred under this
Section 5(a), whether accrued before, on or after the Split Date. 
 The plan documents for the GEPP Mirror Plan and the
Non-Qualified Pension Mirror Plans adopted on the applicable Split Date shall reflect the service crediting requirements described in Section 4(d) of this Employee Matters Agreement.

 The SpinCo Group shall not amend any provision of the GEPP Mirror Plan or any Non-Qualified Pension Mirror Plan
or Allocated Plan as to any participant as of the applicable Split Date in any manner that would: (1) reduce service crediting for such individual, (2) adversely affect the benefits (vested or unvested) to which an individual would have
been entitled immediately prior to the date of such amendment if the individual were vested in such benefits, or (3) not be permitted by the Plan terms in effect on the Split Date. In addition, during the Maintenance Period, (i) no member
of the SpinCo Group may undertake any De-Risking Transaction or otherwise amend the GEPP Mirror Plan or any Non-Qualified Pension Mirror Plan with respect to
then-existing Liabilities, and (ii) no member of the Parent Group may undertake any De-Risking Transaction or otherwise amend the GEPP or any GE Non-Qualified
Pension Plan with respect to then-existing Liabilities (other than in connection with the spin-off of Liabilities to the GE Energy business). 

The SpinCo Group shall be solely and exclusively responsible for, and shall indemnify and defend the Parent Group against, any and all claims related to
(x) the establishment of, or transfer of Liabilities and Assets, where applicable to, the GEPP Mirror Plan, the Non-Qualified Pension Mirror Plans, and/or the SpinCo Group, (y) the transfer of
sponsorship of the Allocated Plans from the Parent Group to the SpinCo Group, and/or (z) any amendments to, or termination of, the GEPP Mirror Plan, any Non-Qualified Pension Mirror Plan, or any Allocated
Plan. For the avoidance of doubt, the SpinCo Group shall be solely and exclusively responsible for all Liabilities arising from (x), (y) or (z) cited immediately above. 

  
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 (b)    U.S. GE Retirement Savings and Restoration
Plans. Effective as of the applicable Split Date, (i) (A) Parent shall transfer from the GE Retirement Savings Plan (the “GE RSP”) to a tax-qualified defined contribution plan sponsored
by SpinCo or another member of the SpinCo Group (the “RSP Mirror Plan”) all Assets and Liabilities under the GE RSP with respect to Employees, Former Employees and Legacy Former Employees and (B) the RSP Mirror Plan shall
assume all such Assets and Liabilities from the GE RSP, (ii) (A) Parent shall transfer from the GE Restoration Plan to a comparable plan sponsored by SpinCo or another member of the SpinCo Group (the “Restoration Mirror Plan”),
all Liabilities under the GE Restoration Plan with respect to Employees, Former Employees and Legacy Former Employees and (B) the Restoration Mirror Plan shall assume all such Liabilities from the Restoration Mirror Plan, and (iii) the
SpinCo Group shall assume all responsibility for funding and paying (or causing to be paid) the transferred Liabilities described in this Section 5(b). For the avoidance of doubt, neither the transfers described in this
Section 5(b), nor the Distribution Date, shall be treated as a “Separation from Service,” as defined under Treasury Regulation § 1.409A-1(h), for purposes of the GE
Restoration Plan and the Restoration Mirror Plan. Parent shall draft the plan documents for the RSP Mirror Plan and the Restoration Mirror Plan, which shall be adopted by SpinCo (or if applicable, another member of the SpinCo Group) without
alteration. 
 The Liabilities transferred in accordance with this Section 5(b) shall cease to be Liabilities of the GE RSP (and
the GE RSP Assets transferred in accordance with this Section 5(a) shall cease to be Assets of the GE RSP), the GE Restoration Plan, and the Parent Group (excluding the SpinCo Group) as of the Split Date. From and after the Split Date, the RSP
Mirror Plan, the Restoration Mirror Plan and the SpinCo Group, as applicable, shall be responsible for all obligations and Liabilities (including, for the avoidance of doubt, the obligation to defend claims related to benefits and/or benefits
eligibility) with respect to, or in any way related to, the Liabilities transferred under this Section 5(b), whether accrued before, on or after the Split Date. 

The plan documents for the RSP Mirror Plan and the Restoration Mirror Plan adopted on the applicable Split Date shall reflect the service crediting
requirements described in Section 4(d) of this Employee Matters Agreement. 
 The SpinCo Group shall not amend any provision of
the RSP Mirror Plan or the Restoration Mirror Plan as to any participant as of the applicable Split Date in any manner that would: (1) reduce service crediting for such individual, (2) adversely affect the benefits (vested or unvested) to
which an individual would have been entitled immediately prior to the date of such amendment if the individual were vested in such benefits; or (3) not be permitted by the Plan terms in effect on the Split Date. In addition, during the
Maintenance Period, (i) no member of the SpinCo Group may undertake any De-Risking Transaction or otherwise amend the Restoration Mirror Plan with respect to then-existing Liabilities, and (ii) no
member of the Parent Group may undertake any De-Risking Transaction or otherwise amend the GE Restoration Plan with respect to then-existing Liabilities (other than in connection with the spin-off of Liabilities to the GE Energy business). 

  
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 The SpinCo Group shall be solely and exclusively responsible for, and shall indemnify and defend the Parent
Group against, any and all claims related to (x) the establishment of, or transfer of Liabilities (and Assets, where applicable) to, the RSP Mirror Plan or the Restoration Mirror Plan, and/or the SpinCo Group, and/or (y) any amendments to,
or termination of, the RSP Mirror Plan or the Restoration Mirror Plan. For the avoidance of doubt, the SpinCo Group shall be solely and exclusively responsible for all Liabilities arising from (x) or (y) cited immediately above. 

 

	 	(c)	 U.S. Health and Other Welfare Benefits. 

(i) Continued Participation in Parent Health and Welfare Plans. Employees, Former Employees, and Legacy Former Employees
who otherwise meet the eligibility requirements of the Parent Health and Welfare Plans shall be eligible to participate in the Parent Health and Welfare Plans for active employees and retirees through December 31, 2023, unless otherwise
mutually agreed by the Parties or as otherwise required by applicable Law; provided that the SpinCo Group shall continue to reimburse Parent promptly for the full cost of such benefits (including expenses), as described in this
Section 5(c) and Section 12(d) of this Employee Matters Agreement and pay the Parent Group for all administrative and other expenses associated with such continued participation in the Parent
Health and Welfare Plans as provided in the TSA. 
 A SpinCo Group member shall assume responsibility, as of the applicable Liability Split
Date set forth in Appendix E, for the cost of all health and other welfare benefits for which Employees, Former Employees, and Legacy Former Employees, are or will become eligible under the Parent Health and Welfare Plans (collectively, the
“Health and Other Welfare Liabilities”). From and after the Liability Split Date, the Health and Other Welfare Liabilities shall be Liabilities of the SpinCo Group and shall not be Liabilities of Parent or any member of the Parent
Group, and the SpinCo Group shall be solely and exclusively responsible for the Health and Other Welfare Liabilities (although participation in the Parent Health and Welfare Plans will continue as described above). 

From and after January 1, 2024, (i) all Employees, Former Employees, and Legacy Former Employees, will cease participation
in the Parent Health and Welfare Plans, (ii) Parent Group shall have no responsibility or obligation to allow Employees, Former Employees, and Legacy Former Employees, to participate in the Parent Health and Welfare Plans, and (iii) SpinCo
or a member of SpinCo Group shall be solely and exclusively responsible for establishing and maintaining health and welfare plans to provide benefits previously provided under the Parent Health and Welfare Plans to Employees, Former Employees, and
Legacy Former Employees. 
 (ii) Maintained Health and Welfare Plans. Effective as of the applicable Plan Split Date,
Parent shall transfer from the Maintained Health and Welfare Plans to the health and welfare plans sponsored by SpinCo or another member of the SpinCo Group that are identical in all material respects to the Maintained Health and Welfare

  
 12 

 
Plans (the “Mirror Maintained Health and Welfare Plans”) all Liabilities under the Maintained Health and Welfare Plans with respect to Employees, Former Employees and Legacy Former
Employees, and the Mirror Maintained Health and Welfare Plans shall assume all Liabilities from the Maintained Health and Welfare Plans set forth in Appendix D. Parent shall draft the plan documents for the Mirror Maintained Health and Welfare
Plans, which shall be adopted by SpinCo (or if applicable, another member of the SpinCo Group) without alteration. 
 The plan documents for
the Mirror Maintained Health and Welfare Plans adopted on the Plan Split Date shall reflect the service crediting requirements described in Section 4(d) of this Employee Matters Agreement. The SpinCo Group shall not amend
or terminate any Mirror Maintained Health and Welfare Plans (except as otherwise required by applicable Law) during the Maintenance Period. For the avoidance of doubt, the SpinCo Group shall be solely and exclusively responsible for all Liabilities
arising from any amendment to, or termination of, a Mirror Maintained Health and Welfare Plan. 
 (iii) Parent Fringe
Benefit and Severance Programs. Effective as of the applicable Split Date, Parent shall transfer from the Parent Fringe Benefit and Severance Programs set forth in Appendix C to the comparable fringe benefit and severance programs sponsored by
SpinCo or another member of the SpinCo Group (the “Mirror Fringe Benefit and Severance Programs”) all Liabilities thereunder with respect to Employees, Former Employees, and Legacy Former Employees, and the Mirror Fringe Benefit and
Severance Programs shall assume all such Liabilities. Parent shall draft the plan documents for the Mirror Fringe Benefit and Severance Programs, which shall be adopted by SpinCo (or if applicable, another member of the SpinCo Group) without
alteration. 
 (iv) Transfer of Liabilities for Maintained Health and Welfare Plans or Parent Fringe Benefit and Severance
Programs. The Liabilities transferred to the SpinCo Group in accordance with this Section 5(c) shall cease to be Liabilities of the Parent Group (excluding the SpinCo Group), as of the Liability Split Date, and the
Liabilities transferred to the Mirror Maintained Health and Welfare Plans and Mirror Fringe Benefit and Severance Programs in accordance with this Section 5(c) shall cease to be liabilities of the Maintained Health and
Welfare Plans as of the applicable Plan Split Date, and the Parent Fringe Benefit and Severance Programs as of the applicable Split Date. From and after the applicable Liability Split Date, Plan Split Date, or Split Date, the SpinCo Group, the
Mirror Maintained Health and Welfare Plans, and the Mirror Fringe Benefit and Severance Programs, as applicable, shall be responsible for all obligations and Liabilities with respect to, or in any way related to, the Liabilities transferred under
this Section 5(c), whether accrued before, on or after the Split Date. 
 (v) Indemnity for
Mirror Maintained Health and Welfare Plans, Mirror Fringe Benefit and Severance Programs, and Parent Health and Welfare Plans. The SpinCo Group shall be solely and exclusively responsible for, and shall indemnify and defend

