Document:

EX-10.11

 
Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material
and (ii) would be competitively harmful if publicly disclosed. 

 Exhibit 10.11 

Execution Version 

AMENDMENT NO. 7 TO 

DEVELOPMENT AND COMMERCIALIZATION AGREEMENT 

This Amendment No. 7 to Development and Commercialization Agreement (this “Amendment No. 7) is effective as of
May 15, 2020 (the “Amendment Effective Date”) and is entered into by and between: 
 SAMSUNG BIOEPIS CO., LTD., a corporation
organized and existing under the laws of the Republic of Korea with a place of business at Cheomdan-daero 107, Yeonsu-gu, Incheon, 21987, Republic of Korea (hereinafter referred to as
“Samsung”); and 
 MERCK SHARP & DOHME CORP., a corporation organized and existing under the laws of the
State of New Jersey, USA, with a place of business at One Merck Drive, Whitehouse Station, NJ 08889, USA (hereinafter referred to as “Merck”). 

Samsung and Merck are hereinafter referred to jointly as the “Parties” and individually as a “Party”. 

RECITALS 
 WHEREAS 

(i) On February 18, 2013, Samsung and Merck executed the Development and Commercialization Agreement, as amended on July 21, 2014, July 11,
2017, October 1, 2017, September 1, 2018, October 15, 2018, and December 19, 2018 (“DCA” or “Agreement”), for the purpose of, among other things, granting Merck an exclusive license (even as to Samsung)
to Commercialize any and all Compounds and Products in the Territory. 
 (ii) [* * *]. 

(iii) The Parties have agreed to redefine the Territory for Bevacizumab/Avastin Biosimilar as of the Amendment Effective Date and, pursuant to the terms of
that certain Transition Agreement for Bevacizumab/Avastin Biosimilar and that certain License Agreement for Bevacizumab/Avastin Biosimilar, both entered into by the Parties of even date herewith, to specify the rights and obligations of the Parties
with respect to the transition to Samsung of the Commercialization of the Compounds and Products in the Territory for Bevacizumab/Avastin Biosimilar. 
 (iv)
The Parties have agreed that Merck shall be entitled to assign to its Affiliate, Organon & Co. (“Organon”) or Organon’s designated Affiliate, and that Organon or Organon’s designated Affiliate shall be entitled to
assume, Merck’s rights and obligations under the DCA. 

  
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[* * *]=[CONFIDENTIAL PORTION HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.] 

 NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 I. DEFINITIONS 

The Parties agree that capitalized terms used but not otherwise defined in this Amendment No. 7 shall have the meanings ascribed thereto
in the DCA. 
 II. AMENDMENT 
  

	2.1	 Section 1.42 is hereby amended to read in its entirety as follows: 

“Region” shall mean each of (i) the European Union, as a whole, (ii) the USA and its territories and possessions, as
a whole, and (iii) the remainder of the Territory excluding the European Union and the USA and its territories and possessions (collectively, the “ROW Region”). However, for Bevacizumab/Avastin Biosimilar only,
“Region” shall mean United Kingdom, France, Italy, Germany and Spain, as a whole, (ii) the USA (including its territories and possessions), (iii) Canada, and (iv) the respective territories and possessions of United Kingdom,
France, Italy, Germany, Spain and Canada that are set forth on Schedule 1.56D. 
  

	2.2	 Section 1.56 is hereby amended to read in its entirety as follows: 

“Territory” shall mean the following: 
  

	 	1.56.1	 With respect to (i) Cetuximab/Erbitux Biosimilar and (ii) Trastuzumab/Herceptin Biosimilar, all of
the countries in the world, and their territories and possessions, excluding, however, the Republic of Korea and Greater China; 

  

	 	1.56.2	 With respect to (i) Adalimumab/Humira Biosimilar and (ii) Infliximab/Remicade Biosimilar, all of the
countries in the world, and their territories and possessions, excluding, however, the Republic of Korea, and Greater China, and the countries, territories and possessions set forth on Schedule 1.56A; provided that the countries, territories
and possessions set forth on Schedule 1.56B shall be part of the Territory with respect to Adalimumab/Humira Biosimilar and Infliximab/Remicade Biosimilar commencing on July 1, 2014; and 

 

	 	1.56.3	 With respect to Etanercept/Enbrel Biosimilar, all of the countries in the world, and their territories and
possessions, excluding, however, the Republic of Korea, and Greater China, and the countries, territories and possessions set forth on Schedule 1.56C. 

  

	 	1.56.4	 With respect to Bevacizumab/Avastin Biosimilar, the countries, territories and possessions set forth on
Schedule 1.56D. 

  
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	2.3	 The first sentence of Section 3.4 is hereby amended to read in its entirety as follows:

 Joint Steering Committee. As soon as reasonably practicable following the Effective Date, the Parties shall
establish a committee to facilitate communications between the Parties and oversee and review the Development, Manufacturing and Commercialization of Compounds and Products in the Territory, as follows: 

 

	2.4	 The first sentence of Section 3.7 is hereby amended to read in its entirety as follows:

 Trademarks. The Trademarks under which the Products are Commercialized in the Territory shall be created,
developed, selected and approved by Merck. 
  

	2.5	 Section 3.6 of the DCA, as previously amended in Amendment No. 5 to the DCA (dated October 15,
2018) is hereby further amended by renumbering the original language as 3.6(A), and replacing the language added pursuant to Amendment No. 5, as follows: 

(1) Except as otherwise set forth in this Section 3.6(B) or otherwise prohibited by applicable law, within the Territory for the duration
of the DCA, (a) Samsung (i) shall, and shall cause its Affiliates, licensees, Sublicensees and distributors to, Commercialize the Product only outside the Territory, and (ii) shall not knowingly, and shall not knowingly permit its
Affiliates, licensees, Sublicensees or distributors to, distribute, market, promote, offer for sale or sell the Product directly or indirectly (A) to any person inside the Territory (other than Merck) or (B) to any person outside the
Territory that is reasonably likely to directly or indirectly distribute, market, promote, offer for sale or sell the Product inside the Territory or, in each case ((A)-(B)), assist (directly or indirectly) another person to do so; (b) if
Samsung or any of its Affiliates receives, or becomes aware of receipt by a licensee, Sublicensee or distributor of, any orders for the Product for inside the Territory, such person shall refer such orders to Merck; and (c) Samsung shall use
Commercially Reasonable Efforts to cause its Affiliates, licensees, Sublicensees and distributors to notify Samsung of any receipt of any orders for the Product for inside the Territory. 

(2) Except as otherwise set forth in this Section 3.6 or otherwise prohibited by applicable law, within the Territory for the duration of
the DCA, (a) Merck (i) shall, and shall cause its Affiliates, licensees, Sublicensees and distributors to, Commercialize the Product only in the Territory, and (ii) shall not knowingly, and shall not knowingly permit its Affiliates,
licensees, Sublicensees or distributors to, distribute, market, promote, offer for sale or sell the Product directly or indirectly (A) to any person outside the Territory or (B) to any person inside the Territory that is reasonably likely
to directly or indirectly distribute, market, promote, offer for sale or sell the Product outside the Territory or, in each case ((A)-(B)), assist (directly or indirectly) another person to do so; (b) if Merck or any of its Affiliates receives,
or becomes aware of receipt by a licensee, Sublicensee or distributor of, any orders for the Product for outside the Territory, such person shall refer such orders to Samsung; and (c) Merck shall use Commercially Reasonable Efforts to cause its
Affiliates, licensees, Sublicensees and distributors to notify Samsung of any receipt of any orders for the Product for inside the Territory. 

