Document:

STERIS Corporation 1994 Equity Compensation Plan

 Exhibit 10.2 
  
 STERIS CORPORATION 
 1994 EQUITY COMPENSATION PLAN 
  
 (as amended through
January 5, 2000) 
  
 1. Purpose. The STERIS Corporation
1994 Equity Compensation Plan is intended to promote the interests of STERIS Corporation and its shareholders. The purposes of the Plan are to attract and retain key employees for the Company and its Subsidiaries, to provide key employees with a
proprietary interest in the Company, and to stimulate the interest of key employees in the development and financial success of the Company. To achieve these purposes, the Company may grant Awards of Options, Stock Appreciation Rights, Restricted
Stock, and Performance Shares to selected Employees, all in accordance with the terms and conditions hereinafter set forth. Capitalized terms used in this Plan have the meanings ascribed to them in Section 26, the last section hereof. 
  
 2. Administration. The Plan shall be administered by the Committee. No
Award may be made under the Plan to any member or alternate member of the Committee. The Committee shall have authority, subject to the terms of the Plan, (a) to determine the Employees who are eligible to participate in the Plan, the type, size,
and terms of Awards to be granted to any Employee, the time or times at which Awards shall be exercisable or at which restrictions, conditions, and contingencies shall lapse, and the terms and provisions of the instruments by which Awards shall be
evidenced, (b) to establish any other restrictions, conditions, and contingencies on Awards in addition to those prescribed by the Plan, (c) to interpret the Plan, and (d) to make all determinations necessary for the administration of the Plan. The
construction and interpretation by the Committee of any provision of the Plan or any Award Instrument delivered pursuant to the Plan and any determination by the Committee pursuant to any provision of the Plan or any Award Instrument shall be final
and conclusive. No member or alternate member of the Committee shall be liable for any such action or determination made in good faith. The Committee may act only by a majority of its members. Any determination of the Committee may be made, without
a meeting, by a writing or writings signed by all of the members of the Committee. In addition, the Committee may authorize any one or more of their number or any officer of the Company to execute and deliver documents on behalf of the Committee and
the Committee may delegate to one or more employees, agents, or officers of the Company, or to one or more third party consultants, accountants, lawyers, or other advisors, such ministerial duties related to the operation of the Plan as it may deem
appropriate. 
  
 3. Eligibility. Awards may be granted to
Employees of the Company or any Subsidiary selected by the Committee in its sole discretion. The granting of any Award to an Employee shall not entitle that Employee to, nor disqualify that Employee from, participation in any other grant of an
Award. The maximum number of Common Shares with respect to which any Employee may receive Awards during any calendar year shall be 50,000 Common Shares. 
  
 4. Stock Subject to the Plan. The aggregate number of Common Shares of the Company that may be issued and distributed to Employees in connection
with Awards granted under the Plan shall be 500,000 Common Shares which may be authorized and unissued Common Shares, treasury Common Shares, or Common Shares acquired on the open market specifically for distribution under the Plan, as the Board of
Directors may from time to time determine. The number of Common Shares remaining available for grants of additional Awards under the Plan at any particular time shall be reduced, upon the granting thereafter of any Award under the Plan, by the full
number of Common Shares subject to that Award except that, in the case of any particular Tandem Award, the number of Common Shares counted as being subject to such Tandem Award shall be the maximum number of Common Shares with respect to which the
Employee may receive value under such Tandem Award. If any Award for any reason expires or is terminated, in whole or in part, without the receipt by an Employee of Common Shares (or the equivalent thereof in cash or other property), the Common
Shares subject to that part of the Award that has so expired or terminated shall again be available for the future grant of Awards under the Plan. Notwithstanding any other provision of the Plan, but subject to adjustment under Section 12, the
maximum number of Common Shares that may be issued under the Plan pursuant to Incentive Stock Options shall be 500,000 Common Shares. 
  

 - 1 - 

 5. Stock Options. 
  
 5.1 Type and Date of Grant of Options. 
  
 (a) The Award Instrument pursuant to which any Incentive Stock Option is granted shall specify that the
Option granted thereby shall be treated as an Incentive Stock Option. The Award Instrument pursuant to which any Nonqualified Option is granted shall specify that the Option granted thereby shall not be treated as an Incentive Stock Option.

  
 (b) The day on which the Committee authorizes
the grant of an Incentive Stock Option shall be the date on which that Option is granted. No Incentive Stock Option may be granted on any date after the tenth anniversary of the date of adoption of the Plan. 
  
 (c) The day on which the Committee authorizes the grant of a
Nonqualified Option shall be considered the date on which that Option is granted, unless the Committee specifies a later date. 
  
 5.2 Exercise Price. The Exercise Price under any Option shall be not less than the Fair Market Value of the Common Shares subject to the Option on
the date the Option is granted. 
  
 5.3 Option Expiration
Date. The Option Expiration Date under any Incentive Stock Option shall not be later than ten years from the date on which the Option is granted. The Option Expiration Date under any Nonqualified Option shall not be later than ten years and one
month from the date on which the Option is granted. 
  
 5.4
Exercise of Options. 
  
 (a) Except as
otherwise provided in Section 9, an Option may be exercised only (i) while the Employee to whom the Option was granted is in the employ of the Company or of a Subsidiary, and (ii) after the Employee to whom the Option was granted has been in the
continuous employ of the Company or of a Subsidiary for at least six months from the date on which the Option was granted. Subject to these requirements, and unless otherwise specified by the Committee in the relevant Award Instrument, each Option
shall become exercisable to the extent of: 
  
 (w) from and after the first anniversary date of the Agreement, 25% of the Common Shares subject to the Option; 
  
 (x) from and after the second anniversary date of the Agreement, an additional 25% of the Common Shares subject to the Option; 

 
 (y) from and after the third anniversary date of the
Agreement, an additional 25% of the Common Shares subject to the Option; and 
  
 (z) from and after the fourth anniversary date of the Agreement, the remaining 25% of the Common Shares subject to the Option. 
  

