Document:

Form of Restricted Stock Agreement under the company's 2003 LTIP.

 Exhibit 10(b)(o) 
 2003 LTIP- Restricted Stock/Restricted Stock Units 
 AGREEMENT (the
“Agreement”) dated DATE (the “Grant Date”) providing for a grant of shares of common stock by C. R. Bard, Inc., a New Jersey corporation (the “Corporation”), to
«Name_FirstLast» of «CITY», «STATE», an employee of the Corporation or one of its Subsidiaries (the “Employee”): 
 The Corporation has duly adopted the 2003 Long Term Incentive Plan of C. R. Bard, Inc., as amended
from time to time (the “Plan”), for selected employees, a copy of which is attached hereto and incorporated herein by reference. Any term capitalized herein but not defined shall have the same meaning as set forth in the Plan. In
accordance with the Plan, the Committee has determined that the Employee will receive a grant of Shares, subject to the conditions set forth below (the “Restricted Shares”).1
 
 1. Grant of the Restricted Shares. As of the Grant Date, the Corporation hereby grants
to the Employee «Restricted_Received»Restricted Shares, on the terms and conditions hereinafter provided. 
 2.
Vesting. 
 (a) Performance-Based Vesting. 
 (i) The Restricted Shares shall become vested based on performance objectives (“Performance Vested”) (and, therefore,
become subject to Section 2(b)); provided, in each case, that the Employee is employed by the Corporation or one of its Subsidiaries on the Performance Vesting Date. [Performance-based vesting criteria based on earnings per share growth
generally exclusive of items of an unusual or infrequent nature] 
 (ii) If the Employee ceases to be an employee of the
Corporation and its Subsidiaries for any reason other than death or Disability prior to the Performance Vesting Date, the Committee may, in its sole discretion, deem some or all of such Restricted Shares to be Performance Vested. If the Restricted
Shares have not become Performance Vested in accordance with Section 2(a)(i), and to the extent the Committee does not exercise its discretion to deem the Restricted Shares Performance Vested pursuant to the foregoing sentence, such Restricted
Shares shall immediately terminate and be forfeited upon termination of employment (including any right to receive dividends with respect thereto). 
 (iii) The portion of the Restricted Shares that have become Performance Vested pursuant to Section 2(a)(i) or Section 2(a)(ii) is hereinafter referred to as the “Performance Vested Portion.”

 (b) Time Vesting. 
 (i) The Performance Vested Portion of the Restricted Shares shall vest and become
nonforfeitable on [an anniversary to be determined] of the Performance Vesting Date (such period, the “Restricted Period”) if the Employee remains employed by the Corporation or one of its Subsidiaries through the last day of such
Restricted Period (“Time Vested”).2 
  

	 1
	 Restricted Stock Units or RSUs, not Restricted Shares, are granted to non-US employees. 

	 2
	 For employees other than Named Executive Officers, if on or prior to the seventh anniversary of the Grant Date
(i) the Restricted Shares have not Performance Vested during any Performance Period or (ii) if Performance Vested Restricted Shares have not Time Vested, then notwithstanding anything to the contrary in this Agreement or the Plan, the
Restricted Shares shall automatically become both Performance Vested and Time Vested and no longer subject to any of the vesting or transferability restrictions described in this Agreement. 

