Document:

EX-10.8

 Exhibit 10.8 

HALYARD HEALTH, INC. 

EQUITY PARTICIPATION PLAN 

(Effective November 1, 2014) 
 1.
PURPOSE 
 This Equity Participation Plan (the “Plan”) of Halyard Health, Inc. (the “Corporation”) is intended to aid
in attracting and retaining highly qualified personnel and to encourage those persons who materially contribute to the success of the Corporation or of an Affiliate (by managerial, scientific or other innovative means) to acquire an ownership
interest in the Corporation, thereby increasing their motivation for and interest in the Corporation’s or Affiliate’s long-term success. 

2. EFFECTIVE DATE 
 The Plan was
approved by the sole stockholder of the Corporation on October 7, 2014, and is adopted effective as of November 1, 2014 (the “Effective Date”). 

3. DEFINITIONS 

“Affiliate” means any domestic or foreign corporation at least fifty percent (50%) of whose shares normally entitled to
vote in electing directors is owned directly or indirectly by the Corporation or other Affiliates (collectively, the “Affiliates”), provided, however, that “at least twenty percent (20%)” shall replace “at least fifty
percent (50%)” where there is a legitimate business criteria for using such lower percentage. 
 “Award” has the
meaning set forth in Section 6 of the Plan. 
 “Award Agreement” means an agreement entered into between the
Corporation and a Participant setting forth the terms and conditions applicable to the Award granted to the Participant. 

“Board” means the Board of Directors of the Corporation. 

“Cause” means any of the following: (i) the commission by the Participant of a felony; (ii) the Participant’s
dishonesty, habitual neglect or incompetence in the management of the affairs of the Corporation; or (iii) the refusal or failure by the Participant to act in accordance with any lawful directive or order of the Corporation, or an act or
failure to act by the Participant which is in bad faith and which is detrimental to the Corporation. 
 “Change of Control”
means an event deemed to have taken place if: (i) a third person, including a “group” as defined for purposes of Code Section 409A, acquires in a single transaction, or a series of transactions over a twelve-month period, shares
of the Corporation having thirty percent (30%) or more of the total number of votes that may be cast for the election of directors of the Corporation; or (ii) as the result of any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election, or any combination of the foregoing transactions, a majority of the members of the Board of Directors of the Corporation is replaced during any twelve-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Board of Directors of the Corporation before the date of the appointment or election. 

  
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 “Code” means the Internal Revenue Code of 1986 and the regulations thereunder,
as amended from time to time. 
 “Committee” means the Compensation Committee of the Board, provided that if the requisite
number of members of the Compensation Committee are not Disinterested Persons, the Plan shall be administered by a committee, all of whom are Disinterested Persons, appointed by the Board and consisting of two or more directors with full authority
to act in the matter. The term “Committee” shall mean the Compensation Committee or the committee appointed by the Board, as the case may be. Furthermore, the term “Committee” shall include any delegate to the extent authority is
delegated pursuant to Section 4 hereunder. 
 “Committee Rules” means the interpretative guidelines approved by the
Committee providing the foundation for administration of the Plan. 
 “Common Stock” means the common stock, par value $.01
per share, of the Corporation and shall include both treasury shares and authorized but unissued shares and shall also include any security of the Corporation issued in substitution, in exchange for, or in lieu of the Common Stock. 

“Disinterested Person” means a person who is a “Non-Employee Director” for purposes of Rule 16b-3 under the
Exchange Act, or any successor provision, and who is also an “outside director” for purposes of Section 162(m) of the Code or any successor section. 

“Effective Date” has the meaning set forth in section 2 of the Plan. 

“Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations thereunder, as amended from time to
time. 
 “Fair Market Value” means (a) the reported closing price of the Common Stock, on the relevant date as
reported on the composite list used by The Wall Street Journal for reporting stock prices, or if no such sale shall have been made on that day, on the last preceding day on which there was such a sale, or (b) if clause (a) is not
applicable, the value determined by the Committee using such reasonable method of valuation that complies with Section 409A of the Code and the regulations thereunder. 

“Grant Price” has the meaning set forth in subsection 8(b) of the Plan. 

“Incentive Stock Option” means an Option which is so defined for purposes of Section 422 of the Code or any successor
section. 
 “Nonqualified Stock Option” means any Option which is not an Incentive Stock Option. 

“Option” means a right to purchase a specified number of shares of Common Stock at a fixed option price equal to no less than
one hundred percent (100%) of the Fair Market Value of the Common Stock on the date the Award is granted, except with respect to substitute Awards made pursuant to Section 18 of the Plan. 

“Other Stock-Based Award” has the meaning set forth in Section 12 of the Plan. 

  
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 “Option Price” has the meaning set forth in subsection 7(b) of the Plan. 

“Participant” means an employee, consultant or advisor who the Committee selects to participate in and receive Awards under
the Plan (collectively, the “Participants”). 
 “Performance Award” shall mean any right granted under
Section 11 of the Plan. 
 “Performance Goal” means the specific performance objectives as established by the
Committee, which, if achieved, will result in the amount of payment, or the early payment, of the Award. For Awards intended to qualify as performance-based compensation under Section 162(m) of the Code, the Performance Goal must be established
by the Committee in writing within (a) the lesser of 90 days from the beginning of the relevant performance period or before 25% of the performance period has elapsed, or (b) such other time period as may be permitted by or under
Section 162(m) of the Code from time to time. The Performance Goal may consist of one or more or any combination of the following criteria: return on invested capital, stock price, market share, sales revenue, cash flow, earnings per share,
return on equity, total stockholder return, gross margin, net sales, operating profit return on sales, costs and/or such other financial, accounting or quantitative metric determined by the Committee. The performance goals may be described in terms
that are related to the individual Participant, to the Corporation as a whole, or to a subsidiary, division, department, region, function or business unit of the Corporation in which the Participant is employed. In addition, the performance goals
may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices. The Committee may make
adjustments to the performance goals at any time (but for Awards that the Committee intends to qualify as performance-based compensation under Code Section 162(m), only to the extent permitted by Section 162(m) of the Code) in order to
appropriately reflect one or more of the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules
affecting reported results; (iv) any reorganization and restructuring programs; (v) extraordinary nonrecurring items as described in Accounting Standards Codification Topic 225-20 (or any successor pronouncements thereto) and/or in
management’s discussion and analysis of financial condition and results of operations appearing in the Corporation’s annual report to stockholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other
specific, unusual or nonrecurring events, or objectively determinable category thereof; (vii) foreign exchange gains and losses; (ix) discontinued operations and nonrecurring charges; and (x) a change in the Corporation’s fiscal
year. For Awards not intended to be subject to Code Section 162(m), the Committee, in its discretion, may change or modify these criteria; however, in the case of any Award to any employee who is or may be a “covered employee,” as
defined in Section 162(m) of the Code, the Committee has no discretion to increase the amount of compensation that would otherwise be due upon attainment of the goal, and at all times the criteria must meet the requirements of
Section 162(m) of the Code, or any successor section, to the extent applicable. For any Award intended to qualify as performance-based compensation under Section 162(m) of the Code, the Committee must certify in writing the extent to which
the Performance Goals have been achieved and the amount of performance compensation earned, before any amount may be paid with respect thereto. 

“Qualified Termination of Service” means the termination of a Participant’s employment or service, as the case may be,
with the Corporation and/or its Affiliates within the two (2) year period following a Change of Control of the Corporation for any reason unless 

  
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such termination is by reason of death or disability or unless such termination is (i) by the Corporation for Cause or (ii) by the Participant without Good Reason. Subject to the
definition of “Termination by the Participant for Good Reason,” transfers of employment or service for administrative purposes among the Corporation and its Affiliates shall not be deemed a Qualified Termination of Service. 

“Restricted Period” shall mean the period of time during which Awards remain unvested and the Transferability Restrictions
applicable to Awards will be in force. 
 “Restricted Share” shall mean a share of Common Stock which may not be traded or
sold, until the date the Transferability Restrictions expire. 
 “Restricted Share Unit” means the right, as described in
Section 10, to receive an amount, payable in either cash or shares of Common Stock, equal to the value of a specified number of shares of Common Stock. No certificates shall be issued with respect to such Restricted Share Unit, except as
provided in subsection 10(d), and the Corporation shall maintain a bookkeeping account in the name of the Participant to which the Restricted Share Unit shall relate. 

“Retirement” and “Retires” means the termination of employment or service on or after the date the
Participant has attained age 55. 
 “Stock Appreciation Right (SAR)” has the meaning set forth in Section 8 of
the Plan. 
 “Termination by the Participant for Good Reason” shall mean the separation from service during the two year
time period following the initial existence (without the Participant’s express written consent) of any one of the following conditions: 
  

	 	(a)	A material diminution in the Participant’s base compensation; 

  

	 	(b)	A material diminution in the Participant’s authority, duties, or responsibilities; 

  

	 	(c)	A material diminution in the authority, duties, or responsibilities of the supervisor to whom the Participant is required to report, including a requirement that a Participant report to a corporate officer or employee
instead of reporting directly to the board of directors of the Corporation; 

  

	 	(d)	A material diminution in the budget over which the Participant retains authority; 

  

	 	(e)	A change, by more than 50 miles, in the geographic location at which the Participant must perform the services; or 

  

	 	(f)	Any other action or inaction that constitutes a material breach by the Corporation of any agreement under which the Participant provides services. 

The Participant must provide notice to the Corporation of the existence of any of the above conditions within a period not to exceed
90 days of the initial existence of the condition, upon the notice of which the Corporation must be provided a period of at least 30 days during which it may remedy the condition and not be required to pay the amount. 

  
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 The Participant’s right to terminate the Participant’s employment or service for Good
Reason shall not be affected by the Participant’s incapacity due to physical or mental illness. The Participant’s continued employment or service shall not constitute consent to, or a waiver of rights with respect to, any act or failure to
act constituting Good Reason hereunder. 
 “Total and Permanent Disability” means a condition arising out of injury or
disease which causes the Participant to terminate employment or service and which the Corporation determines is permanent and prevents the Participant from engaging in any occupation or perform any work for any kind of compensation of financial
value. The disability must be certified by a licensed Doctor of Medicine to be such as can reasonably be expected to continue during the remainder of the Participant’s lifetime. 

“Transferability Restrictions” means the restrictions on transferability imposed on Awards of Restricted Shares or Restricted
Share Units. 
 4. ADMINISTRATION 

The Plan and all Awards granted pursuant thereto shall be administered by the Committee. The Committee, in its absolute discretion, shall have
the power to interpret and construe the Plan and any Award Agreements; provided, however, that no such action or determination may increase the amount of compensation payable that would otherwise be due in a manner that would result in the
disallowance of a deduction to the Corporation under Section 162(m) of the Code or any successor section. Any interpretation or construction of any provisions of the Plan or the Award Agreements by the Committee shall be final and conclusive
upon all persons. No member of the Board or the Committee shall be liable for any action or determination made in good faith. 
 The
Committee shall have the power to promulgate Committee Rules and other guidelines in connection with the performance of its obligations, powers and duties under the Plan, including its duty to administer and construe the Plan and the Award
Agreements. 
 The Committee may authorize persons other than its members to carry out its policies and directives subject to the
limitations and guidelines set by the Committee, and may delegate its authority under the Plan. The foregoing delegation of authority shall be limited as follows: (a) with respect to persons who are subject to Section 16 of the Exchange
Act, the authority to grant Awards, the selection for participation, decisions concerning the timing, pricing and amount of a grant or Award and authority to administer Awards shall not be delegated by the Committee; (b) the maximum number of
shares of Common Stock covered by Awards to newly hired employees, consultants or advisors, or to respond to special recognition or retention needs which may be granted by delegated authority within any calendar year period shall not exceed 300,000,
provided, however, this limitation shall not apply to any delegation by the Committee with respect to any scheduled annual grant of Awards (subject, however, to the other limitations set forth in this Section 4); (c) the delegation of
authority to grant Awards shall be limited to grants by a special committee, consisting of one or more directors who may but need not be officers of the Corporation, to which the Board or the Committee expressly delegates such authority by
resolution; (d) any delegation shall satisfy all applicable requirements of Rule 16b-3 of the Exchange Act, or any successor provision; (e) no such delegation shall result in the disallowance of a deduction to the Corporation under
Section 162(m) of the Code or any successor section; and (f) the special committee shall not have the authority to grant Awards to the members thereof, or to persons who are subject to Section 16 of the Exchange Act. The members of
such special committee shall continue to be eligible to receive Awards under the Plan. 

  
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 5. ELIGIBILITY 

The Committee shall from time to time select the Participants from those employees, consultants or advisors whom the Committee determines
either to be in a position to contribute materially to the success of the Corporation or Affiliate or to have in the past so contributed. Only employees (including officers and directors who are employees), consultants and advisors of the
Corporation and its Affiliates are eligible to participate in the Plan. 
 6. FORM OF GRANTS 

All Awards under the Plan shall be made in the form of Options, Stock Appreciation Rights, Restricted Shares, Restricted Share Units,
Performance Awards, Other Stock-Based Awards or any combination thereof. Notwithstanding anything in the Plan to the contrary, any Awards shall contain the restriction on assignability in subsection 21(f) of the Plan to the extent required under
Rule 16b-3 of the Exchange Act. 
 7. STOCK OPTIONS 

The Committee or its delegate shall determine and designate from time to time those Participants to whom Options are to be granted, the number
of shares of Common Stock to be granted/awarded to each and the periods the Option shall be exercisable. Such Options may be in the form of Incentive Stock Options or in the form of Nonqualified Stock Options. The Committee in its discretion at the
time of grant may establish Performance Goals that may affect the grant, exercise and/or settlement of an Option. After granting an Option to a Participant, the Committee shall cause to be delivered to the Participant an Award Agreement evidencing
the granting of the Option. The Award Agreement shall be in such form as the Committee shall from time to time approve. The terms and conditions of all Options granted under the Plan need not be the same, but all Options must meet the applicable
terms and conditions specified in subsections 7(a) through 7(i). 
  

	 	(a)	Period of Option. The Period of each Option shall be no more than 10 years from the date it is granted. 

  

	 	(b)	Option Price. The Option price shall be determined by the Committee, but shall not in any instance, except with respect to substitute Awards made pursuant to Section 18 of the Plan, be less than the Fair Market
Value of the Common Stock at the time that the Option is granted (the “Option Price”). 

  

	 	(c)	 Limitations on Exercise. Except with respect to substitute Awards made pursuant to Section 18 of the Plan, the Option shall not be exercisable
until at least one year has expired after the granting of the Option, during which time the Participant shall have been in the continuous employ or service of the Corporation or an Affiliate; provided, however, that the Option shall become
exercisable immediately in the event of a Qualified Termination of Service of a Participant, without regard to the limitations set forth below in this subsection 7(c). Unless otherwise determined by the Committee or its delegate at the time of
grant, at any time during the period of the Option after the end of the first year, the Participant may purchase up to thirty percent (30%) of the shares 

  
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covered by the Option; after the end of the second year, an additional thirty percent (30%); and after the end of the third year, the remaining forty percent (40%) of the total number of
shares covered by the Option; provided, however, that if the Participant’s employment or service is terminated for any reason other than death Retirement or Total and Permanent Disability, the Option shall be exercisable only for three months
following such termination and only for the number of shares of Common Stock which were exercisable on the date of such termination. In no event, however, may an Option be exercised more than 10 years after the date of its grant.

  

	 	(d)	Exercise after Death, Retirement, or Disability. Unless otherwise determined by the Committee or its delegate at the time of grant, if a Participant dies, becomes Totally and Permanently Disabled, or Retires without
having exercised the Option in full, the remaining portion of such Option may be exercised, without regard to the limitations in subsection 7(c), as follows. If a Participant dies or becomes Totally and Permanently Disabled the remaining portion of
such Option may be exercised within (i) three years from the date of any such event or (ii) the remaining period of the Option, whichever is earlier. Upon a Participant’s death, the Option may be exercised by the person or persons to
whom such Participant’s rights under the Option shall pass by will or by applicable law or, if no such person has such rights, by his executor or administrator. If a Participant Retires the remaining portion of such Option may be exercised
within (i) five years from the date of any such event or (ii) the remaining period of the Option, whichever is earlier. 

  

	 	(e)	No Repricings. No Option or SAR may be re-priced, replaced, re-granted through cancellation, or modified (except in connection with a change in the Common Stock or the capitalization of the Corporation as provided in
Section 17 hereof) if the effect would be to reduce the exercise price for the shares underlying such Option or SAR. In addition, no Option or SAR may be repurchased or otherwise cancelled in exchange for cash or other Awards (except in
connection with a change in the Common Stock or the capitalization of the Corporation as provided in Section 17 hereof) if the Option Price or Grant Price of the SAR is equal to or greater than the Fair Market Value of the Common Stock at the
time of such repurchase or exchange. Notwithstanding anything herein to the contrary, the Committee may take any such action set forth in this subsection 7(e) subject to the approval of the stockholders. 

 

	 	(f)	Exercise; Notice Thereof. Options shall be exercised by delivering to the Corporation, or an agent designated by the Corporation, subject to any applicable rules or regulations adopted by the Committee, notice of the
number of shares with respect to which Option rights are being exercised and by paying in full the Option Price of the shares at the time being acquired. Exercise methods and processes for paying the Option Price shall be as determined by the
Committee, or its delegate, and may include payment in cash, a check payable to the Corporation, in shares of Common Stock transferable to the Corporation and having a fair market value on the transfer date equal to the amount payable to the
Corporation or such other methods, including “cashless exercise” arrangements permitted by the Committee in its sole discretion. A Participant shall have none of the rights of a stockholder with respect to shares covered by such Option
until the Participant becomes the record holder of such shares. 