  
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 (3) Notwithstanding the provisions of Sections 3.6(B)(1) and (2), the provisions of Sections
3.6(B)(1)(a)(ii) and (b) and 3.6(B)(2)(a)(ii) and (b) shall not apply to [* * *] country that is, with respect to Merck, outside the Territory, and with respect to Samsung, within the Territory 

 

	2.6	 Section 6.6.2 is hereby amended by renumbering the existing provision as subsection (a), and adding the
following subsection (b): 

 (1) Notwithstanding the foregoing, if the Anticipated Supply Shortfall is for the
Bevacizumab/Avastin Biosimilar Product, and Merck wants Samsung to supply amounts of Binding Forecasts that exceed the pro rata amount that Merck has rights to under this Section 6.6.2(a) (“Additional Volumes”): 

(i) Merck shall justify its need in writing for the Additional Volumes in detail (including information on demand/sales forecasts (including
assumptions for such forecasts)) to the reasonable satisfaction of Samsung; 
 (ii) To the extent it is reasonably established that Merck
will be not be able to meet customer demands due to the Anticipated Supply Shortfall (“Actual Shortage”), Samsung will use Commercially Reasonable Efforts to meet Merck’s request for Additional Volumes to avoid Merck facing an
Actual Shortage; 
 (iii) If Merck is not able to exhaust the Additional Volumes of Bevacizumab/Avastin Biosimilar Products provided
pursuant to this Section 6.6.2(b)(1) because such Additional Volumes are not sold, or are returned, due to its expiry dating, Merck will compensate Samsung at [* * *] of the Target Supply Price value for the units discarded. Compensation will
be outside of the Quarterly True Up mechanism and be in the form of a sales adjustment against prior supply purchases. 
 (2) During the [* *
*] period after the Amendment Effective Date, Samsung shall not, and shall assure that no Affiliate, licensee, Sublicensee or distributor shall submit a bid for any tender offer or accept any order from a Third Party for Bulk Drug Substance or any
primary or secondary presentation of Bevacizumab/Avastin Biosimilar Product that, if such tender offer or order were fulfilled, would reasonably be anticipated to prevent Samsung from fulfilling the full amount of any Binding Forecast for Bulk Drug
Substance, Binding Forecast for Primary-Packaged Presentations or Binding Forecast for Secondary-Packaged Presentations, to the extent that such Binding Forecast has been submitted previously by Merck pursuant to Section 6.3. In the event that
Samsung or any Affiliate, licensee, Sublicensee or distributor of Samsung submits such a bid or accepts such an order from a Third Party during the [* * *] after the Amendment Effective Date, and as a result an Anticipated Supply Shortfall occurs,
Samsung shall nevertheless fulfill Merck’s 

  
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[* * *]=[CONFIDENTIAL PORTION HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.] 

 
Binding Forecasts that would otherwise be affected by such Anticipated Supply Shortfall notwithstanding the allocation provisions set forth in Section 6.6.2(a). In the event that Samsung
fails to comply with the provisions of this Section 6.6.2(b), the associated sales of Bevacizumab/Avastin Biosimilar Product by Samsung or Samsung’s Affiliate, licensee, Sublicensee or distributor that resulted in any Actual Shortage in
fulfilling any Merck’s Binding Forecast shall be treated as a sale of Bevacizumab/Avastin Biosimilar Product in the Territory, and Samsung’s profit derived from such sale shall be taken into account for the purpose of calculating
“Samsung Profit” and “Profit Differential” under the formula set forth in Schedule 1.54. Merck shall bear the burden of proof in establishing any Actual Shortfall. Notwithstanding anything to the contrary contained in this
Agreement, the remedies set forth in this Section 6.6.2(b)(2) shall be the sole and exclusive remedies for the failure to comply with the provisions of this Section 6.6.2(b). 

III. RELEASES; ASSIGNMENT; ADDITIONAL OBLIGATIONS 
  

	3.1	 Samsung, on behalf of itself and its Affiliates, its successors and assigns, fully and forever irrevocably and
unconditionally releases, acquits, and discharges Merck, and its Affiliates, predecessors, successors, and assigns, from all past, present and future Claims (including Termination Claims) arising out of Merck’s performance or lack of
performance of its rights and/or obligations under the DCA solely to the extent the Claims arise out of both (i) events or conduct occurring prior to the Amendment Effective Date and (ii) facts and circumstances (A) existing as of the
Amendment Effective Date and (B) known to Samsung or its Affiliates as of the Amendment Effective Date. For clarity, Claims arising out of events or conduct occurring after the Amendment Effective Date, even if such events or conduct are the
same, similar or otherwise of like character and substance as events and conduct occurring prior to the Amendment Effective Date and released hereunder, are not released under this Section 3.1. For further clarity, the Parties stipulate that no
events or conduct occurring prior to the Amendment Effective Date and known to the releasing Party shall be used as supportive or relevant evidence in connection with any Claims arising out of events or conduct occurring subsequent to the Amendment
Effective Date, including any claims that a Party has breached or failed to perform in any way its duties or obligations under the DCA. 

  

	3.2	 Merck, on behalf of itself and its Affiliates, its successors and assigns, fully and forever irrevocably and
unconditionally releases, acquits, and discharges Samsung, and its Affiliates, predecessors, successors, and assigns, from all past, present and future Claims (including Termination Claims) arising out of Samsung’s performance or lack of
performance of its rights and/or obligations under the DCA solely to the extent the Claims arise out of both (i) events or conduct occurring prior to the Amendment Effective Date and (ii) facts and circumstances (A) existing as of the
Amendment Effective Date and (B) known to Merck or its Affiliates as of the Amendment Effective Date, except that this release shall also apply to Claims that arise out of facts and circumstances unknown to Merck or its Affiliates as of the
Amendment Effective Date to the extent they arise out of Samsung’s exercise of its purported right of termination under Section 9.3 and 10.4 of the DCA with respect to Bevacizumab/Avastin Biosimilar as stated in the Samsung Termination
Letters, including Samsung’s and its Affiliates’ acts and omissions in reliance 

  
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on the purported effectiveness of such purported termination, but only to the extent such Claims would not exist, provide a cause of action, or otherwise create any liability for Samsung under
the DCA if Samsung’s purported termination of the DCA with respect to Bevacizumab/Avastin Biosimilar in the USA Region and the European Union Region pursuant to the Samsung Termination Letters was deemed effective. For clarity, and
notwithstanding anything to the contrary in this Agreement, this means that if provisions of the DCA impose duties on Samsung even after an effective termination of the DCA (e.g., provisions pertaining to the nondisclosure of confidential
information), Merck retains its rights and remedies as to any prior breaches, if any, that are unknown to Merck as of execution of this Agreement. For further clarity, Claims arising out of events or conduct occurring after the Amendment Effective
Date, even if such events or conduct are the same, similar or otherwise of like character and substance as events and conduct occurring prior to the Amendment Effective Date and released hereunder, are not released under this Section 3.2. For
further clarity, the Parties stipulate that no events or conduct occurring prior to the Amendment Effective Date and known to the releasing Party shall be used as supportive or relevant evidence in connection with any Claims arising out of events or
conduct occurring subsequent to the Amendment Effective Date, including any claims that a Party has breached or failed to perform in any way its duties or obligations under the DCA. 

Each Party and its Affiliates, successors and assigns, understand and accept the risk that they may have substantial claims that are presently unknown, and
they nevertheless release all such claims within the scope of the foregoing releases in Sections 3.1 and 3.2 (for clarity, they do not release unknown claims under Sections 3.1 and 3.2 if the release is expressly limited to known facts,
circumstances, or breaches of the DCA). Specifically, each Party, on behalf of itself and its Affiliates, successors and assigns, hereby expressly waives any rights they may have under California Civil Code Section 1542 (or any other law of
similar effect in any jurisdiction), in connection with the claims released in Sections 3.1 and 3.2 (unless the release is specifically limited to claims based on known facts, circumstances, or breaches of the DCA), which provides that: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
  

	3.3	 The releases set forth in paragraphs 3.1 and 3.2 hereof are full and final releases by which each Party, on
behalf of itself and its Affiliates, successors and assigns, waives all rights and benefits they may have had in the past, now have or in the future may have in connection with the claims released in paragraphs 3.1 and 3.2. 

 

	3.4	 Without limitation of the releases set forth above: 

(a) Samsung hereby acknowledges that the initial Binding Forecasts that have been submitted by Merck for Bevacizumab/Avastin Biosimilar on
April 10, 2020 were submitted in a timely fashion. The Parties agree that in the event of an inability to supply with respect to such Binding Forecasts, Merck’s sole and exclusive remedy shall be the remedies set forth in Section 6.6
of the Agreement (as amended by this Amendment); 

  
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 (b) The Parties each agree that costs incurred during the period prior to the Amendment
Effective Date that would otherwise be “Merck Costs” or “Samsung Costs” but for Samsung’s notice of purported termination of the DCA with regard to Bevacizumab/Avastin Biosimilar in the USA Region and the European Union
Region shall be treated as “Merck Costs” or “Samsung Costs”, as applicable the purpose of calculating “Profit Differential” under the formula set forth in Schedule 1.54. 