 (ii) If the Employee’s Employment with the Corporation and its Subsidiaries is
terminated during the Restricted Period for any reason other than death or Disability, the Committee may, in its sole discretion, terminate the Restricted Period with respect to some or all of the Performance Vested Portion of the Restricted Shares,
so that such Restricted Shares shall become Time Vested. If the Restricted Shares have not become Time Vested in accordance with Section 2(b)(i) or Section 2(b)(ii), and to the extent the Committee does not exercise its discretion to
terminate the Restricted Period with respect to all Restricted Shares pursuant to the foregoing sentence, such Restricted Shares (even if Performance Vested) shall immediately terminate and be forfeited upon termination of employment (including any
right to vote such Restricted Shares or receive dividends with respect thereto). 
 (c) Notwithstanding anything to the contrary in the Plan
or this Agreement, if the Employee’s Employment with the Corporation and its Subsidiaries is terminated by reason of death or Disability, the Restricted Shares shall automatically become both Performance Vested and Time Vested and no longer
subject to any of the vesting or transferability restrictions described in this Agreement. 
 (d) Notwithstanding anything to the contrary in the Plan or this Agreement, upon the occurrence of a Change of Control, the Restricted Shares shall automatically become both Performance Vested and Time Vested and no longer subject to any of
the vesting or transferability restrictions described in this Agreement.3 
 3. No Right to Continued Employment. The granting, issuance or vesting of the Restricted Shares hereunder shall impose no obligation on the
Corporation or any affiliate to continue the employment of the Employee and shall not lessen or affect the Corporation’s or any affiliate’s right to terminate the employment of such Employee. 
 4. Rights as a Stockholder. The Employee shall be the record owner of the Restricted Shares unless and until such Restricted Shares shall
terminate and be forfeited pursuant to Section 2 hereof. As record owner, the Employee shall be entitled to all rights of a holder of common stock of the Corporation, including, without limitation, voting rights with respect to such Restricted
Shares and the right to receive all dividends paid on such Restricted Shares; provided, however, that the Restricted Shares shall be subject to the limitations on transfer and encumbrance set forth in Sections 5 and 6. 
  

	 3
	 This provision is not included in Agreements with respect to any retention grant that may be awarded to Named Executive
Officers 

	

  

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 5. Certificates. 
 (a) Certificates evidencing the Restricted Shares shall be issued under the Plan by the Corporation as soon as practicable following the Grant Date and, when issued, shall be registered in the name of the Employee on
the stock transfer books of the Corporation and deposited by the Employee with the Corporation. The certificates shall remain in the physical custody of the Corporation or its designee at all times prior to the Performance Vesting and Time Vesting
of the Restricted Shares pursuant to Section 2. As a condition to the issuance of the Restricted Shares, the Employee shall deliver to the Corporation a stock power, duly endorsed in blank, relating to the Restricted Shares. No certificates
shall be issued for fractional Shares. The certificates shall bear the following, or a substantially similar, legend: 
 The
transferability of this certificate and the shares of common stock represented hereby is subject to the terms and conditions, including forfeiture, contained in the 2003 Long Term Incentive Plan of C. R. Bard, Inc. and an Agreement entered into
between the registered owner and C. R. Bard, Inc. Copies of such Plan and Agreement are on file in the executive office of C. R. Bard, Inc., 730 Central Avenue, Murray Hill, New Jersey 07974. 
 (b) When the Restricted Shares have become both Performance Vested and Time Vested, the Corporation shall deliver within 60 days after such Time Vesting
to the Employee, or the Employee’s legal representative, beneficiary or heir, a certificate or certificates, without the legend referred to in Section 5(a) above, for such Shares. At such time, this Agreement shall terminate as to those
Shares. 
 (c) If the Corporation determines that any issuance or delivery of Shares to the Employee pursuant to this Agreement will violate
the requirements of any applicable federal or state laws, rules or regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, or the Act), such issuance or delivery may be postponed until the Corporation is
satisfied that the distribution will not violate such laws, rules or regulations. Any such Shares shall be subject to such stop transfer orders and other restrictions as the Committee or the Corporation may deem advisable under the Plan or the
rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed and any applicable federal, state or foreign laws, rules or regulations. Certificates delivered to Employees
may bear such legends as the Corporation may deem advisable. 
 6. Transferability. The Restricted Shares may not, at any time prior
to becoming both Performance Vested and Time Vested pursuant to Section 2, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Employee otherwise than by will or by the laws of descent and distribution,
and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Corporation or any affiliate; provided, however, that the designation of a beneficiary shall
not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. The Employee may designate a beneficiary, on a form supplied by the Corporation, who may receive the Restricted Shares under the terms hereof in the event
of the Employee’s death. No such permitted transfer of the Restricted Shares to heirs or legatees of the 

  

