Document:

EX-10.1

Exhibit 10.1

AMENDMENT NO. 1 TO NOTE AND WARRANT PURCHASE AGREEMENT

This AMENDMENT NO. 1 TO NOTE AND WARRANT PURCHASE AGREEMENT dated as of August 31, 2005 (this
“Amendment”) is made and entered into by and among Verticalnet, Inc., a Pennsylvania
corporation (the “Company”), and the Purchasers (as defined in the Purchase Agreement).

BACKGROUND

WHEREAS, the Company and the Purchasers are parties to that certain Note and Warrant Purchase
Agreement dated as of August 16, 2005, by and among the Company and the Purchasers (the
“Purchase Agreement”), pursuant to which: (i) the Company issued and sold to the
Purchasers, and the Purchasers purchased from the Company, Senior Secured Convertible Promissory
Notes due July 2, 2007 (the “Notes”) in the aggregate principal amount of Six Million Six
Hundred Thousand Dollars ($6,600,000); and (ii) the Company issued warrants to the Purchasers (the
“Warrants”); and

WHEREAS, the Company and the Purchasers desire to amend the Purchase Agreement as set forth in
this Amendment.

NOW, THEREFORE, the parties hereto agree as follows:

AGREEMENT

1. Section 3.8 of the Purchase Agreement shall be amended and restated in its entirety as
follows:

“Section 3.8 Stockholder Approval. The Company covenants and agrees to
use its reasonable best efforts to obtain the approval of its stockholders
(“Stockholder Approval”) at its next annual meeting of stockholders to
authorize the issuance of shares of Common Stock upon conversion of the Notes in
excess of 19.99% of the number of shares of Common Stock outstanding immediately
prior to the Closing Date, which is 9,468,758 shares of Common Stock (the
“Issuable Maximum”). The Company shall not issue any shares of Common Stock
or any securities exercisable, convertible or exchangeable for shares of Common
Stock at a price per share below the Conversion Price (as defined in the Notes)
until the date of the first stockholder’s meeting in which the Company shall seek
the approval of the stockholders to issue shares of Common Stock in connection with
a conversion of the Notes in excess of 19.99% (the “First Stockholder’s
Meeting”) except for shares of Common Stock or options to purchase shares of
Common Stock granted or issued pursuant to the Company’s stock option plans and
employee stock purchase plans as they now exist. Upon the Company’s receipt of
Stockholder Approval, the Company shall only be obligated to issue shares of Common
Stock in excess of the Issuable Maximum upon the approval of the Nasdaq SmallCap
Market. The Company agrees that all of the officers and directors of the Company
that hold shares of Common Stock shall vote in favor of the issuance of shares of
Common Stock in excess of the Issuable Maximum. If Stockholder Approval is not
obtained at the First Stockholder’s Meeting, so long as any of the Notes remain
outstanding the Company shall cause a stockholder’s meeting to be held every six
months thereafter until Stockholder Approval is obtained.”

2. The Purchase Agreement shall remain in full force and effect in all respects except as
modified by this Amendment.

3. This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one and the same instrument and shall become effective when counterparts have been
signed by each party and delivered to the other parties hereto, it being understood that all
parties need not sign the same counterpart.

4. This Amendment shall be governed by and construed in accordance with the internal laws of
the State of New York, without giving effect to any of the conflicts of law principles which would
result in the application of the substantive law of another jurisdiction. This Amendment shall not
be interpreted or construed with any presumption against the party causing this Amendment to be
drafted.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Note and Warrant
Purchase Agreement to be duly executed by their respective authorized officers as of the date first
above written.

VERTICALNET, INC.

By: /s/ Christopher G. Kuhn     

Name: Christopher G. Kuhn

Title: Vice President and General Counsel

2

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Iroquois Master Fund, Ltd._

Please print purchaser name

By:     /s/ Joshua Silverman      Name: Joshua Silverman

Title: Authorized Signatory

3

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Alpha Capital AG     

Please print purchaser name

By: /s/ Konrad Ackerman     

Name: Konrad Ackermann

Title: Director

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: JGB Capital LP     

Please print purchaser name

By:     /s/ Brett Cohen      Name: Brett Cohen

Title: President, JGB Management Inc., as General Partner

4

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Harborview Master Fund LP     

Please print purchaser name

By:     /s/ Jonno Elliott      Name: Navigator Management Ltd.