  
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	 	(g)	Purchase for Investment. It is contemplated that the Corporation will register shares sold to Participants pursuant to the Plan under the Securities Act of 1933. In the absence of an effective registration, however, a
Participant exercising an Option hereunder may be required to give a representation that he/she is acquiring such shares as an investment and not with a view to distribution thereof. 

 

	 	(h)	Limitations on Incentive Stock Option Grants. 

  

	 	(i)	An Incentive Stock Option shall be granted only to an individual who, at the time the Option is granted, is employed by the Corporation or a qualifying parent or subsidiary (such terms having the meaning set forth in
Section 424(f) of the Code) and does not own stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Corporation or Affiliates. 

 

	 	(ii)	The aggregate Fair Market Value of all shares with respect to which Incentive Stock Options are exercisable by a Participant for the first time during any year shall not exceed $100,000. The aggregate Fair Market Value
of such shares shall be determined at the time the Option is granted. 

 8. STOCK APPRECIATION RIGHTS 

The Committee or its delegate may from time to time designate those Participants who shall receive Awards of Stock Appreciation Rights. Subject
to the terms of the Plan and any applicable Award Agreement, a SAR granted under the Plan shall confer on the holder thereof a right to receive, upon exercise thereof, the excess of the difference between the Grant Price of the SAR and the Fair
Market Value of the Common Stock on the date of conversion. A SAR may be revoked by the Committee, in its sole discretion, at any time, provided, however, that no such revocation may be taken hereunder if such action would result in the disallowance
of a deduction to the Corporation under Section 162(m) of the Code or any successor section. 
  

	 	(a)	Grant. A SAR may be granted in addition to any other Award under the Plan. 

  

	 	(b)	Grant Price. The grant price shall be determined by the Committee, provided, however, that such price shall not be less than one hundred percent (100%) of the Fair Market Value of one share of Common Stock on the
date of grant of the SAR, except with respect to substitute Awards made pursuant to Section 18 of the Plan (the “Grant Price”). 

  

	 	(c)	Term. The term of each SAR shall be such period of time as is fixed by the Committee; provided, however, that the term of any SAR shall not exceed ten (10) years from the date of grant. The Committee in its
discretion at the time of grant may establish Performance Goals that may affect the grant, exercise and/or settlement of a SAR. 

  
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	 	(d)	Time and Method of Exercise. The Committee shall establish in the applicable Award Agreement the time or times at which a SAR may be exercised in whole or in part. 

 

	 	(e)	Form of Payment. Payment may be made to the Participant in respect thereof in cash or in shares of Common Stock, or any combination thereof, as the Committee in its sole discretion, shall determine and provide in the
relevant Award Agreement. If stock-settled SARs are issued and paid, the gross amount of the Award shall be counted against the Plan. 

9. RESTRICTED SHARES 
 The Committee
or its delegate may from time to time designate those Participants who shall receive Awards of Restricted Shares. Each grant of Restricted Shares under the Plan shall be evidenced by an agreement which shall be executed by the Corporation and the
Participant. The agreement shall contain such terms and conditions, not inconsistent with the Plan, as shall be determined by the Committee and shall indicate the number of Restricted Shares awarded and the following terms and conditions of the
award. 
  

	 	(a)	Grant of Restricted Shares. The Committee shall determine the number of Restricted Shares to be included in the grant and the conditions and period or periods during which the award is subject to vesting and the
Transferability Restrictions applicable to the Restricted Shares will be in force (the “Restricted Period”). Unless otherwise determined by the Committee at the time of grant, the Restricted Period shall be for a minimum of three years and
shall not exceed ten years from the date of grant, as determined by the Committee at the time of grant. The Restricted Period may be the same for all Restricted Shares granted at a particular time to any one Participant or may be different with
respect to different Participants or with respect to various of the Restricted Shares granted to the same Participant, all as determined by the Committee at the time of grant. 

 

	 	(b)	 Transferability Restrictions. During the Restricted Period, Restricted Shares may not be sold, assigned, transferred or otherwise disposed of, or
mortgaged, pledged or otherwise encumbered. Furthermore, a Participant’s right, if any, to receive Common Stock upon termination of the Restricted Period may not be assigned or transferred except by will or by the laws of descent and
distribution. In order to enforce the limitations imposed upon the Restricted Shares the Committee may (i) cause a legend or legends to be placed on any such certificates, and/or (ii) issue “stop transfer” instructions as it
deems necessary or appropriate. Holders of Restricted Shares limited as to sale under this subsection 9(b) shall have rights as a stockholder with respect to such shares to receive dividends in cash or other property or other distribution or rights
in respect of such shares, and to vote such shares as the record owner thereof; provided that Restricted Shares that constitute Performance Awards will have such dividend rights as set forth in Section 11. With respect to each grant of
Restricted Shares, the Committee shall determine the vesting conditions and Transferability Restrictions which will apply to the Restricted Shares for all or part of the Restricted Period. By way of illustration but not by way of limitation, the
Committee may provide (i) that the Participant will not be entitled to receive any shares of Common Stock unless he or she is still a service provider of the Corporation or its Affiliates at the end of the Restricted Period, (ii) that the

  
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Participant will become vested in Restricted Shares according to a schedule determined by the Committee, or under other terms and conditions, including Performance Goals, determined by the
Committee, and (iii) how any Transferability Restrictions will be applied, modified or accelerated in the case of the Participant’s death or Total and Permanent Disability. 

 

	 	(c)	Manner of Holding and Delivering Restricted Shares. If the Corporation issues physical certificates for Restricted Shares, each such certificate shall be registered in the name of the Participant and deposited with the
Corporation or its designee. These certificates shall remain in the possession of the Corporation or its designee until the end of the applicable Restricted Period or, if the Committee has provided for earlier termination of the Transferability
Restrictions following a Participant’s death, Total and Permanent Disability or earlier vesting of the shares of Common Stock, such earlier termination of the Transferability Restrictions. At whichever time is applicable, certificates
representing the number of shares to which the Participant is then entitled shall be delivered to the Participant free and clear of the Transferability Restrictions; provided that in the case of a Participant who is not entitled to receive the full
number of Shares evidenced by the certificates then being released from escrow because of the application of the Transferability Restrictions, those certificates shall be returned to the Corporation and canceled and a new certificate representing
the shares of Common Stock, if any, to which the Participant is entitled pursuant to the Transferability Restrictions shall be issued and delivered to the Participant, free and clear of the Transferability Restrictions. 

10. RESTRICTED SHARE UNITS 
 The
Committee or its delegate shall from time to time designate those Participants who shall receive Awards of Restricted Share Units. The Committee shall advise such Participants of their Awards by a letter indicating the number of Restricted Share
Units awarded and the following terms and conditions of the award. 
  

	 	(a)	Restricted Share Units may be granted to Participants as of the first day of a Restricted Period. The number of Restricted Share Units to be granted to each Participant and the Restricted Period shall be determined by
the Committee in its sole discretion. 

  

	 	(b)	 Transferability Restrictions. During the Restricted Period, Restricted Share Units may not be sold, assigned, transferred or otherwise disposed of, or
mortgaged, pledged or otherwise encumbered. Furthermore, a Participant’s right, if any, to receive cash or Common Stock upon termination of the Restricted Period may not be assigned or transferred except by will or by the laws of descent and
distribution. With respect to each grant of Restricted Share Units, the Committee shall determine the vesting conditions and Transferability Restrictions which will apply to the Restricted Share Units for all or part of the Restricted Period. By way
of illustration but not by way of limitation, the Committee may provide (i) that the Participant will forfeit any Restricted Share Units unless he or she is still a service provider of the Corporation or its Affiliates at the end of the
Restricted Period, (ii) that the Participant will forfeit any or all Restricted Share Units unless he or she has met the Performance Goals according to the schedule determined by the Committee, (iii) that the Participant will become

  
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vested in Restricted Share Units according to a schedule determined by the Committee, or under other terms and conditions, including Performance Goals, determined by the Committee, and
(iv) how any Transferability Restrictions will be applied, modified or accelerated in the case of the Participant’s death or Total and Permanent Disability. 

 

	 	(c)	Unless otherwise determined by the Committee, (i) during the Restricted Period, Participants will be credited with dividend equivalents equal in value to those declared and paid on shares of Common Stock, on all
Restricted Share Units granted to them, (ii) these dividends will be regarded as having been reinvested in Restricted Share Units on the date of the Common Stock dividend payments based on the then Fair Market Value of the Common Stock thereby
increasing the number of Restricted Share Units held by a Participant, and (iii) such dividend equivalents will be paid only to the extent the underlying Awards vest. Holders of Restricted Share Units under this subsection 10(c) shall have none
of the rights of a stockholder with respect to such shares. Holders of Restricted Share Units are not entitled to receive distribution of rights in respect of such shares, nor to vote such shares as the record owner thereof. 

 

	 	(d)	Payment of Restricted Share Units. The payment of Restricted Share Units shall be made in cash or shares of Common Stock, or a combination of both, as determined by the Committee at the time of grant. The payment of
Restricted Share Units shall be made promptly following the end of the Restricted Period, but not later than March 15 of the year following the year in which the Restricted Period ends. 

11. PERFORMANCE AWARDS 
 The
Committee or its delegate may from time to time designate those Participants who shall receive Performance Awards. Performance Awards include arrangements under which the grant, issuance, retention, vesting and/or transferability of any Award is
subject to such Performance Goals, Transferability Restrictions and such additional conditions or terms as the Committee may designate. Subject to the terms of the Plan and any applicable Award Agreement, a Performance Award granted under the Plan:

  

	 	(a)	may be denominated or payable in cash, Common Stock (including, without limitation, Restricted Shares), other securities, or other Awards; 

 

	 	(b)	shall confer on the holder thereof rights valued as determined by the Committee and payable to, or exercisable by, the holder of the Performance Award, in whole or in part, upon the achievement of such Performance Goals
during such performance periods as the Committee shall establish; and 

  

	 	(c)	as specified in the relevant Award Agreement, the Committee may provide that Performance Awards denominated in shares earn dividend equivalents. Unless otherwise determined by the Committee, dividend equivalents for
Performance Awards will accrue and will not be paid unless and until the underlying Awards vest. 

  
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 12. OTHER STOCK-BASED AWARDS 

The Committee or its delegate may from time to time designate those Participants who shall receive such other Awards (“Other Stock-Based
Awards”) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock (including, without limitation, securities convertible into Common Stock), as are deemed by the Committee
to be consistent with the purposes of the Plan, provided, however, that such grants must comply with applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions,
including Performance Goals and Transferability Restrictions, of such Awards. Common Stock or other securities delivered pursuant to a purchase right granted under this Section 12 shall be purchased for such consideration, which may be paid by
such method or methods and in such form or forms, including, without limitation, cash, Common Stock, other securities, or other Awards, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by
the Committee shall not be less than the Fair Market Value of such Common Stock or other securities as of the date such purchase right is granted except with respect to substitute Awards made pursuant to Section 18 of the Plan. 

13. VESTING 
 Except as otherwise
provided in this Plan, an Award (other than Awards subject to Performance Goals) may not vest in whole in less than three years from the date of grant (although individual Award shares may vest in annual installments over a period of not less than
three years). Notwithstanding the preceding sentence, in certain limited situations such as for substitute awards under Section 18 of this Plan, new hires, retirement and certain other limited situations warranting a shorter or no vesting
period, as may be determined by the Committee, these Awards may vest in whole in less than three years from the date of grant. Except as otherwise provided in this Plan, Awards subject to Performance Goals may not vest in whole in less than one
year from the date of grant. 
 14. CHANGE OF CONTROL, GOVERNMENT SERVICE, LEAVES OF ABSENCE AND OTHER TERMINATIONS 

 

	 	(a)	If, pending a Change of Control, the Committee determines the Common Stock will cease to exist without an adequate replacement security that preserves Participants’ economic rights and positions, then, by action of
the Committee, the following shall occur: 

  

	 	(i)	All Options and SARs, except for Incentive Stock Options, shall become exercisable immediately prior to the consummation of the Change of Control in such manner as is deemed fair and equitable by the Committee.

  

	 	(ii)	 The restrictions on all Restricted Shares shall lapse, and all Restricted Share Units, Performance Awards and Other Stock-Based Awards shall vest
immediately prior to consummation of the Change of Control and shall be settled upon the Change of Control in cash equal to the Fair Market Value of the Restricted Share Units, Performance Awards and Other Stock-Based Awards at the time of the
Change of Control. For purposes of determining Fair Market Value of any Award subject to performance conditions, the Award will be deemed earned at the target 

  
 12 

	 	
level. Provided, however, that any Restricted Share Units that are required to meet the requirements of Section 409A of the Code and the regulations thereunder shall be settled in a manner
that complies with Section 409A of the Code and the regulations thereunder. 

  

	 	(b)	A termination of employment or service shall not be deemed to have occurred while a Participant is on military leave or other bona fide leave of absence if the period of such leave does not exceed six months, or if
longer, so long as the Participant retains a right to reemployment or return to service with the Corporation or an Affiliate under an applicable statute or by contract. For purposes of this subparagraph, a leave of absence constitutes a bona fide
leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Corporation or an Affiliate. If the period of leave exceeds six months and the Participant does not retain a right to
reemployment or return to service under an applicable statute or by contract, the employment or service relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing sentence, where
a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the
Participant to be unable to perform the duties of his or her position of employment or service or any substantially similar position of employment or service, a 29-month period of absence is substituted for such six-month period in determining
whether a termination of employment or service shall be deemed to have occurred. A termination of employment or service with the Corporation or an Affiliate to accept immediate reemployment or return to service with the Corporation or an Affiliate
likewise shall not be deemed to be a termination of employment or service for purposes of the Plan. A Participant who is classified as an intermittent employee, consultant or advisor shall be deemed to have a termination of employment or service for
purposes of the Plan. Notwithstanding anything in the Plan to the contrary, a termination of employment or service with respect to any Restricted Share Units, Performance Awards and Other Stock-Based Awards that are required to meet the requirements
of Section 409A of the Code and the regulations thereunder shall not be deemed to be a termination of employment or service for purposes of the Plan if it is anticipated that the level of bona fide services the Participant would perform after
such date would continue at a rate equal to more than 20 percent (20%) of the average level of bona fide services performed over the immediately preceding 36-month period (or the full period of services to the Corporation or an Affiliate
if the Participant has been providing such services less than 36 months). 

  

	 	(c)	If any amounts payable under the Plan would constitute a parachute payment under Section 280G(b)(2) of the Code then such amounts shall be reduced to the extent necessary to provide the Participant with the
greatest aggregate net after tax receipt as determined by applying the procedures set forth in the Committee Rules. 

  
 13 

 15. SHARES SUBJECT TO THE PLAN 

 

	 	(a)	The number of shares of Common Stock available with respect to all Awards that may be issued under the Plan shall not exceed 4,500,000 in the aggregate. 

 

	 	(b)	In no event shall more than 2,000,000 shares of Common Stock be available for grant as Restricted Shares, Restricted Share Units, Performance Awards settled in shares of Common Stock, and all Other Stock-Based
Awards settled in shares of Common Stock (the “Stock Award Pool”), in each case subject to the adjustment provision set forth in Section 17 hereof. 

 

	 	(c)	Shares subject to (i) Options and SARs which become ineligible for exercise or purchase, (ii) Restricted Share Units, Performance Awards and Other Stock-Based Awards which are retired through forfeiture or
maturity, other than those which are retired through the payment or withholding of Common Stock, and (iii) Restricted Shares which are forfeited during the Restricted Period due to any applicable vesting conditions or Transferability
Restrictions will again be available for Awards under the Plan. 

  

	 	(d)	The total number of shares of Common Stock available for Awards under the Plan shall be reduced by the maximum number of shares of Common Stock issued upon exercise or settlement of Options and SARs granted, as well as
shares of Common Stock retained or withheld by the Corporation in satisfaction of a Participant’s withholding (as defined in subsection 21(j) below). Shares that were subject to an Option or SAR and were not issued upon the net settlement or
net exercised of such Option or SAR may not again be made available for issuance under the Plan. All other Awards (except Restricted Share Units subject to Performance Goals, Performance Awards, Other Stock-Based Awards subject to Performance Goals
and dividend equivalents thereof) shall reduce the total number of shares available for Awards under the Stock Award Pool by the number of shares of Common Stock vested under the Award. Restricted Share Units subject to Performance Goals,
Performance Awards and Other Stock-Based Awards subject to Performance Goals shall reduce the total number of shares available for Awards under the Stock Award Pool by the maximum number of shares of Common Stock to be issued under grants of
Restricted Share Units subject to Performance Goals, grants of Performance Awards and grants of Other Stock-Based Awards, and the number of shares available for Awards under the Stock Award Pool will then be adjusted accordingly upon actual vesting
of such Awards. Dividend equivalents on Restricted Share Units, Performance Awards and Other Stock-Based Awards subject to Performance Goals shall reduce the total number of shares available for Awards under the Stock Award Pool by the number of
shares of Common Stock vested upon vesting of the underlying Award. Any Award that may be settled only in cash shall not reduce the number of shares available for Awards, including, as applicable, the Stock Award Pool. 

