Document:

Employment Agreement by and between Hugh K. Gagnier and the Company

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”)
is made and entered into by and between Zebra Technologies Corporation, a Delaware corporation (the “Employer”), and Hugh K. Gagnier (the “Executive”), to be effective as of December 12, 2007 (the
“Effective Date”). 
 RECITALS 
 A. The Employer desires that the Executive continue to provide services for the benefit of the Employer and its affiliates and the Executive desires to accept such continued employment with the
Employer. 
 B. The Employer and the Executive previously executed the following agreements (collectively, the “Prior
Agreements”), which constitute all executed agreements addressing the terms and conditions of the Executive’s employment with the Employer: 
 1. Special Separation Agreement dated October 27, 2006; and 
 2. Employment Agreement dated July 9, 1998. 
 C. The Employer and the Executive desire
to enter into a single comprehensive agreement that enhances the employment relationship and supersedes the Prior Agreements in order to encourage the Executive to continue to serve in the employ of the Employer on a full-time basis. 
 NOW, THEREFORE, in consideration of the above premises and the following mutual covenants and conditions, the parties agree as follows:

 1. Employment. As of the Effective Date, the Executive hereby accepts such continued employment on the following
terms and conditions. The Employer shall employ the Executive as an executive officer of the Employer. The Executive understands and agrees that he is an at-will employee, and the Executive and the Employer can, and shall have the right to,
terminate the employment relationship at any time for any or no reason, with or without notice, and with or without cause, subject to the payment provisions contained in Paragraph 7 of this Agreement. Nothing contained in this Agreement or any other
agreement shall alter the at-will relationship. 
 2. Duties. The Executive shall work for the Employer in a full-time
capacity. The Executive shall, during the term of his employment, have the duties, responsibilities, powers, and authority customarily associated with the position of an executive officer. The Executive shall solely report to, and follow the
direction of, the Chief Executive Officer of the Employer or to his designee or a designee of the Board of Directors of the Company (the “Board”). The Executive shall diligently, competently, and faithfully perform all duties, and
shall devote his entire business time, energy, attention, and skill to the performance of duties for the Employer or its affiliates and will use his best efforts to promote the interests of the Employer. It shall not be considered a violation of the
foregoing for the Executive to serve on business, industry, civic, religious or charitable boards or committees, so long as such service is in compliance with the Employer’s Corporate Governance Guidelines, the Chief Executive Officer of the
Employer is provided notice of such service and, in his reasonable determination, such service does not individually or in the aggregate significantly interfere with the performance of the Executive’s responsibilities as an employee of the
Employer in accordance with this Agreement. 
 3. Executive Loyalty. Subject to the terms of this Agreement and the
Corporate Governance Guidelines, the Executive shall devote all of his time, attention, knowledge, and skill solely and exclusively to the business and interests of the Employer, and the Employer shall be entitled to all benefits and profits arising
from or incident to any and all work, services, and advice of the Executive. The Executive expressly agrees that during the term of his employment, he shall not engage, directly or indirectly, as a partner, officer, director, member, manager,

 
stockholder, supplier, advisor, agent, employee, or in any other form or capacity, in any other business similar to that of the Employer. The foregoing
notwithstanding, and except as otherwise set forth in Paragraph 8, and provided that none of the following reflects poorly on the Employer or, in the reasonable determination of the Employer’s Chief Executive Officer, individually or in the
aggregate significantly interferes with the performance of the Executive’s responsibilities as an employee of the Employer in accordance with this Agreement, nothing herein contained shall be deemed to prevent the Executive from
(1) otherwise managing his personal investments and financial affairs, or (2) investing his money in the capital stock or other securities of any corporation whose stock or securities are publicly-owned or are regularly traded on any
public exchange, so long as (a) the Executive does not beneficially own stock in any such corporation if more than five percent (5%) of the Employer’s annual sales are to such corporation or if the Employer’s products comprise
more than five percent (5%) of such corporation’s annual sales, or (b) the Executive does not beneficially own more than one percent (1%) of the outstanding capital stock of any such corporation. 
 4. Compensation. 
 A. Base Salary. So long as the Executive is employed by the Employer, the Employer shall pay the Executive a gross base salary at an annual rate of $324,900 (the “Base Salary”), payable in
substantially equal installments in accordance with the Employer’s payroll policy from time to time in effect. The Executive’s Base Salary shall be subject to any payroll or other deductions as may be required to be made pursuant to law,
government order, or by agreement with, or consent of, the Executive. The Base Salary shall be reviewed at least annually, and may be increased or decreased from time to time as shall be determined by the Employer, and once such Base Salary shall
have been increased or decreased, it shall thereafter be treated for all purposes of this Agreement as the Executive’s Base Salary. Unless specifically agreed to in writing by the Employer and the Executive, any increase or decrease in Base
Salary shall not limit or reduce any other obligation of the Employer or the Executive under this Agreement. 
 B. Performance Bonus. The Executive shall be eligible to earn a performance bonus under the Employer’s Management Bonus Plan (the “Bonus”) upon the attainment of certain performance measures. The Compensation
Committee of the Board (the “Compensation Committee”) shall set the performance targets for a given year. The Bonus shall be targeted at forty-five percent (45%) of the Executive’s Base Salary (the “Target
Bonus”), with the actual Bonus earned to be calculated on that portion of the Executive’s Base Salary actually earned during the calendar year for which the Bonus is calculated. The Bonus, if any, for a given year (the “Bonus
Year”) shall be paid in the following year and on or before March 15 of such year, provided, and except as otherwise set forth in Paragraph 7B, the Executive must be employed by the Employer and in good standing as of the date that the
Bonus is paid to earn any Bonus for the Bonus Year. 
 C. Equity. The Employer may award the Executive
various forms of equity compensation, all as determined by the Compensation Committee under and pursuant to the terms of the 2006 Zebra Technologies Corporation Incentive Compensation Plan as may be amended from time to time (the “2006
Incentive Compensation Plan”). Upon the date of any such grant, the Employer shall provide the Executive with an award agreement which shall describe the terms and conditions of such award. 
 D. Employee Benefits. During the term of the Executive’s employment, the Employer shall: 
 (1) include the Executive in any life insurance, disability insurance, medical, dental or health insurance, vacation (of
four (4) weeks in each calendar year, which vacation shall be forfeited if not used by the end of the applicable calendar year), savings, pension and retirement plans and other benefit plans or programs (including, if applicable, any excess
benefit or supplemental executive retirement plans) maintained by the Employer for the benefit of its executive officers; and 
 (2) include the Executive in such perquisites as the Employer may establish from time to time that are commensurate with his position and at least comparable to those received by other executive officers of the
Employer. 

 Nothing in this Agreement shall be construed to limit, condition, or otherwise encumber the rights of the Employer, in
its sole discretion, to amend, discontinue, substitute or maintain any benefit plan, program, or perquisite. 
 5.
Expenses. While employed by the Employer, the Executive shall be entitled to receive prompt reimbursement for all reasonable and necessary business expenses incurred by the Executive, in accordance with the practices and policies applicable
to other executive officers of the Employer, including professional and service company dues, journal subscriptions, educational seminars, conferences, and symposiums and as required by the Internal Revenue Service to qualify as ordinary and
necessary business expenses under the Internal Revenue Code of 1986, as amended (the “Code”). The Executive shall be entitled to receive prompt reimbursement for travel expenses incurred in connection with the performance of
his duties under this Agreement. To receive reimbursement, the Executive shall submit to the Employer such vouchers or expense statements that reasonably evidence expenses incurred in accordance with the Employer’s travel and expense
reimbursement policy. 
 6. Termination. The Executive’s services shall terminate upon the first to occur of the
following events: 
 A. Death or Disability. Upon the Executive’s date of death or the date the
Executive is given written notice that he has been determined to be disabled by the Employer. For purposes of this Agreement, the Executive shall be deemed to be disabled if the Executive, as a result of illness or incapacity, shall be unable to
perform substantially his required duties for a period of one hundred eighty (180) consecutive days; provided, however, that if the Executive, after being unable to perform substantially his required duties for a period of less than one
hundred eighty (180) consecutive days as a result of illness or incapacity returns to active duty for less than thirty (30) days, the period of such active duty will be disregarded in determining whether the 180
consecutive day threshold has been accumulated (although it will not be accumulated as part of the 180 day period). A termination of the Executive’s employment by the Employer for disability shall be communicated to the Executive by
written notice and shall be effective on the tenth (10th) business day after receipt of such notice by the Executive, unless the Executive returns to full-time performance of his duties before such tenth (10th) business day. 
 B. Cause Termination. On the date the Board provides the Executive with written notice that he is being terminated
for Cause. For purposes of this Agreement, and as determined by the Board in its sole discretion, the Executive shall be deemed terminated for “Cause” if the Board terminates the Executive after the Executive: 
 (1) shall have committed, been indicted of, or been convicted of, or admitted, plea bargained, entered a plea of no
contest or nolo contendere to, any felony of any kind or a misdemeanor, or violated any laws, involving fraud, dishonesty or an act of moral turpitude; 
 (2) shall have materially breached this Agreement or any other agreement to which the Executive and the Employer are parties; 
 (3) shall have materially violated any written Employer policy, regardless of whether within or outside the scope of his
authority; 
 (4) shall have committed willful or intentional misconduct, gross negligence, or dishonest,
fraudulent or unethical behavior, or other conduct involving serious moral turpitude in the performance of his duties hereunder; 
 (5) shall have failed or refused to materially comply (to the best of his ability) with a specific direction of the Employer, unless the Executive reasonably and in good faith believes such specific direction to be
unlawful (in which case the Employer’s termination of the Executive’s employment shall not be for Cause under this provision); or 
 (6) engages in any conduct which breaches his fiduciary duty to the Employer, which materially injures the integrity, character or reputation of the Employer or which impugns 

 
Executive’s own integrity, character or reputation so as to cause Executive to be unfit to act in the capacity of an executive officer of the Employer.