Title: Authorized Signatory

5

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Portside Growth and Opportunity Fund_

Please print purchaser name

By:     /s/ Jeffrey Solomon      Name: Jeffrey Solomon

Title: Managing Partner

6

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Smithfield Fiduciary LLC_

Please print purchaser name

By:     /s/ Scott M. Wallace       Name: Scott M. Wallace

Title: Authorized Signatory

7

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Bristol Investment Fund, Ltd.

Please print purchaser name

By:     /s/ Paul Kessler       Name: Paul Kessler

Title: Director

8

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Nite Capital LP_

Please print purchaser name

By:     /s/ Keith A. Goodman      Name: Keith A. Goodman

Title: Manager of the General Partner

9

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Castle Creek Technology Partners LLC_

Please print purchaser name

By:     /s/ Stephen D. Friend      Name: Stephen D. Friend

Title: Managing Director of the Investment Manager

10

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER:DKR Soundshore Oasis Holding Fund Ltd. Please print purchaser name

By:     /s/ Brad Caswell      Name: Brad Caswell

Title: Director

11

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: CAMOFI Master LDC      Please print purchaser name

By:     /s/ Jeffrey M. Haas      Name: Jeffrey M. Haas

Title: Authorized Signatory

12

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Whalehaven Capital Fund Limited      Please print purchaser name

By:     /s/ Jennifer M. Kelly      Name: Jennifer M. Kelly

Title: Director

13

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO

NOTE AND WARRANT PURCHASE AGREEMENT]

PURCHASER: Platinum Long term Growth I, LLC      Please print purchaser name

By:     /s/ Mark Nordlicht     Name: Mark Nordlicht

Title: Managing Member

14EX-10.1

Exhibit 10.1

HILLENBRAND INDUSTRIES, INC.

(the “Company”)

CORPORATE GOVERNANCE STANDARDS

FOR

BOARD OF DIRECTORS

(As approved by Board of Directors on September 1, 2005)

The following corporate governance standards established by the Board of Directors provide a
structure within which directors and management can effectively pursue the Company’s objectives for
the benefit of its shareholders and other constituencies. The Company’s business is managed under
the direction of the Board, but the conduct of the Company’s business has been delegated by the
Board to the Company’s senior management team.

1. The Board will consider all major decisions of the Company. However, the Board has
established the following standing Committees so that certain important areas can be addressed in
more depth than may be possible in a full Board meeting: Audit Committee, Nominating/Corporate
Governance Committee, Compensation and Management Development Committee and Finance Committee.
Each standing Committee has a specific written charter that has been approved by the Board.

2. At all times, at least a majority of the directors of the Company shall be independent, as
determined pursuant to numbered paragraph 3 below.

3. The Board, after receiving a recommendation from the Nominating/Corporate Governance
Committee, must determine annually, based on a consideration of all relevant facts and
circumstances, whether each director is independent. A director does not qualify as independent
unless the Board has affirmatively determined that the director has no material relationship with
the Company1 (either directly or as a partner, shareholder or officer of an organization
that has a relationship with the Company). In assessing the materiality of a director’s
relationship with the Company and each director’s independence, the Board shall consider the issue
of materiality not only from the standpoint of the director but also from that of the persons or
organizations with which the director has an affiliation and shall consider whether the
relationship represents a potential conflict of interest or otherwise interferes with the
director’s exercise of his or her independent judgment from management and the Company. Material
relationships can include, among others, commercial, industrial, banking, consulting, legal,
accounting, charitable and familial relationships. In assessing a director’s independence, the
Board shall also consider the director’s ownership, or affiliation with the owner, of less than a
controlling amount of voting securities of the Company. The basis for the Board’s determination
that a relationship is not material shall be disclosed in the Company’s annual proxy statement.

Further, the Board cannot conclude that a director is independent if:

	 	•	 	The director is, or has been within the last three years, an employee of the
Company, or an immediate family member2 of the director is, or has been
within the last three years, an executive officer of the Company. Employment as an
interim Chairman or CEO or other executive officer shall not disqualify a director from
being considered independent following that employment.

