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Exhibit 10.19    
    

Hospira Non-Qualified Savings and Investment Plan

  (Effective January 1, 2008) 

 

 

 
 

TABLE OF CONTENTS    
    

	 
	 	Page

	
 ARTICLE I INTRODUCTION	
 	

1
	
 ARTICLE II DEFINITIONS	
 	

1
	
 ARTICLE III PLAN PARTICIPATION	
 	

6
	
 ARTICLE IV DEFERRAL CONTRIBUTIONS AND PAYMENT ELECTIONS	
 	

6
	
 ARTICLE V EMPLOYER CONTRIBUTIONS	
 	

8
	
 ARTICLE VI DEEMED EARNINGS ON ACCOUNT BALANCES	
 	

8
	
 ARTICLE VII ESTABLISHMENT OF TRUST	
 	

9
	
 ARTICLE VIII VESTING OF PLAN BENEFITS	
 	

9
	
 ARTICLE IX PAYMENT OF ACCOUNT BALANCES	
 	

10
	
 ARTICLE X AMENDMENT AND TERMINATION	
 	

11
	
 ARTICLE XI GENERAL PROVISIONS	
 	

12

i

  Hospira Non-Qualified Savings and Investment Plan  

Article I

Introduction  

        Section 1.1    Name; Purpose.    The Hospira Non-Qualified Savings and Investment Plan is
established effective as of January 1, 2008. The Plan constitutes an unfunded, non-qualified arrangement providing deferred compensation to a select group of management or highly
compensated employees (as defined for purposes of Title I of ERISA) of the Company and of certain of the Company's affiliates. 

        Section 1.2    Administration of the Plan.    The Plan is administered by the Board of Review. The duties and
authority of the Board of Review include: 

        (a)   interpreting
and applying the Plan's terms; 

        (b)   adopting
any rules or regulations the Board of Review deems necessary or desirable to operate the Plan; 

        (c)   making
whatever determinations are permitted or required to maintain or administer the Plan; and 

        (d)   taking
any other actions that prove necessary to administer the Plan properly, in accordance with its terms. 

        Any
decision of the Board of Review as to any matter within its authority will be final, binding and conclusive upon the Company, any Employer and each Participant, former Participant,
designated beneficiary or other person claiming Plan benefits under or through any Participant or designated beneficiary. No additional authorization or ratification by the Board is necessary for the
Board of Review to act on any matter within its authority. An action taken by the Board of Review as to a Participant will not be binding on the Board of Review regarding an action to be taken as to
any other Participant. Each determination required or permitted under the Plan will be made by the Board of Review in its sole and absolute discretion. The Board of Review may delegate some or all of
its duties or responsibilities. 

Article II

Definitions  

        Section 2.1
Account means a bookkeeping Account maintained under the Plan for a Participant, which shall include his or her
Deferral Contributions Account and Employer Contributions Account, each of which may be further divided into subaccounts corresponding to the payment options under  Article IX selected by the
Participant pursuant to Section 4.2, including a retirement
subaccount, an in-service subaccount, or a Specific Date subaccount. 

        Section 2.2  Account Balance means the value, as of a specified date, of the Account. 

        Section 2.3
Adopting Affiliate means an entity that, together with the Company, is considered as a single employer under Code
Section 414(b), (c), (m) or (o), and has adopted the Retirement Savings Plan for its employees. 

        Section 2.4
Board means the Board of Directors of the Company. 

        Section 2.5  Board of Review means the Hospira, Inc. Employee Benefit Board of Review appointed by the Board and acting under
the Charter of the Hospira, Inc. Employee Benefit Board of Review. 

        Section 2.6
Change in Control means the earliest to occur of a Change in Ownership, a Change in Effective Control, or a Change in
Ownership of Assets, each as defined below. 

        (a)   Change
in Ownership 

          (i)  In
general. Except as provided in paragraph (b)(ii) of this Section 2.6, a Change in Ownership of the
Company occurs on the date that any one person, or more than one person acting as a group (as defined in paragraph (a)(ii) of this  Section 2.6), acquires ownership of the Company's stock that,
together with stock held by such person or group, constitutes more than 50% of the
total fair market value or total voting power of the Company's stock. 

 

However,
if any one person, or more than one person acting as a group, is considered to own more than 50% of the total fair market value or total voting power of the Company's stock, the acquisition
of additional stock by the same person or persons is not considered to cause a Change in Ownership of the Company (or to cause a Change in Effective Control of the Company (within the meaning of
paragraph (b) of this Section 2.6)). An increase in the percentage of stock owned by any one person, or persons acting as a group, as a
result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this  Section 2.6. This paragraph (a)(i)
applies only when there is a transfer of the Company's stock (or issuance of stock of the Company) and
stock in the Company remains outstanding after the transaction. 

         (ii)  Persons
acting as a group. For purposes of paragraph (a)(i) above, persons will not be considered to be acting as a group solely because they purchase or own
stock of the Company at the same time. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition
of stock, or similar business transaction with the Company. If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock,
or similar transaction, such shareholder is considered to be acting as a group with other shareholders only with respect to the ownership in that corporation before the transaction giving rise to the
change and not with respect to the ownership interest in the other corporation. 

