Document:

EX-10.1

 Exhibit 10.1 

SEVERANCE AGREEMENT 
 THIS
AGREEMENT, dated             , 2014, is made by and between Baxter International Inc., a Delaware corporation (the “Company”), and
             (the “Executive”). 
 WHEREAS, the Company considers it
essential to the best interests of its stockholders to foster the continued employment of key management personnel; and 
 WHEREAS, on
March 27, 2014, the Company announced its intention to spin off its BioScience business into a separate publicly traded corporation (the “Spinoff”); and 

WHEREAS, the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) recognizes
that the possibility of the uncertainty and questions which are raised by the pending Spinoff among the Company’s management may result in the departure or distraction of management personnel to the detriment of the Company and its
stockholders; and 
 WHEREAS, the Committee has determined that appropriate steps should be taken to reinforce and encourage the continued
attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in the face of potentially distracting circumstances arising from the pending Spinoff; and 

WHEREAS, the Company and the Executive now wish to enter into this Agreement; and 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Executive hereby agree as
follows: 
 1. Term of Agreement. The Term of this Agreement shall commence on the date hereof and shall continue in effect through
the later of December 31, 2015, or the first anniversary of the effective date of the Spinoff if the Spinoff occurs on or prior to December 31, 2015. 

2. Severance Payments. 

2.1 Severance Benefits. If the Executive’s employment is terminated during the Term, other than (A) by the Company for Cause
(as defined below), (B) by reason of death or Disability (as defined below), or (C) by the Executive, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 2.1, in
addition to any payments and benefits to which the Executive is otherwise entitled, provided that the Executive shall have properly executed a release of all claims relating to the Executive’s employment, in a form acceptable to the Company
(the “Release”), and that the period for revocation of the Release shall have expired without the Release being revoked, within forty-five (45) days of the Executive’s Date of Termination (as defined in Section 3). 

(A) In lieu of any further salary payments to the Executive for periods subsequent to the Date of Termination and in lieu of any severance
benefit otherwise payable to the Executive, the Company shall pay to the Executive a lump sum severance payment, in cash, equal to one and one-half (1.5) times the sum of (i) the Executive’s base salary as in effect immediately prior

 
to the Date of Termination, and (ii) the Executive’s target annual bonus under any annual bonus or incentive plan maintained by the Company in respect of the fiscal year in which occurs
the Date of Termination. Such payment shall be made as soon as practical after the expiration of the period during which the Release may be revoked; provided, that if the forty-fifth day following the Date of Termination occurs in the calendar year
following the calendar year that includes the Date of Termination, then any portion of such payment that the Company determines constitutes deferred compensation subject to Section 409A of the Internal Revenue Code of 1986 (the
“Code”) shall not be paid until the first business day of the calendar year following the calendar year that includes the Date of Termination. 

(B) If the Executive properly elects, for the Executive and his or her qualifying dependents, continuation coverage under Section 4980B
of the Code or any comparable law (“COBRA coverage”), the Company shall pay to the Executive an amount calculated so that the net after-tax amount of such payment is equal to the difference between the monthly premium to be paid by the
Executive for such COBRA coverage and the amount that an active employee would be required to pay for comparable coverage multiplied by six. Such amount shall be paid in a single lump sum, at the same time that the lump sum severance payment
describe in Section 2.1(A) above is paid, and shall not be subject to repayment if the Executive subsequently terminates COBRA coverage. 

(C) The Company shall provide the Executive with outplacement services suitable to the Executive’s position for a period of two years or,
if earlier, until the first acceptance by the Executive of an offer of employment, in an aggregate amount not exceeding $50,000. Subject to the foregoing, in no event shall any payment described in this Section 2.1(C) be made until the
expiration of the period during which the Release may be revoked, or after the end of the calendar year following the calendar year in which the services were provided. 

