Document:

EX-10.1

 Exhibit 10.1 

BECTON, DICKINSON AND COMPANY 

2004 EMPLOYEE AND DIRECTOR EQUITY-BASED 

COMPENSATION PLAN 
 As
amended and restated as of November 25, 2014 
 Section 1. Purpose. 

The purpose of the Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan is to provide an incentive to
employees of the Company and its subsidiaries to achieve long-range goals, to aid in attracting and retaining employees and directors of outstanding ability and to closely align their interests with those of shareholders. 

Section 2. Definition. 

As used in the Plan, the following terms shall have the meanings set forth below: 

(a) “Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any
entity in which the Company has a significant equity interest, in either case as determined by the Committee. 
 (b)
“Award” shall mean any Option, Stock Appreciation Right, award of Restricted Stock, Restricted Stock Unit, Performance Unit or Other Stock-Based Award granted under the Plan. 

(c) “Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted
under the Plan, which may, but need not, be executed or acknowledged by a Participant. 
 (d) “Board” shall mean the board
of directors of the Company. 
 (e) “Cause” shall mean (i) the willful and continued failure of a Participant to
perform substantially the Participant’s duties with the Company or any Affiliate (other than any such failure resulting from incapacity due to physical or mental illness), or (ii) the willful engaging by the Participant in illegal conduct
or gross misconduct that is materially and demonstrably injurious to the Company. No act, or failure to act, on the part of the Participant shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad
faith or without the reasonable belief that the Participant’s action or omission was in the best interest of the Company. 
 (f)
“Change in Control” means 
 (i) the acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25%
or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 2(f), the following acquisitions shall not constitute a Change in
Control: (i) any acquisition directly from the Company; (ii) any acquisition by the Company, or (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any affiliated company,
(iv) any acquisition by any corporation pursuant to a transaction that complies with Section 2(f)(iii)(A), Section 2(f)(iii)(B) and Section 2(f)(iii)(C), or (v) any acquisition that the Board

 
determines, in good faith, was inadvertent, if the acquiring Person divests as promptly as practicable a sufficient amount of the Outstanding Company Common Stock and/or the Outstanding Company
Voting Securities, as applicable, to reverse such acquisition of 25% or more thereof; 
 (ii) individuals who, as of the day
after the effective time of this Plan, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to such
time whose election, or nomination for election as a director by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consent by or on behalf of a Person other than the Board; 
 (iii)
consummation of a reorganization, merger, consolidation or sale or other disposition of all or subsequently all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination,
(A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 60% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the
corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person
(excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more
of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such
ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
 (iv) approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company. 
 (g) “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time. 
 (h) “Committee” shall mean the Compensation and Benefits
Committee of the Board or such other committee as may be designated by the Board. 
 (i) “Company” shall mean Becton,
Dickinson and Company. 

 (j) “Disability” shall mean a Participant’s disability as determined in
accordance with a disability insurance program maintained by the Company. 
 (j) “409A Disability” shall mean a Disability
that qualifies as a total disability as defined below and determined in a manner consistent with Code Section 409A and the regulations thereunder: 

The Participant is unable to engage in any substantial gainful activity by reason of 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 12 months. 
 A Participant will
be deemed to have suffered a 409A Disability if determined to be totally disabled by the Social Security Administration. In addition, the Participant will be deemed to have suffered a 409A Disability if determined to be disabled in accordance with a
disability insurance program maintained by the Company, provided that the definition of disability applied under such disability insurance program complies with the requirements of Code Section 409A and the regulations thereunder. 

(k) “Earnings Per Share” shall mean earnings per share calculated in accordance with U.S. Generally Accepted Accounting
Principles. 
 (l) “Executive Group” shall mean every person who is expected by the Committee to be both (i) a
“covered employee” as defined in Section 162(m) of the Code as of the end of the taxable year in which payment of the Award may be deducted by the Company, and (ii) the recipient of compensation of more than $1,000,000 for that
taxable year. 
 (m) “Fair Market Value” shall mean, with respect to any property (including, without limitation, any
Shares or other securities) the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

(n) “Incentive Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted under
and in accordance with the terms of Section 6, that meets the requirements of Section 422 of the Code, or any successor provision thereto. 

(o) “Market Share” shall mean the percent of sales of the total available market in an industry, product line or product
attained by the Company or one of its business units during a time period. 
 (p) “Net Income” shall mean net income
calculated in accordance with U.S. Generally Accepted Accounting Principles. 
 (q) “Net Revenue Per Employee” in a period
shall mean net revenue divided by the average number of employees of the Company, with average defined as the sum of the number of employees at the beginning and ending of the period divided by two. 

(r) “Non-Qualified Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted
under and in accordance with the terms of Section 6, that is not an Incentive Stock Option. 
 (s) “Option” shall mean
an Incentive Stock Option or a Non-Qualified Stock Option. 
 (t) “Other Stock-Based Award” shall mean any right granted
under Section 9. 

 (u) “Participant” shall mean an individual granted an Award under the Plan. 

(v) “Performance Unit” shall mean any right granted under Section 8. 

(w) “Restricted Stock” shall mean any Share granted under Section 7. 

(x) “Restricted Stock Unit” shall mean a contractual right granted under Section 7 that is denominated in Shares. Each
Unit represents a right to receive the value of one Share (or a percentage of such value, which percentage may be higher than 100%) upon the terms and conditions set forth in the Plan and the applicable Award Agreement. Awards of Restricted Stock
Units may include, without limitation, the right to receive dividend equivalents. 
 (y) “Retirement” shall mean a
Separation from Service after attainment of retirement as specified in the applicable terms of an Award. 
 (z) “Return On Common
Equity” for a period shall mean net income less preferred stock dividends divided by total shareholders’ equity, less amounts, if any, attributable to preferred stock. 

(aa) “Return on Invested Capital” for a period shall mean earnings before interest, taxes, depreciation and amortization
divided by the difference of total assets less non-interest bearing current liabilities. 
 (bb) “Return On Net Assets” for
a period shall mean net income less preferred stock dividends divided by the difference of average total assets less average non-debt liabilities, with average defined as the sum of assets or liabilities at the beginning and ending of the period
divided by two. 
 (cc) “Revenue Growth” shall mean the percentage change in revenue (as defined in Statement of Financial
Accounting Concepts No. 6, published by the Financial Accounting Standards Board) from one period to another. 
 (dd)
“Plan” shall mean this Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan. 
 (ee)
“Separation from Service” shall mean a termination of employment or other separation from service from the Company, as described in Code Section 409A and the regulations thereunder, including, but not limited to a termination
by reason of Retirement or involuntary termination without Cause, but excluding any such termination where there is a simultaneous re-employment by the Company. 

(ff) “Shares” shall mean shares of the common stock of the Company, $1.00 par value. 

(gg) “Specified Employee” shall mean a Participant who is deemed to be a specified employee in accordance with procedures
adopted by the Company that reflect the requirements of Code Section 409A(2)(B)(i) and the guidance thereunder. 
 (hh) “Stock
Appreciation Right” shall mean a right to receive a payment, in cash and/or Shares, as determined by the Committee, equal in value to the excess of the Fair Market Value of a Share at the time the Stock Appreciation Right is exercised over
the exercise price of the Stock Appreciation Right. 

 (ii) “Substitute Awards” shall mean Awards granted in assumption of, or in
substitution for, outstanding awards previously granted by a company acquired by the Company or with which the Company combines. 
 (jj)
“Total Shareholder Return” shall mean the sum of the appreciation in the Company’s stock price and dividends paid on the common stock of the Company over a given period of time. 

Section 3. Eligibility. 

(a) Any individual who is employed by (including any officer), or who serves as a member of the board of directors of, the Company or any
Affiliate shall be eligible to be selected to receive an Award under the Plan. 
 (b) An individual who has agreed to accept employment by
the Company or an Affiliate shall be deemed to be eligible for Awards hereunder as of the date of such agreement. 
 (c) Holders of options
and other types of Awards granted by a company acquired by the Company or with which the Company combines are eligible for grant of Substitute Awards hereunder. 

Section 4. Administration. 

(a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not less than three
directors, each of whom shall be independent, within the meaning of and to the extent required by applicable rulings and interpretations of the New York Stock Exchange and the Securities and Exchange Commission, and each of whom shall be a
“Non-Employee Director”, as defined from time to time for purposes of Section 16 of the Securities Exchange Act of 1934 and the rules promulgated thereunder. The Board may designate one or more directors as alternate members of
the Committee who may replace any absent or disqualified member at any meeting of the Committee. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. A majority of
the members of the Committee shall constitute a quorum. 
 (b) Subject to the terms of the Plan and applicable law, the Committee shall have
full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by
(or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards
may be settled or exercised in cash, Shares, other securities, other Awards, or other property, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended;
(vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, other property, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at
the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend, suspend or waive such rules and
regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (ix) determine whether and to what extent Awards should comply or continue to comply with any requirement of statute or regulation; and
(x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. Notwithstanding the foregoing, the Plan will be interpreted and administered by the Committee in a
manner that is consistent with the requirements of Code Section 409A to allow for tax deferral thereunder, and the Committee shall take no action hereunder that would result in a violation of Code Section 409A. 

(c) All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, the stockholders and the
Participants. 

 Section 5. Shares Available For Awards. 

(a) The number of Shares available for issuance under the Plan is 33,800,000 shares, subject to adjustment as provided below. Notwithstanding
the foregoing and subject to adjustment as provided in Section 5(e), (i) no Participant may receive Options and Stock Appreciation Rights under the Plan in any calendar year that relate to more than 250,000 Shares, (ii) the maximum
number of Shares with respect to which unrestricted Awards (either as to vesting, performance or otherwise) may be made to employees under the Plan is 450,000 Shares, and (iii) the maximum number of Shares that may be issued with respect to any
Awards granted on or after February 2, 2010 that are not Awards of Options or Stock Appreciation Rights shall be 7,340,000. 
 (b) If,
after the effective date of the Plan, any Shares covered by an Award other than a Substitute Award, or to which such an Award relates, are forfeited, or if such an Award otherwise terminates without the delivery of Shares or of other consideration,
then the Shares covered by such Award, or to which such Award relates, to the extent of any such forfeiture or termination, shall again be, or shall become, available for issuance under the Plan, except as otherwise provided in Section 5(f).

