Document:

EX-10.1

 Exhibit 10.1 

FORM OF 
 TAX MATTERS AGREEMENT

 DATED AS OF [●], 2022 

BY AND BETWEEN 
 ZIMMER BIOMET
HOLDINGS, INC. 
 AND 
 ZIMVIE
INC. 

 Table of Contents 

 

					
	 	  	Page	 
	 RECITALS
	  	 	1	 
		
	 Section 1.    Definition of Terms
	  	 	2	 
		
	 Section 2.    Allocation of Tax Liabilities
	  	 	10	 
		
	 Section 2.01    General Rule
	  	 	10	 
	 Section 2.02    Allocation of United States Federal Income Taxes and
Federal Other Tax
	  	 	10	 
	 Section 2.03    Allocation of State Income and State Other Taxes
	  	 	11	 
	 Section 2.04    Allocation of Foreign Taxes
	  	 	11	 
	 Section 2.05    Certain Transaction and Other Taxes
	  	 	12	 
		
	 Section 3.    Proration of Taxes for Straddle Periods
	  	 	13	 
		
	 Section 4.    Preparation and Filing of Tax Returns
	  	 	13	 
		
	 Section 4.01    General
	  	 	13	 
	 Section 4.02    Parent’s Responsibility
	  	 	13	 
	 Section 4.03    SpinCo’s Responsibility
	  	 	14	 
	 Section 4.04    Tax Accounting Practices
	  	 	14	 
	 Section 4.05    Consolidated or Combined Tax Returns
	  	 	14	 
	 Section 4.06    Right to Review Tax Returns
	  	 	15	 
	 Section 4.07    Apportionment of Earnings and Profits and Tax
Attributes
	  	 	15	 
		
	 Section 5.    Tax Payments
	  	 	16	 
		
	 Section 5.01    Payment of Taxes With Respect to Joint Returns
	  	 	16	 
	 Section 5.02    Payment of Taxes With Respect to Section 2.03(c)
Returns
	  	 	16	 
	 Section 5.03    Indemnification Payments
	  	 	17	 
		
	 Section 6.    Tax Benefits
	  	 	17	 
		
	 Section 6.01    Tax Benefits
	  	 	17	 
	 Section 6.02    Parent and SpinCo Income Tax Deductions in Respect of Certain
Equity Awards and Incentive Compensation
	  	 	18	 
		
	 Section 7.    Tax-Free Status
	  	 	18	 
		
	 Section 7.01    Tax Opinions/Rulings and Representation Letters
	  	 	18	 
	 Section 7.02    Restrictions on SpinCo
	  	 	19	 
	 Section 7.03    Restrictions on Parent
	  	 	21	 
	 Section 7.04    Procedures Regarding Opinions and Rulings
	  	 	21	 
	 Section 7.05    Liability for Tax-Related Losses
	  	 	22	 
	 Section 7.06    Section 336(e) Election
	  	 	24	 
		
	 Section 8.    Assistance and Cooperation
	  	 	24	 
		
	 Section 8.01    Assistance and Cooperation
	  	 	24	 
	 Section 8.02    Income Tax Return Information
	  	 	25	 
	 Section 8.03    Reliance by Parent
	  	 	25	 
	 Section 8.04    Reliance by SpinCo
	  	 	25	 
		
	 Section 9.    Tax Contests
	  	 	26	 
		
	 Section 9.01    Notice
	  	 	26	 
	 Section 9.02    Control of Tax Contests
	  	 	26	 

  
 (i) 

					
	 	  	Page	 
	 Section 10.    Effective Date; Termination of Prior Intercompany Tax
Allocation Agreements
	  	 	28	 
		
	 Section 11.    Survival of Obligations
	  	 	28	 
		
	 Section 12.    Treatment of Payments; Tax Gross Up
	  	 	28	 
		
	 Section 12.01    Treatment of Tax Indemnity and Tax Benefit Payments
	  	 	28	 
	 Section 12.02    Tax Gross Up
	  	 	28	 
	 Section 12.03    Interest Under This Agreement
	  	 	29	 
		
	 Section 13.    Disagreements
	  	 	29	 
		
	 Section 13.01    Interaction with Article VII of the Separation and
Distribution Agreement
	  	 	29	 
	 Section 13.02    Dispute Resolution
	  	 	29	 
		
	 Section 14.    Late Payments
	  	 	30	 
		
	 Section 15.    Expenses
	  	 	30	 
		
	 Section 16.    General Provisions
	  	 	30	 
		
	 Section 16.01    Addresses and Notices
	  	 	30	 
	 Section 16.02    Binding Effect
	  	 	31	 
	 Section 16.03    Waiver
	  	 	31	 
	 Section 16.04    Severability
	  	 	31	 
	 Section 16.05    Authority
	  	 	31	 
	 Section 16.06    Further Action
	  	 	32	 
	 Section 16.07    Integration
	  	 	32	 
	 Section 16.08    Construction
	  	 	32	 
	 Section 16.09    No Double Recovery
	  	 	32	 
	 Section 16.10    Counterparts
	  	 	32	 
	 Section 16.11    Governing Law
	  	 	32	 
	 Section 16.12    Jurisdiction
	  	 	32	 
	 Section 16.13    Amendment
	  	 	33	 
	 Section 16.14    Successors
	  	 	33	 
	 Section 16.15    Injunctions
	  	 	33	 

  
 (ii) 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”) is entered into as of [●], 2022, by and between Zimmer Biomet Holdings,
Inc., a Delaware corporation (“Parent”) and ZimVie Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“SpinCo”) (Parent and SpinCo sometimes collectively referred to herein as the
“Companies” and, as the context requires, individually referred to herein as a “Company”). 
 RECITALS

 WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best interests of
Parent and its stockholders to create a new publicly traded company that shall operate the SpinCo Business; 
 WHEREAS, in furtherance of
the foregoing, the Parent Board has determined that it is appropriate and desirable to separate the SpinCo Business from the Parent Business (the “Separation”) and, following the Separation, to make a distribution, on a pro rata
basis, to holders of Parent Shares on the Record Date of at least eighty percent (80%) of the outstanding shares of stock in SpinCo (the “Distribution”); 

WHEREAS, SpinCo has been incorporated solely for these purposes and has not engaged in activities, except in connection with the Separation
and the Distribution; 
 WHEREAS, for U.S. federal income tax purposes, the Contribution and the Distribution, taken together, are intended
to qualify as a transaction that is generally tax-free for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code; 

WHEREAS, in connection with the Separation, certain members of the Parent Group and certain members of the SpinCo Group have engaged in the
Internal Restructuring, including certain Internal Distributions that are intended to qualify as generally tax-free for U.S. federal income tax purposes under Section 355 of the Code and certain Internal
Distributions and related transactions that, taken together, are intended to qualify as generally tax-free for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code; 