  
 13 

 
the Parent Group against, any and all claims related to the establishment of, or transfer of Liabilities to, the Mirror Maintained Health and Welfare Plans or Mirror Fringe Benefit and Severance
Programs, and/or the SpinCo Group, and/or any amendments to, or termination of, the Mirror Maintained Health and Welfare Plans or Mirror Fringe Benefit and Severance Programs. For the avoidance of doubt, the SpinCo Group shall be solely and
exclusively responsible for all Liabilities arising from the establishment of the Mirror Maintained Health and Welfare Plans or Mirror Fringe Benefit and Severance Programs or any such amendment or termination of the Mirror Maintained Health and
Welfare Plans or Mirror Fringe Benefit and Severance Programs. The SpinCo Group shall be solely and exclusively responsible for, and shall indemnify and defend the Parent Group against, any and all claims related to participation by, or termination
of participation by, Employees, Former Employees, and Legacy Former Employees, in the Parent Health and Welfare Plans. For the avoidance of doubt, the SpinCo Group shall be solely and exclusively responsible for all Liabilities arising from the
foregoing. 
 (d)    Parent FSA Plans. U.S. Employees shall remain eligible to participate in
health care and dependent care flexible spending account arrangements under the Parent Health and Welfare Plans (collectively, the “Parent FSA Plans”) through December 31, 2022 (and thereafter for any amounts rolled over in accordance
with the terms of the Parent FSA Plans). SpinCo or another member of the SpinCo Group shall establish a cafeteria plan (within the meaning of Section 125 of the Internal Revenue Code) with health care and dependent care flexible spending
account arrangements (the “SpinCo Cafeteria Plan”) effective immediately after the date the U.S. Employees are no longer eligible for the Parent FSA Plans. Parent shall draft the plan documents for the SpinCo Cafeteria Plan, which shall be
adopted by SpinCo (or if applicable, another member of the SpinCo Group) without alteration. If the contributions withheld from Employees’ wages for the calendar year ending December 31, 2022 for benefits under any Parent FSA Plan exceed
the sum of claims paid for such Parent FSA Plan, Parent shall transfer the excess to a corresponding flexible spending account plan maintained by SpinCo or another member of the SpinCo Group to the extent necessary to reimburse claims incurred in
2023 under the SpinCo Cafeteria Plan, provided that the transferred amounts shall not exceed the 2022 carryover limit under the Parent Health FSA or claims incurred during the grace period (January 1, 2023 through March 15, 2023) for the
dependent care FSA. 
 (e)    U.S. Deferred Salary and Deferred Annual Incentive Plans. Effective as of
the applicable Split Date, (i) Parent shall transfer from the Deferred Plans to plans sponsored by SpinCo or another member of the SpinCo Group (the “Non-Qualified Deferred Compensation Mirror
Plans”) all Liabilities under the Deferred Plans with respect to Employees, Former Employees and Legacy Former Employees, (ii) the Non-Qualified Deferred Compensation Mirror Plans shall assume all
such Liabilities from the Deferred Plans, and (iii) the SpinCo Group shall assume all responsibility for funding and paying (or causing to be paid) the Liabilities transferred as described in this Section 5(e). For the
avoidance of doubt, neither the transfer described in Section 5(e), nor the Distribution Date, shall be treated as a “Separation from Service,” as defined under Treasury Regulation § 1.409A-1(h), for purposes of the Deferred Plans and the Non-Qualified Deferred 

  
 14 

 
Compensation Mirror Plans. Parent shall draft the plan documents for the Non-Qualified Deferred Compensation Mirror Plans, which shall be adopted by SpinCo
(or if applicable, another member of the SpinCo Group) without alteration. 
 The Liabilities transferred in accordance with this
Section 5(e) shall cease to be Liabilities of the Deferred Plans and the Parent Group (excluding the SpinCo Group) as of the Split Date. From and after the Split Date, the
Non-Qualified Deferred Compensation Mirror Plans and the SpinCo Group, as applicable, shall be responsible for all obligations and Liabilities (including, for the avoidance of doubt, the obligation to defend
claims related to benefits and/or benefits eligibility) with respect to, or in any way related to, the Liabilities transferred under this Section 5(e), whether accrued before, on or after the Split Date. 

The plan documents for the Non-Qualified Deferred Compensation Mirror Plans adopted on the applicable Split Date shall
reflect the service crediting requirements described in Section 4(d) of this Employee Matters Agreement. 
 The SpinCo Group shall
not amend any provision of any Non-Qualified Deferred Compensation Mirror Plan as to any participant as of the applicable Split Date in any manner that would: (A) reduce service crediting for such
individual, (B) would adversely affect the benefits (vested or unvested) to which an individual would have been entitled immediately prior to the date of such amendment if the individual were vested in such benefits, or (C) not be
permitted by the Plan terms in effect on the Split Date. In addition, during the Maintenance Period, (i) no member of the SpinCo Group may undertake any De-Risking Transaction or otherwise amend any Non-Qualified Deferred Compensation Mirror Plan with respect to then-existing Liabilities, and (ii) no member of the Parent Group may undertake any De-Risking Transaction
or otherwise amend any Deferred Plan with respect to then-existing Liabilities (other than in connection with the spin-off of Liabilities to the GE Energy business). 

The SpinCo Group shall be solely and exclusively responsible for, and shall indemnify and defend the Parent Group against, any and all claims related to
(1) the establishment of, or transfer of Liabilities to, the Non-Qualified Deferred Compensation Mirror Plans, and/or the SpinCo Group, and/or (2) any amendments to, or termination of, any Non-Qualified Deferred Compensation Mirror Plan. For the avoidance of doubt, the SpinCo Group shall be solely and exclusively responsible for all Liabilities arising from (1) or (2) cited immediately above.

 (f)    Non-U.S. Benefits. 

(i)    GE U.K. Pension Plan. Effective as of the applicable Split Date the applicable GE U.K.
Pension Plan Liabilities and Assets, where applicable shall be transferred to the GE HCL Plan (as defined in Appendix G) in accordance with the procedures set forth in Appendix G. 

(ii)   GE Canadian Pension Plans and Other Benefits. Effective as of the applicable Split Date, the
applicable Canadian Pension Plan and other Employee Benefit Plan Liabilities and Assets, shall be transferred in accordance with the procedures set forth in Appendix H. 

  
 15 

 (iii)    GE Dutch Pension Plan. The GE Dutch
Pension Plan will remain with STAP APF. Parties are working to transform the “single-client circle GE Nederland” into a “multi-client circle”. Under a multi-client circle, both GE and SpinCo Group shall retain all
obligations and liabilities regarding their own Employees and Former Employees, such as the timely payment of contributions including contributions for indexation of pensions of former participants and pensioners in the pension plan and exit fees,
as applicable, to STAP APF. Former participants who cannot be allocated to a specific GE company will be allocated to the SpinCo Group according to the current financial allocation as described in the current affiliation agreement between GE and
STAP APF. Costs relating to the transformation of the single-client circle into a multi-client-circle will be paid by GE taking the current distribution key of the affiliation agreement with STAP into account. 

(iv)    Puerto Rico Plans. Effective as of the applicable Split Date, (i) the SpinCo Group
shall transfer the sponsorship of (and responsibility for) all Liabilities (and Assets, where applicable) for the Retained Plans to Parent or another member of the Parent Group, (ii) Parent or another member of the Parent Group shall
assume the sponsorship of (and responsibility for) all Liabilities (and Assets, where applicable) for the Retained Plans, and (iii) SpinCo Group may continue to participate in the Puerto Rico Health and Welfare Retained Plans for Employees,
Former Employees, and Legacy Former Employees who otherwise meet the eligibility requirements of the Puerto Rico Health and Welfare Plans through December 31, 2023, unless otherwise mutually agreed by the Parties or otherwise required by
applicable Law. SpinCo Group shall assume the same obligations with respect to the Puerto Rico Health and Welfare Retained Plans (including expenses), as those that SpinCo Group is required to assume under this Employee Matters Agreement for Parent
Health and Welfare Plans. 
 (g)    Participation in Parent Plans. Effective as of the applicable
Split Date, all Employees, Former Employees, Legacy Former Employees will cease participation in and benefit accrual under the Parent Plan from which Liabilities (and Assets, where applicable) are transferred to the SpinCo Group as of such Split
Date, except to the extent (if at all) as required by applicable Law or as otherwise explicitly set forth in this Section 5. The Parent Group shall take all necessary actions to affect such cessation of participation
by Employees, Former Employees, and Legacy Former Employees under the Parent Plans, and the SpinCo Group shall promptly reimburse Parent for costs as described in Section 12(d) of this Employee Matters Agreement. 

(h)    Follow-on Transfers. With respect to the Parent Plans that
are Split Plans identified in Appendix C as being subject to this Section 5(h), if a participant in any such plan subsequently transfers between the Parent Group and the SpinCo Group before the Distribution Date, the
Liabilities (and, if applicable, Assets) for such participant’s benefits 

  
 16 

 
under such plans shall be transferred to and from each Parent Plan and each Business Plan as needed to ensure that each such participant’s benefit is allocated to the individual’s
employer or most recent former employer (in each case, or an Affiliate thereof). Effective upon the reallocation of the Liabilities (and Assets, where applicable) for such benefits pursuant to this Section 5(h), the legal
entity to whom such benefits are transferred shall assume all responsibility for funding and paying (or causing to be paid) the transferred Liabilities described in this Section 5(h). For the avoidance of doubt, with
respect to the Parent Plans that are Split Plans identified in Appendix C as being subject to this Section 5(h), if a participant in any such plan subsequently transfers between the Parent Group and the SpinCo Group after
the Distribution Date, the Liabilities (and, if applicable, Assets) for the participant’s benefits shall not transfer as described in this Section 5(h). 