 A termination of employment by the Employer for Cause under subparagraphs 6B(2), (3), (4), (5) or (6) shall be effectuated by the Board giving
the Executive written notice of the termination within thirty (30) days of the event constituting Cause, or such longer period as the parties may agree, setting forth in reasonable detail the specific conduct of the Executive that constitutes
Cause, the specific provisions of this Agreement on which the Employer relies and, to the extent such Cause is susceptible to cure, providing the Executive with a thirty (30) day cure period. If such Cause is susceptible to cure and the
Executive fails to remedy the condition within such thirty (30) day cure period, the Employer may terminate the Executive’s employment within thirty (30) days after the expiration of the cure period, and if the Employer fails to so
terminate the Executive’s employment, any subsequent termination based upon the same underlying facts shall not constitute a termination for Cause under this subparagraph 6B. 
 C. Employer Termination. On the date the Employer terminates the Executive’s employment for any reason, other
than a reason otherwise set forth in this Paragraph 6. 
 D. Good Reason Termination. On the date
the Executive terminates his employment for Good Reason. The term “Good Reason” means the occurrence of any one of the following: 
 (1) demotion of the Executive by the Employer to a non-executive officer position (including a material diminution in the status of the Executive’s responsibilities, authorities, powers or
duties taken as a whole) or assignment to the Executive of any duties materially inconsistent with his position, status or responsibilities under this Agreement; 
 (2) material breach of any provision of this Agreement by the Employer; or 
 (3) decrease in Base Salary as in effect on the Effective Date in an amount equal to or greater than ten percent
(10%) (unless such decrease is applied on a proportionally equal basis to all executive officers of the Employer) (an “Applicable Decrease”), but only if the Executive terminates his employment with the Employer as a result of
an Applicable Decrease within fifteen (15) business days of the later of (i) the effective date of the Applicable Decrease, or (ii) the Executive’s actual knowledge of Applicable Decrease (“Applicable Decrease
Date”). For clarification purposes, should the Executive fail to terminate his employment with the Employer within fifteen (15) business days of the Applicable Decrease Date, such termination shall not constitute termination of
employment by the Executive for Good Reason under this provision. 
 A termination of employment by the Executive for Good Reason under subparagraph 6D(1) or
(2) shall be effectuated by giving the Employer written notice of the termination within thirty (30) days of the event constituting Good Reason, setting forth in reasonable detail the specific conduct of the Employer that constitutes Good
Reason and the specific provisions of this Agreement on which Executive relies and providing the Employer with a thirty (30) day period during which it may remedy the condition constituting Good Reason. If the Employer fails to remedy the
condition within such thirty (30) day period, the Executive must terminate his employment within thirty (30) days after the expiration of the cure period, and if the Executive fails to so terminate his employment, any subsequent
termination based upon the same underlying facts shall not constitute a termination for Good Reason under this subparagraph 6D. 
 E. Resignation. On the date the Executive terminates his employment for any reason (other than Good Reason), provided that the Executive shall give the Board sixty (60) days written notice prior to such
date of his intention to terminate such employment. The Board may, in its sole discretion, waive such sixty (60) day notice requirement. 
 7. Compensation Upon Termination. 
 A. Final Payments. If the Executive’s
services are terminated pursuant to Paragraph 6, the Executive shall be entitled to his salary through his final date of active employment plus any accrued but unused 

 
vacation pay. The Executive also shall be entitled to any benefits mandated under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”) or required under the terms of any death, insurance, or retirement plan, program, or agreement provided by the Employer and to which the Executive is a party or in which the Executive is a participant, including, but not
limited to, any short-term or long-term disability plan or program, if applicable. 
 B. Severance
Benefits. 
 (1) In addition to the salary and benefits described in Paragraph 7A, if the
Executive’s employment is terminated pursuant to Paragraphs 6C or 6D, the Executive shall be entitled to the following: (i) the continuation of his Base Salary at the annual salary rate then in effect (before any reduction under Paragraph
6D(3) which is made on a proportionally equal basis to all executive officers and which is made within the one (1) year period preceding the date the Executive’s employment is terminated), for a period of one year following the termination
of the Executive’s employment (the “Severance Period”), payable in accordance with the Employer’s payroll policy from time to time in effect and subject to the limitations imposed under subparagraph 7B(3); (ii) a
pro-rata portion of the Bonus for the year in which the Executive’s employment terminates, if such Bonus would have been earned had the Executive been employed and in good standing as of the date the Bonus otherwise is paid to other senior
level executive of the Employer, and payable at the time the Bonus otherwise is paid to other senior level executives of the Employer; (iii) the Bonus attributable to the calendar year prior to the calendar year in which the Executive’s
employment terminates, if such Bonus would have been earned had the Executive been employed and in good standing as of the date the Bonus otherwise is paid to other senior level executive of the Employer, and provided such Bonus had not yet been
paid in accordance with the timing provisions set forth in Paragraph 4B, and payable at the time the Bonus otherwise is paid to other senior level executives of the Employer; (iv) a payment equal to one hundred percent (100%) of the Target
Bonus (before any reduction under Paragraph 6D(3) which is made on a proportionally equal basis to all executive officers and which is made within the one (1) year period preceding the date the Executive’s employment is terminated), based
upon the Base Salary for such year, to be paid at the same time that performance bonuses are generally paid by the Employer to its executives for the year in which such termination occurs; (v) equity compensation, if any, subject to the terms
of the Executive’s award agreement; (vi) professional outplacement services by a company selected by, and paid by, the Employer within one (1) year after the date of termination, in an amount not to exceed $32,000; and
(vii) continued coverage of the Executive and his dependents in the medical and dental insurance plans sponsored by the Employer, as mandated by COBRA, which may continue to the extent required by applicable law and the Employer shall pay for
such coverage, at the same rate the Employer pays for health insurance coverage for its active employees under its group health plan (with the Executive required to pay for any employee-paid portion of such coverage), through the earlier of
(a) the last day of the Severance Period or (b) the date the Executive becomes eligible for coverage under another group health plan that does not impose preexisting condition limitations on the Executive’s coverage, provided,
however, that nothing herein shall be construed to extend the period of time over which such COBRA continuation coverage may be provided to the Executive and his dependents beyond that mandated by law and, provided further, that the Executive shall
be required to pay the entire cost of such COBRA continuation coverage for any time following the last day of the Severance Period. 
 (2) The foregoing notwithstanding, if at any time within one hundred twenty (120) days immediately preceding or one (1) year immediately following a “Change in Control,” the Executive’s
employment is terminated pursuant to Paragraph 6C or 6D, the Executive shall be entitled to the following compensation, in lieu of any payments otherwise set forth in Paragraph 7B(1) above, and payable within sixty (60) days following the later
of the Change in Control or the termination, subject, however, to the limitations imposed under subparagraph 7B(3): two (2.0) times the Executive’s Base Salary at the annual rate then in effect (before any reduction under Paragraph 6D(3)
which is made on a proportionally equal basis to all executive officers and which is made within the one (1) year period preceding the date the Executive’s employment is 