2.2 Definitions of Cause and Disability. For purposes of this Agreement: 

(A) “Cause” for termination by the Company of the Executive’s employment shall mean (i) the willful and continued failure
by the Executive to substantially perform the Executive’s duties with the Company (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness) that has not been cured within 30 days after a
written demand for substantial performance is delivered to the Executive by the Board, which demand specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive’s duties or
(ii) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise. For purposes of clauses (i) and (ii) of this definition, no act, or
failure to act, on the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the Executive’s act, or failure to act, was in the best
interest of the Company. 
 (B) “Disability” shall be deemed the reason for the termination by the Company of the Executive’s
employment, if, as a result of the Executive’s incapacity due to physical or mental illness, the Executive shall have been absent from the full-time performance of the Executive’s duties with the
Company for a period of six (6) consecutive months, the Company shall have given the Executive a Notice of Termination for Disability, and, within thirty (30) days after such Notice of Termination is given, the Executive shall not have
returned to the full-time performance of the Executive’s duties. 

  
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 2.3 Effect of Employment By Successor. If the Executive is offered and accepts a position
with the company that is the successor to the Company’s BioScience business (the “Successor”) in connection with the Spinoff, then the Executive’s employment shall not be treated as terminated by the Company and the Executive
shall not be entitled to any severance benefits pursuant to Section 2.1. In such event, the Term shall continue and the Executive shall be entitled to severance benefits pursuant to this Agreement if the Executive’s employment is
terminated by the Successor without Cause during the Term, reduced by any severance benefits paid by the Successor. Nothing contained herein shall be construed to imply that the Executive has any obligation to accept employment with the Successor,
and if the Executive’s employment is terminated by the Company, such termination shall not be considered to have been terminated for Cause, and the Executive’s right to severance benefits pursuant to this Agreement, shall not be affected
by the fact that the Executive was offered employment by the Successor. 
 2.4 Compliance with Section 409A. All amounts payable
to the Executive pursuant to this Agreement are intended to either be exempt from, or to comply with, the requirements of Section 409A of the Code, and to the maximum extent permitted by applicable law this Agreement shall be construed in a
manner consistent with such intent. Without limiting the generality of the foregoing, no amount payable to the Executive under this Agreement that constitutes deferred compensation subject to Section 409A of the Code shall be paid until the
Executive incurs a “separation from service” from the Company within the meaning of Section 409A of the Code and, if at the time the Executive incurs a separation from service as so defined the Executive is a “specified
employee” as defined in the Baxter International Inc. and Subsidiaries Deferred Compensation Plan, no amount that constitutes deferred compensation subject to Section 409A shall be paid until the first day of the seventh month following
the month that includes the separation from service (or, if earlier, the date of the Executive’s death). Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for purposes of
Section 409A of the Code. 
 2.5 No Mitigation or Offset. The Executive shall not be required to seek or accept other employment
or otherwise to mitigate damages in order to receive the severance benefits provided for in this Agreement, and the severance benefits shall not be reduced or offset by amounts received from any other source (except to the extent that the
Executive’s COBRA coverage is terminated as a result of the Executive becoming covered under another plan). 
 3. Termination
Procedures. During the Term, any purported termination of the Executive’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance with
Section 5 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. The “Date of Termination” shall mean the date specified in the Notice of Termination which, except in the
case of a termination for Cause, shall not be less than thirty (30) days after the Notice of Termination is given, provided that in the case of a resignation by the Executive, the Company may specify a Date of

  
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Termination that is earlier than the date specified in the Executive’s Notice of Termination, and the fact that the Company specifies an earlier Date of Termination shall not constitute a
termination by the Company. 
 4. Successors; Binding Agreement. 

4.1 In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company (other than the Successor) to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession had taken place. 
 4.2 This Agreement shall inure to the
benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amount would still be payable to the
Executive hereunder (other than amounts which, by their terms, terminate upon the death of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this
Agreement to the executors, personal representatives or administrators of the Executive’s estate. 
 5. Notices. For the purpose
of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage
prepaid, addressed, if to the Executive, to the address inserted below the Executive’s signature on the final page hereof and, if to the Company, to the address set forth below, or to such other address as either party may have furnished to the
other in writing in accordance herewith, except that notice of change of address shall be effective only upon actual receipt: 
 To the
Company: 
 Baxter International Inc. 

