Document:

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Exhibit 10.1

AMENDMENT TO THE INSULET CORPORATION

2007 STOCK OPTION AND INCENTIVE PLAN

     Pursuant to the powers reserved to it in Section 18 of the Insulet Corporation 2007 Stock
Option and Incentive Plan (the “Plan”), the Board of Directors of Insulet Corporation
hereby amends the Plan, subject to stockholder approval, effective as of March 12, 2008, as
follows:

     1. Section 3(a)(i) of the Plan is amended by deleting such Section in its entirety and
replacing it with the following:

“General. The maximum number of shares of Stock reserved and available for issuance
under the Plan shall be 1,135,000 shares, plus, for a period of five years, on each
January 1, beginning in 2008 and ending in 2012, an additional number of shares
equal to the lesser of (A) 3% of the outstanding number of shares of Stock on the
immediately preceding December 31 and (B) 725,000 shares of Stock, subject in all
cases to adjustment as provided in Section 3(b); provided that the number of shares
that may be issued in the form of Incentive Stock Options shall not exceed 1,135,000
shares, plus on each January 1, beginning in 2008 and ending in 2012, an additional
number of shares equal to the lesser of (A) 3% of the outstanding number of shares
of Stock on the immediately preceding December 31 and (B) 725,000 shares of Stock,
subject in all cases to adjustment as provided in Section 3(b). For purposes of
this limitation, the shares of Stock underlying any Awards that are forfeited,
canceled, held back upon exercise of an Option or settlement of an Award to cover
the exercise price or tax withholding, reacquired by the Company prior to vesting,
satisfied without the issuance of Stock or otherwise terminated (other than by
exercise) shall be added back to the shares of Stock available for issuance under
the Plan. Subject to such overall limitations, shares of Stock may be issued up to
such maximum number pursuant to any type or types of Award; provided, however, that
Stock Options or Stock Appreciation Rights with respect to no more than 1,145,000
shares of Stock may be granted to any one individual grantee during any one calendar
year period. The shares available for issuance under the Plan may be authorized but
unissued shares of Stock or shares of Stock reacquired by the Company.”

DATE APPROVED BY BOARD OF DIRECTORS: March 12, 2008

DATE
APPROVED BY STOCKHOLDERS: May 8, 2008exv10w2

EXHIBIT 10.2

INSULET CORPORATION

EXECUTIVE SEVERANCE PLAN

     1. Purpose. Insulet Corporation (the “Company”) considers it essential to the best
interests of its stockholders to foster the continuous employment of key management personnel. The
Board of Directors of the Company (the “Board”) recognizes, however, that, as is the case with many
publicly held corporations, the possibility of an involuntary termination of employment, either
before or after a Change in Control (as defined in Section 2 hereof), exists and that such
possibility, and the uncertainty and questions which it may raise among management, may result in
the departure or distraction of management personnel to the detriment of the Company and its
stockholders. Therefore, the Board has determined that the Insulet Corporation Executive Severance
Plan (the “Plan”) should be adopted to reinforce and encourage the continued attention and
dedication of the Company’s officers with the title of Vice President or higher (each, a “Covered
Executive” and collectively, the “Covered Executives”) to their assigned duties without
distraction. Nothing in this Plan shall be construed as creating an express or implied contract of
employment and, except as otherwise agreed in writing between the Covered Executive and the
Company, the Covered Executive shall not have any right to be retained in the employ of the
Company.

     2. Definitions. The following terms shall be defined as set forth below:

          (a) “Base Salary” shall mean the annual base salary in effect immediately prior to the
Terminating Event.