        (b)   Change
in Effective Control 

          (i)  In
general. Notwithstanding that the Company has not undergone a Change in Ownership under paragraph (a) of this  Section 2.6, a Change in Effective Control of the Company occurs only on either of
the following dates: 

        (1)   The
date any one person, or more than one person acting as a group (as determined under paragraph (a)(ii) of this  Section 2.6), acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company. 

        (2)   The
date a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority
of the members of the Board before the date of the appointment or election. 

         (ii)  Acquisition
of additional control. If any one person, or more than one person acting as a group, is considered to effectively control the Company (within the meaning of
this paragraph (b)), the acquisition of additional control of the Company by the same person or persons is not considered to cause a Change in Effective Control of the Company (or to cause a
Change in Ownership of the Company within the meaning of paragraph (a) of this Section 2.6). 

        (c)   Change
in Ownership of Assets 

          (i)  In
general. A Change in Ownership of Assets occurs on the date that any one person, or more than one person acting as a group (as determined in paragraph (a)(ii)
of this Section 2.6), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all of the Company's assets immediately before
such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets. 

2

 

         (ii)  Transfers
to a related person—There is no Change in Control event under this paragraph (c) when there is a transfer to an entity that is controlled
by the shareholders of the transferring corporation immediately after the transfer, as provided in this paragraph (c)(ii). A transfer of assets by the Company is not treated as a Change in
Ownership of Assets if the assets are transferred to— 

        (1)   A
shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock; 

        (2)   An
entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company; 

        (3)   A
person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of
the Company; or 

        (4)   An
entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a person described in paragraph (c)(ii)(3) above. 

        For
purposes of this paragraph (c)(ii) and except as otherwise provided above, a person's status is determined immediately after the transfer of the assets. 

        (iii)  Persons
acting as a group. Persons will not be considered to be acting as a group solely because they purchase assets of the Company at the same time. However, persons
will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of assets, or similar business transaction with the
Company. If a person, including an entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of assets, or similar transaction, such
shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation before the transaction giving rise to the change and
not with respect to the ownership interest in the other corporation. 

        Section 2.7  Code means the Internal Revenue Code of 1986, as amended. 

        Section 2.8
Company means Hospira, Inc., a Delaware corporation. 

        Section 2.9
Company Stock means the common stock of the Company. 

        Section 2.10  Compensation has the same meaning as under the Retirement Savings Plan, except that it also includes amounts deferred
under this Plan. 

        Section 2.11
Deferral Contributions means the Deferral Contributions credited on behalf of a Participant pursuant to  Section 4.1. 

        Section 2.12
Deferral Contributions Account means the Account maintained on behalf of a Participant to represent the amount of the
Deferral Contributions credited on his or her behalf, as adjusted to account for deemed gains and losses, withdrawals and distributions. 

        Section 2.13
Disability means that the Participant (i) is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or
(ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
12 months, receiving income replacement benefits for a period of not less than three months under an Employer-sponsored plan. 

        Section 2.14
Effective Date means January 1, 2008. 

        Section 2.15
Eligible Employee means an employee who has met all the conditions specified in  Section 3.1. 

        Section 2.16  Employer means the Company and/or any Adopting Affiliate. 

3

 

        Section 2.17
Employer Contributions means the contributions credited on behalf of a Participant pursuant to  Section 5.1. 

        Section 2.18  Employer Contributions Account means the Account maintained on behalf of a Participant to represent the amount of
Employer Contributions credited on his or her behalf, as adjusted to account for deemed gains and losses, withdrawals and distributions. 

        Section 2.19
ERISA means the Employee Retirement Income Security Act of 1974, as amended. 

        Section 2.20
Excess Compensation means an amount that would be Compensation, except that it exceeds the annual compensation limit
under Code Section 401(a)(17), as adjusted as set forth in the Retirement Savings Plan. 

        Section 2.21  Participant means any Eligible Employee of an Employer who participates in the Plan pursuant to  Article III. 

        Section 2.22
Permitted Investment means a notional fund or type of notional investment approved by the Board of Review for Plan
purposes, based on a predetermined actual investment. Permitted Investments will include Company Stock. 

        Section 2.23
Plan means this Hospira Non-Qualified Savings and Investment Plan. 

        Section 2.24  Plan Year means the calendar year. 

        Section 2.25
Potential Change in Control means any period in which the circumstances described in paragraphs (a), (b),
(c) or (d), below, exist (provided, however, that a Potential Change in Control shall cease to exist not later than the occurrence of a Change in Control): 

        (a)   The
Company enters into an agreement, the consummation of which would result in the occurrence of a Change in Control, provided that a Potential Change in Control
described in this Section 2.25 shall cease to exist upon the expiration or other termination of all such agreements. 

        (b)   Any
Person (without regard to the exclusions set forth in subsections (i) through (iv) of such definition) publicly announces an intention to take or to
consider taking actions the consummation of which would constitute a Change in Control; provided that a Potential Change in Control described in this paragraph (b) shall cease to exist upon the
withdrawal of such intention, or upon a determination by the Board that there is no reasonable chance that such actions would be consummated. 