If, by reason of the application of Section 9, an Option may be exercised at a time when an Optionee is no longer an employee of the Company, and, on
the Employment Termination Date, the Optionee held any Options that were not then otherwise fully exercisable, each such Option shall be exercisable as of the Employment Termination Date: (I) to the extent that it was exercisable pursuant to the
foregoing schedule, plus (II) to the extent of an additional percentage determined by multiplying 25% by a fraction the numerator of which is the number of days between the Employment Termination Date and the immediately preceding anniversary date
of the Optionee’s Agreement (or, if no anniversary date has occurred, the numerator will be the number of days between the Employment Termination Date and the date of the grant of the Option) and the denominator of which is 365. Once any
portion of an Option becomes exercisable, that portion shall remain exercisable until expiration or termination of the Option. An Employee to whom an Option is granted may exercise the Option from time to time, in whole or in part, up to the total
number of Common Shares with respect to which the Option is then exercisable, except that no fraction of a Common Share may be purchased upon the exercise of any Option. 
  

 - 2 - 

 (b) An Employee electing to exercise an Option shall deliver to the Company (i) the
Exercise Price payable in accordance with Section 5.5 and (ii) written notice of the election that states the number of whole Common Shares with respect to which the Employee is exercising the Option. 
  
 5.5 Payment For Common Shares. Upon exercise of an Option by an
Employee, the Exercise Price shall be payable by the Employee in cash or in such other form of consideration as the Committee determines may be accepted, including, without limitation, securities or other property, or any combination of cash,
securities or other property, or by delivery by the Employee (with the written notice of election to exercise) of irrevocable instructions to a broker registered under the 1934 Act to promptly deliver to the Company the amount of sale or loan
proceeds to pay the Exercise Price. The Committee, in its sole discretion, may grant to an Employee the right to transfer Common Shares acquired upon the exercise of a part of an Option in payment of the Exercise Price payable upon immediate
exercise of a further part of the Option. 
  
 6. Stock
Appreciation Rights. 
  
 6.1 Grant of SARs. An SAR may
be granted only in connection with an Option. An SAR granted in connection with an Incentive Stock Option may be granted only when the Incentive Stock Option is granted. An SAR granted in connection with a Nonqualified Option may be granted either
when the related Nonqualified Option is granted or at any time thereafter, including, in the case of any Nonqualified Option resulting from the conversion of an Incentive Stock Option to a Nonqualified Stock Option, simultaneously with or after the
conversion. 
  
 6.2 Exercise of SARs. 
  
 (a) An Employee electing to exercise an SAR shall deliver
written notice to the Company of the election identifying the SAR and the related Option with respect to which the SAR was granted to the Employee and specifying the number of whole Common Shares with respect to which the Employee is exercising the
SAR. Upon exercise of the SAR, the related Option shall be deemed to be surrendered to the extent that the SAR is exercised. 
  
 (b) SARs may be exercised only (i) after the expiration of six months from the date of grant of the SAR, (ii) on a date when the Fair
Market Value of a Common Share exceeds the Exercise Price stated in the Option related to that SAR, (iii) at a time and to the same extent as the related Option is exercisable, (iv) by surrender to the Company, unexercised, of the related Option or
any applicable portion thereof, and (v) in compliance with all restrictions set forth in or specified by the Committee pursuant to Section 6.2(c). 
  
 (c) The Committee may specify in the Award Instrument pursuant to which any SAR is granted waiting periods and restrictions on permissible
exercise periods in addition to the restrictions on exercise set forth in Section 6.2(b), including, without limitation, any restriction necessary to make applicable the Rule 16b-3 Exemption. 
  
 6.3 Payment for SARs. The amount payable upon exercise of an SAR may
be paid by the Company in cash, or, if the Committee shall determine in its sole discretion, in whole Common Shares (taken at their Fair Market Value at the time of exercise of the SAR) or in a combination of cash and whole Common Shares; provided,
however, that in no event shall the total number of Common Shares that may be paid to an Employee pursuant to the exercise of an SAR exceed the total number of Common Shares subject to the related Option. 
  
 6.4 Termination, Amendment, or Suspension of SARs. An SAR shall
terminate and may no longer be exercised upon the first to occur of (a) exercise or termination of the related Option, or (b) any termination date specified by the Committee at the time of grant of the SAR. In addition, the Committee may in its sole
discretion at any time before the occurrence of a Change of Control amend, suspend, or terminate any SAR theretofore granted under the Plan without the holder’s consent; provided that, in the case of amendment, no provision of the SAR, as
amended, shall be in conflict with any provision of the Plan. The amendment, suspension, or termination of any SAR by the Committee as described in the immediately preceding sentence shall not affect the holder’s rights in any related Option.

  

 - 3 - 

 7. Restricted Stock. 
  
 7.1 Additional Conditions on Restricted Stock. In addition to the restrictions on disposition of Restricted Stock
during the Restriction Period and the requirement to offer Restricted Stock to the Company if the Employee’s employment terminates during the Restriction Period, the Committee may provide in the Award Instrument with respect to any Award of
Restricted Stock other restrictions, conditions, and contingencies, which other restrictions, conditions, and contingencies, if any, may relate to, in addition to such other matters as the Committee may deem appropriate, the Employee’s personal
performance, corporate performance, or the performance of any subunit of the Company or any Subsidiary, in each case measured in such manner as may be specified by the Committee. The Committee may impose different restrictions, conditions, and
contingencies on separate Awards of Restricted Stock granted to different Employees, whether at the same or different times, and on separate Awards of Restricted Stock granted to the same Employee, whether at the same or different times. The
Committee may specify a single Restriction Period for all of the Restricted Stock subject to any particular Award Instrument or may specify multiple Restriction Periods so that the restrictions with respect to the Restricted Stock subject to the
Award will expire in stages according to a schedule specified by the Committee and set forth in the Award Instrument; provided, however, that no Restriction Period with respect to any Restricted Stock shall end earlier than six months after the date
on which that Restricted Stock is granted. 
  
 7.2 Payment for
Restricted Stock. Each Employee to whom an Award of Restricted Stock is made shall pay the Acquisition Price with respect to that Restricted Stock to the Company not later than 30 days after the delivery to the Employee of the Award Instrument
with respect to that Restricted Stock. If any Employee fails to pay the Acquisition Price with respect to any Award of Restricted Stock within that 30 day period, the Employee’s rights under that Award shall be forfeited. 
  