 (c) In the event that any Option or other Award granted hereunder (other than a Substitute Award) is exercised through the delivery of
Shares, or in the event that withholding tax liabilities arising from such Option or Award are satisfied by the withholding of Shares by the Company, the number of Shares available for Awards under the Plan shall be increased by the number of Shares
so surrendered or withheld. Notwithstanding the foregoing, this Section 5(c) will not apply to any such surrender or withholding of Shares occurring on or after November 21, 2006. 

(d) Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 

(e) In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares
or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is required in order to preserve the value of issued and outstanding Awards and to prevent diminution or enlargement of
the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or property) which
thereafter may be made the subject of Awards, including the aggregate and individual limits specified in Section 5(a), (ii) the number and type of Shares (or other securities or property) subject to outstanding Awards, and (iii) the
grant, purchase, or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, however, that the number of Shares subject to any Award denominated in
Shares shall always be a whole number. 
 (f) Shares underlying Substitute Awards shall not reduce the number of Shares remaining available
for issuance under the Plan. 
 (g) Upon the exercise of any Stock Appreciation Rights, the greater of (i) the number of shares subject
to the Stock Appreciation Rights so exercised, and (ii) the number of Shares, if any, that are issued in connection with such exercise, shall be deducted from the number of Shares available for issuance under the Plan. 

 Section 6. Options and Stock Appreciation Rights. 

The Committee is hereby authorized to grant Options and Stock Appreciation Rights to Participants with the following terms and conditions and
with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 

(a) The exercise price per Share under an Option or Stock Appreciation Right shall be determined by the Committee; provided, however,
that, except in the case of Substitute Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option or Stock Appreciation Right. The exercise price of a Substitute Award may be less than the
Fair Market Value of a Share on the date of grant to the extent necessary for the value of Substitute Award to be substantially equivalent to the value of the award with respect to which the Substitute Award is issued, as determined by the
Committee. 
 (b) The term of each Option and Stock Appreciation Right shall be fixed by the Committee but shall not exceed 10 years from
the date of grant thereof. 
 (c) The Committee shall determine the time or times at which an Option or Stock Appreciation Right may be
exercised in whole or in part, and, with respect to Options, the method or methods by which, and the form or forms, including, without limitation, cash, Shares, other Awards, or other property, or any combination thereof, having a Fair Market Value
on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made. 

(d) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the
Code, or any successor provision thereto, and any regulations promulgated thereunder. 
 (e) Section 10 sets forth certain additional
provisions that shall apply to Options and Stock Appreciation Rights. 
 Section 7. Restricted Stock And Restricted Stock Units.

 (a) The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants. 

(b) Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including,
without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right or property), which restrictions may lapse separately or in combination at such time or times, in such
installments or otherwise, as the Committee may deem appropriate; provided, that if the vesting conditions applicable to an Award of Restricted Stock or Restricted Stock Units to an employee of the Company relate exclusively to the passage of time
and continued employment, such time period shall consist of not less than thirty-six (36) months. In the event the vesting of any Award of Restricted Stock is subject to the achievement of performance goals, the performance period relating to
such Award shall be at least twelve (12) months. Any Award of Restricted Stock Units for which vesting is conditioned upon the achievement of performance goals shall be considered an award of Performance Units under Section 8. 

 (c) Any share of Restricted Stock granted under the Plan may be evidenced in such manner as the
Committee may deem appropriate including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan,
such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

(d) Upon a Participant’s (i) Separation from Service on account of Retirement, death or Disability, any and all remaining
restrictions with respect to an award of Restricted Stock granted to the Participant shall lapse, and the Participant shall receive all of the Shares of Restricted Stock subject to the award, (ii) involuntary termination without Cause, any and
all remaining restrictions with respect to an award of Restricted Stock shall lapse, and the Participant shall receive a pro-rata portion of the Shares of Restricted Stock subject to the Award based on the portion of the vesting period that the
Participant was employed, and (iii) voluntary termination or involuntary termination with Cause, all Shares of Restricted Stock held by the Participant shall be forfeited as of the date of termination. 

(e) Notwithstanding anything contained herein to the contrary, upon a Participant’s: 

(i) Separation from Service on account of Retirement or Disability, any and all remaining restrictions with respect to Restricted Stock Units
granted to the Participant shall lapse and the Participant shall receive any amounts otherwise payable with respect to such Restricted Stock Units as soon as administratively practicable thereafter (or at such later distribution date as may be set
by the Committee at the time of the Award or in any amendment thereto), except that, for amounts subject to Code Section 409A, in the case of a Participant who is a Specified Employee, the payment of such amounts that are made on account of the
Specified Employee’s Separation from Service shall not be made prior to the earlier of (A) the first day of the seventh month following the Participant’s Separation from Service (without regard to whether the Participant is reemployed
on that date) or (B) death; 
 (ii) Separation from Service on account of involuntary termination without Cause, any and all remaining
restrictions with respect to Restricted Stock Units granted to the Participant shall lapse and the Participant shall receive a pro-rata portion of any amounts otherwise payable with respect to such Restricted Stock Units as soon as administratively
practicable thereafter based on the portion of the vesting period that the Participant was employed; provided, that the Committee may, in its discretion, authorize the payment to the Participant of all amounts payable with respect to such Restricted
Stock Units in the case of financial hardship on the part of the Participant or in connection with a reduction-in-force. Notwithstanding the foregoing, for amounts subject to Code Section 409A, in the case of a Participant who is a Specified
Employee, the payment of such amounts that are made on account of the Specified Employee’s Separation from Service shall not be made prior to the earlier of (A) the first day of the seventh month following the Participant’s Separation
from Service (without regard to whether the Participant is reemployed on that date) or (B) death; 
 (iii) death, any and all remaining
restrictions with respect to Restricted Stock Units granted to the Participant shall lapse and the Participant’s beneficiary shall receive any amounts otherwise payable with respect to such Restricted Stock Units as soon as administratively
practicable thereafter; and 
 (iv) voluntary termination or involuntary termination with Cause, all Restricted Stock Units held by the
Participant shall be forfeited as of the date of termination. 

 Section 8. Performance Units. 

(a) The Committee is hereby authorized to grant Performance Units to Participants. 

(b) Subject to the terms of the Plan, a Performance Unit granted under the Plan (i) may be denominated or payable in cash, Shares
(including, without limitation, Restricted Stock), other securities, other Awards, or other property and (ii) shall confer on the holder thereof rights valued as determined by the Committee and payable to, or exercisable by, the holder of the
Performance Unit, in whole or in part, upon the achievement of such performance goals during such performance periods as the Committee shall establish. Subject to the terms of the Plan, the performance goals to be achieved during any performance
period, the length of any performance period, the amount of any Performance Unit granted and the amount of any payment or transfer to be made pursuant to any Performance Unit shall be determined by the Committee; provided, that the performance
period relating to any Award of Performance Units shall be at least twelve (12) months. 
 (c) Notwithstanding anything contained
herein to the contrary, upon a Participant’s: 
 (i) Separation from Service on account of Retirement or involuntary termination
without Cause prior to the expiration of any performance period applicable to a Performance Unit granted to the Participant, the Participant shall be entitled to receive, following the expiration of such performance period, a pro-rata portion of any
amounts otherwise payable with respect to, or a pro-rata right to exercise, the Performance Unit; 
 (ii) death or 409A Disability prior to
the expiration of any performance period applicable to a Performance Unit granted to the Participant, the Participant or the Participant’s beneficiary shall receive upon such event a partial payment with respect to, or a partial right to
exercise, such Performance Unit as determined by the Committee in its discretion; 
 (iii) Separation from Service on account of Disability
(other than a 409A Disability) prior to the expiration for any performance period applicable to a Performance Unit granted to the Participant, the Participant shall be entitled to receive, following the expiration of such performance period, a
partial payment with respect to, or a partial right to exercise, such Performance Unit as determined by the Committee in its discretion; and 

(iv) voluntary termination or involuntary termination with Cause, all Performance Units held by the Participant shall be canceled as of the
date of termination. 
 Section 9. Other Stock-Based Awards. 

The Committee is hereby authorized to grant to Participants such other Awards (including, without limitation, rights to dividends and dividend
equivalents) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares) as are deemed by the Committee to be
consistent with the purposes of the Plan (provided that no rights to dividends and dividend equivalents shall be granted in tandem with an Award of Options or Stock Appreciation Rights). Subject to the terms of the Plan, the Committee shall
determine the terms and conditions of such Awards; provided, that (i) if the vesting conditions applicable to any such Award to an employee relate exclusively to the passage of time and continued employment, such time period shall consist of
not less than thirty-six (36) months, (ii) if the vesting of the award is contingent upon the achievement of any performance goals over a performance period, the performance period relating to such Award shall be at least twelve
(12) months. Shares or other securities delivered pursuant to 

 
a purchase right granted under this Section 9 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, Shares, other securities, other Awards, or other property, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, shall, except in the case of Substitute Awards, not be
less than the Fair Market Value of such Shares or other securities as of the date such purchase right is granted. To the extent that any Other Stock-Based Awards granted by the Committee are subject to Code Section 409A as nonqualified deferred
compensation, such Other Stock-Based Awards shall be subject to terms and conditions that comply with the requirements of Code Section 409A to avoid adverse tax consequences under Code Section 409A. 

Section 10. Effect Of Termination On Certain Awards. 