SECTION 6.    Business Plans. The SpinCo Group shall retain all Liabilities (and Assets, where applicable) with respect to
the Business Plans (and no member of the Parent Group that is not in the SpinCo Group shall have any obligations with respect thereto). Without limiting the generality of the foregoing, a SpinCo Group Member shall be designated as plan sponsor of
each Business Plan from and after the Split Date or Plan Split Date, as applicable. 
 SECTION 7.    
Non-U.S. Employees. 
 (a)    Terms and Conditions of Employment.
In the case of the Non-U.S. Employees employed by a member of the SpinCo Group immediately prior to the Distribution Date, the SpinCo Group shall, in addition to meeting the requirements specified in Sections
4 through 6 of this Employee Matters Agreement, comply with any additional obligations arising under applicable Laws governing the terms and conditions of their employment or severance of employment in connection with the transfer of the SpinCo
Business or otherwise. 
 (b)    Severance Indemnity. 

(i)    In the event (A) the SpinCo Group does not provide Non-U.S. Employees
employed by a SpinCo Group Member immediately prior to the Distribution Date with (1) similar in-kind benefits to those provided immediately prior to the Distribution Date, or (2) a benefit plan
consistent with applicable Law or the SpinCo Group’s obligations in this Employee Matters Agreement, or (B) the SpinCo Group amends or otherwise modifies on or after the Distribution Date any such benefit plan, any Non-U.S. Business Plan in which any Non-U.S. Employee was covered or eligible for coverage immediately prior to the Distribution Date, or any other term or condition of
employment applicable to Non-U.S. Employees immediately prior to the Distribution Date, in each case in a manner that results in any obligation, contingent or otherwise, of any Parent Group member to pay any
severance, termination indemnity, or other similar benefit (including such benefits required under applicable Law) to such person, SpinCo shall, or shall cause another member of the SpinCo Group to, reimburse and otherwise hold harmless the Parent
Group for all such severance, termination indemnity and other similar benefits and any additional Liability incurred by the Parent Group in connection therewith. 

  
 17 

 SECTION 8.    Equity Compensation Awards 

Treatment of equity compensation awards is addressed in Appendix F. 

SECTION 9.    Transition Services Agreement 

The Parent Group shall provide payroll, benefits administration and other services to the SpinCo Group pursuant to the terms of the TSA.
Nothing in the TSA is intended, or shall be construed, to conflict with the Employee Matters Agreement. In the event of any such conflict, the terms of the Employee Matters Agreement shall prevail. 

Parent Group is not required to provide, and may adjust the costs charged to SpinCo with respect to, any services under the TSA for any
Business Plan, benefits or programs that SpinCo or a member of SpinCo adopts, amends or terminates in a manner that Parent Group, in its sole discretion, determines impacts the services. In addition, a SpinCo plan fiduciary shall be solely
responsible for all decisions related to whether some or all of such costs should or may be paid by a SpinCo plan and payments will be made out of assets of the trust for the applicable SpinCo plan only if, as, and when directed by the SpinCo plan
fiduciary. Any such direction shall include (or be deemed to include) a determination by the SpinCo plan fiduciary that the applicable amount can be paid with assets from the trust for the SpinCo plan and that such payment will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”). SpinCo Group remains responsible for Employment
Liabilities regardless of whether the Parent Group provides services (or makes discretionary decisions in providing services) to SpinCo Group pursuant to the TSA in relation to the Employment Liabilities. 

For the avoidance of doubt, no provision of this Employee Matters Agreement shall be interpreted as a waiver of any SpinCo Group member’s
right to pursue a fiduciary claim against the investment fiduciaries related to the investment services provided under TSA Schedule I. 
 SECTION
10.    Impermissibility; Good Faith. 
 In the event that any provision of this Employee Matters Agreement is not permissible
under any Law or practice, the Parties agree that they shall proceed in good faith under such Law or practice to carry out to the fullest extent possible the purposes of such provision. 

SECTION 11.    Restrictive Covenants Relating to Employees. 

(a)    Through the Distribution Date. From the date of this Employee Matters Agreement through the Distribution
Date, the Parties shall comply with Parent’s established policies and practices with respect to the solicitation and hiring of any individual employed by the Parent Group or the SpinCo Group, as applicable. 

(b)    Non-Solicitation by Parent. During the twenty-four (24) month
period following the Distribution Date, Parent shall not, and shall cause the other Parent Group 

  
 18 

 
members not to, directly or indirectly, solicit or induce or attempt to solicit or induce any Employee at the Senior Professional Band or higher to leave employment with any SpinCo Group member;
provided, however, that SpinCo shall notify Parent in writing of any alleged breach of this obligation and Parent shall have ten (10) days following receipt of such notice to effect a cure. 

(c)    Non-Solicitation by SpinCo. During the twenty-four (24) month
period following the Distribution Date, SpinCo shall not, and shall cause the other SpinCo Group members not to, directly or indirectly, solicit or induce or attempt to solicit or induce any employee of the Parent Group at the Senior Professional
Band or higher to leave the employment with any Parent Group member; provided, however, that Parent shall notify SpinCo in writing of any alleged breach of this obligation and SpinCo shall have ten (10) days following receipt of such notice to
effect a cure. 
 (d)    Exceptions. The limitations set forth in Sections 11(b) and 11(c) above
shall not prohibit the SpinCo Group or the Parent Group from: (i) soliciting any individual whose employment has been terminated, or who has been provided with formal notice of layoff, by the SpinCo Group, or the Parent Group, as the case may
be, (ii) placing public advertisements or conducting any other form of general solicitation that is not specifically targeted towards the applicable employees, (iii) soliciting specifically identified employees with the prior written
agreement of the other Party, or (iv) with respect to SpinCo Group, soliciting any Future Hires. 
 SECTION 12.    Cooperation
and Assistance. 
 (a)    Mutual Cooperation. From and after the date of this Employee Matters
Agreement, Parent and SpinCo shall, and each shall cause their respective Parent Group and SpinCo Group members to, cooperate with each other to facilitate the obligations assumed by the SpinCo Group under this Employee Matters Agreement including
(i) providing (to the extent permitted by Law) such current information regarding the Employees, Former Employees, and/or Legacy Former Employees as may be necessary to facilitate determinations of eligibility for, and crediting of service, and
payments of benefits to, such current and former employees under the Parent Plans and Business Plans (including Mirror Plans and Allocated Plans), as applicable, (ii) ensuring consistent administration of Split, Plans and Mirror Plans to the
extent consistent administration is necessary or appropriate, and (iii) executing documents for the Mirror Plans and as required to complete the transactions contemplated by this Employee Matters Agreement. 

Without limiting the generality of the foregoing, Parent and SpinCo each recognize that transfers of Liabilities and assets will require an
initial transfer based on data available several months before the transfer, followed by one or more “true-up” adjustments to reflect changes between the time of the initial calculation and the
effective date of the applicable transfer. Parent and SpinCo shall cooperate to determine and effectuate the “true-up” adjustments, with such adjustments for each plan to be completed in
accordance with an agreed schedule that is acceptable to the plans’ actuaries and other service providers. 

  
 19 

 (b)    Claims Assistance. From and after the date
of this Employee Matters Agreement: 
 (i) If a threat, demand, lawsuit, or claim involving an Employee, Former Employee or
Legacy Former Employee (a “Claim”) is made against either Party, or members of the respective SpinCo Group or Parent Group (as the case requires), then the other Party shall, and shall cause members of the respective SpinCo Group and
Parent Group (as the case requires) to, provide reasonable assistance to the Party and members of the respective SpinCo Group and Parent Group (as the case requires) in the investigation of and defense against the Claim. Such reasonable assistance
shall include providing reasonable access to employees who reasonably likely may have relevant information or whose assistance is reasonably necessary to investigating and defending against such Claim. 

(ii) In the event a Claim is made against either Party, or any other member of the respective SpinCo Group or Parent Group (as
the case requires), and such Claim involves materially similar factual or legal issues to a Claim that was made against the other Party, or any member of the respective SpinCo Group or Parent Group (as the case requires), then the Parties shall, to
the extent both Parties agree it is reasonable and appropriate under the circumstances, consult with each other to address whether the Parties are taking, or might take, positions that are inconsistent or would materially harm the other Party. The
Parties are not, however, required to waive any applicable privileges or protections, or assert, or refrain from asserting, any arguments, rights, claims, or defenses. 

(iii) To the fullest extent permitted by applicable Law, neither Party shall provide assistance or support, of any type, to any
person or entity that is, or may be, asserting, investigating, or considering a Claim against the other Party with respect to the subject matter of such Claim or potential Claim. 

(iv) For the avoidance of doubt, Parent Group for purposes of this Section 12(b), and for purposes of any and all
indemnifications provided by SpinCo to Parent Group under this Employee Matters Agreement, includes any entity that Parent creates and subsequently divests as a stand-alone energy business. 

(c)    Consultation with Employee Representative Bodies. The Parties shall, and shall cause their respective Group
Members to, mutually cooperate in undertaking all reasonably necessary or legally required provision of information to, or consultations, discussions or negotiations with, employee representative bodies (including any unions or works councils) which
represent employees affected by the transactions contemplated by this Employee Matters Agreement. Where any steps or arrangements contemplated by this Agreement are subject to information and/or consultation with employees and/or their
representatives in accordance with local Law, no such steps or arrangements shall be deemed binding until such time as the applicable information and/or consultation process has taken place. 

  
 20 

 (d)    Cost-Sharing. Notwithstanding anything to the contrary in
the Separation Agreement, the SpinCo Group shall reimburse Parent promptly (upon receipt of periodic billing where applicable) as follows: 

(i) For health benefits for U.S. Employees, and for COBRA benefits with respect to Former Employees and U.S. Employees, for the
full cost of all benefits paid for claims incurred, and all administrative and other expenses incurred under the Parent Plans and Parent Health and Welfare plans without regard to when claims are incurred.