 

	 	(e)	The shares of Common Stock subject to the Plan may consist in whole or in part of authorized but unissued shares or of treasury shares, as the Board may from time to time determine. 

 

	 	(f)	Substitute Awards made pursuant to section 18 of the Plan, other than the Awards issued in connection with the spin-off of the Corporation from Kimberly-Clark Corporation, shall not count against the Shares otherwise
available for issuance under the Plan under this section 15. 

  
 14 

 16. INDIVIDUAL LIMITS 

The maximum number of shares of Common Stock covered by Awards which may be granted to any Participant within any calendar year period shall
not exceed 1,000,000 in the aggregate, except that in connection with a newly-hired Participant’s initial service, a Participant may be granted Awards covering up to an additional 1,000,000 shares of Common Stock. If an Option which had
been granted to a Participant is canceled, the shares of Common Stock which had been subject to such canceled Option shall continue to be counted against the maximum number of shares for which Options may be granted to the Participant. In the event
that the number of Options which may be granted is adjusted as provided in the Plan, the above limits shall automatically be adjusted in the same ratio which reflects the adjustment to the number of Options available under the Plan. 

17. CHANGES IN CAPITALIZATION 
 In
the event there are any changes in the Common Stock or the capitalization of the Corporation through a corporate transaction, such as any merger, any acquisition through the issuance of capital stock of the Corporation, any consolidation,
combination, or exchange of shares, any separation of the Corporation (including a spin-off, split-up or other distribution of stock of the Corporation), any reorganization of the Corporation (whether or not such reorganization comes within the
definition of such term in Section 368 of the Code), or any partial or complete liquidation by the Corporation, recapitalization, stock dividend, stock split, extraordinary cash dividend or other change in the corporate structure, appropriate
adjustments and changes shall be made by the Committee, to the extent necessary to preserve the benefit to the Participant contemplated hereby, to reflect such changes in (a) the maximum number of shares subject to the Plan, (b) the
maximum number of shares for which Awards may be granted to any Participant, (c) the number of shares and the Option Price per share of all shares of Common Stock subject to outstanding Options, (d) the number of shares and the Grant Price
per share of all shares of Common Stock subject to outstanding SARs (e) the maximum number of shares of Common Stock covered by Awards which may be granted by the special committee within any calendar year period, (f) the maximum number of
shares of Common Stock available for option and sale and available for grant as Restricted Shares, Restricted Share Units, Performance Awards settled in shares of Common Stock, and Other-Stock Based Awards settled in Common Stock, (g) the
number of Restricted Shares, Restricted Share Units, Performance Awards and Other Stock-Based Awards awarded to Participants, and (h) such other provisions of the Plan and individual Awards as may be necessary and equitable to carry out the
foregoing purposes, provided, however that no such adjustment or change may be made to the extent that such adjustment or change will result in the disallowance of a deduction to the Corporation under Section 162(m) of the Code or any successor
section. For avoidance of doubt, with respect to any “equity restructuring” event that could result in an additional compensation expense pursuant to the provisions of FASB ASC Topic 718 if adjustments to Awards with respect to such event
were discretionary, the Committee shall equitably adjust the number and type of shares covered by each outstanding Award and the terms and conditions, including the exercise price and performance criteria (if any), of such Award to equitably reflect
such event, and will adjust the number and type of shares (or other securities or property) with respect to which Awards may be granted under the Plan after such event. 

  
 15 

 18. SUBSTITUTE AWARDS 

The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by employees of another entity who become
employees of the Corporation or an Affiliate as a result a merger or consolidation of the former employing entity with the Corporation or an Affiliate, the acquisition by the Corporation or an Affiliate of property or stock of the former employing
corporation, or the spin-off of the Corporation from Kimberly-Clark Corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 

19. EFFECT ON OTHER PLANS 
 All
payments and benefits under the Plan shall constitute special compensation and shall not affect the level of benefits provided to or received by any Participant (or the Participant’s estate or beneficiaries) as part of any employee benefit plan
of the Corporation or an Affiliate. The Plan shall not be construed to affect in any way a Participant’s rights and obligations under any other plan maintained by the Corporation or an Affiliate on behalf of employees. 

20. TERM OF THE PLAN 
 The term of the
Plan shall be ten years, beginning November 1, 2014 and ending October 31, 2024, unless the Plan is terminated prior thereto by the Committee. No Award may be granted or awarded after the termination date of the Plan, but Awards
theretofore granted or awarded shall continue in force beyond that date pursuant to their terms. 
 21. GENERAL PROVISIONS 

 

	 	(a)	No Right of Continued Service. Neither the establishment of the Plan nor the payment of any benefits hereunder nor any action of the Corporation, its Affiliates, the Board of Directors of the Corporation or its
Affiliates, or the Committee shall be held or construed to confer upon any person any legal right to be continued in the employ of the Corporation or its Affiliates, and the Corporation and its Affiliates expressly reserve the right to discharge any
Participant without liability to the Corporation, its Affiliates, the Board of Directors of the Corporation or its Affiliates or the Committee, except as to any rights which may be expressly conferred upon a Participant under the Plan.

  

	 	(b)	Binding Effect. Any decision made or action taken by the Corporation, the Board or by the Committee arising out of or in connection with the construction, administration, interpretation and effect of the Plan shall be
conclusive and binding upon all persons. Notwithstanding anything in Section 3 to the contrary, the Committee may determine in its sole discretion whether a termination of employment or service for purposes of the Plan is caused by disability,
retirement or for other reasons. 

  

	 	(c)	 Modification of Awards. The Committee may in its sole and absolute discretion, by written notice to a Participant, (i) limit the period in which
an Incentive Stock 

  
 16 

	 	
Option may be exercised to a period ending at least three months following the date of such notice, (ii) limit or eliminate the number of shares subject to an Incentive Stock Option after a
period ending at least three months following the date of such notice, (iii) accelerate the Restricted Period with respect to the Restricted Shares, Restricted Share Units, Performance Awards and Other Stock-Based Awards granted under the Plan,
(iv) subject any Performance-Based Award or any other Award subject to Performance Goals to any policy adopted by the Corporation relating to the recovery of such Award to the extent it is determined that the Performance Goals were not actually
achieved and/or (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Common Stock, other securities or other Awards, or canceled, forfeited, or suspended, and the method or methods by
which Awards may be settled, exercised, canceled, forfeited, or suspended. Notwithstanding anything in this subsection 21(c) to the contrary, the Committee may not take any action to the extent that such action would result in the disallowance of a
deduction to the Corporation under Section 162(m) of the Code or any successor section. Provided however, that any Restricted Share Units, Performance Awards and Other Stock-Based Awards that are required to meet the requirements of
Section 409A of the Code and the regulations thereunder shall be settled in a manner that complies with Section 409A of the Code and the regulations thereunder. Except as provided in this subsection and in subsection 21(d) no amendment,
suspension, or termination of the Plan or any Awards under the Plan shall, without the consent of the Participant, adversely alter or change any of the rights or obligations under any Awards or other rights previously granted the Participant.

  

	 	(d)	Nonresident Aliens. In the case of any Award granted to a Participant who is not a resident of the United States or who is employed by an Affiliate other than an Affiliate that is incorporated, or whose place of
business is, in a State of the United States, the Committee may (i) waive or alter the terms and conditions of any Awards to the extent that such action is necessary to conform such Award to applicable foreign law, (ii) determine which
Participants, countries and Affiliates are eligible to participate in the Plan, (iii) modify the terms and conditions of any Awards granted to Participants who are employed outside the United States, (iv) establish subplans, each of which
shall be attached as an appendix hereto, modify Option exercise procedures and other terms and procedures to the extent such actions may be necessary or advisable, and (v) take any action, either before or after the Award is made, which is
deemed advisable to obtain approval of such Award by an appropriate governmental entity; provided, however, that no action may be taken hereunder if such action would (i) materially increase any benefits accruing to any Participants under the
Plan, (ii) increase the number of shares of Common Stock which may be issued under the Plan, (iii) modify the requirements for eligibility to participate in the Plan, (iv) result in a failure to comply with applicable provisions of
the Securities Act of 1933, the Exchange Act or the Code or (v) result in the disallowance of a deduction to the Corporation under Section 162(m) of the Code or any successor section. 

 

	 	(e)	 No Segregation of Cash or Stock. The Restricted Share Unit accounts established for Participants are merely a bookkeeping convenience and neither the
Corporation nor its Affiliates shall be required to segregate any cash or stock 

  
 17 

	 	
which may at any time be represented by Awards. Nor shall anything provided herein be construed as providing for such segregation. Neither the Corporation, its Affiliates, the Board nor the
Committee shall, by any provisions of the Plan, be deemed to be a trustee of any property, and the liability of the Corporation or its Affiliates to any Participant pursuant to the Plan shall be those of a debtor pursuant to such contract
obligations as are created by the Plan, and no such obligation of the Corporation or its Affiliates shall be deemed to be secured by any pledge or other encumbrance on any property of the Corporation or its Affiliates. 

 

	 	(f)	Non-transferability. During the Participant’s lifetime, Options shall be exercisable only by such Participant. Awards shall not be transferable other than by will or the laws of descent and distribution upon the
Participant’s death. Notwithstanding anything in this subsection 21(f) to the contrary, the Committee may grant to designated Participants the right to transfer Awards, to the extent allowed under Rule 16b-3 of the Exchange Act, subject to
the terms and conditions of the Committee Rules. 

 Except as otherwise provided in the Plan, no benefit payable under or
interest in the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any such attempted action shall be void and no such benefit or interest shall be in any manner liable for
or subject to debts, contracts, liabilities, engagements, or torts of any Participant or beneficiary. 
  

	 	(g)	Delaware Law to Govern. All questions pertaining to the construction, interpretation, regulation, validity and effect of the provisions of the Plan shall be determined in accordance with the laws of the State of
Delaware. 

  

	 	(h)	Purchase of Common Stock. The Corporation and its Affiliates may purchase from time to time shares of Common Stock in such amounts as they may determine for purposes of the Plan. The Corporation and its Affiliates shall
have no obligation to retain, and shall have the unlimited right to sell or otherwise deal with for their own account, any shares of Common Stock purchased pursuant to this paragraph. 

 

	 	(i)	Use of Proceeds. The proceeds received by the Corporation from the sale of Common Stock pursuant to the exercise of Options shall be used for general corporate purposes. 

 

	 	(j)	Withholding. The Committee shall require the withholding of all taxes as required by law. In the case of exercise of an Option or payments of Awards whether in cash or in shares of Common Stock or other securities,
withholding shall be as required by law and the Committee Rules. 

  

	 	(k)	 Amendments. The Committee may at any time amend, suspend, or discontinue the Plan or alter or amend any or all Awards and Award Agreements under the
Plan to the extent (1) permitted by law, (2) permitted by the rules of any stock exchange on which the Common Stock or any other security of the Corporation is listed, (3) permitted under applicable provisions of the Securities Act of
1933, as amended, the Exchange Act (including Rule 16b-3 thereof); and (4) that such 

  
 18 

	 	
action would not result in the disallowance of a deduction to the Corporation under Section 162(m) of the Code or any successor section (including the rules and regulations promulgated
thereunder); provided, however, that if any of the foregoing requires the approval by stockholders of any such amendment, suspension or discontinuance, then the Committee may take such action subject to the approval of the stockholders. Except as
provided in subsections 21(c) and 21(d) no such amendment, suspension, or termination of the Plan shall, without the consent of the Participant, adversely alter or change any of the rights or obligations under any Awards or other rights previously
granted the Participant. 

  

	 	(l)	Section 409A of the Code. 

  

	 	(i)	General. To the extent that any Award is subject to Section 409A of the Code, such Award and the Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be limited,
construed and interpreted in accordance with such intent. Such Award shall be paid in a manner that will comply with Section 409A of the Code, including the final treasury regulations or any other official guidance issued by the Secretary of
the Treasury or the Internal Revenue Service with respect thereto. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the Corporation, its Affiliates nor their respective
directors, officers, employees or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other taxpayer as a result of the Plan or
any Award. 

  

	 	(ii)	Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Agreement to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for
purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable under this Plan or any Award Agreement by reason of a Participant’s separation from service during a period in
which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of
interest), or (j)(4)(vi) (payment of employment taxes): (a) the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service
will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s death) (in
either case, the “Required Delay Period”); and (b) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 

For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final
regulations thereunder, provided, however, that, as permitted in such final 

  
 19 

 
regulations, the Corporation’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted
by the Board or any committee of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Corporation, including this Plan. 

  
 20EX-10.9

 Exhibit 10.9 

HALYARD HEALTH, INC. 

NONQUALIFIED STOCK OPTION 

AWARD AGREEMENT 
 This Award, granted on
                    , by Halyard Health, Inc., a Delaware corporation (hereinafter called the “Corporation”), to
                     (the “Participant”) is subject to the terms and conditions of the Halyard Health, Inc. Equity Participation Plan (the
“Plan”) and this Award Agreement, including any country-specific terms and conditions contained in Appendix A to this Award Agreement. 

W I T N E S S E T H: 
 WHEREAS, the Corporation
has adopted the Plan to aid in attracting and retaining highly qualified personnel and to encourage those persons who materially contribute, by managerial, scientific or other innovative means, to the success of the Corporation or of an Affiliate,
to acquire an ownership interest in the Corporation, thereby increasing their motivation for and interest in the Corporation’s or the Affiliate’s long-term success; 

NOW, THEREFORE, it is agreed as follows: 
  

	1.	Number of Shares Optioned; Option Price. The Corporation grants to the Participant the right and option to purchase in his or her own name, on the terms and conditions hereinafter set forth, all or any part of an
aggregate of              shares of the $.01 par value common stock of the Corporation, and at the purchase price of
$             per share, as granted on the date set forth above. This option shall not be an incentive stock option within the meaning of Section 422 of the U.S. Internal Revenue Code
of 1986, as amended (the “Code”). 

  

	2.	Exercise of Option. 

  

	 	(a)	Limitations on Exercise. This option shall be subject to forfeiture until the Participant becomes vested in such Awards according to the schedule that was approved on the Grant Date and as reflected on the
Merrill Lynch Benefits OnLine site, or any successor system, via the Grant Summary screen as the Future Vesting table; provided, however, that the option shall become exercisable immediately in the event of a Qualified Termination of Service of the
Participant, without regard to the limitations set forth below in this subsection. If the Participant’s employment or service is terminated for any reason other than death, Retirement, or Total and Permanent Disability, this option shall only
be exercisable for three months following such termination and only for the number of shares which were exercisable on the date of such termination. In no event, however, may this option be exercised more than ten (10) years after the date of
its grant. 

 A termination of employment or service shall not be deemed to have occurred while the Participant
is on military leave or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Participant retains a right to reemployment or return to service with the Corporation or an Affiliate under
an applicable statute or by contract. For purposes of this subparagraph, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Corporation
or an Affiliate. If the period of leave exceeds six months and the Participant does not retain a right to reemployment or return to service under an applicable statute or by contract, the employment or service relationship is deemed to terminate on
the first date immediately following such six-month period. Notwithstanding the foregoing sentence, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than six months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or service or any substantially similar position of employment
or service, a 29-month period of absence is substituted for such six-month period in determining whether a termination of employment or service shall be deemed to have occurred. A termination of employment or service with the Corporation or an
Affiliate to accept immediate reemployment or return to service with the Corporation or an Affiliate likewise shall not be deemed to be a termination of employment or service for purposes of the Plan. A Participant who is classified as an
intermittent employee, consultant or advisor shall be deemed to have a termination of employment or service for purposes of the Plan. 
 (b)
Exercise after Death, Retirement, or Disability. If the Participant dies, Retires or becomes Totally and Permanently Disabled without having exercised this option in full, the remaining portion of this option, determined without regard to the
limitations in subsection 2(a), may be exercised within the earlier of (i) three years from the date of death or Total and Permanent Disability or five years from the date of Retirement, as the case may be, or (ii) the remaining period of
this option. In the case of a Participant who dies, this option may be exercised by the person or persons to whom the Participant’s rights under this option shall pass by will or by applicable law or, if no such person has such rights, by his
executor or administrator. 
 Notwithstanding the above, if the Corporation receives an opinion of counsel that there has been a legal
judgment and/or legal development in the Participant’s jurisdiction that likely would result in the favorable Retirement treatment that applies to this option pursuant to this subsection (b) being deemed unlawful and/or discriminatory,
then the Corporation will not apply the favorable Retirement treatment at the time of termination and this option will be treated as it would under the rules that apply if the Participant’s employment is terminated for reasons other than death,
Retirement or Total and Permanent Disability. 
 (c) Method of Exercise. This option shall be exercised by delivering to Merrill
Lynch, or other authorized agent of the Corporation, as set forth in their terms and conditions of exercise, written notice of the number of shares with respect to which option rights are being exercised and by paying in full the option price of the
shares at the time being acquired. Payment may be made in cash, pursuant to a “cashless exercise” arrangement permitted by the Committee in its sole discretion, or, for U.S. Participants only, in shares of the

  
 Page 2 of 41 

 
Corporation’s common stock as set forth in the terms and conditions of exercise. The date of exercise shall be deemed to be the date of receipt of the written notice and payment for the
shares being purchased. The Participant shall have none of the rights of a stockholder with respect to shares covered by such options until the Participant becomes record holder of such shares. 