WHEREAS, in order to effectuate the Separation and the Distribution, Parent and SpinCo have entered into that certain Separation and
Distribution Agreement, dated as of the date hereof (together with the Schedules, Exhibits and Appendices thereto, the “Separation and Distribution Agreement”) and have also entered into, and have caused certain of their respective
Affiliates to enter into, the Ancillary Agreements; 
 WHEREAS, as of the date hereof, Parent is the common parent of an affiliated group
(as that term is defined in Section 1504 of the Code), including SpinCo, which affiliated group has elected to file consolidated U.S. federal income tax returns; 

WHEREAS, pursuant to the Separation and Distribution Agreement and the Ancillary Agreements, Parent and SpinCo, and certain of their
respective Affiliates, have agreed to separate the SpinCo Business from the Parent Business by means of, among other actions, (i) the Internal Restructuring, (ii) the Contribution and (iii) the Distribution; 

WHEREAS, as a result of the Distribution, SpinCo and its Subsidiaries will cease to be members of the affiliated group (as that term is
defined in Section 1504 of the Code) of which Parent is the common parent (the “Deconsolidation”); 

 WHEREAS, in connection with the Contribution and the Distribution, Parent has determined to
undertake the Monetization Transactions to dispose of Section 361 Consideration received in the Contribution and not distributed in the Distribution; 

WHEREAS, the Companies desire to provide for and agree upon the allocation between the Companies of liabilities for Taxes arising prior to, as
a result of, and subsequent to the Distribution, and to provide for and agree upon other matters relating to Taxes; and 
 WHEREAS, the
Companies acknowledge that this Agreement, the Separation and Distribution Agreement and the Ancillary Agreements represent the integrated agreement of Parent and SpinCo relating to the Separation and the Distribution, are being entered into
together, and would not have been entered into independently. 
 NOW THEREFORE, in consideration of the mutual agreements contained herein,
the Companies hereby agree as follows: 
 Section 1.    Definition of Terms. For
purposes of this Agreement (including the recitals hereof), the following terms have the following meanings, and capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Separation and Distribution
Agreement: 
 “Accounting Cutoff Date” means, with respect to SpinCo and any other member of the SpinCo Group the Tax Items
of which are included in the Parent Federal Consolidated Income Tax Return, any date as of the end of which there is a closing of the financial accounting records for each such entity. 

“Accounting Firm” shall have the meaning set forth in Section 13.02. 

“Adjustment Request” means any formal or informal claim or request filed with any Tax Authority, or with any administrative
agency or court, for the adjustment, refund, or credit of Taxes, including (a) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax Return or, if applicable, as previously adjusted, (b) any claim for equitable
recoupment or other offset, and (c) any claim for refund or credit of Taxes previously paid. 
 “Agreement” means this
Tax Matters Agreement. 
 “Ancillary Agreements” shall have the meaning set forth for such term in the Separation and
Distribution Agreement; provided that, such term shall include any other agreements pursuant to which the Internal Restructuring is undertaken but shall exclude this Agreement and the Separation and Distribution Agreement. 

“Board Certificate” shall have the meaning set forth in Section 7.02(d). 

“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions are generally authorized
or required by Law to close in the United States or New York, New York. 
 “Code” means the U.S. Internal Revenue Code of
1986, as amended (and with respect to each referenced Section of the Code, including any successor statute or provision). 

“Companies” and “Company” shall have the meaning provided in the first sentence of this Agreement. 

“Contribution” means the transfer by Parent directly to SpinCo, pursuant to the Separation and Distribution Agreement, of
equity interests in PW Holdings US 2 LLC, a Delaware limited liability company, in actual or constructive exchange for (i) the issuance by SpinCo to Parent of shares of stock in SpinCo, and (ii) the SpinCo Cash Distribution (the items
described in clauses (i)-(ii), “Section 361 Consideration”). 

  
 2 

 “Controlling Party” means the Company entitled to control a given Tax
Contest under Section 9.02. 
 “Deconsolidation” shall have the meaning provided in the Recitals. 

“Deconsolidation Date” means the last date on which SpinCo qualifies as a member of the affiliated group (as defined in
Section 1504 of the Code) of which Parent is the common parent. 
 “DGCL” means the Delaware General Corporation Law.

 “Distribution” shall have the meaning set forth in the Recitals. 

“Due Date” means with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax Return
is required to be filed under applicable Law. 
 “e-mail” shall have the meaning
set forth in Section 16.01. 
 “Federal Income Tax” means any Tax imposed by Subtitle A of the Code, and any interest,
penalties, additions to tax, or additional amounts in respect of the foregoing. 
 “Federal Other Tax” means any Tax
imposed by the federal government of the United States of America (other than any Federal Income Taxes), and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Fifty-Percent or Greater Interest” shall have the meaning ascribed to the term
“50-percent or greater interest” for purposes of Sections 355(d) and (e) of the Code. 

“Filing Date” shall have the meaning set forth in Section 7.05(d). 

“Final Determination” means the final resolution of liability for any Tax, which resolution may be for a specific issue or
adjustment or for a Tax Period, (a) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the Laws of a
State, local, or foreign taxing jurisdiction, except that an IRS Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by
operation of law) the right of the taxpayer to file a claim for refund or the right of the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such Tax Period (as the case may be); (b) by a decision, judgment,
decree, or other order by a court of competent jurisdiction, which has become final and unappealable; (c) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws
of a State, local, or foreign taxing jurisdiction; (d) by any allowance of a refund or credit in respect of an overpayment of Income Tax or Other Tax, but only after the expiration of all periods during which such refund or credit may be
recovered (including by way of offset) by the jurisdiction imposing such Income Tax or Other Tax; (e) by a final settlement resulting from a treaty-based competent authority determination; or (f) by any other final disposition, including
by reason of the expiration of the applicable statute of limitations or by mutual agreement of the Companies. 
 “Foreign Income
Tax” means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or United States possession, which is an income tax as defined in Treasury Regulations Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

  
 3 

 “Foreign Other Tax” means any Tax imposed by any foreign country or any
possession of the United States, or by any political subdivision of any foreign country or United States possession, other than any Foreign Income Taxes, and any interest, penalties, additions to tax, or additional amounts in respect of the
foregoing. 
 “Foreign Tax” means any Foreign Income Taxes or Foreign Other Taxes. 

“Group” means the Parent Group or the SpinCo Group, or both, as the context requires. 

“Income Tax” means any Federal Income Tax, State Income Tax or Foreign Income Tax. 

“Indemnitee” shall have the meaning set forth in Section 12.03. 

“Indemnitor” shall have the meaning set forth in Section 12.03. 

“Intended Tax Treatment” shall have the meaning set forth in Section 4.04(b). 

“Internal Distribution” shall mean any distribution of stock undertaken as part of the Internal Restructuring and intended to
qualify as generally tax-free for U.S. federal income tax purposes under Section 355 of the Code (including, for the avoidance of doubt, distributions of stock that, when taken together with certain
related transactions, are intended to qualify as generally tax-free for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code). 