Except as otherwise provided by the Committee at the time an Option or Stock Appreciation Right is granted or in any amendment thereto, if a
Participant ceases to be employed by, or serve as a non-employee director of, the Company or any Affiliate, then: 
 (a) if termination is
for Cause, all Options and Stock Appreciation Rights held by the Participant shall be canceled as of the date of termination; 
 (b) if
termination is voluntary or involuntary without Cause, the Participant may exercise each Option or Stock Appreciation Right held by the Participant within three months after such termination (but not after the expiration date of such Award) to the
extent such Award was exercisable pursuant to its terms at the date of termination; provided, however, if the Participant should die within three months after such termination, each Option or Stock Appreciation Right held by the Participant
may be exercised by the Participant’s estate, or by any person who acquires the right to exercise by reason of the Participant’s death, at any time within a period of one year after death (but not after the expiration date of the Award) to
the extent such Award was exercisable pursuant to its terms at the date of termination; 
 (c) if termination is (i) by reason of
Retirement (or alternatively, in the case of a non-employee director, at a time when the Participant has served for five full years or more and has attained the age of sixty), or (ii) by reason of a Disability, each Option or Stock Appreciation
Right held by the Participant shall, at the date or Retirement or Disability, become exercisable to the extent of the total number of shares subject to the Option or Stock Appreciation Right, irrespective of the extent to which such Award would
otherwise have been exercisable pursuant to the terms of the Award at the date of Retirement or Disability, and shall otherwise remain in full force and effect in accordance with its terms; 

(d) if termination is by reason of the death of the Participant, each Option or Stock Appreciation Right held by the Participant may be
exercised by the Participant’s estate, or by any person who acquires the right to exercise such Award by reason of the Participant’s death, to the extent of the total number of shares subject to the Award, irrespective of the extent to
which such Award would have otherwise been exercisable pursuant to the terms of the Award at the date of death, and such Award shall otherwise remain in full force and effect in accordance with its terms. 

Section 11. General Provisions Applicable To Awards. 

(a) Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law. 

 (b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or
in tandem with any other Award. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

(c) Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or payment of an Award may be
made in such form or forms as the Committee shall determine including, without limitation, cash, Shares, other securities, other Awards, or other property, or any combination thereof, and may be made in a single payment or transfer, in installments,
or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or
deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. Notwithstanding the foregoing, in no event shall the Company extend any loan to any Participant in connection with the exercise of an
Award; provided, however, that nothing contained herein shall prohibit the Company from maintaining or establishing any broker-assisted cashless exercise program. 

(d) Unless the Committee shall otherwise determine, no Award and no right under any Award shall be assignable, alienable, saleable or
transferable by a Participant otherwise than by will or by the laws of descent and distribution. In no event may an Award be transferred by a Participant for value. Each Award, and each right under any Award, shall be exercisable during the
Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. The provisions of this paragraph shall not apply to any Award which has been fully exercised,
earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 
 (e) All
certificates for Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules,
regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any applicable Federal or state securities laws, and the Committee may cause a legend
or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 (f) Every Award (other than an Option
or Stock Appreciation Right) to a member of the Executive Group shall, if the Committee intends that such Award should constitute “qualified performance-based compensation” for purposes of Section 162(m) of the Code, include a
pre-established formula, such that payment, retention or vesting of the Award is subject to the achievement during a performance period or periods, as determined by the Committee, of a level or levels, as determined by the Committee, of one or more
of the following performance measures: (i) Return on Net Assets, (ii) Revenue Growth, (iii) Return on Common Equity, (iv) Total Shareholder Return, (v) Earnings Per Share, (vi) Net Revenue Per Employee (vii) Market
Share, (viii) Return on Invested Capital, or (ix) Net Income. For any Award subject to any such pre-established formula, no more than 150,000 Shares can be paid in satisfaction of such Award to any Participant, subject to adjustment as
provided in Section 5(e). Notwithstanding any provision of this Plan to the contrary, the Committee shall not be authorized to increase the amount payable under any Award to which this Section 11(f) applies upon attainment of such
pre-established formula. 

 (g) Notwithstanding any other provision of the Plan to the contrary, upon a Change in Control:

 (i) All outstanding Awards granted prior to January 1, 2015 shall become fully vested and exercisable, all performance targets
applicable to such Awards, if any, shall be deemed to have been met at target performance, and any restrictions applicable to such Awards shall automatically lapse. 

(ii) All outstanding Awards granted on or after January 1, 2015 shall become fully vested and exercisable, all performance targets
applicable to such Awards, if any, shall be deemed to have been met at target performance, and any restrictions applicable to such Awards shall automatically lapse, except to the extent such Awards are (1) assumed by the successor corporation
(or an affiliate thereof) or continued, or (2) replaced with an equity award that preserves the existing value of the Award at the time of the Change in Control on terms that are no less favorable to the Participant than those applicable to the
Award (in each case in clauses (1) and (2), a “Continuing Award”), in which event such Continuing Awards shall remain outstanding and be governed by their respective terms, subject to Section 11(g)(iii) below. 

(iii) In the event a Participant holding a Continuing Award is involuntarily terminated without Cause or such Participant terminates
employment with the Company for Good Reason (as defined below) within the two-year period commencing on the Change in Control, then, as of the date of such termination, the Continuing Award shall become fully vested and exercisable, all performance
targets applicable to the Award, if any, shall be deemed to have been met at target performance, and any other restrictions applicable to any Award shall automatically lapse 

(iv) For purposes of this Section 11(g), the following capitalized terms shall have the meanings provided below. 

(A) “Good Reason” means the occurrence (without the Participant’s express written consent) of (1) a reduction in the
Participant’s base salary as in effect immediately prior to the Change in Control or as the same may be increased thereafter from time to time, or a reduction in the Participant’s annual performance incentive award opportunity or
equity-based compensation that is not in good faith and consistent with past practices, or (2) any change in the location of the Participant’s principal place of employment as it existed immediately prior to the Change in Control to a
location that is more than twenty-five (25) miles from such principal place of employment. No event described above shall constitute Good Reason unless the Participant gives written notice to the Company of the existence of the event within 90
days after the initial occurrence of such event and the Company has not remedied such within 30 days of receipt of such notice. Notwithstanding the foregoing, if a Participant is a party to a Change in Control Agreement (as defined below),
“Good Reason” with respect to such Participant for purposes of this Plan shall have the meaning given to such term in the Change in Control Agreement. 

(B) “Change in Control Agreement” means an employment agreement or other agreement or plan between the Company and a Participant and
approved by the Board or the Committee that provides for the continued employment of the Participant following a Change in Control and the payment of benefits upon termination of employment in connection with or following a Change in Control. 

(v) Notwithstanding anything in this Section 11(g) to the contrary, any Awards that are otherwise subject to Code Section 409A shall
not be distributed or payable upon a Change in Control unless the Change in Control otherwise meets the requirements for a change in the 

 
ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Code Section 409A and the regulations and other
guidance promulgated thereunder; instead such Awards shall be distributed or payable in accordance with the Award’s applicable terms. 

(h) Non-employee Directors of the Company shall be entitled to defer the receipt of any Shares that may become issuable to them under any
Award in accordance with the terms of the 1996 Directors’ Deferral Plan, as the same may be hereinafter amended, or any other plan that may be established by the Company that provides for the deferred receipt of such Shares. 

(i) Employees of the Company shall be entitled to defer the receipt of any Shares that may become issuable to them under any Award in
accordance with the terms of the Deferred Compensation and Retirement Benefit Restoration Plan, as the same may be hereinafter amended, or any other plan that may be established by the Company that provides for the deferred receipt of such Shares.

 Section 12. Amendments And Termination.  

(a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board
may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder
approval (A) if the effect thereof is to increase the number of Shares available for issuance under the Plan or to expand the class of persons eligible to participate in the Plan or (B) if such approval is necessary to comply with any tax
or regulatory requirement for which or with which the Board deems it necessary or desirable to qualify or comply or (ii) the consent of the affected Participant, if such action would adversely affect the rights of such Participant under any
outstanding Award. Notwithstanding anything to the contrary herein, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction outside the United States in a
tax-efficient manner and in compliance with local rules and regulations. In all events, no termination or amendment shall be made in a manner that is inconsistent with the requirements under Code Section 409A to allow for tax deferral. 

(b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award
theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award; provided, however, that no such action shall impair the rights of any affected Participant or holder or
beneficiary under any Award theretofore granted under the Plan; and provided further that, except as provided in Section 5(e), no such action shall reduce the exercise price, grant price or purchase price of any Award established at the
time of grant thereof; and provided further, that the Committee’s authority under this Section 12(b) is limited in the case of Awards subject to Section 11(f), as set forth in Section 11(f); and provided further,
that the Committee may not act under this Section 12(b) in a way that is inconsistent with the requirements under Code Section 409A to allow for tax deferral. In no event shall an outstanding Option or Stock Appreciation Right for which
the exercise price is less than the Fair Market Value of a Share be cancelled in exchange for cash or, except as provided in Section 5(e), replaced with a new Option or Stock Appreciation Right with a lower exercise price, without approval of
the Company’s shareholders. 
 (c) Except as noted in Section 11(f), the Committee shall be authorized to make adjustments in the
terms and conditions of, and the criteria included in, Awards in recognition of events (including, without limitation, the events described in Section 5(e)) affecting the Company, or the 

 
financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 
 (d) Any provision of
the Plan or any Award Agreement to the contrary notwithstanding, in connection with a Business Combination, the Committee may cause any Award granted hereunder to be canceled in consideration of a cash payment or alternative Award made to the holder
of such canceled Award equal in value to the Fair Market Value of such canceled Award. 
 (e) The Committee may correct any defect, supply
any omission, or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect or to otherwise comply with the requirements of Code Section 409A so as to avoid adverse
tax consequences under Code Section 409A. 
 Section 13. Miscellaneous. 

(a) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of employees, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. 