        (c)   Any
Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 10% or more of either the then outstanding shares of common
stock of the Company or the combined voting power of the Company's then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from
the Company or its Affiliates). 

        (d)   The
Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control exists; provided that a Potential Change in Control
described in this paragraph (d) shall cease to exist upon a determination by the Board that the reasons that gave rise to the resolution providing for the existence of a Potential Change in
Control have expired or no longer exist. 

        For
purposes of this Section 2.25, "Person" shall have the meaning given in Section 3(a)(9) of the Securities Exchange Act
of 1934, as amended, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such
securities, or (iv) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

        Section 2.26
Retirement Date means the date a Participant attains age 55. 

4

 

        Section 2.27
Retirement Savings Plan means the Hospira 401(k) Retirement Savings Plan, as amended from time to time. 

        Section 2.28  Specific Date means a specific date or number of specific dates identified by the Participant in the deferral and
payment election under Article IV, which date may be prior to the Participant's Retirement or other separation from service, but shall be no
earlier than the first day of the following Plan Year. 

        Section 2.29
Year of Credited Service has the same meaning as under the Retirement Savings Plan. 

Article III

Plan Participation  

        Section 3.1  Eligibility. An employee of an Employer will be eligible to participate in any Plan Year if he or she meets all of the
following conditions: 

        (a)   the
employee is part of a select group of management or highly compensated employees, within the meaning of Title I of ERISA; 

        (b)   the
employee is eligible to participate in the Retirement Savings Plan for the Plan Year; 

        (c)   the
employee is expected to receive Excess Compensation during the Plan Year; and 

        (d)   the
Board of Review, or its delegate, designates the employee as eligible to participate in the Plan. 

        Section 3.2
Participation. An employee who meets the conditions of  Section 3.1 becomes a Participant by executing and filing with the Board of Review a deferral
election form, in the manner and at the time
required under Article IV. Once an individual is a Participant, he or she will remain a Participant for so long as he or she has an Account
Balance, although a Participant may continue to make Deferral Contributions and receive allocations under the Plan only so long as he or she remains an Eligible Employee. 

Article IV

Deferral Contributions and Payment Elections  

        Section 4.1
Deferral Contributions. Each Eligible Employee who has made an election to defer a portion of his or her Compensation
under the Retirement Savings Plan for a Plan Year may elect to defer, on a pre-tax basis, an additional amount under this Plan for that Plan Year, as Deferral Contributions. A Deferral
Contribution is an amount, up to such limit determined by the Board of Review, of the Participant's Compensation and Excess Compensation that the Participant cannot defer under the Retirement Savings
Plan because it exceeds the limit on deferrals under Code Section 402(g), represents a deferral of Excess Compensation, or represents an amount that the Participant cannot defer under the
Retirement Savings Plan because of the limits of Code Section 415(c). A Participant's Deferral Contributions for a Plan Year may not exceed the sum of his or her Compensation and Excess
Compensation. A Participant must make his or her deferral election for a Plan Year no later than the last day of the preceding Plan Year, and may not change his or her deferral election during the
Plan Year. Notwithstanding the foregoing, when an employee first becomes an Eligible Employee, he or she may make a deferral election no later than thirty (30) days after becoming an Eligible
Employee, so long as the deferral election applies to Compensation and Excess Compensation earned during the Plan Year after the date of the deferral election. Deferral elections shall remain in
effect with respect to any future Plan Year unless a new election with respect to such Plan Year is filed in accordance with Section 4.3. 

        Section 4.2
Form of Payment Elections. At the time of the Participant's deferral election, he or she shall also select a:
(i) time of payment of his or her vested Account Balance and (b) a method of payment for such vested Account Balance, which shall be in the form of either or a combination of: 

        (a)   A
lump sum; 

5

 

        (b)   Annual
installments of up to ten (10) years; or 

        (c)   For
distributions in accordance with a Specific Date, annual installments of up to five (5) years. 

        Section 4.3
Changes to Time and Form of Payment Elections. A Participant may change the form and time of payment that he or she
previously elected by written notice filed with the Board of Review provided: 

        (a)   Such
election shall not take effect until at least twelve (12) months after the date on which the election is made; 

        (b)   In
the case of payments not related to the Participant's Disability or death, the first payment with respect to such election must be deferred for a period of not less
than five (5) years from the date such payment would otherwise have been made; 

        (c)   If
the Participant had previously elected to commence payment on a Specific Date, the new payment election shall not be effective if made less than twelve
(12) months prior to the date of the first scheduled payment; 

        (d)   The
Participant may file a new payment election only while employed by the Company or any other Employer; and 

        (e)   Notwithstanding
the foregoing, during 2008, a Participant may elect to change the form of payment without meeting the requirements above. 

        Section 4.4.
Deferral Contributions Account. The Board of Review will establish and maintain or cause to be established and
maintained a Deferral Contributions Account on behalf of each Participant who elects to make Deferral Contributions. The Deferral Contributions Account will be a bookkeeping account maintained by the
Company, and will reflect the Deferral Contributions the Participant has elected to make to the Plan, as adjusted pursuant to Article VI to
reflect deemed gains and losses, withdrawals and distributions. 