One Baxter Parkway 
 Deerfield,
Illinois 60015 
 Attention: Chief Executive Officer 

6. Miscellaneous. 
 6.1 No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board. No waiver by either
party hereto at any time of any breach by the other party hereto of, or of any lack of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. 
 6.2 Except as otherwise provided herein, this Agreement supersedes any other
agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof which have been made by either party; provided, however, that this Agreement

  
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shall not supersede any agreement or arrangement governing the terms of the Executive’s employment by the Company generally, or imposing restrictions on the Executive’s activities after
termination of employment, except to the extent that such other agreement or arrangement also provides for the payment of severance upon a termination of employment occurring during the Term, in which event the Executive shall be entitled to receive
the greater of the severance provided under this Agreement or such other agreement or arrangement, without duplication. 
 6.3 The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois. All references to sections of the Code shall be deemed also to refer to any successor provisions to such sections. 

6.4 Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state or local law and any
additional withholding to which the Executive has agreed. 
 6.5 The obligations of the Company and the Executive under this Agreement which
by their nature may require either partial or total performance after the expiration of the Term shall survive such expiration. 
 6.6
Nothing contained shall be construed as creating an express or implied contract of employment or as giving Executive any right to be retained in the employ of the Company or the Successor. 

6.7 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect. 
 6.8 This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 7. Settlement
of Disputes; Arbitration. 
 7.1 All claims by the Executive for benefits under this Agreement shall be directed to and determined by the
Committee and shall be in writing not more than one year after the Date of Termination. Any denial by the Committee of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific reasons
for the denial and the specific provisions of this Agreement relied upon. If the Committee denies the Executive’s claim, the Executive may appeal the Committee’s decision to the Board within sixty (60) days after notification by the
Committee that the Executive’s claim has been denied, in which event the Board shall review the Committee’s action and notify the Executive of the results of such review in writing. Claims and appeals to the Board shall be processed in
accordance with the requirements of Section 503 of the Employee Retirement Income Security Act of 1974 and Department of Labor Regulations §2560.503-1, which are incorporated herein by this reference. 

7.2 Any further dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in
Chicago, Illinois in accordance with the rules for the resolution of employment disputes of the American Arbitration Association then in effect; provided that any arbitration may not be commenced until the Executive has first

  
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complied with the claims and appeals procedure set forth in Section 7.1, and must be commenced not more than ninety (90) days after the Executive is notified of the Board’s
decision on appeal. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The arbitrator shall have the discretion to award costs (including the arbitrator’s fee and fees and disbursements of counsel) to the
prevailing party as part of his award. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

					
	BAXTER INTERNATIONAL INC.	 	
			
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	
		
	  
	 	
	EXECUTIVE	 	
		
	Address:	 	
		
	  
	 	
	  
	 	
	  
	 	

  
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 Exhibit 10.2 

FIRST AGREEMENT AND RELEASE OF CLAIMS 

This First Agreement and Release (“First Agreement”) provided to Employee on July 28, 2014 is entered into between Baxter
International Inc., and its current and future subsidiaries and affiliates (“the Company”) and Jean-Luc Butel (“Employee”) arising out of Employee’s employment with, and separation from, Baxter International Inc. It is
effective as of the date Employee signs this First Agreement, subject to the expiration of any applicable revocation period. 
 1.
Separation Date: Employee’s employment with the Company will end not earlier than March 15, 2015 and not later than July 1, 2015, with the termination date within this range as determined by the Company (the “Separation
Date”). Up through and including the Separation Date, Employee shall perform his duties, as requested, including providing necessary leadership and support in connection with the split of the Company as announced on March 27, 2014. If the
Company determines that it will not need Employee to report to the office regularly prior to the Separation Date, the Company will so inform Employee. Employee, however, shall remain available to perform any periodic work, as necessary, through that
Separation Date. Employee expressly understands and agrees that in order to obtain the pay and benefits set forth herein and in the Second Agreement (as defined below), Employee shall not work for any other entity (whether as an employee,
consultant, or contractor, or in any other capacity) prior to his Separation Date, unless prior written consent is provided by the Chief Executive Officer. If Employee works elsewhere prior to his Separation Date and without such written consent,
his Separation Date shall be accelerated to the first day of any such work (the “First Day”) and Employee shall not be entitled to any of the pay or benefits set forth herein or in the Second Agreement to be provided on or after such First
Day. Employee expressly understands that if, without the prior written consent of the Chief Executive Officer, he were to work elsewhere prior to March 2015, he would not be eligible to remain on Company payroll and would not be entitled to any
equity that may vest in March 2015. 
 2. Payment for Work Performed: Employee will be paid up through and including the
Separation Date for all work performed on regularly scheduled pay dates at his current base salary ($790,000) less all appropriate withholdings and shall remain eligible for all Company benefits (e.g., medical, dental, etc.) through the Separation
Date. Employee agrees that he is entitled to no other payments arising out of his employment with, or separation from, the Company unless otherwise expressly set forth in this First Agreement or the Second Agreement. Employee specifically
understands and agrees that he shall not be eligible to participate in the Company’s Long Term Incentive Plan for 2015 and shall not accrue any 2015 vacation. 