(b) The Committee may delegate to one or more officers or managers of the Company, or a committee of such officers or managers, the authority,
subject to such terms and limitations as the Committee shall determine, to grant Awards to, or to cancel, modify, waive rights with respect to, alter, discontinue, suspend or terminate Awards held by, employees who are not officers or directors of
the Company for purposes of Section 16 of the Securities Exchange Act of 1934, as amended; provided, however, that any delegation to management shall conform with the requirements of the corporate law of New Jersey and with the
requirements, if any, of the New York Stock Exchange, in either case as in effect from time to time. 
 (c) The Company shall be authorized
to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other securities, other Awards, or other property)
of withholding taxes due in respect of an Award, its exercise, or any payment or transfer under such Award or under the Plan and to take such other action (including, without limitation, providing for elective payment of such amounts in cash,
Shares, other securities, other Awards or other property by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. 

(d) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation
arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 
 (e) The grant of an Award
shall not be construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant from employment, free from any liability,
or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving
Participant except as set forth in such Award. 

 (f) If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal,
or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if
it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the
Plan and any such Award shall remain in full force and effect. 
 (g) Neither the Plan nor any Award shall create or be construed to create
a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be
no greater than the right of any unsecured general creditor of the Company. 
 (h) No fractional Shares shall be issued or delivered
pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be
canceled, terminated or otherwise eliminated. 
 Section 14. Effective Date Of Plan. 

The Plan shall be effective as of the date of its approval by the stockholders of the Company. 

Section 15. Term Of The Plan. 

No Award shall be granted under the Plan after January 29, 2023. However, unless otherwise expressly provided in the Plan or in an
applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such
Award, and the authority of the Board to amend the Plan, shall extend beyond such date.EX-10.2

 Exhibit 10.2 

BECTON, DICKINSON AND COMPANY 

1996 DIRECTORS’ DEFERRAL PLAN 

Amended and Restated as of November 25, 2014 

 ARTICLE I 

Definitions 
  

	1.1	“Accrued Pension” means the U.S. dollar amount of the actuarially-determined present value of the accrued and unpaid past service pension benefits under the Directors’ Nonqualified Pension Arrangements of
a Director acting as such at and as of June 30, 1996, as calculated by Kwasha Lipton as of the Termination Date, taking into account the Director’s age and years and months of past service and such other assumptions as shall be reasonable
and uniformly applied to all Directors. 

  

	1.2	“Additional Deferral Election” means the election by a Participant under Section 3.6(b) to further defer the date payment otherwise would be made (or begin to be made) from a Participant’s Deferred
Account. 

  

	1.3	“Annual Share Amount” means the number of shares of Common Stock (which is set as of the date hereof at 400 shares) that the Board, from time to time for years prior to January 1, 2005, may agree to
credit to Deferred Stock Accounts as compensation to continuing Directors. 

  

	1.4	“Board” means the Board of Directors of the Company. 

  

	1.5	“Change-of-Form Election” means the election by a Participant under Section 3.6(a) to change the form of distribution from any of his or her Deferred Accounts. 

 

	1.6	“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute. 

  

	1.7	“Committee” means the Committee on Directors of the Board, or such other committee as may be designated by the Board to be responsible for administering the Plan. 

 

	1.8	“Common Stock” means the common stock ($1.00 par value) of the Company, including any shares into which it may be split, subdivided or combined. 

 

	1.9	“Company” means Becton, Dickinson and Company, and any successor thereto. 

  

	1.10	“Conversion Election” means the election by a Participant under Section 3.5(a) to convert some or all of his or her Deferred Retainer Account balance, Deferred Fees Account balance and/or Deferred
Dividends Account balance from a cash balance into a Deferred Stock Account balance. 

  
 2 

	1.11	“Deferral Election” means a Deferred Pension Election, Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election, Deferred Fees Election and/or a form-of-distribution election under
Section 3.4(e). 

  

	1.12	“Deferred Account” means the Participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, Deferred Cash Account and/or Deferred Stock Account.

  

	1.13	“Deferred Cash Account” means the bookkeeping account established under Section 3.5(b) on behalf of a Participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).

  

	1.14	“Deferred Dividends” means the amount of cash dividends on his or her Restricted Stock that a Participant has elected to defer until a later year pursuant to an election under Section 3.2 (c).

  

	1.15	“Deferred Dividends Account” means the bookkeeping account established under Section 3.2(c) on behalf of a Participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).

  

	1.16	“Deferred Dividends Election” means the election by a Participant under Section 3.2(c) to defer until a later year receipt of some or all of the dividends payable in the following year on his or her
Restricted Stock. 

  

	1.17	“Deferred Fees” means the amount of a Participant’s fees (other than the Participant’s annual Board retainer fees) that such Participant has elected to defer until a later year pursuant to an
election under Section 3.3(a). 

  

	1.18	“Deferred Fees Account” means the bookkeeping account established under Section 3.3 on behalf of a Participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).

  

	1.19	“Deferred Fees Election” means the election by a Participant under Section 3.3 to defer until a later year receipt of some or all of his or her fees (other than annual Board retainer). 

 

	1.20	“Deferred Pension” means the amount of a Participant’s Accrued Pension that such Participant has elected to defer until a later year pursuant to an election under Section 3.1. 

  
 3 

	1.21	“Deferred Pension Account” means the bookkeeping Account established under Section 3.1 on behalf of a Participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).

  

	1.22	“Deferred Pension Election” means the election by a Participant under Section 3.1 to defer until a later year receipt of some or all of his or her Accrued Pension. 

 

	1.23	“Deferred Retainer” means the amount of a Participant’s annual Board retainer fees that such Participant has elected to defer until a later year pursuant to an election under Section 3.3(a).

  

	1.24	“Deferred Retainer Account” means the bookkeeping account established under Section 3.3 on behalf of a Participant, and includes any Interest Return credited thereto pursuant to Section 3.7(a).

  

	1.25	“Deferred Retainer Election” means the election by a Participant under Section 3.3(a) to defer until a later year receipt of some or all of his or her annual Board retainer. 

 

	1.26	“Deferred Stock Account” means the bookkeeping account established under Sections 3.2, 3.4 and/or 3.5 on behalf of a Participant and includes, in addition to amounts stated in those Sections, all Dividend
Reinvestment Returns credited thereto pursuant to Section 3.7(b). 

  

	1.27	“Deferred Stock Election” means the election by a Participant under Section 3.4(a) and/or (c) to have his or her Deferred Pension, Deferred Dividends, Deferred Retainer and/or Deferred Fees credited
in the form of Common Stock to the Participant’s Deferred Stock Account. 

  

	1.28	“Director” means a member of the Board. 

  

	1.29	“Directors’ Nonqualified Pension Arrangements” means the unfunded pension benefits payable to Directors pursuant to resolutions of the Board dated November 24, 1981 and March 28, 1995.

  

	1.30	“Directors’ Stock Trust” means the Becton, Dickinson and Company 1996 Directors’ Deferral Trust established as of November 15, 1996 between the Company and Wachovia Bank of North Carolina, N.A.

  

	1.31	“Disability” means a Participant’s total disability as defined below and determined in a manner consistent with Code Section 409A and the regulations thereunder: 

The Participant is unable to engage in any substantial gainful activity by reason of 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 12 months. 

  
 4 

 A Participant will be deemed to have suffered a Disability if determined to be totally disabled
by the Social Security Administration. In addition, the Participant will be deemed to have suffered a Disability if determined to be disabled in accordance with a disability insurance program maintained by the Company, provided that the definition
of disability applied under such disability insurance program complies with the requirements of Code Section 409A and the regulations thereunder. 
  

	1.32	“Dividend Reinvestment Return” means the amounts which are credited to each Participant’s Deferred Stock Account pursuant to Section 3.7(b) to reflect dividends declared and paid by the Company on
its Common Stock. 

  

	1.33	“Effective Date” means the effective date of the Plan set forth in Section 5.4. 

  

	1.34	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 

  

	1.35	“Grandfathered Deferrals” means amounts deferred hereunder before January 1, 2005 (and the earnings credited thereon before, on or after January 1, 2005) for which (i) the Participant had a
legally binding right as of December 31, 2004, to be paid the amount, and (ii) such right to the amount was earned and vested as of December 31, 2004 and was credited to any of the Participant’s accounts hereunder.

  

	1.36	“Interest Return” means the amounts which are credited from time to time to each Participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account and/or
Deferred Cash Account pursuant to Section 3.7(a). 

  

	1.37	“Investment Election” means the Participant’s election to have deferred amounts credited with hypothetical earnings credits (or losses) that track the investment performance of the Investment Options in
accordance with Article III. 

  

	1.38	“Investment Options” means those hypothetical targeted investment options, other than Common Stock, designated by the Committee as measurements of the rate of return to be credited to (or charged against)
amounts deferred to Participants’ accounts other than their Deferred Stock Accounts. 

  
 5 

	1.39	“Participant” means an individual who is eligible to participate in this Plan in accordance with Article II. 

  

	1.40	“Payment Date” means the last day of January, April, July or October of each calendar year on which the Directors are paid their compensation for the immediately preceding three (3) month period.

  

	1.41	“Plan” means the Becton, Dickinson and Company 1996 Directors’ Deferral Plan as from time to time in effect. 

  

	1.42	“Restricted Stock” means the shares of Common Stock issued to a Director, and bearing restrictions, pursuant to the Company’s 1994 Restricted Stock Plan for Non-Employee Directors. 

 

	1.43	“Restricted Stock Election” means the election by a Participant under Section 3.2(a) to surrender some or all of his or her shares of Restricted Stock to the Company and to have an equal number of shares
of Common Stock credited to the Participant’s Deferred Stock Account. 

  

	1.44	“Separation from Service” means a termination or other separation from service with the Board determined in a manner consistent with Code Section 409A and the regulations thereunder. 

 

	1.45	“Shareholders’ Meeting” means the regular annual meeting of the shareholders of the Company. 

  

	1.46	“Termination Date” means December 1, 1996, the date as of which the Directors’ Nonqualified Pension Arrangements will have been effectively terminated. 

  
 6 

 ARTICLE II 

Participation 
  

	2.1	Participation 

  

	 	(a)	Participation in the Plan shall be limited to an individual who, as at the Effective Date of the Plan and/or any subsequent first day of any calendar quarter, is a Director. 