6

 
Article V

Employer Contributions  

        Section 5.1  Employer Contributions. For each payroll period, the Company will provide an Employer Contribution on behalf of each
Participant at any time during such payroll period. The amount of the Employer Contribution made for each payroll period on and after the Effective Date shall equal 6% of the Compensation of any
Participant whose Deferred Contribution election equals at least 3% of his or her Compensation; provided that for any Participant who, as of December 31, 2004, was both age 40 or older and
employed by an Employer under the Retirement Savings Plan, an additional 3% of Employer Contributions shall be credited for each of the 2008 and 2009 Plan Years. The Compensation Committee of the
Company's Board of Directors ("Committee") may provide for additional Employer Contributions to be made on behalf of Participants at such time and in such manner as the Committee shall determine at
its sole discretion. 

        Section 5.2
Employer Contributions Account. The Board of Review will establish and maintain or cause to be established and
maintained an Employer Contributions Account on behalf of each Participant who is credited with Employer Contributions. The Employer Contributions Account will be a bookkeeping account maintained by
the Company, and will reflect the Employer Contributions that have been credited to the Participant, as adjusted pursuant to Article VI to
reflect deemed gains and losses, withdrawals and distributions. 

Article VI

Deemed Earnings on Account Balances  

        Section 6.1
Deemed Investments. 

        (a)   Each
Participant may designate from time to time, in the manner prescribed by the Board of Review, that all or a portion of his or her Deferral Contributions Account be
deemed to be invested in one or more Permitted Investments. The Board of Review will establish rules governing the dates as of which amounts will be deemed to be invested in the Permitted Investments
chosen by the Participant, and the time and manner in which amounts will be deemed to be transferred from one Permitted Investment to another, pursuant to a Participant's election to change his or her
deemed investments. The Board of Review will also establish a default Permitted Investment, in which the Deferral Contributions Account and Employer Contributions Account of a Participant who fails to
make an investment election will be deemed to be invested. 

        (b)   Each
Account will be deemed to receive all interest, dividends, earnings and other property that would be received by it if it were actually invested in the Permitted
Investment in which it is deemed to be invested. Similarly, each Account will be deemed to suffer all investment losses and other diminutions it would suffer if it were actually invested in the
Permitted Investment in which it is deemed to be invested. Gains and losses will be credited to or debited from each Account at the times and in the manner specified by the Board of Review. 

        (c)   Elections
required or permitted to be made pursuant to this Article VI must be made only by the Participant.
Notwithstanding the foregoing, if a Participant dies before his or her entire vested Account Balance is distributed, or if the Board of Review determines that a Participant is legally incompetent or
otherwise incapable of managing his or her own affairs, the Board of Review may itself make Plan elections on behalf of the Participant, or may declare that the Participant's designated beneficiary,
legal representative or near relative will be permitted to make Plan elections on behalf of the Participant. 

        Section 6.2
Crediting of Deferrals and Contributions. The Company will credit all Deferral Contributions to a Participant's
Deferral Contributions Account within a reasonable period of time after the date they would have been paid to the Participant if the Participant had not elected to defer them. The Company will credit
all Employer Contributions made on a Participant's behalf to the 

7

 

Participant's
Employer Contributions Account within a reasonable period after the date they would have been contributed to the Retirement Savings Plan. 

        Section 6.3
Statement of Accounts. Within a reasonable period of time after the end of each calendar quarter, the Board of Review
will furnish each Participant with a statement showing the value of his or her Account as of the end of that calendar quarter. 

Article VII

Establishment of Trust  

        Section 7.1
Establishment of Trust. The Company has established a grantor trust in order to accumulate assets to pay Plan
obligations, which is an irrevocable trust subject to the jurisdiction of U.S. federal courts and which may hold an insurance contract or contracts and/or such other assets as determined by the
Company. The assets and income of the trust will be subject to the claims of the Company's creditors in the event of the Company's bankruptcy or insolvency. The establishment or maintenance of the
trust will not affect the Company's liability to pay Plan benefits, except that the liability shall be reduced to the extent assets of the trust are used to pay Plan benefits. A Participant will have
no claim in any asset of the trust, or in specific assets of the Company or any Employer, and will have the status of a general unsecured creditor for any amounts due under this Plan. 

Article VIII

Vesting of Plan Benefits  

        Section 8.1
Vesting of Accounts. Each Participant will at all times be fully vested in his or her Deferral Contributions Account.
The vested percentage of a Participant's Employer Contributions Account will be computed in accordance with the following schedule: 

	If the Participant's

Number of Years of

Credited Service Is:
 
	 	The Vested Percentage of

His Employer Contributions

Account Will Be:

	Less than 3 years	 	0%
	3 years or more	 	100%

        Section 8.2
Forfeitures. The portion of a Participant's Employer Contributions Account that is not fully vested will become a
forfeiture upon separation from service and will be applied to reduce Employer Contributions. 

        Notwithstanding
the foregoing, each Participant will be 100% vested in his or her Participant's Employer Contributions Account on the date such Participant reaches his or her Retirement
Date. 