3. Future Contingent Offer: If Employee: (i) remains employed through the Separation Date, and (ii) signs this First
Agreement, he also will be eligible for additional pay and benefits as documented in the Second Agreement provided, however, that Employee shall be required to sign a Second Agreement and Release at the time of his Separation Date (the
“Second Agreement”) . The Second Agreement is provided to Employee contemporaneously herewith for consideration but may not be executed until the actual Separation Date. The Second Agreement shall be rescinded and null and void should
Employee elect not to sign this First Agreement or elect not to remain employed through the Separation Date. 

 4. General Benefits Information: Employee understands and agrees that: 

a. he shall receive information from the Baxter Employee Benefits Center (“BEBC”) (telephone number 1-877-BAX-HR4U)
regarding the ability to continue medical benefits, if any; 
 b. his future participation, if any, in the Company’s
Employee Stock Purchase Plan ceases on the Separation Date. Further information may be obtained by calling the HR Center at 1-877-BAX-HR4U; 

c. his vested, accrued benefits in the Pension Plan, the Incentive Investment Plan, and any other applicable benefit plans and
policies, if any, will be administered in accordance with the terms of those plans; 
 d. his stock options, if any, will be
allowed to vest or forfeit according to their terms and based on Employee’s Separation Date. Further information may be obtained by contacting eTRADE through the 1-877-BAX-HR4U line; and 

e. to preserve any rights and/or to make various elections under the Company’s Flexible Benefits Program and Pension
Plan, he must complete any and all requisite forms sent by BEBC. Elections under the Incentive Investment Plan must be made by calling ING through the 1-877-BAX-HR4U line. 

Employee further understands and agrees that the Company is not providing, and does not intend to provide, any legal advice concerning Employee’s
benefits or continuation thereof. 
 5. Company’s Promises: In exchange for Employee’s promises set forth herein,
the Company agrees: 
 a. to allow Employee to remain employed through the Separation Date, which shall allow Employee to
continue to receive pay and benefits through that date, including vesting in certain equity in March 2015; 
 b. that
Employee shall remain eligible to receive Employee’s 2014 Management Incentive Compensation Plan (“MICP Plan”) target bonus less all appropriate withholdings. Payout, including date thereof, shall be subject to the Company’s
financial performance and terms and conditions of the MICP Plan; 
 c. that Employee shall be eligible for outplacement
assistance at a Company approved outplacement vendor for a total of up to twelve (12) months, or until Employee finds alternative employment, whichever occurs first; provided however, that Employee must initiate outplacement assistance on or
before July 1, 2015 or he will forfeit such assistance; and 
 d. to not contest any claim for unemployment
compensation filed in the State of Illinois arising out of Employee’s termination on the Separation Date. 