(ii) For health benefits for applicable U.S. Former Employees and Legacy Former Employees (excluding COBRA under Parent Health
and Welfare Plans for active U.S. Employees), including pre-Medicare and post-Medicare, all benefits and administrative expenses paid under the Parent Plans or Parent Health and Welfare Plan, and all other
Liabilities assigned to the SpinCo Group on or after the Split Date or Liability Split Date. The SpinCo Group shall pay service costs through the Transition Services Period. For the avoidance of doubt, Liabilities assigned to the SpinCo Group
include claims incurred (whether known or unknown) but not paid prior to the Split Date for U.S. Former Employees and Legacy Former Employees. 

(iii) For life insurance benefits for U.S. Employees, U.S. Former Employees, and Legacy Former Employees, all claims and
administrative and other expenses paid under the Parent Health and Welfare Plans. The SpinCo Group shall pay service costs and assessments for life insurance premiums for U.S. Former Employees and Legacy Former Employees under Parent Plans through
the Transition Services Period. 
 (iv) For all benefits provided through Parent Plans or Parent Health and Welfare Plans and
for any and all costs (whether incurred internally (e.g., expenses associated with Parent Group employees performing services relating to the Parent Plans or Parent Health and Welfare Plans) or externally (e.g., through a consulting
firm) by Parent Group) associated with the provision of such benefits or services related thereto (collectively, the “Costs”), the SpinCo Group shall continue to pay Costs and other allocations in the ordinary course for benefit expenses
in each case upon the receipt of periodic billings for such amounts. Certain of the amounts paid by SpinCo Group to Parent Group may be held in trust, as determined by Parent. For purposes of this Employee Matters Agreement, (A) benefit
claims shall be deemed incurred on the date of the service giving rise to the claim (e.g., the date the Employee goes to the doctor and not, for example, the invoice date), (B) expenses for administrative and other services shall be deemed
incurred on the date the services giving rise to the expense are performed (and not, for example, on the invoice date), and (C) claims and expenses paid on or after any date shall not include any claims and expenses for which Parent’s
payment procedures required payment before such date. 

  
 21 

 Additionally, during the Transition Services Period: 

(i) Parent Group will continue to collect contributions and premiums due and owing from SpinCo Group’s Employees, Former Employees, and
Legacy Former Employees for any voluntary Parent Health and Welfare Plans, will hold contributions and premiums collected in trust to the extent required by applicable Law, and will pay those contributions and premiums to the insurer of the
applicable voluntary Parent Health and Welfare Plan. 
 (ii) SpinCo Group’s obligations to the Parent Group with respect to Parent
Health and Welfare Plans shall be determined using the accrual methodology that is in effect immediately prior to the Distribution Date. 
 SECTION 13.
No Third-Party Beneficiaries. 
 Notwithstanding the provisions of this Employee Matters Agreement or any provision of the Separation Agreement,
nothing in this Employee Matters Agreement is intended to and shall not (a) create any third-party rights, (b) amend any employee benefit plan, program, policy or arrangement, or (c) provide any Employee, Former Employee, or Legacy
Former Employee with any rights to continued employment or any level of benefits or compensation whether during employment or thereafter. 
 SECTION 14.
Further Assurances. 
 Article IX of the Separation Agreement is hereby incorporated into this Employee Matters Agreement mutatis mutandis; provided
that, in the event of any conflict between the provisions of Article IX of the Separation Agreement and this Employee Matters Agreement, the provisions of this Employee Matters Agreement shall control. 

This Employee Matters Agreement, including the provisions herein expressly providing for indemnification, shall be subject to the indemnification provisions
of Article VI of the Separation Agreement; provided that, in the event of any conflict between such indemnification provisions, the indemnification provisions in this Employee Matters Agreement shall control. 

Article XI of the Separation Agreement is hereby incorporated into this Agreement mutatis mutandis. 

SECTION 15. Entire Agreement. 

(a)    Except as otherwise expressly provided in this Employee Matters Agreement, this Employee Matters Agreement, together
with the Separation Agreement and the other Ancillary Agreements, constitutes the entire agreement of the parties hereto with respect to the subject matter of this Employee Matters Agreement and supersedes all prior agreements and undertakings, both
written and oral, between or on behalf of the Parties with respect to the subject matters addressed herein. 

  
 22 

 (b)    In addition to the responsibilities and obligations set forth
herein the Parties shall have certain other responsibilities and obligations as set forth in the TSA. 
 IN WITNESS WHEREOF, the Parties
have caused this Agreement to be executed on the date first written above by their respective duly authorized officers. 
  

			
	GENERAL ELECTRIC COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 GE HEALTHCARE TECHNOLOGIES INC.

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 23 

 Appendix A 

Allocated Plans 
 Split
Date is December 31, 2022 
 Retirement Plan for Select GE Businesses 

Equalization Benefit Plan for Participants of the Retirement Plan for Selected GE Capital Businesses 

General Electric Railcar Services Corporation Supplemental Executive Retirement Plan 

Kidder, Peabody Nonqualified Retirement Plan 
 Heller Financial
Executive Deferred Compensation Plan 
 Heller Financial, Inc. Supplemental Executive Retirement Plan 

Heller Financial, Inc. Deferral Restoration Plan 
 Employee
Agreements with Employees, Former Employees and Legacy Former Employees 
 Canadian General Electric Supplemental Retirement Plan 

Appendix B 
 Business
Plans 
 Amersham Health Retirement Plan 
 Amersham Health
Restoration Plan 
 Amersham Retirement and Savings Restoration Plan 

Amersham Health Inc. Puerto Rico Pension Plan 
 Datex-Ohmeda
Retirement Income Plan for Bargaining Unit Employees 
 Datex-Ohmeda Voluntary Deferred Compensation Plan 

Instrumentarium Cash Balance Plan 
 Instrumentarium Savings
Investment Plan 
 HealthCare Partners, LLC Deferred Compensation Plan 

Spacelabs Medical Inc. Supplemental Plan 
 Employee Agreements
with Employees, Former Employees and Legacy Former Employees 
 Retained Plans 

Split Date is December 31, 2022 

Components Pension Plan for Puerto Rico 
 GE Puerto Rico Savings
Plan 
 Health Plan insured by Triple-S Salud in Puerto Rico (Caribe Plan) 

Long-Term Disability Income (Caribe Plan) 
 The Régime de
retraite des employés non-syndiqués de Réseau Solutions Canada ULC 
 Régime
d’appoint pour les cadres supérieurs et les employés réguliers ou les employés cadres de direction en détachement 

  
 24 

 Appendix C 

Parent Plans that are Split Plans 

Split Date is December 31, 20221 

GE Pension Plan 
 GE Supplementary Pension Plan 

GE Excess Benefits Plan 
 GE Retirement for the Good of the
Company Program (and Related Employee Agreements) 
 GE Executive Special Early Retirement Option and Plant Closing Retirement Option Plan 

GE Retirement Savings Plan 
 GE Restoration Plan 

GE Expatriate Pension Plan 
 GE Expatriate Local Placement Pension
Plan 
 RCA Executive Deferred Compensation Plan 
 GE Deferred
Bonus Plan (Annual Executive Incentive Plan and Incentive Compensation Plan) 
 General Electric Company 1987 Executive Deferred Salary Plan 

General Electric Company 1991 Executive Deferred Salary Plan 

General Electric Company 1994 Executive Deferred Salary Plan 

General Electric Company 1995 Executive Officer Deferred Salary Plan 

General Electric Company 1996 Executive Officer Deferred Salary Plan 

General Electric Company 1997 Executive Deferred Salary Plan 

General Electric Company 1998 Executive Officer Deferred Salary Plan 

General Electric Company 1999 Executive Officer Deferred Salary Plan 

General Electric Company 2000 Executive Deferred Salary Plan 

General Electric Company 2001 Executive Officer Deferred Salary Plan 

General Electric Company 2002 Executive Officer Deferred Salary Plan 

General Electric Company 2003 Executive Deferred Salary Plan 

General Electric Company 2006 Executive Deferred Salary Plan 

General Electric Company 2011 Executive Deferred Salary Plan 

The foregoing “Parent Plans that are Split Plans” are subject to Section 5(h) of this Employee Matters Agreement. 

Split Date is January 1, 2023 

Canadian General Electric Pension Plan 
 GE Canada Pension Plan
for GE Businesses in Quebec 
 GE Capital Pension Plan for Canadian Salaried Employees 

GE Canada Employee Stock Savings Plan 
 GE Canada Group Registered
Retirement Savings Plan 
 GE Canada Group Tax-Free Savings Account 

Split Date is Distribution Date 
 GE
Emergency and Family Aid Plan 
 GE Individual Development Program for Hourly and Nonexempt Salaried Employees 

GE US Executive Severance Plan 
  

	1 	 For administrative reasons, certain assets will not be transferred until after the Split Date. In all cases,
transfers may be completed when reasonably and administratively practicable after the Split Date. 

  
 25 

 The following Parent Fringe Benefit and Severance Programs: 

 

	 	•	 	 Tuition Refund Program 

 

	 	•	 	 Educational Loan Program 

 

	 	•	 	 Adoption Assistance Program 

 

	 	•	 	 Transit and Parking Account Program 

 

	 	•	 	 GE Layoff Benefit Plan for Salaried Employees 

 

	 	•	 	 GE Job and Income Security Plan for Hourly and Certain Salaried Employees 

 

	 	•	 	 GE Layoff Benefit Plan for Certain GE Affiliates 

The following vacation or leave programs offered by Parent Group: 
  

	 	•	 	 Permissive Time Off 

  

	 	•	 	 Vacation 

  

	 	•	 	 Personal Illness and Caregiving 

 

	 	•	 	 Personal Business 

  

	 	•	 	 Sick and Personal Pay 

  

	 	•	 	 Death in Family 

  

	 	•	 	 Parental Leave 

  

	 	•	 	 Paid Bonding Time 

  

	 	•	 	 Jury duty 

  

	 	•	 	 Military leave 

  

	 	•	 	 Holidays 

Appendix D 
 Maintained
Health and Welfare Plans (with January 1, 2024 Plan Split Date) 
 Liability Split Date is January 1, 2023 

GE Health Benefits for Production Retirees Plan 
 GE Health
Choice for Retirees Plan 
 GE Retiree Medical Plan 
  

	 	•	 	 Maintenance Period: For union-represented employees who retired on or before June 1, 2019, RRA/GEPAF
must be available for four years from the date on which the retiree reaches age 65 

