Document:

Form of Performance Share Award Agreement

 Exhibit 10.5 
 WYETH 
 PERFORMANCE SHARE AWARD AGREEMENT 
 UNDER THE WYETH [    ] STOCK INCENTIVE PLAN 
 DATE OF GRANT _____________ 
 NUMBER OF SHARES SUBJECT 
 TO TARGET AWARD: [####] 
 ____________________________ 
 Name 
 Address 1 
 Address 2 
 The Company hereby awards you a performance share award consisting of stock units (the “Units”)
representing shares of Common Stock in the amount set forth above (the “Target Award”). The Units are subject to the terms and restrictions set forth in the Plan and this Agreement. Each Unit corresponds to one share of Common
Stock. Upon the full or partial satisfaction by the Company of certain performance criteria described in Paragraph 3, the Units shall be converted into shares of Common Stock on the terms and conditions set forth herein. Capitalized words not
otherwise defined in the text of this Agreement or in Paragraph 10 shall have the same meanings as in the Plan. 
 By signing this Agreement
(or otherwise acknowledging, as instructed, your agreement thereto), you acknowledge and agree that: 
  

	 	•	 	You have received a copy of the Plan. 

  

	 	•	 	You have read and understand the terms of the Plan and this Agreement. 

  

	 	•	 	The Company has the right, without your prior consent, to amend or modify the terms of the Plan or this Agreement to the extent that the Committee deems it necessary to avoid
adverse or unintended tax consequences to you under Section 409A. Such amendments or modifications may limit or eliminate certain rights otherwise available to you under the Plan and/or this Agreement. 

 1.     No Stockholder Rights Until Issuance of Shares. No shares of Common Stock represented by the Units will be earmarked
for you or your account, and you will not have any of the rights of a stockholder with respect to such shares until such time as the shares are issued to you in accordance with the terms of this Agreement. 
 2.     No Transfer of Units. You may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Units granted
hereunder. 

 3.     Conversion to Common Stock. 
 (a)     General Rule. At a meeting of the Committee to be held within 90 days after the end of 2008, the Committee shall
compare the EPS with the EPS Target for 2008 set by the Committee at the beginning of 2008, the performance year. Subject to your applicable Deferral Election or Re-Deferral Election, as the case may be, the percentage of Units corresponding to
(i) the EPS Target achieved, if any, as set forth on the Performance Grid, and (ii) as modified by the TSR Modifier shall be converted, as of the Conversion Date, into Common Stock (up to a maximum of 200% of the Target Award), and all
rights with respect to the remaining portion of such Target Award shall be forfeited and surrendered to the Company. Notwithstanding anything in this Agreement to the contrary, upon your forfeiture for any reason of all rights to the Units granted
hereunder, such Units shall, for all purposes of the Plan and this Agreement, be deemed terminated and without further force or effect as of the date of such forfeiture. 
 (b)     Rounding. The number of Units settled in accordance with the calculations described in Paragraph 3(a) shall be rounded to the nearest whole number. 
 4.     Deferral Elections and Re-Deferral Elections. 
 (a)     Deferral Elections. You are eligible to make a Deferral Election to defer the issuance to you of all of the shares of
Common Stock otherwise issuable to you as of the Conversion Date. To make a Deferral Election, you must complete an election form approved by the Committee that conforms to the terms of the attached ANNEX B, and return or otherwise submit
such form to the Record Keeper as soon as possible after the date hereof, but in no event later than thirty (30) from the date of grant indicated above or such shorter period as may be required by applicable law and communicated to you by the
Committee. All Deferral Elections must comply with the applicable procedures established by the Committee from time to time. If you make such a Deferral Election (or a Re-Deferral Election pursuant to Paragraph 4(b)), then, as of the Conversion
Date, the following shall apply: (i) the Units that would have been earned as of the Conversion Date shall be cancelled; (ii) in exchange for such cancelled Units, you will have a future right to receive a number of shares of Common Stock
equal to the number of Units so cancelled, subject to Paragraph 5(d); and (iii) as of the Conversion Date, the Company shall contribute to the Restricted Stock Trust, subject to Paragraph 5(d), a number of shares of Common Stock equal to the
number of Units cancelled, which shares shall be used to satisfy the Company’s payment obligations to you under your Deferral Election and this Agreement, and such shares shall be issued to you as of the Payment Date(s) specified in your
Deferral Election or Re-Deferral Election, as the case may be, subject to Paragraphs 6, 7, 8 or 12. Notwithstanding anything in this Section 4(a) to the contrary, if the Committee determines that a Deferral Election is not made within the
timeframe required by Section 409A, such election shall be cancelled and the shares (if any) issuable to you under the Agreement will be issued as of the Conversion Date. 
 (b)     Re-Deferral Elections. You may, in accordance with procedures established from time to time by the Committee, also
make a Re-Deferral Election with respect to all of the shares of Common Stock earned or eligible to be earned by you under this Agreement, even if you do not make a Deferral Election pursuant to Section 4(a). Any such Re-Deferral Election
(i) must be in accordance with the provisions of Section 409A (as reasonably interpreted by the Committee), (ii) must be made in writing (unless otherwise instructed by the Company) and 

  

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received by the Record Keeper at least one year prior to the Payment Date then in effect previously specified in your Deferral Election (or prior Re-Deferral
Election) or established under the terms of this Agreement or, if a Deferral Election or a prior Re-Deferral Election is not in effect, at least one year prior to the Conversion Date and (iii) must delay issuance of the shares of Common Stock
otherwise issuable to you under this Agreement for a period of not less than five years from such Payment Date or if, a Deferral Election or a prior Re-Deferral Election is not in effect, five years from the Conversion Date as the case may be. To
the extent that a Payment Date is delayed pursuant to Paragraph 7(a)(i)(B), (C) or (D), the one-year period referenced in clause (ii) and the five-year period referenced in clause (iii) of this Paragraph 4(b) shall be measured from
the Conversion Date. Notwithstanding anything in this Agreement to the contrary, (A) a Re-Deferral Election will be permitted or honored solely to the extent that such election will not result in adverse or unintended tax consequences to you
under Section 409A and (B) issuance of amounts subject to an applicable Re-Deferral Election shall not occur prior to the Payment Date(s) set forth in your Re-Deferral Election solely to the extent necessary to avoid adverse or unintended
tax consequences to you under Section 409A. 
 5.     Issuance and Delivery of Shares of Common Stock;
Withholding. 
 (a)     Method of Issuance; Time of Delivery; Stockholder Rights. As soon as practicable after
a Payment Date, all shares of Common Stock, if any, earned by you under this Agreement that are to be issued to you as of such Payment Date shall be delivered either through book-entry form as a credit to an account maintained in your name or
through the issuance of a stock certificate representing such shares of Common Stock free of any restrictive legend, other than as may be required by applicable securities laws. Upon such issuance, you shall be the record owner of such shares and
shall be entitled to all of the rights of a stockholder of the Company, including the right to vote and the right to receive dividends. 
 (b)     No Deferral Election. If you do not make a Deferral Election or Re-Deferral Election, the shares of Common Stock to be issued to you pursuant to this Agreement shall be issued to you, if earned, as of the
Conversion Date, subject to Paragraphs 6, 7 or 12, and delivered to you in a lump sum as soon as practicable after the Conversion Date. 
 (c)     Deferral Election. If you make a Deferral Election or Re-Deferral Election, the shares of Common Stock to be issued to you, if earned, pursuant to this Agreement shall be issued to you as soon as of the
Payment Date(s) specified in such Deferral Election or Re-Deferral Election, subject to Paragraphs 6, 7, 8 or 12, and delivered to you as soon as practicable after the Payment Date(s). 
 (d)     Amounts to Be Withheld. The number of shares of Common Stock that shall be issued to you (either directly from the
Company pursuant to this Paragraph 5 or from the Restricted Stock Trust) as of a Payment Date(s) shall be (i) the number of such shares that would have been issued as of the Payment Date in the absence of this Paragraph 5(d) minus (ii) the
number of whole shares of Common Stock necessary to satisfy (A) the minimum federal, state and local income tax withholding obligations that are imposed on the Company by applicable law in respect of the issuance of such award, (B) other
tax withholding obligations (e.g., Social Security and Medicare) that may be due from time to time under applicable law (and that may be satisfied by the reduction effected hereby in the number of issuable shares), and if a Deferral 

  

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Election or a Re-Deferral Election is in effect, the additional income tax withholding obligations attributable to the wages included in income under
Section 3401 of Code and (C) any administrative fees that may be imposed by the Company, in each case, it being understood that the value of the shares referred to in clause (ii) above shall be determined, for the purposes of
satisfying the obligations set forth in this Paragraph 5(d) and determining your income related to such award, on the basis of the average of the high and low per-share prices for the Common Stock as reported on the Consolidated Transaction
Reporting System on the trading day immediately preceding the designated date of issuance or as otherwise determined in Paragraph 8, or on such other reasonable basis for determining fair market value as the Committee may from time to time adopt.
Shares of Common Stock may also be issued and withheld at the time Social Security, Medicare and other wage withholding taxes are due. Notwithstanding anything in this Paragraph 5(d) to the contrary, the number of shares described in clause (i)(A)
through (i)(C) above shall not exceed the aggregate amount due for Social Security and Medicare taxes and the income tax withholding related to such amount. 
 (e)     Compliance with Section 409A. To the extent that the shares of Common Stock, if any, issuable to you under this Agreement are to be issued in connection with your Separation
from Service (for any reason other than death) during the period beginning on your Separation from Service and ending on the six-month anniversary of such date and, at the time of such Separation from Service, you are a Specified Employee, then,
solely to the extent the Committee determines necessary to avoid adverse or unintended tax consequences to you under Section 409A, such issuance shall be delayed until the first business day of the month following the six-month anniversary of
your Separation from Service. 
 6.     Separation from Service Other than by Reason of Retirement, Disability or
Death; Forfeiture; Default Payment. 
 (a)     Prior to Conversion Date. If you incur a Separation from
Service prior to the Conversion Date for any reason other than Retirement, Disability or death, you shall forfeit all rights to all Units granted hereunder. 
 (b)     On or After Conversion Date. If you incur a Separation from Service on or after the Conversion Date for any reason other than Retirement, Disability or death, the shares that are
earned under this Agreement, but have not then been issued to you, shall be issued to you in accordance with Paragraph 5 as of the Payments Date(s) specified below: 
 (i)     No Deferral/Re-Deferral Election. If you did not make a Deferral Election or Re-Deferral Election, as
the case may be, the shares of Common Stock shall be issued in a lump sum as of the Conversion Date. 
 (ii)     Deferral/Re-Deferral Election. If you made a Deferral Election or Re-Deferral Election with respect to the shares earned under this Agreement, the shares subject to your Deferral Election or Re-Deferral
Election, as the case may be, that are earned but have not then been issued to you shall be issued to you, in accordance with Paragraph 5, in a lump sum as of the first business day of the month following the date of such Separation from Service,
regardless of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election. 
  