 7.3 Rights as a Shareholder. Upon payment by an Employee in full of
the Acquisition Price for Restricted Stock under an Award, the Employee shall have all of the rights of a shareholder with respect to the Restricted Stock, including voting and dividend rights, subject only to such restrictions and requirements
referred to in Section 7.1 as may be incorporated in the Award Instrument with respect to that Restricted Stock. 
  
 7.4 Lapse of Restrictions following Unaccepted Offer of Resale. If (a) an Employee or an Employee’s Representative becomes required, under the
terms of the Plan or any provision of an Award Instrument, to offer for resale at the Acquisition Price to the Company Restricted Stock held by the Employee at the Employment Termination Date and makes the required offer to the Company in writing,
and (b) the Company fails to repurchase that Restricted Stock at the Acquisition Price within 60 days of the date on which the Company receives that written offer, all restrictions on that Restricted Stock shall lapse and neither the Employee nor
the Employee’s Representative shall thereafter be required to offer to resell that Restricted Stock to the Company. 
  
 8. Performance Shares. 
  
 8.1 Discretion of Committee with Respect to Performance Shares. The Committee shall have full discretion to select the Employees to whom Awards of
Performance Shares are made, the number of Performance Shares to be granted to any Employee so selected, the kind and level of the Performance Goals and whether those Performance Goals are to apply to the Company, a Subsidiary, or any one or more
subunits of the Company or of any Subsidiary, and the dates on which each Performance Period shall begin and end, and to determine the form and provisions of the Award Instrument to be used in connection with any Award of Performance Shares.

  
 8.2 Conditions to Payment for Performance Shares.

  
 (a) Unless otherwise provided in the relevant
Award Instrument, an Employee must be employed by the Company or a Subsidiary on the last day of a Performance Period to be entitled to payment for any Performance Shares. 
  
 (b) The Committee may establish, from time to time, one or more formulas to be applied against the
Performance Goals to determine whether all, some portion but less than all, or none of the Performance Shares granted with respect to a Performance Period are treated as earned pursuant to any Award. An Employee will be entitled to receive payments
with respect to any Performance Shares only to the extent that those Performance Shares are treated as earned under one or more such formulas. 
  

 - 4 - 

 8.3 Payment for Performance Shares. The Company shall pay each Employee who is entitled to payment
for Performance Shares earned with respect to any Performance Period an amount for those Performance Shares (a) in cash (based upon the per share Fair Market Value of Common Shares on the last day of the Performance Period), (b) in Common Shares
(one Common Share for each Performance Share earned), (c) in Restricted Stock (one Common Share of Restricted Stock for each Performance Share earned), or (d) any combination of the foregoing, in such proportions as the Committee may determine.
Restricted Stock issued by the Company in payment of Performance Shares shall be subject to all the provisions of Section 7. 
  
 9. Termination of Employment. After an Employee’s Employment Termination Date, the rules set forth in this Section 9 shall apply. All factual
determinations with respect to the termination of an Employee’s employment that may be relevant under this Section 9 shall be made by the Committee in its sole discretion. 
  
 9.1 Termination Other Than Upon Death or Disability or for Cause. Upon any termination of an Employee’s
employment for any reason other than the Employee’s disability or death or the Employee’s termination for cause: 
  
 (a) Unless otherwise provided in the relevant Award Instrument, the Employee shall have the right during the period ending three months
after the Employment Termination Date, but not later than the Option Expiration Date, to exercise any Options and related SARs that were outstanding on the Employment Termination Date, if and to the same extent as those Options and SARs were
exercisable by the Employee on the Employment Termination Date, 
  
 (b) Unless otherwise provided in the relevant Award Instrument, the Employee shall offer for resale at the Acquisition Price to the Company each Common Share of Restricted Stock held by the Employee at the Employment
Termination Date with respect to which, as of that date, any restrictions, conditions, or contingencies have not lapsed, and 
  
 (c) Unless otherwise provided in the relevant Award Instrument, the Employee shall forfeit each Performance Share with respect to which,
as of that date, any restrictions, conditions, or contingencies have not lapsed. 
  
 9.2 Termination Due To Disability. Upon any termination of an Employee’s employment due to disability: 
  
 (a) Unless otherwise provided in the relevant Award Instrument, the Employee, or the Employee’s Representative, shall have the right
(i) to exercise, from time to time during the period ending one year after the Employment Termination Date, but not later than the Option Expiration Date, any Nonqualified Options and related SARs that were outstanding on the Employment Termination
Date, if and to the same extent those Options and SARs were exercisable by the Employee on the Employment Termination Date, and (ii) to exercise, from time to time during the period ending one year after the Employment Termination Date, but not
later than the Option Expiration Date, any Incentive Stock Options and related SARs that were outstanding on the Employment Termination Date, if and to the same extent as those Options and SARs were exercisable by the Employee on the Employment
Termination Date (even though exercise of the Incentive Stock Option more than one year after the Employment Termination Date may cause the Option to fail to qualify for Incentive Stock Option treatment under the Code), 
  
 (b) Unless otherwise provided in the relevant Award
Instrument, the Employee, or the Employee’s Representative, shall offer for resale at the Acquisition Price to the Company each Common Share of Restricted Stock held by the Employee at the Employment Termination Date with respect to which, as
of that date, any restrictions, conditions, or contingencies have not lapsed, and 
  
 (c) Unless otherwise provided in the relevant Award Instrument, the Employee shall forfeit each Performance Share with respect to which,
as of that date, any restrictions, conditions, or contingencies have not lapsed. 
  