Article IX

Payment of Account Balances  

        Section 9.1  Normal Form of Payment. The vested portion of a Participant's Account Balance shall be paid to him or her (or, if the
Participant has died, to his or her designated beneficiary) in a lump sum. 

        Section 9.2
Optional Forms of Payment. While the primary form of payment is the lump sum, a Participant may elect to have all or a
part of the vested portion of his or her Account Balance paid in annual installments as specified in Section 4.2. 

        Section 9.3  Benefits Commencement Date. Payment to the Participant (or to the Participant's beneficiary in the event of his or her
death) of the lump sum or installments shall commence as soon as administratively practicable, but no later than sixty (60) days following the earliest of separation from service, death or
Disability, or upon or Change in Control or a Specific Date. 

        Section 9.4
Delayed Payments for Officers. Notwithstanding the foregoing, except for payments made upon a Specific Date, death,
Disability or Change in Control, no payments shall be made to a 

8

 

Participant
who is an officer (as defined in Code Section 416(i)) of the Company until on or after the first day of the seventh calendar month following the Participant's separation from
service, at which time all payments delayed during the preceding six (6) month period shall be paid within thirty (30) days. The Board of Review may establish a minimum amount of any
installment payment to be made under the Plan. 

        Section 9.5
Cash Out of Small Balances. Notwithstanding any other provision, if a separated Participant's vested Account Balance is
not greater than $10,000, then such Account Balance shall be paid to the Participant in a lump sum on or before the later of December 31 of the year in which his or her separation from service
occurs or the 15th day of the third month following separation from service. 

        Section 9.6
Payments in the Event of Unforeseeable Emergency. A Participant or beneficiary may request, in the manner and within
the time constraints established by the Board of Review, to receive an emergency payment of some or all of his or her vested Account Balance; provided the Participant has requested the maximum amount
of in-service distributions and loans available to him or her under the Retirement Savings Plan. The Board of Review will authorize an emergency payment under this  Section 9.6 only if the
Participant or beneficiary experiences an unforeseeable emergency. An emergency payment must be limited to the amount the
Participant or beneficiary reasonably needs to satisfy the unforeseeable emergency plus an amount necessary to pay taxes reasonably anticipated to result from the payment. An unforeseeable emergency
is severe financial hardship to the Participant or beneficiary resulting from: 

        (a)   a
sudden and unexpected illness or accident to the Participant or beneficiary or to a dependent thereof (as defined in Code Section 152); or 

        (b)   the
Participant or beneficiary losing his or her property due to casualty. 

        Whether
a Participant or beneficiary suffers an unforeseeable emergency depends upon the facts of each case; in no event, however, may the Participant or beneficiary receive an emergency
payment if his or her hardship is or may be relieved through reimbursement or compensation by insurance or
otherwise, by liquidation of the Participant's or beneficiary's assets (to the extent liquidation of those assets would not itself cause severe financial hardship) or by ceasing to make deferrals
under the Plan. The need to send a Participant's or beneficiary's child to college or the desire to purchase a home are not unforeseeable emergencies. 

        Section 9.7
Designation of Beneficiaries. Each Participant may name any person or persons to whom his or her vested Account Balance
will be paid if the Participant dies before they have been fully distributed. Each beneficiary designation will revoke all prior beneficiary designations made by that Participant. The Board of Review
will designate the time and manner in which a Participant must made a beneficiary designation, but will not require a Participant to obtain the consent of his or her current beneficiary to the naming
of a new or additional beneficiaries. A beneficiary designation will be effective only if it meets the requirements specified by the Board of Review. If a Participant fails to designate a beneficiary,
or if the Participant's beneficiary dies before the Participant does or before receiving the full amount to which he or she is entitled, the Board of Review may, in its discretion, pay the vested
portion of the Participant's Account Balance (or the portion that remains unpaid) to one or more of the Participant's relatives by blood, adoption or marriage, in the proportions it determines, or to
the legal representative of the estate of the later to die of the Participant and his or her designated beneficiary. 

        Section 9.8
Change in Control. In the event of a Change in Control, the Company may, at its sole discretion, terminate the Plan
(and each similar arrangement) within thirty (30) days after the Change in Control and each Participant or beneficiary shall immediately receive a lump sum payment of his or her entire Account
Balance. 

9

 
Article X

Amendment and Termination  

        Section 10.1
Amendment and Termination. The Company may amend or terminate the Plan by action of its Board, or by action of an
officer or Company employee or Board of Review authorized by the Company's Board to amend the Plan, provided that Section 2.6,  Section 2.25, and
Section 9.3 may not be amended or deleted, nor superseded by any other
provision of the Plan during the pendency of a Potential Change in Control and during the period beginning on the date of a Change in Control and ending on the date five (5) years following
such Change in Control. Any Employer may terminate its participation in the Plan at any time by appropriate action, in its discretion. The Plan will automatically terminate as to any Employer upon
termination of the Employer's participation in the Retirement Savings Plan. No amendment or termination of the Plan shall, without the express written consent of
the affected current or former Participant or beneficiary, reduce or alter any Participant's or beneficiary's vested Account Balance. Notwithstanding the foregoing, payments of all Participants' and
beneficiaries' vested Account Balances shall be made upon Plan termination if the Company terminates all non-qualified deferred compensation arrangements of the same type (for example, all
account balance arrangements) at the same time that this Plan is terminated; except for payments that are payable if the termination had not occurred, the Company makes no payments to Participants and
beneficiaries for twelve (12) months, but makes all payments within twenty-four (24) months; and the Company adopts no new non-qualified deferred compensation
arrangement of the same type for five (5) years. 