 
terminated) and two (2.0) times the Target Bonus (before any reduction under Paragraph 6D(3) which is made on a proportionally equal basis to all
executive officers and which is made within the one (1) year period preceding the date the Executive’s employment is terminated), based upon the Base Salary for such year. In addition, upon the termination of the Executive’s
employment as set forth in this subparagraph 7B(2) the Executive and his dependents shall be offered continued coverage under the Employer’s group health plan for the duration of the COBRA continuation period on the same financial terms as
described above in subparagraph 7B(1)(vii) and shall also be entitled to the compensation and benefits, if any, set forth in subparagraphs 7B(1)(ii), (iii), (v) and (vi), above. 
 (3) Notwithstanding the foregoing, if the Executive is a “specified employee” as such term is defined under
Section 409A of the Code and the regulations and guidance promulgated thereunder, any payments described in this Paragraph 7B shall be delayed for a period of six (6) months following the Executive’s separation of employment to the
extent and up to an amount necessary to ensure such payments are not subject to the penalties and interest under Section 409A of the Code. The payments to be made under this Paragraph 7B shall be further conditioned upon the Executive’s
execution of an agreement acceptable to the Employer that (i) waives any rights the Executive may otherwise have against the Employer, and (ii) releases the Employer from actions, suits, claims, proceedings and demands related to the
period of employment and/or the termination of employment. For purposes of this Paragraph 7B, “Change in Control” shall be as defined under the 2006 Incentive Compensation Plan, as in effect on the date hereof, which definition is
incorporated herein by reference; provided, however, the definition of Change in Control as set forth herein is not intended to be broader than the definition of a “change in control event” as defined by reference to the regulations under
Section 409A of the Code, and the payments described in Paragraph 7B(2) shall not be payable unless the applicable Change in Control constitutes a change in control event in accordance with Section 409A of the Code and the regulations and
guidance promulgated thereunder. 
 C. Excise Tax. If it shall be determined that any payment to the
Executive pursuant to this Agreement or any other payment or benefit from the Employer, any affiliate, any shareholder of the Employer or any other person would be subject to the excise tax imposed by Section 4999 of the Code because such
payment equals or exceeds three times the “Base Amount” (as defined under Section 280G of the Code) by an amount in excess of ten percent (10%) of such three times the Base Amount, then the Executive shall receive a Tax
Gross-Up Payment (as defined below) with respect to all such excise taxes. “Tax Gross-Up Payment” means an amount payable to the Executive such that, after payment of Taxes (as defined below) on such amount there remains a balance
sufficient to pay the Taxes being reimbursed. “Taxes” means the incremental United States federal, state and local income, excise and other taxes payable by the Executive with respect to any applicable item of income. If it shall be
determined that any payment to the Executive pursuant to this Agreement or any other payment or benefit from the Employer, any affiliate, any shareholder of the Employer or any other person would be subject to the excise tax imposed by
Section 4999 of the Code because such payment exceeds three times the Base Amount by an amount equal to ten percent (10%) or less of such three times the Base Amount, then the amount of any payments hereunder which shall be paid to the
Executive shall be reduced to an amount equal to one dollar less than three times the Base Amount. 
 8. Restrictive Covenants.

 A. Confidentiality. 
 (1) Confidential Information. The Executive understands that the Employer possesses Confidential Information which
is important to its business, the Employer devotes significant financial, human and other resources to the development of its products, its customer base and the general goodwill associated with its business and the Employer diligently maintains the
secrecy and confidentiality of its Confidential Information. For purposes of this Agreement, Confidential Information is information that was or will be developed, created, or discovered by or on behalf of the Employer, or which became or will
become known by, or was or is conveyed to 

 
the Employer, which has commercial value in the Employer’s business. “Confidential Information” means any and all financial, technical,
commercial or other information concerning the business and affairs of the Employer that is confidential and proprietary to the Employer, including without limitation, (i) information relating to the Employer’s past and existing customers
and vendors and development of prospective customers and vendors, including specific customer product requirements, pricing arrangements, payment terms, customer lists and other similar information; (ii) inventions, designs, methods,
discoveries, works of authorship, creations, improvements or ideas developed or otherwise produced, acquired or used by the Employer; (iii) the Employer’s proprietary programs, processes or software, consisting of but not limited to,
computer programs in source or object code and all related documentation and training materials, including all upgrades, updates, improvements, derivatives and modifications thereof and including programs and documentation in incomplete stages of
design or research and development; (iv) the subject matter of the Employer’s patents, design patents, copyrights, trade secrets, trademarks, service marks, trade names, trade dress, manuals, operating instructions, training materials, and
other industrial property, including such information in incomplete stages of design or research and development; and (v) other confidential and proprietary information or documents relating to the Employer’s products, business and
marketing plans and techniques, sales and distribution networks and any other information or documents which the Employer reasonably regards as being confidential. 
 (2) Employer Materials. Executive understands that the Employer possesses or will possess Employer Materials which
are important to its business. For purposes of this Agreement, “Employer Materials” are documents or other media or tangible items that contain or embody Confidential Information or any other information concerning the business,
operations or future/strategic plans of the Employer, whether such documents have been prepared by the Executive or by others. 
 (3) Treatment of Confidential Information and Employer Property. In consideration of the Executive’s employment by the Employer, the compensation received by the Executive from the Employer, and the
Employer’s agreement to give Executive access to certain Confidential Information, the Executive agrees as follows: 
 (a) All Confidential Information and trade secret rights, and other intellectual property and rights (collectively “Rights”) in connection therewith will be the sole property of the Employer. At all
times, both during the Executive’s employment by the Employer and after its termination for any reason, Executive will keep in confidence and trust and will not use or disclose any Confidential Information or anything relating to it without the
prior written consent of the Board, except as may be necessary and appropriate in the ordinary course of performing the Executive’s duties to the Employer. 
 (b) All Employer Materials will be the sole property of the Employer. The Executive agrees that during the
Executive’s employment by the Employer, the Executive will not remove any Employer Materials from the business premises of the Employer or deliver any Employer Materials to any person or entity outside the Employer, except in connection with
performing the duties of his employment. The Executive further agrees that, immediately upon the termination of the Executive’s employment by the Executive or by the Employer for any reason, or during the Executive’s employment if so
requested by the Employer, the Executive will return all Employer Materials, apparatus, equipment and other physical property, or any reproduction of such property, excepting only the Executive’s copy of this Agreement. 
 B. Noncompetition and Nonsolicitation. While employed by the Employer and for a period of twenty-four
(24) consecutive months following the date of termination of employment for any reason, the Executive will not directly or indirectly: 
 (1) Contact, solicit, interfere with or divert any of the Employer’s customers; 

 (2) Accept employment or engage in a competing business, or engage in any
activity that may result in the disclosure, divulging or otherwise use of Confidential Information acquired during Executive’s employment with the Employer; and 
 (3) Solicit any person who is employed by the Employer for the purpose of encouraging that employee to join the Executive
as a partner, agent, employee, contractor or otherwise in any business activity. 
 In the event of any breach of this subparagraph B, the Executive agrees
that the twenty-four (24) month restricted period shall be tolled during the time of such breach. 
 C.
Nondisparagement. While employed by the Employer and indefinitely thereafter, the Executive shall refrain from (1) making any false statement about the Employer, and (2) all conduct, verbal or otherwise, that disparages or damages
or could disparage or damage the reputation, goodwill, or standing in the community of the Employer or any of its subsidiaries, affiliates, or parents or any of their officers, directors, employees and stockholders, or that could have a deleterious
effect upon the Employer’s or any of its subsidiaries’, affiliates’, or parents’ business, provided, however, that nothing contained in this Paragraph 8C or any other paragraph of this Agreement shall preclude the Executive from
making any statement in good faith that is required by law or order of any court or regulatory commission. 
 D. Forfeitures. In the event that the Executive breaches any of the restrictions in this Paragraph 8, he shall forfeit all of the applicable payments and benefits under this Agreement, including but not limited to such payments and
benefits pursuant to Paragraph 7, and the Employer shall have the right to recapture and seek repayment of any such applicable payments and benefits under this Agreement. The Employer and the Executive acknowledge that the remedy set forth hereunder
is not to be considered a form of liquidated damages and the forfeiture, recapture or repayment shall not be the exclusive remedy hereunder. 
 E. Intellectual Property. The Employer has adopted a policy on Inventions intended to encourage research and inventions by its executives, to appraise and determine relative rights and
equities of all parties concerned, to facilitate patent applications, licensing, and the generation of royalties, if any, and to provide a uniform procedure in patent matters when the Employer has a right or equity. “Inventions”
includes all improvements, inventions, designs, formulas, works of authorship, trade secrets, technology, computer programs, compositions, ideas, processes, techniques, know-how and data, whether or not patentable, made or conceived or reduced to
practice or developed by the Executive, either alone or jointly with others, during the term of the Executive’s employment, including during any period prior to the date of this Agreement. 
 (1) Ownership and Assignment. Except as defined in this Agreement, all Inventions which the Executive makes,
conceives, reduces to practice or develops (in whole or in part, either alone or jointly with others) during his employment will be the sole property of the Employer to the maximum extent permitted by law. The Executive agrees to assign such
Inventions and all Rights in them to the Employer. Exemptions from this Agreement to assign may be authorized in those circumstances where the mission of the Employer is better served by such action, provided that overriding obligations to other
parties are met and such exemptions are not inconsistent with other Employer policies. Further, the Executive may petition the Employer for license to make, market or sell a particular Invention. The Employer may release patent rights to the
inventor in those circumstances when: 
 (a) the Employer provides the Executive with notification in
writing that it elects not to file a patent application and the inventor is prepared to do so at his expense, or 
 (b) at the Employer’s discretion, the equity of the situation indicates that such release should be given, provided in either case that no further research or development to develop that invention will be conducted involving Employer
support or facilities, and provided further that a shop right is granted to the Employer and, at the 

 
Employer’s discretion, the Employer shall have a royalty-free, assignable license to the Invention and any intellectual property rights related to it.