          (b) “Cause” shall mean, and shall be limited to, the occurrence of any one or more of the
following events:

           (i) conduct by the Covered Executive constituting a material act of willful misconduct
in connection with the performance of his duties, including, without limitation,
misappropriation of funds or property of the Company or any of its subsidiaries or
affiliates other than the occasional, customary and de minimis use of Company property for
personal purposes; or

           (ii) the commission by the Covered Executive of any felony or a misdemeanor involving
moral turpitude, deceit, dishonesty or fraud, or any conduct by the Covered Executive that
would reasonably be expected to result in material injury to the Company or any of its
subsidiaries and affiliates if he were retained in his position; or

           (iii) willful and deliberate material non-performance by the Covered Executive of his
duties hereunder (other than by reason of the Covered Executive’s physical or mental
illness, incapacity or disability) which has continued for more than 30 days following
written notice of such non-performance from the Company; or

           (iv) a breach by the Covered Executive of any of the provisions contained in Section 5
of this Plan; or

 

 

           (v) a material violation by the Covered Executive of the Company’s employment policies
which has continued following written notice of such violation from the Company; or

           (vi) willful failure to cooperate with a bona fide internal investigation or an
investigation by regulatory or law enforcement authorities, after being instructed by the
Company to cooperate, or the willful destruction or failure to preserve documents or other
materials known to be relevant to such investigation or the willful inducement of others to
fail to cooperate or to produce documents or other materials in connection with such
investigation.

     For purposes of clauses (i), (iii) or (vi) hereof, no act, or failure to act, on the Covered
Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Covered
Executive without reasonable belief that the Covered Executive’s act or failure to act, was in the
best interest of the Company and its subsidiaries and affiliates.

          (c) “Change in Control” shall be deemed to have occurred upon the occurrence of any one of the
following events:

           (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Act”) (other than the Company, any of its
subsidiaries, or any trustee, fiduciary or other person or entity holding securities under
any employee benefit plan or trust of the Company or any of its subsidiaries), together with
all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of
such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3
under the Act), directly or indirectly, of securities of the Company representing 50 percent
or more of the combined voting power of the Company’s then outstanding securities having the
right to vote in an election of the Board (“Voting Securities”) (in such case other than as
a result of an acquisition of securities directly from the Company); or

           (ii) persons who, as of the date hereof, constitute the Board (the “Incumbent
Directors”) cease for any reason, including, without limitation, as a result of a tender
offer, proxy contest, merger or similar transaction, to constitute at least a majority of
the Board, provided that any person becoming a director of the Company subsequent to the
date hereof shall be considered an Incumbent Director if such person’s election was approved
by or such person was nominated for election by either (A) a vote of at least a majority of
the Incumbent Directors or (B) a vote of at least a majority of the Incumbent Directors who
are members of a nominating committee comprised, in the majority, of Incumbent Directors;
but provided further, that any such person whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of members
of the Board of Directors or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board,
including by reason of agreement intended to avoid or settle any such actual or
threatened contest or solicitation, shall not be considered an Incumbent Director; or

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           (iii) the consummation of (A) any consolidation or merger of the Company where the
stockholders of the Company, immediately prior to the consolidation or merger, would not,
immediately after the consolidation or merger, beneficially own (as such term is defined in
Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more
than 50 percent of the voting shares of the Company issuing cash or securities in the
consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or
other transfer (in one transaction or a series of transactions contemplated or arranged by
any party as a single plan) of all or substantially all of the assets of the Company.

     Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for
purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the
Company that, by reducing the number of shares of Voting Securities outstanding, increases the
proportionate number of shares of Voting Securities beneficially owned by any person to 50 percent
or more of the combined voting power of all then outstanding Voting Securities; provided, however,
that if any person referred to in this sentence shall thereafter become the beneficial owner of any
additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or
similar transaction or as a result of an acquisition of securities directly from the Company) and
immediately thereafter beneficially owns 50 percent or more of the combined voting power of all
then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for
purposes of the foregoing clause (i).

          (d) “Code” shall mean the Internal Revenue Code of 1986, as amended.

          (e) “Good Reason” shall mean that the Covered Executive has complied with the “Good Reason
Process” (hereinafter defined) following the occurrence of any of the following events:

           (i) a material diminution in the Covered Executive’s responsibilities, authority or
duties; or

           (ii) a material reduction in the Covered Executive’s Base Salary except for
across-the-board salary reductions similarly affecting all or substantially all management
employees; or

           (iii) the relocation of the Company offices at which the Covered Executive is
principally employed to a location more than 50 miles from such offices.