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 7.     Separation from Service by Reason of Retirement, Disability or Death.

 (a)     Prior to Conversion Date. 
 (i)     Issuance of Shares. If you incur a Separation from Service prior to the Conversion Date (A) by
reason of Retirement, Disability or death and (B) as of the date of such Separation from Service, you have been in the continuous employment of the Company or one or more of its subsidiaries for the two-year period ending on the date of such
Separation from Service, the Units granted hereunder shall remain outstanding and shall be settled in accordance with Paragraph 3 and the shares of Common Stock in settlement of such Units, if earned, shall be issued in accordance with Paragraph 5
as of the Payments Date(s) specified below: 
 (A)     No Deferral/Re-Deferral Election. If you
did not make a Deferral Election or Re-Deferral Election, as the case may be, with respect to such shares, the shares of Common Stock shall be issued to you, your legal representative or other person designated by an appropriate court as entitled to
take receipt thereof or your Beneficiary, as the case may be, in a lump sum as of the Conversion Date. 
 (B)     Deferral/Re-Deferral Election—Retirement. If you made a Deferral Election or Re-Deferral Election, as the case may be, with respect to such shares and the Separation from Service is by reason of
Retirement, the shares subject to such Deferral Election or Re-Deferral Election shall be issued to you in the form (lump sum or installments) elected by you in the Deferral Election or Re-Deferral Election, as the case may be, as of the later of
(x) the Payment Date(s) specified in your Deferral Election or Re-Deferral Election, and (y) the Conversion Date. 
 (C)     Deferral/Re-Deferral Election—Disability. If you made a Deferral Election or Re-Deferral Election, as the case may be, with respect to such shares and the Separation from Service is by reason of
Disability, the shares subject to such Deferral Election or Re-Deferral Election shall be issued in accordance with Paragraph 7(a)(i)(B) to you, your legal representative or other person designated by an appropriate court as entitled to take receipt
thereof, as the case may be. 
 (D)     Deferral/Re-Deferral Election—Death. Notwithstanding
anything in this Paragraph 7(a) to the contrary, if your Separation from Service is by reason of death or you die after a Separation from Service by reason of Retirement or Disability and, in either such case, you have shares of Common Stock subject
to a Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such shares shall be issued to your Beneficiary in a lump sum as of the Conversion Date, regardless of the Payment Date(s) specified in your
Deferral Election or Re-Deferral Election. 
 (ii)     Continuous Employment Requirement.
Notwithstanding anything in this Paragraph 7 to the contrary, if you incur a Separation from Service prior to the Conversion Date (A) by reason of Retirement, Disability or death and (B) as of the date of your Separation from Service, you
have not been in the continuous employment of the Company or one or more of its 

  

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subsidiaries for the two-year period ending on such Separation from Service, you shall forfeit all rights to all Units granted hereunder as of the date of
such Separation from Service. 
 (b)     On or After Conversion Date. 
 (i)     No Deferral/Re-Deferral Election. If you did not make a Deferral Election or Re-Deferral Election with
respect to such shares and you incur a Separation from Service on or after the Conversion Date by reason of Retirement, Disability or death, such shares of Common Stock, if earned, shall be issued to you, your legal representative or other person
designated by an appropriate court as entitled to take receipt thereof or your Beneficiary, as the case may be, in a lump sum as of the Conversion Date. 
 (ii)     Deferral/Re-Deferral Election—Retirement. If you incur a Separation from Service on or after the Conversion Date by reason of Retirement and you have shares of Common Stock
subject to a Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such shares, if earned, shall be issued to you in accordance with Paragraph 5 as of the Payment Dates(s) specified in your Deferral
Election or Re-Deferral Election. 
 (iii)     Deferral/Re-Deferral Election—Disability. If
you incur a Separation from Service on or after the Conversion Date by reason of Disability and you have shares of Common Stock subject to a Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such
shares, if earned, shall be issued to you, your legal representative or other person designated by an appropriate court as entitled to take receipt thereof, as the case may be, in accordance with Paragraph 5 as of the Payment Date(s) specified in
your Deferral Election or Re-Deferral Election. 
 (iv)     Deferral/Re-Deferral
Election—Death. Notwithstanding anything in this Paragraph 7(b) to the contrary, if your Separation from Service is by reason of death or you die after a Separation from Service by reason of Retirement or Disability, and, in either such
case, you have shares of Common Stock subject to a Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such shares, if earned, shall be issued to your Beneficiary, in accordance with Paragraph 5, in
a lump sum as soon as practicable following the date of your death, regardless of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election. 
 8.     Distribution in the Event of Financial Hardship. 
 (a)     Requirements. If the issuance of shares of Common Stock has been deferred by you pursuant to a Deferral Election or Re-Deferral Election, as the case may be, and such shares have not then been issued to
you, you may submit a written request for an accelerated issuance of such shares in the event you experience an Unforeseeable Financial Emergency. The Hardship Committee shall evaluate any such request as soon as practicable in accordance with
Section 409A. If the Hardship Committee determines in its sole discretion that you are experiencing such an Unforeseeable Financial Emergency, the Hardship Committee shall direct the Company to issue to you, as soon as practicable following
such determination, such number of shares of Common Stock held for your account in the Restricted Stock Trust, provided that the 

  

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value of such shares of Common Stock does not exceed the amount reasonably necessary to satisfy the Unforeseeable Financial Emergency and any federal, state
and local income taxes or penalties reasonably anticipated as a result of such issuance of shares. A distribution on account of an Unforeseeable Financial Emergency shall not be made to the extent to which such Unforeseeable Financial Emergency is,
or may be, relieved through reimbursement or compensation by insurance or otherwise or by liquidation of your assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). 
 (b)     Distribution Procedures. For purposes of this Paragraph 8, the value of the shares of Common Stock shall be calculated
based on the average of the high and low share prices for the Common Stock as reported on the Consolidated Transaction Reporting System on the trading day immediately preceding the date of approval by the Hardship Committee. You must provide
adequate documentation to the Hardship Committee in order to be eligible for the issuance of shares to confirm the amount needed to satisfy the costs related to the Unforeseeable Financial Emergency and the taxes payable on the release of such
shares. If you have elected, pursuant to Paragraph 4, to receive the shares of Common Stock subject to this Agreement in the form of installments, the number of shares issued to you due to the Unforeseeable Financial Emergency pursuant to this
Paragraph 8 shall be deducted from the remaining installments to be issued to you starting with the last in time of such installments scheduled to be issued. 
 9.     Miscellaneous. This Agreement may not be amended except in writing. Neither the existence of the Plan and this Agreement nor the Target Award granted hereby shall create any right to
continue to be employed by the Company or its subsidiaries, and your employment shall continue to be at will and terminable at will by the Company. In the event of a conflict between this Agreement and the Plan, the Plan shall govern;
provided, however, that nothing in this Paragraph 9 shall be construed as requiring that any such conflict be resolved in a manner that the Company determines would be inconsistent with Section 409A or would result in adverse or
unintended tax consequences to you under Section 409A. To the extent that the Committee or the Hardship Committee is authorized to make a determination under this Agreement, all such determinations shall be in the sole discretion of the
Committee, the Hardship Committee or their respective delegates. 
 10.     Definitions and Rules of Construction.