(d) Payment of Withholding Taxes. No shares of common stock may be purchased under this option, unless prior to or simultaneously with
such purchase, (i) the Participant or (ii) in the event of his death, the person succeeding to his rights hereunder, pay to the Corporation or the Affiliate, as applicable, such amount as the Corporation advises is required under
applicable federal, state or local laws to withhold and pay over to governmental taxing authorities in relation to this option. Unless otherwise determined by the Committee, payment of required withholding taxes may be made with shares of the
Corporation’s common stock which otherwise would be distributable upon exercise of the option, pursuant to the rules of the Committee. 
  

	3.	Nontransferability. Except as may otherwise be provided by the Committee, this option shall be transferable only by will or by the laws of descent and distribution, and during the Participant’s lifetime
shall be exercisable only by him or her. 

  

	4.	Compliance with Law. No shares of common stock may be purchased under this option, unless prior to the purchase thereof, the Corporation shall have received an opinion of counsel to the effect that the issuance
and sale of such shares by the Corporation to the Participant will not constitute a violation of the U.S. Securities Act of 1933, as amended. As a condition of exercise, the Participant shall, if requested by the Corporation, submit a written
statement in form satisfactory to counsel for the Corporation, to the effect that any shares of common stock purchased upon exercise of this option will be purchased for investment and not with a view to the distribution thereof within the meaning
of the U.S. Securities Act of 1933, as amended, and the Corporation shall have the right, in its discretion, to cause the certificates representing shares of common stock purchased hereunder to be appropriately legended to refer to such undertaking
or to any legal restrictions imposed upon the transferability thereof by reason of such undertaking. 

 The option granted
hereby is subject to the condition that if the listing, registration or qualification of the shares subject hereto on any securities exchange or under any state or federal law, or if the consent or approval of any regulatory body shall be necessary
as a condition of, or in connection with, the granting of the option or the delivery or purchase of shares thereunder, such option may not be exercised in whole or in part unless and until such listing, registration, qualification, consent or
approval shall have been effected or obtained. The Corporation agrees to use its best efforts to obtain any such requisite listing, registration, qualification, consent or approval. 

 

	5.	No Right of Continued Service. The granting of this option does not confer upon the Participant any legal right to be continued in the employ or service of the Corporation or its Affiliates, and the Corporation
and its Affiliates reserve the right to discharge the Participant whenever the interest of the Corporation or its Affiliates may so require without liability to the Corporation or its Affiliates, the Board of Directors of the Corporation or its
Affiliates, or the Committee, except as to any rights which may be expressly conferred on the Participant under this option. 

  
 Page 3 of 41 

	6.	Discretion of the Corporation, Board of Directors and the Committee. Any decision made or action taken by the Corporation or by the Board of Directors of the Corporation or by the Committee arising out of or in
connection with the construction, administration, interpretation and effect of this option shall be within the absolute discretion of the Corporation, the Board of Directors of the Corporation or the Committee, as the case may be, and shall be
conclusive and binding upon all persons. 

  

	7.	Amendments. The Committee may at any time alter or amend this option to the extent (1) permitted by law, (2) permitted by the rules of any stock exchange on which the common stock or any other security
of the Corporation is listed, (3) permitted under applicable provisions of the U.S. Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, as amended (including rule 16b-3 thereof), and (4) that such action would not
result in the disallowance of a deduction to the Corporation under Section 162(m) of the Code or any successor section (including the rules and regulations promulgated thereunder). Notwithstanding anything to the contrary contained herein, the
Committee may not take any action that would result in any amount payable under this option qualifying as “applicable employee remuneration” as so defined for purposes of Section 162(m) of the Code. 

 

	8.	Inalienability of Benefits and Interest. This option and the rights and privileges conferred hereby shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance
or charge, and any such attempted action shall be void and no such benefit or interest shall be in any manner liable for or subject to debts, contracts, liabilities, engagements, or torts of the Participant. 

 

	9.	Delaware Law to Govern. All questions pertaining to the construction, interpretation, regulation, validity and effect of the provisions of this option shall be determined in accordance with the laws of the State
of Delaware. 

  

	10.	Purchase of Common Stock. The Corporation and its Affiliates may, but shall not be required to, purchase shares of common stock of the Corporation for purposes of satisfying the requirements of this option. The
Corporation and its Affiliates shall have no obligation to retain and shall have the unlimited right to sell or otherwise deal with for their own account, any shares of common stock of the Corporation purchased for satisfying the requirements of
this option. 

  

	11.	Notices. Any notice to be given to the Corporation under this option shall be addressed to the Corporation in care of its Director of Compensation located at the World Headquarters, and any notice to be given to
the Participant under the terms of this option may be addressed to him at his address as it appears on the Corporation’s records, or at such other address as either party may hereafter designate in writing to the other. Any such notice shall be
deemed to have been duly given if and when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, registered and deposited, postage and registry fee prepaid, in a post office or branch post office regularly maintained by the
United States Government or any equivalent non-U.S. postal service. 

  

	12.	 Changes in Capitalization. In the event there are any changes in the common stock or the capitalization of the Corporation through a corporate
transaction, such as any merger, any acquisition through the issuance of capital stock of the Corporation, any consolidation, any separation of the Corporation (including a spin-off or other distribution of stock of the Corporation), any
reorganization of the Corporation (whether 

  
 Page 4 of 41 

	 	
or not such reorganization comes within the definition of such term in Section 368 of the Code), or any partial or complete liquidation by the Corporation, recapitalization, stock dividend,
stock split or other change in the corporate structure, appropriate adjustments and changes shall be made by the Committee in (a) the number of shares and the option price per share of stock subject to this option, and (b) such other
provisions of this option as may be necessary and equitable to carry out the foregoing purposes, provided, however that no such adjustment or change may be made to the extent that such adjustment or change will result in the disallowance of a
deduction to the Corporation under Section 162(m) of the Code or any successor section. 

  

	13.	Effect on Other Plans. All benefits under this option shall constitute special incentives and shall not affect the level of benefits provided to or received by the Participant (or the Participant’s estate or
heirs) as part of any employee benefit plan of the Corporation or an Affiliate. This option shall not be construed to affect in any way the Participant’s rights and obligations under any other plan maintained by the Corporation or an Affiliate
on behalf of employees. 

  

	14.	Successors. This option shall be binding upon and inure to the benefit of any successor or successors of the Corporation. 

  

	15.	Defined Terms. Terms which are capitalized are defined herein or in the Plan and have the same meaning set forth in the Plan, unless the context indicates otherwise. 

 

	16.	Non-Competition Provisions For U.S. Participants Only. 

 (a) During the term of the
Participant’s employment or service and for a period of two (2) years following the termination of employment or service, regardless of the reason for or the manner of termination, unless otherwise prohibited by state law, the Participant
agrees that the Participant shall not, without the written consent of the Corporation, within the United States of America, either directly or indirectly, undertake for a Competitor to perform duties and responsibilities that are the same or
substantially similar to those duties and responsibilities that the Participant undertook for the Corporation or an Affiliate, relating to the research, development, production, sales and/or marketing of any health or hygiene product (“Business
of the Corporation”) competitive with any health or hygiene product for which the Participant had research, development, production, sales and/or marketing duties or responsibilities during the two (2) year period prior to the end of the
Participant’s employment or service, unless such product is no longer produced or sold by the Corporation. As used herein, “Competitor” means any business that is the same or substantially the same as the Business of the Corporation
anywhere in the United States; provided, however, the foregoing restriction shall not apply if the Participant resides and/or primarily works in the State of California. 

(b) During the period of two (2) years following termination of Participant’s employment or service with the Corporation or an
Affiliate, the Participant agrees to notify the Corporation in writing prior to accepting new employment, or engaging in any other activity which may violate this Agreement, and the Participant agrees to provide in such notice information concerning
the anticipated new employment or activity, including, but not limited to: name of employer; address of employer; name of new team leader; job title; and scope 

  
 Page 5 of 41 

 
and responsibilities of the new position. The Participant recognizes that such duty of notification is absolute and is not affected by the Participant’s belief that such employment may
perhaps not violate this Agreement or otherwise be unfairly competitive with the Corporation. The Participant’s written notice should be addressed to General Counsel, Attention: Noncompetition and Confidentiality Agreement, Halyard Health, Inc.
5405 Windward Parkway, Alpharetta, Georgia 30004; provided, however, the foregoing notice requirement shall not apply if the Participant resides and/or primarily works in the State of California. 

(c) During the period of two (2) years following termination of the Participant’s employment or service with the Corporation or an
Affiliate, the Participant shall provide a copy of this Section 16 of this Agreement to each new employer or service recipient before starting in any new employment or service. The Participant agrees that the Corporation may notify any third
party about the Participant’s obligations under Section 16 of this Agreement until such obligations are fulfilled. 
 (d) If any
provision of this Section 16 is held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such provision shall be deemed to be severed from the Agreement and such invalidity, illegality or
unenforceability will not affect any other provision of the Agreement, all of which shall remain valid and enforceable. Notwithstanding the foregoing, if a court of competent jurisdiction determines that the covenants contained in this
Section 16 are unenforceable because they are overbroad in some respect, to the full extent permitted by applicable law, the court should revise or reform any aspect of this Section 16 so as to make the scope of such Section 16 as
broad as can be enforced under applicable law. 
 (e) In the event of an anticipated or actual breach by the Participant of this
Section 16, the Participant acknowledges and agrees that damages would not be an adequate remedy to compensate the Corporation for the harm to the business of the Corporation and, in such event, agrees that the Corporation shall be
entitled to a temporary restraining order and to temporary injunctive relief to prevent or terminate such anticipated or actual breach, provided, however, that nothing in this Agreement shall be construed to limit any permanent relief to which the
Corporation may be entitled or the damages otherwise recoverable by the Corporation in any such event. 
 (f) If the Participant violates any
aspect of this Section 16, or any duty of loyalty or confidentiality imposed by law, in addition to any damages that the Participant may be required to pay, the Participant understands and agrees that the Participant shall be required to
reimburse the Corporation for all its costs incurred to enforce this Agreement, including but not limited to, all attorneys’ fees. 
  

	17.	Acceptance of Option Terms and Conditions. An Participant has until the end of the one hundred twenty (120) day period beginning from the Grant Date of this option to accept this Award Agreement. If the
Participant does not accept this Award Agreement on or before the end of such one hundred twenty (120) day period, then the grant of the right and option to purchase the shares of common stock of the Corporation, as set forth in Section 1,
shall not be binding on and shall be voidable by the Corporation, in which case it shall have no further force or effect. 

  
 Page 6 of 41 

	18.	Conflict with Plan. This option is awarded pursuant to and subject to the Plan. This option agreement is intended to supplement and carry out the terms of the Plan. It is subject to all terms and provisions of
the Plan and, in the event of a conflict, the Plan shall prevail. 

 Acknowledgment of Conditions 

I understand, acknowledge and agree to the following conditions with respect to the Award granted to me under the Plan: 

 

	 	•	 	The Plan is discretionary in nature and the Corporation may modify, amend, suspend, cancel or terminate it at any time, to the extent permitted by the Plan. The grant of an option is a voluntary and occasional benefit
and does not create any contractual or other right to receive a grant of options or benefits in lieu of options in the future, even if options have been granted in the past. Future grants, if any, will be at the sole discretion of the Corporation,
including, but not limited to, the timing of any grant, the number of option shares, vesting provisions and the exercise price. 

  

	 	•	 	My participation in the Plan is voluntary. The value of this option and the shares of common stock covered by this option and the income and value of same, are extraordinary items that do not constitute compensation of
any kind for services of any kind rendered to the Corporation or, if different, my actual employer (the “Employer”), and which are outside the scope of my employment or service contract, if any, and are not intended to replace any pension
rights or compensation. As such, the option is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses,
long-service awards, pension, retirement or welfare benefits or similar payments and in no event shall be considered as compensation for, or relating in any way to, past services for the Corporation, the Employer or any other Affiliate.

  

	 	•	 	Vesting of any option shares ceases upon termination of active employment or service for any reason (whether or not in breach of local labor laws and except as may otherwise be explicitly provided in the Plan document
or this Award Agreement), and will not be extended by any notice period mandated under local law (e.g., active employment or service would not include a period of “garden leave” or similar period pursuant to local law); the
Committee shall have the exclusive discretion to determine when I am no longer actively employed or in service for purposes of this option. 

  

	 	•	 	No claim or entitlement to compensation or damages shall arise from termination of this option or diminution in value of this option resulting from termination of my employment or service by the Corporation or the
Employer (for any reason whatsoever and whether or not in breach of local labor laws) and, in consideration of the grant of this option, to which I am not otherwise entitled, I irrevocably agree never to institute any claim against the Corporation,
the Employer or any other Affiliate, waive my ability, if any, to bring any such claim, and release the Corporation, the Employer and all other Affiliates from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court
of competent jurisdiction to have arisen, then, by participating in the Plan, I shall be deemed irrevocably to have agreed not to pursue such a claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such
claims. 

  
 Page 7 of 41 

	 	•	 	The future value of the underlying shares is unknown, indeterminable, and cannot be predicted with certainty. If the underlying shares do not increase in value, the option will have no value. If I exercise this option
and obtain shares, the value of those shares acquired upon exercise may increase or decrease in value, even below the option price. 

  

	 	•	 	Neither the Corporation, the Employer nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between my local currency and the United States Dollar that may affect the value of this option or
of any amounts due to me pursuant to the exercise of this option or the subsequent sale of any shares of common stock acquired upon exercise. 

  

	 	•	 	Regardless of any action the Corporation or the Employer takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding related to my participation in the
Plan and legally applicable to me (“Tax-Related Items”), I acknowledge that the ultimate liability for all Tax-Related Items is and remains my responsibility and may exceed the amount actually withheld by the Corporation or the Employer. I
further acknowledge that the Corporation and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this option, including, but not limited to, the grant,
vesting or exercise of this option, the subsequent sale of shares acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of
this option to reduce or eliminate my liability for Tax-Related Items or achieve any particular tax result. Furthermore, if I have become subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant
taxable or tax withholding event, as applicable, I acknowledge that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

  

	 	•	 	Prior to the relevant taxable or tax withholding event, as applicable, I shall pay or make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy or account for all Tax-Related Items. In
this regard, I authorize the Corporation or the Employer, or their respective agents, at their discretion, to satisfy their withholding obligations with regard to all Tax-Related Items by one or a combination of the following: 

 

	 	(1)	withholding from my wages or other cash compensation paid to me by the Corporation and/or the Employer; or 

  

	 	(2)	withholding from proceeds of the sale of shares acquired pursuant to the exercise of this option, either through a voluntary sale or through a mandatory sale arranged by the Corporation (on my behalf, pursuant to this
authorization); or 

  

	 	(3)	withholding in shares to be issued upon exercise of this option. 

  

	 	•	 	To avoid negative accounting treatment, the Corporation may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including
maximum applicable rates, in which case I will receive a refund of any over-withheld amount in cash and will have no entitlement to the common stock equivalent. If the obligation for Tax-Related Items is satisfied by withholding in shares, I am
deemed, for tax purposes, to have been issued the full number of shares subject to the portion of this option that is exercised, notwithstanding that a number of shares is held back solely for the purpose of paying Tax-Related Items due as a result
of any aspect of my participation in the Plan. 

  
 Page 8 of 41 

	 	•	 	I shall pay to the Corporation or to the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of my participation in the Plan that cannot
be satisfied by the means previously described. The Corporation may refuse to honor the exercise or deliver shares to me if I fail to comply with my obligation in connection with the Tax-Related Items as described herein. 

 

	 	•	 	The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding my participation in the Plan, or my acquisition or sale of the underlying shares. I am
hereby advised to consult with my own personal tax, legal and financial advisors regarding my participation in the Plan before taking any action related to the Plan. 

 

	 	•	 	Data Privacy. I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as described in this Award Agreement and any other
this option grant materials by and among, as applicable, the Employer, the Corporation and its other Affiliates for the exclusive purpose of implementing, administering and managing my participation in the Plan. 

I understand that the Corporation and the Employer may hold certain personal information about me, including, but not limited to, my
name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Corporation, details of all options or any other
entitlement to shares of common stock awarded, canceled, exercised, vested, unvested or outstanding in my favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. 

I understand that Data will be transferred to Merrill Lynch, or such other stock plan service provider as may be selected by the
Corporation in the future, which is assisting the Corporation with the implementation, administration and management of the Plan. I understand that the recipients of the Data may be located in the United States or elsewhere, and that the
recipients’ country (e.g., the United States) may have different data privacy laws and protections than my country. I understand that I may request a list with the names and addresses of any potential recipients of the Data by contacting my
local human resources representative. I authorize the Corporation, Merrill Lynch and any other possible recipients which may assist the Corporation (presently or in the future) with implementing, administering and managing the Plan to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the Plan. I understand that Data will be held only as long as is necessary to implement,
administer and manage my participation in the Plan. I understand that I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents
herein, in any case without cost, by contacting in writing my local human resources representative. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my
consent, my employment or service status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing my consent is that the Corporation would not be able to grant me options or
other equity awards or administer or maintain such awards. Therefore, I understand that refusing or withdrawing my consent may affect my ability to participate in the Plan. For more information on the consequences of my refusal to consent or
withdrawal of consent, I understand that I may contact my local human resources representative. 

  
 Page 9 of 41 

	 	•	 	My option may not be assigned, sold, encumbered, or in any way transferred or alienated. 