 6. Value of Consideration Provided: Employee acknowledges that the payments and
benefits set forth in Paragraph 5 are of value and exceed any amount to which he is otherwise entitled. 
 7. Employee’s
Promises: In exchange for the payments and benefits provided in Paragraph 5, Employee (including Employee’s heirs, assigns, executors, administrators and anyone claiming for or on Employee’s behalf) promises and agrees: 

a. to release and waive Employee’s right to assert, raise, file, or participate as a class member in any claims against
the Company or other Released Parties which have arisen up to and including the date of this First Agreement. (“Released Parties” means the Company and its parents, subsidiaries, affiliates, and assigns, plus all of its and their
executives, officers, directors, attorneys, employees, agents, and employee benefit plans, plus related companies.) This waiver and release includes but is not limited to: (i) any and all claims alleging unlawful discrimination, harassment, or
retaliation based on race, sex, color, religion, national origin, sexual orientation, age, veteran or military status, disability or any other protected category under federal, state or local laws, including but not limited to any claims under the
Age Discrimination in Employment Act, as amended by the Older Workers’ Benefit Protection Act; (ii) any and all other tort or contract claims whether seeking compensatory, punitive, legal or equitable damages, attorneys’ fees and/or
costs of any kind, including, but not limited to, claims for wrongful or retaliatory discharge, breach of contract or public policy, defamation, libel, slander, invasion or breach of privacy, intentional and/or negligent infliction of emotional
distress, “whistleblower” retaliation claims, or personal injury; and (iii) any other claim whatsoever up through and including the date Employee signs this First Agreement and whether currently known or unknown unless a waiver and
release of such claim is expressly prohibited by law (collectively the “Waived and Released Claims”). This means Employee is voluntarily giving up the right to assert, raise, or file any of the Waived and Released Claims against the
Company and that the Company shall have an affirmative defense to any such claim, if asserted, raised or filed; 
 b. to not
accept any money as a result of his filing of any charge against the Company with any federal, state, or administrative agency and to not accept any money as a result of any third party filing of any such charge against the Company; 

c. to “covenant not to sue” the Company (or any other Released Party) for, or based on, any Waived and Released
Claim set forth in section “a” of this Paragraph. The covenant not to sue is different from and in addition to the waiver and release set forth in section “a” of this Paragraph. The covenant means Employee is promising not to
file a lawsuit in any forum (by way of example, in court or arbitration) concerning any of the Waived and Released Claims. However, this covenant not to sue does not apply to a lawsuit to enforce the terms of this First Agreement or the
Employee’s rights to indemnification as described in section “b” of Paragraph 9 below. This covenant not to sue also does not apply to a lawsuit to challenge the validity of this First Agreement under the Age Discrimination in
Employment Act, as amended by the Older Workers’ Benefit Protection Act. If Employee sues in violation of this covenant not to sue, Employee will be liable to the Released Party for its reasonable attorneys’ fees and other litigation costs
incurred in defending against such a suit. Alternatively, if Employee sues the Released Party in violation of this covenant not to sue, the Company can require Employee to return all but $500 of the money and other benefits paid to Employee pursuant
to this First 

 
Agreement. In that event, the Company shall be excused from making any payments or continuing any benefits otherwise owed to Employee under this First Agreement. The $500 shall serve as
consideration for enforcement of all provisions of this First Agreement, which shall remain in effect and enforceable to the extent permitted by law; 

d. other than in the proper course of his duties for the Company, to not disclose, use, or share any confidential, non-public
information of the Company that Employee acquired during the course of his employment with the Company with/to any third party without the prior written consent of the General Counsel of the Company; 