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Employee shall be effective to bind the Corporation unless the Corporation shall have been furnished with written notice thereof and a copy of such evidence
as the Committee or the Corporation may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions hereof. 
 7. Withholding. The Employee may be required to pay to the Corporation or one of its Subsidiaries, and the Corporation or one of its Subsidiaries
shall have the right and is hereby authorized to withhold, any amount it may determine to be necessary to withhold for federal, state, local or other taxes as a result of the grant, issuance or vesting of the Restricted Shares, as a condition to
such grant, issuance or vesting, or as a result of any payment or transfer under or with respect to the Restricted Shares. The Committee may take such other action as may be advisable in the opinion of the Corporation to satisfy all obligations for
the payment of such withholding taxes. The Employee may elect to pay all or a portion of the minimum amount of taxes required to be withheld by (a) delivery of Shares or (b) having Shares withheld by the Corporation from any Shares that
would have otherwise been received by the Employee, such Shares in either case having an aggregate Fair Market Value at the time of payment equal to the amount of such withholding taxes. Notwithstanding the foregoing, Shares will be withheld by the
Corporation to satisfy obligations for the payment of the minimum amount of withholding taxes in accordance with this Section 7 unless the Employee timely instructs the Corporate Human Resources Department otherwise in advance of the vesting
date. 
 8. Securities Laws. Upon the issuance, vesting or delivery of any Restricted Shares, the Employee will make or enter into
such written representations, warranties and agreements as the Corporation may reasonably request in order to comply with applicable securities laws or with this Agreement. 
 9. Notices. Any notice required or permitted under this Agreement shall be deemed given when delivered personally, or when deposited in a United
States Post Office as registered mail, postage prepaid, addressed, as appropriate, either to the Employee at his or her address hereinabove set forth or such other address as he or she may designate in writing to the Corporation, or to the
Corporation, Attention: Secretary, at 730 Central Avenue, Murray Hill, New Jersey 07974, or such other address as the Corporation may designate in writing to the Employee. 
 10. Failure to Enforce Not a Waiver. The failure of the Corporation to enforce at any time any provision of this Agreement shall in no way be
construed to be a waiver of such provision or of any other provision hereof. 
 11. No Limitation on Rights of the Corporation. The
grant of the Restricted Shares shall not in any way affect the right or power of the Corporation to make adjustments, reclassification or changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer
all or any part of its business or assets. 
 12. Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
  

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 13. Restricted Shares Subject to Plan. By entering into this Agreement, the Employee agrees and
acknowledges that the Employee has received and read a copy of the Plan and the related prospectus. The Restricted Shares are in all respects governed by the Plan and subject to all of the terms and provisions thereof. The terms and provisions of
the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the
Plan will govern and prevail. 
 14. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 15. IN WITNESS WHEREOF, the
parties hereto have executed this Agreement in duplicate on the day and year first above written. 
  

			
	 C. R. BARD, INC.

	
	  

	By:	 	Timothy M. Ring
		 	Chairman & Chief Executive Officer

 The undersigned hereby accepts, and agrees to, all terms and provisions of the foregoing Agreement. 
  

					
	  
	 		 	  

	 Employee’s Signature
	 		 	Date
			
	  
	 		 	
	Print Name	 		 	

  

 5Management Stock Purchase Program Elective&Premium Share Units Terms&Conditions

 Exhibit 10(b)(p) 
 EXHIBIT H 
 2003 LONG TERM INCENTIVE PLAN OF C. R. BARD, INC. 
 MANAGEMENT STOCK PURCHASE PROGRAM 
 ELECTIVE AND PREMIUM SHARE UNITS 
 TERMS AND CONDITIONS 
 (Amended and Restated as of January 1, 2008) 
  