  

	 	•	 	The Plan is governed by and subject to U.S. law. Interpretation of the Plan and my rights under the Plan will be governed by provisions of U.S. law. For purposes of litigating any dispute that arises under this grant or
the Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Georgia, U.S.A. and agree that such litigation shall be conducted in the federal courts for the United States for the Northern District of Georgia, where
this grant is made and/or to be performed. 

  

	 	•	 	I am solely responsible for obtaining/providing whatever exchange control approvals, permits, licenses or notices, which may be necessary for me to exercise my option, acquire the shares or to hold or sell the shares
subject to the option or restricted share unit award. Neither the Corporation nor its Affiliates will be responsible for obtaining such approvals, licenses or permits, or for making any such notices, nor will the Corporation or its Affiliates be
liable for any fines or penalties I may incur for failure to obtain any required approvals, permits or licenses or to make any required notices. 

  

	 	•	 	The provisions of this Award Agreement are severable and if one or more of the provisions of this Award Agreement shall be held invalid, illegal or otherwise unenforceable, in whole or in part, the remaining provisions
shall nonetheless be binding and enforceable. To the extent that any provisions of this Award Agreement are held to be invalid or otherwise unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not
in any be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed,
interpreted or revised retroactively to permit this Award Agreement to be construed so as to foster the intent of this Award Agreement and the Plan. 

  

	 	•	 	If I have received this Award Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the
English version will control. 

  

	 	•	 	Notwithstanding any provisions in this Award Agreement, this option shall be subject to any special terms and conditions set forth in Appendix A to this Award Agreement for my country. Moreover, if I relocate to one of
the countries included in Appendix A, the special terms and conditions for such country will apply to me, to the extent the Corporation determines that the application of such terms and conditions is necessary or advisable for legal or
administrative reasons. Appendix A constitutes part of this Award Agreement. 

  

	 	•	 	The Corporation reserves the right to impose other requirements on my participation in the Plan, on this option and on any shares acquired under the Plan, to the extent that the Corporation determines it is necessary or
advisable for legal or administrative reasons, and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

 

	 	•	 	The Corporation may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. I hereby consent to receive such documents by on-line delivery and
agree to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or a third party designated by the Corporation. 

  
 Page 10 of 41 

	 	•	 	A waiver by the Corporation of breach of any provision of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by me or any other
employee. 

  

	 	•	 	Depending on my country of residence, I may be subject to insider trading restrictions and/or market abuse laws, which may affect my ability to acquire or sell shares of common stock or rights to shares of common stock
(e.g., options) under the Plan during such times as I am considered to have “inside information” regarding the Corporation (as defined by the laws in my country). Any restrictions under these laws or regulations are separate from and in
addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. I am responsible for ensuring my compliance with any applicable restrictions and am advised to speak with my personal legal advisor on this
matter. 

 Conclusion and Acceptance 
 I
accept this grant via electronic signature by clicking the “Accept” icon and certify that I have read, understand and agree to the terms and conditions of the Halyard Health, Inc. Equity Participation Plan (the “Plan”), the
provisions of the applicable agreements and all other applicable documents (including any country-specific terms for my country). I hereby authorize my employer or service recipient to furnish the Corporation (and any agent administering the Plan or
providing recordkeeping services) with such information and data as it shall request in order to facilitate the grant of options and enable administration of the Plan and I understand that such information shall be used only as long and to the
extent necessary to administer my participation in the Plan. I agree that my participation in the Plan and the awards granted to me under the Plan will be governed solely by provisions of U.S. law. 

  
 Page 11 of 41 

 HALYARD HEALTH, INC. 

NONQUALIFIED STOCK OPTION 

AWARD AGREEMENT 
 APPENDIX A

 This Appendix A includes additional terms and conditions that govern this option granted to the Participant under the Plan if the Participant resides
and/or works in one of the countries listed below. Certain capitalized terms used but not defined in this Appendix A have the meanings set forth in the Plan and/or the Award Agreement. 

This Appendix A also includes information regarding exchange controls and certain other issues of which the Participant should be aware with respect to the
Participant’s participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2014. Such laws are often complex and change frequently. As a result, the
Corporation strongly recommends that the Participant not rely on the information noted herein as the only source of information relating to the consequences of the Participant’s participation in the Plan because the information be out of date
at exercise of this option or the subsequent sale of shares acquired under the Plan or receipt of any dividends. 
 In addition, the information is general
in nature and may not apply to the Participant’s particular situation, and the Corporation is not in a position to assure the Participant of any particular result. Accordingly, the Participant is advised to seek appropriate professional advice
as to how the relevant laws in the Participant’s country may apply to the Participant’s situation. 
 Finally, if the Participant is a citizen or
resident of a country other than the one in the Participant is currently residing and/or working, transferred or transfers employment after the Grant Date or is considered a resident of another country for local law purposes, the information
contained herein may not be applicable to the Participant. The Corporation shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply to the Participant in such circumstances. 

BELGIUM 
 Tax Considerations 

This option must be accepted more than 60 days after the offer. 

Foreign Asset/Account Reporting Information 
 The
Participant is required to report any bank accounts opened and maintained outside Belgium on his or her annual tax return. 
 BRAZIL 

Compliance with Law 
 By accepting this option, the
Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and pay any and all applicable taxes associated with the exercise of this option, the receipt of any dividends, and the sale of shares of common stock acquired
under the Plan. The Participant should consult with his or her personal tax advisor with respect to the option. 

  
 Page 12 of 41 

 Exchange Control Information 

If the Participant is resident or domiciled in Brazil, he or she will be required to submit annually a declaration of assets and rights held outside of Brazil
to the Central Bank of Brazil if the aggregate value of such assets and rights is equal to or greater than US$100,000. Assets and rights that must be reported include shares of common stock. 

CANADA 
 Form of Payment 

Due to regulatory considerations in Canada, the Participant is prohibited from surrendering shares of common stock that he or she already owns or attesting to
the ownership of shares to pay the option price or any Tax-Related Items in connection with this option. 
 Securities Law Information 

The Participant is permitted to sell shares acquired through the Plan through the designated broker appointed under the Plan, if any, provided the resale of
shares acquired under the Plan takes place outside of Canada through the facilities of a stock exchange on which the shares are listed. The Corporation’s shares are currently listed on New York Stock Exchange. 

Acknowledgment of Conditions 
 The following provision
supplements the Acknowledgement of Conditions section of the Award Agreement: 
 Except as may otherwise be explicitly provided in the Plan or this Award
Agreement, my right to vest in this option will terminate and the period remaining to exercise the option will be measured effective as of the date that is the earlier of: (1) the date my employment is terminated, (2) the date I receive
notice of termination of employment or service from the Employer, or (3) the date I am no longer actively employed or providing services, regardless of any notice period or period of pay in lieu of such notice required under local law
(including, but not limited to, statutory law, regulatory law, and/or common law); the Committee shall have the exclusive discretion to determine when I am no longer actively employed or providing services for purpose of this option. 

Foreign Asset/Account Reporting Information 
 Foreign
property (including shares of common stock) held by Canadian residents must be reported annually on Form T1135 (Foreign Income Verification Statement) if the total value of such foreign property exceeds C$100,000 at any time during the year. It is
not certain if the unvested options constitute foreign property that needs to be reported on Form T1135. The form must be filed by April 30th of the following year. It is the Participant’s responsibility to comply with applicable reporting
obligations. 

  
 Page 13 of 41 

 The following provisions apply if the Participant is a resident of Quebec: 

Language Consent 
 The parties acknowledge that it is their
express wish that the Award Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English. 

Les parties reconnaissent avoir exigé la rédaction en anglais de la convention, ainsi que de tous documents exécutés, avis
donnés et procédures judiciaries intentées, directement ou indirectement, relativement à ou suite à la présente convention. 

Authorization to Release and Transfer Necessary Personal Information 

The Participant hereby authorizes the Corporation and the Corporation’s representatives to discuss with and obtain all relevant information from all
personnel, professional or not, involved in the administration and operation of the Plan. The Participant further authorizes the Corporation, any Affiliate and the plan administrators to disclose and discuss the Plan with their advisors. The
Participant further authorizes the Corporation and any Affiliate to record such information and to keep such information in the Participant’s personnel file. 

COLOMBIA 
 Exchange Control Information 

Investments in assets located abroad (including shares of common stock) are subject to registration with the Bank of the Republic if the Participant’s
aggregate investments held abroad (as of December 31 of the applicable calendar year) equal or exceed US$500,000. 
 If funds are remitted from
Colombia through an authorized local financial institution, the authorized financial institution will automatically register the investment. 
 If the
Participant does not remit funds through an authorized financial institution when exercising this option because a partial cashless exercise method is used (selling only enough shares of Stock to cover the grant price and any brokerage fees), then
the Participant must register the investment himself or herself if the accumulated financial investments the Participant holds abroad at the year-end are equal to or exceed the equivalent of US$500,000. The Participant must register by filing a Form
No. 11 and submitting it to Señores, Banco de la República, Atn: Jefe Sección Inversiones, Departamento de Cambios Internacionales, Carrera 7 No. 14—18, Bogotá, Colombia by June 30 of the following
year. 
 If the Participant uses the cashless sell-all method of exercise, then no registration is required because no funds are remitted from Colombia and
no shares are held abroad. 
 Acknowledgment of Conditions 

The following provision supplements the Acknowledgement of Conditions section of the Award Agreement: 

I acknowledge that pursuant to Article 128 of the Colombian Labor Code, the Plan and related benefits do not constitute a component of my “salary”
for any legal purpose. 

  
 Page 14 of 41 

 COSTA RICA 

There are no country-specific provisions. 
 FRANCE 

Option Not Tax-Qualified 
 The Participant understands that
this option is not intended to be French tax-qualified. 
 Consent to Receive Information in English 

By accepting the Award Agreement providing for the terms and conditions of the Participant’s grant, the Participant confirms having read and understood
the documents relating to this grant (the Plan and the Award Agreement), which were provided in the English language. The Participant accepts the terms of those documents accordingly. 

En acceptant le Contrat d’Attribution décrivant les termes et conditions de l’attribution d’options, l’employé confirme
ainsi avoir lu et compris les documents relatifs à cette attribution (le Plan U.S. et ce Contrat d’Attribution) qui ont été communiqués en langue anglaise. L’employé accepte les termes en connaissance de
cause. 
 Foreign Asset/Account Reporting Information 

If the Participant holds shares of common stock outside of France or maintains a foreign bank account, he or she is required to report such to the French tax
authorities when filing his or her annual tax return. Failure to comply could trigger significant penalties. 
 GERMANY 

Exchange Control Information 
 Cross-border payments in
excess of €12,500 must be reported monthly to the German Federal Bank. No report is required for payments less than €12,500. In case of payments in connection with securities (including proceeds realized upon the sale of shares of common
stock), the report must be made by the 5th day of the month following the month in which the payment was received. Effective from September 2013, the report must be filed electronically. The form of report (“Allgemeine Meldeportal
Statistik”) can be accessed via the Bundesbank’s website (www.bundesbank.de) and is available in both German and English. The Participant is responsible for satisfying the reporting obligation. 

HONDURAS 
 There are no country-specific provisions. 

JAPAN 
 Exchange Control Information 

If the Participant acquires shares of common stock valued at more than ¥100,000,000 in a single transaction, the Participant must file a Securities
Acquisition Report with the Ministry of Finance through the Bank of Japan within 20 days of the purchase of the shares. 

  
 Page 15 of 41 

 In addition, if the Participant pays more than ¥30,000,000 in a single transaction for the purchase of shares
when the Participant exercises this option, the Participant must file a Payment Report with the Ministry of Finance through the Bank of Japan by the 20th day of the month following the month in which the payment was made. The precise reporting
requirements vary depending on whether or not the relevant payment is made through a bank in Japan. 
 A Payment Report is required independently from a
Securities Acquisition Report. Therefore, if the total amount that the Participant pays upon a one-time transaction for exercising this option and purchasing shares of common stock exceeds ¥100,000,000, then the Participant must file both a
Payment Report and a Securities Acquisition Report. 
 Foreign Asset/Account Reporting Information 

The Participant will be required to report details of any assets (including any shares of common stock acquired under the Plan) held outside of Japan as of
December 31st of each year, to the extent such assets have a total net fair market value exceeding ¥50 million. Such report will be due by March 15th of the following year. The Participant should consult with his or her personal tax advisor as to whether the reporting obligation applies to the Participant and whether the Participant will be
required to report details of any outstanding options or shares of common stock held by the Participant in the report. 
 Options may not be issued in Japan
to persons who are not employees, officers or directors of the Corporation or an Affiliate. 
 MEXICO 

Modification 
 By accepting this option, the Participant
understands and agrees that any modification of the Plan or the Award Agreement or its termination shall not constitute a change or impairment of the terms and conditions of employment. 

Acknowledgment of Grant 
 In accepting this option, the
Participant acknowledges that the Participant has received a copy of the Plan and the Award Agreement, including this Appendix A, has reviewed the Plan and the Award Agreement, including this Appendix A, in their entirety and fully understands and
accepts all provisions of the Plan and the Award Agreement, including this Appendix A. The Participant further acknowledges that the Participant has read and specifically and expressly approves the Acknowledgment of Conditions section of the Award
Agreement, in which the following is clearly described and established: 
  

	 	(1)	The Participant’s participation in the Plan does not constitute an acquired right. 

  

	 	(2)	The Plan and the Participant’s participation in the Plan are offered by the Corporation on a wholly discretionary basis. 

  

	 	(3)	The Participant’s participation in the Plan is voluntary. 

  

	 	(4)	Neither the Corporation nor any Affiliate is responsible for any decrease in the value of this option and/or shares of common stock acquired under the Plan. 

  
 Page 16 of 41 

 Labor Law Acknowledgment and Policy Statement 

In accepting the grant of this option, the Participant expressly recognizes that Halyard Health, Inc., with registered offices at 5405 Windward Parkway,
Alpharetta, Georgia 30004, U.S.A. , is solely responsible for the administration of the Plan and that the Participant’s participation in the Plan and acquisition of shares of common stock do not constitute an employment relationship between the
Participant and the Corporation since the Participant is participating in the Plan on a wholly commercial basis and his or her sole Employer is              (“Halyard-Mexico”).
Based on the foregoing, the Participant expressly recognizes that the Plan and the benefits that he or she may derive from participating in the Plan do not establish any rights between the Participant and the Employer, Halyard-Mexico and do not form
part of the employment conditions and/or benefits provided by Halyard-Mexico, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of the Participant’s employment. 

The Participant further understands that his or her participation in the Plan is as a result of a unilateral and discretionary decision of the Corporation;
therefore, the Corporation reserves the absolute right to amend and/or discontinue the Participant’s participation at any time without any liability to the Participant. 

Finally, the Participant hereby declares that he or she does not reserve to himself or herself any action or right to bring any claim against Halyard Health,
Inc.for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and the Participant therefore grants a full and broad release to the Corporation, its shareholders, officers, agents, or legal
representatives or Affiliates with respect to any claim that may arise. 
 Spanish Translation 

Modificación 
 Al aceptar el otorgamiento de la
opción de Compra de Acciones, el Empleado entiende y acuerda que cualquier modificación al Plan o al Acuerdo o su terminación, no cambiará o disminuirá los términos y condiciones de empleo. 

Reconocimiento del Otorgamiento 
 Al aceptar el
otorgamiento de la opción de Compra de Acciones, el Empleado está de acuerdo en haber recibido una copia del Plan, del Acuerdo incluyendo el presente Anexo “A” y ha revisado el Plan y el Acuerdo, incluyendo este Anexo
“A” en su totalidad y comprende y acepta todas las disposiciones previstas en el Plan, en el Acuerdo, incluyendo el presente Anexo “A”. Asimismo, el Empleado reconoce que ha leído y manifiesta su específica y
expresa conformidad con los términos y condiciones establecidos del Acuerdo, en el cual claramente se describe y establece lo siguiente: 
  

	 	(1)	La participación del Empleado en el Plan no constituye un derecho adquirido. 

  

	 	(2)	El Plan y la participación del Empleado en el Plan se ofrecen por la Compañía de forma completamente discrecional. 

 

	 	(3)	La participación del Empleado en el Plan es voluntaria. 

  

	 	(4)	Ni la Compañía ni sus Afiliadas son responsables por la reducción del valor de la opción de Compra de Acciones emitida bajo el Plan. 

  
 Page 17 of 41 

 Reconocimiento de la Legislación Laboral y Declaracion de la Poltitica 

Al aceptar el otorgamiento de la opción de Compra de Acciones, el Empleado expresamente reconoce que Halyard Health, Inc. con oficinas registradas en
5405 Windward Parkway, Alpharetta, Georgia 30004, U.S.A. , es la única responsable por la administración del Plan y que la participación del Empleado en el Plan y en su caso la adquisición de las Opciones de Compra de
Acciones o Acciones no constituyen ni podrán interpretarse como una relación de trabajo entre el Empleado y Halyard Health, Inc., ya que el Empleado participa en el Plan en un marco totalmente comercial y su único Patrón
lo es [            ]. Derivado de lo anterior, el Empleado expresamente reconoce que el Plan y los beneficios que pudieran derivar de la participación en el Plan no establecen
derecho alguno entre el Empleado y el Patrón, [            ] y no forma parte de las condiciones de trabajo y/o las prestaciones otorgadas por
[            ] y que cualquier modificación al Plan o su terminación no constituye un cambio o impedimento de los términos y condiciones de la relación de
trabajo del Empleado. 
 Asimismo, el Empleado reconoce que su participación en el Plan es resultado de una decisión unilateral y
discrecional de Halyard Health, Inc.por lo tanto, Halyard Health, Inc. se reserva el absoluto derecho de modificar y/o terminar la participación del Empleado en cualquier momento y sin responsabilidad alguna frente el Empleado. 