e. to honor and continue to abide by the obligations set forth in Employee’s Employment Agreement with the Company, which
agreement is dated December 2, 2011 and incorporated herein by reference; provided, however, that to the extent any provision herein is deemed to conflict with the terms of Employee’s Employment Agreement, the provisions herein shall
control and be given full force and effect; 
 f. that the Company has a protected interest in the goodwill of its employees
and that the Company may be significantly and irreparably harmed by the departure of personnel, or key personnel, due to any solicitation by Employee or on Employee’s behalf. As a result, Employee promises and agrees that up through and
including his Separation Date and through July 1, 2016, Employee: (i) shall not hire or solicit, or attempt to solicit, or encourage any Company employee to leave the Company’s employ; and (ii) shall not assist any third party in
hiring or soliciting or encouraging any Company employee to leave the Company’s employ or become employed elsewhere. This restriction specifically shall include, but not be limited to, providing information about any current Company employee
(e.g., name, contact information, skills, experience) to any recruiter, retained search firm, or any other third-party or person or entity for purposes of hiring that employee or soliciting or encouraging that employee to leave the Company or to be
recruited or employed elsewhere; 
 g. that the Company has a protected interest in the goodwill of its confidential and
proprietary information and competitive advantage. Employee understands and agrees that given Employee’s role as the Company’s CVP, President-International, Employee possesses significant knowledge and information concerning, inter alia,
the Company’s processes, financial, marketing and sales plans, short and long term strategies, key personnel, finances, and research and development for each business unit (Medication Delivery and BioScience) both within the United States and
internationally. As a result, Employee understands and agrees that disclosure of any confidential and proprietary information will cause the Company significant and irreparable harm. Employee further understands and agrees that, through July 1,
2016, he will not, directly or indirectly, be employed by, associated with, or in any manner connected with, or render services, advice, or encouragement to, any person or group offering, proposing (whether publicly or otherwise), seeking to enter
into, entering into, or otherwise being involved in, any merger, proxy solicitation, tender offer, acquisition of Company assets or securities, business combination, recapitalization, restructuring, or other extraordinary transaction relating to all
or part of the Company, nor shall Employee enter into any discussions, negotiations, arrangements, or understandings with respect to the foregoing with any person or group other than the Company. Employee further promises and agrees that up through
his Separation Date and through July 1, 2016, Employee shall not be employed (whether as an 

 
employee, owner, officer, principal, director, advisor, consultant or contractor or in any other capacity) at any of the Competitive Entities set forth on Exhibit A and incorporated
herein by reference, which are known and direct competitors of the Company, provided, however, that if Employee so requests, the Company may provide a waiver of this provision. To be effective, any such waiver must be in writing and
signed by the Chief Executive Officer of the Company; 
 h. up through his Separation Date and through July 1, 2016, to
not accept any Board appointment at any of the entities set forth on Exhibit A without prior written approval of the Chief Executive Officer of the Company; 

i. to cooperate as reasonably necessary in any ongoing litigation, claim, investigation, or subpoena involving or relating to
the Company for which Employee may, due to his prior employment with the Company, have knowledge. This shall include Employee being available to meet with the Company’s legal representatives and appearing to testify as a witness in
administrative or court proceedings or in depositions provided that the Company shall make reasonable efforts to schedule any such meetings or appearances at mutually agreeable times and locations. Employee also agrees not to speak to any
third-party in connection with any threatened or filed litigation, claim, investigation or subpoena without first getting the express written consent of Baxter’s General Counsel, unless otherwise required by law. Employee also agrees that he
will, within forty-eight (48) hours of receipt of any such request, pleading, or subpoena, notify the General Counsel to allow the Company to assert any and all available legal defenses; 

j. to remain available to answer questions or provide information concerning his past employment or duties as reasonably
necessary; 
 k. not to defame, disparage, libel or slander the Company or any of the Released Parties; and 

l. to keep the terms of all agreements between Employee and the Company confidential except that Employee may disclose the
terms to his spouse or domestic partner and financial or legal advisors, as necessary, provided that such persons are advised of and agree to maintain the confidentiality of these agreements. 

8. Additional Limitations on Employee’s Promises: 

a. This First Agreement does not in any way: (i) limit or proscribe Employee’s non-waivable right to file a charge
with the EEOC or to cross file such a charge with a state agency (or to file a charge with another administrative agency, if, and only if, such proscription is expressly prohibited by law); (ii) require Employee to dismiss any pending charge(s)
with the EEOC or cross-filed state agency charge(s) (or to dismiss a charge filed with another agency, if, and only if, such required dismissal is expressly prohibited by law); (iii) limit or proscribe Employee’s non-waivable right to
participate as a witness or cooperate in any investigation by the EEOC (or to participate or cooperate with another federal or state agency, if, and only if, such proscription is expressly prohibited by law); (iv) apply to any claim arising out
of conduct occurring after the date this First Agreement is signed; and (v) limit or proscribe Employee’s right to file a claim to enforce the terms of this First Agreement. 

 b. Nothing in this First Agreement will be deemed a diminution of the
Company’s indemnification obligation to Employee nor a waiver by Employee of any right to indemnification from the Company or his ability to enforce such right. 