 GE Leadership Life Insurance Plan 

GE Executive Life Insurance Plan 
 GE Canada Flexible Benefits
Program 
 Post-Retirement Benefits for GE Canada Retirees from the CGE & DEW Defined Benefit Plan 

Post-Retirement Benefits for GE Canada Retirees from the CEF Defined Benefit Plan (retired on or after January 1, 2019) 

  
 26 

 Liability Split Date is (1) January 1, 2023 for liabilities related to Former
Employees and Legacy Former Employees (including potential future retirees) and (2) Distribution Date for liabilities related to Employees 
 GE
Life, Disability and Medical Plan (Parts I, IV, V, and VII) 
  

	 	•	 	 Maintenance Period: Life insurance benefits for retirees are vested and cannot be terminated pursuant to
the terms of the plan 

 GE A Plus Life Insurance Plan 

GE Dependent Life Insurance Plan for Exempt Salaried Employees 

GE Dependent Life Insurance Plan for Hourly and Nonexempt Employees 

GE Personal Excess Liability Insurance Plan 
 GE Global Health
Plan (except Flexible Spending Accounts) 
 GE Long Term Disability Income Plan for Hourly Employees 

GE Long Term Disability Income Plan for Salaried Employees 

Maintenance Period: All Mirror Maintained Health and Welfare Plans shall be maintained for at least the Maintenance Period (as defined in this Employee
Matters Agreement), unless a longer maintenance period is required under the terms of the Maintained Health and Welfare Plans (including an applicable insurance policy), by applicable Law, or as otherwise stated above. For the avoidance of doubt,
nothing herein shall be construed to prevent SpinCo Group from adopting, pursuant to collective bargaining, new retiree health plans for employees of SpinCo Group who retire on or after the expiration date of the 2019-2023 GE-IUE/CWA, AFL-CIO, CLC National Agreement entered into as of June 24, 2019. 

Appendix E 
 Parent
Health and Welfare Plans 
 Liability Split Date is January 1, 2023 

GE Leadership Life Insurance 
 GE Executive Life Insurance Plan

 GE Health Benefits for Production Retirees Plan 
 GE Health
Choice for Retirees Plan 
 GE Retiree Medical Plan 

Liability Split Date is Distribution Date 

GE Health Benefits for Production Employees Plan (except Part 3 GE Health Benefits for Production Employees Flexible Compensation Plan) 

GE Health Choice for Employees Plan (except Part 3 GE Health Choice Flexible Compensation Plan) 

GE Personal Accident Insurance Plan for Accidental Death and Dismemberment 

  
 27 

 Liability Split Date is (1) January 1, 2023 for liabilities related to Former
Employees and Legacy Former Employees (including potential future retirees) and (2) Distribution Date for liabilities related to Employees 
 GE A
Plus Life Insurance Plan 
 GE Dependent Life Insurance Plan for Exempt Salaried Employees 

GE Dependent Life Insurance Plan for Hourly and Nonexempt Salaried Employees 

GE Global Health Plan (except Flexible Spending Accounts) 
 GE
Life, Disability and Medical Plan (except Part VI. GE Flexible Spending Accounts) 
 GE Long Term Disability Income Plan for Hourly Employees 

GE Long Term Disability Income Plan for Salaried Employees 
 GE
Personal Excess Liability Insurance Plan 
 GE Salary Continuation Program 

The following voluntary insurance programs: 
  

	 	•	 	 Auto 

  

	 	•	 	 Home 

  

	 	•	 	 Pet Insurance 

  

	 	•	 	 ID Theft 

  

	 	•	 	 Life Balance discount program 

GE Canada Flexible Benefits Program 
 Post-Retirement Benefits for
GE Canada Retirees from the CGE & DEW Defined Benefit Plan 
 Post-Retirement Benefits for GE Canada Retirees from the CEF Defined Benefit Plan
(retired on or after January 1, 2019) 

  
 28 

 Appendix F 

Equity Compensation Awards 

General Electric International Employee Stock Purchase Plan 

“ESPP Account” means an account under the Parent ESPP for an ESPP Participant. 

“ESPP Participants” means the Employees and Former Employees who participate in the Parent ESPP. ESPP Participants also includes the Legacy Former
Employees who participate in the Parent ESPP, as determined by Parent based on the records for the Parent ESPP. 
 “Parent ESPP” means the General
Electric International Employee Stock Purchase Plan, as amended and restated on April 18, 2018. 
 “Transfer Date” means January 1,
2024, or, if earlier, such other date as mutually agreed by Parent and SpinCo. 
  

	 	(i)	 End of Participation in Parent ESPP. 

 

	 	A.	 Effective December 1, 2022, all ESPP Participants shall cease to be eligible to participate in the Parent
ESPP and their final purchase that includes their contributions for November 2022 shall occur on November 30, 2022. The Parent Group shall take all necessary actions to affect such cessation of participation by such ESPP Participants, effective
December 1, 2022. All applicable ESPP Participants shall receive distributions of their shares in accordance with the terms of the Parent ESPP and applicable Law following their cessation of participation in the Parent ESPP.

  

	 	B.	 Effective until the Transfer Date, the Parent Group shall maintain the ESPP Accounts in accordance with the
Parent ESPP Plan and applicable Law. Effective on the Transfer Date, Parent shall transfer to a member of the SpinCo Group, the ESPP Accounts, and SpinCo shall assume all ESPP Accounts and all related assets, liabilities and responsibilities of such
ESPP Accounts. The Parent Group (excluding the SpinCo Group) shall cease to have any liability or responsibility with respect to the ESPP Accounts immediately following the Transfer Date. 

 

	 	C.	 Each Participant (as defined in the Parent ESPP), other than an ESPP Participant, shall purchase shares on
January 4, 2023 with their Purchase Right (as defined in the Parent ESPP) which includes their December 2022 contributions. 

  
 29 

	 	D.	 Parent shall retain the Parent ESPP and except as provided in this Appendix F, the SpinCo Group assumes no
liability with respect to, and receives no right or interest in, the Parent ESPP. 

  

	 	(ii)	 China. The Parent Group shall take all necessary actions with respect to the Parent ESPP in accordance
with the terms of such plan and applicable Law. 

 General Electric Share Plans 

“Cork Plan” means the GE Healthcare (Cork) Share Participation Scheme. 

“Legacy Account” means the GE Aircraft Engines VSA, GE Caledonia VSA, and GE VSA (collectively, the “VSA Accounts”) held by Employees or
Former Employees as of the Transfer Date. Legacy Account also includes the Legacy Former Employees who have VSA Accounts as of the Transfer Date, as determined by Parent based on the records for the VSA Accounts. 

“Parent Share Plan” means: (i) the IGE Engines Holdings LTD Share Incentive Plan and the GE Company Share Incentive Plan (collectively, the
“UK SIPs”); and (ii) GE Capital Shannon Share Participation Scheme, GE Financial Funding Group Share Participation Scheme, GE Money Ireland Share Participation Scheme (collectively, the “Irish Plans”). 

“Share Plan Participant” means an Employee or Former Employee who participates in a Parent Share Plan. 

“Termination Date” means November 30, 2022. 

“Transfer Date” means January 1, 2024, or, if earlier, such other date as mutually agreed by Parent and SpinCo. 

 

	 	(i)	 UK SIPs. 

  

	 	(A)	 Effective on the Termination Date, applicable Share Plan Participants shall cease to participate in the UK
SIPs, other than with respect to any final purchase that includes such participants’ contributions prior to the Termination Date. The Parent Group shall take all necessary actions to affect such cessation of participation by all applicable
Share Plan Participants under the UK SIPs, effective on the Termination Date. All applicable Share Plan Participants shall receive distributions of their shares in accordance with the terms of the UK SIPs and applicable Law following their cessation
of participation in the UK SIPs. All Share Plan Participants who cease participating in the UK SIPs as provided herein shall be deemed to be “good leavers” for purposes of the UK SIPs. 

  
 30 

	 	(ii)	 Irish Plans. 

  

	 	(A)	 Effective on the Termination Date, all applicable Share Plan Participants shall cease to be eligible to
participate in the Irish Plans, other than with respect to any final purchase that includes such participants’ contributions prior to the Termination Date. The Parent Group shall take all necessary actions to affect such cessation of
participation by all applicable Share Plan Participants in the Irish Plans, effective on the Termination Date. 

  

	 	(iii)	 Cork Plan. 

  

	 	(A)	 Effective on the Termination Date, all participants in the Cork Plan shall cease to be eligible to participate
in the Cork Plan, other than with respect to any final purchase that includes such participants’ contributions prior to the Termination Date. The Parent Group shall take all necessary actions to affect such cessation of participation by
participants in the Cork Plan, effective on the Termination Date. 

  

	 	(B)	 Effective as of the Distribution Date, a member of the SpinCo Group shall assume the Cork Plan and all related
assets, liabilities and responsibilities of the Cork Plan. The Parent Group (excluding the SpinCo Group) shall cease to have any liability or responsibility with respect to the Cork Plan immediately following the Distribution Date.

  

	 	(iv)	 Legacy Accounts. 

 

	 	(A)	 The Parent Group shall maintain the Legacy Accounts in accordance with the terms of Legacy Accounts and
applicable Law after the Termination Date and through the Transfer Date. 

  

	 	(B)	 Effective on the Transfer Date, Parent shall transfer to a member of the SpinCo Group the Legacy Accounts, and
SpinCo shall assume all the Legacy Accounts and all related assets, liabilities and responsibilities of such Legacy Accounts. The Parent Group (excluding the SpinCo Group) shall cease to have any liability or responsibility with respect to the
Legacy Accounts immediately following the Transfer Date. 

 Except as otherwise provided in this Appendix F with respect to the Cork Plan
and the Legacy Accounts: (i) the SpinCo Group assumes no liability with respect to, and receives no right or interest in, any Parent Share Plan; and (ii) the Parent Group shall retain all of the purchase plans sponsored or maintained by a
member of the Parent Group, including all of the Parent Share Plans. 

  
 31 

 General Electric Equity and Equity-Based Awards 

(i)    Definitions. For purposes of this “General Electric Equity and Equity-Based Awards” subsection of
Appendix F, the following terms shall have the following meanings. All capitalized terms used but not defined in this “General Electric Equity and Equity-Based Awards” subsection of Appendix F shall have the meanings assigned to them in
the Employee Matters Agreement (or, if not defined therein, the Separation Agreement) unless otherwise indicated. 
 “CEO Leadership Award
Agreement” means the performance share grant agreement, dated as of August 18, 2020, by and between Parent and H. Lawrence Culp, Jr. (the “CEO”). 