 

	3.5	 Definitions. For the purpose of this Article III, the following terms have the following meanings:

 “Claims” means claims, counterclaims, answers, cross-claims and any judicial, administrative or other
proceeding of any kind in any jurisdiction, as well as any and all actions, causes of action, costs, damages, debts, demands, expenses, liabilities, losses, obligations, proceedings, and suits of every kind and nature, liquidated or unliquidated,
fixed or contingent, in law, equity, or otherwise, whether asserted or unasserted, whether presently known or unknown, whether anticipated or unanticipated, and whether direct or derivative. 

“Samsung Termination Letters” means Samsung’s January 7, 2020 letter informing Merck of its position that it
intended to terminate the DCA with respect to Bevacizumab/Avastin Biosimilar in the USA Region and the European Union Region, as well as Samsung’s January 31, 2020 letter asserting that it had effected such termination. 

“Termination Claims” means any right or potential right, basis or potential basis, or claim or potential claim of a Party,
pursuant to the terms and conditions of the DCA, whether presently known or unknown, whether anticipated or unanticipated, and whether direct or derivative, to terminate the DCA, in whole or in part, for any reason arising out of any facts or
circumstances existing as of the Amendment Effective Date, including, for clarity, such claims made by Samsung in the Samsung Termination Letters. 
  

	3.6	 Merck has advised Samsung regarding its intended transaction under which Merck’s biosimilars business will
be transferred to an Affiliate of Organon & Co., which will ultimately be an independent and separate entity from Merck (the “Organon Transaction”). In connection with the Organon Transaction and in accordance with the DCA,
(i) Merck hereby assigns all of its rights and obligations pursuant to the DCA to Organon LLC, a Delaware company which, upon completion of the Organon Transaction, will become a wholly-owned subsidiary of Organon & Co;
(ii) Organon LLC hereby (1) assumes all of Merck’s rights and obligations pursuant to the DCA, and (2) agrees to perform and comply with all obligations of Merck under, and to be bound by the terms and conditions of the DCA as if
Organon LLC were Merck; and (iii) subsequent to the consummation of the Organon Transaction, Merck and its Affiliates (as an entity separate from Organon & Co. and its Affiliates) shall have no further rights or obligations under the
DCA (together with (i) and (ii), the “Organon Assignment and Assumption”). Such Organon Assignment and Assumption shall be effective upon the earlier of the following dates (the “Transfer Date”):

  
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(a) the date that Organon LLC is established as a functioning subsidiary of Merck; or (ii) the date of completion of the Organon Transaction. Merck shall notify Samsung in writing promptly
after the Transfer Date of the effectiveness of the Organon Assignment and Assumption, along with updated contact information pursuant to Section 11.5 of the DCA. Upon completion of the Organon Transaction, Merck shall have no further
obligations to Samsung under the DCA other than its obligation to guarantee all monetary obligations under or arising out of the DCA of an Affiliate that becomes an assignee (the “Assignor Affiliate Guarantee”), and Samsung shall
look solely to Organon LLC for any such obligations other than the Assignor Affiliate Guarantee. 

 Samsung hereby irrevocably
consents to the Organon Assignment and Assumption, and further irrevocably waives any claim against Merck or Organon LLC (or their respective Affiliates) that it may have resulting from such Organon Assignment and Assumption other than in connection
with the Assignor Affiliate Guarantee, including but not limited to any claim that it may have pursuant to Section 11.2.2 of the DCA other than in connection with the Assignor Guarantee. 

In the event the Organon Transaction is terminated by Merck for any reason, the terms of this paragraph 3.6 shall be null and void and of no
further effect. 
  

	3.7	 (a) Beginning on the Amendment Effective Date and continuing until completion of the Organon Transaction,
Samsung and Merck shall meet approximately once per month to discuss the transition of the biosimilars business to Organon LLC and in order for Merck to share with Samsung its existing plans for such transition. 

(b) Promptly upon completion of the Organon Transaction, Samsung and Organon LLC shall enter into good faith negotiations regarding the
potential for further amendments to the DCA for the purpose of improving operational efficiency and ensuring smoother collaboration between the Parties. In the event that the Organon Transaction is terminated, the negotiations contemplated in the
first sentence of this Section 3.7(b) shall commence between Samsung and Merck within one (1) month after Merck makes the final determination that the Organon Transaction has been terminated. 

 

	3.8	 Samsung and Merck shall meet (i) no later than December 15 prior to the end of each Calendar Year to
review and discuss sales forecasts and the number of employees utilized in each country for each Product for the following year; (ii) periodically at least once per Calendar Quarter (with the intent to meet more frequently if practical) to
review and discuss (a) sales plans as compared to actual sales, (b) plans regarding tender opportunities and related contract submissions for each country for each Product as compared to results, and (c) reasons for any differences
between such plans and actual sales and results. 

  
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 IV. MISCELLANEOUS 
  

	4.1	 In the event a Party is required to file a copy of this Amendment No. 7 with a Regulatory Authority or any
other governmental authority or agency, (i) such Party shall redact commercially sensitive information from such copy to the extent permitted under applicable law and (ii) such Party shall provide the other Party with an advance draft of
the redacted form of this Amendment No. 7 that the disclosing Party proposes to file, with not less than ten (10) Business Days for review, and shall incorporate the non-disclosing Party’s
comments to the extent additional or other redactions requested by the non-disclosing Party are permitted, and may reasonably be afforded confidential treatment, under applicable law and such authority or
agency’s then-current practice. 

  

	4.2	 Sections 11.4, 11.5, 11.6, 11.7, 11.9, and 11.11 through 11.17 of the Agreement shall apply to this Amendment
No. 7, mutatis mutandis. 

  

	4.3	 The Agreement, as amended by this Amendment No. 7, together with the Schedules to the Agreement and any
other agreements executed by authorized representatives of the Parties that make reference to the Agreement, contains the entire understanding of the Parties with respect to the Compounds and Products. Any other express or implied agreements,
understandings, negotiations, writings and commitments, either oral or written, with respect to the subject matter of the Agreement are superseded by the terms of the Agreement as amended by this Amendment No. 7. 

  
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 IN WITNESS WHEREOF, the Parties, intending to be legally bound, have caused this Amendment No. 7
to be executed by their duly authorized representatives as of the Amendment Effective Date. 
  

 
  

									
	MERCK SHARP & DOHME CORP.	 		 	SAMSUNG BIOEPIS CO., LTD.
					
	By:	 	 /s/ Michael T. Nally
	 		 	By:	 	 /s/ Christopher Hansung Ko

	Name:	 	Michael T. Nally	 		 	Name:	 	Christopher Hansung Ko
	Title:	 	Chief Marketing Officer	 		 	Title:	 	Chief Executive Officer
					
	Date:	 	May 15, 2020	 		 	Date:	 	May 15, 2020

 With regard to paragraphs 3.6 and 3.7: 
  

			
	ORGANON LLC
		
	By:	 	 /s/ Jon Filderman

	Name:	 	Jon Filderman
	Title:	 	Vice President
		
	Date:	 	May 15, 2020

  
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 SCHEDULE 1.56D 

[* * *] 

  
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[* * *]=[CONFIDENTIAL PORTION HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.]EX-10.13

 Exhibit 10.13 

ORGANON & CO. 

2021 INCENTIVE STOCK PLAN 

(Effective [●], 2021) 
  

	1.	 PURPOSE 

The Plan is established to encourage employees of the Company, its subsidiaries, its affiliates and its joint ventures to acquire common stock in the Company.
The Plan shall be available to provide Incentives, including cash incentives, to Eligible Employees of the Company, its subsidiaries, its affiliates and its joint ventures, as provided under the terms of the Plan. It is believed that the Plan will
serve the interests of the Company and its stockholders because it allows service providers to have a greater personal financial interest in the Company through ownership of, or the right to acquire the Company’s Common Stock and to earn cash
incentives based on the achievement of performance goals, which in turn will stimulate such individuals’ efforts on the Company’s behalf and maintain and strengthen their desire to remain with the Company. It is believed that the Plan also
will assist in the recruitment and retention of service providers of the Company, its subsidiaries, its affiliates and its joint ventures. 
  