 The provisions of Paragraph 8E(1) do not apply to an Invention for which no equipment, supplies, facility, or trade secret
information of the Employer was used and which was developed entirely on the Executive’s own time, unless (a) the Invention relates (1) to the business of the Employer, or (2) to the Employer’s actual or demonstrably
anticipated research or development, or (b) the Invention results from any work performed by the Executive for the Employer. 
 (2) Disclosure to the Employer. The Executive promptly will disclose in writing to the Board, with a copy to the General Counsel of the Employer, or to any persons designated by the Board, all Inventions. The
Executive also will disclose to the General Counsel of the Employer all things that would be Inventions if made during the term of the Executive’s employment, conceived, reduced to practice, or developed by the Executive within six months after
the termination of his employment with the Employer, unless the Executive can demonstrate that the Invention has been conceived and first reduced to practice by the Executive following the termination of his employment with the Employer. Such
disclosures will be received by the Employer in confidence (to the extent they are not assigned in this Paragraph and do not extend the assignment made in this Paragraph.) The Executive will not disclose Inventions to any person outside the Employer
unless requested to do so by the Board or the General Counsel of the Employer. 
 (3) Assistance with
Rights. The Executive agrees to perform, during and after employment, all acts deemed necessary or desirable by the Employer to permit and assist it, at the Employer’s expense, in obtaining, maintaining, defending and enforcing Rights with
respect to such Inventions and improvements in any and all countries. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in legal proceedings. The Executive agrees to execute such declarations,
assignments, or other documents as may be necessary in the course of Invention evaluation, patent prosecution, or protection of patent or analogous property rights, to assure that title in such Inventions will be held by the Employer or by such
other parties designated by the Employer as may be appropriate under the circumstances. The Executive irrevocably designates and appoints the Employer and its duly authorized officers and agents, as his agents and attorneys-in-fact to act for and on
the Executive’s behalf and instead of the Executive, to execute and file any documents and to do all other lawfully permitted acts to further the above purposes with the same legal force and effect as if executed by the Executive. 

(4) Moral Rights. Any assignment of copyright pursuant to this Agreement includes all rights of paternity,
integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights” (collectively “Moral Rights”). To the extent such Moral Rights cannot be assigned under applicable law and to
the extent the following is allowed by the laws in the various countries where Moral Rights exist, Executive hereby waives such Moral Rights and consents to any action of the Employer that would violate such Moral Rights in the absence of such
consent. The Executive will confirm any such waivers and consents from time to time as requested by the Employer. 
 F. No Conflicts. The execution and delivery of this Agreement by the Executive does not conflict with, or result in a breach of or constitute a default under, any agreement or contract, whether oral or written, to which the Executive
is a party or by which the Executive may be bound. In addition, the Executive has informed the Employer of, and provided the Employer with copies of, any non-competition, confidentiality, work-for-hire or similar agreements to which the Executive is
subject or may be bound. 
 G. Disclosure. The Executive acknowledges and agrees that the scope
described above is necessary and reasonable in order to protect the Employer in the conduct of its business and that, if the Executive becomes employed by another employer, he shall be required to disclose the existence of this Paragraph 8 to such
employer and the Executive hereby consents to and the Employer is hereby given permission to disclose the existence of this Paragraph 8 to such employer. 

 H. Market Information. The Executive acknowledges that he may
become aware of “material” nonpublic information relating to the Employer’s vendors, suppliers, alliance and/or joint venture partners, customers, or competitors (each, a “Business Partner”) whose stocks are publicly
traded. The Executive acknowledges that he is prohibited by law as well as by Employer policy from trading in the shares of such Business Partners while in possession of such information or directly or indirectly disclosing such information to any
other persons so that they may trade in these shares. For purposes of this Paragraph H, “material” information may include any information, positive or negative, which might be of significance to an investor in determining whether to
purchase, sell or hold the stock of publicly traded customers. Information may be significant for this purpose even if it would not alone determine the investor’s decision. Examples include a potential business acquisition, internal financial
information that departs in any way from what the market would expect, the acquisition or loss of a major contract, or an important financing transaction. 
 I. Unauthorized Material. The Employer does not wish to incorporate any unlicensed or unauthorized material into its products or services or those of its subsidiaries. Therefore, the
Executive agrees that he will not knowingly disclose to the Employer, use in the Employer’s business, or cause the Employer to use, any information or material which is confidential or proprietary to any third party including, but not limited
to, any former employer, competitor or client, unless the Employer has a right to receive and use such information. The Executive will not incorporate into his work any material which is subject to the copyrights of any third party unless the
Employer has a written agreement with such third party or otherwise has the right to receive and use such information. 
 J. Injunctive Relief. It is agreed that any breach or anticipated or threatened breach of any of the Executive’s covenants contained in this Paragraph 8 will result in irreparable harm and continuing
damages to the Employer and its business and that the Employer’s remedy at law for any such breach or anticipated or threatened breach will be inadequate and, accordingly, in addition to any and all other remedies that may be available to the
Employer at law or in equity in such event, any court of competent jurisdiction may issue a decree of specific performance or issue a temporary and permanent injunction, without the necessity of the Employer posting bond or furnishing other security
and without proving special damages or irreparable injury, enjoining and restricting the breach, or threatened breach, of any such covenant, including, but not limited to, any injunction restraining the Executive from disclosing, in whole or part,
any Confidential Information. The Executive further agrees to pay all of the Employer’s costs and expenses, including reasonable attorneys’ and accountants’ fees, incurred in successfully enforcing such covenants. 
 9. Notices. Any and all notices required in connection with this Agreement shall be deemed adequately given only if in writing and
(a) personally delivered, or sent by first class, registered or certified mail, postage prepaid, return receipt requested, or by recognized overnight courier, (b) sent by facsimile, provided a hard copy is mailed on that date to the party
for whom such notices are intended, or (c) sent by other means at least as fast and reliable as first class mail. A written notice shall be deemed to have been given to the recipient party on the earlier of (a) the date it shall be
delivered to the address required by this Agreement; (b) the date delivery shall have been refused at the address required by this Agreement; (c) with respect to notices sent by mail or overnight courier, the date as of which the Postal
Service or overnight courier, as the case may be, shall have indicated such notice to be undeliverable at the address required by this Agreement; or (d) with respect to a facsimile, the date on which the facsimile is sent and receipt of which
is confirmed. Any and all notices referred to in this Agreement, or which either party desires to give to the other, shall be addressed to his residence in the case of the Executive, or, if to the Employer, to: 
 Vice President, General Counsel and Secretary 
 Zebra Technologies Corporation 
 333 Corporate Woods Parkway

 Vernon Hills, IL 60061 
 Either party may from time to time designate a new address by notice given in accordance with this Paragraph 9. 
 10. Waiver of Breach. A waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver or estoppel of any subsequent breach by such other party. No waiver shall
be valid unless in writing and signed by an authorized officer of the Employer or by the Executive, as the case may be. 

 11. Assignment. The Executive acknowledges that the services to be rendered by him
are unique and personal. Accordingly, the Executive may not assign any of his duties or obligations under this Agreement. This Agreement shall be binding upon and inure to the benefit of the Executive, his estate and beneficiaries. The rights and
obligations of the Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Employer. 
 12. Entire Agreement. This Agreement, together with the agreements referred to herein, sets forth the entire and final agreement and understanding of the parties and contains all of the agreements made between
the parties with respect to the subject matter hereof. This Agreement supersedes the Prior Agreements and any and all other agreements, either oral or in writing, between the parties hereto, with respect to the subject matter hereof. No change or
modification of this Agreement shall be valid unless in writing and signed by the Employer and the Executive. 
 13.
Severability. If any provision of this Agreement shall be found invalid or unenforceable for any reason, in whole or in part, then such provision shall be deemed modified, restricted, or reformulated to the extent and in the manner necessary
to render the same valid and enforceable, or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law, as if such provision had been originally
incorporated herein as so modified, restricted, or reformulated or as if such provision had not been originally incorporated herein, as the case may be. The parties further agree to seek a lawful substitute for any provision found to be unlawful;
provided, that, if the parties are unable to agree upon a lawful substitute, the parties desire and request that a court or other authority called upon to decide the enforceability of this Agreement modify those restrictions in this Agreement that,
once modified, will result in an agreement that is enforceable to the maximum extent permitted by the law in existence at the time of the requested enforcement. 
 14. Headings. The headings in this Agreement are inserted for convenience only and are not to be considered a construction of the provisions hereof. 
 15. Execution of Agreement. This Agreement may be executed in several counterparts, each of which shall be considered an original,
but which when taken together, shall constitute one agreement. 
 16. Recitals. The recitals to this Agreement are
incorporated herein as an integral part hereof and shall be considered as substantive and not precatory language. 
 17.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Illinois, without reference to its conflict of law provisions. Furthermore, the Executive agrees and consents to submit to personal
jurisdiction in the state of Illinois in any state or federal court of competent subject matter jurisdiction situated in Lake or Cook County, Illinois. The Executive further agrees that the sole and exclusive venue for any suit arising out of, or
seeking to enforce, the terms of this Agreement shall be in a state or federal court of competent subject matter jurisdiction situated in Lake or Cook County, Illinois. In addition, the Executive waives any right to challenge in another court any
judgment entered by such Lake or Cook County court or to assert that any action instituted by the Employer in any such court is in the improper venue or should be transferred to a more convenient forum. Further, the Executive waives any right
he may otherwise have to a trial by jury in any action to enforce the terms of this Agreement. 
 18. Indemnification.
The Employer shall obtain and maintain for the Executive directors’ and officers’ liability insurance coverage and shall indemnify the Executive to the extent permitted under the Employer’s By-Laws and/or Certificate of Incorporation.