 - 5 - 

 9.3 Death of an Employee. Upon the death of an Employee while employed by the Company or any
Subsidiary or within any of the periods referred to in any Section 9.1 or 9.2 during which any particular Option or SAR remains potentially exercisable: 
  
 (a) Unless otherwise provided in the relevant Award Instrument (in which the Committee may specify a different period of extension of the
Option Expiration Date in the event of the death of the Employee), if the Option Expiration Date of any Nonqualified Option that had not expired before the Employee’s death would otherwise expire before the first anniversary of the
Employee’s death, that Option Expiration Date shall automatically be extended to the first anniversary of the Employee’s death, 
  
 (b) Unless otherwise provided in the relevant Award Instrument, any Options and related SARs that had been outstanding for at least six
months on the date of the Employee’s death shall become immediately exercisable in full and the Employee’s Representative shall have the right to exercise, from time to time during the period ending one year after the date of the
Employee’s death, but not later than the Option Expiration Date, any such Options and related SARs in accordance with Section 5.4 (as to any Options) or Section 6.2 (as to any SARs), 
  
 (c) Unless otherwise provided in the relevant Award
Instrument, (i) the Restriction Period with respect to all outstanding Awards of Restricted Stock that had been outstanding for at least six months on the date of the Employee’s death shall immediately terminate, and (ii) the Employee’s
Representative shall offer for resale at the Acquisition Price to the Company each Common Share of Restricted Stock held by the Employee at the date of the Employee’s death that had not been outstanding for at least six months on that date, and

  
 (d) Unless otherwise provided in the relevant
Award Instrument, (i) the restrictions, conditions, or contingencies on any Performance Shares that had been outstanding for at least six months on the date of the Employee’s death shall be modified in such manner as the Committee may specify
to give the Employee’s Representative the benefit of those Performance Shares through the date of the Employee’s death, and (ii) each Performance Share held by the Employee at the date of the Employee’s death that had not been
outstanding for at least six months on that date shall be forfeited. 
  
 9.4 Termination for Cause. Upon any termination of an Employee’s employment for Cause: 
  
 (a) All of the Employee’s rights with respect to unexercised Options and SARs shall expire immediately before the Employment
Termination Date, 
  
 (b) The Employee shall
offer for resale at the Acquisition Price to the Company each Common Share of Restricted Stock held by the Employee at the Employment Termination Date with respect to which, as of that date, any restrictions, conditions, or contingencies have not
lapsed, and 
  
 (c) The Employee shall forfeit
each Performance Share with respect to which, as of the Employment Termination Date, any restrictions, conditions, or contingencies have not lapsed. 
  
 10. Acceleration Upon Change of Control. Unless otherwise specified in the relevant Award Instrument, upon the occurrence of a Change of Control of
the Company, each Award theretofore granted to any Employee that then remains outstanding shall, subject to Section 16, be modified as follows: (a) any outstanding Option shall become immediately exercisable in full, (b) SARs related to any such
Options shall also become immediately exercisable in full, (c) the Restriction Period with respect to all outstanding Awards of Restricted Stock shall immediately terminate, and (d) the restrictions, conditions, or contingencies on any Performance
Shares shall be modified in such manner as the Committee may specify to give the Employee the benefit of those Performance Shares through the date of Change of Control. 
  
 11. Assignability. No Option, SAR, Restricted Stock or Performance Share may be transferred other than by will or by
the laws of descent and distribution or pursuant to a qualified domestic relations order as defined in Section 414(p)(1)(B) of the Code that satisfies the requirements of Section 414(p)(1)(A) of the Code. During an Employee’s lifetime, only the
Employee (or in the case of incapacity of an Employee, the Employee’s attorney in fact or legal guardian) may exercise any Award requiring or permitting exercise. 
  

 - 6 - 

 12. Adjustment Upon Changes in Common Shares. In the event of any stock dividend, stock split, or
share combination of the Common Shares or any reclassification, recapitalization, merger, consolidation, other form of business combination, liquidation, or dissolution involving the Company or any spin-off or other distribution to shareholders of
the Company (other than normal cash dividends), (a) the Committee shall make appropriate adjustments to the maximum number of Common Shares that may be issued under the Plan pursuant to Section 4, and (b) the Committee shall adjust the number and
kind of shares subject to, the price per share under, and the terms and conditions of each then outstanding Award to the extent necessary and in such manner that the benefits of Employees under all then outstanding Awards shall be maintained
substantially as before the occurrence of such event. Any adjustment so made by the Committee shall be conclusive and binding for all purposes of the Plan as of such date as the Committee may determine. 
  
 13. Purchase For Investment. Each person acquiring Common Shares
pursuant to any Award may be required by the Company to furnish a representation that he or she is acquiring the Common Shares so acquired as an investment and not with a view to distribution thereof if the Company, in its sole discretion,
determines that such representation is required to insure that a resale or other disposition of the Common Shares would not involve a violation of the Securities Act of 1933, as amended, or of applicable blue sky laws. Any investment representation
so furnished shall no longer be applicable at any time such representation is no longer necessary for such purposes. 
  
 14. Withholding of Taxes. The Company will withhold from any payments of cash made pursuant to the Plan such amount as is necessary to satisfy all
applicable federal, state, and local withholding tax obligations. The Committee may, in its discretion and subject to such rules as the Committee may adopt from time to time, permit or require an Employee to satisfy, in whole or in part, any
withholding tax obligation that may arise in connection with the grant of an Award, the lapse of any restrictions with respect to an Award, the acquisition of Common Shares pursuant to any Award, or the disposition of any Common Shares received
pursuant to any Award by such means as the Committee may determine including, without limitation, by having the Company hold back some portion of the Common Shares that would otherwise be delivered pursuant to the Award or by delivering to the
Company an amount equal to the withholding tax obligation arising with respect to such grant, lapse, acquisition, or disposition in (a) cash, (b) Common Shares, or (c) such combination of cash and Common Shares as the Committee may determine. The
Fair Market Value of the Common Shares to be so held back by the Company or delivered by the Employee shall be determined as of the date on which the obligation to withhold first arose. The Company shall apply the provisions of this Section 14 only
to meet required tax withholding (based on the minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to the supplemental income recognized by an employee) and shall not withhold (or
repurchase) Common Shares in excess of the minimum number required for tax withholding. With respect to Section 16(b) Employees, any applicable conditions with respect to tax withholding required under Rule 16b-3 in order to obtain or be eligible
for the Rule 16b-3 Exemption in respect thereof shall be deemed to be incorporated into the Plan. 
  