	2.	 DEFINITIONS 

“Award Period” has the meaning set forth in Section 10(a). 

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

“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following
events: 
  

	 	(a)	 any Person becomes the owner, directly or indirectly, of securities of the Company representing more than 50%
of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account
of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Person that acquires the Company’s securities in a
transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities or (C) solely because the level of ownership held by any Person (the “Subject
Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a
Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the owner of any additional voting securities
that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to
occur; 

	 	(b)	 there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the
Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not own, directly or indirectly, either (A) outstanding voting securities
representing 50% or more of the combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction or (B) 50% or more of the combined outstanding voting power of the parent of the surviving entity in such
merger, consolidation or similar transaction, in each case in substantially the same proportions as their ownership of the outstanding voting securities of the Company immediately prior to such transaction; 

 

	 	(c)	 there is consummated a sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries to an entity, more than 50% of the combined
voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or
other disposition; or 

  

	 	(d)	 individuals who, on the Effective Date, are members of the Board of Directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the members of the Board of Directors; provided, however, that if the appointment or election (or nomination for election) of any new Board of Directors member was approved
or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board. 

Notwithstanding the foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of
assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any
affiliate and the Eligible Employee will supersede the foregoing definition with respect to Incentives subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual
written agreement, the foregoing definition will apply. 
 If required for compliance with Section 409A of the Code, in no event will a
Change in Control be deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as
determined under U.S. Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). The Board of Directors may, in its sole discretion and without an Eligible
Employee’s consent, amend the definition of “Change in Control” to conform to the definition of “Change in Control” under Section 409A of the Code, and the regulations thereunder. 

  
 2 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the Talent Committee of the Board of Directors of the Company or subcommittee thereof, or such other successor committee of
the Board of Directors. 
 “Common Stock” means the common stock, $0.01 par value per share, of the Company and any other securities into
which such shares are changed or for which such shares are exchanged. 
 “Company” means Organon & Co., a Delaware corporation.

 “Eligible Employees” shall have the meaning set forth in Section 4(a). 

“Employee” means a person employed on a regular full-time or part-time basis by the Company, or its subsidiaries, its affiliates or its joint
ventures, including officers, whether or not directors of the Company, and employees of a joint venture partner or affiliate of the Company who provide services to the joint venture with such partner or affiliate. The term “Employee” shall
not include any of the following: a person who is an independent contractor, or agrees or has agreed that he/she is an independent contractor of the Company; a person who has any agreement or understanding with the Company, or any of its affiliates
or joint venture partners that he/she is not an employee or an Eligible Employee, even if he/she previously had been an employee or Eligible Employee; or a person who is employed by a temporary or other employment agency, regardless of the amount of
control, supervision or training provided by the Company or its affiliates; a “leased employee” as defined under Section 414(n) of the Code, in each case, even if a court, agency or other authority rules that he/she is a common-law employee of the Company or its affiliates. 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 
 “Fair Market Value” means as of any date, unless otherwise determined by the Committee the value of the Common
Stock determined as follows: (i) if the Common Stock is listed on any established stock exchange, system or market, its Fair Market Value shall be the closing price for the Common Stock as quoted on such exchange, system or market as reported
in the Wall Street Journal or such other source as the Committee deems reliable (or, if no sale of Common Stock is reported for such date, on the next preceding date on which any sale shall have been reported); and (ii) in the absence of an
established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Committee by the reasonable application of a reasonable valuation method, taking into account factors consistent with Treas. Reg. § 409A-1(b)(5)(iv)(B) as the Committee deems appropriate. 
 “Incentive Stock Option” or “ISO”
means a stock option satisfying the requirements of Section 422 of the Code and designated by the Committee as an Incentive Stock Option. 

“Incentive” means a grant of Stock Options, Stock Appreciation rights, Restricted Stock Grants, Performance Awards, Share Awards, Phantom
Stock Awards, and cash or any or all of them. 

  
 3 

 “Nonqualified Option” means a stock option that is not an Incentive Stock Option. 

“Performance Shares” means an award denominated in shares granted to an Eligible Employee under Section 10. 

“Performance Awards” means Performance Units or Performance Shares or either or both of them. 

“Performance Goals” has the meaning set forth in Section 10(a). 

“Performance Units” means an award denominated in shares of Common Stock or cash granted to an Eligible Employee under Section 10. 

“Person” means any individual, corporation, partnership, association, limited liability company, joint-stock company, trust or unincorporated
organization. 
 “Phantom Stock Award” means an award of phantom shares of Common Stock granted to an Eligible Employee under
Section 12. 
 “Plan” means this Organon & Co. 2021 Incentive Stock Plan, as amended from time to time. 

“Restricted Period” has the meaning set forth in Section 11. 

“Restricted Stock” means shares of Common Stock issued or transferred to an Eligible Employee under Section 11. 

“Restricted Stock Grants” has the meaning set forth in Section 11. 

“Restricted Stock Units” means a right granted to an Eligible Employee under Section 11 representing a number of phantom shares of
Common Stock. 
 “Section 16 Officer” means an individual who serves as an “officer” of the Company as such
term is defined in Rule 16(a)-1(f) of the Exchange Act. 
 “Securities Act” means the Securities
Act of 1933, as amended. 
 “Share Award” means an award of actual shares of Common Stock granted to an Eligible Employee under
Section 12. 
 “Spread” shall have the meaning set forth in Section 9(b). 

“Stand Alone SAR” means a Stock Appreciation Right granted without an underlying Stock Option as provided in Section 9. 

“Stock Appreciation Right” means a right to receive the appreciation in the Fair Market Value of shares of Common Stock, as provided in
Section 9. 
 “Stock Option” means a Nonqualified Option or an Incentive Stock Option, or either or both of them. 

  
 4 

 “Substitute Incentive” means an Incentive granted in assumption of, or in substitution or
exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any subsidiary or affiliate with which the Company or any subsidiary or affiliate combines. 

“Successor Incentive” shall have the meaning set forth in Section 25(a). 

“Tandem SAR” means a Stock Appreciation Right granted with respect to an underlying Stock Option as provided in Section 9. 

“Ten Percent Stockholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company or any “parent” or “subsidiary of the Company, as such terms are defined in Rule 405 of the Securities Act. 

 

	3.	 ADMINISTRATION 

The Plan shall be administered by the Committee or any designated subcommittee thereof (and references in this Plan to the Committee shall be to such
subcommittee, acting in accordance with their governing documents). A Director may serve on the Committee only if he or she is a “Non-Employee Director” of the Company for purposes of Rule 16b-3 under the Exchange Act. The Committee shall be responsible for the administration of the Plan including, without limitation, determining which Eligible Employees receive Incentives, the types of Incentives
they receive under the Plan, the number of shares covered by Incentives granted under the Plan, and the other terms and conditions of such Incentives. Determinations by the Committee under the Plan including, without limitation, determinations of
the Eligible Employees, the form, amount and timing of Incentives, the terms and provisions of Incentives and the writings evidencing Incentives, need not be uniform and may be made selectively among Eligible Employees who receive, or are eligible
to receive, Incentives hereunder, whether or not such Eligible Employees are similarly situated. 
 The Committee shall have the responsibility of
construing and interpreting the Plan and any instrument or agreement relating to the Plan, including but not limited to, the right to correct any defect or supply any omission, construe disputed or doubtful provisions, reconcile any inconsistency in
the Plan or in any related instrument or agreement, and of establishing, amending, rescinding and construing such rules and regulations as it may deem necessary or desirable for the proper administration of the Plan, related instrument or agreement.
Any decision or action taken or to be taken by the Committee, arising out of or in connection with the construction, administration, interpretation and effect of the Plan, related instrument or agreement, and the Plan’s rules and regulations,
shall, to the maximum extent permitted by applicable law, be within its absolute discretion (except as otherwise specifically provided herein) and shall be final, binding and conclusive upon the Company, all Eligible Employees and any person
claiming under or through any Eligible Employee. 