 19. No Mitigation. The Executive shall have no obligation or duty to seek subsequent employment or engagement as an
employee (including self-employment) or as a consultant or otherwise mitigate the Employer’s obligation under this Agreement. Payments and benefits due under Paragraph 7 of this Agreement shall not be reduced by any compensation earned by the
Executive as an employee or consultant from any employment or consulting arrangement after the Executive’s termination of employment. 

 IN WITNESS WHEREOF, the parties have set their signatures on the date set forth
below. 
  

									
	 ZEBRA TECHNOLOGIES CORPORATION:
	 	 	 	 EXECUTIVE:

				
	 By:
	 	 /s/ Anders Gustafsson
	 		 	 /s/ Hugh K. Gagnier

			
	 Date signed: 12/12/2007
	 		 	 Date signed: 12/6/07Debt Commitment Letter

 Exhibit 10.1 
  

					
	 JPMORGAN CHASE BANK, N.A.
 J.P. MORGAN SECURITIES INC.

                 270 Park Avenue
             New York, NY 10017
	  	 CREDIT SUISSE, CAYMAN
 ISLANDS BRANCH
 CREDIT SUISSE
 SECURITIES (USA) LLC
 Eleven Madison Avenue
 New York, NY 10010
	  	 GOLDMAN SACHS
 BANK USA
 GOLDMAN SACHS CREDIT PARTNERS L.P.
 85 Broad Street
 New York, NY 10004

 December 15, 2007 
 Ingersoll-Rand Company Limited 
 Ingersoll-Rand Company 
 155 Chestnut Ridge Road 
 Montvale, New Jersey 07645 
 Attention: Barbara L. Brasier 
 Vice President and Treasurer 
 Project Ski School 
 $3,900,000,000
Senior Unsecured Bridge Facility 
 Commitment Letter 
 Ladies and Gentlemen: 
 You have advised JPMorgan Chase Bank, N.A. (“JPMCB”), J.P. Morgan
Securities Inc. (“JPMorgan”), Credit Suisse, Cayman Islands Branch (“Credit Suisse”), Credit Suisse Securities (USA) LLC (“CSS”), Goldman Sachs Bank USA (“GSUSA”) and Goldman Sachs
Credit Partners L.P. (“GSCP” and, (i) in its capacity as a Lender, together with JPMCB Credit Suisse and GSUSA, the “Initial Lenders” and (ii) in its capacity as an arranger, together with JPMorgan and
CSS, the “Arrangers” (and the Arrangers, together with the Initial Lenders, the “Commitment Parties”)) that Ingersoll-Rand Company and Ingersoll-Rand Company Limited (“IR” and, together with
Ingersoll-Rand Company, “you”) intend to consummate the Transactions (such term and each other capitalized term used but not defined herein having the meanings assigned to them in the Term Sheet (as defined below)). 
 In connection with the Transactions, JPMCB, Credit Suisse, GSCP and GSUSA are pleased to advise you of their commitments to provide $1,300,000,000,
$1,300,000,000, $1,175,000,000 and $125,000,000, respectively, of the aggregate principal amount of the Facility, upon the terms and subject to the conditions set forth or referred to in this commitment letter (this “Commitment
Letter”) and in the Summary of Principal Terms and Conditions attached hereto as Exhibit A (the “Term Sheet”). Each of the Initial Lender’s commitments hereunder shall be several and not joint. If any Initial
Lender fails to fund its commitment hereunder (other than as a result of a failure of a condition precedent to be satisfied) (any such Initial Lender, a “Non-Funding Initial Lender”), you shall be entitled to engage one or more
replacement lenders (each, a “Replacement Lender”) to provide the commitments of such Non-Funding Initial Lender; provided that such Replacement Lenders, in the aggregate, provide the full amount of the commitments that were
to be provided by all such Non-Funding Initial Lenders. Each Replacement Lender (i) shall be engaged on terms no less favorable to you than 

 
those provided in this Commitment Letter, the Term Sheet and the Fee Letter, (ii) shall be reasonably acceptable to each Initial Lender that funds its
commitment hereunder (each such Initial Lender, a “Funding Initial Lender”) and (iii) may be afforded titles and roles in connection to the Transactions that are reasonably acceptable to each Funding Initial Lender. In no event
shall any Funding Initial Lender be obligated to fund a portion of the Facility in excess of its pro rata share of the commitments as of the date of this Commitment Letter. 
 You hereby appoint the Arrangers, and the Arrangers hereby agree to act, as joint lead arrangers and joint bookrunners for the Facility, upon the terms
and subject to the conditions set forth or referred to in this Commitment Letter and in the Term Sheet. You also hereby appoint JPMCB to act, and JPMCB hereby agrees to act, as sole and exclusive administrative agent for the Facility, upon the terms
and subject to the conditions set forth or referred to in this Commitment Letter and in the Term Sheet. Each of the Arrangers and JPMCB, in such capacities, will perform the duties and exercise the authority customarily performed and exercised by it
in such roles. It is understood and agreed that (a) no additional agents, co-agents, arrangers, co-arrangers, managers, co-managers, bookrunners or co-bookrunners will be appointed and no other titles will be awarded in connection with the
Facility without the approval of the Arrangers and the Initial Lenders and (b) no compensation (other than as expressly contemplated by the Term Sheet or the Fee Letter referred to below) will be paid in connection with the Facility unless you
and we so agree. 
 Each Initial Lender reserves the right, prior to or after the execution of definitive documentation for the Facility, to
syndicate all or a portion of its commitments hereunder to one or more financial institutions (subject to your consent (not to be unreasonably withheld)) that will become parties to such definitive documentation pursuant to syndications to be
managed by the Arrangers (the financial institutions becoming parties to such definitive documentation being collectively referred to as the “Lenders”); provided that (i) successful syndication of the commitments is not
a condition to the commitments and (ii) any assignment by any Commitment Party of all or any portion of its commitments hereunder will not release such Commitment Party from any of its obligations hereunder or such commitment (or portion
thereof) unless and until the assignee of such commitment has funded the commitment so assigned. The Arrangers may decide to commence syndication efforts promptly, and you agree actively to assist the Arrangers in completing timely and orderly
syndications satisfactory to the Arrangers. Such assistance shall include (a) your using commercially reasonable efforts to ensure that the syndication efforts benefit materially from your existing banking relationships, (b) direct contact
during the syndications between your senior management, representatives and advisors, on the one hand, and the proposed Lenders, on the other hand, (c) your assistance (including but not limited to the use of commercially reasonable efforts to
cause the Company and your respective affiliates and advisors to assist) in the preparation of Confidential Information Memoranda for the Facility and other marketing materials to be used in connection with the syndications (collectively, the
“Information Materials”), and (d) preparing and providing to the Commitment Parties all information with respect to (i) you and your respective subsidiaries, (ii) the Transactions and the other transactions
contemplated hereby, including a business plan in form and substance reasonably satisfactory to the Initial Lenders, and (iii) all other financial information and projections (the “Projections”), as the Commitment Parties may
reasonably request in connection with the syndication of the Facility. 
  

 2 

 It is understood and agreed that the Arrangers will, after consultation with you, manage all aspects of
the syndications, including but not limited to selection of Lenders (subject to your consent (not to be unreasonably withheld)), determination of when the Arrangers will approach potential Lenders and the time of acceptance of the Lenders’
commitments, any naming rights and the final allocations of the commitments among the Lenders. It is also understood and agreed that the amount and distribution of fees among the Lenders will be at the Arrangers’ sole discretion. In acting as
the joint lead arrangers and joint bookrunners, the Arrangers will have no responsibility other than to arrange the syndications as set forth herein and shall in no event be subject to any fiduciary or other implied duties. 
 You represent and warrant that (a) all written information other than the Projections and information of a general economic or general industry
nature (the “Information”) that has been or will be made available to the Commitment Parties by or on behalf of you, your respective subsidiaries or any of your representatives, is or will be, when furnished, complete and correct in
all material respects and does not or will not, when furnished, taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading
in light of the circumstances under which such statements are made and (b) the Projections that have been or will be made available to the Commitment Parties by or on behalf of you, your respective subsidiaries or any of your representatives or
affiliates, have been and will be prepared in good faith based upon assumptions believed by you to be reasonable at the time made, at the time the related Projections are made available to the Commitment Parties and on the Closing Date;
provided that, with respect to any Information or Projections relating to the Company, such representation and warranty is made to only your knowledge. You agree that if at any time from and including the date hereof until the closing of the
Facility, the representation and warranty in the immediately preceding sentence would not be satisfied if the Information and Projections were being furnished at such time, then you will promptly supplement the Information and the Projections so
that such representation and warranty would be true and correct under those circumstances. In arranging the Facility, including the syndication of the Facility, the Commitment Parties will be entitled to use and rely primarily on the Information and
the Projections without responsibility for independent verification thereof. 
 As consideration for the commitments and agreements of the
Commitment Parties hereunder, you agree to pay (or to cause to be paid) to the Initial Lenders the earned and payable fees as set forth in the Term Sheet and in the Fee Letter dated the date hereof and delivered herewith with respect to the Facility
(the “Fee Letter”). Once paid, except as expressly provided in the Fee Letter, such fees shall not be refundable under any circumstances. 
 The commitments hereunder and the Arrangers’ agreement to perform the services described herein are further subject to (a) since September 30, 2007, there not having occurred any change, effect, event,
occurrence, state of facts or development which individually or in the aggregate (i) has or would reasonably be expected to have a material adverse effect on the business, assets, financial condition, liabilities or results of operations of the
Company and its subsidiaries, taken as a whole; provided that none of the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or
will be a Material Adverse Effect: any change, effect, event, occurrence, state of facts or development (A) in the financial or securities markets or the 