	 	•	 	The director has received, or has an immediate family member who has received,
during any twelve-month period within the last three years, more than $100,000 per year
in direct compensation from the Company, other than director and committee fees and
pension or other forms of deferred compensation for prior service (provided such
compensation is not contingent in any way on continued service). Compensation received
by a director for former service as an interim Chairman or CEO or other executive
officer need not be considered in determining independence under this test.
Compensation received by an immediate family member for service as an employee of the
Company (other than an executive officer) need not be considered in determining
independence under this test.

	 	•	 	(A) The director or an immediate family member of the director is a current partner
of a firm that is the Company’s internal or external auditor; (B) the director is a
current employee of such a firm; (C) the director has an immediate family member who is
a current employee of such a firm and who participates in the firm’s audit, assurance
or tax compliance (but not tax planning) practice; or (D) the director or an immediate
family member was within the last three years (but is no longer) a partner or employee
of such a firm and personally worked on the Company’s audit within that time.

	 	•	 	The director or an immediate family member of the director is, or has been within
the last three years, employed as an executive officer of another company where any of
the Company’s present executives at the same time serves or served on that company’s
compensation committee.

	 	•	 	The director is a current employee, or an immediate family member of the director is
a current executive officer, of a company that has made payments to, or received
payments from, the Company for property or services in an amount which, in any of the
last three fiscal years, exceeds the greater of $1 million, or 2% of such other
company’s consolidated gross revenues. The look-back provision for this test applies
solely to the financial relationship between the Company and the director or immediate
family member’s current employer; the Board need not consider former employment of the
director or immediate family member. Contributions to tax exempt organizations shall
not be considered “payments” for purposes of this provision, but the Company shall
disclose in its annual proxy statement any such contributions made by the Company to
any tax exempt organization in which any independent director serves as an executive
officer if, within the preceding three years, contributions in any single fiscal year
exceeded the greater of $1 million, or 2% of such tax exempt organization’s
consolidated gross revenues. In addition, the Board must consider the materiality of
any such relationship in making its determination of independence.

	 	•	 	A director who owns, or is affiliated with the owner, of a controlling amount of
voting stock of the Company may not be considered independent.

The disqualification of one director from being independent pursuant to these provisions shall not
automatically disqualify any other director on the Board who is an immediate family member of such
disqualified director but the disqualification of an immediate family member shall be one of the
facts and circumstances considered by the Board in assessing such other director’s independence.

Moreover, the Board discourages the following types of transactions with or on behalf of
non-officer directors:

	 	•	 	the making of substantial charitable contributions to any organization in
which a director is affiliated;

	 	•	 	the entering into of consulting contracts with (or providing other indirect
forms of compensation to) directors; or

	 	•	 	the entering into of other compensatory arrangements with directors that may
raise questions about their independence.

4. The Audit Committee, the Nominating/Corporate Governance Committee and the Compensation and
Management Development Committee of the Board will consist entirely of independent directors.

5. Each member of the Board will act in accordance with the criteria for selection and
discharge the responsibilities set forth in the Position Specifications3 for a director
of the Company.

6. In addition to evaluations to be performed by the Compensation and Management Development
Committee, the Board will evaluate the performance of the Company’s Chief Executive Officer and
certain other senior management positions at least annually in meetings of independent directors
that are not attended by the Chief Executive Officer. As a general rule, the Chief Executive
Officer should not also hold the position of Chairman of the Board. However, if, with the Board’s
approval, the Chief Executive Officer also holds the position of Chairman of the Board, the Board
will elect a non-executive Vice Chairman (or a non-executive director who is the Lead Director).
The Vice Chairman or Lead Director will preside at meetings to evaluate the performance of the
Chief Executive Officer.

7. Every year the Board will engage management in a discussion of the Company’s strategic
direction and, based on that discussion, set the Company’s strategic direction and review and
approve a three-year strategic framework and a one-year business plan.

8. On an ongoing basis during each year, the Board will monitor the Company’s performance
against its annual business plan and against the performance of its peers. In this connection, the
Board will assess the impact of emerging political, regulatory and economic trends and developments
on the Company. The Board will hold periodic meetings devoted primarily to the review of the
Company’s strategic plan and business plan and its performance against them.