 

	 	(b)	The Committee may, consistent with Company policy: 

  

	 	(i)	designate as ineligible particular individuals or groups of individuals who otherwise would be eligible under Section 2.1(a); or 

 

	 	(ii)	designate as eligible particular individuals or groups of individuals who otherwise would be ineligible under Section 2.1(a). 

  
 7 

 ARTICLE III 

Deferral Elections, Accounts and Distributions 
  

	3.1	Deferred Pension Election 

  

	 	(a)	Any Participant, who has an Accrued Pension as of the Termination Date, may make a single one-time election, on or before December 5, 1996 in writing and on a form to be furnished by the Committee, to convert 25%,
50%, 75% or 100% of his or her Accrued Pension into a Deferred Pension Account under the Plan. Upon making a Deferred Pension Election, a new Deferred Pension Account will be established in the Participant’s name and will be credited, on or
about December 20, 1996, with the amount of his or her Accrued Pension so converted. For purposes of clarification, all amounts credited to a Deferred Pension Account are Grandfathered Deferrals. 

 

	 	(b)	Once made, a Deferred Pension Election cannot be changed or revoked except as provided herein. 

  

	 	(c)	A Deferred Pension Election shall defer the starting date for the payment of the designated amount of the Participant’s Accrued Pension, and any Interest Return credited thereon pursuant to Section 3.7, until
the earliest of the Participant’s Separation from Service, Disability, or death. 

  

	 	(d)	In the event of any such Deferred Pension Election, the form of payment of any distribution (i.e., in a lump sum or in five or in ten annual installments) and the starting date of such distribution (i.e.,
as soon as practicable following the event triggering the distribution or January 31st of the calendar year immediately following such event) shall be elected at the same time. In the event
that any distribution is elected to be paid in five or ten annual installments, the Participant also may elect, at the time of the Deferred Pension Election, to have the form of distribution, automatically and without further action on his or her
part, converted to a lump sum payment in accordance with Section 3.8(b) in the event of such Participant’s death or Disability occurring prior to the expiration of the complete period of deferral. Except as herein provided, such
form-of-payment election shall not be changed or revoked. 

  

	3.2	Restricted Stock Elections and Deferred Dividends Elections – (Grandfathered) 

  

	 	(a)	 Any Participant, who owns Restricted Stock as of the Effective Date, may make a single one-time election, on or before December 5, 1996 and on a
form to be furnished by the Committee, to surrender to the Company 25%, 

  
 8 

	 	
50%, 75% or 100% of his or her shares of Restricted Stock. Upon making such Restricted Stock Election, a new Deferred Stock Account will be established in the Participant’s name to which
will be credited, on or about December 20, 1996, a number of shares of Common Stock equal to the number so surrendered. For purposes of clarification, any amounts credited to a Participant’s Deferred Stock Account on account of the
one-time election described above shall constitute Grandfathered Deferrals. 

  

	 	(b)	A Participant who makes a Restricted Stock Election will defer the receipt of any balance in the Participant’s Deferred Stock Account, including any Dividend Reinvestment Return credited thereto pursuant to
Section 3.7(b), until the earliest of the Participant’s (i) Disability, (ii) death and (iii) the latest of (1) the date on which such shares of Restricted Stock otherwise would have vested, (2) January 2,
1998, and (3) the date of Separation from Service. 

  

	 	(c)	A Participant who makes a Deferred Dividends Election may defer the payment of any Deferred Dividends, and any Interest Return credited thereon pursuant to Section 3.7(a), until (i) the earliest of the
Participant’s Separation from Service, Disability or death or (ii) a fixed date which is no earlier than three full calendar years after the calendar year during which the Deferred Dividends otherwise were payable and no later than ten
years after the date specified in (i), provided, however, that all distributions under Section 3.8(b) must be paid in full no later than ten years after the earliest of the Participant’s Separation from Service, Disability or
death. 

  

	 	(d)	Once made, neither a Restricted Stock Election nor a Deferred Dividends Election can be changed or revoked except as provided herein. 

 

	 	(e)	In the event of any such Restricted Stock Election or Deferred Dividends Election, the form of payment of any distribution (i.e., in a lump sum or in five or in ten annual installments) and the starting date of
such distribution (i.e., as soon as practicable following the event causing the distribution or January 31st of the calendar year immediately following such event) shall be elected at the same time as the initial deferral election. In
the event that any distribution is elected to be paid in five or ten annual installments, the Participant also may elect, at the time of the Restricted Stock Election or Deferred Dividends Election, to have the form of distribution, automatically
and without further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event of such Participant’s death or Disability occurring prior to the expiration of the complete period of deferral.
Except as herein provided, such form-of-payment election shall not be changed or revoked. 

  
 9 

	3.3	Deferred Retainer Elections and Deferred Fees Elections 

  

	 	(a)	With respect to an individual who is eligible to participate in this Plan in accordance with Section 2.1, elections of Deferred Retainer and/or Deferred Fees shall be made in writing on forms to be furnished by the
Committee. A Deferred Retainer Election and/or a Deferred Fees Election shall apply only to the Director’s annual retainer or fees, as the case may be, for the particular calendar year specified in the election. A Participant may elect to defer
from 1% of his or her annual retainer to 100% of that retainer (in increments of 1%) and/or from 1% to 100% of his or her other fees (in increments of 1%). For purposes of clarification, the portion of the amounts credited to a Participant’s
Deferred Fees Account or Deferred Retainer Account on account of the elections described above that was earned and vested prior to January 1, 2005 shall constitute Grandfathered Deferrals, and all other amounts so credited shall constitute
amounts in excess of Grandfathered Deferrals that are subject to Code Section 409A. Amounts that constitute Grandfathered Deferrals shall be governed by the terms of the Plan in effect as of October 3, 2004. 

 

	 	(b)	A Deferred Retainer Election and/or Deferred Fees Election with respect to payments for a particular calendar year under this Plan (i) must be made during the time period specified by the Committee, but in no event
later than the December 31 immediately preceding that calendar year and (ii) once made, cannot be changed or revoked after the final deadline established by the Committee for making the election. Notwithstanding the prior sentence, in the
case of a newly-elected Director who first becomes eligible to participate in the Plan during the calendar year (and is not otherwise eligible for participation in a non-qualified deferred compensation plan
required to be aggregated with this Plan under Code Section 409A), the initial Deferred Retainer Election and/or Deferred Fees Election may be made within thirty (30) days following the date the Director is otherwise eligible to
participate in the Plan, and shall be effective only with respect to amounts earned after the date of the Deferred Retainer Election and/or Deferred Fees Election. All such Deferred Retainer amounts shall be credited to the Participant’s
Deferred Retainer Account (or, if none, to a new such account established in the Participant’s name) and all such Deferred Fees shall be credited to the Participant’s Deferred Fees Account (or, if none, to a new such account established in
the Participant’s name) as of each quarterly Payment Date. 

  

	 	(c)	 A Participant who makes a Deferred Retainer Election or a Deferred Fees Election may defer the payment of any retainer and/or fees, and any Interest
Return credited thereon pursuant to Section 3.7(a), until (i) the Participant’s Separation from Service for any reason or (ii) a fixed date 

  
 10 

	 	
which is no earlier than three full calendar years after the calendar year during which the Deferred Retainer or Deferred Fees otherwise were payable and no later than ten years after the
earliest date specified in (i), provided, however, that all distributions under Section 3.8(b) must be paid in full no later than ten years after the Participant’s Separation from Service for any reason. 

 

	 	(d)	In the event of any such Deferred Retainer Election or Deferred Fees Election, the form of payment of any distribution (i.e., in a lump sum or in five or ten annual installments) and the starting date of such
distribution (i.e., as soon as practicable following the event causing the distribution or January 31st of the calendar year immediately following such event) shall be elected at the
same time. In the event that any distribution is elected to be paid in five or ten annual installments, the Participant also may elect, at the time of the Deferred Retainer Election and/or Deferred Fees Election, to have the form of distribution,
automatically and without any further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event of such Participant’s death or Disability occurring prior to the expiration of the complete
period of deferral. Except as herein provided, such form-of-payment election shall not be changed or revoked. 

  

	 	(e)	Notwithstanding the foregoing, distributions of Grandfathered Deferrals shall continue to be made in accordance with Participant elections made under the Plan in effect as of December 31, 2004. 

 

	3.4	Deferred Stock Elections 

  

	 	(a)	The portion of the amounts credited to a Participant’s Deferred Stock Account on account of any election made pursuant to this Section 3.4 that was earned and vested prior to January 1, 2005 shall
constitute Grandfathered Deferrals, and all other amounts so credited shall constitute amounts in excess of Grandfathered Deferrals that are subject to Code Section 409A. Amounts that constitute Grandfathered Deferrals shall be governed by the
terms of the Plan in effect as of December 31, 2004. 

  

	 	(b)	Instead of being credited to the Participant’s Deferred Pension Account, each Participant who makes a Deferred Pension Election also may elect to have 25%, 50%, 75% or 100% of the amount otherwise creditable to his
or her Deferred Pension Account instead credited in the form of Common Stock to a new Deferred Stock Account established in the Participant’s name. 

  
 11 

	 	(c)	When a Deferred Stock Election is made in connection with a Deferred Pension Election, the Participant’s Deferred Stock Account will be credited on or about December 20, 1996, with the number of shares of
Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the amount of the Participant’s Accrued Pension with respect to which the Deferred Stock Election applies, by the average price paid by the Trustee of the
Directors’ Stock Trust for shares of Common Stock with respect to such date or, if the Trustee shall not purchase shares of Common Stock equal to the number of shares of Common Stock creditable to all Participants’ Deferred Stock Accounts
on such date, then, to the extent of such shortfall, such price shall be the price for shares of Common Stock, determined by the Committee, as of the day such deferred amounts are credited to the Participant’s Deferred Stock Account. At the
same time, the Participant’s Deferred Pension Account will be debited by the amount so credited to the Participant’s new Deferred Stock Account. 