 (a)     Definitions. The following terms have the meanings set forth below: 
 “Agreement” means this Performance Share Award Agreement under the Plan, including each annex attached hereto. 
 “Beneficiary” means one or more individuals or entities (including a trust or estate) designated by you to receive, in the event of your
death, any shares of Common Stock earned and issuable to you pursuant to this Agreement. You may change your Beneficiary by submitting the appropriate form, as determined by the Committee, to the Record Keeper. The last such form submitted prior to
your death with respect to the amounts awarded pursuant to this Agreement received by the Record Keeper shall supersede any prior such form submitted. In the event of your death, the Record Keeper shall attempt to locate your Beneficiary in the
order presented on the appropriate Beneficiary designation form by taking one or more of the 

  

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following actions: first, sending a letter by certified mail to the address of the Beneficiary indicated on the Beneficiary designation form, second, using
the letter-forwarding service offered by the Internal Revenue Service or the Federal Social Security Administration and third, taking any other action that the Committee deems appropriate. If 90 days after the last such action taken by the
Record Keeper, the Record Keeper has not located your Beneficiary, or if you have no Beneficiary (whether due to the death of your Beneficiary or your failure to properly designate your Beneficiary on the appropriate form), your Beneficiary shall be
your estate for purposes of issuing the shares of Common Stock due to you under this Agreement. 
 “Code” means the Internal
Revenue Code of 1986, as amended from time to time, and the rulings, regulations and other guidance thereunder. 
 “Committee” means the Compensation and Benefits Committee of the Board of Directors of the Company. Any action that the Committee is required or permitted to take hereunder may be undertaken by any person to whom the
Committee delegated authority to take such action, and any action by a delegate of the Committee shall, for all purposes hereof, constitute an act of the Committee. 
 “Common Stock” means the common stock of the Company, par value $0.33 1/3 per share. 
 “Company” means Wyeth, a Delaware corporation, and any successor thereto. 
 “Conversion Date”
means the date between January 1, 2009 and March 31, 2009 on which the Committee makes the determination set forth in Paragraph 3(a); provided, however, that for purposes of Paragraph 4(b), Conversion Date shall be deemed to
mean January 1, 2009. 
 “Deferral Election” means your one-time irrevocable deferral election made in accordance with
the terms of Paragraph 4(a) to defer receipt of all of the shares of Common Stock otherwise issuable to you as of the Conversion Date. 
 “Disability” means a Separation from Service by reason of disability for purposes of at least one qualified retirement plan or long-term disability plan maintained by the Company in which you participate. To the extent that
your Disability is not a disability within the meaning of Section 409A, any issuance of shares of Common Stock under this Agreement may be delayed for six months and one day following your Separation from Service in accordance with Paragraph
5(e). 
 “EPS” means the earnings or net income per share of common stock of the Company for 2008, adjusted to exclude the
effect of extraordinary or unusual items of income or expense, all as determined in good faith by the Committee acting in its sole discretion. 
 “EPS Target” shall be the EPS target amount established by the Committee at a meeting to be held no later than March 1, 2008; provided, however, that if for any reason the Committee shall determine that
the EPS Target is no longer a practicable or appropriate measure of financial performance, the Committee may take action to substitute another financial measure as it deems appropriate under the circumstances. 
  

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 “Exchange Act” means the Securities Exchange Act of 1934 (as amended from time to time)
and the rules and regulations promulgated thereunder. 
 “Hardship Committee” means the individual or individuals designated
by the Committee to make all determinations under Paragraph 8. Any action that the Hardship Committee is required or permitted to take hereunder may be undertaken by any person to whom the Hardship Committee delegated authority to take such action,
and any action by a delegate of the Hardship Committee shall, for all purposes hereof, constitute an act of the Hardship Committee. 
 “Payment Date” means the date as of which shares of Common Stock are issued to you in accordance with the terms of this Agreement and any applicable Deferral Election and Re-Deferral Election made by you in accordance with
the terms hereof. 
 “Peer Group” shall consist of those companies listed on ANNEX A attached hereto, which Annex may
be amended from time to time as a result of circumstances (e.g., merger, consolidations, etc.) deemed by the Committee in its sole discretion to warrant such amendment. 
 “Performance Grid” shall be the performance chart established by the Committee at a meeting to be held no later than March 1, 2008, which shall plot the different payout percentage levels at
various EPS Targets achieved; provided, however, that if for any reason the Committee shall determine that the Performance Grid is no longer a practicable or appropriate measure of financial performance, the Committee may take action
to substitute another financial measure as it deems appropriate under the circumstances. 
 “Plan” means the plan identified
on the first page of this Agreement, as the same may be amended from time to time. The terms of the Plan constitute a part of this Agreement. 
 “Record Keeper” means the person or persons identified from time to time by the Committee to be responsible for the day-to-day administration of the Plan. 
 “Re-Deferral Election” means an election made in accordance with Section 409A to delay the payment of all shares of Common Stock
issuable to you pursuant to your Deferral Election or as otherwise described in Paragraph 4(b). 
 “Restricted Stock Trust”
means the trust fund established under the Trust Agreement to accommodate the deferral of issuance of shares of Common Stock represented by Units (and any dividends paid thereon) as provided in Paragraph 4, which trust fund is subject to the claims
of the Company’s general creditors under federal and state law in the event of insolvency of the Company as described in the Trust Agreement. 
 “Retirement” has the meaning set forth in the Plan; provided, however, that if you have not attained age 55 on or before the date of your Separation from Service by reason of Disability, then solely for
purposes of issuance of amounts subject to your Deferral Election or Re-Deferral Election (if any), as the case may be, “Retirement” shall mean the date you attain age 55, unless to do so would result in adverse or unintended tax
consequences to you under Section 409A. 
 “Section 409A” means Section 409A of the Code. 
  

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 “Separation from Service” means a separation from service with the Company and its
Affiliates for purposes of Section 409A. For purposes of this definition, “Affiliate” means any corporation that is in the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Company,
any trade or business that is under common control with the Company (within the meaning of Section 414(c) of the Code), any affiliated service group (within the meaning of Section 414(m) of the Code) of which the Company is a part and any
other entity required to be aggregated with the Company pursuant to Section 414(o) of the Code. 
 “Specified Employee”
means a “specified employee” as defined in Section 409A. 
 “Total Shareholder Return” for any company for
any period shall mean the percentage change in the per-share stock market price of such company’s common stock (or equivalent security) during such period (assuming that each of such company’s per-share dividends are reinvested in such
security at the closing market per-share price as of the dividend payment date), which calculation shall be determined in good faith by the Committee acting in its sole discretion. 
 “Trust Agreement” means the Restricted Stock Trust Agreement, dated as of April 20, 1994, as amended, or any successor agreement
thereto. 
 “TSR Modifier” means a chart, attached hereto as ANNEX C, established by the Committee at a meeting to be
held no later than April 30, 2006, which plots the different modifiers (which may be positive or negative) at TSR Performance Levels achieved; provided, however, that if for any reason the Committee shall determine that the TSR
Modifier for the applicable three-year period is not an accurate measure of the Company’s performance for such three-year period, the Committee may, in its discretion, take action to adjust the percentage modifier in a manner that it deems
appropriate under the circumstances. 
 “TSR Performance Level” means the Company’s ranking, based on its Total
Shareholder Return, compared to the Total Shareholder Return of each member of the Peer Group for the three-year period from January 1, 2006 to December 31, 2008. 
 “Unforeseeable Financial Emergency” means a severe financial hardship to you resulting from (a) a sudden and unexpected illness or
accident of you, your spouse or any of your dependents (as defined in Section 152(a) of the Code), (b) a loss of your property by reason of casualty or (c) such other extraordinary and unforeseeable financial circumstances, arising as
a result of events beyond your control. The definition of Unforeseeable Financial Emergency and the procedures related to payments in connection therewith shall comply with the applicable provisions of Section 409A as reasonably construed by
the Hardship Committee. 
 (b)     Rules of Construction. All references to Paragraphs refer to paragraphs in this
Agreement. The titles to Paragraphs in this Agreement are for convenience of reference only and, in case of any conflict, the text of this Agreement, rather than such titles, shall control. 
 11.     Compliance with Laws. 
 (a)     General Rule. This Agreement shall be governed by the laws of the State of Delaware and any applicable laws of the United States. Notwithstanding anything herein to the 

  

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contrary, the Company shall not be obligated to issue any Units or shares of Common Stock of the Company represented thereby pursuant to this Agreement
unless and until the Company is advised by its counsel that the issuance of such shares through book-entry form by a credit to an account maintained on your behalf, or through a stock certificate representing such shares, is in compliance with all
applicable laws and regulations of governmental authority. The Company shall in no event be obliged to register any securities pursuant to the Securities Act of 1933 (as amended from time to time) or to take any other action in order to cause the
issuance of such shares through book-entry form by a credit to an account maintained on your behalf, or through a stock certificate representing such shares, to comply with any such law or regulation. 
 (b)     Reservation of Rights. The Committee reserves the right, at any time, to (i) amend, modify, cancel or rescind,
without your consent, any or all of the terms and conditions of the Plan and this Agreement or (ii) terminate the Plan, to the extent the Committee determines necessary to (A) comply with any applicable law, regulation, ruling or other
regulatory guidance, including, without limitation, Section 409A, or (B) avoid adverse or unintended tax consequences to you under Section 409A. 
 (c)     Section 16. If you are subject to Section 16 of the Exchange Act, transactions under the Plan and this Agreement are intended to comply with all applicable conditions of
Rule 16b-3 or its successors under the Exchange Act. To the extent any provision of the Plan, this Agreement or action by the Committee involving you is deemed not to comply with an applicable condition of Rule 16b-3, such provision or action
shall be deemed null and void as to you, to the extent permitted by law and deemed advisable by the Committee; provided, however, that no action shall be taken pursuant to this sentence that could result in adverse or unintended tax
consequences to you under Section 409A. Moreover, in the event the Plan or this Agreement does not include a provision required by Rule 16b-3 to be stated therein, such provision (other than one relating to eligibility requirements or the price
and amount of awards as applicable) shall be deemed automatically to be incorporated by reference into the Plan and/or this Agreement insofar as you are concerned, with such incorporation to be deemed effective as of the effective date of such Rule
16b-3 provision. 
 12.     Change of Control. 
 (a)     Vesting. Upon a Change of Control, your Units shall be fully vested. 
 (b)     No Deferral of Compensation. If, as of a Change of Control, your Units do not constitute, either in whole or in part,
a deferral of compensation for purposes of Section 409A, then 30 days after such Change of Control, the shares of Common Stock in settlement of such Units shall be issued, except as otherwise provided in Paragraph 12(d), to you, your legal
representative or other person designated by an appropriate court as entitled to take receipt thereof or your Beneficiary, as the case may be, in accordance with Paragraph 4, in a lump sum. 
 (c)     Deferral of Compensation. If, as of a Change of Control, your Units constitute, either in whole or in part, a deferral
of compensation for purposes of Section 409A or have been cancelled, in whole or in part, pursuant to Paragraph 4(a), then, solely to the extent that such Change of Control is a change of control event within the meaning of Section 409A,
the Committee may, in its discretion, terminate the Plan and, except as otherwise provided in 

  

 -11- 

 
Paragraph 12(d), and without regard to any Deferral Election or Re-Deferral Election, issue in a lump sum to you, your legal representative or other person
designated by an appropriate court as entitled to take receipt thereof or your Beneficiary, as the case may be, in accordance with Paragraph 4, the shares of Common Stock then issuable to you pursuant to this Section 12(c); provided, that, such
issuance shall be at a time and in a manner that will not result in the imposition on you of adverse or unintended tax consequences under Section 409A. 
 (d)     Cash In Lieu of Shares. In lieu of shares of Common Stock issuable pursuant to Paragraphs 12(b) and 12(c), as the case may be, the Committee may, in its sole discretion, distribute
to you an amount, in cash, equal to the value of such shares determined in accordance with Plan provisions. Such amount shall be paid at the time specified in Paragraphs 12(b) and 12(c), as the case may be. 
 13.     Effect of Acknowledgement. In order to receive the award described in this Agreement, you must acknowledge receipt of
the Agreement as soon as reasonably practicable by using the applicable procedure established by the Committee for such purpose. By acknowledging receipt in accordance with this Paragraph 13, you are agreeing to the terms and conditions of this
Agreement and to amendment of any prior award agreement from the Company relating to stock units that were not earned and vested as of December 31, 2004 to incorporate terms and conditions that are substantially similar to those set forth in
this Agreement. 
  