“CEO Parent Performance Shares” means the performance shares granted to the CEO pursuant to the CEO Leadership Award Agreement. 

“CFO Leadership Award Agreement” means the performance stock unit grant agreement, dated as of September 3, 2020, by and between Parent
and Carolina Dybeck Happe (the “CFO”). 
 “CFO Parent PSUs” means the performance stock units granted to the CFO pursuant
to the CFO Leadership Award Agreement. 
 “Distribution Ratio” means the distribution ratio that determines the number of shares of SpinCo
Common Stock each holder of Parent Common Stock on the record date of the Distribution shall receive, which for purposes hereof shall be equal to the number of shares of SpinCo Common Stock (including any fraction of a share of SpinCo Common Stock)
each shareholder of Parent would be entitled to receive for each share of Parent Common Stock in the Distribution, carried out to six decimal places (with the final decimal place rounded down to the nearest whole number). 

“Former Employee” means, at the Distribution, any former employee of Parent or its affiliates, other than a SpinCo Employee or an
International Former Employee. 
 “International Former Employee” means, at the Distribution, any former employee of Parent or its
affiliates who received Parent RSUs or Parent PSUs while located in China or Vietnam and still resides in China or Vietnam, as applicable. 

“Parent Corporate Employee” means, at the Distribution, any Parent Employee designated by Parent’s management as a “corporate
employee,” other than a Parent International Corporate Employee. 
 “Parent Employee” means, at the Distribution, any employee of
Parent or its affiliates that is not a SpinCo Employee. 

  
 32 

 “Parent International Corporate Employee” means, at the Distribution, any Parent Employee
designated by Parent’s management as a “corporate employee” and who is subject to China State Administration of Foreign Exchange requirements or resides in Vietnam. 

“Parent Pre-Spin Stock Price” means the closing per share price of Parent Common Stock trading
“regular way with due bills” on the New York Stock Exchange immediately prior to the Distribution. 
 “Plan” means any of
(A) the GE 1990 Long-Term Incentive Plan, as amended and restated, (B) the GE 2007 Long-Term Incentive Plan, as amended and restated, (C) the GE 2022 Long-Term Incentive Plan, (D) the GE Stock-Based Compensation and Incentive
Plan for Consultants, Advisors and Independent Contractors and (E) the GE Annual Executive Incentive Plan and any predecessor bonus plans such as the GE Incentive Compensation Plan or corporate action (collectively, the
“AEIP”). 
 “SpinCo Employee” means, at the Distribution, any employee of SpinCo or a Subsidiary of SpinCo, as determined
by Parent’s management. 
 “SpinCo Equity Award Ratio” means the quotient obtained by dividing (A) the Parent Pre-Spin Stock Price by (B) the SpinCo Post-Spin VWAP Stock Price, carried out to six decimal places (with the final decimal place rounded down to the nearest whole number). 

“SpinCo Post-Spin VWAP Stock Price” means the volume-weighted average per share price of SpinCo Common Stock on the Nasdaq Stock Exchange
during the first trading day immediately following the Distribution. 
 (ii)    Parent Equity Awards and Parent SUs
Generally. The Parties shall take all actions necessary or appropriate so that certain Parent Options, Parent RSUs, Parent PSUs and Parent SUs (each as defined below) and the CEO Parent Performance Shares and CFO Parent PSUs shall be adjusted
effective as of the Distribution as set forth in clauses (iii) through (vii) of this “General Electric Equity and Equity-Based Awards” subsection of Appendix F, as set forth below. SpinCo acknowledges and agrees to assume the
SpinCo Equity Awards and SpinCo SUs (each as defined below) that result from such adjustments and to issue SpinCo Common Stock in connection with any such SpinCo Equity Awards for which the applicable vesting criteria are satisfied. 

(iii)    Parent Options Held by SpinCo Employees. Each Parent stock option (a “Parent Option”),
whether or not granted pursuant to the Plans and whether vested or unvested, held by a SpinCo Employee that is outstanding and unexercised immediately prior to the Distribution shall be converted into an award of stock options to purchase shares of
SpinCo Common Stock (a “SpinCo Option”), and shall otherwise be subject to the same terms and conditions from and after the Distribution as the terms and conditions applicable to the corresponding Parent Option immediately prior to
the Distribution; provided, however, that from and after the Distribution: (A) the number of shares of SpinCo Common Stock subject to such SpinCo Option shall be equal to the product, rounded down to the nearest whole number of
shares, obtained by multiplying (1) the number of shares of Parent 

  
 33 

 
Common Stock subject to the corresponding Parent Option immediately prior to the Distribution by (2) the SpinCo Equity Award Ratio and (B) the per share exercise price of such SpinCo
Option shall be equal to the quotient, rounded up to the nearest whole cent, obtained by dividing (1) the per share exercise price of the corresponding Parent Option immediately prior to the Distribution by (2) the SpinCo Equity Award
Ratio. 
  

	 	(iv)	 Parent RSUs. 

  

	 	(A)	 Parent RSUs Held by SpinCo Employees. Each Parent restricted stock unit (a “Parent
RSU”), whether or not granted pursuant to the Plans and whether vested or unvested, held by a SpinCo Employee that is outstanding immediately prior to the Distribution shall be converted into a restricted stock unit award in respect of
SpinCo Common Stock (a “SpinCo RSU”), and shall otherwise be subject to the same terms and conditions from and after the Distribution as the terms and conditions applicable to the corresponding Parent RSU immediately prior to the
Distribution; provided, however, that from and after the Distribution the number of shares of SpinCo Common Stock subject to such SpinCo RSU shall be equal to the product, rounded up to the nearest whole number of shares, obtained by
multiplying (1) the number of shares of Parent Common Stock subject to the corresponding Parent RSU immediately prior to the Distribution by (2) the SpinCo Equity Award Ratio. 

 

	 	(B)	 Parent RSUs Held by Parent Corporate Employees and Former Employees. Each Parent Corporate Employee or
Former Employee who holds a Parent RSU, whether vested or unvested, that is outstanding immediately prior to the Distribution shall receive, as of the Distribution, a number of SpinCo RSUs equal to the product, rounded up to the nearest whole number
of shares, obtained by multiplying (1) the number of shares of Parent Common Stock subject to the corresponding Parent RSU immediately prior to the Distribution by (2) the Distribution Ratio. Such SpinCo RSUs shall be subject to the same
terms and conditions after the Distribution as the terms and conditions applicable to the corresponding Parent RSU immediately prior to the Distribution. 

  

	 	(v)	 Parent PSUs (Other than CEO and CFO Leadership Awards). 

 

	 	(A)	 Parent PSUs Held by SpinCo Employees. Each Parent performance stock unit (“Parent
PSU”), whether or not granted pursuant to the Plans and whether vested or unvested, held by a SpinCo Employee that is outstanding immediately prior to the Distribution shall be converted into a performance stock unit award in respect of
SpinCo Common Stock (a “SpinCo PSU”), and shall otherwise be subject to the same terms and conditions from and after the Distribution as the terms and 

  
 34 

	 	
conditions applicable to the corresponding Parent PSU immediately prior to the Distribution, including with respect to vesting, except to the extent that performance vesting requirements are
adjusted and truncated as a result of the Distribution as set forth below; provided, however, that from and after the Distribution the number of shares of SpinCo Common Stock subject to such SpinCo PSU shall be equal to the product,
rounded up to the nearest whole number of shares, obtained by multiplying (1) the number of shares of Parent Common Stock subject to the corresponding Parent PSUs immediately prior to the Distribution by (2) the SpinCo Equity Award Ratio.
With respect to such SpinCo PSUs, (a) the one-year Parent earnings per share (“EPS”) and free cash flow (“FCF,” and together with EPS, the “operational
performance metrics”) shall be measured by the Management Development and Compensation Committee of the Board of Directors of Parent (the “MDCC”) based on actual performance through the end of the applicable performance
period (for the avoidance of doubt, each of which shall have ended prior to the Distribution), (b) three-year Parent total shareholder return relative to the S&P 500 Industrials Index Companies (“rTSR”) shall be measured by the
MDCC based on actual performance through the end of a truncated performance period ending as of the Distribution, (c) any additional performance objectives for which the applicable performance period has been completed as of the Distribution
shall be measured based on actual performance through the end date of such applicable performance period and (d) any additional performance objectives that are contemplated by the award agreement for the corresponding Parent PSU but which have
not otherwise been established as of the Distribution shall be established following the Distribution by the board of directors or an equivalent authorized body of SpinCo (or an applicable committee thereof) (the “Adjusted SpinCo PSU Vesting
Conditions”). 

  

	 	(B)	 Parent PSUs Held by Parent Corporate Employees and Former Employees. Each Parent Corporate Employee or
Former Employee who holds a Parent PSU, whether vested or unvested, that is outstanding immediately prior to the Distribution shall receive, as of the Distribution, a number of SpinCo PSUs equal to the product, rounded up to the nearest whole number
of shares, obtained by multiplying (1) the number of shares of Parent Common Stock subject to the corresponding Parent PSUs immediately prior to the Distribution by (2) the Distribution Ratio; provided that such SpinCo PSUs shall be
subject to the same terms and conditions from and after the Distribution as the terms and conditions applicable to the corresponding Parent PSUs immediately prior to the Distribution, including with respect to vesting, except that the operational
performance metrics and rTSR vesting requirements shall be the Adjusted SpinCo PSU Vesting Conditions. 

  
 35 

	 	(vi)	 CEO and CFO Leadership Awards. 

 

	 	(A)	 CEO Leadership Award. Pursuant to Section 3.6 of the CEO Leadership Award Agreement and taking into
account the CEO is a shareholder of record with respect to the shares underlying the CEO Leadership Award Agreement, the CEO shall receive, as of the Distribution, a number of performance shares of SpinCo (the “CEO SpinCo Performance
Shares”) determined in accordance with Section 3.6 of the CEO Leadership Award Agreement. For purposes of clarity, such CEO SpinCo Performance Shares shall be subject to the same terms and conditions from and after the Distribution as
the terms and conditions applicable to the corresponding CEO Parent Performance Shares immediately prior to the Distribution giving effect to Section 3.6 of the CEO Leadership Award Agreement, except that, for each trading day following the
Distribution, the Highest Average Price (as defined in the CEO Leadership Award Agreement) for purposes of the CEO SpinCo Performance Shares shall be determined in accordance with Section 3.6 of the CEO Leadership Award Agreement.