  
 C. R. BARD, INC., a New Jersey corporation (the “Corporation”), will
provide to each employee of the Corporation or its affiliates selected by the Compensation Committee of the Corporation’s Board of Directors or its delegate (the “Employee”), a grant of restricted stock units (“Elective and
Premium Share Units”) governed by these Terms and Conditions as of the date on which the Employee’s next annual, formula-based bonus is otherwise payable (the “Date of Grant”). 
 The Management Stock Purchase Program as described in these Terms and Conditions is a program for issuing restricted stock units under the 2003 Long Term
Incentive Plan of C. R. Bard, Inc., as amended and restated from time to time (the “Plan”), a copy of which is available upon request from the Corporation. Any term capitalized herein but not defined shall have the same meaning set forth
in the Plan. In accordance with the Plan, the Compensation Committee of the Board of Directors of the Corporation (the “Committee”) has determined that Employee will receive a grant of Elective and Premium Share Units, subject to the terms
and conditions hereinafter provided. 
 Elective and Premium Share Units are intended to constitute an “unfunded” deferred
compensation benefit. The Corporation grants Elective and Premium Share Units primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees of the Corporation, pursuant to Sections
201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and, as such, to be exempt from the provisions of Parts II, III and IV of Title I of ERISA. The Committee has determined that
Employee is part of a select group of management or a highly compensated employee of the Corporation for purposes of ERISA. 
 1.    Number of Elective and Premium Share Units.  The Corporation shall grant the Employee that number of Elective and Premium Share Units that correspond to the calculations set forth below based on
the amount of the Employee’s annual, formula-based bonus that the Employee elects to defer pursuant to a Deferral Election Form and Award Agreement. 
 The Corporation shall grant Employee (i) a number of Elective Share Units equal to the amount of the Employee’s annual formula-based bonus compensation that he or she elects to defer (but not less than 25%
of such compensation unless the Employee satisfies the ownership guidelines established by the Corporation) divided by the lesser of (a) the Fair Market Value of a share of the Corporation’s Common Stock on the first business day in July
of the calendar year preceding the date the deferred bonus otherwise would have been payable; or (b) the Fair Market Value of a share of the Corporation’s Common Stock on the date the deferred bonus otherwise 

 
would have been payable (the “Applicable Fair Market Value”) and rounded up to the next whole number; plus (ii) a number of Premium Share
Units determined as follows: 
  

	 	(A)	Determine the Applicable Fair Market Value as of the date the bonus otherwise would have been payable. 

  

	 	(B)	Multiply the Applicable Fair Market Value by 70%. 

  

	 	(C)	Divide the total dollar amount deferred by the result in (B) above and round up to the next whole number. 

  

	 	(D)	Subtract the number of Elective Share Units determined above from the result in (C) above. 

 For purposes of these Terms and Conditions, “Fair Market Value” means, on a given date, (i) if there should be a public market for the
Corporation’s shares on such date, the arithmetic mean of the high and low prices of our shares as reported on such date on the composite tape of the principal national securities exchange on which such shares are listed or admitted to trading,
or, if the shares are not listed or admitted on any national securities exchange, the arithmetic mean of the per share closing bid price and per share closing asked price on such date as quoted on the National Association of Securities Dealers
Automated Quotation System (or such market in which such prices are regularly quoted) (the “NASDAQ”), or, if no sale of our shares shall have been reported on the composite tape of any national securities exchange or quoted on the NASDAQ
on such date, then the immediately preceding date on which sales of the shares have been so reported or quoted shall be used, and (ii) if there should not be a public market for our shares on such date, the fair market value shall be the value
established by the Committee in good faith. 
 2.    Employee Accounts.  The Elective Share Units and
Premium Share Units granted hereunder shall be credited to book entry accounts maintained by the Corporation on behalf of Employee. 
 3.    Vesting. 
 (a)    The Elective Share Units shall at all times be 100% vested
and non-forfeitable. 
 (b)    The Premium Share Units shall become vested (i) as to one hundred percent
(100%) of the units on the fourth (or, for Canadian employees, third) anniversary of their Date of Grant if the Employee continues to be employed by the Corporation or a subsidiary of the Corporation (the “Employer”) through such
date; or (ii) in such amount and on such date as the Committee shall determine (the “Vesting Date”). 
 (c)    Except as otherwise specifically provided in these Terms and Conditions, if the Employee’s employment with an Employer terminates before the Vesting Date, the Premium Share Units shall be forfeited.

 (d)    If the Employee terminates employment with an Employer due to death, Disability or Retirement (as defined
below), then the Premium Share Units credited to the Employee’s account shall become vested and non-forfeitable based upon the following formula of (A) multiplied by (B) multiplied by (C); where (A) equals the number Premium
Share Units; (B) equals 25% (or, for Canadian employees, 33 1/3%) and (C) equals the whole number of years from the Date of Grant through the date that the Employee terminates employment due to death, Disability or Retirement. Any partial
years shall be disregarded. 
  