			
	 WYETH

		
	 By:
	 	  
		 	

  

									
	ACCEPTED AND AGREED TO:	 		 	
			
	  	 		 	  
	Name (Please Print)	 		 	Social Security Number
			
	  	 		 	  
	Signature	 		 	Date of Birth

  

 -12- 

 ANNEX A 
 Peer Group 
  

	
	 Abbott Laboratories

	
	 Bristol-Myers Squibb Company

	
	 Eli Lilly and Company

	
	 Johnson & Johnson

	
	 Merck & Co., Inc.

	
	 Pfizer Inc.

	
	 Schering-Plough Corporation

  

 A-1 

 ANNEX B 
 TERMS AND CONDITIONS OF DEFERRAL ELECTIONS 
 AND RE-DEFERRAL ELECTIONS 
 Any Deferral Elections are subject to Paragraph 4(a) of this Agreement and the terms and conditions set forth in this ANNEX B. Capitalized terms not defined in
this ANNEX B have the same meanings as in this Agreement. 
  

	1.	Your Deferral Election applies to all shares of Common Stock earned and issuable under this Agreement and must be made on an election form that conforms to this ANNEX B. Your
Deferral Election must be submitted to the Record Keeper as soon as possible and by no later than 30 days from the date of this Agreement or such shorter period as may be required by Section 409A and communicated to you by the Record Keeper.

  

	2.	Once your completed election form has been submitted in accordance with this Agreement and this ANNEX B, your Deferral Election will be irrevocable. 

 

	3.	All Deferral Elections and Re-Deferral Elections shall conform to Section 409A. Notwithstanding anything to the contrary in this ANNEX B, the Company has the right,
without your prior consent, to amend or modify your Deferral Elections and Re-Deferral Elections (including the time and form of payment) to the extent that the Committee deems necessary to avoid adverse or unintended tax consequences to you under
Section 409A. 

  

	4.	If you elect to make a Deferral Election, you must select either a Short-Term Payout or a Retirement Benefit, as described below. Unless otherwise provided in this Agreement, all of
the shares of Common Stock earned and issuable under this Agreement will be issued as of such Payment Date(s) and delivered to you as soon as practicable thereafter. You cannot elect both a Short-Term Payout and a Retirement Benefit Payout.

  

	 	a.	A Short-Term Payout is a lump-sum distribution of all such shares of Common Stock issued as of the Payment Date you select, which can be no earlier than the first business
day of the month following the date that is three and no more than fifteen years after the Conversion Date. Additionally, the Payment Date for your Short-Term Payout can be no later than the end of the calendar year in which you attain age 80.

  

	 	b.	A Retirement Benefit is a distribution of all such shares of Common Stock in the form of either a lump sum or annual installments (over 3 to 15 years) issued as of the first
business day of the month following your Retirement or a later date that is one or more years after your Retirement. To the extent permitted by Section 409A, installments will be treated as a single payment form. You must elect a Payment Date
that results in all shares earned and issuable under this Agreement being issued to you no later than the end of the calendar year in which you attain age 80. Any earned and unissued shares will be issued to you by the end of such calendar year,
notwithstanding your election. 

  

 B-1 

	5.	The following additional rules apply to Deferral Elections and Re-Deferral Elections: 

  

	 	a.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement as a Retirement Benefit issued in installments, each
installment after the first installment will be paid on the first business day of the month following the anniversary of your Retirement. 

  

	 	b.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement as a Retirement Benefit issued in installments, and the
first installment is delayed pursuant to Paragraph 5(e), such installment shall be issued as of the first business day of the month following the six-month anniversary of your Separation from Service. The second installment shall be issued as of the
first business day of the month following the first anniversary of your Separation from Service. 

  

	 	c.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement in a Short-Term Payout, you may make a subsequent
Re-Deferral Election to the extent permitted by Paragraph 4(b) with respect to such shares, as long as you are an active employee of the Company or its subsidiaries at the time of such subsequent Re-Deferral Election. 

  

	 	d.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement as a Retirement Benefit, you may make a subsequent
Re-Deferral Election to the extent permitted by Paragraph 4(b) with respect to such shares, as long as (x) issuance of the shares subject to your Deferral Election or prior Re-Deferral Election has not commenced at the time of such
subsequent Re-Deferral Election and (y) if, prior to such subsequent Re-Deferral Election, you incurred a Separation of Service, it was by reason of Retirement. 

  

	 	e.	If you make a Deferral Election or Re-Deferral Election to receive a Retirement Benefit and incur a Separation from Service by reason of Retirement: prior to the Conversion Date and
have been, as of the date of such Separation from Service, in the continuous employment of the Company or one or more of its subsidiaries for at least two consecutive years, the shares of Common Stock earned and issuable under this Agreement subject
to your Deferral Election or Re-Deferral Election will be issued in the form (installments or lump sum) elected by you in the Deferral Election or Re-Deferral Election, as the case may be and, subject to Paragraph 5(e), as of the later of
(A) the Payment Date(s) specified in your Deferral Election or Re-Deferral Election, as the case may be, and (B) the Conversion Date. 

  

 B-2 

 ANNEX C 
 TSR Modifier 
  

			
	TSR Performance Level	  	Percentage Points By Which TSR Modifier Will Modify Award Based on EPS Target Achieved
		
	Top 2 Ranking	  	Increase by 25 Percentage Points to a maximum of 200% of the Award.
		
	Middle 4 Ranking	  	No Modification
		
	Bottom 2 Ranking	  	Decrease by 25 Percentage Points, except if EPS Target Achieved would yield between 150% and 200% of Award, then Award will be reduced on a sliding scale between 25 and 50 Percentage
Points

  

 C-1Form of Performance Share Award Agreement (Replacement outstanding 2005 awards)

 Exhibit 10.6 
 WYETH 
 PERFORMANCE SHARE AWARD AGREEMENT 
 UNDER THE WYETH [    ] STOCK INCENTIVE PLAN 
 DATE OF GRANT_____________ 
 NUMBER OF SHARES SUBJECT 
 TO TARGET AWARD: [####] 
 ____________________________ 
 Name 
 Address 1 
 Address 2 
 The Company hereby awards you a performance share award consisting of stock units (the “Units”)
representing shares of Common Stock in the amount set forth above (the “Target Award”). The Units are subject to the terms and restrictions set forth in the Plan and this Agreement. Each Unit corresponds to one share of Common
Stock. Upon the full or partial satisfaction by the Company of certain performance criteria described in Paragraph 3, the Units shall be converted into shares of Common Stock on the terms and conditions set forth herein. Capitalized words not
otherwise defined in the text of this Agreement or in Paragraph 10 shall have the same meanings as in the Plan. 
 By signing this Agreement
(or otherwise acknowledging, as instructed, your agreement thereto), you acknowledge and agree that: 
  

	 	•	 	You have received a copy of the Plan. 

  

	 	•	 	You have read and understand the terms of the Plan and this Agreement. 

  

	 	•	 	The Company has the right, without your prior consent, to amend or modify the terms of the Plan or this Agreement to the extent that the Committee deems it necessary to avoid
adverse or unintended tax consequences to you under Section 409A. Such amendments or modifications may limit or eliminate certain rights otherwise available to you under the Plan and/or this Agreement. 

 1.     No Stockholder Rights Until Issuance of Shares. No shares of Common Stock represented by the Units will be earmarked
for you or your account, and you will not have any of the rights of a stockholder with respect to such shares until such time as the shares are issued to you in accordance with the terms of this Agreement. 
 2.     No Transfer of Units. You may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Units granted
hereunder. 