 15. Awards in Substitution for Awards Granted by Other Companies. Awards, whether Incentive Stock Options, Nonqualified Options, SARs, Restricted
Stock, or Performance Shares, may be granted under the Plan in substitution for awards held by employees of a company who become Employees of the Company or a Subsidiary as a result of the merger or consolidation of the employer company with the
Company or a Subsidiary, or the acquisition by the Company or a Subsidiary of the assets of the employer company, or the acquisition by the Company or a Subsidiary of stock of the employer company as a result of which it becomes a Subsidiary. The
terms, provisions, and benefits of the substitute Awards so granted may vary from the terms, provisions, and benefits set forth in or authorized by the Plan to such extent as the Committee at the time of the grant may deem appropriate to conform, in
whole or in part, to the terms, provisions, and benefits of the awards in substitution for which they are granted. 
  
 16. Holding Periods. No Section 16(b) Employee shall sell or exercise, as the case may be, any equity security or derivative security (which
includes, without limitation, Options and SARs), in each case as defined in the 1934 Act or the rules and regulations promulgated thereunder, acquired pursuant to an Award under the Plan, before the earliest date on which the sale or exercise is
eligible for the Rule 16b-3 Exemption. If any provision of this Section 16 must be modified or becomes unnecessary to comply with the requirements of Rule 16b-3, the Committee may waive such provision and/or amend the Plan to add to or modify the
provisions hereof accordingly. 
  
 17. Legal Requirements.
No Awards shall be granted and the Company shall have no obligation to make any payment under the Plan, whether in Common Shares, cash, or any combination thereof, except in compliance with all applicable Federal and state laws and regulations,
including, without limitation, the Code and Federal and state securities laws. 
  

 - 7 - 

 18. Duration and Termination of the Plan. The Plan shall become effective and shall be deemed to
have been adopted on the date on which it is approved by the shareholders of the Company and shall remain in effect thereafter until terminated by action of the Board of Directors. No termination of the Plan shall adversely affect the rights of any
Employee with respect to any Award granted before the effective date of the termination. 
  
 19. Amendments. The Board of Directors, or a duly authorized committee thereof, may alter or amend the Plan from time to time prior to its termination in any manner the Board of Directors, or such duly
authorized committee, may deem to be in the best interests of the Company and its shareholders, except that no amendment may be made without shareholder approval if shareholder approval is required under Rule 16b-3 to qualify for the Rule 16b-3
Exemption, is required by any applicable securities law or tax law, or is required by the rules of the registered national securities association through whose inter-dealer quotation system the Common Shares are quoted. The Committee shall have the
authority to amend the terms and conditions applicable to outstanding Awards (a) in any case where expressly permitted by the terms of the Plan or of the relevant Award Instrument or (b) in any other case with the consent of the Employee to whom the
Award was granted. Except as expressly provided in the Plan or in the Award Instrument evidencing the Award, the Committee may not, without the consent of the holder of an Award granted under the Plan, amend the terms and conditions applicable to
that Award in a manner adverse to the interests of the Employee. 
  
 20. Plan Noncontractual. Nothing herein contained shall be construed as a commitment to or agreement with any person employed by the Company or a Subsidiary to continue such person’s employment with the Company or the
Subsidiary, and nothing herein contained shall be construed as a commitment or agreement on the part of the Company or any Subsidiary to continue the employment or the annual rate of compensation of any such person for any period. All Employees
shall remain subject to discharge to the same extent as if the Plan had never been put into effect. 
  
 21. Interest of Employees. Any obligation of the Company under the Plan to make any payment at any future date merely constitutes the unsecured
promise of the Company to make such payment from its general assets in accordance with the Plan, and no Employee shall have any interest in, or lien or prior claim upon, any property of the Company or any Subsidiary by reason of that obligation.

  
 22. Claims of Other Persons. The provisions of the Plan
shall in no event be construed as giving any person, firm, or corporation any legal or equitable right against the Company or any Subsidiary, their officers, employees, agents, or directors, except any such rights as are specifically provided for in
the Plan or are hereafter created in accordance with the terms and provisions of the Plan. 
  
 23. Absence of Liability. No member of the Board of Directors of the Company or a Subsidiary, of the Committee, of any other committee of the Board of Directors, or any officer or Employee of the Company or a
Subsidiary shall be liable for any act or action under the Plan, whether of commission or omission, taken by any other member, or by any officer, agent, or Employee, or, except in circumstances involving his bad faith or willful misconduct, for
anything done or omitted to be done by himself. 
  
 24.
Severability. The invalidity or unenforceability of any particular provision of the Plan shall not affect any other provision hereof, and the Plan shall be construed in all respects as if such invalid or unenforceable provision were omitted
herefrom. 
  
 25. Governing Law. The provisions of the Plan
shall be governed and construed in accordance with the laws of the State of Ohio. 
  
 26. Definitions. 
  
 26.1
1934 Act. The term “1934 Act” shall mean the Securities Exchange Act of 1934, as amended. 
  
 26.2 Acquisition Price. The term “Acquisition Price” with respect to Restricted Stock shall mean such amount as may be specified by the
Committee in the Award Instrument with respect to that Restricted Stock as the consideration to be paid by the Employee for that Restricted Stock. 
  

 - 8 - 

 26.3 Award. The term “Award” shall mean an award granted under the Plan of an Option, of
Stock Appreciation Rights, of Restricted Stock, or of Performance Shares. 
  
 26.4 Award Instrument. The term “Award Instrument” shall mean a written instrument evidencing an Award in such form and with such provisions as the Committee may prescribe, including, without
limitation, an agreement to be executed by the Employee and the Company, a certificate issued by the Company, or a letter executed by the Committee or its designee. Each Award Instrument shall provide that acceptance of the Award Instrument by an
Employee constitutes agreement to the terms of the Award evidenced thereby. 
  
 26.5 Cause. The Company shall be deemed to have “Cause” for the termination of an Employee’s employment if the Employee has committed any act or series of acts determined by the Committee (in a
determination made either before or after the Employment Termination Date) to warrant discharge from employment, including, without limitation, any act of theft or dishonesty in connection with the Employee’s employment with the Company, any
unauthorized disclosure of confidential information belonging to the Company, or other similar action. 
  