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 (e)    Upon a Change in Control (as defined below) all Premium Share Units shall
become immediately and fully vested. 
 (f)    Notwithstanding anything in the Plan to the contrary, for purposes of
vesting and distributions of Share Units under Sections 3 and 4 of these Terms and Conditions, the following terms shall have the meaning as set forth below. 
 (i)    “Retirement” shall mean normal or early retirement under the terms of the Employer’s qualified defined benefit pension plan or such other voluntary termination of
employment classified by the Employer as a Retirement for purposes of these Terms and Conditions. 
 (ii)    “Disability” shall mean inability of an Employee to perform in all material respects his duties and responsibilities to the Corporation, or any subsidiary of the Corporation, by reason of a
physical or mental disability or infirmity which inability is reasonably expected to be permanent and has continued (i) for a period of six consecutive months or (ii) such shorter period as the Committee may reasonably determine in good
faith. The Disability determination shall be in the sole discretion of the Committee. 
 (iii)    “Change in
Control” shall mean: (A) the acquisition by any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) (a “Person”) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of securities of the Corporation where such acquisition causes such Person to own 50% or more of the total fair market value of the stock of the Corporation
or 35% or more of the total voting power of the stock of the Corporation; or (B) individuals who, as of the date hereof, constituted the Board of Directors of the Corporation (the “Incumbent Board”) cease for any reasons to constitute
at least a majority of the Board of Directors of the Corporation; provided, that any person becoming a Director subsequent to the date hereof, whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote
of a majority of the Directors comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the
Directors of the Corporation, which is or would be subject to Rule 14a-11 of Regulation 14A promulgated under the Act) shall be, for purposes of these Terms and Conditions, considered as though such person were a member of the Incumbent Board.

 For purposes of the definition of Change of Control, the following definitions shall be applicable: 
 (a)    The term “person” shall mean any individual, group, corporation or other entity. 
 (b)    For purposes of this definition only, any person shall be deemed to be the “beneficial owner” of
any shares of capital stock of the Corporation: 
 (i)    which that person owns directly, whether or
not of record, or 
 (ii)    which that person has the right to acquire pursuant to any agreement or
understanding or upon exercise of conversion rights, warrants, or options, or otherwise, or 
 (iii)    which are beneficially owned, directly or indirectly (including shares deemed owned through application of clause (ii) above), by an 

  

 3 

 
“affiliate” or “associate” (as defined in the rules of the Securities and Exchange Commission under the Securities Act of 1933, as
amended) of that person, or 
 (iv)    which are beneficially owned, directly or indirectly (including
shares deemed owned through application of clause (ii) above), by any other person with which that person or such person’s “affiliate” or “associate” (defined as aforesaid) has any agreement, arrangement or
understanding for the purpose of acquiring, holding, voting or disposing of capital stock of the Corporation. 
 (c)    The outstanding shares of capital stock of the Corporation shall include shares deemed owned through application of clauses (b)(ii), (iii) and (iv), above, but shall not include any other shares which may be
issuable pursuant to any agreement or upon exercise of conversion rights, warrants or options, or otherwise, but which are not actually outstanding. 
 (iv)    “Deferral Period” shall mean for Elective Share Units and Premium Share Units the period from the Date of Grant until the date of their distribution under Section 4
below. 
 4.    Distributions. 
 (a)    In General.  Except as provided in Sections 4(b), 4(c), 4(d), or 4(e) below, Employee may elect to receive the number of shares of common stock, par value $.25, of the
Corporation (the “Shares”) underlying the vested Elective Share Units and the Premium Share Units credited to his or her account upon (i) the earlier of the fourth anniversary of the Date of Grant or the Employee’s termination of
employment (or Retirement); (ii) a specified date no earlier than the fourth anniversary of the Date of Grant; (iii) his or her termination of employment (or Retirement); or (iv) the earlier of the specified date selected in
(ii) above or his or her termination of employment (or Retirement). In the event that no such election is made at the time of the initial election to defer bonus under this program, the Employee’s vested Premium and Elective Share Units
shall be distributed upon the earlier of the Employee’s termination of employment (or Retirement) or the fourth anniversary of the Date of Grant and, except as otherwise determined by the Committee, all nonvested Share Units shall be forfeited.