 3.     Conversion to Common Stock. 
 (a)     EPS Conversion Date. At a meeting of the Committee to be held within 90 days after the end of 2007, the Committee
shall compare the EPS with the EPS Target for 2007 set by the Committee at the beginning of 2007, the performance year. If the Committee determines that the minimum EPS Target has been achieved as set forth on the Performance Grid adopted by the
Committee at the beginning of such performance year, then, subject to your applicable Deferral Election or Re-Deferral Election, as the case may be, the percentage of Units corresponding to the EPS Target achieved as set forth on the Performance
Grid shall be converted, as of the EPS Conversion Date, into Common Stock (up to a maximum of 200% of the Target Award), and all rights with respect to the remaining portion of such Target Award (up to a maximum of 100% of the Target Award, if any)
shall be governed by Paragraph 3(b) and Paragraph 3(c). 
 (b)     TSR Determination Date. In the event that less
than 100% of the Target Award is converted to Common Stock as of the EPS Conversion Date pursuant to Paragraph 3(a) above, then up to 100% of the Units represented by such Target Award that were not converted shall be eligible for subsequent
conversion to shares of Common Stock as provided in this Paragraph 3(b). At a meeting of the Committee to be held within 90 days after the end of 2009, the Committee shall determine the Total Shareholder Return of the Company and of each member of
the Peer Group, and shall rank them comparatively, for the three-year period beginning January 1 2007 ending December 31, 2009 and, if the Company ranks within the highest three for such period, then, subject to your Deferral Election or
Re-Deferral Election, as the case may be, the Units representing 100% of the Target Award that were not previously converted shall be converted to Common Stock as of the TSR Determination Date. 
 (c)     Forfeiture of Units. If the Company does not rank in the highest three of the Peer Group, then any Units not
previously settled as of the EPS Conversion Date shall be immediately forfeited as of the date of the Committee’s determination under Paragraph 3(b), and all rights with respect thereto shall be surrendered to the Company. Notwithstanding
anything in this Agreement to the contrary, upon your forfeiture for any reason of all rights to the Units granted hereunder, such Units shall, for all purposes of the Plan and this Agreement, be deemed terminated and without further force or effect
as of the date of such forfeiture. 
 (d)     Rounding. The number of Units settled in accordance with the
calculations described in Paragraphs 3(a) and 3(b) shall be rounded to the nearest whole number. 
 4.     Deferral
Elections and Re-Deferral Elections. 
 (a)     Deferral Elections. You are eligible to make a Deferral
Election to defer the issuance to you of all of the shares of Common Stock otherwise issuable to you as of the EPS Conversion Date or the TSR Determination Date, as the case may be. To make a Deferral Election, you must complete an election form
approved by the Committee that conforms to the terms of the attached ANNEX B, and return or otherwise submit such form to the Record Keeper as soon as possible after the date hereof, or a shorter period as may be required by applicable law
and communicated to you by the Committee. All Deferral Elections must comply with the applicable procedures established by the Committee from time to time. If you make such a Deferral Election (or a Re-Deferral 

  

 -2- 

 
Election pursuant to Paragraph 4(b)), then, as of the EPS Conversion Date and/or the TSR Determination Date, as the case may be, the following shall apply:
(i) the Units that would have been earned as of the EPS Conversion Date or the TSR Determination Date, as the case may be, shall be cancelled; (ii) in exchange for such cancelled Units, you will have a future right to receive a number of
shares of Common Stock equal to the number of Units so cancelled, subject to Paragraph 5(d); and (iii) as of the EPS Conversion Date and/or TSR Determination Date, as the case may be, the Company shall contribute to the Restricted Stock Trust,
subject to Paragraph 5(d), a number of shares of Common Stock equal to the number of Units cancelled, which shares shall be used to satisfy the Company’s payment obligations to you under your Deferral Election and this Agreement, and such
shares shall be issued to you as of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election, as the case may be, subject to Paragraphs 6, 7, 8 or 12. Notwithstanding anything in this Paragraph 4(a) to the contrary, if the
Committee determines that a Deferral Election is not made within the timeframe required by Section 409A, such election shall be cancelled and the shares (if any) issuable to you under the Agreement will be issued as of the EPS Conversion Date
and/or TSR Determination Date, as the case may be, pursuant Paragraph 3(a) and Paragraph 3(b). 
 (b)     Re-Deferral
Elections. You may, in accordance with procedures established from time to time by the Committee, also make a Re-Deferral Election with respect to all of the shares of Common Stock earned or eligible to be earned by you under this Agreement,
even if you do not make a Deferral Election pursuant to Section 4(a). Any such Re-Deferral Election (i) must be in accordance with the provisions of Section 409A (as reasonably interpreted by the Committee), (ii) must be made in
writing (unless otherwise instructed by the Company) and received by the Record Keeper at least one year prior to the Payment Date then in effect previously specified in your Deferral Election (or prior Re-Deferral Election) or established under the
terms of this Agreement or, if a Deferral Election or a prior Re-Deferral Election is not in effect, at least one year prior to the EPS Conversion Date and/or TSR Determination Date, as the case may be and (iii) must delay issuance of the
shares of Common Stock otherwise issuable to you under this Agreement for a period of not less than five years from such Payment Date or, if a Deferral Election or a prior Re-Deferral Election is not in effect, five years from the EPS Conversion
Date and/or TSR Determination Date, as the case may be. To the extent that a Payment Date is delayed pursuant to Paragraph 7(a)(i)(B), (C) or (D) or Paragraph 7(c)(ii)(B), (iii) or (iv), the one-year period referenced in clause
(ii) and the five-year period referenced in clause (iii) of this Paragraph 4(b) shall be measured from the EPS Conversion Date or TSR Determination Date, as the case may be. Notwithstanding anything in this Agreement to the contrary,
(A) a Re-Deferral Election will be permitted or honored solely to the extent that such election will not result in adverse or unintended tax consequences to you under Section 409A and (B) issuance of amounts subject to an applicable
Re-Deferral Election shall not occur prior to the Payment Date(s) set forth in your Re-Deferral Election solely to the extent necessary to avoid adverse or unintended tax consequences to you under Section 409A. 
 5.     Issuance and Delivery of Shares of Common Stock; Withholding. 
 (a)     Method of Issuance; Time of Delivery; Stockholder Rights. As soon as practicable after a Payment Date, all shares of
Common Stock, if any, earned by you under this Agreement that are to be issued to you as of such Payment Date shall be delivered either through book-entry form as a credit to an account maintained in your name or through the issuance of a stock

  

 -3- 

 
certificate representing such shares of Common Stock free of any restrictive legend, other than as may be required by applicable securities laws. Upon such
issuance, you shall be the record owner of such shares and shall be entitled to all of the rights of a stockholder of the Company, including the right to vote and the right to receive dividends. 
 (b)     No Deferral Election. If you do not make a Deferral Election or Re-Deferral Election, the shares of Common Stock to be
issued to you pursuant to this Agreement shall be issued to you, if earned, as of the EPS Conversion Date or TSR Determination Date, as the case may be, subject to Paragraphs 6, 7 or 12, and delivered to you in a lump sum as soon as practicable
after the EPS Conversion Date and/or TSR Determination Date, as the case may be. 
 (c)     Deferral Election. If
you make a Deferral Election or Re-Deferral Election, the shares of Common Stock to be issued to you, if earned, pursuant to this Agreement shall be issued to you as of the Payment Date(s) specified in such Deferral Election or Re-Deferral Election,
subject to Paragraphs 6, 7, 8 or 12, and delivered to you as soon as practicable after such Payment Date(s). 
 (d)    
Amounts to Be Withheld. The number of shares of Common Stock that shall be issued to you (either directly from the Company pursuant to this Paragraph 5 or from the Restricted Stock Trust) as of a Payment Date(s) shall be (i) the number
of such shares that would have been issued as of the Payment Date in the absence of this Paragraph 5(d) minus (ii) the number of whole shares of Common Stock necessary to satisfy (A) the minimum federal, state and local income tax
withholding obligations that are imposed on the Company by applicable law in respect of the issuance of such award, (B) other tax withholding obligations (e.g., Social Security and Medicare) that may be due from time to time under applicable
law (and that may be satisfied by the reduction effected hereby in the number of issuable shares) and, if a Deferral Election or a Re-Deferral Election is in effect, the additional income tax withholding obligations attributable to the wages
included in income under Section 3401 of the Code and (C) any administrative fees that may be imposed by the Company, in each case, it being understood that the value of the shares referred to in clause (ii) above shall be determined,
for the purposes of satisfying the obligations set forth in this Paragraph 5(d) and determining your income related to such award, on the basis of the average of the high and low per-share prices for the Common Stock as reported on the Consolidated
Transaction Reporting System on the trading day immediately preceding the designated date of issuance or as otherwise determined in Paragraph 8, or on such other reasonable basis for determining fair market value as the Committee may from time to
time adopt. Shares of Common Stock may also be issued and withheld at the time Social Security, Medicare and other wage withholding taxes are due. Notwithstanding anything in this Paragraph 5(d) to the contrary, the number of shares described in
clause (i)(A) through (i)(C) above shall not exceed the aggregate amount due for Social Security and Medicare taxes and the income tax withholding related to such amount. 
 (e)     Compliance with Section 409A. To the extent that the shares of Common Stock, if any, issuable to you under this Agreement are to be issued in connection with your Separation
from Service (for any reason other than death) during the period beginning on your Separation from Service and ending on the six-month anniversary of such date and, at the time of such Separation from Service, you are a Specified Employee, then,
solely to the extent the Committee determines necessary to avoid adverse or unintended tax consequences to you under Section 

  

 -4- 

 
409A, such issuance shall be delayed until the first business day of the month following the six-month anniversary of your Separation from Service.

 6.     Separation from Service Other than by Reason of Retirement, Disability or Death; Forfeiture; Default
Payment. 
 (a)     Prior to EPS Conversion Date. If you incur a Separation from Service prior to the EPS
Conversion Date for any reason other than Retirement, Disability or death, you shall forfeit all rights to all Units granted hereunder. 
 (b)     On or After TSR Determination Date. If you incur a Separation from Service on or after the TSR Determination Date for any reason other than Retirement, Disability or death, the shares that are earned under
this Agreement, but have not then been issued to you, shall be issued to you in accordance with Paragraph 5 as of the Payments Date(s) specified below: 
 (i)     No Deferral/Re-Deferral Election. If you did not make a Deferral Election or Re-Deferral Election, as the case may be, the shares of Common Stock shall be issued in a lump sum as of
the TSR Determination Date. 
 (ii)     Deferral/Re-Deferral Election. If you made a Deferral
Election or Re-Deferral Election with respect to the shares earned under this Agreement, the shares subject to your Deferral Election or Re-Deferral Election, as the case may be, that are earned but have not then been issued to you shall be issued
to you, in accordance with Paragraph 5, in a lump sum as of the first business day of the month following the date of such Separation from Service, regardless of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election.