  

	 	(d)	Instead of being credited to the Participant’s Deferred Dividends Account, Deferred Retainer Account or Deferred Fees Account, each Participant also may elect to have up to 100% (in increments of 1%) of his or her
Deferred Dividends, Deferred Retainer and/or Deferred Fees credited in the form of Common Stock to the Participant’s Deferred Stock Account. Except as provided in Section 3.5, an election to have Deferred Dividends, Deferred Retainer or
Deferred Fees credited to the Participant’s Deferred Stock Account must be made concurrently with the Deferred Dividends Election, Deferred Retainer Election or Deferred Fees Election, as the case may be. 

 

	 	(e)	A Participant’s Deferred Stock Account will be credited: 

  

	 	i)	regularly, as of each date on which dividends are paid on the Common Stock, with the number of shares of Common Stock determined by dividing the portion of the Participant’s Deferred Dividends for such dividend
payment date subject to the Deferred Stock Election by the price for shares of Common Stock, determined by the Committee, as of the day such deferred amounts are credited to the Participant’s Deferred Stock Account; 

 

	 	ii)	quarterly, as of each Payment Date, with the number of shares of Common Stock determined by dividing the portion of the Participant’s Deferred Retainer and/or Deferred Fees accumulated during the preceding fiscal
quarter and which are subject to the Deferred Stock Election by the price for shares of Common Stock, determined by the Committee, as of the day such deferred amounts are credited to the Participant’s Deferred Stock Account; and

  

	 	iii)	for years prior to January 1, 2005, annually, as of the day after the Shareholders’ Meeting with the Annual Share Amount, if, after such meeting the Participant was elected or continued to serve as a Director
of the Company. 

  
 12 

	 	(f)	The following shall apply with respect to the portion of the balance in the Participant’s Deferred Accounts attributable to Annual Share Amounts that constitutes Grandfathered Deferrals: 

 

	 	i)	For years prior to January 1, 2005, each Participant who has a Deferred Stock Account shall receive distributions from such Account attributable to his or her Annual Share Amounts, and any Dividend Reinvestment
Return credited thereon pursuant to Section 3.7(b), upon the earliest of the Participant’s Separation from Service, Disability or death. Such Participant, within thirty (30) days after his or her Deferred Stock Account is credited
with an Annual Share Amount, shall elect the form of payment of any such distribution (i.e., in a lump sum or in five or in ten approximately equal annual installments) and the starting date of such distribution (i.e. as soon as practicable
following the event triggering the distribution or January 31st of the calendar year immediately following such event). 

In the event that any distribution is elected to be paid in five or ten approximately equal annual installments, the Participant also may
elect, at the time of the initial form-of-distribution election, to have the form of distribution, automatically and without further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event of
such Participant’s death or Disability occurring prior to the expiration of the complete period of deferral. Except as herein provided, such form-of-distribution election shall not be changed or revoked. 

 

	 	(g)	 In the event of any merger, consolidation, reorganization, recapitalization, stock dividend (including without limitation, stock dividends consisting
of securities other than the shares of Common Stock), distribution (other than regular cash dividends), stock split, reverse stock split, separation, spin-off, split-off or other distribution of stock or property of the Company, or other change in
the corporate structure or capitalization, there shall be appropriate adjustment made by the Board in the number and kind of shares (rounded to the nearest 

  
 13 

	 	
one-one hundredth of a share) or other property that shall be credited in the aggregate and to individual Participants’ Deferred Stock Accounts under the Plan, so that the Participants’
Deferred Stock Accounts reflect the same equity percentage interest in the Company after the transaction as was the case before such transaction, and so that each share of Common Stock credited to a Participant’s Deferred Stock Account before a
transaction accrues the same benefits after the transaction as does each share of Common Stock outstanding before such transaction 

  

	 	(h)	If at least a majority of the Company’s stock is sold or exchanged by its Shareholders pursuant to an integrated plan for cash or property (including Stock of another corporation) or if substantially all of the
assets of the Company are disposed of and, as a consequence thereof, cash or property is distributed to the Company’s shareholders, each Participant’s Deferred Stock Account will, to the extent not already so credited under
Section 3.7(b), be (i) credited with the amount of cash or property receivable by a Company shareholder directly holding the same number of shares of Common Stock as is credited to such Participant’s Deferred Stock Account and
(ii) debited by that number of shares of Common Stock surrendered by such equivalent Company shareholder. 

  

	 	(i)	Each Participant who has a Deferred Stock Account also shall be entitled to provide directions to the Committee to cause the Committee to similarly direct the Trustee of the Trust to vote, on any matter presented for a
vote to the shareholders of the Company, that number of shares of Common Stock held by the Trust equivalent to the number of shares of Common Stock credited to the Participant’s Deferred Stock Account. The Committee shall arrange for
distribution to all Participants in a timely manner of all communications directed generally to the shareholders of the Company as to which their votes are solicited. 

 

	 	(j)	Pursuant to the Policy Statement on Insider Trading and Securities Transactions, as the same may be amended (the “Policy”), there are time periods (each, a “blackout period”) during which time
Participants may not effect transactions, directly or indirectly, in Company equity securities. Under the Policy, the Company’s corporate secretary may also impose additional blackout periods with respect to some or all Participants.
Participants whose ability to effect transactions is prohibited during such blackout periods also will be prohibited during such periods from making any Conversion Election, Deferred Stock Election or Investment Election that increases or decreases
the amount credited to the Participant’s Deferred Stock Account. The Committee, at the direction of the Company’s corporate secretary, shall adopt and implement procedures to ensure that the provisions of this subsection are carried out.

  
 14 

	3.5	Conversion Elections  

  

	 	(a)	Any individual who has a Deferred Dividends Account, Deferred Fees Account, Deferred Retainer Account and/or a Deferred Cash Account may make an additional election to convert any whole percentage of the
Participant’s deferred account balance as of the date of such election from a cash balance into a Common Stock balance which would be credited to his or her Deferred Stock Account (or, if none, to a new such account established in the
Participant’s name). 

  

	 	(b)	When a Conversion Election is made, the Participant’s Deferred Stock Account will be credited, as soon as administratively practicable following the effective date of the election, with the number of shares of
Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the portion of the balance in the Participant’s Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, and/or Deferred Cash Account
subject to the Conversion Election by the price for shares of Common Stock, determined by the Committee, as of the day such deferred amounts are credited to the Participant’s Deferred Stock Account. At the same time, the Participant’s
Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account and/or Deferred Cash Account, as the case may be, will be debited by an amount equal to the amount so credited to the Participant’s Deferred Stock Account. Once
amounts are credited to a Participant’s Deferred Stock Account such amounts may not be transferred or otherwise converted out of the Deferred Stock Account. 

  

	 	(c)	In no event shall any Conversion Election under this Section 3.5 change the time or form of payment of any deferred amounts. 

  

	3.6	Change-of-Form Elections and Additional Deferral Elections 

  

	 	(a)	Change-of-Form Elections 

 Any Participant, who has made a Deferral Election, may make
an additional election to change the form of distribution of the balance in any of his or her Deferred Accounts to one of the three acceptable forms of distributions under Section 3.8(b). Notwithstanding the foregoing, all distributions of
Grandfathered Deferrals under Section 3.8(b) must be paid in full no later than ten years after the earliest of the Participant’s Separation from Service for any reason, Disability or death. Only one Change-of-Form Election may be made by
any Participant with respect to 

  
 15 

 
the balance in any Deferred Account attributable to any individual Deferred Election during any three (3) calendar years; provided, however, that no such Change-in-Form
Election will be effective with respect to any balance in any Participant’s Deferred Account, unless made in connection with the establishment of the Deferred Account, until such balance has been in such Deferred Account for at least two
(2) calendar years. Notwithstanding the foregoing, any Change-of-Form Election made with respect to any deferred amounts in excess of Grandfathered Deferrals shall not be effective unless the following requirements are met: 

 

	 	i)	the Change-of-Form Election will not take effect until at least twelve months after the date on which the election is made and will not be recognized with respect to payments that would otherwise have commenced during
such twelve-month period; 

  

	 	ii)	except for payments made on account of a Participant’s death or unforeseen emergency under Section 3.8(c), the first payment with respect to which such election is made shall be deferred for a period of not
less than five years from the date such payment would otherwise have been made; 

  

	 	iii)	any Change-of-Form Election related to payments that would otherwise have commenced as of a specified time, as opposed to the Participant’s Separation from Service, may not be made less than twelve months prior to
the date on which such payments would otherwise have commenced; and 

  

	 	iv)	all distributions under Section 3.8(b) must be paid in full no later than ten years after the Participant’s Separation from Service for any reason. 

In all events, no election under this Section 3.6(a) shall be valid unless the election meets the requirements of subsection 3.6(a)(iv),
even if such election complies with subsections 3.6(a)(i) through 3.6(a)(iii). 
  

	 	(b)	Additional Deferral Elections (Change-of-Time) 

 Any Participant who has made a
Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election or Deferred Fees Election may make an additional election to further postpone the initial starting date for distributions of the balance in his or her Deferred
Dividends Account, Deferred Retainer Account, Deferred Fees Account or Deferred Stock Account (to the extent attributable to a Deferred Stock Election or 

  
 16 

 
Conversion Election with respect to a Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election and/or Deferred Fees Election) to a date no earlier than three full
calendar years thereafter and no later than the latest date that would have been permitted under Sections 3.2(d) or 3.3(c), as the case may be, for the initial Deferral Election; provided, however, that only one such Additional
Deferral Election may be made with respect to the balance in any Deferred Account attributable to any individual Deferral Election. Notwithstanding the foregoing, all distributions of Grandfathered Deferrals under Section 3.8(b) must be paid in
full no later than ten years after the earliest of the Participant’s Separation from Service for any reason, Disability or death. In addition, any election made under this Section 3.6(b) with respect to any deferred amounts in excess of
Grandfathered Deferrals shall not be effective unless the following requirements are met: 
  

	 	i)	the election will not take effect until at least twelve months after the date on which the election is made and will not be recognized with respect to payments that would otherwise have commenced during such
twelve-month period; 

  

	 	ii)	except for payments made on account of a Participant’s death or unforeseen emergency under Section 3.8(c), the first payment with respect to which such election is made shall be deferred for a period of not
less than five years from the date such payment would otherwise have been made; 

  

	 	iii)	any election related to payments that would otherwise have commenced as of a specified time, as opposed to the Participant’s Separation from Service, may not be made less than twelve months prior to the date on
which such payments would otherwise have commenced; and 

  

	 	iv)	all distributions under Section 3.8(b) must be paid in full no later than ten years after the Participant’s Separation from Service for any reason. 