Article XI

General Provisions  

        Section 11.1
Non-Alienation of Benefits. A Participant's rights to Plan benefits cannot be granted, transferred,
pledged or otherwise assigned, in whole or in part, by the voluntary or involuntary acts of any person, or by operation of law, and will not be liable or taken for any obligation of the Participant.
Any attempted grant, transfer, pledge or assignment of a Participant's rights to a Plan Benefit will be null and void and without any legal effect. 

        Section 11.2
Withholding for Taxes. Notwithstanding anything contained in this Plan to the contrary, each Employer will withhold
from any distribution, deferral or accrual under the Plan whatever amount or amounts may be required to comply with the tax withholding provisions of the Code or any State income tax act for purposes
of paying any income, estate, inheritance, employment or other tax attributable to any amounts distributable or creditable under the Plan. 

        Section 11.3  Immunity of Board of Review Members. The members of the Board of Review may rely upon any information, report or
opinion supplied to them by any officer of an Employer or any legal counsel, independent public accountant or actuary, and will be fully protected in relying on any such information, report or
opinion. No member of the Board of Review will have any liability to the Company, any Employer or any Participant, former Participant, designated beneficiary, person claiming under or through any
Participant or designated beneficiary, or other person interested or concerned in connection with any Plan decision made by that member of the Board of Review, so long as the decision was based on any
such information, report or opinion, and the Board of Review member relied on it in good faith. 

        Section 11.4  Plan Not to Affect Employment Relationship. Neither the adoption of the Plan nor its operation will in any way be
deemed to give any person the power to remain in the employ of the Company, any Employer or any of its affiliates, or in any way affect the right and power of an Employer to dismiss or otherwise
terminate the employment, or change the terms of employment or amount of compensation, of any Participant at any time, for any reason or without cause. By accepting any payment under this Plan, each
Participant, former Participant, and designated beneficiary, and each person claiming under or through a Participant, former Participant or designated beneficiary, is 

10

 

conclusively
bound by any action or decision taken or made under the Plan by the Board of Review, the Company or any Employer. 

        Section 11.5
Action by the Employers. Any action required or permitted to be taken under the Plan by an Employer must be taken by
its board of directors, by a duly authorized committee of its board of directors, or by a person or persons authorized by its board of directors or an authorized committee. 

        Section 11.6  Notices. Any notice required to be given by the Company, any Employer or the Board of Review must be in writing and
must be delivered in person, by registered mail, return receipt requested, or by regular mail, telecopy or electronic mail. Any notice given by mail will be deemed to have been given on the date it
was mailed, correctly addressed to the last known address of the person to whom the notice is to be given. 

        Section 11.7
Gender, Number and Headings. Except where the context otherwise requires, in this Plan the masculine gender includes
the feminine, the feminine includes the masculine, the singular includes the plural, and the plural includes the singular. Headings are inserted for convenience only, are not part of the Plan, and are
not to be considered in the Plan's construction. 

        Section 11.8
Controlling Law. The Plan will be construed according to the internal laws of Illinois, to the extent they are not
preempted by any applicable federal law. 

        Section 11.9
Successors. The Plan is binding on all persons entitled to benefits under it, on their respective heirs and legal
representatives, on the Board of Review and its successor, and on the Company and any Employer and their successors, whether by way of merger, consolidation, purchase or otherwise. Subject to  Article X concerning the Company's authority to terminate the Plan and the effects of a Change in Control, the Plan shall not be terminated as a
result of, or in connection with, a transfer or sale of assets of the Company or by the reorganization, merger or consolidation of the Company into or with any other corporation or other entity, but
the Plan shall be continued after such transfer, sale, reorganization, merger or consolidation to the extent that the transferee, purchaser or successor entity agrees to continue the Plan. In the
event that the transferee, purchaser or successor entity does not continue the Plan, then the Plan shall terminate subject to the requirement that payment of all Participants' vested Account Balances
shall not be paid immediately but instead shall be made according to Article IX following a termination of employment. 

        Section 11.10
Severability. If any provision of the Plan is held to be illegal or invalid for any reason, that illegality or
invalidity will not affect the remaining provisions of the Plan, and the Plan will be enforced and administered, from that point forward, as if the invalid provisions had never been part of it. 

        Section 11.11
Subsequent Changes. All benefits to which any Participant, designated beneficiary or other person is entitled under
this Plan will be determined according to the terms of the Plan as in effect when the Participant ceases to be an Eligible Employee, and will not be affected by any subsequent change in Plan
provisions, unless the Participant again becomes an Eligible Employee, or unless and to the extent the subsequent change expressly applies to the Participant, his or her designated beneficiary or
other person claiming through or on behalf of the Participant or designated beneficiary. 