 26.6 Change of Control. A “Change of Control” shall be deemed to have occurred if at any time or from time to time after the date of
adoption of the Plan: 
  
 (a) there is a report
filed on Schedule 13D or Schedule 14D-1 (or any successor schedule, form, or report), each as adopted under the 1934 Act, disclosing the acquisition of 25% or more of the voting stock of the Company in a transaction or series of transactions by any
person (as the term “person” is used in Section 13(d) and Section 14(d)(2) of the 1934 Act), 
  
 (b) during any period of 730 consecutive days or less, individuals who at the beginning of such period constitute the directors of the
Company cease for any reason to constitute at least a majority thereof unless the election of each new director of the Company was approved or recommended by the vote of at least two-thirds of the directors of the Company then still in office who
were directors of the Company at the beginning of any such period, 
  
 (c) the Company merges with or into or consolidates with another corporation following approval of the shareholders of the Company of such merger or consolidation and, after giving effect to such merger or
consolidation, less than fifty percent (50%) of the then outstanding voting securities of the surviving or resulting corporation represent or were issued in exchange for voting securities of the Company outstanding immediately prior to such merger
or consolidation, 
  
 (d) there is a sale, lease,
exchange, or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company following approval of the shareholders of the Company of such transaction or series of transactions, or

  
 (e) the shareholders of the Company shall
approve any plan or proposal for the liquidation or dissolution of the Company. 
  
 26.7 Code. The term “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 26.8 Committee. The term “Committee” shall mean a committee appointed by the Board of Directors of the Company to administer the Plan.
The Committee shall be composed of not less than two directors of the Company. The Board of Directors may also appoint one or more directors as alternate members of the Committee. No officer or Employee of the Company or of any Subsidiary shall be a
member or alternate member of the Committee. The Committee shall at all times be so comprised as to satisfy the disinterested administration standard contained in Rule 16b-3, if required to qualify for the Rule 16b-3 Exemption. 
  
 26.9 Common Shares. The term “Common Shares” shall mean
common shares of the Company without par value. 
  
 26.10
Company. The term “Company” shall mean STERIS Corporation and its successors, including the surviving or resulting corporation of any merger of STERIS Corporation with or into, or any consolidation of STERIS Corporation with, any
other corporation or corporations. 
  

 - 9 - 

 26.11 Disability. An Employee shall be deemed to have suffered a “Disability” if and
only if (a) the Employee has established to the satisfaction of the Committee that the Employee is unable to perform the Employee’s normal duties and responsibilities with the Company by reason of a medically determinable physical or metal
impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months, all within the meaning of Section 22(e)(3) of the Code, and (b) the Employee has satisfied any other
requirement that may be imposed by the Committee. 
  
 26.12
Employee. The term “Employee” shall mean any individual employed by the Company or by any Subsidiary (including any individual employed by the Company or any Subsidiary who is also a member of the Board of Directors of the Company
or of any Subsidiary). 
  
 26.13 Employee’s
Representative. The term “Employee’s Representative” shall mean, (a) in the case of a deceased Employee, the Employee’s executor or administrator or the person or persons to whom the Employee’s rights under any Award are
transferred by will or the laws of descent and distribution, and (b) in the case of a disabled or incapacitated Employee, the Employee’s attorney in fact or legal guardian. 
  
 26.14 Employment Termination Date. The term “Employment Termination Date” with respect to an Employee shall
mean the first date on which the Employee is no longer employed by the Company or any Subsidiary. 
  
 26.15 Exercise Price. The term “Exercise Price” with respect to an Option shall mean the price specified in the Option at which the
Common Shares subject to the Option may be purchased by the holder of the Option. 
  
 26.16 Fair Market Value. Except as otherwise determined by the Committee, the term “Fair Market Value” with respect to Common Shares shall mean the closing sales price of the Common Shares as reported
on the national securities exchange on which the Common Shares are traded, or, if applicable, as reported on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) National Market, on the date for which the
determination of fair market value is made or, if there are no sales of Common Shares on that date, then on the next preceding date on which there were any sales of Common Shares. If the Common Shares are not or cease to be traded on a national
securities exchange or on the NASDAQ National Market, the “Fair Market Value” of Common Shares shall be determined in the manner prescribed by the Committee. 
  
 26.17 Incentive Stock Option. The term “Incentive Stock Option” shall mean an Option intended by the
Committee to qualify as an “incentive stock option” within the meaning of Section 421 of the Code. 
  
 26.18 Nonqualified Option. The term “Nonqualified Option” shall mean an Option intended by the Committee not to qualify as an
“incentive stock option” under Section 421 of the Code. 
  
 26.19 Option. The term “Option,” shall mean an Award entitling the holder thereof to purchase a specified number of Common Shares at a specified price during a specified period of time. 
  
 26.20 Option Expiration Date. The term “Option Expiration
Date” with respect to any Option shall mean the date selected by the Committee after which, except as provided in Section 9.3 in the case of the death of the Employee to whom the option was granted, the Option may not be exercised. 

 
 26.21 Performance Goal. The term “Performance Goal” shall
mean a performance goal specified by the Committee in connection with the potential grant of Performance Shares and may include, without limitation, goals based upon cumulative earnings per Common Share, return on investment, return on
shareholders’ equity, or achievement of any other goals, whether or not readily expressed in financial terms, that are related to the performance by the Company, by any Subsidiary, or by any Employee or group of Employees in connection with
services performed by that Employee or those Employees for the Company, a Subsidiary, or any one or more subunits of the Company or of any Subsidiary. 
  
 26.22 Performance Period. The term “Performance Period” shall mean such one or more periods of time, which may be of varying and
overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be relevant in connection with one or more Awards of Performance Shares. 
  

 - 10 - 

 26.23 Performance Shares. The term “Performance Shares” shall mean an Award denominated
in Common Shares and contingent upon attainment of one or more Performance Goals by the Company or a Subsidiary or any subunit of the Company or of any Subsidiary over a Performance Period. 
  
 26.24 Plan. The term “Plan” shall mean this STERIS
Corporation 1994 Equity Compensation Plan as from time to time hereafter amended in accordance with Section 19. 
  