9. Employee Representations Concerning Company Conduct: Unless expressly stated herein, Employee is not aware of any actions by
the Company or any of the Released Parties up through and including the Separation Date that evidence: (i) any inappropriate, discriminatory, unlawful, unethical, or retaliatory conduct of any kind whatsoever (“Inappropriate Conduct”)
against Employee or any other third person or entity, (ii) any failure of the Company to reasonably investigate or respond to any complaint that Employee has made about Inappropriate Conduct, or (iii) any failure by himself or the Company
to comply with any applicable laws, statutes, rules, or regulations whether under federal, state, or local law. 
 10. Miscellaneous
Terms: 
 a. This First Agreement: 

(i) may be executed in multiple counterparts, each part constituting an original. A facsimile shall constitute an original
copy; 
 (ii) shall not be construed as an admission of wrongdoing on the part of the Company, Employee, or the Released
Parties; 
 (iii) if found to be unenforceable, in whole or in part, shall be modified so as to give full effect to the
parties’ intentions or, if not possible, the unenforceable provision excised from the First Agreement with each and every remaining portion of the First Agreement remaining in full force and effect; and 

(iv) shall supersede any prior oral or written communications concerning the subject matter or terms of this First Agreement.

 b. This First Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. The
Company will require any successor (whether direct or indirect, by purchase, merger, reorganization, consolidation, acquisition of property or stock, or otherwise) to all or a substantial portion of its business and/or assets, expressly to assume
and agree to perform this First Agreement in the same manner and to the same extent that the Company would be required to perform this First Agreement if no such succession had taken place. 

11. Death or Disability: 

a. Upon Employee’s death or disability (as such term is defined under the Company’s Long Term Disability Plan) on or
prior to the Separation Date, then: 
 (i) the Company shall provide Employee or his Beneficiary with his base pay and
benefits through the date of his death or disability and if Employee has worked through at least July 1, 2014, he or his Beneficiary shall be eligible to receive a pro rata portion of his 2014 MICP bonus pursuant to Paragraph 5b above; 

 (ii) Upon Employee signing the Second Agreement, or the Beneficiary signing an
agreement substantially similar to the Second Agreement and such document becoming irrevocable, which agreement shall, inter alia, include the same release of claims against the Company, the Company shall provide Employee or his Beneficiary the pay
and benefits set forth in Paragraph 3a of the Second Agreement and if Employee has actively worked through July 1, 2015 before his death or disability, Employee or his Beneficiary shall be eligible for a pro rata portion of Employee’s 2015
MICP bonus as set forth in Paragraph 3b of the Second Agreement; and 
 (iii) Employee’s outstanding equity awards will
be treated per the terms governing such awards. 
 b. “Beneficiary” shall mean the beneficiary designated by
Employee in Company’s applicable beneficiary form on file at time of Employee’s death or disability. If no form is on file, Beneficiary shall be Employee’s estate. Employee may contact the BEBC (877.BAXHR4U) for information or to
update or change any beneficiary. 
 12. Internal Revenue Code Section 409A: 

a. It is intended that all payments under this First Agreement and the Second Agreement comply with, or are exempt from,
Section 409A of the Internal Revenue Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”). Accordingly, this First Agreement and the Second Agreement shall be interpreted consistent with
such intent. 
 b. If any payments provided to Employee by this First Agreement or the Second Agreement are non-qualified
deferred compensation subject to, and not exempt from, Section 409A (“Subject Payments”), the following provisions shall apply to such payments: 

(i) For payments triggered by termination of employment, reference to Employee’s “termination of employment”
(and corollary terms) shall be construed to refer to Employee’s “separation from service” (with such phrase determined under Treas. Reg. Section 1.409A-1(h), as uniformly applied by the Company) in tandem with the termination of
his employment with the Company. 
 (ii) Whenever a payment under this Agreement specifies a payment period with reference
to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company. 