“Internal Restructuring” shall mean the transactions described in the Step-Plan, other than the Contribution and the
Distribution and the transactions undertaken (or to be undertaken) subsequent to the Distribution, including the Monetization Transactions. 

“IRS” means the United States Internal Revenue Service. 

“Joint Return” shall mean any Tax Return of a member of the Parent Group or the SpinCo Group that is not a Separate Return.

 “Non-Controlling Party” means the Company not entitled to control a given Tax
Contest under Section 9.02. 
 “Notified Action” shall have the meaning set forth in Section 7.04(a). 

“Monetization Transactions” means the transactions, other than the Distribution, through which Section 361 Consideration
received by Distributing pursuant to the Contribution are actually disposed in accordance with the Tax Opinions/Rulings. 
 “Other
Restructuring Transaction” shall have the meaning provided in the definition of “Tax-Free Status.” 

“Other Tax” means any Federal Other Tax, State Other Tax, or Foreign Other Tax. 

“Other Tax Joint Return” shall have the meaning set forth in Section 2.05(a)(iii). 

“Parent” shall have the meaning provided in the first sentence of this Agreement, and references herein to Parent shall
include any entity treated as a successor to Parent. 
 “Parent Affiliated Group” shall have the meaning provided in the
definition of “Parent Federal Consolidated Income Tax Return.” 
 “Parent Board” shall have the meaning set forth
in the Recitals. 

  
 4 

 “Parent Federal Consolidated Income Tax Return” means any United States
federal income Tax Return for the affiliated group (as that term is defined in Section 1504 of the Code and the regulations thereunder) of which Parent is the common parent (the “Parent Affiliated Group”). 

“Parent Foreign Combined Income Tax Return” means a consolidated, combined or unitary or other similar non-U.S. Tax Return in respect of Foreign Income Taxes or any non-U.S. Tax Return with respect to any profit and/or loss sharing group, group payment or similar group or
fiscal unity that actually includes, by election or otherwise, one or more members of the Parent Group together with one or more members of the SpinCo Group. 

“Parent Group” means Parent and its Affiliates (including, for the avoidance of doubt, (a) any Affiliates acquired or
created by Parent or any of its Affiliates after the Distribution, (b) any entity to which Parent or any of its Affiliates is a successor for U.S. federal income tax purposes (or other applicable Tax purposes) and (c) any entity that was
an Affiliate of Parent immediately prior to the termination of such Affiliate’s legal existence or the disposition of such Affiliate), excluding any entity that is a member of the SpinCo Group, as determined immediately after the Distribution
and from time-to-time thereafter. 
 “Parent Group
Transaction Returns” shall have the meaning set forth in Section 4.04(b). 
 “Parent Separate Return” means
any Separate Return of Parent or any other member of the Parent Group. 
 “Parent State Combined Income Tax Return” means a
consolidated, combined or unitary or other similar Tax Return in respect of State Income Taxes that actually includes, by election or otherwise, one or more members of the Parent Group together with one or more members of the SpinCo Group. 

“Past Practices” shall have the meaning set forth in Section 4.04(a). 

“Payment Date” means (i) with respect to any Parent Federal Consolidated Income Tax Return, the due date for any
required installment of estimated taxes determined under Section 6655 of the Code, the due date (determined without regard to extensions) for filing the return determined under Section 6072 of the Code, and the date the return is filed,
and (ii) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law. 

“Payor” shall have the meaning set forth in Section 5.03(a). 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as disregarded for U.S. federal income tax
purposes. 
 “Post-Deconsolidation Period” means any Tax Period beginning after the Deconsolidation Date, and, in the case
of any Straddle Period, the portion of such Straddle Period beginning the day after the Deconsolidation Date. 
 “Pre-Deconsolidation Period” means any Tax Period ending on or before the Deconsolidation Date, and, in the case of any Straddle Period, the portion of such Straddle Period ending on the Deconsolidation
Date. 
 “Prime Rate” means the rate provided in Section 5.2 of the Separation and Distribution Agreement, as
interpreted by Parent in good faith. 
 “Privilege” means any privilege that may be asserted under applicable Law,
including, any privilege arising under or relating to the attorney-client relationship (including the attorney-client and work product privileges), the accountant-client privilege and any privilege relating to internal evaluation processes. 

  
 5 

 “Proposed Acquisition Transaction” means a transaction or series of
transactions (or any “agreement,” “understanding” or “arrangement,” within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7, or any
other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is supported by SpinCo management or shareholders (or any Section 355 Affiliate management or shareholders), is a hostile
acquisition, or otherwise, as a result of which SpinCo or any Section 355 Affiliate would merge or consolidate with any other Person or as a result of which any Person or any group of Persons would (directly or indirectly) acquire, or have the
right to acquire, (I) from SpinCo and/or one or more holders of outstanding shares of SpinCo Capital Stock, a number of shares of SpinCo Capital Stock that would, when combined with any other changes in ownership of SpinCo Capital Stock
pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (a) the value of all outstanding shares of stock of SpinCo as of the date of such transaction, or in the case of a series of transactions, the date of the last
transaction of such series, or (b) the total combined voting power of all outstanding shares of voting stock of SpinCo as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such
series or (II) from any Section 355 Affiliate and/or one or more holders of outstanding shares of Section 355 Affiliate Capital Stock, a number of shares of Section 355 Affiliate Capital Stock that would, when combined with any
other changes in ownership of Section 355 Affiliate Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (a) the value of all outstanding shares of stock of such Section 355 Affiliate as of
the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (b) the total combined voting power of all outstanding shares of voting stock of such Section 355 Affiliate as of
the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption by SpinCo of a
shareholder rights plan or (B) issuances by SpinCo that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an
employer) of Treasury Regulations Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or
any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to monitor
compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its
interpretation. 
 “Representation Letters” means the representation letters and any other materials (including, without
limitation, a Ruling Request and any related supplemental submissions to the IRS or other applicable Tax Authority) delivered or deliverable by, or on behalf of, Parent, SpinCo and others in connection with the rendering by Tax Advisors and/or the
issuance by the IRS or other applicable Tax Authority of the Tax Opinions/Rulings. 
 “Required Party” shall have the
meaning set forth in Section 5.03(a). 
 “Responsible Company” means, with respect to any Tax Return, the Company
having responsibility for preparing and filing such Tax Return under this Agreement. 
 “Retention Date” shall have the
meaning set forth in Section 8.01(c). 
 “Ruling” means a private letter ruling (including a supplemental private
letter ruling) issued by the IRS to Parent pertaining to or in connection with the Transactions; provided that, such term shall also include a ruling (including a supplemental ruling) issued by any other Tax Authority to any member of the Parent
Group or to any member of the SpinCo Group pertaining to or in connection with the Internal Restructuring (including any Swiss federal or cantonal ruling). 