 (c)     On or After EPS Conversion Date but Prior to TSR Determination Date. If you incur a Separation from
Service on or after the EPS Conversion Date but prior to the TSR Determination Date for any reason other than Retirement, Disability or death, the following shall apply with respect to all Units granted hereunder: 
 (i)     Forfeiture. You shall forfeit all rights to all such Units that would otherwise be converted to shares
of Common Stock pursuant to Paragraph 3(b); and 
 (ii)     Issuance. The shares of Common Stock,
if any, issuable to you in respect of the EPS Conversion Date pursuant to Paragraph 3(a) that have not then been issued shall be issued, in accordance with Paragraph 5, in a lump sum as of the EPS Conversion Date, regardless of any Payment Date(s)
that may be specified in your Deferral Election or Re-Deferral Election. 
 7.     Separation from Service by Reason
of Retirement, Disability or Death. 
 (a)     Prior to EPS Conversion Date. 
 (i)     Issuance of Shares. If you incur a Separation from Service prior to the EPS Conversion Date
(A) by reason of Retirement, Disability or death and (B) as of the date of such Separation from Service, you have been in the continuous employment of the Company or one or 

  

 -5- 

 
more of its subsidiaries for the two-year period ending on the date of such Separation from Service, the Units granted hereunder shall remain outstanding and
shall be settled in accordance with Paragraph 3 and the shares of Common Stock in settlement of such Units, if earned, shall be issued in accordance with Paragraph 5 as of the Payments Date(s) specified below: 
 (A)     No Deferral/Re-Deferral Election. If you did not make a Deferral Election or Re-Deferral Election, as
the case may be, with respect to such shares, the shares of Common Stock shall be issued to you, your legal representative or other person designated by an appropriate court as entitled to take receipt thereof or your Beneficiary, as the case may
be, in a lump sum as of the EPS Conversion Date and/or TSR Determination Date, as the case may be. 
 (B)     Deferral/Re-Deferral Election—Retirement. If you made a Deferral Election or Re-Deferral Election, as the case may be, with respect to such shares and the Separation from Service is by reason of
Retirement, the shares subject to such Deferral Election or Re-Deferral Election shall be issued to you in the form (lump sum or installments) elected by you in the Deferral Election or Re-Deferral Election, as the case may be, as of the later of
(x) the Payment Date(s) specified in your Deferral Election or Re-Deferral Election, and (y) the EPS Conversion Date and/or TSR Determination Date, as the case may be. 
 (C)     Deferral/Re-Deferral Election—Disability. If you made a Deferral Election or Re-Deferral
Election, as the case may be, with respect to such shares and the Separation from Service is by reason of Disability, the shares subject to such Deferral Election or Re-Deferral Election shall be issued in accordance with Paragraph 7(a)(i)(B) to
you, your legal representative or other person designated by an appropriate court as entitled to take receipt thereof, as the case may be. 
 (D)     Deferral/Re-Deferral Election—Death. Notwithstanding anything in this Paragraph 7(a) to the contrary, if your Separation from Service is by reason of death or you die after a
Separation from Service by reason of Retirement or Disability and, in either such case, you have shares of Common Stock subject to a Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such shares
shall be issued to your Beneficiary in a lump sum as of the EPS Conversion Date and/or TSR Determination Date, as the case may be, regardless of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election. 
 (ii)     Continuous Employment Requirement. Notwithstanding anything in this Paragraph 7 to the contrary, if
you incur a Separation from Service prior to the EPS Conversion Date (A) by reason of Retirement, Disability or death and (B) as of the date of your Separation from Service, you have not been in the continuous employment of the Company or
one or more of its subsidiaries for the two-year period ending on such Separation from Service, you shall forfeit all rights to all Units granted hereunder as of the date of such Separation from Service. 
  

 -6- 

 (b)     On or After TSR Determination Date. 
 (i)     No Deferral/Re-Deferral Election. If you did not make a Deferral Election or Re-Deferral Election with
respect to such shares and you incur a Separation from Service on or after the TSR Determination Date by reason of Retirement, Disability or death, such shares of Common Stock, if earned, shall be issued to you, your legal representative or other
person designated by an appropriate court as entitled to take receipt thereof or your Beneficiary, as the case may be, in a lump sum as of the TSR Determination Date. 
 (ii)     Deferral/Re-Deferral Election—Retirement. If you incur a Separation from Service on or after the
TSR Determination Date by reason of Retirement and you have shares of Common Stock subject to a Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such shares, if earned, shall be issued to you in
accordance with Paragraph 5 as of the Payment Dates(s) specified in your Deferral Election or Re-Deferral Election. 
 (iii)     Deferral/Re-Deferral Election—Disability. If you incur a Separation from Service on or after the TSR Determination Date by reason of Disability and you have shares of Common Stock subject to a
Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such shares, if earned, shall be issued to you, your legal representative or other person designated by an appropriate court as entitled to take
receipt thereof, as the case may be, in accordance with Paragraph 5 as of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election. 
 (iv)     Deferral/Re-Deferral Election—Death. Notwithstanding anything in this Paragraph 7(b) to the contrary, if your Separation from Service is by reason of death or you die after a
Separation from Service by reason of Retirement or Disability, and, in either such case, you have shares of Common Stock subject to a Deferral Election or Re-Deferral Election, as the case may be, that have not then been issued to you, such shares,
if earned, shall be issued to your Beneficiary, in accordance with Paragraph 5, in a lump sum as soon as practicable following the date of your death, regardless of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election.

 (c)     On or After EPS Conversion Date but Prior to TSR Determination Date. If you incur a Separation from
Service on or after the EPS Conversion Date but prior to the TSR Determination Date by reason of Retirement, Disability or death, all Units granted hereunder that have not then been settled shall remain outstanding and shall be settled in accordance
with Paragraph 3 and the shares of Common Stock in settlement of such Units, if earned, shall be issued in accordance with Paragraph 5 as of the Payments Date(s) specified below: 
 (i)     No Deferral/Re-Deferral Election. If you did not make a Deferral Election or Re-Deferral Election with
respect to such shares, the shares of Common Stock that have not then been issued to you shall be issued to you, your legal representative or other person designated by an appropriate court as entitled to take receipt thereof or your Beneficiary, as
the case may be, in a lump sum as of (A) the EPS Conversion Date and/or (B) the TSR Determination Date, as the case may be. 
  

 -7- 

 (ii)     Deferral/Re-Deferral Election—Retirement. If you
made a Deferral Election or Re-Deferral Election with respect to such shares and the Separation from Service is by reason of Retirement, such shares shall be issued to you as follows: 
 (A)     shares issuable in respect of the EPS Conversion Date shall be issued to you as of the Payment Date(s)
specified in your Deferral Election or Re-Deferral Election, as the case may be. 
 (B)     shares
issuable in respect of the TSR Determination Date shall be issued to you in the form (lump sum or installments) elected by you in your Deferral Election or Re-Deferral Election, as the case may be, as of the later of (x) the Payment Date(s)
specified in your Deferral Election or Re-Deferral Election and (y) the TSR Determination Date. 
 (iii)     Deferral/Re-Deferral Election—Disability. If you made a Deferral Election or Re-Deferral Election with respect to such shares and the Separation from Service is by reason of Disability, the shares
shall be issued to you, your legal representative or other person designated by an appropriate court, as the case may be, in accordance with Paragraph 7(c)(ii). 
 (iv)     Deferral/Re-Deferral Election—Death. Notwithstanding anything in this Paragraph 7(c) to the
contrary, if your Separation from Service is by reason of death or you die after a Separation from Service by reason of Retirement or Disability, and, in either such case, you have shares of Common Stock subject to a Deferral Election or Re-Deferral
Election, as the case may be, that have not then been issued to you, such shares shall be issued to your Beneficiary in a lump sum as of the later of (x) as soon as practicable following the date of your death and (y) the EPS Conversion
Date and/or the TSR Determination Date, as the case may be, regardless of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election. 
 8.     Distribution in the Event of Financial Hardship. 
 (a)     Requirements. If the issuance of shares of Common Stock has been deferred by you pursuant to a Deferral Election or Re-Deferral Election, as the case may be, and such shares have not then been issued to
you, you may submit a written request for an accelerated issuance of such shares in the event you experience an Unforeseeable Financial Emergency. The Hardship Committee shall evaluate any such request as soon as practicable in accordance with
Section 409A. If the Hardship Committee determines in its sole discretion that you are experiencing such an Unforeseeable Financial Emergency, the Hardship Committee shall direct the Company to issue to you, as soon as practicable following
such determination, such number of shares of Common Stock held for your account in the Restricted Stock Trust, provided that the value of such shares of Common Stock does not exceed the amount reasonably necessary to satisfy the Unforeseeable
Financial Emergency and any federal, state and local income taxes or penalties reasonably anticipated as a result of such issuance of shares. A distribution on account of an Unforeseeable Financial Emergency shall not be made to the extent to which
such Unforeseeable Financial Emergency is, or may be, relieved through reimbursement or 
  