Finalmente, el Empleado por este medio declara que no se reserva derecho o acción alguna que ejercitar en contra de Halyard Health, Inc. por
cualquier compensación o daño en relación con las disposiciones del Plan o de los beneficios derivados del Plan y por lo tanto, el Empleado otorga el más amplio finiquito que en derecho proceda a Halyard Health, Inc., sus
afiliadas, subsidiarias, oficinas de representación, sus accionistas, funcionarios, agentes o representantes legales en relación con cualquier demanda que pudiera surgir. 

SINGAPORE 
 Securities Law Information 

This option is being granted pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289,
2006 Ed.) (“SFA”). The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. The Participant should note that this option is subject to section 257 of the SFA and the Participant will not be able
to make (i) any subsequent sale of the shares of common stock in Singapore or (ii) any offer of such subsequent sale of the shares of common stock in Singapore, unless such sale or offer is made pursuant to the exemptions under Part XIII
Division (1) Subdivision (4) (other than section 280) of the SFA. 
 Director Notification Obligation 

If the Participant is a director, associate director or shadow director of the Corporation’s Singapore Affiliate, the Participant is subject to certain
notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the Corporation’s Singapore Affiliate in writing when the Participant receives an interest (e.g., an option or shares) in
the Corporation or any Affiliate. In addition, the Participant must notify the Corporation’s Singapore Affiliate when he or she sells shares of the Corporation or of any Affiliate (including when the Participant sells shares acquired upon
exercise of this option). These notifications must be made within two business days of acquiring or disposing of any interest in the Corporation or any Affiliate. In addition, a notification of the Participant’s interests in the Corporation or
any Affiliate must be made within two business days of becoming a director. 

  
 Page 18 of 41 

 SOUTH AFRICA 

Tax Acknowledgment 
 By accepting this option, the
Participant agrees to notify the Employer of the amount of any gain realized upon exercise of this option. If the Participant fails to advise the Employer of the gain realized upon exercise, the Participant may be liable for a fine. The Participant
will be responsible for paying any difference between the actual tax liability and the amount withheld. 
 If the Participant uses cash to exercise this
option and purchase shares, rather than a cashless exercise method, the Participant must first obtain a “Tax Clearance Certificate (in Respect of Foreign Investment)” from the South African Reserve Service. The Participant must also
complete a transfer of funds application form to transfer the funds. The Tax Clearance Certificate should be presented to a dealer of the Exchange Control Department of the South Africa Reserve Bank (it is likely that the Participant’s bank
will qualify as such a dealer), together with a completed application form to transfer funds. No transfer of funds may be completed unless the original Tax Clearance Certificate bears the official stamp and signature of the Office of Receiver of
Revenue of the South African Reserve Service. 
 Exchange Control Information 

To participate in the Plan, the Participant must comply with exchange control regulations and rulings (the “Exchange Control Regulations”) in South
Africa. 
 The Participant is subject to an overall offshore investment allowance of ZAR5,000,000. The first ZAR1,000,000 annual discretionary allowance
requires no prior authorization. The next ZAR4,000,000 requires clearance. This is a cumulative allowance, and his or her ability to remit funds for the purchase of shares will be reduced if Participant’s foreign investment limit is utilized to
make a transfer of funds offshore that is unrelated to the Plan. If the ZAR5,000,000 limit is exceeded, the Participant may still transfer funds for the exercise of this option; however, the shares obtained from the exercise must be sold immediately
and the full proceeds repatriated to South Africa. 
 If the Participant exercises this option using either the cashless sell-all exercise method or the
cashless sell-to-cover method, it is not necessary to obtain a Tax Clearance Certificate (as described above) or a transfer of funds application form. In addition, under a cashless sell-to-cover method, the Participant may acquire and hold shares up
to any amount, even in excess of ZAR5,000,000. The value of the shares acquired using a cashless sell-to-cover exercise method will not be counted against the ZAR5,000,000 limit. The sale proceeds of such shares may be held offshore and will not
count against the investment limit. 
 Because the Exchange Control Regulations change frequently and without notice, the Participant understands that he or
she should consult a legal advisor prior to the purchase or sale of shares under the Plan to ensure compliance with current regulations. The Participant understands that it is his or her responsibility to comply with South African exchange control
laws, and neither the Corporation nor the Employer will be liable for any fines or penalties resulting from failure to comply with applicable laws. 

  
 Page 19 of 41 

 SWEDEN 

There are no country-specific provisions. 
 THAILAND 

Exchange Control Information 
 If the proceeds from the
sale of shares of common stock or the receipt of dividends paid or such shares are equal to or greater than US$50,000 in a single transaction, the Participant must repatriate all cash proceeds to Thailand immediately following the receipt of the
cash proceeds and then either convert such proceeds to Thai Baht or deposit the proceeds into a foreign currency account opened with a commercial bank in Thailand within 360 days of repatriation. In addition, the Participant must specifically report
the inward remittance to the Bank of Thailand on a foreign exchange transaction form. If the Participant fails to comply with these obligations, the Participant may be subject to penalties assessed by the Bank of Thailand. 

The Participant should consult his or her personal advisor prior to taking any action with respect to remittance of cash proceeds into Thailand. The
Participant is responsible for ensuring compliance with all exchange control laws in Thailand. 
 UNITED KINGDOM 

Tax Acknowledgment 
 The following information supplements
the information regarding Tax-Related Items in the Acknowledgment of Conditions section of the Award Agreement: 
 If payment or withholding of the income
tax due is not made within 90 days of the event giving rise to the Tax-Related Items or such other period specified in section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any
uncollected income tax shall constitute a loan owed by the Participant to the Employer, effective on the Due Date. The Participant agrees that the loan will bear interest at the then-current Her Majesty’s Revenue and Customs (“HMRC”)
official rate; it will be immediately due and repayable. Notwithstanding the foregoing, if the Participant is an officer or executive director (as within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended),
the terms of this provision will not apply to the Participant. In the event that the Participant is an officer or director, as defined above, and income tax is not collected from or paid by the Participant by the Due Date, the amount of any
uncollected income tax may constitute a benefit to the Participant on which additional income tax and National Insurance Contributions may be payable. The Participant acknowledges that the Participant ultimately will be responsible for reporting and
paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee NICs due on this additional benefit, which the
Corporation and/or the Employer may recover from the Participant at any time thereafter by any of the means referred to in the Acknowledgement of Conditions section of the Award Agreement. 

  
 Page 20 of 41 

 HALYARD HEALTH, INC. 

TIME-VESTED RESTRICTED STOCK UNIT 

AWARD AGREEMENT 
 This Award, granted on
                    ,             , by Halyard Health, Inc., a Delaware corporation
(hereinafter called the “Corporation”), to                      (the “Participant) is subject to the terms and conditions of the
Halyard Health Equity Participation Plan (the “Plan”) and this Award Agreement, including any country-specific terms and conditions contained in Appendix A to this Award Agreement. 

W I T N E S S E T H: 

WHEREAS, the Corporation has adopted the Plan to aid in attracting and retaining highly qualified personnel and to encourage those persons who materially
contribute, by managerial, scientific or other innovative means, to the success of the Corporation or of an Affiliate, to acquire an ownership interest in the Corporation, thereby increasing their motivation for and interest in the
Corporation’s or the Affiliate’s long-term success; 
 NOW, THEREFORE, it is agreed as follows: 

 

	1.	Number of Share Units Granted. The Corporation hereby grants to the Participant the right to receive all or any part of
                     Time-Vested Restricted Stock Units (“RSUs”) of the $.01 par value Common Stock of the Corporation, subject to the
terms, conditions and restrictions set forth herein and in the Plan. 

  

	2.	Transferability Restrictions. 

  

	 	(a)	Restricted Period. During the Restricted Period, the Participant may not sell, assign, transfer, or otherwise dispose of, or mortgage, pledge or otherwise encumber the Award. The RSUs, including any accrued
dividend equivalents, shall be subject to forfeiture until the Participant becomes vested in such Awards on the date(s) that were approved on the Grant Date and as reflected on the Merrill Lynch Benefits OnLine site, or any successor system, via the
Grant Summary screen as the Future Vesting table. 

 The Restricted Period shall begin on the date of the granting of this
Award, and shall end upon the vesting of the Award. Holders of Awards shall have none of the rights of a shareholder with respect to such shares including, but not limited to, any right to receive dividends in cash or other property or other
distribution or rights in respect of such shares except as otherwise provided in this Award Agreement, nor to vote such shares as the record owner thereof. 

  
 Page 21 of 41 

 During each year in the Restricted Period, the Participant will not be paid dividend equivalents
on the unvested RSUs, but the Participant will receive a credit equal to dividends declared on the Corporation’s Common Stock which will be reinvested in additional RSUs at the then fair market value of the Corporation’s Common Stock on
the date dividends are paid, and the additional RSUs will be accumulated and paid if and when the RSUs vest, based on the actual number of RSUs that vest. In the case of dividends paid in property other than cash, the amount of the dividend shall be
deemed to be the fair market value of the property at the time of the payment of the dividend, as determined in good faith by the Corporation. The Corporation shall not be required to segregate any cash or other property of the Corporation. 

 

	 	(b)	Termination of Service. Participant shall forfeit any unvested Award, including any accrued dividend equivalents, upon termination of employment or service unless such termination is (i) due to a Qualified
Termination of Service, or (ii) due to death or Total and Permanent Disability. An authorized leave of absence shall not be deemed to be a termination of employment or service if the period of such leave does not exceed six months, or if
longer, so long as the Participant retains a right to reemployment or return to service with the Corporation or an Affiliate under an applicable statute or by contract. For purposes of this subparagraph, a leave of absence constitutes a bona fide
leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Corporation or an Affiliate. If the period of leave exceeds six months and the Participant does not retain a right to
reemployment or return to service under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence
is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Participant to be unable to
perform the duties of his or her position of employment or service or any substantially similar position of employment or service, a 29-month period of absence is substituted for such six-month period in determining whether a termination of
employment or service shall be deemed to have occurred. A termination of employment or service with the Corporation or an Affiliate to accept immediate reemployment with the Corporation or an Affiliate likewise shall not be deemed to be a
termination of employment or service for the purposes of the Plan if the level of bona fide services the Participant would perform after such date would continue at a rate equal to more than 20 percent of the average level of bona fide services
performed over the immediately preceding 36-month period (or the full period of services to the Corporation or an Affiliate if the Participant has been providing such services less than 36 months). A Participant who is classified as an intermittent
employee, consultant or advisor shall be deemed to have a termination of employment or service for purposes of the Plan if the level of bona fide services the Participant would perform after such date would permanently decrease to less than 20
percent of the average level of bona fide services performed over the immediately preceding 36-month period (or the full period of services to the Corporation or an Affiliate if the Participant has been providing such services less than 36 months).

  
 Page 22 of 41 

	 	(c)	Death or Total and Permanent Disability. If the Participant’s termination of employment or service is due to death or Total and Permanent Disability, it shall result in pro rata vesting, as determined by the
Committee, and the number of shares that are considered to vest shall be prorated for the number of full months of employment during the Restricted Period prior to the Participant’s termination of employment, and shall be paid within 70 days
following the Participant’s termination of employment or service. 

  

	 	(d)	Qualified Termination of Service. In the event of a Qualified Termination of Service all restrictions will lapse and the shares will become fully vested and shall be paid within 10 days following the last day of
employment or service of the Participant with the Corporation or an Affiliate. 

  

	 	(e)	Payment of Awards. The payment of the Award shall be made in shares of Common Stock. The payment of an Award shall be made within 70 days following the end of the Restricted Period. 

 

	 	(f)	Payment of Withholding Taxes. No shares of Common Stock, nor any cash payment, may be delivered under this Award, unless prior to or simultaneously with such issuance, the Participant or, in the event of his
death, the person succeeding to his rights hereunder, shall pay to the Corporation or an Affiliate, as applicable, such amount as the Corporation advises is required under applicable federal, state or local laws to withhold and pay over to
governmental taxing authorities in relation to this Award. The Corporation may, in its discretion, withhold payment of required withholding taxes with cash or shares of Common Stock which otherwise would be delivered following the date of vesting of
the Award under this paragraph 2. 

  

	3.	Nontransferability. Neither the Award nor the Participant’s right to receive payment for vested Awards may be assigned or transferred except upon the death of the Participant (i) by will or (ii) by
the laws of descent and distribution. 

  

	4.	Compliance with Law. No payment may be made under this Award, unless prior to the issuance thereof, the Corporation shall have received an opinion of counsel to the effect that this Award by the Corporation to
the Participant will not constitute a violation of the U.S. Securities Act of 1933, as amended. As a condition of this Award, the Participant shall, if requested by the Corporation, submit a written statement in form satisfactory to counsel for the
Corporation, to the effect that any shares received under this Award shall be for investment and not with a view to the distribution thereof within the meaning of the U.S. Securities Act of 1933, as amended, and the Corporation shall have the right,
in its discretion, to cause the certificates representing shares hereunder to be appropriately legended to refer to such undertaking or to any legal restrictions imposed upon the transferability thereof by reason of such undertaking.

  

	    	The Award granted hereby is subject to the condition that if the listing, registration or qualification of the shares subject hereto on any securities exchange or under any state or federal law, or if the consent or
approval of any regulatory body shall be necessary as a condition of, or in connection with, the granting of the Award or the delivery of shares thereunder, such shares may not be delivered unless and until such listing, registration, qualification,
consent or approval shall have been effected or obtained. The Corporation agrees to use its best efforts to obtain any such requisite listing, registration, qualification, consent or approval. 

  
 Page 23 of 41 

 The Participant is solely responsible for obtaining/providing whatever exchange control
approvals, permits, licenses, or notices, which may be necessary for the Participant to hold the Award, or to receive any payment of cash or shares or to hold or sell the shares subject to the Award, if any. Neither the Corporation nor its
Affiliates will be responsible for obtaining any such approvals, licenses or permits, or for making any such notices, nor will the Corporation or its Affiliates be liable for any fines or penalties the Participant may incur for failure to obtain any
required approvals, permits or licenses or to make any required notices. 
  

	5.	No Right of Continued Service. The granting of this Award does not confer upon the Participant any legal right to be continued in the employ or service of the Corporation or its Affiliates, and the Corporation
and its Affiliates reserve the right to discharge the Participant whenever the interest of the Corporation or its Affiliates may so require without liability to the Corporation or its Affiliates, the Board of Directors of the Corporation or its
Affiliates, or the Committee, except as to any rights which may be expressly conferred on the Participant under this Award. 

  

	6.	Discretion of the Corporation, Board of Directors and the Committee. Any decision made or action taken by the Corporation or by the Board of Directors of the Corporation or by the Committee arising out of or in
connection with the construction, administration, interpretation and effect of this Award shall be within the absolute discretion of the Corporation, the Board of Directors of the Corporation or the Committee, as the case may be, and shall be
conclusive and binding upon all persons. 

  

	7.	Inalienability of Benefits and Interest. This Award and the rights and privileges conferred hereby shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance
or charge, and any such attempted action shall be void and no such benefit or interest shall be in any manner liable for or subject to debts, contracts, liabilities, engagements, or torts of the Participant. 

 

	8.	Delaware Law to Govern. The Plan is governed by and subject to the laws of the United States of America. All questions pertaining to the construction, interpretation, regulation, validity and effect of the
provisions of this Award and any rights under the Plan shall be determined in accordance with the laws of the State of Delaware. 

  

	9.	Purchase of Common Stock. The Corporation and its Affiliates may, but shall not be required to, purchase shares of Common Stock of the Corporation for purposes of satisfying the requirements of this Award. The
Corporation and its Affiliates shall have no obligation to retain and shall have the unlimited right to sell or otherwise deal with for their own account, any shares of Common Stock of the Corporation purchased for satisfying the requirements of
this Award. 

  

	10.	Notices. Any notice to be given to the Corporation under this Award shall be addressed to the Corporation in care of its Director of Compensation located at the World Headquarters, and any notice to be given to
the Participant under the terms of this Award may be addressed to him or her at the address as it appears on the Corporation’s records, or at such other address as either party may hereafter designate in writing to the other. Any such notice
shall be deemed to have been duly given if and when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, registered and deposited, postage and registry fee prepaid, in a post office or branch post office regularly maintained by
the United States Government or any equivalent non-U.S. postal service. 

  
 Page 24 of 41 

	11.	Changes in Capitalization. In the event there are any changes in the Common Stock or the capitalization of the Corporation through a corporate transaction, such as any merger, any acquisition through the issuance
of capital stock of the Corporation, any consolidation, any separation of the Corporation (including a spin-off or other distribution of stock of the Corporation), any reorganization of the Corporation (whether or not such reorganization comes
within the definition of such term in Section 368 of the Code), or any partial or complete liquidation by the Corporation, recapitalization, stock dividend, stock split or other change in the corporate structure, appropriate adjustments and
changes shall be made by the Committee in (a) the number of shares subject to this Award, and (b) such other provisions of this Award as may be necessary and equitable to carry out the foregoing purposes. 