  
 6 

 “Ruling Request” means any letter filed by Parent with the IRS requesting a
ruling regarding certain Tax consequences of the Transactions (including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement to such ruling request letter; provided that, such
term shall also include any letter filed by any member of the Parent Group or by any member of the SpinCo Group with any other Tax Authority requesting a ruling regarding certain Tax consequences of the Internal Restructuring (including all
attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement to such ruling request letter (including any letter requesting a Swiss federal or cantonal ruling). 

“Section 2.03(c) Return” means any Separate Return of one Company (or its Affiliates) in respect of which
the other Company could reasonably be expected to be responsible, pursuant to Section 2.03(c), for some or all of any State Other Taxes due with respect to or required to be reported on such Tax Return. 

“Section 336(e) Election” has the meaning set forth in Section 7.06. 

“Section 355 Affiliate” means any member of the SpinCo Group that was a “controlled corporation”
(within the meaning of Section 355 of the Code) in an Internal Distribution. 
 “Section 355 Affiliate
Capital Stock” means, with respect to any Section 355 Affiliate, all classes or series of capital stock of such Section 355 Affiliate, including (i) the shares of common stock of such Section 355 Affiliate, (ii) all
options, warrants and other rights to acquire such stock and (iii) all instruments properly treated as stock in such Section 355 Affiliate for U.S. federal income tax purposes. 

“Section 361 Consideration” shall have the meaning provided in the definition of “Contribution.”

 “Section 7.02(d) Acquisition Transaction” means any transaction or series of transactions that is not
a Proposed Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40%. 

“Separate Return” means (a) in the case of any Tax Return of any member of the SpinCo Group (including any consolidated,
combined or unitary return), any such Tax Return that does not include any member of the Parent Group and (b) in the case of any Tax Return of any member of the Parent Group (including any consolidated, combined or unitary return), any such Tax
Return that does not include any member of the SpinCo Group. 
 “Separation” shall have the meaning set forth in the
Recitals. 
 “Separation and Distribution Agreement” shall have the meaning set forth in the Recitals. 

“SpinCo” shall have the meaning provided in the first sentence of this Agreement, and references herein to SpinCo shall
include any entity treated as a successor to SpinCo. 
 “SpinCo Affiliated Group” means any affiliated group (as that term
is defined in Section 1504 of the Code) of which SpinCo is the common parent. 
 “SpinCo Capital Stock” means all
classes or series of capital stock of SpinCo, including (i) the shares of common stock of SpinCo, (ii) all options, warrants and other rights to acquire such stock and (iii) all instruments properly treated as stock in SpinCo for U.S.
federal income tax purposes. 
 “SpinCo Group” means (a) SpinCo and its Affiliates (including, for the avoidance of
doubt, (a) any Affiliates acquired or created by SpinCo or any of its Affiliates after the Distribution, (b) any entity to which SpinCo or any of its Affiliates is a successor for U.S. federal income tax purposes (or other applicable

  
 7 

 
Tax purposes) and (c) any entity that was an Affiliate of SpinCo immediately prior to the termination of such Affiliate’s legal existence or the disposition of such Affiliate), as
determined immediately after the Distribution and from time-to-time thereafter. 

“SpinCo Group Internal Restructuring” means (i) any internal restructuring (including by making or revoking any
election under Treasury Regulations Section 301.7701-3) involving any member of the SpinCo Group or (ii) any direct or indirect contribution, sale or other transfer by any member of the SpinCo Group
to any other member of the SpinCo Group of any of the assets contributed or transferred, directly or indirectly, to SpinCo as part of the Contribution. 

“SpinCo Separate Return” means any Separate Return of SpinCo or any other member of the SpinCo Group. 

“State Income Tax” means any Tax imposed by any State of the United States (or by any political subdivision of any such
State) or the District of Columbia, in each case, which is imposed on or measured by net income, any state and local franchise or similar Taxes, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“State Other Tax” means any Tax imposed by any State of the United States (or by any political subdivision of any such State)
or the District of Columbia, in each case, other than any State Income Tax, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Step-Plan” means the Zimmer Biomet Holdings – Project Pinwheel Tax and Legal Step Plan, attached as Schedule 2.1(a) to
the Separation and Distribution Agreement. 
 “Straddle Period” means any Tax Period that begins on or before and ends
after the Deconsolidation Date. 
 “Tax” or “Taxes” means any income, gross income, capital gains, gross
receipts, profits, capital stock, franchise, withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, stamp, excise, escheat, severance, occupation, service, sales, use, license, lease,
transfer, import, export, value added, alternative minimum, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any governmental entity or political subdivision thereof, and any
interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 
 “Tax Advisor” means a United
States tax counsel or accountant of recognized national standing. 
 “Tax Attribute” shall mean a net operating loss, net
capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution, general business credit or any other Tax Item that could reduce a Tax. 

“Tax Authority” means, with respect to any Tax, the governmental entity or political subdivision thereof that imposes such
Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 
 “Tax Benefit” means
any refund, credit, or other reduction in otherwise required Tax payments. 
 “Tax Contest” means an audit, review,
examination, or any other administrative or judicial proceeding with the purpose or effect of redetermining Taxes (including any administrative or judicial review of any claim for refund). 

“Tax-Free Status” means (i) with respect to the Contribution and Distribution,
the qualification of the Contribution and Distribution, taken together, (a) as a reorganization described in Sections 355(a) and 

  
 8 

 
368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e) and 361(c) of the Code and
(c) as a transaction in which the holders of Parent Shares recognize no income or gain for U.S. federal income tax purposes pursuant to Section 355 of the Code and in which Distributing recognizes no income or gain for U.S. federal income
tax purposes pursuant to Section 361 of the Code, (ii) with respect to the Monetization Transactions, (a) the qualification of any stock transferred thereby as being transferred to creditors of Distributing “in connection with
the reorganization” described in clause (i) for purposes of Section 361(c) of the Code, (b) the qualification of any stock transferred thereby as “qualified property” for purposes of Sections 355(d), 355(e) and 361(c)
of the Code and (c) the qualification of any cash transferred thereby as being transferred to creditors of Distributing “in connection with the reorganization” described in clause (i) for purposes of Section 361(b)(3) of the
Code, (iii) with respect to any transaction constituting part of the Internal Restructuring that is intended to qualify under Sections 355(a) and 368(a)(1)(D) of the Code, the qualification of such transaction (a) as a reorganization
described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e) and 361(c) of the Code and (c) as a
transaction in which the holder of shares in the “distributing corporation” (as such term is defined in Section 355(a) of the Code) recognizes no income or gain for U.S. federal income tax purposes pursuant to Section 355 of the
Code and in which such “distributing corporation” recognizes no income or gain for U.S. federal income tax purposes pursuant to Section 361 of the Code, (iv) with respect to any other transaction constituting part of the Internal
Restructuring that is intended to qualify under Section 355 of the Code, the qualification of such transaction (a) as a transaction described in Section 355(a) of the Code, (b) as a transaction in which the stock distributed
thereby is “qualified property” for purposes of Sections 355(c), 355(d), and 355(e) of the Code and (c) as a transaction in which the holder of shares in the “distributing corporation” (as such term is defined in
Section 355(a) of the Code) recognizes no income or gain for U.S. federal income tax purposes pursuant to Section 355 of the Code and in which such “distributing corporation” recognizes no income or gain for U.S. federal income
tax purposes pursuant to Section 355 of the Code, and (v) with respect to any transaction constituting part of the Internal Restructuring that is not described in the foregoing clauses (iii) and (iv) but that is intended to qualify as
generally Tax-free or generally Tax-deferred or otherwise as Tax advantaged (an “Other Restructuring Transaction”), the qualification of such Other
Restructuring Transaction for applicable Tax purposes in accordance with the Intended Tax Treatment and/or the Parent Group Transaction Returns. 