     For purposes of Section 2(e)(i), a change in the reporting relationship, or a change in a title
will not, by itself, be sufficient to constitute a material diminution of responsibilities,
authority or duty.

          (f) “Good Reason Process” shall mean:

           (i) the Covered Executive reasonably determines in good faith that a “Good Reason”
condition has occurred;

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           (ii) the Covered Executive notifies the Company in writing of the occurrence of the
Good Reason condition within 30 days of the occurrence of such condition;

           (iii) the Covered Executive cooperates in good faith with the Company’s efforts, for a
period not less than 30 days following such notice (the “Cure Period”), to remedy the
condition;

           (iv) notwithstanding such efforts, the Good Reason condition continues to exist
following the Cure Period; and

           (v) the Covered Executive terminates his employment within 30 days after the end of the
Cure Period.

     If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be
deemed not to have occurred.

          (g) “Pro-Rata Bonus” shall mean an amount equal to a pro rata portion of the annual target
cash incentive award for the year of termination, as determined in the absolute discretion of the
Company at the time of termination.

          (h) “Terminating Event” shall mean any of the following events: (i) termination by the Company
of the employment of the Covered Executive for any reason other than for Cause, death or
disability; or (ii) during the 24-month period following the occurrence of a Change in Control, the
termination by the Covered Executive of his or her employment with the Company for Good Reason.
Notwithstanding the foregoing, a Terminating Event shall not be deemed to have occurred herein
solely as a result of the Covered Executive being an employee of any direct or indirect successor
to the business or assets of the Company.

     3. Termination Benefits. In the event a Terminating Event occurs with respect to a
Covered Executive, the Company shall pay or provide to the Covered Executive any earned but unpaid
Base Salary, unpaid expense reimbursements, accrued but unused vacation and any vested benefits the
Covered Executive may be entitled to under any employee benefit plan of the Company and, subject to
the execution of a general release of claims in a form and manner satisfactory to the Company (the
“Release”) by the Covered Executive within 30 days of the Terminating Event, the Company shall:

          (a) pay the Covered Executive an amount equal to the sum of the following:

           (i) one times (two times if the Covered Executive is the Company’s Chief Executive
Officer) the amount of the Base Salary of the Covered Executive; and

           (ii) the Pro-Rata Bonus.

Such amount shall be paid (A) in the event the Terminating Event occurs prior to a Change in
Control, then in substantially equal installments in accordance with the Company’s payroll practice
over 12 (24 months if the Covered Executive is the Company’s Chief Executive Officer) months,
beginning on the first payroll date following the effective date of the Release, or (B) in

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 the
event the Terminating Event occurs on or after a Change in Control, then in a single lump sum
payment within 30 days following the effective date of the Release.

          (b) continue to provide health, dental and life insurance coverage to the Covered Executive,
on the same terms and conditions as though the Covered Executive had remained an active employee,
for 12 months (24 months if the Covered Executive is the Company’s Chief Executive Officer)
following the Terminating Event;

          (c) reimburse the Covered Executive for outplacement services not to exceed $15,000, provided
that such expenses are incurred by the Covered Executive within 12 months of the termination of
employment and such reimbursement shall be made by the Company within 30 days of receipt of
satisfactory evidence of such expenses; and

          (d) if the Terminating Event occurs within 24 months after the effective date of a Change in
Control, shall cause all outstanding stock options and other stock-based awards held by the Covered
Executive to immediately accelerate and become fully exercisable or nonforfeitable as of the
Covered Executive’s Terminating Event.

     4. Additional Limitation.

          (a) Anything in this Plan to the contrary notwithstanding, in the event that any compensation,
payment or distribution by the Company to or for the benefit of the Covered Executive, whether paid
or payable or distributed or distributable pursuant to the terms of this Plan or otherwise (the
“Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, the
following provisions shall apply:

           (i) If the Severance Payments, reduced by the sum of (A) the Excise Tax and (B) the
total of the Federal, state, and local income and employment taxes payable by the Covered
Executive on the amount of the Severance Payments which are in excess of the Threshold
Amount, are greater than or equal to the Threshold Amount, the Covered Executive shall be
entitled to the full benefits payable under this Plan.