  
 5 

 The Committee, as permitted by applicable state law, may delegate to one or more officers of the Company any
or all of its power and authority hereunder, including the authority to do one or both of the following: (i) designate Eligible Employees who are not Section 16 Officers or Directors to receive Incentives and the terms of such Incentives;
and (ii) determine the number of shares of Common Stock, if any, subject to such Incentives; provided, however, that the Committee resolutions regarding such delegation will specify the total number of shares of Common Stock that
may be subject to the Incentives granted by such delegate and such delegate may not grant any Incentive to himself or herself; and provided further, that such officer of the Company may further delegate such authority in accordance with the
Company’s policy on delegation of authority. 
 For the purpose of this section and all subsequent sections, the Plan shall be deemed to include this
Plan and any comparable sub-plans established by subsidiaries which, in the aggregate, shall constitute one Plan governed by the terms set forth herein. 

 

	4.	 ELIGIBILITY 

  

	 	(a)	 Employees. Employees shall be eligible to participate in the Plan if designated by the Committee
(“Eligible Employees”). 

  

	 	(b)	 No Right To Continued Employment. Nothing in the Plan shall interfere with or limit in any way the right
of the Company, its subsidiaries, its affiliates or its joint ventures to terminate the employment of any person at any time, nor confer upon any person the right to continue in the employ of the Company, its subsidiaries, its affiliates or its
joint ventures. No Eligible Employee shall have a right to receive an Incentive or any other benefit under this Plan or having been granted an Incentive or other benefit, to receive any additional Incentive or other benefit. Neither the award of an
Incentive nor any benefits arising under such Incentives shall constitute an employment contract with the Company, its subsidiaries, its affiliates or its joint ventures, and accordingly, this Plan and the benefits hereunder may be terminated at any
time in the sole and exclusive discretion of the Company without giving rise to liability on the part of the Company, its subsidiaries, its affiliates or its joint ventures for severance. Except as may be otherwise specifically stated in any other
employee benefit plan, policy or program, neither any Incentive under this Plan nor any amount realized from any such Incentive shall be treated as compensation for any purposes of calculating an employee’s benefit under any such plan, policy
or program. 

  

	5.	 TERM OF THE PLAN 

This Plan was approved by the Board of Directors and the stockholders of the Company on [_], 2021 and is effective as of [•], 2021
(the “Effective Date”). No Incentive that is an Incentive Stock Option shall be granted under the Plan following the tenth anniversary of the Effective Date (or such earlier date that the Plan may be terminated by the Board of
Directors), but the term and exercise of Incentives granted theretofore may extend beyond such expiration date. 
  

	6.	 INCENTIVES 

Incentives under the Plan may be granted in any one or a combination of (a) Incentive Stock Options, (b) Nonqualified Options, (c) Stock
Appreciation Rights, (d) Restricted Stock Grants, (e) Performance Awards, (f) Share Awards, (g) Phantom Stock Awards, and (h) cash. All Incentives shall be subject to the terms and conditions set forth herein and to such
other terms and conditions as may be established by the Committee. Notwithstanding anything to the contrary, any Incentives granted to an individual who is not an Eligible Employee or otherwise in error shall be void ab initio. 

  
 6 

	7.	 SHARES AVAILABLE FOR INCENTIVES 

 

	 	(a)	 Shares Available. Subject to adjustment as described in subsection (b), the maximum number of shares of
Common Stock that may be issued under the Plan is [•] (the “Share Reserve”). No more than an aggregate of [•] million shares may be issued as Incentive Stock Options during the term of the Plan. For the avoidance of doubt,
any stock options, performance share units or restricted share units of Merck & Co., Inc. (“Merck”) converted into Company Incentives in connection with the separation of the Company’s business from Merck in accordance
with the terms and conditions of that certain Employee Matters Agreement dated as of [•], 2021 by and between Merck and the Company shall count against the Share Reserve. 

 

	 	(i)	 The following shares of Common Stock shall be added to the maximum share limitation described in the first
sentence of paragraph (a): (1) shares tendered or withheld by the Company in payment of all or part of the exercise price of a Stock Option; (2) shares tendered or withheld by the Company to satisfy all or part of the tax withholding obligation
of an Incentive on the vesting or exercise thereof; and (3) shares not issued upon exercise of all or a portion of a Stock Appreciation Right that is settled in shares. Shares under this Plan may be delivered by the Company from its authorized
but unissued shares of Common Stock or from issued and reacquired Common Stock held as treasury stock, or both. In no event shall fractional shares of Common Stock be issued under the Plan. For purposes of determining the number of shares of Common
Stock remaining available for issuance under the Plan, only Incentives payable in shares of Common Stock shall be counted. 

  

	 	(ii)	 In the event that a company acquired by the Company or any subsidiary or affiliate or with which the Company or
any subsidiary or affiliate combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for
issuance pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or
combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Incentives and shall not be counted as issued for purposes of determining the number of
shares remaining available for issuance under the first sentence of this paragraph (a); provided that such Incentives shall not be made after the date awards or grants could have been made under the terms of the
pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employees or directors of the Company or any subsidiary or affiliate prior to such acquisition or
combination. 

  
 7 

	 	(iii)	 The following shares of Common Stock relating to Incentives are not counted as issued for purposes of
determining the number of shares remaining available for issuance under the Plan: 

  

	 	(1)	 Shares of Common Stock subject to an Incentive that is settled in cash in lieu of shares;

  

	 	(2)	 Shares of Common Stock subject to an Incentive that expires, is forfeited, cancelled or terminates for any
reason without issuance of shares; 

  

	 	(3)	 Shares of Common Stock subject to a Substitute Incentive; and 

 

	 	(4)	 Shares of Restricted Stock that are forfeited and returned to the Company upon a participant’s termination
of employment. 

  

	 	(b)	 Adjustment of Shares. In the event of a reorganization, recapitalization, reclassification, stock split
or reverse stock split, stock dividend, extraordinary cash dividend, combination or exchange of shares, repurchase of shares, merger, consolidation, rights offering, spin off, split off, split up, change in corporate structure, or other event
identified by the Committee, the Committee shall make such equitable adjustments, in a manner it may deem appropriate, in (i) the number and kind of shares authorized for issuance under the Plan, (ii) the number and kind of shares subject
to outstanding Incentives, (iii) the option price of Stock Options, (iv) the grant price of Stock Appreciation Rights; and (v) the terms and conditions of any outstanding Incentives (including, without limitation, any applicable
performance targets or criteria with respect thereto). Any such determination shall be final, binding and conclusive on all parties. 

  

	8.	 STOCK OPTIONS 

The Committee may grant options qualifying as ISOs and Nonqualified Options. Such Stock Options shall be subject to the following terms and conditions and such
other terms and conditions as the Committee may prescribe: 
  

	 	(a)	 Stock Option Price. The option price per share with respect to each Stock Option shall be determined by
the Committee, but shall not be less than 100 percent of the Fair Market Value of the Common Stock on the date the Stock Option is granted other than Stock Options that are Substitute Incentives, as determined by the Committee. Notwithstanding
the foregoing, a Ten Percent Stockholder will not be granted an ISO unless the exercise price of the ISO is at least 110 percent of the Fair Market Value of the Common Stock on the date the ISO is granted. 

  
 8 

	 	(b)	 Period of Stock Option. The period of each Stock Option shall be fixed by the Committee, provided that
the period for all Stock Options shall not exceed ten years from the grant, provided further, however, that, (i) in the event of the death of an Optionee prior to the expiration of a Nonqualified Option, such Nonqualified Option may, if the
Committee so determines, be exercisable for up to 11 years from the date of the grant, (ii) the Committee may provide in a grant agreement that the term of any Stock Option shall be extended during any period that such Stock Option may not be
exercised under any applicable law or during an applicable blackout period, and (iii) an ISO granted to a Ten Percent Stockholder will not be exercisable after the expiration of five years from the date of grant. The Committee may, subsequent
to the granting of any Stock Option, extend the term thereof, but in no event shall the extended term exceed ten years from the original grant date (11 in case of a grantee’s death). 