“Tax Item” means, with respect to any Income Tax, any item of income, gain, loss, deduction, credit, recapture of credit or
any other item which increases or decreases Taxes paid or payable. 
 “Tax Law” means the Law of any governmental entity or
political subdivision thereof relating to any Tax. 
 “Tax Opinions/Rulings” means (i) the opinions of
White & Case LLP and of Deloitte Tax LLP deliverable to Parent pertaining to or in connection with, and regarding, the U.S. federal income tax treatment of, the Internal Restructuring, the Monetization Transactions, the Contribution and/or
the Distribution and (ii) any Rulings. 
 “Tax Period” means, with respect to any Tax, the period for which the Tax is
reported as provided under the Code or other applicable Tax Law. 
 “Tax-Related
Losses” means (i) all federal, state, local and foreign Taxes (including interest and penalties thereon) imposed (or that would be imposed) pursuant to any settlement, Final Determination, judgment or otherwise, (ii) all
accounting, legal and other professional fees, and court costs incurred in connection therewith, and (iii) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by Parent (or any Affiliate
of Parent) or SpinCo (or any Affiliate of SpinCo) in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Tax Authority, in the case of each of clauses (i) through (iii), resulting from the failure
of the Contribution or the Distribution, any Monetization Transaction, any Internal Distribution, or any Other Restructuring Transaction to have Tax-Free Status. 

  
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 “Tax Return” means any report of Taxes due, any claim for refund of Taxes
paid, any information return with respect to Taxes, or any other similar report, statement, questionnaire, declaration, or document filed or required to be filed under the Code or other Tax Law, including any attachments, exhibits, or other
materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing. 

“Transactions” means the Internal Restructuring, the Monetization Transactions, the Contribution and the Distribution. 

“Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant Tax
Period. 
 “Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, which Tax Advisor is
acceptable to Parent, on which Parent may rely, to the effect that a transaction will not affect the Tax-Free Status of the Contribution and the Distribution and the Monetization Transactions (taken together),
any Internal Distribution, or any Other Restructuring Transaction; provided that, without prejudice to the generality of the foregoing, (i) any tax opinion obtained in connection with a proposed acquisition of SpinCo Capital Stock
entered into on or before the two-year anniversary of the Distribution Date shall not qualify as an Unqualified Tax Opinion unless such tax opinion also concludes that such proposed acquisition (a) will
not be treated as “part of a plan (or series of related transactions),” within the meaning of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, that includes the Distribution and (b) will not be
treated as “part of a plan (or series of related transactions),” within the meaning of Section 355(e) of the Code and the Treasury Regulations promulgated thereunder, that includes any Internal Distribution and (ii) any tax
opinion obtained in connection with a proposed acquisition of Section 355 Affiliate Capital Stock entered into on or before the two-year anniversary of the Distribution Date shall not qualify as an
Unqualified Tax Opinion unless such tax opinion also concludes that such proposed acquisition will not be treated as “part of a plan (or series of related transactions),” within the meaning of Section 355(e) of the Code and the
Treasury Regulations promulgated thereunder, that includes the applicable Internal Distribution. Any such opinion must assume that the Contribution and Distribution and the Monetization Transactions (taken together), any Internal Distribution, and
any Other Restructuring Transaction would have qualified for Tax-Free Status if the transaction in question did not occur. 

Section 2.    Allocation of Tax Liabilities. 

Section 2.01    General Rule. 

(a)    Parent Liability. Parent shall be liable for, and shall indemnify and hold harmless the SpinCo Group from
and against any liability for, Taxes which are allocated to Parent under this Section 2. 
 (b)    SpinCo
Liability. SpinCo shall be liable for, and shall indemnify and hold harmless the Parent Group from and against any liability for, Taxes which are allocated to SpinCo under this Section 2. 

Section 2.02    Allocation of United States Federal Income Taxes and Federal Other Taxes.
Except as otherwise provided in Section 2.05, Federal Income Taxes and Federal Other Taxes shall be allocated as follows: 

(a)    Allocation of Taxes Relating to Parent Federal Consolidated Income Tax Returns. With respect to any Parent
Federal Consolidated Income Tax Return, Parent shall be responsible for any and all Federal Income Taxes due or required to be reported on any such Tax Return (including any increase in such Taxes as a result of a Final Determination). 

  
 10 

 (b)    Allocation of Taxes Relating to Federal Separate Income Tax
Returns. (i) Parent shall be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Parent Separate Return (including any increase in such Taxes as a result of a Final Determination); and
(ii) SpinCo shall be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any SpinCo Separate Return (including any increase in such Taxes as a result of a Final Determination). 

(c)    Allocation of Federal Other Taxes. (i) Parent shall be responsible for any and all Federal Other Taxes
due with respect to or required to be reported on any Parent Separate Return (including any increase in such Taxes as a result of a Final Determination) or otherwise imposed on any member of the Parent Group; and (ii) SpinCo shall be
responsible for any and all Federal Other Taxes due with respect to or required to be reported on any SpinCo Separate Return (including any increase in such Taxes as a result of a Final Determination) or otherwise imposed on any member of the SpinCo
Group. 
 Section 2.03    Allocation of State Income and State Other Taxes. Except as
otherwise provided in Section 2.05, State Income Taxes and State Other Taxes shall be allocated as follows: 

(a)    Allocation of Taxes Relating to Parent State Combined Income Tax Returns. Parent shall be responsible for any
and all State Income Taxes due with respect to or required to be reported on any Parent State Combined Income Tax Return (including any increase in such Taxes as a result of a Final Determination). 

(b)    Allocation of State Income Taxes Relating to Separate Returns. (i) Parent shall be responsible for any
and all State Income Taxes due with respect to or required to be reported on any Parent Separate Return (including any increase in such Taxes as a result of a Final Determination); and (ii) SpinCo shall be responsible for any and all State
Income Taxes due with respect to or required to be reported on any SpinCo Separate Return (including any increase in such Taxes as a result of a Final Determination). 