  

 3 

 
economy in general, (B) in the industries in which the Company or any of its subsidiaries operates in general, to the extent (in the case of (B)) that
such change, effect, event, occurrence, state of facts or development does not disproportionately impact the Company or any of its subsidiaries, (C) arising out of, resulting from or attributable to (1) changes in generally accepted
accounting principles or in accounting standards, (2) the execution, announcement or performance of the Acquisition Agreement or the consummation of the transactions contemplated thereby, including by reason of the identity of IR or any
communication by IR regarding the plans or intentions of IR with respect to the conduct of the business of the Company and including the impact thereof on relationships with customers, suppliers, distributors, partners or employees, or any
litigation arising relating to the Acquisition Agreement or the transactions contemplated thereby; provided, however, that this clause (2) shall not affect the representations set forth in Sections 3.01(e), 3.01(n)(x) and
3.01(n)(xi) of the Acquisition Agreement or the provision that such representations be true and correct in accordance with the terms of Section 6.02(a) thereof, (3) any action taken by the Company or its subsidiaries as contemplated or
permitted by the Acquisition Agreement or with IR’s consent, (4) any failure to meet any internal or public projections, forecasts or estimates of revenue or earnings (for the avoidance of doubt, the exception in this clause (4) shall
not prevent the underlying cause of any such failure to be taken into account in determining whether a Material Adverse Effect has occurred) or (5) any item or items set forth on Section 8.03(i) of the Company disclosure schedule attached
to the Acquisition Agreement or (ii) is or would reasonably be expect to impair in any material respect the ability of the Company to consummate the Acquisition and the other transactions contemplated by the Acquisition Agreement or to perform
its obligations under the Acquisition Agreement on a timely basis (a “Material Adverse Effect”), (b) the Initial Lenders’ reasonable satisfaction in all respects with the material terms of the Acquisition Agreement (and
you hereby confirm that there are no material agreements related to the Acquisition, except for the Acquisition Agreement, and the Initial Lenders hereby confirm their satisfaction with the execution copy of such Acquisition Agreement, including the
disclosure schedules thereto, delivered December 15, 2007, at 3:52 pm), (c) the Initial Lenders’ satisfaction that, prior to and during the syndications of the Facility prior to the Closing Date, there shall be no competing issues of
debt securities or commercial bank or other credit facilities of you, the Company or your or its respective subsidiaries being offered, placed or arranged (except for (1) issuance of commercial paper and (2) a refinancing of the Existing
Credit Agreement, upsized to $1,500,000,000, and issuances of debt securities other than commercial paper; provided that the proceeds of a refinancing of the Existing Credit Agreement in excess of $750,000,000 or the proceeds of issuances of
debt securities other than commercial paper shall be first used to finance the Acquisition and, to the extent so used, shall reduce the Initial Lenders’commitments hereunder) and (d) your compliance with the section of the Term Sheet
entitled “Conditions Precedent to Initial Borrowing”. 
 Notwithstanding anything in this Commitment Letter, the Fee Letter, the
Term Sheet or any other document concerning the financing of the Transactions to the contrary, except to the extent expressly set forth as a separate condition in this Commitment Letter or the section of the Term Sheet entitled “Conditions
Precedent to Initial Borrowing”, (a) the only representations relating to you and your respective subsidiaries and your and their businesses or to the Company and its subsidiaries and its and their businesses, the making of which shall be
a condition to availability of the Facility on the Closing Date, shall be (i) such of the representations made by you or the Company, as applicable, in the Acquisition Agreement, as 

  

 4 

 
are material to the interests of the Lenders, but only to the extent any breach of such representations shall give you the right to terminate your
obligations, or the Company the right to terminate its obligations (if, in the case of the Company, such right has not been waived), under the Acquisition Agreement and (ii) the Specified Representations (as defined below) and (b) the
terms of the Loan Documents shall be in a form such that they do not impair availability of the Facility on the Closing Date if the conditions set forth in this Commitment Letter and in the section of the Term Sheet entitled “Conditions
Precedent to Initial Borrowing” are satisfied (such conditions being the only conditions to funding on the Closing Date). For purposes hereof, “Specified Representations” means the representations and warranties set forth in
the Term Sheet relating to corporate power and authority to execute, deliver and perform the loan documents; due execution and delivery of the loan documents; no violation of law with respect to execution, delivery and performance of the loan
documents; the enforceability of the loan documents; Federal Reserve margin regulations; the Investment Company Act; and the status of the loan documents as senior debt. Subject to clause (b) of the first sentence of this paragraph, those
matters that are not covered by or made clear under the provisions hereof and of the Term Sheet are subject to the approval and agreement of the Commitment Parties and you. This paragraph of the Commitment Letter is referred to herein and in the
Term Sheet as the “Specified Representations Paragraph.” 
 By executing this Commitment Letter, you agree (a) to
indemnify and hold harmless the Commitment Parties, their respective affiliates and each of their respective officers, directors, partners, employees, affiliates, agents and controlling persons (each, an “indemnified person”) from
and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such indemnified person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Term Sheet, the
Transactions, the Facility or any related transaction or any claim, litigation, investigation or proceeding relating to any of the foregoing (any of the foregoing, a “Proceeding”), regardless of whether any such indemnified person
is a party thereto or whether a Proceeding is initiated by or on behalf of a third party or you or any of your affiliates, and to reimburse each such indemnified person upon demand for any reasonable legal or other expenses incurred in connection
with investigating or defending any of the foregoing, provided that the foregoing indemnity will not, as to any indemnified person, apply to losses, material breaches of contract, claims, damages, liabilities or related expenses to the extent
it is determined by a court of competent jurisdiction to have resulted from the bad faith, willful misconduct or gross negligence of such indemnified person, and (b) to reimburse the Commitment Parties upon request from time to time for all
reasonable out-of-pocket expenses (including but not limited to the expenses of the Commitment Parties’ due diligence investigation, syndication expenses, travel expenses and reasonable fees, disbursements and other charges of counsel) incurred
in connection with the Facility and the preparation of this Commitment Letter, the Term Sheet, the Fee Letter, the definitive documentation for the Facility. Notwithstanding any other provision of this Commitment Letter, no indemnified person shall
be liable for any damages directly or indirectly arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, other than damages arising from such
indemnified person’s bad faith, gross negligence or willful misconduct, or for any special, indirect, consequential or punitive damages in connection with its activities related to the Facility. 
  

 5 

 You acknowledge that the Commitment Parties and their respective affiliates may be providing debt
financing, equity capital or other services (including but not limited to financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. None of the
Commitment Parties or any of their respective affiliates will use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or its other relationships with you in connection with the performance
by such party of services for other companies, and none of the Commitment Parties or any of their respective affiliates will furnish any such information to other companies. You also acknowledge that none of the Commitment Parties or any of their
respective affiliates has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you or your respective subsidiaries or representatives, confidential information obtained by such party from
any other company or person. 
 You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you, on
the one hand, and any of the Commitment Parties, on the other hand, is intended to be or has been created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether any Commitment Party has advised or is
advising you on other matters, (b) each of the Commitment Parties, on the one hand, and you, on the other hand, have an arms-length business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty
on the part of any Commitment Party, other than as provided in the letters dated November 30, 2007, from each of CSS, JPMorgan and Goldman Sachs & Co. respectively to Ingersoll-Rand Company Limited in connection with their engagement
as financial advisors for the Acquisition, (c) you are capable of evaluating and understanding, and you understand and accept, the terms, risks and conditions of the transactions contemplated by this Commitment Letter, (d) you have been
advised that the Commitment Parties are engaged in a broad range of transactions that may involve interests that differ from your interests and that the Commitment Parties have no obligation to disclose such interests and transactions to you by
virtue of any fiduciary, advisory or agency relationship, and (e) you waive, to the fullest extent permitted by law, any claims against any Commitment Party for breach of fiduciary duty or alleged breach of fiduciary duty in respect of such
Commitment Party’s activities under this Commitment Letter (each, a “Fiduciary Claim”) that you may have and agree that no Commitment Party shall have any liability (whether direct or indirect) to you in respect of such a
Fiduciary Claim or to any person asserting such a Fiduciary Claim on behalf of or in right of you, including your stockholders, employees or creditors. 
 You further acknowledge that each Arranger is a full service securities firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary
course of business, each Arranger may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments
(including bank loans and other obligations of, you and other companies with which you may have commercial or other relationships). With respect to any securities and/or financial instruments so held by any Arranger or any of its respective
customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 
  