 -8- 

 
compensation by insurance or otherwise or by liquidation of your assets (to the extent the liquidation of such assets would not itself cause severe financial
hardship). 
 (b)     Distribution Procedures. For purposes of this Paragraph 8, the value of the shares of Common
Stock shall be calculated based on the average of the high and low share prices for the Common Stock as reported on the Consolidated Transaction Reporting System on the trading day immediately preceding the date of approval by the Hardship
Committee. You must provide adequate documentation to the Hardship Committee in order to be eligible for the issuance of shares to confirm the amount needed to satisfy the costs related to the Unforeseeable Financial Emergency and the taxes payable
on the release of such shares. If you have elected, pursuant to Paragraph 4, to receive the shares of Common Stock subject to this Agreement in the form of installments, the number of shares issued to you due to the Unforeseeable Financial Emergency
pursuant to this Paragraph 8 shall be deducted from the remaining installments to be issued to you starting with the last in time of such installments scheduled to be issued. 
 9.     Miscellaneous. This Agreement may not be amended except in writing. Neither the existence of the Plan and this
Agreement nor the Target Award granted hereby shall create any right to continue to be employed by the Company or its subsidiaries, and your employment shall continue to be at will and terminable at will by the Company. In the event of a conflict
between this Agreement and the Plan, the Plan shall govern; provided, however, that nothing in this Paragraph 9 shall be construed as requiring that any such conflict be resolved in a manner that the Company determines would be
inconsistent with Section 409A or would result in adverse or unintended tax consequences to you under Section 409A. To the extent that the Committee or the Hardship Committee is authorized to make a determination under this Agreement, all
such determinations shall be in the sole discretion of the Committee, the Hardship Committee or their respective delegates. 
 10.     Definitions and Rules of Construction. 
 (a)     Definitions. The
following terms have the meanings set forth below: 
 “Agreement” means this Performance Share Award Agreement under the
Plan, including each annex attached hereto. 
 “Beneficiary” means one or more individuals or entities (including a trust or
estate) designated by you to receive, in the event of your death, any shares of Common Stock earned and issuable to you pursuant to this Agreement. You may change your Beneficiary by submitting the appropriate form, as determined by the Committee,
to the Record Keeper. The last such form submitted prior to your death with respect to the amounts awarded pursuant to this Agreement received by the Record Keeper shall supersede any prior such form submitted. In the event of your death, the Record
Keeper shall attempt to locate your Beneficiary in the order presented on the appropriate Beneficiary designation form by taking one or more of the following actions: first, sending a letter by certified mail to the address of the Beneficiary
indicated on the Beneficiary designation form, second, using the letter-forwarding service offered by the Internal Revenue Service or the Federal Social Security Administration and third, taking any other action that the Committee deems
appropriate. If 90 days after the last such action taken by the Record Keeper, the Record Keeper has not located your Beneficiary, or if 

  

 -9- 

 
you have no Beneficiary (whether due to the death of your Beneficiary or your failure to properly designate your Beneficiary on the appropriate form), your
Beneficiary shall be your estate for purposes of issuing the shares of Common Stock due to you under this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings, regulations and other guidance thereunder. 
 “Committee” means the Compensation and Benefits Committee of the Board of Directors of the Company. Any action that the Committee is required or permitted to take hereunder may be undertaken by any
person to whom the Committee delegated authority to take such action, and any action by a delegate of the Committee shall, for all purposes hereof, constitute an act of the Committee. 
 “Common Stock” means the common stock of the Company, par value $0.33 1/3 per share. 
 “Company” means Wyeth, a Delaware corporation, and any successor thereto. 
 “Deferral Election” means your one-time irrevocable deferral election made in accordance with the terms of Paragraph 4(a) to defer
receipt of all of the shares of Common Stock otherwise issuable to you as of the EPS Conversion Date and/or the TSR Determination Date, as the case may be. 
 “Disability” means a Separation from Service by reason of disability for purposes of at least one qualified retirement plan or long-term disability plan maintained by the Company in which you
participate. To the extent that your Disability is not a disability within the meaning of Section 409A, any issuance of shares of Common Stock under this Agreement may be delayed for six months and one day following your Separation from Service
in accordance with Paragraph 5(e). 
 “EPS” means the earnings or net income per share of common stock of the Company for
2007, adjusted to exclude the effect of extraordinary or unusual items of income or expense, all as determined in good faith by the Committee acting in its sole discretion. 
 “EPS Conversion Date” means the date between January 1, 2008 and March 31, 2008 on which the Committee makes the determination
set forth in Paragraph 3(a); provided, however, that solely for purposes of Paragraph 4(b), EPS Conversion Date shall be deemed to mean January 1, 2008. 
 “EPS Target” shall be the EPS target amount established by the Committee at a meeting to be held no later than March 1, 2007;
provided, however, that if for any reason the Committee shall determine that the EPS Target is no longer a practicable or appropriate measure of financial performance, the Committee may take action to substitute another financial
measure as it deems appropriate under the circumstances. 
 “Exchange Act” means the Securities Exchange Act of 1934 (as
amended from time to time) and the rules and regulations promulgated thereunder. 
  

 -10- 

 “Hardship Committee” means the individual or individuals designated by the Committee to
make all determinations under Paragraph 8. Any action that the Hardship Committee is required or permitted to take hereunder may be undertaken by any person to whom the Hardship Committee delegated authority to take such action, and any action by a
delegate of the Hardship Committee shall, for all purposes hereof, constitute an act of the Hardship Committee. 
 “Payment
Date” means the date as of which shares of Common Stock are issued to you in accordance with the terms of this Agreement and any applicable Deferral Election and Re-Deferral Election made by you in accordance with the terms hereof.

 “Peer Group” shall consist of those companies listed on ANNEX A attached hereto, which Annex may be amended from
time to time as a result of circumstances (e.g., merger, consolidations, etc.) deemed by the Committee in its sole discretion to warrant such amendment. 
 “Performance Grid” shall be the performance chart established by the Committee at a meeting to be held no later than March 1, 2007, which shall plot the different payout percentage levels at
various EPS Targets achieved; provided, however, that if for any reason the Committee shall determine that the Performance Grid is no longer a practicable or appropriate measure of financial performance, the Committee may take action
to substitute another financial measure as it deems appropriate under the circumstances. 
 “Plan” means the plan identified
on the first page of this Agreement, as the same may be amended from time to time. The terms of the Plan constitute a part of this Agreement. 
 “Record Keeper” means the person or persons identified from time to time by the Committee to be responsible for the day-to-day administration of the Plan. 
 “Re-Deferral Election” means an election made in accordance with Section 409A to delay the payment of all shares of Common Stock
issuable to you pursuant to your Deferral Election or as otherwise described in Paragraph 4(b). 
 “Restricted Stock Trust”
means the trust fund established under the Trust Agreement to accommodate the deferral of issuance of shares of Common Stock represented by Units (and any dividends paid thereon) as provided in Paragraph 4, which trust fund is subject to the claims
of the Company’s general creditors under federal and state law in the event of insolvency of the Company as described in the Trust Agreement. 
 “Retirement” has the meaning set forth in the Plan; provided, however, that if you have not attained age 55 on or before the date of your Separation from Service by reason of Disability, then solely for
purposes of issuance of amounts subject to your Deferral Election or Re-Deferral Election (if any), as the case may be, “Retirement” shall mean the date you attain age 55, unless to do so would result in adverse or unintended tax
consequences to you under Section 409A. 
 “Section 409A” means Section 409A of the Code. 
 “Separation from Service” means a separation from service with the Company and its Affiliates for purposes of Section 409A. For
purposes of this definition, “Affiliate” means any corporation that is in the same controlled group of corporations (within the meaning of Section 

  

 -11- 

 
414(b) of the Code) as the Company, any trade or business that is under common control with the Company (within the meaning of Section 414(c) of the
Code), any affiliated service group (within the meaning of Section 414(m) of the Code) of which the Company is a part and any other entity required to be aggregated with the Company pursuant to Section 414(o) of the Code. 
 “Specified Employee” means a “specified employee” as defined in Section 409A. 
 “Total Shareholder Return” for any company for any period shall mean the percentage change in the per-share stock market price of such
company’s common stock (or equivalent security) during such period (assuming that each of such company’s per-share dividends are reinvested in such security at the closing market per-share price as of the dividend payment date), which
calculation shall be determined in good faith by the Committee acting in its sole discretion. 
 “Trust Agreement” means the
Restricted Stock Trust Agreement, dated as of April 20, 1994, as amended, or any successor agreement thereto. 
 “TSR
Determination Date” means the date between January 1, 2010 and March 31, 2010 on which the Committee makes the determination set forth in Paragraph 3(b); provided, however, that solely for the purposes of Paragraph
4(b), TSR Determination Date shall be deemed to mean January 1, 2010. 
 “Unforeseeable Financial Emergency” means a
severe financial hardship to you resulting from (a) a sudden and unexpected illness or accident of you, your spouse or any of your dependents (as defined in Section 152(a) of the Code), (b) a loss of your property by reason of
casualty or (c) such other extraordinary and unforeseeable financial circumstances, arising as a result of events beyond your control. The definition of Unforeseeable Financial Emergency and the procedures related to payments in connection
therewith shall comply with the applicable provisions of Section 409A as reasonably construed by the Hardship Committee. 
 (b)     Rules of Construction. All references to Paragraphs refer to paragraphs in this Agreement. The titles to Paragraphs in this Agreement are for convenience of reference only and, in case of any conflict, the
text of this Agreement, rather than such titles, shall control. 
 11.     Compliance with Laws. 
 (a)     General Rule. This Agreement shall be governed by the laws of the State of Delaware and any applicable laws of the
United States. Notwithstanding anything herein to the contrary, the Company shall not be obligated to issue any Units or shares of Common Stock of the Company represented thereby pursuant to this Agreement unless and until the Company is advised by
its counsel that the issuance of such shares through book-entry form by a credit to an account maintained on your behalf, or through a stock certificate representing such shares, is in compliance with all applicable laws and regulations of
governmental authority. The Company shall in no event be obliged to register any securities pursuant to the Securities Act of 1933 (as amended from time to time) or to take any other action in order to cause the issuance of such shares through
book-entry form by a credit to an account maintained on your behalf, or through a stock certificate representing such shares, to comply with any such law or regulation. 
  