(c)    Allocation of State Other Taxes. (i) Parent shall be responsible for any and all State Other Taxes
attributable to, or arising with respect to, assets or activities of the Parent Business (as reasonably determined by Parent) due with respect to or required to be reported on any SpinCo Separate Return, including any increase in such Taxes (as
reasonably determined by Parent) as a result of a Final Determination; (ii) other than State Other Taxes for which Parent is responsible in accordance with clause (i) above, SpinCo shall be responsible for any and all State Other Taxes due
with respect to or required to be reported on any SpinCo Separate Return; (iii) SpinCo shall be responsible for any and all State Other Taxes attributable to, or arising with respect to, assets or activities of the SpinCo Business (as
reasonably determined by Parent) due with respect to or required to be reported on any Parent Separate Return, including any increase in such Taxes (as reasonably determined by Parent) as a result of a Final Determination; and (iv) other than
State Other Taxes for which SpinCo is responsible in accordance with clause (iii) above, Parent shall be responsible for any and all State Other Taxes due with respect to or required to be reported on any Parent Separate Return. 

Section 2.04    Allocation of Foreign Taxes. Except as otherwise provided in
Section 2.05, Foreign Income Taxes and Foreign Other Taxes shall be allocated as follows: 
 (a)    Allocation of
Taxes Relating to Parent Foreign Combined Income Tax Returns. Parent shall be responsible for any and all Foreign Income Taxes due with respect to or required to be reported on any Parent Foreign Combined Income Tax Return (including any
increase in such Taxes as a result of a Final Determination). 
 (b)    Allocation of Foreign Income Taxes Relating
to Separate Returns. (i) Parent shall be responsible for any and all Foreign Income Taxes due with respect to or required to be reported on any Parent Separate Return (including any increase in such Foreign Income Taxes as a result of a
Final 

  
 11 

 
Determination); and (ii) SpinCo shall be responsible for any and all Foreign Income Taxes due with respect to or required to be reported on any SpinCo Separate Return (including any increase
in such Foreign Income Taxes as a result of a Final Determination). 
 (c)    Allocation of Foreign Other Taxes.
(i) Parent shall be responsible for any and all Foreign Other Taxes due with respect to or required to be reported on any Parent Separate Return (including any increase in such Taxes as a result of a Final Determination) or otherwise imposed on
any member of the Parent Group; and (ii) SpinCo shall be responsible for any and all Foreign Other Taxes due with respect to or required to be reported on any SpinCo Separate Return (including any increase in such Taxes as a result of a Final
Determination) or otherwise imposed on any member of the SpinCo Group. 

Section 2.05    Certain Transaction and Other Taxes. 

(a)    SpinCo Liability. Notwithstanding Sections 2.02, 2.03, and 2.04, SpinCo shall be liable for, and shall
indemnify and hold harmless the Parent Group from and against any liability for: 
 (i)    Any stamp,
sales and use, gross receipts, value-added or other transfer Taxes imposed by any Tax Authority on any member of the SpinCo Group (if such member is primarily liable for such Tax under applicable Tax Law) on the transfers occurring pursuant to the
Transactions; 
 (ii)    Any Taxes resulting from a breach by SpinCo of any representation or covenant in
this Agreement, the Separation and Distribution Agreement, any Ancillary Agreement, any Representation Letter or any Tax Opinion/Ruling, but only to the extent not indemnifiable under Section 7.05; 

(iii)    Any Taxes due with respect to or required to be reported on any Joint Return not described in
Section 2.02, 2.03, or 2.04 (an “Other Tax Joint Return”) to the extent attributable to, or arising with respect to, assets or activities of the SpinCo Business (as reasonably determined by Parent), including any increase in such
Taxes (as reasonably determined by Parent) as a result of a Final Determination; and 
 (iv)    Any
action taken outside the ordinary course of business after the Distribution, except to the extent such action was directed by the Parent Group or required by this Agreement, the Separation and Distribution Agreement, or any Ancillary Agreement. 

(b)    Parent Liability. Notwithstanding Sections 2.02, 2.03, and 2.04, Parent shall be liable for, and shall
indemnify and hold harmless the SpinCo Group from and against any liability for: 
 (i)    Any stamp,
sales and use, gross receipts, value-added or other transfer Taxes imposed by any Tax Authority on any member of the Parent Group (if such member is primarily liable for such Tax under applicable Tax Law) on the transfers occurring pursuant to the
Transactions; 
 (ii)    Any Tax resulting from a breach by Parent of any representation or covenant in
this Agreement, the Separation and Distribution Agreement, any Ancillary Agreement, any Representation Letter or any Tax Opinion/Ruling, but only to the extent not indemnifiable under Section 7.05; and 

(iii)    Any Taxes due with respect to or required to be reported on any Other Tax Joint Return to the
extent not allocated to SpinCo under Section 2.05(a)(iii). 

  
 12 

 Section 3.    Proration of Taxes for
Straddle Periods. 
 (a)    General Method of Proration. In the case of any Straddle Period, Tax Items shall
be apportioned between Pre-Deconsolidation Periods and Post-Deconsolidation Periods in accordance with the principles of Treasury Regulations Section 1.1502-76(b)
as reasonably interpreted and applied by Parent. With respect to the Parent Federal Consolidated Income Tax Return for the taxable year that includes the Distribution, no election shall be made under Treasury Regulations Section 1.1502-76(b)(2)(ii)(D) (relating to ratable allocation of a year’s items). If the Deconsolidation Date is not an Accounting Cutoff Date, the provisions of Treasury Regulations Section 1.1502-76(b)(2)(iii) will be applied to ratably allocate the items (other than extraordinary items) for the month which includes the Deconsolidation Date, unless otherwise determined by Parent. 

(b)    Transactions Treated as Extraordinary Item. In determining the apportionment of Tax Items between Pre-Deconsolidation Periods and Post-Deconsolidation Periods, any Tax Items relating to the Transactions shall be treated as extraordinary items described in Treasury Regulations Section 1.1502-76(b)(2)(ii)(C)
and shall (to the extent occurring on or prior to the Deconsolidation Date) be allocated to Pre-Deconsolidation Periods, and any Taxes related to such items shall be treated under Treasury Regulations Section 1.1502-76(b)(2)(iv) as relating to such extraordinary item and shall (to the extent occurring on or prior to the Deconsolidation Date) be allocated to
Pre-Deconsolidation Periods. 
 (c)    Parent State Combined Income Tax
Returns and Parent Foreign Combined Income Tax Returns. Principles similar to those described in Sections 3(a) and 3(b) shall be applied to Taxes reportable on any Parent State Combined Income Tax Returns or Parent Foreign Combined Income
Tax Returns so that, to the maximum extent permitted by applicable Tax Law, such Tax Returns do not include Tax Items of any member of the SpinCo Group for any Post-Deconsolidation Period (or portion thereof) other than Tax Items that would be so
included under the principles of Sections 3(a) and 3(b). 
 Section 4.    Preparation and
Filing of Tax Returns. 
 Section 4.01    General. Except as otherwise provided in
this Section 4, Tax Returns shall be prepared and filed on or before their Due Date by the Person obligated to file such Tax Returns under the Code or applicable Tax Law. The Companies shall provide, and shall cause their Affiliates to provide,
assistance and cooperation to one another in accordance with Section 8 with respect to the preparation and filing of Tax Returns, including by providing information required to be provided pursuant to Section 8. 