 6 

 This Commitment Letter and the commitments hereunder shall not be assignable by you without the prior
written consent of the Commitment Parties, and any attempted assignment without such consent shall be void. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by the
Commitment Parties and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of
a signature page of this Commitment Letter by facsimile transmission shall be effective as delivery of a manually executed counterpart of this Commitment Letter. This Commitment Letter (including the exhibits hereto) and the Fee Letter are the only
agreements that have been entered into among us with respect to the Facility and set forth the entire understanding of the parties with respect thereto. This Commitment Letter (including the exhibits hereto) and the Fee Letter supersede all prior
understandings, whether written or oral, between us with respect to the Facility. This Commitment Letter is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor
of, any person other than the parties hereto and the parties required to be indemnified hereunder. This Commitment Letter shall be governed by, and construed in accordance with, the laws of the State of New York. The Commitment Parties may perform
the duties and activities described hereunder through any of their respective affiliates and the provisions of the fourth preceding paragraph shall apply with equal force and effect to any of such affiliates so performing any such duties or
activities; provided that any assignment by any Commitment Party of all or any portion of its commitments hereunder to an affiliate will not release such Commitment Party from any of its obligations hereunder unless and until such affiliate
has funded the commitment so assigned. 
 You irrevocably and unconditionally submit to the nonexclusive jurisdiction of the United States
District Court for the Southern District of New York and of any New York State court sitting in the City of New York over any suit, action or proceeding arising out of, relating to, based upon or as a result of the Transactions, this Commitment
Letter, the Term Sheet or the Fee Letter or the performance of services hereunder or thereunder. You hereby agree that service of any process, summons, notice or document by registered mail addressed to you shall be effective service of process for
any suit, action or proceeding brought in any such court. You irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or
proceeding has been brought in any inconvenient forum. You agree that a final, non-appealable judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon you and may be enforced in any other courts
to whose jurisdiction you are or may be subject, by suit upon judgment. You and the Commitment Parties irrevocably agree to waive trial by jury in any suit, action, proceeding, claim or counterclaim brought by or on behalf of any party arising out
of, relating to, based upon or as a result of the Transactions, this Commitment Letter, the Term Sheet or the Fee Letter or the performance of services hereunder or thereunder. 
 You agree that you will not disclose, directly or indirectly, this Commitment Letter, the Fee Letter, the Term Sheet or the contents hereof or thereof to
any person, except (a) to your officers, employees, attorneys, accountants and advisors, (b) solely with respect to the Commitment Letter and the Term Sheet (but not the Fee Letter), to the Company and its respective officers, directors,
employees, attorneys, advisors and accountants and (c) as required by applicable law or compulsory legal process, provided that, in the case of clauses (a) and (b), such disclosure shall be made on a confidential and need-to-know
basis. 
  

 7 

 Each Commitment Party hereby notifies you that pursuant to the requirements of the U.S.A. PATRIOT ACT
(Title III of Pub. L. 107 56 (signed into law October 26, 2001)) (the “Patriot Act”), it and each of the Lenders may be required to obtain, verify and record information that identifies you and the Guarantors, which information
may include the name and address of you and the Guarantors and other information that will allow each Commitment Party and each of the Lenders to identify you and the Guarantors in accordance with the Patriot Act. This notice is given in accordance
with the requirements of the Patriot Act and is effective for each Commitment Party and each of the Lenders. 
 Please indicate your
acceptance of the terms hereof and of the Fee Letter by signing in the appropriate space below and in the Fee Letter and returning to the Initial Lenders enclosed duplicate originals (or facsimiles) of this Commitment Letter and the Fee Letter not
later than 5:00 p.m., New York City time, on December 17, 2007. The commitments hereunder will expire at such time in the event that the Initial Lenders have not received such executed duplicate originals (or facsimiles) in accordance
with the immediately preceding sentence. In the event that the execution of the credit agreement for the Facility does not occur on or before September 30, 2008, then this Commitment Letter and the commitments hereunder shall automatically
terminate unless the Commitment Parties shall, in their sole discretion, agree to an extension. The syndication, compensation, reimbursement, indemnification, jurisdiction, governing law, waiver of jury trial and confidentiality provisions contained
herein and in the Fee Letter shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the commitments hereunder;
provided that the reimbursement and indemnification provisions shall be superseded by the definitive documentation, upon execution and delivery thereof. 
 [The remainder of this page intentionally left blank] 
  

 8 

 We are pleased to have been given the opportunity to assist you in connection with this important
financing. 
  

			
	Very truly yours,
	
	JPMORGAN CHASE BANK, N.A.,
		
	By	 	 /s/ Anthony W. White

	Name:	 	Anthony W. White
	Title:	 	Vice President

  

			
	J.P. MORGAN SECURITIES INC.,
		
	By	 	 /s/ Thomas H. Kozlark

	Name:	 	Thomas H. Kozlark
	Title:	 	Executive Director

 Signature Page to the Commitment Letter 

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
		
	By	 	 /s/ Karl Studer

	Name:	 	Karl Studer
	Title:	 	Director
		
	By	 	 /s/ Petra Jaek

	Name:	 	Petra Jaek
	Title:	 	Assistant Vice President

  

			
	CREDIT SUISSE SECURITIES (USA) LLC,
		
	By	 	 /s/ Christopher Cunningham

	Name:	 	Christopher Cunningham
	Title:	 	Managing Director

 Signature Page to the Commitment Letter 

			
	GOLDMAN SACHS CREDIT PARTNERS L.P.,
		
	By	 	 /s/ Brian Packard

	Name:	 	Brian Packard
	Title:	 	

  

			
	 GOLDMAN SACHS BANK USA,

		
	By	 	 /s/ William Yarbenet

	Name:	 	William Yarbenet
	Title:	 	Vice President

 Signature Page to the Commitment Letter 

 Accepted and agreed to as of the date first written above: 
  

			
	INGERSOLL-RAND COMPANY,
		
	By	 	 /s/ James V. Gelly

	Name:	 	James V. Gelly
	Title:	 	Senior Vice President
	
	INGERSOLL-RAND COMPANY LIMITED,
		
	By	 	 /s/ Herbert L. Henkel

	Name:	 	Herbert L. Henkel
	Title:	 	 Chairman, Chief Executive
 Officer and
President

 Signature Page to the Commitment Letter 

 EXHIBIT A 
 CONFIDENTIAL 
 December 15, 2007 
 Project Ski School 
 $3,900,000,000 Senior Unsecured Bridge Facility 
 Summary of Principal Terms and Conditions 
 Capitalized terms used but not defined in this Exhibit A have the meanings assigned to such terms in the Commitment Letter, dated the date hereof, to which this Exhibit A is attached. 
  

			
	 Borrowers:
	  	The borrowers under the Facility (as defined below) will be Ingersoll-Rand Company, a New Jersey corporation, and Ingersoll-Rand Company Limited, a Bermuda company (collectively, the
“Borrowers”).
		
	 Transactions:
	  	 Pursuant to an Agreement and Plan of Merger (together with all exhibits and schedules thereto, the “Acquisition Agreement”) to be
entered into among Ingersoll-Rand Company Limited (“IR”), Indian Merger Sub, Inc. (“Merger Sub”) and Trane Inc. (the “Company”), an acquisition will be consummated (the
“Acquisition”) in which (a) Merger Sub will be merged with and into the Company, with the Company as the surviving entity and (b) the existing stockholders of the Company will receive, for each share of outstanding Company
stock (together with the associated rights), aggregate consideration consisting of 0.23 common shares of IR (together with the associated number of rights) and $36.50 in cash (the “Merger Consideration”); provided that IR may
substitute up to $1.00 per share in additional cash consideration in lieu of a portion of, and appropriately reducing, the stock consideration in accordance with the terms of the Acquisition Agreement.
  
 In connection with the Acquisition, (a) the Borrowers will obtain the Facility, as defined
below under the caption “Facility”, on the date on which the Acquisition is consummated (the “Closing Date”) and (b) fees and expenses incurred in connection with the Transactions (as defined below) (the
“Transaction Costs”) will be paid. The transactions described in this paragraph, together with the Acquisition, are collectively referred to herein as the “Transactions”.

		
	Guarantees:	  	All obligations of the Borrowers under the Facility will be unconditionally guaranteed (the “Guarantees”) by (a) each other and (b) any other entities (any such entities,
together with the Borrowers, in their capacities as guarantors, the “Guarantors”) that guarantee (i) as of the Closing Date, IR’s outstanding notes

			
		  	and debentures or indebtedness under the Existing Credit Agreement (as defined below) or (ii) any other indebtedness the proceeds of which are required to be applied to repay the
Facility (as defined below).
		
	 Joint Lead Arrangers and
 Joint
Bookrunners:
	  	J.P. Morgan Securities Inc. (“JPMorgan”), Credit Suisse Securities (USA) LLC (“CSS”) and Goldman Sachs Credit Partners L.P. (“GSCP” and,
together with JPMorgan and CSS, the “Arrangers”) will act as joint lead arrangers and joint bookrunners for the Facility.
		