 26.25 Restricted Stock. The term “Restricted Stock” shall mean Common Shares of the Company delivered to an Employee pursuant to an Award
subject in every case to: 
  
 (a) the restriction
that the Employee not sell, transfer, otherwise dispose of, or pledge or otherwise hypothecate the Restricted Stock during the applicable Restriction Period, and 
  
 (b) the requirement that, subject to the provisions of Section 9, if the Employee’s employment
terminates so that the Employee is no longer employed by the Company or any Subsidiary before the end of the applicable Restriction Period, the Employee will offer to sell to the Company at the Acquisition Price each Common Share of Restricted Stock
held by the Employee at the Employment Termination Date with respect to which, as of that date, any restrictions, conditions, or contingencies have not lapsed. 
  

In addition to the restriction and requirement set forth in (a) and (b), above, each Common Share of Restricted Stock shall be subject to such other restrictions,
conditions, and contingencies, if any, as the Committee may provide in the Award Instrument with respect to that Restricted Stock. 
  
 26.26 Restriction Period. The term “Restriction Period” with respect to an Award of Restricted Stock shall mean the period selected by
the Committee and specified in the Award Instrument with respect to that Restricted Stock during which the Employee may not sell, transfer, otherwise dispose of, or pledge or otherwise hypothecate that Restricted Stock. 
  
 26.27 Rule 16b-3. The term “Rule 16b-3” shall mean Rule
16b-3 or any successor provision under the 1934 Act. 
  
 26.28
Rule 16b-3 Exemption. The term “Rule 16b-3 Exemption” shall mean the exemption from Section 16(b) of the 1934 Act that is available under Rule 16b-3. 
  
 26.29 Section 16(b) Employee. The term “Section 16(b) Employee” shall mean an individual who is, or at any
time within the preceding six months was, a director, officer, or 10% shareholder of the Company within the meaning of Section 16(b) of the 1934 Act. 
  
 26.30 Stock Appreciation Right. The term “Stock Appreciation Right” or “SAR” shall mean an Award granted to an Employee with
respect to all or any part of any Option that entitles the holder thereof to receive from the Company, upon exercise of the SAR and surrender of the related Option, or any portion of the SAR and the related Option, an amount equal to 100%, or such
lesser percentage as the Committee may determine at the time of the grant of the Award, of the excess, if any, measured at the time of the exercise of the SAR, of (a) the Fair Market Value of the Common Shares subject to the Option with respect to
which the SAR is exercised over (b) the Exercise Price of those Common Shares under the Option. 
  
 26.31 Subsidiary. The term “Subsidiary” shall mean any corporation, partnership, joint venture, or other business entity in which the
Company owns, directly or indirectly, 50 percent or more of the total combined voting power of all classes of stock (in the case of a corporation) or other ownership interests (in the case of any entity other than a corporation). 
  
 26.32 Tandem Award. The term “Tandem Award” shall mean any
two or more Awards that are linked by the terms of any such Awards so that the exercise of one such Award, in whole or in part, requires or will automatically result in the surrender or cancellation, in whole or in proportionate part, of the other
such Awards. 
  

 - 11 -STERIS Corporation Management Incentive Compensation Plan

 Exhibit 10.10 
  
 STERIS CORPORATION 
  
 Management Incentive Compensation Plan 
  
 1. Objective. The objective of the STERIS Management Incentive Compensation Plan (the “Plan”) is to encourage greater initiative, resourcefulness,
teamwork, efficiency, and achievement of objectives on the part of key employees whose performance and responsibilities directly affect the profits of STERIS Corporation (“STERIS”) and its subsidiaries (collectively, together with STERIS,
the “Company”). 
  
 2. Eligibility. Participation in the Plan
will be limited to those key employees that are selected for participation on an annual basis and will normally include employees at or above the rank of Manager. Key employees selected for participation each year will be notified of their
participation and given the parameters for bonus calculations early in the fiscal year. 
  
 A participant will be entitled to receive a bonus earned under the Plan for a particular fiscal year if and only if he or she remains in the employ of the Company through the end of that fiscal year and thereafter through the date on which
bonuses are paid for the fiscal year. 
  
 3. Target Bonus. Each participant
will be assigned a percentage target bonus based upon his or her position and level within the Company. The target bonus will range from 5% to 100% of the participant’s base salary. 
  
 4. Financial Goals. Each year the Compensation and Corporate Governance Committee of the Board of Directors of STERIS
(“Committee”) will select a threshold performance target for the Company, the attainment of which will be a prerequisite to the payment of any bonuses under the Plan. In addition, the Committee will select one or more measures of current
year financial performance for the Company as a whole, such as revenue growth, free cash flow and earnings before interest and taxes (EBIT), to be used as goals for determining the payment of bonuses under the Plan. For each financial goal, the
Committee will designate numerical “threshold,” “target,” and “maximum” levels. The Committee may adjust the threshold performance target and levels of such other goals it may have selected if, during the course of a
fiscal year, the Company records a special charge or conditions that the Committee determines should be disregarded, either partially or in its entirety, when calculating the amounts of bonuses to be paid under the Plan. 
  
 5. Weighting of Goals. Each year during which the Committee selects more than
one goal to be applicable to any group of participants, the Committee will also specify the weight to be given to each such goal. For example, the Committee might determine to give 75% weight to revenue and 25% weight to EBIT. 
  
 6. Achievement Percentages. For each goal, a participant will be entitled to a
bonus (with respect to that goal) based on Company performance as follows: 
  
 a. If performance is at the threshold level, the bonus will be at 50% of target. 
  
 b. If performance is at the target level, the bonus will be at 100% of target. 
  
 c. If performance is at or above the maximum level, the bonus will be at 150% of target. 
  
 For performance at any level between these set points, the bonus amount will be interpolated.
For example, if performance is exactly half way between the target and maximum levels, the bonus will be at 125% of target. 
  
 7. Individual Performance. Upon determination of a participant’s bonus based on Company performance, the participant’s personal performance is
considered when determining the final bonus amount. 
  