9. The Nominating/Corporate Governance Committee will annually assess the Board’s
effectiveness as a whole as well as the effectiveness of the individual directors and the Board’s
various Committees, including a review of the mix of skills, core competencies and qualifications
(including independence under applicable standards) of members of the Board and its various
committees, which should reflect expertise in one or more of the following areas: accounting and
finance, healthcare, international business, mergers and acquisitions, leadership, business and
management, strategic planning, government relations, investor relations, executive leadership
development, and executive compensation. In order to make these assessments, the
Nominating/Corporate Governance Committee shall solicit annually the opinions of each director
regarding the foregoing matters. The Nominating/Corporate Governance Committee shall present its
findings and recommendations to the Board of Directors for appropriate corrective action by the
Board. Ineffective directors shall be replaced as promptly as practicable and inefficient
Committees of the Board shall be restructured or eliminated promptly.

10. Directors are expected to own shares of common stock of the Company. The Board of
Directors may from time to time adopt, revise or terminate director stock ownership guidelines.
Specifically, any non-employee director who from and after October 1, 2003 is awarded restricted
shares of the Company’s common stock or restricted stock units (otherwise known as deferred stock
awards) with respect to shares of the Company’s common stock shall be required to hold any vested
shares of the Company’s common stock under such awards until at least the six month anniversary
from the date such director ceases to be a director of the Company.

Directors are encouraged to limit the number of directorships that they hold in public companies so
that they can devote sufficient time to the discharge of their responsibilities to each public
company for which they serve as a director, including the Company. The Nominating/Corporate
Governance Committee shall make recommendations to the Board regarding the membership of the
several Board committees and the chairs of such committees. The members of the several Board
committees shall be elected by the Board, after consideration of the recommendation of the
Nominating/Corporate Governance Committee, at the annual meeting of the Board to serve until the
next annual meeting of the Board or until their successors shall be duly elected and qualified.
Unless the Chair of any Committee is elected by the Board, after consideration of the
recommendation of the Nominating/Corporate Governance Committee, the members of the Committee may
designate a Chair by majority vote of the Committee membership. The several Committee Chairs will
periodically report the Committee’s findings and conclusions to the Board. When any director
intends to become a director of another board of directors, that director shall provide advance
notice to the Chairman of the Board and the Secretary. Upon termination of or significant change
in a member of the Board’s principal employment or acceptance of a position as a director on a
public company board that results in a director serving on more than four more public company
boards he or she shall notify the Chairman of the Board and tender his or her resignation from the
Board, which may be rejected by the Board if the change in status is satisfactory and the Board
believes that the director will continue to be a valuable contributor to the Board. No more than
half the members of the Board may be over seventy years of age.

11. Succession planning and management development will be reviewed annually by the Chief
Executive Officer with the Board. The Board will review at least annually the succession plan for
the Company’s Chief Executive Officer.

12. All executive officers are expected to own shares of the Company’s common stock, in
addition to options to purchase common stock. Specifically, all executives who are awarded
restricted shares of the Company’s common stock or restricted stock units (otherwise known as
deferred stock awards under the Company’s Stock Incentive Plan) with respect to shares of the
Company’s common stock from and after December 2003 shall be required to hold shares of the
Company’s common stock or equivalents described below at a level equal to at least 400% of their
initial annual restricted stock or restricted stock unit grant (“Required Ownership Level”).
Until, but not after, the Required Ownership Level is achieved, if annual grants subsequent to the
first annual grant are less than the initial annual grant, then the Required Ownership Level will
be adjusted downward based on the annual average grant amount. Shares owned outright, restricted
stock units (whether vested or unvested) and restricted shares (whether vested or unvested) will
count as share equivalents towards the Required Ownership Level. The Required Ownership Level must
be achieved within five years from the date of the first annual restricted stock grant. Failure to
maintain the Required Ownership Level will result in suspension of future restricted stock or
restricted stock unit grants until the Required Ownership Level is achieved.

13. Incentive compensation plans will link executive compensation directly and objectively to
measured financial and non-financial goals set in advance by the Compensation and Management
Development Committee.