  

	 	(B)	 CFO Leadership Award. Pursuant to Section 3.6 of the CFO Leadership Award Agreement, the CFO shall
receive, as of the Distribution, a number of performance stock units in respect of SpinCo Common Stock (the “CFO SpinCo PSUs”) equal to the product, rounded up to the nearest whole number of shares, obtained by multiplying
(1) the number of CFO Parent PSUs subject to the CFO Leadership Award Agreement by (2) the Distribution Ratio. For purposes of clarity, such CFO SpinCo PSUs shall be subject to the same terms and conditions from and after the Distribution
as the terms and conditions applicable to the corresponding CFO Parent PSUs immediately prior to the Distribution giving effect to Section 3.6 of the CFO Leadership Award Agreement, except that, for each trading day following the Distribution,
the Highest Average Price (as defined in the CFO Leadership Award Agreement) for purposes of the CFO SpinCo PSUs shall be determined in accordance with Section 3.6 of the CFO Leadership Award Agreement. 

(vii)    Parent SUs. Effective as of the Distribution, each holder of a unit representing the value of a share of
Parent Common Stock with respect to deferral of a cash bonus (a “Parent SU”) who will participate in a Non-Qualified Deferred Compensation Mirror Plan corresponding to the AEIP (such holder,
an “SU Holder”) shall be credited under the applicable Non-Qualified Deferred Compensation Mirror Plan corresponding to the AEIP with a number of units of SpinCo (“SpinCo
SUs”) with respect to such SU Holder’s deferred amounts under the AEIP, equal to the product, obtained by multiplying (A) the number of 

  
 36 

 
shares of Parent Common Stock subject to the corresponding Parent SUs immediately prior to the Distribution by (B) the Distribution Ratio. Such SpinCo SUs shall otherwise be subject to the
terms and conditions of the applicable Non-Qualified Deferred Compensation Mirror Plan, including cash settlement. For at least one year following the Distribution, the applicable Non-Qualified Deferred Compensation Mirror Plan shall permit each SU Holder to continue to elect for each of the SU’s Holder’s Parent SUs assumed under the
Non-Qualified Deferred Compensation Mirror Plan to remain a Parent SU (i.e., to track the value of a share of Parent Common Stock); provided that at the end of such period, the Parent SUs shall be
converted into a different notional investment as prescribed by the Non-Qualified Deferred Compensation Plan. 

(viii)    No Termination of Employment or Separation from Service. For any Parent Employee or SpinCo Employee, the
Distribution, any of the transactions or any transfers of employment or service contemplated thereby shall not be deemed to result in a termination of employment or otherwise constitute a “separation from service” (within the meaning of
Section 409A of the Code) (including as a result of transferring directly to employment with a successor employer in connection with transfer by Parent or any of its affiliates of a business operation) for purposes of the Plans or any equity
awards, whether granted under the Plans or otherwise. 
  

	 	(ix)	 Settlement, Delivery; Tax Reporting and Withholding. 

 

	 	(A)	 Settlement and Delivery of Shares. From and after the Distribution, SpinCo shall have sole
responsibility for the settlement and delivery of shares of SpinCo Common Stock pursuant to SpinCo Options, SpinCo RSUs, SpinCo PSUs, CEO SpinCo Performance Shares and CFO SpinCo PSUs (collectively, “SpinCo Equity Awards”) to any
holder of such award and shall be solely entitled to any exercise price payable in respect of SpinCo Options. 

  

	 	(B)	 Parent Employer Deduction for SpinCo Basket Awards Held by Parent Group Employees. Upon the vesting,
payment or settlement, as applicable, of SpinCo Equity Awards held by an individual who at such time is or, upon their most recent termination of employment, was employed by a member of the Parent Group, Parent shall be solely entitled to a tax
deduction arising from the payment or settlement of SpinCo Equity Awards. 

  

	 	(C)	 SpinCo as Statutory Employer for SpinCo Basket Awards Held by Parent Group Employees. The Parties agree
that SpinCo is the Employer within the meaning of Section 3401(d) of the Code with respect to the issuance of SpinCo Equity Awards described in clause (ix)(B). The Parties further agree that the applicable tax withholding obligations will be
satisfied in accordance with the tax withholding methodology terms and conditions applicable to the corresponding award immediately prior to the Distribution, and SpinCo shall deposit

  
 37 

	 	
the cash equivalent of such tax withholdings and pay the employer portion of any applicable payroll taxes in cash to the applicable Governmental Authority in an amount sufficient to satisfy its
obligations. SpinCo agrees that it shall issue Forms W-2 reporting the wages and withholding associated with the settlement of SpinCo Equity Awards. The Parties agree that they shall cooperate to avoid the
duplication of any payroll taxes (such as Social Security taxes) subject to an applicable wage base. Notwithstanding the foregoing, to the extent any non-United States jurisdiction requires a different
withholding methodology or requires a different entity to withhold applicable taxes, such withholdings shall be effected in accordance with applicable local law. 

  

	 	(D)	 SpinCo Equity Award Administration. SpinCo shall establish an appropriate administration system in order
to handle in an orderly manner exercises of SpinCo Options and the settlement of other SpinCo Equity Awards and to effect the tax benefits and obligations contemplated by this clause (ix). In order to facilitate the foregoing matters, SpinCo shall
maintain, at its own expense, UBS as its stock plan administrator (or such other party as may be agreed by SpinCo and Parent) and maintain the payroll data aggregation process established by Parent in advance of the Distribution, in each case, for
the period commencing on the Distribution and ending no earlier than the later of (1) the tenth (10th) anniversary of the Distribution and (2) the date on which there are no longer outstanding any SpinCo Options that were vested
immediately prior to the Distribution. 

 (x)    Equity Plan Adoption; Registration and Other
Regulatory Requirements. 
  

	 	(A)	 Equity Plan Adoption. Effective as of the Distribution, SpinCo shall adopt equity incentive plans (the
“SpinCo LTIPs”) that shall permit the issuance of SpinCo Equity Awards as described in this “General Electric Equity and Equity-Based Awards” subsection of Appendix F. Such SpinCo LTIPs shall have substantially the same
terms as those of the applicable Plan as of immediately prior to the Distribution under which the corresponding Parent Options, Parent RSUs, Parent PSUs, CEO Parent Performance Shares or CFO Parent PSUs were originally granted. The SpinCo LTIPs
shall be approved before the Distribution by Parent as SpinCo’s sole stockholder. 

  

	 	(B)	 Registration. SpinCo agrees to file a registration statement on Form S-8 (and, solely with respect to
SpinCo Equity Awards for which the underlying shares of SpinCo Common Stock are not eligible for registration on Form S-8, a registration statement on Form S-3 or Form S-1) with respect to, and to cause to be registered pursuant to the Securities Act of 1933, as amended (the “Securities Act”), the shares

  
 38 

	 	
of SpinCo Common Stock authorized for issuance under the SpinCo LTIPs, as required pursuant to the Securities Act, not later than the Distribution and in any event before the date of issuance of
any shares of SpinCo Common Stock pursuant to the SpinCo LTIPs. 

  
 39 

 Appendix G 

GE U.K. Pension Plan 
 “Bulk Transfer
Deed” means the bulk transfer deed entered into prior to the Distribution Date and agreed between GEH Holdings (a company incorporated in England and Wales), GE Healthcare Limited (a company incorporated in England and Wales), GE Pension
Trustees Limited (a company incorporated in England and Wales) and GE Healthcare Pension Trustee Limited (a company incorporated in England and Wales). 

“Exit Date” means the Exit Date as defined in the Bulk Transfer Deed. 

“GE HCL” means GE Healthcare Limited, a company incorporated in England and Wales with registered number 01002610. 

“GE HCL Pension Trustee” means GE Healthcare Pension Trustee Limited, a company incorporated in England and Wales with registered number
11673452. 
 “GE Pension Trustee” means GE Pension Trustees Limited, a company incorporated in England and Wales with registered number
08112850. 
 “GE UK Pension Plan” means the GE Pension Plan, an occupational pension scheme which is administered in the United Kingdom,
and which is governed by the Constitutional and Benefit Rules dated December 8, 2016, made between GE Pension Trustee and GEH Holdings. For the avoidance of doubt, no reference to the “GE Pension Plan” or “GEPP” in this
Employee Matters Agreement, other than in this definition, relates to the GE UK Pension Plan. 
 “GE HCL Pension Entities” means the
“Healthcare Pension Entities” as defined in the Bulk Transfer Deed. 
 “GE HCL Plan” means the GE HCL Pension Plan, which is
governed by a Trust Deed and Rules dated January 23, 2019 between GE HCL Pension Trustee and GE HCL. 

“In-Service Deferred Benefits” means certain enhanced pension benefits payable to some individuals
who were members of the GE UK Pension Plan when that Plan closed to the accrual of future benefits with effect from December 31, 2021. 

“Pensions Act 1995” means the United Kingdom Pensions Act of 1995. 

“Pensions Act 2004” means the United Kingdom Pensions Act of 2004. 

“Transferring Liabilities” means the Transferring Liabilities as defined in the Bulk Transfer Deed. 

  
 40 

	 	(i)	 Participation of the GE HCL Pension Entities in the GE UK Pension Plan shall cease as of the Exit Date in
accordance with the governing rules of the GE UK Pension Plan and the Bulk Transfer Deed. 

  

	 	(ii)	 SpinCo will, effective as of the Split Date, enter into a guarantee with the GE HCL Pension Trustee under which
any obligation of GE HCL to make contributions to the GE HCL Plan will be guaranteed by SpinCo, the form of such guarantee to be appended to the Bulk Transfer Deed. 