 

	 	(c)	 Exercise of Stock Option and Payment Therefore. No shares shall be issued until full payment of the
option price has been made. The option price may be paid in cash or, if the Committee determines, in shares of Common Stock (by tendering previously acquired Shares, either actually or by attestation, or by the Company withholding shares otherwise
issuable in connection with the exercise of the Option), a combination of cash and shares of Common Stock, or through a cashless exercise procedure that allows grantees to sell immediately some or all of the shares underlying the exercised portion
of the Option in order to generate sufficient cash to pay the option price. If the Committee approves the use of shares of Common Stock as a payment method, the Committee shall establish such conditions as it deems appropriate for the use of Common
Stock to exercise a Stock Option. Stock Options awarded under the Plan shall be exercised through such procedure or program as the Committee may establish or define from time to time, which may include a designated broker that must be used in
exercising such Stock Options. 

  

	 	(d)	 First Exercisable Date. The Committee shall determine how and when shares covered by a Stock Option may
be purchased. The Committee may establish waiting periods, the dates on which Stock Options become exercisable or non-forfeitable and, subject to paragraph (b) of this section, exercise periods. The
Committee may accelerate the exercisability of any Stock Option or portion thereof. 

  

	 	(e)	 Termination of Employment. Unless determined otherwise by the Committee, upon the termination of a Stock
Option grantee’s employment (for any reason other than gross misconduct), Stock Option privileges shall be limited to the shares that were immediately exercisable at the date of such termination. The Committee, however, in its discretion, may
provide that any Stock Options outstanding but not yet exercisable upon the termination of a Stock Option grantee’s employment may become exercisable in accordance with a schedule determined by the Committee. Such Stock Option privileges shall
expire unless exercised within such period of time after the date of termination of employment as may be established by the Committee, but in no event later than the expiration date of the Stock Option. 

  
 9 

	 	(f)	 Termination Due to Misconduct. If a Stock Option grantee’s employment is terminated for gross
misconduct, as determined by the Company, all rights under the Stock Option shall expire upon the date of such termination. 

  

	 	(g)	 Limits on ISOs. Except as may otherwise be permitted by the Code, an Eligible Employee may not receive a
grant of ISOs for stock that would have an aggregate Fair Market Value in excess of $100,000 (or such other amount as the Internal Revenue Service may decide from time to time), determined as of the time that the ISO is granted, that would be
exercisable for the first time by such person during any calendar year. If any grant is made in excess of the limits provided in the Code, such grant shall automatically become a Nonqualified Option. In addition, ISOs may only be granted to
Employees of the Company and its subsidiaries. 

  

	 	(h)	 Dividends. Anything in the Plan to the contrary notwithstanding, no dividends or dividend equivalents
may be paid on Stock Options. 

  

	9.	 STOCK APPRECIATION RIGHTS 

The Committee may, in its discretion, grant a Stock Appreciation Right either singly or in combination with an underlying Stock Option granted hereunder. Such
Stock Appreciation Right shall be subject to the following terms and conditions and such other terms and conditions as the Committee may prescribe: 
  

	 	(a)	 Time and Period of Grant. If a Stock Appreciation Right is granted as a Tandem SAR, it may be granted at
the time of the Stock Option grant or at any time thereafter but prior to the expiration of the Stock Option grant. At the time the Tandem SAR is granted the Committee may limit the exercise period for such Stock Appreciation Right, before and after
which period no Stock Appreciation Right shall attach to the underlying Stock Option. In no event shall the exercise period for a Tandem SAR exceed the exercise period for such Stock Option. If a Stock Appreciation Right is granted as a Stand Alone
SAR the period for exercise of the Stock Appreciation Right shall be set by the Committee. The maximum term of a Stand Alone SAR shall not exceed ten years from the grant, provided further, however, that, in the event of the death of the grantee
prior to the expiration of such Stand Alone SAR, such Stand Alone SAR may, if the Committee so determines, be exercisable for up to eleven years from the date of the grant and the Committee may provide in a grant agreement that the term of any Stock
Option shall be extended during any period that such Stock Option may not be exercised under any applicable law or during an applicable blackout period. 

  

	 	(b)	 Value of Stock Appreciation Right. The grantee of a Tandem SAR will be entitled to surrender the Stock
Option which is then exercisable and receive in exchange therefore an amount equal to the excess of the Fair Market Value of the Common Stock on the date the election to surrender is received by the Company in accordance with exercise procedures
established by the Company over the Stock Option price (the “Spread”) multiplied by the number of shares covered by the Stock Option which is surrendered. The grantee of a Stand Alone SAR will receive upon exercise of the Stock
Appreciation Right an amount equal to the excess of the 

  
 10 

	 	
Fair Market Value of the Common Stock on the date the election to surrender such Stand Alone SAR is received by the Company in accordance with exercise procedures established by the Company over
the Fair Market Value of the Common Stock on the date of grant multiplied by the portion being exercised of the number of shares covered by the grant of the Stand Alone SAR. Notwithstanding the foregoing, in its sole discretion the Committee at the
time it grants a Stock Appreciation Right may provide that the Spread covered by such Stock Appreciation Right may not exceed a specified amount. 

  

	 	(c)	 Payment of Stock Appreciation Right. Payment of a Stock Appreciation Right shall be in the form of
shares of Common Stock, cash or any combination of shares and cash. The form of payment upon exercise of such a right shall be determined by the Committee either at the time of grant of the Stock Appreciation Right or at the time of exercise of the
Stock Appreciation Right. 

  

	 	(d)	 Dividends. Anything in the Plan to the contrary notwithstanding, no dividends or dividend equivalents
may be paid on Stock Appreciation Rights. 

  

	 	(e)	 Termination of Employment. Unless determined otherwise by the Committee, upon the termination of a Stock
Appreciation Right grantee’s employment (for any reason other than gross misconduct), Stock Appreciation Right privileges shall be limited to the shares that were immediately exercisable at the date of such termination. The Committee, however,
in its discretion, may provide that any Stand Alone Stock Appreciation Right outstanding but not yet exercisable upon the termination of a Stock Appreciation Right grantee’s employment may become exercisable in accordance with a schedule
determined by the Committee. Such privileges shall expire unless exercised within such period of time after the date of termination of employment as may be established by the Committee, but in no event later than the expiration date of the Stock
Appreciation Right. 

  

	 	(f)	 Termination Due to Misconduct. If a Stock Appreciation Right grantee’s employment is terminated for
gross misconduct, as determined by the Company, all rights under the Stock Appreciation Right shall expire upon the date of such termination. 

  

	10.	 PERFORMANCE AWARDS 

The Committee may grant Performance Awards, including Performance Shares or Performance Units, if the performance of the Company or its parent or any
subsidiary, division, business unit, affiliate or joint venture of the Company selected by the Committee during the Award Period meets certain goals established by the Committee. Performance Awards shall be subject to the following terms and
conditions and such other terms and conditions as the Committee may prescribe: 
  

	 	(a)	 Award Period and Performance Goals. The Committee shall determine and include in the terms and
conditions of a Performance Award the period of time for which a Performance Award is made (“Award Period”). The Committee also shall establish performance objectives (“Performance Goals”) to be met by the Company,
its subsidiary, division, business unit, affiliate or joint venture of the Company during the Award Period as a condition to payment of the Performance Award. The Performance Goals may include minimum and optimum objectives or a single set of
objectives, may be applied to either the Company as a whole or to a subsidiary, division, business unit, affiliate or joint venture, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period
of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee. 

 

	 	(b)	 Payment of Performance Awards. The Committee shall establish the method of calculating the amount of
payment to be made under a Performance Award if the Performance Goals are met, including the fixing of a maximum payment. After the completion of an Award Period, the performance of the Company, its subsidiary, division, business unit, affiliate or
joint venture of the Company shall be measured against the Performance Goals, and the Committee shall determine, 

  
 11 

	 	
in accordance with the terms of such Performance Award, whether all, none or any portion of a Performance Award shall be paid. The Committee, in its discretion, may elect to make payment in
shares of Common Stock, cash or a combination of shares and cash. Any cash payment of an award measured relative to Common Stock shall be based on the Fair Market Value of shares of Common Stock on, or as soon as practicable prior to, the date of
payment. The Committee may establish rules and procedures to permit a grantee to defer recognition of income upon the attainment of a Performance Award. 