14. Shareholders of the Company will be given an opportunity to vote on the adoption of all
equity-compensation plans and any material revisions to such plans. Brokers may not vote a
customer’s shares on any equity compensation plan unless the broker has received that customer’s
instructions to do so.

15. Subject to limited exceptions permitted by law, the Company will not directly or
indirectly grant loans to executive officers or directors of the Company that are not available to
outsiders.

16. Stock options will not be repriced, that is, the exercise price for options will not be
lowered even if the current fair market value of the underlying shares is below their exercise
price.

17. Analyses and empirical data that are important to the directors’ understanding of the
business to be conducted at a meeting of the Board or any Committee will be distributed, to the
extent practicable, in writing to all members in advance of the meeting. Management will make
every reasonable effort to assure that this material is both concise and in sufficient detail to
provide a reasonable basis upon which directors may make an informed business decision. In many
cases, significant items requiring Board or Committee approval may be reviewed in one or more
meetings, with the intervening time being used for clarification and discussion of relevant issues.
Outside directors shall be encouraged to provide input into the development of Board and Committee
meeting agenda.

18. Directors shall have complete access to the Company’s management. It is assumed that
directors will exercise reasonable judgment to assure that contact of this sort is not distracting
to the business operations of the Company and that any such contact, if in writing, will be copied
to the Chief Executive Officer and the Chairman of the Board. Furthermore, the Board encourages
the Chief Executive Officer to bring managers into Board meetings from time to time who: (a) can
provide additional insight into the items being discussed because of personal involvement in these
areas, and/or (b) represent potential members of future senior management that the Chief Executive
Officer believes should be given exposure to the Board.

19. The Nominating/Corporate Governance Committee shall assess, at least annually, the
adequacy and suitability of the compensation package for members of the Company’s Board of
Directors in relation to competitive market and sound corporate governance practices. The Chief
Executive Officer or other members of the senior management team or other persons appointed by the
Nominating/Corporate Governance Committee shall report to the Nominating/Corporate Governance
Committee once a year regarding the adequacy and suitability of the Company’s Board compensation
package in relation to other comparable U.S. companies. Changes in Board compensation, if any,
should be suggested by the Nominating/Corporate Governance Committee and approved only after a full
discussion among the members of the Board.

20. While the Board, with the recommendation of the Nominating/Corporate Governance Committee,
will review from time to time the compensatory arrangements with the Company’s non-officer,
non-employee directors, the Board believes that the form and amount of the Company’s current
compensatory arrangements with its non-officer, non-employee directors summarized below are both
customary and appropriate:

	 	•	 	Directors shall receive an annual retainer of $25,000 for their service as directors,
together with a $3,500 fee for each Board meeting attended. The Chairman of the Board of
Director’s annual retainer shall, however, be $150,000.

	 	•	 	For any Board meeting lasting longer than one day, each Director who attends will
receive $1,000 for each additional day.

	 	•	 	Directors who attend a Board meeting or standing committee meeting by telephone will
receive fifty percent (50%) of the usual meeting fee.

	 	•	 	Each Director who is a member of the Nominating/Corporate Governance, Finance, Audit or
Compensation and Management Development Committee receives a fee of $1,500 for each
committee meeting attended.

	 	•	 	The Chairmen of the Audit, Compensation and Management Development, Nominating/Corporate
Governance and Finance Committees shall receive an additional $10,000, $8,000, $7,000 and
$5,000 annual retainer, respectively.

	 	•	 	Directors who attend meetings of committees of which they are not members shall receive
no fees for their attendance.

	 	•	 	Notwithstanding the foregoing, for any meeting of an ad hoc committee or team of the
Board that requires attendance in person or by telephone, the Directors who attend shall
each receive a meeting fee of $1,500, except when such meetings occur before, during or
after a meeting of the Board or a standing committee of the Board that also is attended by
such Directors.

	 	•	 	Board and committee retainers shall be paid in quarterly installments and the meeting
fees shall be paid following the meeting.

	 	•	 	Each Director shall be reimbursed for expenses incurred as a result of attendance at
Board or committee meetings.