 

	12.	Effect on Other Plans. All benefits under this Award shall constitute special incentives and shall not affect the level of benefits provided to or received by the Participant (or the Participant’s estate or
beneficiaries) as part of any employee benefit plan of the Corporation or an Affiliate. This Award shall not be construed to affect in any way the Participant’s rights and obligations under any other plan maintained by the Corporation or an
Affiliate on behalf of employees. 

  

	13.	Discretionary Nature of Award. The grant of an Award is a one-time benefit and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Future
grants, if any, will be at the sole discretion of the Corporation, including, but not limited to, the timing of any grant, the number of RSUs and vesting provisions. The value of the Award is an extraordinary item outside the scope of the
Participant’s employment or service contract, if any. As such, the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards,
pension or retirement benefits or similar payments. 

  

	14.	Data Privacy. The Participant hereby authorizes their employer to furnish the Corporation (and any agent of the Corporation administering the Plan or providing Plan recordkeeping services) with such information
and data as it shall request in order to facilitate the grant of Awards and administration of the Plan and the Participant waives any data privacy rights such Participant might otherwise have with respect to such information. 

 

	15.	Conflict with Plan. This Award is awarded pursuant to and subject to the Plan. This Agreement is intended to supplement and carry out the terms of the Plan. It is subject to all terms and provisions of the Plan
and, in the event of a conflict, the Plan shall prevail. 

  

	16.	Successors. This Award shall be binding upon and inure to the benefit of any successor or successors of the Corporation. 

  

	17.	Amendments. The Committee may at any time alter or amend this Award to the extent (1) permitted by law, (2) permitted by the rules of any stock exchange on which the Common Stock or any other security
of the Corporation is listed, and (3) permitted under applicable provisions of the U.S. Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, as amended (including rule 16b-3 thereof). 

  
 Page 25 of 41 

	18.	Defined Terms. Terms which are capitalized are defined herein or in the Plan and have the same meaning set forth in the Plan, unless the context indicates otherwise. 

 

	19.	Non-Competition Provisions For U.S. Participants Only. 

 (a) During the term of the
Participant’s employment or service and for a period of two (2) years following the termination of employment or service, regardless of the reason for or the manner of termination, unless otherwise prohibited by state law, the Participant
agrees that the Participant shall not, without the written consent of the Corporation, within the United States of America, either directly or indirectly, undertake for a Competitor to perform duties and responsibilities that are the same or
substantially similar to those duties and responsibilities that the Participant undertook for the Corporation or an Affiliate, relating to the research, development, production, sales and/or marketing of any health or hygiene product (“Business
of the Corporation”) competitive with any health or hygiene product for which the Participant had research, development, production, sales and/or marketing duties or responsibilities during the two (2) year period prior to the end of the
Participant’s employment or service, unless such product is no longer produced or sold by the Corporation. As used herein, “Competitor” means any business that is the same or substantially the same as the Business of the Corporation
anywhere in the United States; provided, however, the foregoing restriction shall not apply if the Participant resides and/or primarily works in the State of California. 

(b) During the period of two (2) years following termination of the Participant’s employment or service with the Corporation or an
Affiliate, the Participant agrees to notify the Corporation in writing prior to accepting new employment, or engaging in any other activity which may violate this Agreement, and the Participant agrees to provide in such notice information concerning
the anticipated new employment or activity, including, but not limited to: name of employer; address of employer; name of new team leader; job title; and scope and responsibilities of the new position. The Participant recognizes that such duty of
notification is absolute and is not affected by the Participant’s belief that such employment or service may perhaps not violate this Agreement or otherwise be unfairly competitive with the Corporation. The Participant’s written notice
should be addressed to General Counsel, Attention: Noncompetition and Confidentiality Agreement, Halyard Health, Inc., 5405 Windward Parkway, Alpharetta, Georgia 30004; provided, however, the foregoing notice requirement shall not apply if the
Participant resides and/or primarily works in the State of California. 
 (c) During the period of two (2) years following termination
of the Participant’s employment or service with the Corporation or an Affiliate, the Participant shall provide a copy of Section 19 of this Agreement to each new employer or service recipient before starting in any new employment or
service. The Participant agrees that the Corporation may notify any third party about the Participant’s obligations under Section 19 of this Award Agreement until such obligations are fulfilled. 

  
 Page 26 of 41 

 (d) If any provision of this Section 19 is held to be invalid, illegal or unenforceable in
any respect by a court of competent jurisdiction, such provision shall be deemed to be severed from the Agreement and such invalidity, illegality or unenforceability will not affect any other provision of the Agreement, all of which shall remain
valid and enforceable. Notwithstanding the foregoing, if a court of competent jurisdiction determines that the covenants contained in this Section 19 are unenforceable because they are overbroad in some respect, to the full extent permitted by
applicable law, the court should revise or reform any aspect of this Section 19 so as to make the scope of such Section 19 as broad as can be enforced under applicable law. 

(e) In the event of an anticipated or actual breach by the Participant of this provision, the Participant acknowledges and agrees that damages
would not be an adequate remedy to compensate the Corporation for the harm to the business of the Corporation and, in such event, agrees that the Corporation shall be entitled to a temporary restraining order and to temporary injunctive relief to
prevent or terminate such anticipated or actual breach, provided, however, that nothing in this Agreement shall be construed to limit any permanent relief to which the Corporation may be entitled or the damages otherwise recoverable by the
Corporation in any such event. 
 (f) If the Participant violates any aspect of this provision, or any duty of loyalty or confidentiality
imposed by law, in addition to any damages that the Participant may be required to pay, the Participant understands and agrees that the Participant shall be required to reimburse the Corporation for all its costs incurred to enforce this Agreement,
including but not limited to, all attorneys’ fees. 
  

	20.	Acceptance of Award Terms and Conditions. A Participant has until the end of the one hundred twenty (120) day period beginning from the Grant Date of this Award to accept this Award Agreement. If the
Participant does not accept this Award Agreement on or before the end of such one hundred twenty (120) day period then the grant of the Award, as set forth in Section 1, shall not be binding on and shall be voidable by the Corporation, in
which case it shall have no further force or effect. 

 Acknowledgment of Conditions 

I understand, acknowledge and agree to the following conditions with respect to the Award granted to me under the Plan: 

 

	 	•	 	The Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended, cancelled or terminated at any time, to the extent permitted by the Plan. The grant of an Award
is a voluntary and occasional benefit and does not create any contractual or other right to receive an Award or benefits in lieu of an Award in the future, even if the Awards have been granted in the past. Future grants, if any, will be at the sole
discretion of the Corporation, including, but not limited to, the timing of any grant, the number of Awards, vesting provisions and the exercise price. 

  
 Page 27 of 41 

	 	•	 	My participation in the Plan is voluntary. Participation in the Plan will not create a right to further employment or service with my actual employer (the “Employer”) and shall not interfere with the ability
of the Employer to terminate my employment or service relationship at any time. Further, the Award and my participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Corporation or any
Affiliate. 

  

	 	•	 	The Award and the shares of Common Stock subject to the Award and the income and value of same, are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the
Corporation or, if different, the Employer, and which are outside the scope of my employment or service contract, if any, and are not intended to replace any pension rights or compensation. As such, the Award is not part of normal or expected
compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension, retirement or welfare benefits or similar payments and in no event shall be
considered as compensation for, or relating in any way to, past services for the Corporation, the Employer or any other Affiliate. 

  

	 	•	 	The future value of the underlying shares of Common Stock is unknown, indeterminable, and cannot be predicted with certainty. 

  

	 	•	 	No claim or entitlement to compensation or damages shall arise from forfeiture of the Award resulting from termination of my employment or service by the Corporation or the Employer (for any reason whatsoever and
whether or not in breach of local labor laws) and in consideration of the grant of the Award, to which I am otherwise not entitled, I irrevocably agree never to institute any claim against the Corporation, the Employer or any other Affiliate, waive
my ability, if any, to bring any such claim, and release the Corporation, the Employer and all other Affiliates from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by
participating in the Plan, I shall be deemed irrevocably to have agreed not to pursue such a claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claims. 

 

	 	•	 	In the event of termination of my employment or service (whether or not in breach of local labor laws and except as otherwise explicitly provided in the Award Agreement of the Plan), my right to receive RSUs and vest in
the Award under the Plan, if any, will terminate effective as of the date that I am no longer actively employed or in service and will not be extended by any notice period mandated under local law (e.g., active employment or service would not
include a period of “garden leave” or similar period pursuant to local law); the Committee shall have the exclusive discretion to determine when I am no longer actively employed or in service for purposes of the Award. 

 

	 	•	 	The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding participation in the Plan, or my acquisition or sale of the underlying shares of Common
Stock. Further, I have been advised to consult with my own advisors regarding participation in the Plan before taking any action related to the Plan. 

  

	 	•	 	Neither the Corporation, the Employer nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between my local currency and the United States Dollar that may affect the value of the RSUs or of
any amounts due to me pursuant to the settlement of the RSUs or the subsequent sale of any shares of Common Stock acquired upon settlement. 

  
 Page 28 of 41 

	 	•	 	Regardless of any action the Corporation or the Employer takes with respect to any or all income tax (including federal, state and local taxes), social insurance, payroll tax, payment on account or other tax-related
items related to my participation in the Plan and legally applicable to me (“Tax-Related Items”), I acknowledge that the ultimate liability for all Tax-Related Items is and remains my responsibility and may exceed the amount actually
withheld by the Corporation or the Employer. I further acknowledge that the Corporation and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award,
including the grant of the RSUs, the vesting of RSUs, the conversion of the RSUs into shares or the receipt of an equivalent cash payment, the subsequent sale of any shares acquired at vesting and the receipt of any dividends or dividend
equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the my liability for Tax-Related Items or achieve any particular tax result. Further, if I
have become subject to Tax-Related Items in more than one jurisdiction between the Grant Date and the date of any relevant taxable or tax withholding event, as applicable, I acknowledge that the Corporation and/or the Employer (or former employer,
as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 

  

	 	•	 	Prior to the relevant taxable or tax withholding event, as applicable, I shall pay or make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy or account for all Tax-Related Items. In
this regard, I authorize the Corporation or the Employer, or their respective agents, at their discretion, to satisfy their withholding obligations with regard to all Tax-Related Items by one or a combination of the following: 

 

	 	(1)	withholding from my wages or other cash compensation paid to me by the Corporation and/or the Employer; or 

  

	 	(2)	withholding from proceeds of the sale of shares acquired upon vesting of the Award either through a voluntary sale or through a mandatory sale arranged by the Corporation (on my behalf, pursuant to this authorization);
or 

  

	 	(3)	withholding in shares to be issued upon vesting of the Award. 

  

	 	•	 	To avoid negative accounting treatment, the Corporation may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including
maximum applicable rates, in which case I will receive a refund of any over-withheld amount in cash and will have no entitlement to the common stock equivalent. If the obligation for Tax-Related Items is satisfied by withholding in shares, for tax
purposes, I am deemed to have been issued the full number of shares subject to the Award, notwithstanding that a number of shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of my participation
in the Plan. 

  

	 	•	 	I shall pay to the Corporation or to the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of my participation in the Plan that cannot
be satisfied by the means previously described. The Corporation may refuse to deliver shares or the proceeds of the sale of shares to me if I fail to comply with my obligations in connection with the Tax-Related Items. 

  
 Page 29 of 41 

	 	•	 	I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as described in this Award Agreement by and among, as applicable, my Employer,
the Corporation, and its other Affiliates for the exclusive purpose of implementing, administering and managing my participation in the Plan. 

  

	 	•	 	I understand that the Corporation and my Employer may hold certain personal information about me, including, but not limited to, my name, home address and telephone number, date of birth, social insurance number
or other identification number, salary, nationality, job title, any shares of Common Stock or directorships held in the Corporation, details of all Awards or any other entitlement to shares awarded, canceled, vested, unvested or outstanding in my
favor (“Data”), for the purpose of implementing, administering and managing the Plan.  

  

	 	•	 	I understand that Data will be transferred to Merrill Lynch, or such other stock plan service provider as may be selected by the Corporation in the future, which is assisting the Corporation with the
implementation, administration and management of the Plan. I understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy
laws and protections than my country. I understand that I may request a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative. I authorize the Corporation, Merrill Lynch and
any other possible recipients which may assist the Corporation (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole
purpose of implementing, administering and managing my participation in the Plan. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the Plan. I understand that I may, at any
time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources
representative. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment or service status or service and career with the Employer will not
be adversely affected; the only adverse consequence of refusing or withdrawing my consent is that the Corporation would not be able to grant me RSUs or other equity awards or administer or maintain such awards. Therefore, I understand that refusing
or withdrawing my consent may affect my ability to participate in the Plan. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources representative.

  

	 	•	 	The Plan and the Award are governed by and subject to U.S. law. Interpretation of the Plan and my rights under the Plan will be governed by provisions of U.S. law. For purposes of litigating any dispute that arises
under this Award or Award Agreement, the parties submit to and consent to the jurisdiction of the State of Georgia, U.S.A. and agree that such litigation shall be conducted in the federal courts for the United States for the Northern District of
Georgia and no other courts. 

  
 Page 30 of 41 

	 	•	 	I understand that I am solely responsible for obtaining/providing whatever exchange control approvals, permits, licenses or notices, which may be necessary for my Award, to acquire the shares or to hold or sell the
shares subject to the RSU award. Neither the Corporation nor its Affiliates will be responsible for obtaining such approvals, licenses or permits, or for making any such notices, nor will the Corporation or its Affiliates be liable for any fines or
penalties I may incur for failure to obtain any required approvals, permits or licenses or to make any required notices. 

  

	 	•	 	The provisions of this Award Agreement are severable and if one or more of the provisions of this Award Agreement shall be held invalid, illegal or otherwise unenforceable, in whole or in part, the remaining provisions
shall nonetheless be binding and enforceable. To the extent that any provisions of this Award Agreement are held to be invalid or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any
way be affected or impaired thereby and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed,
interpreted or revised retroactively to permit this Award Agreement to be construed so as to foster the intent of this Award Agreement and the Plan. 

  

	 	•	 	If I have received this Award Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the
English version will control. 

  

	 	•	 	Notwithstanding any provisions in this Award Agreement, the Award shall be subject to any special terms and conditions set forth in Appendix A to this Award Agreement for my country. Moreover, if I relocate to one of
the countries included in Appendix A, the special terms and conditions for such country will apply to me, to the extent the Corporation determines that the application of such terms and conditions is necessary or advisable for legal or
administrative reasons. Appendix A constitutes part of this Award Agreement. 

  

	 	•	 	The Corporation reserves the right to impose other requirements on my participation in the Plan, on the Award and on any shares acquired under the Plan, to the extent the Corporation determines it is necessary or
advisable for legal or administrative reasons, and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

 

	 	•	 	The Corporation may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. I hereby consent to receive such documents by on-line delivery and
agree to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or a third-party designated by the Corporation. 

 

	 	•	 	A waiver by the Corporation of breach of any provision of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by me or any other
participant. 

  

	 	•	 	Depending on my country of residence, I may be subject to insider trading restrictions and/or market abuse laws, which may affect my ability to acquire or sell shares of Common Stock or rights to shares of Common Stock
(e.g., RSUs) under the Plan during such times as I am considered to have “inside information” regarding the Corporation (as defined by the laws in my country). Any restrictions under these laws or regulations are separate from
and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. I am responsible for ensuring my compliance with any applicable restrictions and am advised to speak with my personal legal advisor
on this matter. 

  
 Page 31 of 41 

 Conclusion and Acceptance 

I accept this grant via electronic signature by clicking the “Accept” icon and certify that I have read, understand and agree to the terms and
conditions of the Halyard Health, Inc. Equity Participation Plan (the “Plan”), the provisions of the applicable Award Agreement and all other applicable documents (including any country-specific terms applicable to my grant). I hereby
authorize the Employer or service recipient to furnish the Corporation (and any agent administering the Plan or providing recordkeeping services) with such information and data as it shall request in order to facilitate the grant of Awards and
enable administration of the Plan and I understand that such information shall be used only as long and to the extent necessary to administer my participation in the Plan. I agree that my participation in the Plan and the Awards granted to me under
the Plan will be governed solely by provisions of U.S. law. 

  
 Page 32 of 41 

 HALYARD HEALTH, INC. 

TIME-VESTED RESTRICTED STOCK UNIT 

AWARD AGREEMENT 
 APPENDIX A

 This Appendix A includes additional terms and conditions that govern the Award granted to the Participant under the Plan if the Participant resides
and/or works in one of the countries listed below. Certain capitalized terms used but not defined in this Appendix A have the meanings set forth in the Plan and/or the Award Agreement. 

This Appendix A also includes information regarding exchange controls and certain other issues of which the Participant should be aware with respect to the
Participant’s participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2014. Such laws are often complex and change frequently. As a result, the
Corporation strongly recommends that the Participant not rely on the information noted herein as the only source of information relating to the consequences of the Participant’s participation in the Plan because the information may be out of
date at vesting of the Award or the subsequent sale of the shares or receipt of any dividends or dividend equivalents. 
 In addition, the information is
general in nature and may not apply to the Participant’s particular situation, and the Corporation is not in a position to assure the Participant of any particular result. Accordingly, the Participant is advised to seek appropriate professional
advice as to how the relevant laws in the Participant’s country may apply to the Participant’s situation. 
 Finally, if the Participant is a
citizen or resident of a country other than the one in which the Participant is currently residing and/or working, transferred or transfers employment after the Award is granted or is considered a resident of another country for local law purposes,
the information contained herein may not be applicable to the Participant. The Corporation shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply to the Participant in such circumstances. 