  

	 	(c)	 Revision of Performance Goals. The Committee may revise the Performance Goals and the computation of
payment if one or more events occur which have a substantial effect on the performance of the Company, subsidiary, division, affiliate or joint venture of the Company and which, in the judgment of the Committee, make the application of the
Performance Goals unfair unless a revision is made, including without limitation, to reflect losses from discontinued operations, extraordinary, unusual or nonrecurring gains and losses, the cumulative effect of accounting changes, acquisitions or
divestitures, structural changes/outsourcing, foreign exchange impacts, the impact of specified corporate transactions, accounting or tax law changes and other extraordinary or nonrecurring events. 

 

	 	(d)	 Requirement of Employment. Except as otherwise provided in the grant agreement evidencing the Incentive,
a grantee of a Performance Award must remain in the employ of the Company, its subsidiary, affiliate or joint venture until the completion of the Award Period in order to be entitled to payment under the Performance Award; provided that the
Committee may, in its discretion, provide for a full or partial payment where such an exception is deemed equitable. 

  

	 	(e)	 Dividends. The Committee may, in its discretion, at the time of the Performance Award grant, determine
if any dividends declared on the Common Stock during the Award Period which would have been paid with respect to Performance Shares had they been owned by a grantee or dividend equivalents be either (i) accumulated for the benefit of the
grantee and used to increase the number of Performance Shares of the grantee, or paid as cash, at the end of the Award Period or (ii) not paid or accumulated. Notwithstanding anything to the contrary, such dividends or dividend equivalents
shall only be payable following the end of the Performance Period to the extent that the Performance Shares have been earned. 

  

	11.	 RESTRICTED STOCK GRANTS 

The Committee may grant Restricted Stock or Restricted Stock Units to an Eligible Employee, which shall be subject to the following terms and conditions and
such other terms and conditions as the Committee may prescribe (“Restricted Stock Grants”). Such grants shall not be free from restriction during the period designated by the Committee (the “Restricted Period”).

  
 12 

	 	(a)	 Requirement of Employment. A grantee of a Restricted Stock Grant must remain in the employment of the
Company during the Restricted Period in order to receive the shares, cash or combination thereof under the Restricted Stock Grant. Except as otherwise provided in the grant agreement evidencing the Incentive, if the grantee leaves the employment of
the Company prior to the end of the Restricted Period, the Restricted Stock Grant shall terminate and any shares of Common Stock shall be returned immediately to the Company, provided that the Committee may provide for the employment restriction to
lapse with respect to a portion or portions of the Restricted Stock Grant at different times during the Restricted Period. The Committee may, in its discretion, also provide for such complete or partial exceptions to the employment restriction as it
deems equitable. 

  

	 	(b)	 Restrictions on Transfer and Legend on Stock Certificates. During the Restricted Period, the grantee may
not sell, assign, transfer, pledge or otherwise dispose of the Restricted Stock Grant, including but not limited to any shares of Common Stock. Any certificate for shares of Common Stock issued hereunder shall contain a legend giving appropriate
notice of the restrictions in the grant. 

  

	 	(c)	 Escrow Agreement. The Committee may require the grantee to enter into an escrow agreement providing that
any certificates representing the Restricted Stock Grant will remain in the physical custody of an escrow holder until all restrictions are removed or expire. 

 

	 	(d)	 Lapse of Restrictions. All restrictions imposed under the Restricted Stock Grant shall lapse upon the
expiration of the Restricted Period if the conditions as to employment set forth above have been met. The grantee shall then be entitled to have the legend removed from any certificates for Restricted Stock. Restricted Stock Units may be paid in the
form of shares of Common Stock, cash or any combination of shares and cash as determined by the Committee. The Committee may establish rules and procedures to permit a grantee to defer recognition of income upon the expiration of the Restricted
Period. 

  

	 	(e)	 Dividends. The Committee may, in its discretion, at the time of the Restricted Stock Grant, provide that
any dividends declared on Common Stock during the Restricted Period or dividend equivalents be (i) accumulated for the benefit of the grantee and used to increase the number of shares of Common Stock subject to the Restricted Stock Grant, or
paid as cash, to the grantee at the expiration of the Restricted Period or (ii) not accumulated. Notwithstanding anything to the contrary, such dividends or dividend equivalents shall only be payable following the expiration of the Restricted
Period to the extent that the Restricted Stock Grant has been earned. 

  

	12.	 OTHER SHARE-BASED AWARDS 

The Committee may grant a Share Award or Phantom Stock Award to any Eligible Employee on such terms and conditions as the Committee may determine in its sole
discretion. Share Awards may be made as additional compensation for services rendered by the Eligible Employee or may be in lieu of cash or other compensation to which the Eligible Employee is entitled from the Company. The Committee may, in its
discretion, at the time a Share Award or Phantom Award is granted, provide that any dividends declared on Common Stock during the applicable Restricted Period or dividend equivalents be (i) accumulated for the benefit of the grantee and

  
 13 

 
used to increase the number of shares of Common Stock subject to the applicable Share Award or Phantom Award, or paid as cash, to the grantee at the expiration of the Restricted Period or
(ii) not accumulated. Notwithstanding anything to the contrary, such dividends or dividend equivalents shall only be payable to the extent that the applicable Share Award or Phantom Award has been earned. 

 

	13.	 CASH AWARDS 

The Committee may grant a Cash Award to any Eligible Employee on such terms and conditions as the Committee may determine in its sole discretion. Cash Awards
may be made as additional compensation for services rendered by the Eligible Employee or may be in lieu other compensation to which the Eligible Employee is entitled from the Company. A Cash Award may or may not be subject to vesting conditions,
including performance-based vesting conditions consistent with other forms of Performance Awards. 
  

	14.	 TRANSFERABILITY 

Each Stock Option and Stock Appreciation Right granted under the Plan shall not be transferable other than by will or the laws of descent and distribution;
each other Incentive granted under the Plan will not be transferable or assignable by the recipient, and may not be made subject to execution, attachment or similar procedures, other than by will or the laws of descent and distribution or as
determined by the Committee in accordance with the Exchange Act or any other applicable law or regulation. Notwithstanding the foregoing, the Committee, in its discretion, may adopt rules permitting the transfer, solely as gifts during the
grantee’s lifetime, of Stock Options (other than ISOs) and Stock Appreciation Right to members of a grantee’s immediate family or to trusts, family partnerships or similar entities for the benefit of such immediate family members. For this
purpose, immediate family member means the grantee’s spouse, parent, child, stepchild, grandchild and the spouses of such family members. The terms of a Stock Option and Stock Appreciation Right shall be final, binding and conclusive upon the
beneficiaries, executors, administrators, heirs and successors of the grantee. 
  

	15.	 DISCONTINUANCE OR AMENDMENT OF THE PLAN 

The Board of Directors may discontinue the Plan at any time and may from time to time amend or revise the terms of the Plan as permitted by applicable
statutes, except that it may not, without the consent of the grantees affected, revoke or alter, in a manner that is materially unfavorable to the grantees of any Incentives hereunder, any Incentives then outstanding, nor may the Board of Directors
amend the Plan without stockholder approval where the absence of such approval would cause the Plan to fail to comply with any requirement of applicable law or regulation or the listing requirements of any national securities exchange or association
on which the Common Stock is then listed. Notwithstanding the foregoing, without consent of affected grantees, Incentives may be amended, revised or revoked when necessary to avoid penalties under Section 409A of the Code, to ensure compliance
with the listing requirements any national securities exchange or association on which the Common Stock is then listed, or as may be required or appropriate to comply with changes in applicable laws and regulations. Unless approved by the
Company’s stockholders or as otherwise specifically provided under this Plan, no adjustments or reduction of the exercise price of any outstanding Stock Appreciation Rights or Stock Options 

  
 14 

 
shall be made in the event of a decline in stock price, either by reducing the exercise price of outstanding Incentives or through cancellation of outstanding Incentives in connection with
regranting of Incentives at a lower price to the same individual, nor may Stock Appreciation Rights or Stock Options be cancelled in exchange for a cash payment to account for a decline in stock price. 

 

	16.	 NO LIMITATION ON COMPENSATION 

Nothing in the Plan shall be construed to limit the right of the Company to establish other plans or to pay compensation to its service providers, in cash or
property, in a manner which is not expressly authorized under the Plan. 
  