        Section 11.12
Benefits Payable to Minors, Incompetents and Others. If any benefit is payable to a minor, an incompetent, or a
person otherwise under a legal disability, or to a person the Board of Review reasonably believes to be physically or mentally incapable of handling and disposing of his or her property, the Board of
Review has the power to apply all or any part of the benefit directly to the care, comfort, maintenance, support, education or use of the person, or to pay all or any part of the benefit to the
person's parent, guardian, committee, conservator or other legal representative, to the individual with whom the person is living, or to any other individual or entity having the care and control of
the person. The Plan, the Board of Review, the Company, any Employer and their employees and agents will have fully discharged their responsibilities to the Participant or beneficiary entitled to a
payment by making payment under this Section 11.12. 

11

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Exhibit 10.19

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Exhibit 10.27  

 
  PROPRIETARY INFORMATION, CONFIDENTIALITY AND INVENTIONS AGREEMENT    
    

	To:
	HITTITE
MICROWAVE CORPORATION

20 Alpha Road

Chelmsford, MA
01824                                         
       As of December 1, 2006 

        I,
the undersigned, in consideration of and as a condition of my employment by Hittite Microwave Corporation (the "Company"), and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, hereby agree as follows: 

        1.    Confidentiality.    I agree to keep confidential, except as the Company may otherwise consent in writing, and,
as may be necessary in the ordinary course of performing my duties to the Company, not to disclose or make any use of at any time either during or subsequent to my employment, any Inventions (as
hereinafter defined), trade secrets, confidential information, knowledge, data or other information of the Company relating to products, processes, know-how, designs, formulas, test data,
customer lists, business plans, marketing plans and strategies, pricing strategies, or other subject matter pertaining to any business of the Company or any of its affiliates or confidential or
proprietary information of any third parties subject to a duty on the part of the Company to maintain the confidentiality of such information, which I may produce, obtain, or otherwise acquire during
the course of my employment, except as herein provided. I further agree not to deliver, reproduce or in any way allow any such trade secrets, confidential information, knowledge, data or other
information or any documentation relating thereto, to be delivered to or used by any third parties without specific direction or consent of a duly authorized representative of the Company. 

        2.    Conflicting Employment; Return of Confidential Material.    I agree that during my employment with the Company I
will not engage in any other employment, occupation, consulting or other activity relating to the business in which the Company is now or may hereafter become engaged, or which would otherwise
conflict with my obligations to the Company. In the event my employment with the Company terminates for any reason whatsoever, I agree to promptly surrender and deliver to the Company all records,
materials, equipment, drawings, documents and data which I may obtain or produce during the course of my employment, and I further agree that I will not take with me any description containing or
pertaining to any confidential information, knowledge or data of the Company which I may produce or obtain during the course of my employment. 

        3.    Assignment of Inventions.    

        3.1   I
hereby acknowledge and agree that the Company is the owner of all Inventions (as hereinafter defined). In order to protect the Company's rights to such Inventions, by
executing this Agreement I hereby irrevocably assign to the Company all my right, title and interest in and to all Inventions. 

        3.2   For
purposes of this Agreement, "Inventions" shall mean all discoveries, processes, designs, technologies, devices, or improvements in any of the foregoing or other
ideas, whether or not patentable and whether or not reduced to practice, made or conceived by me (whether solely or jointly with others) during the period of my employment with the Company which
relate in any manner to the actual or demonstrably anticipated business, work, or research and development of the Company, or result from or are suggested by any tasks assigned to me or any work
performed by me for or on behalf of the Company. 

        3.3   Any
discovery, process, design, technology, device, or improvement in any of the foregoing or other ideas, whether or not patentable and whether or not reduced to
practice, made or conceived by me (whether solely or jointly with others) which I develop entirely on my own time not using any of the Company's equipment, supplies, facilities, or trade secret
information ("Personal Invention") is excluded from this Agreement provided such Personal Invention (a) does not relate to the actual or demonstrably anticipated business, research and
development of the Company; and (b) does not result, directly or indirectly, from any work performed by me for the Company. 

 

        4.    Disclosure of Inventions.    I agree that in connection with any Invention, I will promptly disclose such
Invention to my immediate superior at the Company in order to permit the Company to enforce its property rights to such Invention in accordance with this Agreement. My disclosure shall be received in
confidence by the Company. 

        5.    Patents and Copyrights: Execution of Documents.    

        5.1   Upon
request, I agree to assist the Company or its nominee (at its expense) during and at any time subsequent to my employment in every reasonable way to obtain for its
own benefit patents and copyrights for Inventions in any and all countries. Such patents and copyrights shall be and remain the sole and exclusive property of the Company or its nominee. I agree to
perform such lawful acts as the Company deems to be necessary to allow it to exercise all right, title and interest in and to such patents and copyrights. 