Section 4.02    Parent’s Responsibility. Parent has the exclusive
obligation and right to prepare and file, or to cause to be prepared and filed: 
 (a)    Parent Federal Consolidated
Income Tax Returns for any Tax Periods ending on, before or after the Deconsolidation Date; 
 (b)    Parent State
Combined Income Tax Returns for any Tax Periods ending on, before or after the Deconsolidation Date; 
 (c)    Parent
Foreign Combined Income Tax Returns for any Tax Periods ending on, before or after the Deconsolidation Date; 

(d)    Other Joint Returns which Parent reasonably determines are required to be filed (or which Parent chooses to be
filed) by the Companies or any of their Affiliates for any Tax Periods ending on, before or after the Deconsolidation Date, including Other Tax Joint Returns and Joint Returns in respect of any transfer Taxes; and 

(e)    Parent Separate Returns and SpinCo Separate Returns which Parent reasonably determines are required to be filed by
the Companies or any of their Affiliates for Tax Periods ending on, before or after the Deconsolidation Date (limited, in the case of SpinCo Separate Returns, to such Tax Returns for which the Due Date is on or before the Deconsolidation Date). 

  
 13 

 Section 4.03    SpinCo’s
Responsibility. SpinCo shall prepare and file, or shall cause to be prepared and filed, all Tax Returns required by the Code or other applicable Tax Law to be filed by or with respect to members of the SpinCo Group other than those Tax Returns
which Parent is required or entitled to prepare and file under Section 4.02. 

Section 4.04    Tax Accounting Practices. 

(a)    General Rule. Except as otherwise provided in Section 4.04(b), with respect to any Tax Return that
SpinCo has the obligation and right to prepare and file, or cause to be prepared and filed, under Section 4.03, (i) for any Pre-Deconsolidation Period or any Straddle Period (or any taxable period
beginning after the Deconsolidation Date to the extent items reported on such Tax Return could reasonably be expected to affect items reported on any Tax Return that Parent has the obligation or right to prepare and file for any Pre-Deconsolidation Period or any Straddle Period) or (ii) that is Section 2.03(c) Return, such Tax Return shall be prepared in accordance with past practices, accounting methods, elections or conventions
(“Past Practices”) used with respect to the Tax Returns in question (unless there is no reasonable basis for the use of such Past Practices or unless there is no adverse effect to Parent), and to the extent any items are not covered
by Past Practices (or in the event that there is no reasonable basis for the use of such Past Practices or there is no adverse effect to Parent), in accordance with reasonable Tax accounting practices selected by SpinCo and reasonably acceptable to
Parent. Except as otherwise provided in Section 4.04(b), Parent shall prepare any Section 2.03(c) Return and any Other Tax Joint Return which it has the obligation and right to prepare and file, or cause to be prepared and filed, under
Section 4.02, in accordance with reasonable Tax accounting practices selected by Parent. 
 (b)    Reporting of
Transactions. The Tax treatment of the Transactions reported on any Tax Return shall be consistent with the treatment thereof in the Ruling Requests, the Tax Opinions/Rulings, and the Step-Plan (such treatment, the “Intended Tax
Treatment”), unless there is no reasonable basis for such Tax treatment. The Tax treatment of the Transactions reported on any Tax Return for which SpinCo is the Responsible Company shall be consistent with that on any Tax Return filed or
to be filed by Parent or any member of the Parent Group or caused or to be caused to be filed by Parent, in each case with respect to periods prior to the Distribution Date or with respect to Straddle Periods (“Parent Group Transaction
Returns”), unless there is no reasonable basis for such Tax treatment. To the extent the Tax treatment relating to any aspect of the Transactions is not covered by the Intended Tax Treatment or the Parent Group Transaction Returns, the
Companies shall report such Tax treatment on any and all Tax Returns in a manner that is consistent with Parent’s intention or determination with respect thereto. 

Section 4.05    Consolidated or Combined Tax Returns. SpinCo will elect and join, and
will cause its respective Affiliates to elect and join, in filing any Parent Federal Consolidated Income Tax Returns, Parent State Combined Income Tax Returns, Parent Foreign Combined Income Tax Returns and any other Joint Returns that Parent
determines are required to be filed or that Parent chooses to file pursuant to Section 4.02 for any Pre-Deconsolidated Period or Straddle Period. With respect to any SpinCo Separate Returns relating to
any Tax Period (or portion thereof) ending on or prior to the Distribution Date, SpinCo will elect and join, and will cause its respective Affiliates to elect and join, in filing consolidated, unitary, combined, or other similar joint Tax Returns,
to the extent each entity is eligible to join in such Tax Returns, if Parent reasonably determines that the filing of such Tax Returns is consistent with past reporting practices, or, in the absence of applicable past practices, will result in the
minimization of the net present value of the aggregate Tax to the entities eligible to join in such Tax Returns. 

  
 14 

 Section 4.06    Right to Review Tax
Returns. 
 (a)    General. The Responsible Company with respect to any Tax Return shall make such Tax Return
(or the relevant portions thereof) and related workpapers available for review by the other Company, if requested, to the extent (i) such Tax Return relates to Taxes for which the requesting Company is or could reasonably be expected to be
liable, (ii) the requesting Company would reasonably be expected to be liable in whole or in part for any additional Taxes owing as a result of material adjustments to the amount of Taxes reported on such Tax Return, (iii) such Tax Return
relates to Taxes for which the requesting Company would reasonably be expected to have a claim for material Tax Benefits under this Agreement, (iv) reasonably necessary for the requesting Company to confirm compliance with the terms of this
Agreement or (v) such Tax Return is required by the requesting Company to comply with its reporting obligations to the Securities and Exchange Commission. The Responsible Company shall use reasonable efforts to make such Tax Return available
for review as required under this Section 4.06(a) at least 30 days in advance of the relevant Due Date and, failing that, sufficiently in advance of the Due Date of such Tax Return to provide the requesting Company with a meaningful opportunity
to analyze and comment on such Tax Return and shall use reasonable efforts to have such Tax Return modified before filing, taking into account the Person responsible for payment of the Tax (if any) reported on such Tax Return and whether the amount
of Tax liability with respect to such Tax Return is material. The Companies shall attempt in good faith to resolve any disagreement arising out of the review of such Tax Return and, failing that, such disagreement shall be resolved in accordance
with the disagreement resolution provisions of Section 13 as promptly as practicable. 
 (b)    Execution of Tax
Returns Prepared by Other Company. In the case of any Tax Return which is required to be prepared and filed by one Company under this Agreement and which is required by Law to be signed by the other Company or its Affiliates (or by an authorized
representative thereof), the Company or the Company having an Affiliate which is legally required to sign such Tax Return shall not be required to sign or caused to be signed such Tax Return under this Agreement if there is no reasonable basis for
the Tax treatment of any item reported on the Tax Return. 
 (c)    Section 2.03(c) Returns and Other Tax
Joint Returns. No Company shall amend, or cause to be amended, any Section 2.03(c) Return or Other Tax Joint Return or file, or cause to be filed, any Adjustment Request with respect to any such Tax Return, in each case, unless the other
Company shall have first consented in writing to such amendment or Adjustment Request, such content not to be unreasonably withheld, conditioned, or delayed. 