           (ii) If the Threshold Amount is less than (A) the Severance Payments, but greater than
(B) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the total of the
Federal, state, and local income and employment taxes on the amount of the Severance
Payments which are in excess of the Threshold Amount, then the benefits payable under this
Plan shall be reduced (but not below zero) to the extent necessary so that the sum of all
Severance Payments shall not exceed the Threshold Amount.

          (b) For the purposes of this Section 4, “Threshold Amount” shall mean three times the Covered
Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations
promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall
mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties
incurred by the Covered Executive with respect to such excise tax.

          (c) The determination as to which of the alternative provisions of Section 4(a) shall apply to
the Covered Executive shall be made by a nationally recognized accounting firm

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selected by the
Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the
Company and the Covered Executive within 15 business days of the Terminating Event, if applicable,
or at such earlier time as is reasonably requested by the Company or the Covered Executive. For
purposes of determining which of the alternative provisions of Section 4(a) shall apply, the
Covered Executive shall be deemed to pay federal income taxes at the highest marginal rate of
federal income taxation applicable to individuals for the calendar year in which the determination
is to be made, and state and local income taxes at the highest marginal rates of individual
taxation in the state and locality of the Covered Executive’s residence on the Terminating Event,
net of the maximum reduction in federal income taxes which could be obtained from deduction of such
state and local taxes. Any determination by the Accounting Firm shall be binding upon the Company
and the Covered Executive.

     5. Confidential Information, Noncompetition and Cooperation.

          (a) Confidentiality. The Covered Executive understands and agrees that the Covered
Executive’s employment creates a relationship of confidence and trust between the Covered Executive
and the Company with respect to all Confidential Information (as defined below). At all times,
both during the Covered Executive’s employment with the Company and after his or her termination,
the Covered Executive will keep in confidence and trust all such Confidential Information, and will
not use or disclose any such Confidential Information without the written consent of the Company,
except as may be necessary in the ordinary course of performing the Covered Executive’s duties to
the Company.

          (b) Confidential Information. As used in this Plan, “Confidential Information” means
information belonging to the Company which is of value to the Company in the course of conducting
its business and the disclosure of which could result in a competitive or other disadvantage to the
Company. Confidential Information includes, without limitation, financial information, reports,
and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how;
designs, processes or formulae; software; market or sales information or plans; customer lists; and
business plans, prospects and opportunities (such as possible acquisitions or dispositions of
businesses or facilities) which have been discussed or considered by the management of the Company.
Confidential Information includes information developed by the Covered Executive in the course of
the Covered Executive’s employment by the Company, as well as other information to which the
Covered Executive may have access in connection with the Covered Executive’s employment.
Confidential Information also includes the confidential information of others with which the
Company has a business relationship. Notwithstanding the foregoing, Confidential Information does
not include information in the public domain, unless due to breach of the Covered Executive’s
duties under Section 5(a).

          (c) Documents, Records, etc. All documents, records, data, apparatus, equipment and
other physical property, whether or not pertaining to Confidential Information,
which are furnished to the Covered Executive by the Company or are produced by the Covered
Executive in connection with the Covered Executive’s employment will be and remain the sole
property of the Company. The Covered Executive will return to the Company all such materials and
property as and when requested by the Company. In any event, the Covered Executive will return all
such materials and property immediately upon termination of the Covered Executive’s

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employment for
any reason. The Covered Executive will not retain with the Covered Executive any such material or
property or any copies thereof after such termination.