 (b)    Six Month Delay.  If Shares become payable to the Employee as a result of the Employee’s
termination of employment (or Retirement), other than a termination from employment directly resulting from death or Disability, the Shares payable to the Employee shall not be made before the date which is six (6) months after the date of the
Employee’s termination of employment (or Retirement). 
 (c)    Payment to Covered Employees.  If
the Employee is a “Covered Employee” within the meaning of Section 162(m) of the Code, the Shares payable that would constitute compensation to the Employee that is not deductible by the Corporation or a Subsidiary of the Corporation
due to the application of Section 162(m) of the Code shall not be distributed until the Employee ceases to be a Covered Employee of the Corporation; provided, that any such Shares deferred under this sentence shall in any event be delivered to
the Employee on or before January 15 of the first year in which the Employee is no longer a Covered Employee of the Corporation. 
 (d)    Death and Disability.  In the event that the Employee dies or incurs a Disability, the Shares underlying his or her vested Elective and Premium Share Units shall be distributed as soon as
practicable to the Employee or his or her estate, as applicable. 
  

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 (e)    Deferred Delivery.  The Employee may elect to defer receipt
of the delivery of the Shares underlying his or her Elective and Premium Share Units to any specified date (a “Deferred Delivery Election”), provided that no such election shall be effective unless it is made at least 12 months prior to
the date on which the Employee would otherwise have received his or her distribution under this program and provided further that the distribution resulting from this election shall not occur earlier than five (5) years after the date on which
the Employee would have otherwise received his or her distribution. 
 (f)    Delivery of
Shares.  Delivery of the Shares underlying an Employee’s vested Elective and Premium Share Units shall be made as soon as administratively feasible after the end of the applicable Deferral Period or, if a Deferred Delivery
Election has been made after the date indicated in the Deferred Delivery Election. Upon the issuance or transfer of Shares in accordance with this Section 4, the number of Elective and Premium Share Units equal to the number of Shares issued or
transferred to Employee shall be extinguished. 
 (g)    Change of Control.  In the event of a Change of
Control, the Corporation shall deliver to the Employee a number of Shares equal to the number of Elective and Premium Share Units credited to the Employee’s account as soon as administratively possible. All of the Employee’s Elective and
Premium Share Units shall then be extinguished. 
 5.    Dividends.  Employee shall have the right to
receive cash in an amount equal to all cash dividends that would be payable on the Shares underlying the Elective and Premium Share Units credited to the Employee’s account as if such Shares were actually held by such Employee. The Corporation
shall pay such cash to each such Employee as soon as administratively practicable following the related dividend payment date. 
 6.    No Rights of a Shareholder.  Employee shall not have any rights as a shareholder of the Corporation, including, but not limited to, voting rights, with respect to the Shares payable pursuant to the
Elective and Premium Share Units, until such Shares have been registered in the Corporation’s register of shareholders. 
 7.    Transferability.  Prior to the delivery of Shares underlying the Employee’s vested Elective and Premium Share Units and except as otherwise provided herein, Elective and Premium Share Units
may not be assigned, alienated, attached, sold or transferred, pledged or otherwise disposed of or encumbered by Employee, otherwise than by will or by the laws of descent and distribution. Any attempt to assign, transfer, pledge or otherwise
dispose of the Elective and Premium Share Units contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Elective and Premium Share Units, shall be null, void and without effect; provided,
however, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. Employee may designate a beneficiary, on a form supplied by the Committee, who may possess all
rights with respect to the Elective and Premium Share Units under the terms hereof in the event of Employee’s death. No such permitted transfer of the Elective and Premium Share Units to heirs or legatees of Employee shall be effective to bind
the Corporation or its Subsidiaries unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the
transferee or transferees of the terms and conditions hereof. 
 8.    No Right to Continued
Employment.  The granting of the Elective and Premium Share Units evidenced hereby and these Terms and Conditions shall impose no obligation on the Corporation, its Subsidiaries, or any affiliate to continue the employment of Employee
and shall not lessen or affect the Corporation’s, Subsidiary’s, or any affiliate’s right to terminate the employment of such Employee. 
  