In all events, no election under this Section 3.6(b) shall be valid unless the election meets the requirements of subsection 3.6(b)(iv),
even if such election complies with subsections 3.6(b)(i) through 3.6(b)(iii). 

  
 17 

	3.7	Investment Return on Deferred Accounts 

  

	 	(a)	If a Participant does not make an Investment Election as provided below, the Committee shall credit the balance of each Participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account,
Deferred Fees Account and Deferred Cash Account during the calendar year with an Interest Return equal to interest thereon. Such balances shall include all Interest Returns previously credited to the account. The Interest Return to be credited for
each calendar year shall be calculated by multiplying the average daily balance in each such Deferred Account by the Moody’s Seasoned Aaa Corporate Bond Rate in effect on the first business day of September of the previous calendar year, as
published in the weekly Federal Reserve Statistical Release (Publication H.15). Notwithstanding the foregoing, at the time the Participant makes a Deferral Election other than a Restricted Stock Election or a form of distribution election,
the Participant may make an Investment Election and select Investment Options with respect to the amounts credited to those accounts. If a Participant makes an Investment Election, additional hypothetical bookkeeping amounts shall be credited to (or
deducted from) the Participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account or Deferred Cash Account to reflect the earnings (or losses) that would have been experienced had the
deferred amounts been invested in the Investment Options selected by the Participant as targeted rates of return, net of all fees and expenses otherwise associated with the Investment Options. The Committee may add or delete Investment Options, on a
prospective basis, by notifying all Participants whose accounts are hypothetically invested in such Investment Options, in advance, and soliciting elections to transfer deferred amounts so that they track investments in other Investment Options then
available. Investment Elections will continue in effect until changed by the Participant. A Participant may change a prior Investment Election on a daily basis and in such manner as approved by the Committee. 

 

	 	(b)	Each time the Company declares a dividend on its Common Stock, each Participant’s Deferred Stock Account will be credited with a Dividend Reinvestment Return equal to that number of shares of Common Stock
determined by dividing (i) the amount that would have been paid (or the fair market value thereof, if the dividend is not paid in cash) to the Participant on the total number of shares of Common Stock credited to the Participant’s Deferred
Stock Account had that number of shares of Common Stock been held by such Participant by (ii) the price for shares of Common Stock, determined by the Committee, as of the day such deferred amounts are credited to the Participant’s Deferred
Stock Account. 

  
 18 

	 	(c)	Within 60 days following the end of each calendar year, the Committee shall furnish each Participant with a statement of account which shall set forth the balance in each of the individual’s Deferred Accounts as of
the end of such calendar year, inclusive of cumulative Interest Return and/or Dividend Reinvestment Return. 

  

	3.8	Distributions 

  

	 	(a)	Upon occurrence of an event specified in the Participant’s Deferral Election, as modified by any Change-of-Form Election, the amount of a Participant’s Deferred Pension Account, Deferred Dividends Account,
Deferred Retainer Account, Deferred Fees Account and/or Deferred Cash Account shall be paid in cash and the amount of a Participant’s Deferred Stock Account shall, except as otherwise provided in Section 3.4(g) or 3.9 or to the extent the
Company is otherwise, in the reasonable judgment of the Committee, precluded from doing so, be paid in shares of Common Stock (with any fractional share interest therein paid in cash to the extent of the then fair market value thereof), in each case
to the Participant or his or her beneficiary, as applicable. Such payment(s) shall be from the general assets of the Company (including the Directors’ Stock Trust) in accordance with this Section 3.8. 

 

	 	(b)	Unless other arrangements are specified by the Committee (in accordance with Code Section 409A with respect to amounts in excess of Grandfathered Deferrals), deferred amounts shall be paid in the form of (i) a
lump sum payment, (ii) in five annual installments or (iii) in ten annual installments, as elected by the Participant at the time of his or her Deferral Election and as modified by any applicable subsequent Change-of-Form Election;
provided, however, that payments attributable to Grandfathered Deferrals shall be made only in a single lump sum if payment commences due to Separation from Service as a result of termination for cause. Such payments shall be made (or
begin to be made) as soon as practicable following the occurrence of the event making payment necessary or, if later, by the fifteenth day of the third calendar month following the date such event occurs, as determined solely by the Committee.
Alternatively, the Participant may elect in the Deferral Election to receive payment on the January 31st of the calendar year immediately following such event. 

 

	 	(c)	 In case of an unforeseeable emergency, a Participant may make a request to the Committee, on a form to be provided by the Committee, that

  
 19 

	 	
payment be made earlier than the date to which it was deferred; provided, however, that no such acceleration of the distribution date(s) shall apply to that portion of the
balance(s) in the Participant’s Deferred Accounts either attributable to Annual Share Amounts, and any Dividend Reinvestment Return credited thereon pursuant to Section 3.7(b), or to a Deferred Pension Election, and any Interest Return or
Dividend Reinvestment Return credited thereon pursuant to Section 3.7. The rules set forth in this Section 3.8(c) govern distributions of amounts in excess of Grandfathered Deferrals in the case of an unforeseeable emergency. Distributions
of Grandfathered Deferrals in the case of an unforeseeable emergency shall be governed by terms of the Plan in effect as of October 3, 2004. 

For purposes of this Section 3.8(c), in connection with any distribution date acceleration on account of an unforeseeable emergency, an
“unforeseeable emergency” shall be limited to a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or of a
Participant’s dependent (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)), loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a
home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Examples of events that
may constitute an unforeseeable emergency include the imminent foreclosure of or eviction from the Participant’s primary residence; the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of
prescription drug medication; and the need to pay for the funeral expenses of the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code
Sections 152(b)(1), (b)(2), and (d)(1)(B)). Whether a Participant is faced with an unforeseeable emergency will be determined based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of an unforeseeable
emergency may not be made to the extent that such emergency is or may be relieved: (i) through reimbursement or compensation by available insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the
liquidation of such assets would not itself cause severe financial hardship or (iii) by cessation of deferrals under the Plan. 
 The
amount available for distribution on account of an unforeseeable emergency shall be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any

  
 20 

 
federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution), and shall be determined in accordance with Code Section 409A and the
regulations thereunder. 
 The Committee shall consider any requests for payment under this Section 3.8(c) in accordance with the
standards of interpretation described in Code Section 409A and the regulations and other guidance thereunder. 
  

	 	(d)	The Company shall deduct from all payments under the Plan federal, State and local income and employment taxes, as required by applicable law. No Participant or beneficiary shall be entitled to receive any distribution
of shares of Common Stock credited to a Participant’s Deferred Stock Account until the Company has received full payment of such withholding obligations in cash. 

 

	3.9	General Provisions 

  

	 	(a)	The Company shall make no provision for the funding of any Deferred Accounts payable hereunder that (i) would cause the Plan to be a funded plan for purposes of section 404(a)(5) of the Code or (ii) would
cause the Plan to be other than an “unfunded and unsecured promise to pay money or other property in the future” under Treasury Regulations § 1.83-3(e); and, except to the extent specified in the Directors’ Stock Trust following
a “change of control” (as defined in the Directors’ Stock Trust) of the Company, the Company shall have no obligation to make any arrangement for the accumulation of funds to pay any amounts under this Plan. Subject to the
restrictions of the preceding sentence and in Section 3.9(c), the Company, in its sole discretion, may establish one or more grantor trusts described in Treasury Regulations § 1.677(a)-1(d) to accumulate funds and/or shares of Common Stock
to pay amounts under this Plan, provided that the assets of such trust(s) shall be required to be used to satisfy the claims of the Company’s general creditors in the event of the Company’s bankruptcy or insolvency. 

 

	 	(b)	In the event that the Company shall decide to establish an advance accrual reserve on its books against the future expense of payments from any Deferred Account, such reserve shall not under any circumstances be deemed
to be an asset of this Plan but, at all times, shall remain a part of the general assets of the Company, subject to claims of the Company’s creditors. 

  

	 	(c)	 A person entitled to any amount under this Plan shall be a general unsecured creditor of the Company with respect to such amount.

  
 21 

 
Furthermore, a person entitled to a payment or distribution with respect to a Deferred Account, shall have a claim upon the Company only to the extent of the balance(s) in his or her Deferred
Accounts. 
  

	 	(d)	The Participant’s beneficiary under this Plan with respect to the balance(s) in his or her Deferred Accounts shall be the person designated to receive benefits on account of the Participant’s death on a form
provided by the Committee. 

  

	 	(e)	All commissions, fees and expenses that may be incurred in operating the Plan and any related trust(s) established in accordance with Section 3.9(a) (including the Directors’ Stock Trust) will be paid by the
Company. 