 

	 	(iii)	 Effective as of the Split Date, and subject to the conditions set out in the Bulk Transfer Deed, including the
provision of a funding guarantee as described in (ii) above, Parent shall transfer, or cause to be transferred, to the GE HCL Plan, Assets where applicable or accruals (the “GE UK Pension Plan Transfer Value Amount”) and the
Transferring Liabilities in accordance with the terms of the Bulk Transfer Deed and the Transferring Liabilities shall be determined as set out in the Bulk Transfer Deed, including as they relate to: 

 

	 	A.	 members with deferred pensions or pensions in payment under the GE UK Pension Plan whose last employer in the
GE UK Pension Plan as of December 31, 2021 was a GE HCL Pension Entity; 

  

	 	B.	 dependents receiving payment under the GE UK Pension Plan with respect to a member, where the member’s
last employer in the GE UK Pension Plan at the earlier of the date of death or December 31, 2021 was a GE HCL Pension Entity; and 

  

	 	C.	 certain Liabilities to which regulation 6(5) of the Occupational Pension Scheme (Employer Debt) Regulations
2005 applies. 

  

	 	(iv)	 An individual who was eligible for In-Service Deferred Benefits under
the GE UK Pension Plan immediately prior to the Exit Date may continue to be so eligible in relation to the GE UK Pension Plan or the GE HCL Plan (as applicable) after the Exit Date on the terms set out in the rules of those Plans and as provided
for in the Bulk Transfer Deed. 

  

	 	(v)	 Following the Split Date and the transfer of the Assets or accruals and the Transferring Liabilities to the GE
HCL Plan, each of the GE HCL Pension Entities shall serve a notice on the GE Pension Trustee in accordance with Regulation 9(4) of the Occupational Pension Schemes (Employer Debt) Regulations 2005 in the manner set out in the Bulk Transfer Deed.

  

	 	(vi)	 Any Liabilities under section 75 Pensions Act 1995 that are attributable to the GE HCL Pension Entities in the
GE UK Pension Plan following the Exit Date shall be apportioned in accordance with the Bulk Transfer Deed and the Occupational Pension Schemes (Employer Debt) Regulations 2005 (as amended), unless otherwise agreed with the GE Pension Trustee.

  
 41 

	 	(vii)	 The GE UK Pension Plan Transfer Value Amount shall be calculated as set out in the Bulk Transfer Deed.

  

	 	(viii)	 This Employee Matters Agreement and the Bulk Transfer Deed shall be without prejudice to any obligation of a GE
HCL Entity to pay contributions to the GE UK Pension Plan with respect to the period prior to the Exit Date. 

  
 42 

 Appendix H 

Canadian Pension and Other Employee Benefit Plans 

(A)    Effective as of the applicable Plan Split Date or earlier as may be mutually agreed by the Parties, SpinCo shall
assign or cause to be assigned to designated Parent Affiliate: 
  

	 	(1)	 the Canadian General Electric Pension Plan (“CGE Plan”), 

 

	 	(2)	 the GE Canada Pension Plan for GE Businesses in Quebec (“GEPPQ”), and 

 

	 	(3)	 the Régime de retraite des employés non-syndiqués
de Réseau Solutions Canada ULC (collectively, the “GE Canadian Pension Plans”). 

(B)    Subject to regulatory approval, effective as of the applicable Plan Split Date, (1) Parent, or its Affiliate,
shall transfer or cause to be transferred from the CGE Plan, GEPPQ, and the GE Capital Pension Plan for Canadian Salaried Employees (“GECCP”), as applicable, to a registered pension plan established and sponsored by SpinCo or another
member of the SpinCo Group (the “Canadian Mirror Plan”) the assets and Liabilities under the CGE Plan, the GEPPQ and the GECCP with respect to Employees, Former Employees and Legacy Former Employees, as applicable, and (2) the
Canadian Mirror Plan shall assume all such assets and Liabilities from the CGE Plan, GEPPQ, and GECCP, as applicable. To establish the Canadian Mirror Plan, Parent shall draft the applicable plan documents which shall be adopted by SpinCo (or if
applicable, another member of the SpinCo Group) without alteration. The terms and conditions of the transfer of assets and Liabilities from the CGE Plan, GEPPQ, and GECCP to the Canadian Mirror Plan shall be as set out in the agreements between the
designated Parent Affiliate and designated member of the SpinCo Group executed prior to the Split Date, but in no case later than the date this Employee Matters Agreement is executed. 

(C)    SpinCo shall maintain the Canadian General Electric Supplemental Retirement Plan, and any such other supplemental
or non-registered arrangement applicable to the Canadian Employees, Former Employees or Legacy Former Employees, as applicable (the “Canada Supplemental Plan”). Effective as of the applicable Plan
Split Date or sooner as may be mutually agreed by the Parties, (1) Parent, or its designated Affiliate, shall establish or cause to be established supplemental plans sponsored by Parent or its designated Affiliate that mirror the relevant terms
of the Canada Supplemental Plan (the “Canadian Supplemental Mirror Plan”) with respect to members who are not Employees, Former Employees or Legacy Former Employees, (2) SpinCo shall transfer or allocate, or cause to be transferred or
allocated, from the Canada Supplemental Plan, if and as applicable, to the Canadian Supplemental Mirror Plan all defined benefit 

  
 43 

 
Liabilities accrued under the Canada Supplemental Plan with respect to members who are not Employees, Former Employees or Legacy Former Employees, (3) the Canadian Supplemental Mirror Plan
shall assume all such transferred or allocated defined benefit Liabilities from the Canada Supplemental Plan, and (4) the SpinCo Group shall retain all responsibility for paying (or causing to be paid), as and to the extent applicable, the
defined benefit Liabilities described in this Section 5(f)(ii)(C) as it relates to Employees, Former Employees and Legacy Former Employees. For greater certainty, SpinCo shall also be responsible for any supplemental or non-registered payment associated with any Employees that participated in the GECCP prior to the Split Date, as and to the extent applicable. 

(D)    For greater certainty, SpinCo shall maintain the defined contribution
non-registered accounts held under the Canada Supplemental Plan for all members as of the Distribution Date, including those who are not Employees, Former Employees or Legacy Former Employees. SpinCo shall
establish a mirror non-registered group policy for future contributions for Employees and the balances of existing non-registered accounts for Employees and Former
Employees shall be transferred to the new mirror non-registered group policy as of the Distribution Date. SpinCo shall administer or shall cause to be administered such other
non-registered defined contribution accounts in the existing non-registered group policy until at least January 31, 2024, during which time all such members as of
the Distribution Date shall be permitted to retain the balance of their accounts in the Canada Supplemental Plan, unless their employment is terminated earlier. The accounts of any members who are not Employees, Former Employees, Legacy Former
Employees or otherwise part of the SpinCo Group and who do not elect to withdraw the balance of their accounts by January 31, 2024 shall be transferred to the applicable Canadian Supplemental Mirror Plan maintained by Parent or one of its
Affiliates on February 1, 2024. 
 (E)    SpinCo shall establish, or cause to be established, a mirror employee
stock savings plan, registered retirement savings plan and tax-free savings account for Employees. Accounts relating to Employees, Former Employees and Legacy Former Employees under the GE Canada Stock Savings
Plan, registered retirement savings plan and tax-free savings account shall be transferred to SpinCo as of the Plan Split Date. SpinCo shall not be liable or responsible for the accounts under the GE Canada
Employee Stock Savings Plan or such registered retirement savings plans and tax-free savings accounts for members who are not Employees, Former Employees or Legacy Former Employees. For greater certainty, and
notwithstanding anything to the contrary above or in Appendix F, effective on the Distribution Date, all Employees participating in the GE Canada Employee Stock Savings Plan shall cease to be eligible to participate in the GE Canada Employee Stock
Savings Plan, other than with respect to any final purchase that includes such participants’ contributions prior to the Distribution Date. The Parent Group 

  
 44 

 
shall take all necessary actions to affect such cessation of participation by Employees in the GE Canada Employee Stock Savings Plan, effective on the Distribution Date. 

(F)    For purposes of Section 4(a)(ii) above, (1) the reference to “employee
benefits” shall include the employee stock purchase plan, and (2) the material terms and conditions of employment as were provided to each Canadian Employee immediately prior to the Distribution Date shall mean the terms and conditions of
employment as modified by the notice provided to Employees that the terms and conditions regarding their participation in the CGE Plan, GEPPQ or GECCP, as applicable, shall be changing effective December 31, 2023 and such Employees shall
commence participating in a different pension arrangement effective January 1, 2024. For greater certainty, the terms and conditions of the Participation Agreement between General Electric Canada and the Board of Trustees of the Colleges of
Applied Arts and Technologies Pension Plan dated May 20, 2022 (the “CAAT Agreement”) shall enure to the benefit of SpinCo. As of the Plan Split Date, SpinCo shall (1) assign the CAAT Agreement to a designated Parent Affiliate and
(2) enter into a mirror form of the CAAT Agreement as with respect to the Employees. 
 (G)    Section 4(c)
of this Employee Matters Agreement shall apply with respect to Canadian Employees, but the reference to the “12-month period immediately following the Distribution Date” shall be replaced with
“Continuation Period”. 
 (I)     Section 5(c) of this Employee Matters Agreement shall apply with
respect to Canadian Employees, Former Employees and Legacy Former Employees who participate in the Canadian Parent Health and Welfare Plans, as identified in Appendix E. For greater certainty, the SpinCo Group shall not amend or terminate any
retiree health or retiree life benefits for retirees as of the applicable Plan Split Date (except as otherwise required by applicable Law) before January 1, 2024 and, for the avoidance of doubt, the SpinCo Group shall be solely and exclusively
responsible for all Liabilities arising from any amendment or termination by or attempted by SpinCo Group, including any amendment or termination determined to be contrary to applicable Law. 

(J)    During the Maintenance Period, (i) no member of the SpinCo Group shall undertake any De-Risking Transaction regarding the Canadian Mirror Plan or the Canada Supplemental Plan and (ii) no member of the Parent Group shall undertake any De-Risking
Transaction regarding the CGE Plan or the Canadian Supplemental Mirror Plan. The SpinCo Group shall be solely and exclusively responsible for, and shall indemnify and defend the Parent Group against, any and all claims related to any amendments to
the Canadian Mirror Plan or the Canada Supplemental Plan. 

  
 45 

 For the avoidance of doubt, the SpinCo Group shall be solely and exclusively responsible for all Liabilities
arising from any such amendment or termination. 

  
 46 

 Appendix I 

Future Hires 

  
 47

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