(iii) If Employee is deemed on the date of his “separation from service” to be a “specified employee”
(within the meaning of Treas. Reg. Section 1.409A-l(i)), then with regard to any payment that is required to be delayed pursuant to Internal Revenue Code Section 409A(a)(2)(B) (the “Delayed Payments”), such payment shall not be
made prior to the earlier of (i) the expiration of the six (6) month period measured from the date of Employee’s “separation from service” and (ii) the date of his death. Any payments other than the Delayed Payments
shall be paid in accordance with the normal payment dates specified herein. 

 (iv) Notwithstanding any other provision of this Agreement to the contrary, in no
event shall any Subject Payment be subject to offset by any other amount unless otherwise permitted by Section 409A. 

(v) If Employee is to receive any payment or benefit that is contingent upon Employee’s termination of employment and
providing a release of claims of the Company, and if the 60-day period following Employee’s termination date begins in one calendar year and ends in a second calendar year (a “Crossover 60-Day Period”), then any such payments or
benefits that would otherwise occur during the portion of the Crossover 60-Day Period that falls within the first year will be delayed and paid in a lump-sum during the portion of the Crossover 60-Day Period that falls within the second year. 

c. If an amendment of this First Agreement or the Second Agreement is necessary in order for it to comply with
Section 409A, Employee and the Company agree to negotiate in good faith to amend the applicable agreement in a manner that preserves the original intent of the parties to the extent reasonably possible. 

d. Notwithstanding the foregoing, in no event shall the Company have any obligation to indemnify or otherwise compensate the
Employee for any additional tax or adverse tax consequence resulting from the application of Code Section 409A. 
 13.
Employee’s Acknowledgement and Agreement: Employee understands, acknowledges and agrees that he has: 

a. carefully read and fully understands the First Agreement and is signing this First Agreement knowingly and voluntarily and
without duress or coercion; 
 b. been advised by this First Agreement, in writing, to consult with an attorney, at his own
expense, prior to executing this First Agreement; 
 c. been given a full twenty-one (21) days within which to consider
the First Agreement before signing it; and 
 d. seven (7) days following execution of this First Agreement to revoke
his acceptance of this First Agreement by delivering a written notice of revocation to Jeanne Mason, “Corporate Vice President, Human Resources, Baxter Healthcare Corporation, One Baxter Parkway, Deerfield, Illinois 60015.” Employee
understands that if he does not sign this First Agreement by the time allotted and/or revokes acceptance of this First Agreement within this revocation period, he is not entitled to the payment and promises set forth herein and the Second Agreement
and Release shall be null and void. 

 THIS FIRST AGREEMENT MUST BE SIGNED BY EMPLOYEE AND RETURNED TO JEANNE MASON BY AUGUST 18, 2014. 

 

	
	
	/s/ Jean-Luc Butel
	Employee
	
	July 29, 2014
	Employee’s Date of Execution
	
	/s/ Jeanne K. Mason
	Authorized Company Representative
	
	July 29, 2014
	Company’s Date of Execution

 EXHIBIT A 

“Competitive Entity(ies),” shall include each of the following entities, including its parents, subsidiaries, affiliates, successors and assigns:

 Abbott Laboratories 
 AbbVie Inc. 

B. Braun Melsungen AG 
 Bayer AG 

Biogen Idec 
 CSL Limited 

Davita Inc. 
 Fresenius Medical Care AG & Co. KGaA 

Griffols Inc. 
 Halozyme, Inc. 

Hospira, Inc. 
 Johnson & Johnson 

Nikkiso Inc. 
 NovoNordisk A/S 

Octapharma AG 
 Talecris Biotherapeutics Holdings Corp. 

Competitive entities shall also include any other entity that is engaged in the research and development, sale, or marketing of plasma recombinants, hospital
products, or renal therapies to the extent that such entity directly competes, or is planning to compete, with the Company’s plasma recombinants, hospital products or renal therapies.

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