 -12- 

 (b)     Reservation of Rights. The Committee reserves the right, at any time,
to (i) amend, modify, cancel or rescind, without your consent, any or all of the terms and conditions of the Plan and this Agreement or (ii) terminate the Plan, to the extent the Committee determines necessary to (A) comply with any
applicable law, regulation, ruling or other regulatory guidance, including, without limitation, Section 409A, or (B) avoid adverse or unintended tax consequences to you under Section 409A. 
 (c)     Section 16. If you are subject to Section 16 of the Exchange Act, transactions under the Plan and this
Agreement are intended to comply with all applicable conditions of Rule 16b-3 or its successors under the Exchange Act. To the extent any provision of the Plan, this Agreement or action by the Committee involving you is deemed not to comply
with an applicable condition of Rule 16b-3, such provision or action shall be deemed null and void as to you, to the extent permitted by law and deemed advisable by the Committee; provided, however, that no action shall be taken
pursuant to this sentence that could result in adverse or unintended tax consequences to you under Section 409A. Moreover, in the event the Plan or this Agreement does not include a provision required by Rule 16b-3 to be stated therein, such
provision (other than one relating to eligibility requirements or the price and amount of awards as applicable) shall be deemed automatically to be incorporated by reference into the Plan and/or this Agreement insofar as you are concerned, with such
incorporation to be deemed effective as of the effective date of such Rule 16b-3 provision. 
 12.     Change of
Control. 
 (a)     Vesting. Upon a Change of Control, your Units shall be fully vested. 
 (b)     No Deferral of Compensation. If, as of a Change of Control, your Units do not constitute, either in whole or in part,
a deferral of compensation for purposes of Section 409A, then 30 days after such Change of Control, the shares of Common Stock in settlement of such Units equal to 100% of the Target Award shall be issued, except as otherwise provided in
Paragraph 12(d), to you, your legal representative or other person designated by an appropriate court as entitled to take receipt thereof or your Beneficiary, as the case may be, in accordance with Paragraph 4, in a lump sum. 
 (c)     Deferral of Compensation. If, as of a Change of Control, your Units constitute, either in whole or in part, a deferral
of compensation for purposes of Section 409A or have been cancelled, in whole or in part, pursuant to Paragraph 4(a), then, solely to the extent that such Change of Control is a change of control event within the meaning of Section 409A,
the Committee may, in its discretion, terminate the Plan and, except as otherwise provided in Paragraph 12(d), issue in a lump sum to you, your legal representative or other person designated by an appropriate court as entitled to take receipt
thereof or your Beneficiary, as the case may be, in accordance with Paragraph 4, and without regard to any Deferral Election or Re-Deferral Election, the shares of Common Stock then issuable to you pursuant to this Section 12(c);
provided, that, such issuance shall be at a time and in a manner that will not result in the imposition on you of adverse or unintended tax consequences under Section 409A. 
 (d)     Cash In Lieu of Shares. In lieu of shares of Common Stock issuable pursuant to Paragraphs 12(b) and 12(c), as the case
may be, the Committee may, in its sole discretion, 

  

 -13- 

 
distribute to you an amount, in cash, equal to the value of such shares determined in accordance with Plan provisions. Such amount shall be paid at the time
specified in Paragraphs 12(b) and 12(c), as the case may be. 
 13.     Effect of Acknowledgement. In order to
receive the award described in this Agreement, you must acknowledge receipt of the Agreement as soon as reasonably practicable by using the applicable procedure established by the Committee for such purpose. By acknowledging receipt in accordance
with this Paragraph 13, you are agreeing to the terms and conditions of this Agreement and to amendment of any prior award agreement from the Company relating to stock units that were not earned and vested as of December 31, 2004 to incorporate
terms and conditions that are substantially similar to those set forth in this Agreement. 
  

			
	 WYETH

		
	By:	 	  
		 	

  

					
	 ACCEPTED AND AGREED TO:
	 		 	
			
	   	 		 	   
	 Name (Please Print)
	 		 	 Social Security Number

			
	   	 		 	   
	 Signature
	 		 	 Date of Birth

  

 -14- 

  

 ANNEX A 
 Peer Group 
  

	
	 Abbott Laboratories

	
	 Bristol-Myers Squibb Company

	
	 Eli Lilly and Company

	
	 Johnson & Johnson

	
	 Merck & Co., Inc.

	
	 Pfizer Inc.

	
	 Schering-Plough Corporation

  

 A-1 

 . 
  

 ANNEX B 
 TERMS AND CONDITIONS OF DEFERRAL ELECTIONS 
 AND RE-DEFERRAL ELECTIONS 
 Any Deferral Elections are subject to Paragraph 4(a) of this Agreement and the terms and conditions set forth in this ANNEX B. Capitalized terms not defined in
this ANNEX B have the same meanings as in this Agreement. 
  

	1.	Your Deferral Election applies to all shares of Common Stock earned and issuable under this Agreement and must be made on an election form that conforms to this ANNEX B. Your
Deferral Election must be submitted to the Record Keeper as soon as possible from the date of this Agreement or a shorter period as may be required by Section 409A and communicated to you by the Record Keeper. 

  

	2.	Once your completed election form has been submitted in accordance with this Agreement and this ANNEX B, your Deferral Election will be irrevocable. 

 

	3.	All Deferral Elections and Re-Deferral Elections shall conform to Section 409A. Notwithstanding anything to the contrary in this ANNEX B, the Company has the right,
without your prior consent, to amend or modify your Deferral Elections and Re-Deferral Elections (including the time and form of payment) to the extent that the Committee deems necessary to avoid adverse or unintended tax consequences to you under
Section 409A. 

  

	4.	If you elect to make a Deferral Election, you must select either a Short-Term Payout or a Retirement Benefit, as described below. Unless otherwise provided in this Agreement, all of
the shares of Common Stock earned and issuable under this Agreement will be issued as of such Payment Date(s) and delivered to you as soon as practicable thereafter. You cannot elect both a Short-Term Payout and a Retirement Benefit Payout.

  

	 	a.	A Short-Term Payout is a lump-sum distribution of all such shares of Common Stock as of the Payment Date you select, which can be no earlier than the first business day of
the month following the date that is three and no more than fifteen years after the EPS Conversion Date or the TSR Determination Date, as the case may be. Additionally, the Payment Date for your Short-Term Payout can be no later than the end of the
calendar year in which you attain age 80. 

  

	 	b.	A Retirement Benefit is a distribution of all such shares of Common Stock in the form of either a lump sum or annual installments (over 3 to 15 years) issued as of the first
business day of the month following your Retirement or a later date that is one or more years after your Retirement. To the extent permitted by Section 409A, installments will be treated as a single payment form. You must elect a Payment Date
that results in all shares earned and issuable under this Agreement being issued to you no later than the end of the calendar year in which you attain age 80. Any earned and unissued shares will be issued to you by the end of such calendar year,
notwithstanding your election. 

  

 B-1 

  

	5.	The following additional rules apply to Deferral Elections and Re-Deferral Elections: 

  

	 	a.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement as a Retirement Benefit issued in installments, each
installment after the first installment will be paid on the first business day of the month following the anniversary of your Retirement. 

  

	 	b.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement as a Retirement Benefit issued in installments, and the
first installment is delayed pursuant to Paragraph 5(e), such installment shall be issued as of the first business day of the month following the six-month anniversary of your Separation from Service. The second installment shall be issued as of the
first business day of the month following the first anniversary of your Separation from Service. 

  

	 	c.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement in a Short-Term Payout, you may make a subsequent
Re-Deferral Election to the extent permitted by Paragraph 4(b) with respect to such shares, as long as you are an employee of the Company or its subsidiaries at the time of such subsequent Re-Deferral Election. 

  

	 	d.	If you make a Deferral Election or Re-Deferral Election to receive the shares earned and issuable to you under this Agreement as a Retirement Benefit, you may make a subsequent
Re-Deferral Election to the extent permitted by Paragraph 4(b) with respect to such shares, as long as (x) issuance of the shares subject to your Deferral Election or prior Re-Deferral Election has not commenced at the time of such
subsequent Re-Deferral Election and (y) if, prior to such subsequent Re-Deferral Election, you incurred a Separation of Service, it was by reason of Retirement. 

  

	 	e.	If you make a Deferral Election or Re-Deferral Election to receive a Retirement Benefit and incur a Separation from Service by reason of Retirement: 

  

	 	•	 	prior to the EPS Conversion Date and have been, as of the date of such Separation from Service, in the continuous employment of the Company or one or more of its subsidiaries for at
least two consecutive years, the shares of Common Stock earned and issuable under this Agreement subject to your Deferral Election or Re-Deferral Election will be issued in the form (installments or lump sum) elected by you in the Deferral Election
or Re-Deferral Election, as the case may be and, subject to Paragraph 5(e), as of the later of (A) the Payment Date(s) specified in your Deferral Election or Re-Deferral Election, as the case may be, and (B) the EPS Conversion Date and/or
TSR Determination Date, as the case may be. 

  

 B-2 

  

	 	•	 	on or after the EPS Conversion Date but prior to the TSR Determination Date, the shares of Common Stock earned under this Agreement and issuable on: 

  

	 	o	the EPS Conversion Date will be issued as of the Payment Date(s) specified in your Deferral Election or Re-Deferral Election, as the case may be; and 

  

	 	o	the TSR Determination Date will be issued in the form (installments or lump sum) elected by you in your Deferral Election or Re-Deferral Election, as the case may be, as of the
later of (A) the Payment Date(s) specified in your Deferral Election or Re-Deferral Election, as the case may be, and (B) the TSR Determination Date. 

  

 B-3

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