  

	 	(f)	Notwithstanding any other provision of this Plan, subject to the restrictions under this Plan with respect to amounts in excess of Grandfathered Deferrals, and further subject to the requirements of Code
Section 409A and the regulations and other guidance issued thereunder: (i) elections under this Plan may only be made by Participants while they are directors of the Company; (ii) no Conversion Election, Change-of-Form Election or
Additional Deferral Election shall be effective if made within six (6) months prior to the date of the Participant’s Separation from Service on the Board; (iii) no Change-of-Form Election or Additional Deferral Election shall be
effective with respect to any balance in any Deferred Account that is scheduled to be paid (or to begin to be paid) within six (6) months after the date of such election; (iv) distributions of Grandfathered Deferrals otherwise payable to a
Participant in the form of Common Stock shall be delayed and/or instead paid in cash in an amount equal to the fair market value thereof if such payment in Common Stock would violate any federal or state securities laws (including Section 16(b)
of the Securities Exchange Act of 1934, as amended) and/or rules and regulations promulgated thereunder; and (v) distributions of amounts in excess of Grandfathered Deferrals otherwise payable to a Participant in the form of Common Stock shall
be delayed until the earliest date at which the Company reasonably anticipates that the making of the payment will not cause a violation of federal or state securities laws if the payment in Common Stock would violate any federal or state securities
laws (including Section 16(b) of the Securities Exchange Act of 1934, as amended) and/or rules and regulations promulgated thereunder. 

  

	3.10	Non-Assignability 

 Participants, their legal representatives and their beneficiaries
shall have no right to anticipate, alienate, sell, assign, transfer, pledge or encumber their interests in the Plan, nor shall such interests be subject to attachment, garnishment, levy or execution by or on behalf of creditors of the Participants
or of their beneficiaries. 

  
 22 

 ARTICLE IV 

Administration 
  

	4.1	Plan Administrator 

 Subject to the express provisions of the Plan, the Committee shall
have the exclusive right to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it and to make all other determinations necessary or advisable for the administration of the Plan. The decisions, actions and records
of the Committee shall be conclusive and binding upon the Company and all persons having or claiming to have any right or interest in or under the Plan. 

The Committee may delegate to such officers, employees or departments of the Company such authority, duties, and responsibilities of the
Committee as it, in its sole discretion, considers necessary or appropriate for the proper and efficient operation of the Plan, including, without limitation, (i) interpretation of the Plan, (ii) approval and payment of claims, and
(iii) establishment of procedures for administration of the Plan. 
  

	4.2	Plan to Comply with Code Section 409A 

 Notwithstanding any provision to the contrary in
this Plan, each provision in this Plan shall be interpreted to permit the deferral of compensation in accordance with Code Section 409A and any provision that would conflict with such requirements shall not be valid or enforceable. In addition,
prior to January 1, 2009, in accordance with procedures established by the Committee, Participants may make a transition election under Code Section 409A and the guidance issued thereunder with respect to the distribution of all deferred
amounts under this Plan in excess of Grandfathered Deferrals, which election shall override the foregoing Plan provisions with respect to the payment of deferred amounts under this Plan. 

  
 23 

 ARTICLE V 

Amendment, Termination and Effective Date 
  

	5.1	Amendment of the Plan 

 Subject to the provisions of Section 5.3, the Plan may be
wholly or partially amended or otherwise modified at any time by written action of the Board of Directors; provided, however, that in no event shall any amendment or modification be made in a manner that is inconsistent with the requirements under
Code Section 409A, nor shall any amendment or modification be effective which involves an unintentional material modification (within the meaning of Code Section 409A and any guidance thereunder) with respect to Grandfathered Deferrals.

  

	5.2	Termination of the Plan 

 Subject to the provisions of Section 5.3, the Plan may be
terminated at any time by written action of the Board of Directors; provided, however, that in no event shall any termination be made in a manner that is inconsistent with the requirements under Code Section 409A. 

 

	5.3	No Impairment of Benefits 

 Notwithstanding the provisions of Sections 5.1 and 5.2, no
amendment to or termination of the Plan shall impair any rights to benefits which have accrued hereunder. 
  

	5.4	Effective Date 

 The Plan is effective as of November 1, 1996, and has been amended
from time to time thereafter. 

  
 24 

 APPENDIX A 

EXTENDED DEFERRAL OF EQUITY BASED COMPENSATION INCLUDING 

RESTRICTED STOCK UNITS 

Effective November 22, 2006, the following provisions apply to a Participant’s ability to defer distribution of Equity-Based
Compensation: 
 A.1 Definitions The following definitions apply to this Appendix A. Any defined term not defined in this Section A.1 will have the
same meaning provided under Article I of the Plan. 
  

	 	(a)	“Deferred Equity-Based Compensation Account” means the bookkeeping account established as a sub-account of the Deferred Stock Account on behalf of a Participant who makes an Equity-Based Compensation Deferral
Election pursuant to Section A.2. 

  

	 	(b)	“Equity-Based Compensation Plan” means the Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan. 

 

	 	(c)	“Equity-Based Compensation Deferral Election” means the election by a Participant under Section A.2 to defer all or a portion of the Participant’s Equity-Based Compensation. 

 

	 	(d)	“Equity-Based Compensation” means Restricted Stock Units and other stock-based awards granted under the Equity-Based Compensation Plan, and does not include any such awards that qualify as vested stock,
restricted stock, stock option awards, or stock appreciation rights. 

 A.2 Equity-Based Compensation Deferral Election 

 

	 	(a)	 Each Participant may make an Equity-Based Compensation Deferral Election to defer the initial starting date the Equity-Based Compensation is otherwise
distributable to the Participant or change an existing Equity-Based Compensation Deferral Election. An Equity-Based Compensation Deferral Election with respect to awards made in a particular calendar year under this Plan must be made during the time
period specified by the Committee, but in no event later than the December 31 immediately preceding that calendar year. Any Equity-Based Compensation Deferral Election that changes the time of distribution of a Participant’s Equity-Based
Compensation may not delay receipt of such distribution for more than 10 (ten) years beyond Separation from Service on the Board. Notwithstanding the foregoing, and in accordance with Code Section 409A and any guidance issued thereunder:
(I) a Participant may make an Equity-Based 

  
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Compensation Deferral Election that changes the time and manner of payment of Equity-Based Compensation subject to Code Section 409A and deferred on or before December 31, 2006 at any
time on or before December 31, 2006, provided that the election (1) is for Equity-Based Compensation not otherwise distributable in 2006, and (2) does not cause an amount to be distributed to a Participant in 2006; (II) a Participant
may make an Equity-Based Compensation Deferral Election that changes the time and manner of payment of Equity-Based Compensation subject to Code Section 409A and deferred on or before December 31, 2007 at any time on or before
December 31, 2007, provided that if any such election is made during the calendar year ending on December 31, 2007, the election (1) is for Equity-Based Compensation not otherwise distributable in 2007, and (2) does not cause an
amount to be distributed to a Participant in 2007; and (III) a Participant may make an Equity-Based Compensation Deferral Election that changes the time and manner of payment of Equity-Based Compensation subject to Code Section 409A and
deferred on or before December 31, 2008 at any time on or before December 31, 2008, provided that if any such election is made during the calendar year ending on December 31, 2008, the election (1) is for Equity-Based
Compensation not otherwise distributable in 2008, and (2) does not cause an amount to be distributed to a Participant in 2008. A Participant may make an Equity-Based Compensation Deferral Election for any percentage of the Participant’s
Equity-Based Compensation that is a multiple of 10%. Once made, an Equity-Based Compensation Deferral Election cannot be changed or revoked except as provided herein. 

 

	 	(b)	The Committee shall provide the Participant with the appropriate election forms with which a Participant may make an Equity-Based Compensation Deferral Election. All Equity-Based Compensation Deferral Elections
(including any modifications of prior Equity-Based Compensation Deferral Elections otherwise permitted under the Plan) may be made in accordance with written, electronic or telephonic procedures prescribed by the Committee. 

 

	 	(c)	Equity-Based Compensation that is deferred pursuant to an Equity-Based Compensation Deferral Election will be transferred to the Deferred Equity-Based Compensation Account, and credited with dividend equivalent rights
as follows: each time the Company declares a dividend on its Common Stock, each Participant’s Deferred Equity-Based Compensation Account will be credited with a Dividend Reinvestment Return equal to that number of shares of Common Stock
determined by dividing (i) the amount that would have been paid (or the fair market value thereof, if the dividend is not paid in cash) to the Participant on the total number of shares of Common Stock credited to the Participant’s Deferred
Equity-Based Compensation Account had that number of shares of Common Stock been held by such Participant by (ii) the price for shares of Common Stock, as determined by the Committee, as of the day such deferred amounts are credited to the
Participant’s Deferred Stock Account. 

  
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 A.3 Diversification of Equity-Based Compensation Upon Termination of Service 

 

	 	(a)	On and after the date the Participant Separates from Service on the Board, and before the occurrence of the event specified in the terms of the Participant’s Equity-Based Compensation Deferral Election form,
amounts in the Participant’s Deferred Equity-Based Compensation Account shall, except as otherwise provided in the Plan or to the extent the Company is otherwise, in the reasonable judgment of the Committee, precluded from doing so, be
transferred to the Participant’s Deferred Stock Account and administered in accordance with the Plan provisions governing the Deferred Stock Account. 

A.4 Distributions of Equity-Based Compensation 
  

	 	(a)	Upon the occurrence of an event specified in the terms of the Participant’s Equity-Based Compensation Deferral Election form, the Equity-Based Compensation in a Participant’s Deferred Stock Account shall be
paid in accordance with the Plan provisions governing the distribution of the Deferred Stock Account, in each case to the Participant or his or her beneficiary, as applicable; and the Equity-Based Compensation in a Participant’s Deferred Cash
Account, if any, shall be paid in the same manner as provided in Section 3.8(a) for the Deferred Cash Account, in each case to the Participant or his or her beneficiary, as applicable. 

 

	 	(b)	Deferred amounts shall be distributed (or begin to be distributed) as soon as practicable following the occurrence of the event making distribution necessary, or, if later, by the fifteenth day of the third calendar
month following the date such event occurs, as determined solely by the Committee. 

 A.5 Additional Rules 

 

	 	(a)	In addition to the provisions of this Appendix A, deferrals of Equity-Based Compensation shall be governed by the rules under the Plan governing amounts in excess of Grandfathered Deferrals. 

  
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