          (d) Noncompetition and Nonsolicitation. During the employment of the Covered
Executive and for 12 months (24 months if the Covered Executive is the Company’s Chief Executive
Officer) thereafter, the Covered Executive (i) will not, directly or indirectly, whether as owner,
partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate,
assist or invest in any Competing Business (as hereinafter defined); (ii) will refrain from
directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting,
inducing or influencing any person to leave employment with the Company (other than terminations of
employment of subordinate employees undertaken in the course of the Covered Executive’s employment
with the Company); and (iii) will refrain from soliciting or encouraging any customer or supplier
to terminate or otherwise modify adversely its business relationship with the Company. The Covered
Executive understands that the restrictions set forth in this Section 5(d) are intended to protect
the Company’s interest in its Confidential Information and established employee, customer and
supplier relationships and goodwill, and agrees that such restrictions are reasonable and
appropriate for this purpose. For purposes of this Plan, the term “Competing Business” shall mean
a business conducted anywhere in the United States that is competitive with any business which the
Company or any of its affiliates conducts or proposes to conduct at any time during the employment
of the Covered Executive. Notwithstanding the foregoing, the Covered Executive may own up to one
percent of the outstanding stock of a publicly held corporation which constitutes or is affiliated
with a Competing Business.

          (e) Litigation and Regulatory Cooperation. During and after the Covered Executive’s
employment, the Covered Executive shall cooperate fully with the Company in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against
or on behalf of the Company which relate to events or occurrences that transpired while the Covered
Executive was employed by the Company. The Covered Executive’s full cooperation in connection with
such claims or actions shall include, but not be limited to, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times. During and after the Covered Executive’s employment, the Covered Executive also
shall cooperate fully with the Company in connection with any investigation or review of any
federal, state or local regulatory authority as any such investigation or review relates to events
or occurrences that transpired while the Covered Executive was employed by the Company. The
Company shall reimburse the Covered Executive for any reasonable out-of-pocket expenses incurred in
connection with the Covered Executive’s performance of obligations pursuant to this Section 5(e).

          (f) Non-Disparagement. During the employment of the Covered Executive and after the
termination of employment of the Covered Executive, the Covered Executive agrees not to make or
cause to be made, directly or indirectly, any statement to any person
criticizing or disparaging the Company or any of its stockholders, directors, officers or
employees or commenting unfavorably or falsely on the character, business judgment, services,
products, business practices or business reputation of the Company or any of its stockholders,
directors, officers or employees.

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          (g) Injunction. The Covered Executive agrees that it would be difficult to measure
any damages caused to the Company which might result from any breach by the Covered Executive of
the promises set forth in this Section 5, and that in any event money damages would be an
inadequate remedy for any such breach. Accordingly, subject to Section 6 of this Plan, the Covered
Executive agrees that if the Covered Executive breaches, or proposes to breach, any portion of this
Plan, the Company shall be entitled, in addition to all other remedies that it may have, to an
injunction or other appropriate equitable relief to restrain any such breach without showing or
proving any actual damage to the Company.

     6. Arbitration of Disputes. Any controversy or claim arising out of or relating to
this Plan or the breach thereof or otherwise arising out of the Covered Executive’s employment or
the termination of that employment (including, without limitation, any claims of unlawful
employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted
by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the
absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in
Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA,
including, but not limited to, the rules and procedures applicable to the selection of arbitrators.
In the event that any person or entity other than the Covered Executive or the Company may be a
party with regard to any such controversy or claim, such controversy or claim shall be submitted to
arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. This Section 6 shall be
specifically enforceable. Notwithstanding the foregoing, this Section 6 shall not preclude either
party from pursuing a court action for the sole purpose of obtaining a temporary restraining order
or a preliminary injunction in circumstances in which such relief is appropriate; provided that any
other relief shall be pursued through an arbitration proceeding pursuant to this Section 6.

     7. Consent to Jurisdiction. To the extent that any court action is permitted
consistent with or to enforce Section 6 of this Plan, the parties hereby consent to the
jurisdiction of the Superior Court of The Commonwealth of Massachusetts and the United States
District Court for the District of Massachusetts. Accordingly, with respect to any such court
action, the Covered Executive (a) submits to the personal jurisdiction of such courts; (b) consents
to service of process; and (c) waives any other requirement (whether imposed by statute, rule of
court, or otherwise) with respect to personal jurisdiction or service of process.

     8. Withholding. All payments made by the Company under this Plan shall be net of any
tax or other amounts required to be withheld by the Company under applicable law.