AUSTRALIA 
 Shutdown or Divestiture 

The following provision replaces Section 2(d) of the Award Agreement. 

In the event that, after the Grant Date, the Participant’s termination of employment is due to the shutdown or divestiture of the Corporation’s
or its Affiliate’s business, it shall result in pro-rata vesting, as determined by the Committee, and the number of shares that are considered to vest shall be determined by prorating the number of full years of employment during the Restricted
Period prior to the Participant’s termination of employment, and shall be paid within 70 days following the Participant’s termination of employment. Any fractional share of the Corporation resulting from such a prorated Award shall be
rounded to the nearest whole share. 

  
 Page 33 of 41 

 Securities Law Information 

If the Participant acquires shares of the Corporation’s Common Stock pursuant to this Award and the Participant offers his or her shares of the
Corporation’s Common Stock for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law. The Participant should obtain legal advice on his or her disclosure obligations
prior to making any such offer. 
 Exchange Control Information 

Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers. If an Australian bank is assisting
with the transaction, the bank will file the report on the Participant’s behalf. 
 BELGIUM 

Foreign Asset/Account Reporting Information 
 The
Participant is required to report any bank accounts opened and maintained outside Belgium on his or her annual tax return. 
 BRAZIL 

Compliance with Law 
 By accepting the Award, the
Participant acknowledges that he or she agrees to comply with applicable Brazilian laws and pay any and all applicable taxes associated with the vesting of the RSUs, the conversion of the RSUs into shares or the receipt of an equivalent cash
payment, the receipt of any dividends, and the sale of shares of Common Stock acquired under the Plan. The Participant should consult with his or her personal tax advisor with respect to the RSUs. 

Exchange Control Information 
 If the
Participant is resident or domiciled in Brazil, he or she will be required to submit annually a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is equal to or
greater than US$100,000. Assets and rights that must be reported include shares of Common Stock. 
 CANADA 

Award Payable Only in Shares 
 Awards granted to
Participants in Canada shall be paid in shares of the Corporation’s Common Stock only and do not provide any right for Participant to receive a cash payment. 

  
 Page 34 of 41 

 Securities Law Information 

The Participant is permitted to sell shares acquired through the Plan through the designated broker appointed under the Plan, if any, provided the resale of
shares acquired under the Plan takes place outside of Canada through the facilities of a stock exchange on which the shares are listed. The Corporation’s shares are currently listed on New York Stock Exchange. 

Acknowledgment of Conditions 
 The following provision
supplements the Acknowledgement of Conditions section of the Award Agreement: 
 Except as may otherwise be explicitly provided in the Plan or this Award
Agreement, for the purposes of this Award Agreement, my termination of employment will be measured effective as of the date that is the earlier of: (1) the date my employment is terminated, (2) the date I receive notice of termination of
employment or service from the Employer, or (3) the date I am no longer actively employed or providing services, regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to,
statutory law, regulatory law, and/or common law); the Committee shall have the exclusive discretion to determine when I am no longer actively employed or providing services for purposes of the RSUs. 

Foreign Asset/Account Reporting Information 
 Foreign
property (including shares of Common Stock) held by Canadian residents must be reported annually on Form T1135 (Foreign Income Verification Statement) if the total value of such foreign property exceeds C$100,000 at any time during the year. It is
not certain if the RSUs constitute foreign property that needs to be reported on Form T1135. The form must be filed by April 30th of the following year. It is the Participant’s responsibility to comply with applicable reporting
obligations. 
 The following provisions apply if the Participant is a resident of Quebec: 

Language Consent 
 The parties acknowledge that it is their
express wish that the Award Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English. 

Les parties reconnaissent avoir exigé la rédaction en anglais de la convention, ainsi que de tous documents exécutés, avis
donnés et procédures judiciaires intentées, directement ou indirectement, relativement à ou suite à la présente convention. 

Authorization to Release and Transfer Necessary Personal Information 

The Participant hereby authorizes the Corporation and the Corporation’s representatives to discuss with and obtain all relevant information from all
personnel, professional or not, involved in the administration and operation of the Plan. The Participant further authorizes the Corporation, any Affiliate and the plan administrators to disclose and discuss the Plan with their advisors. The
Participant further authorizes the Corporation and any Affiliate to record such information and to keep such information in the Participant’s employee file. 

  
 Page 35 of 41 

 COLOMBIA 

Acknowledgment of Conditions 
 The following provision
supplements the Acknowledgement of Conditions section of the Award Agreement: 
 I acknowledge that pursuant to Article 128 of the Colombian Labor Code, the
Plan and related benefits do not constitute a component of my “salary” for any legal purpose. 
 COSTA RICA 

There are no country-specific provisions. 
 FRANCE 

RSUs Not Tax-Qualified 
 The Participant understands that
this Award is not intended to be French tax-qualified. 
 Consent to Receive Information in English 

By accepting the Award Agreement providing for the terms and conditions of the Participant’s grant, the Participant confirms having read and understood
the documents relating to this grant (the Plan and this Award Agreement) which were provided in English language. The Participant accepts the terms of those documents accordingly. 

En acceptant le Contrat d’Attribution décrivant les termes et conditions de l’attribution, le participant confirme ainsi avoir lu et
compris les documents relatifs à cette attribution (le Plan U.S. et ce Contrat d’Attribution) qui ont été communiqués en langue anglaise. Le participant accepte les termes en connaissance de cause. 

Foreign Asset/Account Reporting Information 
 If the
Participant holds shares of Common Stock outside of France or maintains a foreign bank account, he or she is required to report such to the French tax authorities when filing his or her annual tax return. Failure to comply could trigger significant
penalties. 
 GERMANY 
 Exchange Control Information

 Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank. No report is required for payments less than
€12,500. In case of payments in connection with securities (including proceeds realized upon the sale of shares of Common Stock), the report must be made by the 5th day of the month following the month in which the payment was received.
Effective from September 2013, the report must be filed electronically. The form of report (“Allgemeine Meldeportal Statistik”) can be accessed via the Bundesbank’s website (www.bundesbank.de) and is available in
both German and English. The Participant is responsible for satisfying the reporting obligation. 

  
 Page 36 of 41 

 HONDURAS 

There are no country-specific provisions. 
 INDIA 

Awards Payable in Cash Only 
 Awards granted to
Participants in India shall be paid in cash only and do not provide any right for the Participant to receive shares of Common Stock. 
 Exchange Control
Documentation 
 The Participant understands that he or she must repatriate the cash payment acquired under the Plan to India and convert the proceeds
into local currency within 90 days of receipt. The Participant will receive a foreign inward remittance certificate (“FIRC”) from the bank where the foreign currency is deposited. The Participant should maintain the FIRC as evidence of the
repatriation of funds in the event that the Reserve Bank of India, the Employer or the Corporation requests proof of repatriation. 
 Foreign
Asset/Account Reporting Information 
 The Participant is required to declare foreign bank accounts and any foreign financial assets in his or her annual
tax return. It is the Participant’s responsibility to comply with this reporting obligation and the Participant should consult with his or her personal tax advisor in this regard. 

JAPAN 
 Foreign Asset/Account Reporting Information

 The Participant will be required to report details of any assets (including any shares of Common Stock acquired under the Plan) held outside of Japan
as of December 31st of each year, to the extent such assets have a total net fair market value exceeding ¥50 million. Such report will be due by March 15th of the following year. The Participant should consult with his or her personal tax advisor as to whether the reporting obligation applies to the Participant and whether the Participant will be
required to report details of any outstanding RSUs or shares of Common Stock held by the Participant in the report. 
 RSUs may not be issued in Japan to
persons who are not employees, officers or directors of the Corporation or an Affiliate. 
 MEXICO 

Modification 
 By accepting the Award, the Participant
understands and agrees that any modification of the Plan or the Award Agreement or its termination shall not constitute a change or impairment of the terms and conditions of employment. 

  
 Page 37 of 41 

 Acknowledgment of the Grant 

In accepting the Award, the Participant acknowledges that the Participant has received a copy of the Plan and the Award Agreement, including this Appendix A,
has reviewed the Plan and the Award Agreement, including this Appendix A, in their entirety and fully understands and accepts all provisions of the Plan and the Award Agreement, including this Appendix A. The Participant further acknowledges that
the Participant has read and specifically and expressly approves the Acknowledgement of Conditions section of the Award Agreement, in which the following is clearly described and established: 

 

	 	(1)	The Participant’s participation in the Plan does not constitute an acquired right. 

  

	 	(2)	The Plan and the Participant’s participation in the Plan are offered by the Corporation on a wholly discretionary basis. 

  

	 	(3)	The Participant’s participation in the Plan is voluntary. 

  

	 	(4)	Neither the Corporation nor any Affiliates are responsible for any decrease in the value of the Award granted and/or shares of Common Stock issued under the Plan. 

Labor Acknowledgment and Policy Statement 
 In accepting
the grant of this Award, the Participant expressly recognizes that the Corporation, with registered offices at 5405 Windward Parkway, Alpharetta, Georgia 30004, U.S.A., is solely responsible for the administration of the Plan and that the
Participant’s participation in the Plan and acquisition of shares of Common Stock do not constitute an employment relationship between the Participant and the Corporation since the Participant is participating in the Plan on a wholly commercial
basis and his or her sole Employer is                      (“Halyard-Mexico”). Based on the foregoing, the Participant expressly recognizes
that the Plan and the benefits that he or she may derive from participating in the Plan do not establish any rights between the Participant and the Employer, Halyard-Mexico and do not form part of the employment conditions and/or benefits provided
by Halyard-Mexico, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of the Participant’s employment. 

The Participant further understands that his or her participation in the Plan is as a result of a unilateral and discretionary decision of the Corporation;
therefore, the Corporation reserves the absolute right to amend and/or discontinue the Participant’s participation at any time without any liability to the Participant. 

Finally, the Participant hereby declares that he or she does not reserve to him- or herself any action or right to bring any claim against the Corporation for
any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and the Participant therefore grants a full and broad release to the Corporation, its Affiliates, branches, representation offices, its
shareholders, officers, agents, or legal representatives with respect to any claim that may arise. 

  
 Page 38 of 41 

 Spanish Translation 

Modificación 
 Al aceptar el Premio, el
Participante entiende y acuerda que cualquier modificación al Plan o al Acuerdo o su terminación, no cambiará o disminuirá los términos y condiciones de empleo. 

Reconocimiento del Otorgamiento 
 Al aceptar el Premio,
el Participante está de acuerdo en haber recibido una copia del Plan, del Acuerdo incluyendo el presente Anexo “A” y ha revisado el Plan y el Acuerdo, incluyendo este Anexo “A” en su totalidad y comprende y acepta todas
las disposiciones previstas en el Plan, en el Acuerdo, incluyendo el presente Anexo “A”. Asimismo, el Participante reconoce que ha leído y manifiesta su específica y expresa conformidad con los términos y condiciones
establecidos del Acuerdo, en el cual claramente se describe y establece lo siguiente: 
  

	 	(1)	La participación del Participante en el Plan no constituye un derecho adquirido. 

  

	 	(2)	El Plan y la participación del Participante en el Plan se ofrecen por la Compañía de forma completamente discrecional. 

 

	 	(3)	La participación del Participante en el Plan es voluntaria. 

  

	 	(4)	Ni la Compañía ni sus Afiliadas son responsables por la reducción del valor del Premio y/o Acciones Ordinarias emitidas bajo el Plan. 

Reconocimiento de la Legislación Laboral y Declaración de la Política 

Al aceptar el otorgamiento de este Premio, el Participante expresamente reconoce que Halyard Health, Inc. con oficinas registradas en 5405 Windward Parkway,
Alpharetta, Georgia 30004, U.S.A.., es la única responsable por la administración del Plan y que la participación del Participante en el Plan y en su caso la adquisición de las Opciones de Compra de Acciones o Acciones no
constituyen ni podrán interpretarse como una relación de trabajo entre el Participante y Halyard Health, Inc., ya que el Participante participa en el Plan en un marco totalmente comercial y su único Patrón lo es
                    , con domicilio en
                    . Derivado de lo anterior, el Participante expresamente reconoce que el Plan y los beneficios que pudieran derivar de la
participación en el Plan no establecen derecho alguno entre el Participante y el Patrón,                     y no forma parte de
las condiciones de trabajo y/o las prestaciones otorgadas por                     y que cualquier modificación al Plan o su
terminación no constituye un cambio o impedimento de los términos y condiciones de la relación de trabajo del Participante. 

Asimismo, el Participante reconoce que su participación en el Plan es resultado de una decisión unilateral y discrecional de Halyard Health,
Inc. por lo tanto, Halyard Health, Inc.se reserva el absoluto derecho de modificar y/o terminar la participación del Participante en cualquier momento y sin responsabilidad alguna frente el Participante. 

Finalmente, el Participante por este medio declara que no se reserva derecho o acción alguna que ejercitar en contra de Halyard Health, Inc. por
cualquier compensación o daño en relación con las disposiciones del Plan o de los beneficios derivados del Plan y por lo tanto, el Participante otorga el más amplio finiquito que en derecho proceda a Halyard Health, Inc.,
sus afiliadas, subsidiarias, oficinas de representación, sus accionistas, funcionarios, agentes o representantes legales en relación con cualquier demanda que pudiera surgir. 

  
 Page 39 of 41 

 SINGAPORE 

Securities Law Information 
 The Award is being made
pursuant to the “Qualifying Person” exemption” under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”). The Plan has not been lodged or registered as a prospectus with the Monetary Authority
of Singapore. The Participant should note that the Award is subject to section 257 of the SFA and the Participant will not be able to make (i) any subsequent sale of the shares of Common Stock in Singapore or (ii) any offer of such
subsequent sale of the shares of Common Stock subject to the Award in Singapore, unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA. 

Director Notification Obligation 
 If the Participant is a
director, associate director or shadow director of the Corporation’s Singapore Affiliate, the Participant is subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the
Corporation’s Singapore Affiliate in writing when the Participant receives an interest (e.g., an Award or shares) in the Corporation or any Affiliate. In addition, the Participant must notify the Corporation’s Singapore Affiliate
when he or she sells shares of the Corporation or of any Affiliate (including when the Participant sells shares issued upon vesting and settlement of the Award). These notifications must be made within two business days of acquiring or disposing of
any interest in the Corporation or any Affiliate. In addition, a notification of the Participant’s interests in the Corporation or any Affiliate must be made within two business days of becoming a director. 

SOUTH AFRICA 
 Tax Acknowledgment 

By accepting the Award, the Participant agrees to notify the Employer of the amount of any gain realized upon vesting of the Award. If the Participant fails to
advise the Employer of the gain realized upon vesting, the Participant may be liable for a fine. The Participant will be responsible for paying any difference between the actual tax liability and the amount withheld. 

Exchange Control Information 
 To participate in the Plan,
the Participant must comply with exchange control regulations and rulings (the “Exchange Control Regulations”) in South Africa. 
 Because the
Exchange Control Regulations change frequently and without notice, the Participant understands that he or she should consult a legal advisor prior to the acquisition or sale of shares under the Plan to ensure compliance with current regulations. The
Participant understands that it is his or her responsibility to comply with South African exchange control laws, and neither the Corporation nor the Employer will be liable for any fines or penalties resulting from failure to comply with applicable
laws. 

  
 Page 40 of 41 

 SWEDEN 

There are no country-specific provisions 
 THAILAND 

Exchange Control Information 
 If the proceeds from the
sale of shares of Common Stock or the receipt of dividends paid on such shares are equal to or greater than US$50,000 in a single transaction, the Participant must repatriate all cash proceeds to Thailand immediately following the receipt of the
cash proceeds and then either convert such proceeds to Thai Baht or deposit the proceeds into a foreign currency account opened with a commercial bank in Thailand within 360 days of repatriation. In addition, the Participant must specifically report
the inward remittance to the Bank of Thailand on a foreign exchange transaction form. If the Participant fails to comply with these obligations, the Participant may be subject to penalties assessed by the Bank of Thailand. 

The Participant should consult his or her personal advisor prior to taking any action with respect to remittance of cash proceeds into Thailand. The
Participant is responsible for ensuring compliance with all exchange control laws in Thailand. 
 UNITED KINGDOM 

Tax Acknowledgment 
 The following information supplements
the information regarding Tax-Related Items in the Acknowledgment of Conditions section of the Award Agreement: 
 If payment or withholding of the income
tax due is not made within 90 days of the event giving rise to the Tax-Related Items or such other period specified in section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any
uncollected income tax shall constitute a loan owed by the Participant to the Employer, effective on the Due Date. The Participant agrees that the loan will bear interest at the then-current Her Majesty’s Revenue and Customs (“HMRC”)
official rate; it will be immediately due and repayable. Notwithstanding the foregoing, if the Participant is an officer or executive director (as within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended),
the terms of this provision will not apply to the Participant. In the event that the Participant is an officer or director, as defined above, and income tax is not collected from or paid by the Participant by the Due Date, the amount of any
uncollected income tax may constitute a benefit to the Participant on which additional income tax and National Insurance Contributions may be payable. The Participant acknowledges that the Participant ultimately will be responsible for reporting and
paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee NICs due on this additional benefit, which the
Corporation and/or the Employer may recover from the Participant at any time thereafter by any of the means referred to in the Acknowledgement of Conditions section of the Award Agreement. 

  
 Page 41 of 41

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