 8. Calculation of
Bonuses. No bonuses will be paid for a fiscal year unless the performance of the Company is at least equal to the threshold performance target level selected by the Committee for the year. Assuming that criteria is met, a
participant’s bonus will be determined by multiplying his or her target bonus by the achievement percentages attained during the year, taking into account the weighting of goals as appropriate. If the threshold level is not attained for any
goal, no bonus will be earned with respect to that goal. The bonus earned by any participant during a fiscal year based on Company performance may range from zero (if performance is below threshold on all goals) to 150% of the target bonus (if
performance is at or above 

  

 
maximum on all goals). A participant’s final bonus amount, with consideration of personal performance, may range from 0% to 130% of the bonus amount
based on Company performance. 
  
 9. Payment of Earned Bonuses. Unless the
Committee determines to pay all or any part of bonuses under the Plan earlier or either of Sections 10 and 11 applies, bonuses earned under the Plan will be paid to participants not later than 90 days after the end of the fiscal year in which they
are earned. 
  
 10. Midyear Additions and Adjustments. An individual
assuming a key position during a fiscal year may be included in the Plan and be eligible for a pro rata portion of a full year bonus. A participant whose position or level within the Company changes during a fiscal year may be assigned an increased
or decreased target bonus for the year taking into account, on a pro rata basis, the participant’s new position and compensation. 
  
 11. Effect of Changes in Operations. If, during any fiscal year, the operations of the Company are materially altered, whether by an acquisition of substantial
additional assets or one or more lines of business, disposition of substantial existing assets or one or more existing lines of business, merger, consolidation, or similar event, the Committee may, in its sole discretion, adjust the parameters of
the Plan for that fiscal year in such a manner as to preserve to the participants the same relative prospects for earning a bonus under the Plan as would have been the case if the material alteration had not occurred. If the Company disposes of an
entire operating division or line of business during a fiscal year, the Company shall make to each participant, if any, who ceases to be employed by the Company as a result of that disposition, an “Interim Payment” in the same amount, at
the same time, and with the same effect, as if the disposition constituted a Change of Control as defined in Section 11 below. 
  
 12. Effect of a Change of Control. Within five days after the occurrence of the first Change of Control (as defined below) to occur in any fiscal year, the Company
shall pay to each participant an interim lump-sum cash payment (the “Interim Payment”) with respect to his or her participation in the plan. The amount of the Interim Payment shall be equal to the dollar amount of the participant’s
target bonus for the entire fiscal year multiplied by a fraction, the numerator of which is the number of months between the beginning of the fiscal year and the end of the month in which the Change of Control occurs and the denominator of which is
12. The making of the Interim Payment will not reduce the obligation of the Company to make a final payment under the terms of the Plan, but the amount of any Interim Payment shall be offset against any later payment due under the Plan for the
fiscal year in which the Change of Control occurs. Except as an offset against a final payment as provided in the immediately preceding sentence, the amount of the Interim Payment will not be offset against any amount due to the participant from or
on behalf of the Company and a participant will not in any circumstances be required to refund any portion of the Interim Payment to the Company. 
  
 For purposes of the Plan, a “Change of Control” shall be deemed to have occurred if at any time or from time to time while this Agreement is in
effect: 
  
 (a) Any person (other than STERIS, any of its
subsidiaries, any employee benefit plan or employee stock ownership plan of STERIS, or any person organized, appointed, or established by STERIS for or pursuant to the terms of any such plan), alone or together with any of its affiliates, becomes
the beneficial owner of 15% or more (but less than 50%) of the Common Shares then outstanding; 
  
 (b) Any person (other than STERIS, any of its subsidiaries, any employee benefit plan or employee stock ownership plan of STERIS, or any person organized, appointed, or established by STERIS for or pursuant to the
terms of any such plan), alone or together with any of its affiliates, becomes the beneficial owner of 50% or more of the Common Shares then outstanding; 
  
 (c) Any person commences or publicly announces an intention to commence a tender offer or exchange offer the consummation of which would result in the
person becoming the beneficial owner of 15% or more of the Common Shares then outstanding; 
  
 (d) At any time during any period of 24 consecutive months, individuals who were directors at the beginning of the 24-month period no longer constitute a majority of the members of the Board of Directors of STERIS,
unless the election, or the nomination for election by STERIS’s shareholders, of each director who was not a director at the beginning of the period is approved by at least a majority of the directors who (i) are in office at the time of the
election or nomination and (ii) were directors at the beginning of the period; 
  

 2 

 (e) A record date is established for determining shareholders entitled to vote upon (i) a merger or
consolidation of STERIS with another corporation in which those persons who are shareholders of STERIS immediately before the merger or consolidation are to receive or retain less than 60% of the stock of the surviving or continuing corporation,
(ii) a sale or other disposition of all or substantially all of the assets of STERIS, or (iii) the dissolution of STERIS; 
  
 (f) (i) STERIS is merged or consolidated with another corporation and those persons who were shareholders of STERIS immediately before the merger or
consolidation receive or retain less than 60% of the stock of the surviving or continuing corporation, (ii) there occurs a sale or other disposition of all or substantially all of the assets of STERIS, or (iii) STERIS is dissolved; or 
  
 (g) Any person who proposes to make a “control share acquisition”
of STERIS, within the meaning of Section 1701.01(Z) of the Ohio General Corporation Law, submits or is required to submit an acquiring person statement to STERIS. 
  
 Notwithstanding anything herein to the contrary, if an event described in clause (b), clause (d), or clause (f) above
occurs, the occurrence of that event will constitute an irrevocable Change of Control. Furthermore, notwithstanding anything herein to the contrary, if an event described in clause (c) occurs, and the Board of Directors either approves such offer or
takes no action with respect to such offer, then the occurrence of that event will constitute an irrevocable Change of Control. On the other hand, notwithstanding anything herein to the contrary, if an event described in clause (a), clause (e), or
clause (g) above occurs, or if an event described in clause (c) occurs and the Board of Directors does not either approve such offer or take no action with respect to such offer as described in the preceding sentence, and a majority of those members
of the Board of Directors who were Directors prior to such event determine, within the 90-day period beginning on the date such event occurs, that the event should not be treated as a Change of Control, then, from and after the date that
determination is made, that event will be treated as not having occurred. If no such determination is made, a Change of Control resulting from any of the events described in the immediately preceding sentence will constitute an irrevocable Change of
Control on the 91st day after the occurrence of the event. 
  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]