	17.	 NO CONSTRAINT ON CORPORATE ACTION 

Nothing in the Plan shall be construed (i) to limit, impair or otherwise affect the Company’s right or power to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell or transfer all or any part of its business or assets, or (ii) except as provided in Section 15, to limit the right
or power of the Company, or any subsidiary, affiliate or joint venture to take any action which such entity deems to be necessary or appropriate. 
  

	18.	 WITHHOLDING TAXES 

The Company shall be entitled to deduct from any payment under the Plan, regardless of the form of such payment, the amount of all applicable income, excise
and employment taxes required or permitted by law to be withheld with respect to such payment or may require the Eligible Employee to pay to it such tax prior to and as a condition of the making of such payment. In accordance with any applicable
administrative guidelines it establishes, the Committee may allow an Eligible Employee to pay the amount of taxes required by law to be withheld from an Incentive by withholding from any payment of Common Stock due as a result of such Incentive, or
by permitting the Eligible Employee to deliver to the Company, shares of Common Stock having a Fair Market Value, as determined by the Committee, equal to the amount of such required or permitted withholding taxes. 

 

	19.	 COMPLIANCE WITH SECTION 16 OF THE EXCHANGE ACT 

With respect to Eligible Employees who are Section 16 Officers, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successor under the Exchange Act. To the extent that compliance with any Plan provision applicable solely to the Section 16 Officers is not required in order to bring a transaction by such
Section 16 Officer into compliance with Rule 16b-3, it shall be deemed null and void as to such transaction, to the extent permitted by law and deemed advisable by the Committee and its delegees. To the
extent any provision of the Plan or action by the Plan administrators involving such Section 16 Officers is deemed not to comply with an applicable condition of Rule 16b-3, it shall be deemed null and
void as to such Section 16 Officers, to the extent permitted by law and deemed advisable by the Plan administrators. 

  
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	20.	 COMPLIANCE WITH SECTION 409A OF THE CODE 

To the extent applicable, to the extent an Incentive is granted to an Eligible Employee subject to the Code, it is intended that such Incentive be exempt from
Section 409A of the Code or be structured in a manner that would not cause the Eligible Employee to be subject to taxes and interest pursuant to Section 409A of the Code. Notwithstanding anything to the contrary in the Plan (and unless the
award document specifically provides otherwise), if an Eligible Employee holding an Incentive that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of
Section 409A of the Code and the Eligible Employee is otherwise subject to Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of
the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Eligible Employee’s “separation from service” or, if earlier, the date of the Eligible
Employee’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the
balance paid thereafter on the original schedule. 
  

	21.	 USE OF PROCEEDS 

Any proceeds received by the Company under the Plan shall be added to the general funds of the Company and shall be used for such corporate purposes as the
Board of Directors shall direct. 
  

	22.	 GOVERNING LAW 

The Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Delaware without giving effect to the
principles of conflicts of laws. Unless otherwise set forth in the applicable grant agreement, the State and Federal courts located in the State of Delaware shall have exclusive jurisdiction for any action brought under the Plan or pursuant to any
Incentive. 
  

	23.	 REGISTRATION AND APPROVALS 

The obligation of the Company to sell or deliver shares of Common Stock with respect to Incentives granted under the Plan shall be subject to all applicable
laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. Each Incentive is subject to the
requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of shares of Common Stock issuable pursuant to the Plan is required by any securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Incentive or the issuance of shares of Common Stock, no Incentives shall be granted or
payment made or shares of Common Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions as acceptable to the Committee. Notwithstanding anything
contained in the Plan, the terms and conditions related to the Incentive, or any other agreement to the contrary, in the event that the disposition of shares of Common Stock acquired pursuant to the Plan is not covered by a then current registration
statement under the Securities Act, and is not otherwise exempt from such registration, such shares of Common Stock shall be restricted against transfer to the extent required by the Securities Act and Rule 144 or other

  
 16 

 
regulations thereunder. The Committee may require any individual receiving shares of Common Stock pursuant to an Incentive granted under the Plan, as a condition precedent to receipt of such
shares of Common Stock, to represent and warrant to the Company in writing that the shares of Common Stock acquired by such individual are acquired without a view to any distribution thereof and will not be sold or transferred other than pursuant to
an effective registration thereof under said Act or pursuant to an exemption applicable under the Securities Act or the rules and regulations promulgated thereunder. The certificates evidencing any of such shares of Common Stock shall be
appropriately amended or have an appropriate legend placed thereon to reflect their status as restricted securities as aforesaid. 
  

	24.	 OFFSET AND SUSPENSION OF EXERCISE 

Anything to the contrary in the Plan notwithstanding, the Plan administrators may (i) offset any Incentive by amounts reasonably believed to be owed to
the Company by the grantee and (ii) disallow an Incentive to be exercised or otherwise payable during a time when the Company is investigating reasonably reliable allegations of gross misconduct by the grantee. 

 

	25.	 EFFECT OF A CHANGE IN CONTROL 

The following provisions will apply to Incentives in the event of a Change in Control unless otherwise provided in the grant agreement evidencing the Incentive
or any other written agreement between the Company or any affiliate and the Eligible Employee or unless otherwise expressly provided by the Committee at the time of grant of an Incentive. In the event of a Change in Control, then, notwithstanding
any other provision of this Plan, the Committee will take one or more of the following actions with respect to each outstanding Incentive, contingent upon the closing or completion of the Change in Control: 

 

	 	(a)	 arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) to assume or continue the Incentive or to substitute a similar award for the Incentive (including, but not limited to, an award to acquire the same consideration per share paid to the stockholders of the Company
pursuant to the Change in Control); 

  

	 	(b)	 accelerate the vesting, in whole or in part, of the Incentive (and, if applicable, the time at which the
Incentive may be exercised) to a date prior to the effective time of such Change in Control as the Committee determines, with such Incentive terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and
with such exercise reversed if the Change in Control does not become effective; 

  

	 	(c)	 cancel or arrange for the cancellation of the Incentive, to the extent not vested or not exercised prior to the
effective time of the Change in Control, in exchange for such cash consideration, if any, as the Committee, in its reasonable determination, may consider appropriate as an approximation of the value of the canceled Incentive, taking into account the
value of the Common Stock subject to the canceled Incentive, the possibility that the Incentive might not otherwise vest in full, and such other factors as the Committee deems relevant; and 

  
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	 	(d)	 cancel or arrange for the cancellation of the Incentive, to the extent not vested or not exercised prior to the
effective time of the Change in Control, in exchange for a payment, in such form as may be determined by the Committee equal to the excess, if any, of (A) the value in the Change in Control of the property the Eligible Employee would have
received upon the exercise of the Incentive immediately prior to the effective time of the Change in Control, over (B) any exercise price payable by such holder in connection with such exercise 

The Committee need not take the same action or actions with respect to all Incentives or portions thereof or with respect to all Participants.
The Committee may take different actions with respect to the vested and unvested portions of an Incentive. 
 In the absence of any
affirmative determination by the Committee at the time of a Change in Control, each outstanding Incentive will be assumed or an equivalent award will be substituted by such successor corporation or a parent or subsidiary of such successor
corporation (the “Successor Corporation”), unless the Successor Corporation does not agree to assume the Incentive or to substitute an equivalent award, in which case the vesting of such Incentive will accelerate in its entirety
(along with, if applicable, the time at which the Incentive may be exercised) to a date prior to the effective time of such Change in Control as the Committee determines, with such Incentive terminating if not exercised (if applicable) at or prior
to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective. 
 An
Incentive may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the grant agreement evidencing the Incentive or as may be provided in any other written agreement between the
Company or any affiliate and the Eligible Employee, but in the absence of such provision, no such acceleration will occur. 
  

	26.	 CLAWBACK, RECOUPMENT 

The Committee may specify in a grant agreement evidencing an Incentive that the Eligible Employee’s right, payment and benefits with respect to an
Incentive shall be subject to reduction, cancellation, forfeiture, clawback or recoupment upon the occurrence of certain specified events or as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law, in
addition to any otherwise applicable forfeiture provisions that apply to the Incentive. Without limiting the generality of the foregoing, any Incentive under the Plan shall be subject to the terms of any clawback policy maintained by the Company or
as required by law, as it may be amended from time to time. 

  
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