        5.2   In
connection with this Agreement, I agree to execute, acknowledge and deliver to the Company or its nominee upon request and at its expense all documents, including
assignments of title, patent or copyright applications, assignments of such applications, assignments of patents or copyrights upon issuance, as the Company may determine necessary or desirable to
protect the Company's or its nominee's interest in Inventions, and/or to use in obtaining patents or copyrights in any and all countries and to vest title thereto in the Company or its nominee to any
of the foregoing. 

        6.    Maintenance of Records.    I agree to keep and maintain adequate and current written records of all Inventions
made by me (in the form of notes, sketches, drawings and other records as may be specified by the Company), which records shall be available to and remain the sole property of the Company at all
times. 

        7.    Prior Inventions.    It is understood that all Personal Inventions, if any, whether patented or unpatented,
which I made prior to my employment by the Company, are excluded from this Agreement. To preclude any possible uncertainty, I have set forth on Schedule A attached hereto a complete list of all
of my prior Personal Inventions, including numbers of all patents and patent applications and a brief description of all unpatented Personal Inventions which are not the property of a previous
employer. I represent and covenant that the list is complete and that, if no items are on the list, I have no such prior Personal Inventions. I agree to notify the Company in writing before I make any
disclosure or perform any work on behalf of the Company which appears to threaten or conflict with proprietary rights I claim in any Personal Invention. In the event of my failure to give such notice,
I agree that I will make no claim against the Company with respect to any such Personal Invention. 

        8.    Other Obligations.    I acknowledge that the Company from time to time may have agreements with other persons or
with the U.S. Government or agencies thereof, which impose obligations or restrictions on the Company regarding Inventions made during the course of work thereunder or regarding the confidential
nature of such work. I agree to be bound by all such obligations and restrictions and to take all action necessary to discharge the Company's obligations. 

        9.    Trade Secrets of Others.    I represent that my performance of all the terms of this Agreement and as an
employee of the Company does not and will not breach any agreement to keep confidential proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment with
the Company or any other agreement with any previous employer or other party, and I will not disclose to the Company, or induce the Company to use, any confidential or proprietary information or
material belonging to any previous employer or others. I agree not to enter into any agreement either written or oral in conflict herewith. 

        10.   Without
limiting the remedies available to the Company, I acknowledge that a breach of any of the terms of this Agreement could result in irreparable injury to the
Company for which there might be no adequate remedy at law and that, in the event of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a
preliminary injunction and a 

2

 

permanent
injunction restraining me from engaging in any activities prohibited by this Agreement or such other equitable relief as may be required to enforce specifically any of the covenants of this
Agreement. 

        11.    Modification.    I agree that any subsequent change or changes in my employment duties, salary or compensation
or, if applicable, in any Employment Agreement between the Company and me, shall not affect the validity or scope of this Agreement. 

        12.    Successors and Assigns.    This Agreement shall be binding upon my heirs, executors, administrators or other
legal representatives and is for the benefit of the Company, its successors and assigns. 

        13.    Interpretation.    IT IS THE INTENT OF THE PARTIES THAT in case any one or more of the provisions contained in
this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this
Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. MOREOVER, IT IS THE INTENT OF THE PARTIES THAT in case any one
or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, such provision shall be construed by
dating and reducing it in accordance with a judgment of a court of competent jurisdiction, so as to be enforceable to the extent compatible with applicable law. 

        14.    Waivers.    If either party should waive any breach of any provision of this Agreement, he or it shall not
thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

        15.    Complete Agreement, Amendments.    I acknowledge receipt of this Agreement, and agree that with respect to the
subject matter thereof it is my entire agreement with the Company, superseding any previous oral or written communications, representations, understandings, or agreements with the Company or any
officer or representative thereof. I understand and acknowledge that this Agreement is an agreement of proprietary information, confidentiality and inventions, and that this is not a contract for any
term of employment and does not modify the at-will status of the employment relationship. I further acknowledge that this Agreement creates no contractual terms of employment other than
those specifically enumerated herein. Any amendment to this Agreement or waiver by either party of any right hereunder shall be effective only if evidenced by a written instrument executed by the
parties hereto, and, in the case of the Company, upon written authorization of the Company's Board of Directors. 

        16.    Headings.    The headings of the sections hereof are inserted for convenience only and shall not be deemed to
constitute a part hereof nor to affect the meaning thereof. 

        17.    Counterparts.    This Agreement may be signed in two counterparts, each of which shall be deemed an original
and both of which shall together constitute one agreement. 

3

 

        18.    Governing Law.    This Agreement shall be governed and construed under Massachusetts Law. 

	 	 	EMPLOYEE
	

 	
 	

/s/  MICHAEL A. OLSON      

	

 	
 	

Accepted and Agreed:
	

 	
 	

HITTITE MICROWAVE CORPORATION
	

 	
 	

By:	

/s/  NANCY O'REGAN      
 Duly Authorized

4

  SCHEDULE A—  

 PRIOR INVENTIONS:  

	INVENTOR/NAME
 
	 	U.S. PATENT NO.
	 	ASSIGNEE
	 	APPLICATION NO.
	 	U.S. CLASSIFICATION
	 	DATE FILED

	    	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 

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PROPRIETARY INFORMATION, CONFIDENTIALITY AND INVENTIONS AGREEMENT

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