     9. Section 409A.

          (a) Anything in this Plan to the contrary notwithstanding, if at the time of the Covered
Executive’s “separation from service” within the meaning of Section 409A of the Code,
the Company determines that the Covered Executive is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Covered
Executive becomes entitled to under this Plan would be considered deferred compensation subject to
the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the
application of Section 409A(a)(2)(B)(i) of the Code, such payment

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shall not be payable and such
benefit shall not be provided until the date that is the earlier of (A) six months and one day
after the Covered Executive’s separation from service, or (B) the Covered Executive’s death.

          (b) The parties intend that this Plan will be administered in accordance with Section 409A of
the Code. To the extent that any provision of this Plan is ambiguous as to its compliance with
Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code.

          (c) The determination of whether and when a separation from service has occurred shall be made
in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

          (d) The Company makes no representation or warranty and shall have no liability to the Covered
Executive or any other person if any provisions of this Plan are determined to constitute deferred
compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the
conditions of, such Section.

     10. Notice and Date of Termination.

          (a) Notice of Termination. After the occurrence of a Termination Event, such event
shall be communicated by written Notice of Termination from the Company to the Covered Executive or
vice versa in accordance with this Section 10. For purposes of this Plan, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this
Plan relied upon and the Date of Termination.

          (b) Date of Termination. “Date of Termination,” with respect to any purported
termination of a Covered Executive’s employment, shall mean the date specified in the Notice of
Termination.

          (c) Notice to the Company. Covered Executive will send all communications to the
Company relating to this Plan, in writing, addressed as follows, subject to change when notified by
the Company:

Insulet Corporation

Attention: Andrew Suchoff, Chief Human Resources Officer

9 Oak Park Drive

Bedford, MA 01730

          (d) Notice to the Executive. Company will send all communications to the Covered
Executive, relating to this Plan, in writing, addressed to the Covered Executive at the last
address the Covered Executive has filed in writing with the Company.

     11. No Mitigation. The Covered Executive is not required to seek other employment or
to attempt in any way to reduce any amounts payable to the Covered Executive by the Company under
this Plan. Further, the amount of any payment provided for in this Plan shall not be reduced by
any compensation earned by the Covered Executive as the result of employment

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by another employer,
by retirement benefits, by offset against any amount claimed to be owed by the Covered Executive to
the Company, or otherwise.

     12. Benefits and Burdens. This Plan shall inure to the benefit of and be binding upon
the Company and the Covered Executives, their respective successors, executors, administrators,
heirs and permitted assigns. In the event of a Covered Executive’s death after a Terminating Event
but prior to the completion by the Company of all payments due him under this Plan, the Company
shall continue such payments to the Covered Executive’s beneficiary designated in writing to the
Company prior to his death (or to his estate, if the Covered Executive fails to make such
designation).

     13. Enforceability. If any portion or provision of this Plan shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this
Plan, or the application of such portion or provision in circumstances other than those as to which
it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and
provision of this Plan shall be valid and enforceable to the fullest extent permitted by law.

     14. Waiver. No waiver of any provision hereof shall be effective unless made in
writing and signed by the waiving party. The failure of any party to require the performance of
any term or obligation of this Plan, or the waiver by any party of any breach of this Plan, shall
not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach.

     15. Notices. Any notices, requests, demands, and other communications provided for by
this Plan shall be sufficient if in writing and delivered in person or sent by registered or
certified mail, postage prepaid, to a Covered Executive at the last address the Covered Executive
has filed in writing with the Company, or to the Company at their main office, attention of the
Board of Directors.

     16. Effect on Other Plans. Nothing in this Plan shall be construed to limit the
rights of the Covered Executives under the Company benefit plans, programs or policies.

     17. Amendment or Termination of Plan. The Company may amend or terminate this Plan at
any time or from time to time.

     18. Governing Law. This Plan shall be construed under and be governed in all respects
by the laws of The Commonwealth of Massachusetts.

     19. Obligations of Successors. In addition to any obligations imposed by law upon any
successor to the Company, the Company will use its reasonable efforts to require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company to expressly assume and agree to perform
this Plan in the same manner and to the same extent that the Company would be required to perform
if no such succession had taken place.

Adopted: As of May 8, 2008

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