	Administrative Agent:	  	JPMorgan Chase Bank, N.A. (“JPMCB”) will act as sole and exclusive administrative agent for the Facility (in such capacity, the “Administrative Agent”) for a
syndicate of financial institutions (the “Lenders”).
		
	Syndication Agents:	  	GSCP and CSS (together with JPMCB, the “Agents”) will act as syndication agents for the Facility.
		
	Purpose:	  	The proceeds of the Loans under the Facility will be used by the Borrowers on the Closing Date (a) to pay the Transaction Costs and (b) to pay a portion of the cash portion of the
Merger Consideration.
		
	Facility:	  	A 364-day senior unsecured revolving bridge facility in an aggregate principal amount of up to $3,900,000,000 (the “Facility”).
		
	Final Maturity	  	The Facility will mature on the date (the “Maturity Date”) that is 364 days after the Closing Date.
		
	Availability:	  	Loans under the Facility will be available on and after the Closing Date at any time prior to the Maturity Date, in minimum principal amounts to be agreed upon. Any amounts repaid under the
Facility shall be accompanied by a corresponding pro rata reduction in the Lenders’ commitments under the Facility.
		
	Interest Rates:	  	At the applicable Borrower’s option, ABR or LIBOR loans (“Loans”) will be available as follows:
		
		  	 (A) ABR Option:
  
 Interest shall be at the Alternate Base Rate of JPMCB (the “ABR”), calculated on the basis of the actual number of days elapsed in a
year of 360 days (or 365 or 366 days, as applicable, in the case of ABR Loans based on the Prime Rate), payable quarterly in arrears. The ABR is defined as

  

 A-2 

			
		  	 the higher of (i) the Federal Funds Effective Rate, as published by the Federal Reserve Bank of New York, plus  1/2 of 1% and (ii) the prime commercial lending rate of JPMCB, as announced from time to time at its head office.
ABR drawings shall be made available on a same-day basis if requested prior to 11:00 a.m. New York time and shall be in minimum amounts of $10,000,000 or any integral multiple of $1,000,000 in excess thereof.

		
		  	 (B) LIBOR Option:
  
 Interest shall be determined for periods (“Interest Periods”) of one, two, three, or six months (as selected by the applicable
Borrower) and, if agreeable to all the Lenders, nine or twelve months, and shall be at an annual rate equal to the London Interbank Offered Rate (“LIBOR”), as reflected on the applicable Reuters screen, for the corresponding
deposits of U.S. Dollars plus the Applicable Margin as set forth below. Interest will be paid at the end of each Interest Period or quarterly, whichever is earlier, and will be calculated on the basis of the actual number of days elapsed in a year
of 360 days. LIBOR will be adjusted for Regulation D reserve requirements and will at all times include statutory reserves. LIBOR drawings shall require three business days’ prior notice and shall be in minimum amounts of $10,000,000 or any
integral multiple of $1,000,000 in excess thereof.

		
	Applicable Margin:	  	As set forth on Annex I hereto.
		
	Facility Fee:	  	A facility fee determined in accordance with the attached Annex I shall accrue on the daily aggregate amount of the commitments under the Facility (as such may be reduced by payment or
prepayment) for each day from and including the closing date of the definitive credit agreement to but excluding the date such commitments are terminated. Such facility fee shall be payable (a) quarterly in arrears and (b) upon the later
of the date of the termination of such commitments in their entirety and the date the loans thereunder are repaid in their entirety.
		
	 Voluntary Facility
 Reductions
and
 Prepayments:
	  	Voluntary prepayments of Loans under the Facility and voluntary reductions of any unutilized portion of the Facility commitments will be permitted at any time, in whole or in part, with three
business days’ prior notice, but without premium or penalty (except for LIBOR breakage costs, if any), in minimum amounts of $10,000,000 and multiples of $1,000,000 in excess thereof.

  

 A-3 

			
	Mandatory Prepayments and Commitment Reductions:	  	Loans under the Facility shall be prepaid (a) with 100% of the net cash proceeds of issuances of debt obligations and equity securities of the Borrowers, subject to limited exceptions to
be agreed, (b) with 100% of the net cash proceeds of asset sales or other dispositions of the Borrowers outside the ordinary course of business (including, without limitation, insurance and condemnation proceeds), subject to exceptions to be
agreed and (c) in an amount not less than $500,000,000 within 30 business days of the Closing Date. Any prepayment made pursuant to this paragraph shall be accompanied by a corresponding pro rata reduction in the Lenders’ commitments under
the Facility.
		
	 Representations and
 Warranties:
	  	Substantially similar to those in the credit agreement, dated as of August 12, 2005, among the Borrowers; the banks listed therein; JPMCB, as administrative agent, JPMorgan and Citigroup
Global Markets Inc, as lead arrangers and bookrunners; Citicorp USA, Inc., as syndication agent; and Bank of America, N.A., Deutsche Bank Securities Inc., The Bank of Tokyo-Mitsubishi, Ltd., New York Branch and UBS Securities LLC, as documentation
agents (the “Existing Credit Agreement”).
		
	 Conditions Precedent to
 Initial Borrowing:

	  	 Subject to the Specified Representations Paragraph, the following: delivery of customary legal opinions; execution of the Guarantees, which shall
be in full force and effect; accuracy of representations and warranties in all material respects; payment of fees and expenses invoiced at least two business days prior to the initial borrowing; delivery of customary borrowing certificates; and
delivery of other customary documentation evidencing corporate existence, authority and incumbency.
  
 The Transactions shall have been consummated or shall be consummated simultaneously with the closing of the Facility in accordance with applicable law and the Acquisition Agreement (without giving effect to any
amendments or waivers to or of the Acquisition Agreement that are materially adverse to the Lenders and not approved by the Agents).

		
	 Conditions Precedent to All
 Other
Borrowings:
	  	Substantially similar to those in the Existing Credit Agreement.
		
	Affirmative and Negative Covenants:	  	Substantially similar to those in the Existing Credit Agreement.
		
	Events of Default:	  	Substantially similar to those in the Existing Credit Agreement.

  

 A-4 

			
	 Assignments and
 Participations:
	  	The Lenders shall be permitted to assign and sell participations in their Loans and commitments, subject, in the case of assignments (other than to an affiliate of the assigning Lender), to
the consent of the applicable Borrower (except during the existence of an event of default) and, in the case of all assignments, to the consent of the Administrative Agent (which consent of the Administrative Agent shall not be unreasonably
withheld). Participants shall have the same benefits as the Lenders with respect to yield protection and increased cost provisions, provided that no participant shall be entitled to receive any greater amount under such provisions than the
transferor Lender would have been entitled to receive in respect of the amount of the participation transferred to the participant if no transfer had occurred. Pledges of Loans to a Federal Reserve Bank shall be permitted without
restriction.
		
	Indemnification:	  	Usual and customary for facilities of this type.
		
	Voting:	  	Substantially similar to the voting provisions in the Existing Credit Agreement, with the required lenders defined as those Lenders having at least a majority of the Facility commitments or,
if applicable, holding at least a majority of the unpaid amount of the Loans under the Facility.
		
	Governing Law and Forum:	  	New York.
		
	 Counsel to Administrative
 Agent and the
Arrangers:
	  	Cravath, Swaine & Moore LLP.

  

 A-5 

 ANNEX I 
 Pricing Grid 
  

											
	 	  	Ratings	  	 	 	 	 	 
	 Level
	  	Moody’s	  	S&P	  	Facility Fee	 	 	Applicable Margin	 
	 I
	  	A3	  	A-	  	0.060	%	 	0.290	%
	 II
	  	Baa1	  	BBB+	  	0.070	%	 	0.530	%
	 III
	  	Baa2	  	BBB	  	0.090	%	 	0.610	%
	 IV
	  	Lower	  	Lower	  	0.125	%	 	0.775	%

 For purposes of the foregoing: (a) in the case of split ratings from Standard &
Poor’s Ratings Services (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), the ratings to be used to determine the applicable Level shall be the higher of the two ratings, or if the ratings
differ by more than one Level as indicated above, the rating to be used to determine the applicable Level shall be the rating one above the lower of the two ratings, (b) if only one rating exists, you may have your debt rated by a substitute
nationally-recognized rating agency reasonably acceptable to the Administrative Agent; until the issuance of such rating, the applicable Level shall be the Level corresponding to the rating one lower than the available rating, (c) if no ratings
exist, the applicable Level shall be Level IV, and (d) if any rating shall be changed (other than as a result of a change in the rating system of the applicable rating agency), such change shall be effective as of the date on which it is first
announced by the rating agency making such change. Each such change in the applicable margin and fees shall apply to all outstanding Eurocurrency Loans and to Facility Fees accruing during the period commencing on the effective date of such change
and ending on the date immediately preceding the effective date of the next such change. If the rating system of any rating agency shall change, the parties hereto shall negotiate in good faith to amend the references to specific ratings in this
definition to reflect such changed rating system.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}]]