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 9.    Securities Act of 1933; Legend on Certificates.  Upon the
acquisition of any Shares payable with respect to the Elective and Premium Share Units, Employee will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with these Terms and Conditions. If the Corporation determines that any issuance or delivery of Shares to Employee pursuant to these Terms and Conditions will violate the requirements of any applicable federal or state
laws, rules or regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended), such issuance or delivery may be postponed until the Corporation is satisfied
that the distribution will not violate such laws, rules or regulations. Any such Shares shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed and any applicable Federal or state laws or relevant securities laws of the jurisdiction of the domicile of Employee. Certificates delivered
to Employees may bear such legends as the Corporation may deem advisable. 
 10.    Administration.  The
Committee has appointed the Vice President – Human Resources of the Corporation as the Administrator of this program. The Administrator is responsible for carrying out the provisions of these Terms and Conditions, including interpretations of
these Terms and Conditions, establishment of rules for day-to-day operation of these Terms and Conditions and approval of eligibility for benefits subject to final approval by the Committee. Subject to the terms of the Plan, the Administrator’s
determinations and interpretations shall be final. 
 11.    Claims Procedures. 
 A person who believes that he or she is being denied a benefit to which he or she is entitled under this program (hereinafter referred to as a
“Claimant”) may file a written request for such benefit with the Committee or its delegate, setting forth the claim. The Committee shall deliver a reply to the Claimant within 90 days of receipt of the claim. The Committee may, however,
extend the reply period for an additional 90 days for reasonable cause and by providing notice to the Claimant, in writing, of the extension within the original 90 day period. Any denial of the claim, in whole or in part, shall set forth the
following: the specific reason for the denial; the specific reference to pertinent provisions of this program upon which the denial is based; a description of any additional materials or information necessary for the Claimant to perfect the claim;
appropriate information as to the steps the Claimant should take to appeal the denial; the time limits for requesting an appeal; and a statement of the Claimant’s right to bring an action under Section 502 of ERISA upon a claim denial on
appeal. 
 Within 60 days after receipt by the Claimant of the denial, the Claimant may request in writing that the Committee review its
determination. The Claimant or his or her authorized representation may, but need not, review pertinent documents and submit issues and comments in writing for consideration by the Committee. If the Claimant does not request a review of the initial
determination within the 60 day time period, the Claimant shall be barred and estopped from challenging the determination. 
 Within 60 days
after the Committee’s receipt of a request for appeal, it shall review the initial denial. After considering all materials presented to the Committee, the Committee shall render an opinion, drafted in a manner calculated to be understood by the
Claimant, setting forth the specific reasons for the denial and containing specific references to the pertinent provisions of this program upon which the decision is based and a statement of the Claimant’s right to bring an action under
Section 502 of ERISA. If special circumstances require that the 60 day time period be extended, the Committee shall so notify the Claimant and shall render the decision as soon as possible, but no later than 120 days after receipt of the
request for review. 
  

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 12.    Notices.  Any notice required or permitted under these Terms
and Conditions shall be deemed given when delivered personally, or when deposited in a United States Post Office as registered mail, postage prepaid, addressed, as appropriate, either to Employee at his or her address hereinabove set forth or such
other address as he or she may designate in writing to the Corporation, or to the Corporation, Attention: Secretary, at 730 Central Avenue, Murray Hill, New Jersey 07974, or such other address as the Corporation may designate in writing to Employee.

 13.    Failure to Enforce Not a Waiver.  The failure of the Corporation to enforce at any time any
provision of these Terms and Conditions shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
 14.    No Limitation on Rights of the Corporation.  The grant of the Elective and Premium Share Units shall not in any way affect the right or power of the Corporation to make adjustments,
reclassification or changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. 
 15.    Incorporation by Reference.  These Terms and Conditions incorporate by reference the terms and conditions
outlined in the prospectus for the Plan. 
 16.    Governing Law.  These Terms and Conditions shall be
governed by and construed according to the laws of the State of New Jersey, determined without regard to its conflicts of law rules. 
 17.    Share Units Subject to Plan.  By making an election to defer under this program, Employee agrees and acknowledges that Employee has received and read a copy of the Corporation’s prospectus
relating to the Plan. A copy of the Plan document shall be provided upon Employee’s request. The Elective and Premium Share Units provided for herein are granted pursuant to, and subject in all respects to, the Plan. In the event of any
inconsistency between the provisions of the Plan and these Terms and Conditions, the Plan provisions shall govern, as applicable, except that with respect to the definition of the term Change in Control, such term shall have the meaning prescribed
by these Terms and Conditions. 
  

 7

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