	 	•	 	Each Director shall be awarded on the first trading day following the close of each
annual meeting of the Company’s shareholders 1,800 restricted stock units (otherwise known
as deferred stock awards) under the Corporation’s Stock Incentive Plan in lieu of the stock
option grant contemplated by Section 12 of the Corporation’s Stock Incentive Plan. Vesting
for such restricted stock units will occur on the later to occur of one year and one day
from the date of the grant or the six month anniversary of the date that the applicable
Director ceases to be a member of the Board of Directors of the Corporation. In the case
of the Chairman of the Board of Directors, his or her annual grant of restricted stock
units shall be 3,500.

21. The Board is responsible for the enactment and approval of changes in the Company’s Code
of Business Conduct and Ethics (“Policy Statement”). The Board’s Audit Committee has
responsibility for the oversight of the implementation and administration of the Policy Statement,
the review and assessment at least annually of the effectiveness of the Policy Statement and the
recommendation to the Board of suggested changes in the Policy Statement.

22. The Board will consider from time to time its optimum size and will increase or decrease
from time to time, as appropriate, the number of its members.

23. Proposed agendas for each regularly scheduled Board meeting shall be developed by the
Chairman of the Board, Chief Executive Officer and Secretary, revised, as appropriate after joint
review by those individuals together with the Chairs of each Board committee, and revised again, as
appropriate after review by each member of the Board. Likewise, proposed agendas for each
regularly scheduled Board committee meeting shall be developed by the Chair of the applicable Board
committee, management liaison and Secretary, revised, as appropriate after joint review by those
individuals together with the Chairman of the Board and Chairs of each other Board committee, and
revised again, as appropriate after review by each member of the Board.

24. The Board is committed to the continuing orientation and training of new and incumbent
directors at the Board and Committee levels.

25. Any related party transactions between the Company or any of its subsidiaries and any
director or executive officer of the Company shall be reviewed and pre-approved by the
Nominating/Corporate Governance Committee.

26. The non-management directors regularly shall conduct executive sessions without
participation by any employees of the Company. The Chairman of the Board, or, in his or her
absence, the Vice Chairman of the Board, shall preside over such executive sessions at each
regularly scheduled meeting of the Board of Directors. The Chairman of each of the
Nominating/Corporate Governance, Compensation and Management Development and Audit Committees of
the Board, or, in his or her absence, the Vice Chairman of each of those committees, shall preside
over executive sessions of those committees without participation by any employees of the Company
at each regularly scheduled meeting of those committees. The names of the directors who will
preside at those regularly scheduled executive sessions shall be publicly disclosed.

27. While the information needed for the Board’s decision making generally will be found
within the Company, from time to time the Board may seek legal or other expert advice from sources
independent of management. Generally such advice will be sought with the knowledge and concurrence
of the Chief Executive Officer. Accordingly, the Board shall have the sole authority to engage,
compensate, oversee and terminate external independent consultants, counsel and other advisors as
it determines necessary to carry out its responsibilities. The Company shall provide appropriate
funding (as determined by each committee) for payment of compensation to advisors engaged by the
Board.

28. Likewise, each committee of the Board shall have the sole authority to engage, compensate,
oversee and terminate external independent consultants, counsel and other advisors as it determines
necessary to carry out its duties, including the resolution of any disagreements between management
and the auditor regarding financial reporting. The Company shall provide appropriate funding (as
determined by each committee) for payment of compensation to advisors engaged by the committees.

29. These Corporate Governance Standards have been developed and approved by the Board. The
Board will review at least annually the practices incorporated into these Corporate Governance
Standards by comparing them to the standards identified by leading governance authorities and the
evolving needs of the Company and determine whether these Corporate Governance Standards should be
updated. These Corporate Governance Standards shall be published on the Company’s website.

1 For purposes of this numbered paragraph 3,
all references to the Company include the Company’s subsidiaries.

2 As used in these Corporate Governance
Standards, “immediate family member” includes a person’s spouse, parents,
children, siblings, mothers and fathers-in-law, sons and daughters-in-law,
brothers and sisters-in-law, and anyone (other than domestic employees) who
shares such person’s home. When applying the three-year lookback provisions
described in this numbered paragraph 3, the Board need not consider individuals
who are no longer immediate family members of the director as a result of legal
separation or divorce, or those who have died or become incapacitated.

3 See Position Specification for Member of
Board of Directors of Hillenbrand Industries, Inc.

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