Section 4.07    Apportionment of Earnings and Profits and Tax Attributes. Parent shall be
entitled in good faith to instruct SpinCo in writing of the portion, if any, of any earnings and profits, previously taxed earnings and profits, Tax Attribute, basis, overall foreign loss or any consolidated, combined, unitary or comingled attribute
which Parent determines shall be allocated to, apportioned to or adjusted by the SpinCo Group under applicable Law in connection with the Transactions. SpinCo and all other members of the SpinCo Group shall prepare all Tax Returns in accordance with
(and shall not take any Tax position that is inconsistent with) such written instructions. As soon as practicable after receipt of a written request from SpinCo, Parent shall provide copies of any studies, reports, and workpapers supporting the
earnings and profits, previously taxed earnings and profits, Tax Attribute, basis, overall foreign loss and any consolidated, combined, unitary or comingled attribute allocable to SpinCo or any other members of the SpinCo Group. In the event of a
subsequent adjustment to the earnings and profits, previously taxed earnings and profits, Tax Attribute, basis, overall foreign loss or any consolidated, combined, unitary or comingled attribute determined by Parent pursuant to this
Section 4.07, Parent or SpinCo, as the case may be, shall promptly notify the other Company in writing of such adjustment. For the avoidance of doubt, Parent shall not be liable to SpinCo or any other member of the SpinCo Group for any failure
of any determination under this Section 4.07 to be accurate under applicable Law. 

  
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 Section 5.    Tax Payments. 

Section 5.01    Payment of Taxes With Respect to Joint Returns. In the case of any Joint
Return reflecting Taxes for which both Parent and SpinCo are responsible under Section 2.05: 

(a)    Computation and Payment of Tax Due. At least three Business Days prior to any Payment Date for any such Tax
Return, Parent shall compute the amount of Tax required to be paid to the applicable Tax Authority (taking into account the requirements of Section 4.04 relating to consistent accounting practices, as applicable) with respect to such Tax Return
on such Payment Date. Parent shall pay such amount to such Tax Authority on or before such Payment Date (and provide notice and proof of payment to SpinCo). 

(b)    Computation and Payment of Liability With Respect To Tax Due. Within 30 days following the earlier of
(i) the Due Date for filing any such Tax Return or (ii) the date on which such Tax Return is filed, SpinCo shall pay to Parent the amount allocable to the SpinCo Group under the provisions of Section 2.05 with respect to such Tax
Return, plus interest computed at the Prime Rate on the amount so allocable to the SpinCo Group based on the number of days from the date such Tax was paid by Parent to the date of the payment under this Section 5.01(b). 

(c)    Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to a Final Determination with
respect to any such Tax Return, Parent shall pay to the applicable Tax Authority when due any additional Tax due with respect to such Tax Return required to be paid as a result of such adjustment pursuant to a Final Determination. Parent shall
compute the amount attributable to the SpinCo Group in accordance with Section 2.05 and SpinCo shall pay to Parent any amount due to Parent under Section 2.05 within 30 days following the date of receipt of a written notice and demand from
Parent for payment of the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. Any payments required under this Section 5.01(c) shall
include interest computed at the Prime Rate based on the number of days from the date the additional Tax was paid by Parent to the date of the payment under this Section 5.01(c). 

Section 5.02    Payment of Taxes With Respect to Section 2.03(c)
Returns. In the case of any Section 2.03(c) Return: 
 (a)    Computation and Payment of Tax Due. At
least three Business Days prior to any Payment Date for any Section 2.03(c) Return, the Responsible Company shall compute the amount of Tax required to be paid to the applicable Tax Authority (taking into account the requirements of
Section 4.04 relating to consistent accounting practices, as applicable) with respect to such Tax Return on such Payment Date. The Responsible Company shall pay such amount to such Tax Authority on or before such Payment Date (and provide
notice and proof of payment to the other Company). 
 (b)    Computation and Payment of Liability With Respect To Tax
Due. Within 30 days following the earlier of (i) the Due Date for filing any such Section 2.03(c) Return or (ii) the date on which such Section 2.03(c) Return is filed, if Parent is the Responsible Company, then SpinCo shall
pay to Parent the amount for which SpinCo is responsible under the provisions of Section 2.03(c) with respect to such Tax Return, and if SpinCo is the Responsible Company, then Parent shall pay to SpinCo the amount for which Parent is
responsible under the provisions of Section 2.03(c) with respect to such Tax Return, in each case, plus interest computed at the Prime Rate on the amount so allocable to SpinCo or Parent, as applicable, based on the number of days from the date
such Tax was paid by Parent or SpinCo, as applicable, to the date of the payment under this Section 5.02(b). 

(c)    Adjustments Resulting in Underpayments. In the case of any adjustment pursuant to a Final Determination with
respect to any such Section 2.03(c) Return, the Responsible Company shall pay to the applicable Tax Authority when due any additional Tax due with respect to such Tax Return required to be 

  
 16 

 
paid as a result of such adjustment pursuant to a Final Determination. If the Responsible Company is Parent, Parent shall compute the amount attributable to the assets or activities of the SpinCo
Business in accordance with Section 2.03(c) and SpinCo shall pay to Parent such amount within 30 days of the date of receipt of a written notice and demand from Parent for payment of the amount due, accompanied by evidence of payment and a
statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. If the Responsible Company is SpinCo, (x) SpinCo shall, within 15 days of payment of such additional Tax to the applicable Tax Authority,
provide Parent with written notice thereof, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto and (y) Parent shall, within 45 days of receipt of such
statement, compute the amount attributable to the assets or activities of the Parent Business in accordance with Section 2.03(c) and pay to SpinCo such amount. Any payments required under this Section 5.02(c) shall include interest
computed at the Prime Rate based on the number of days from the date the additional Tax was paid by the Responsible Company to the date of the payment under this Section 5.02(c). 

Section 5.03    Indemnification Payments. 

(a)    Subject to Sections 5.01, 5.02, 7.05(d) and 7.05(e), if any Company or any of its Affiliates (such Company, the
“Payor”) is required under applicable Tax Law to pay to a Tax Authority a Tax that another Company (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the Payor within 30
days of delivery by the Payor to the Required Party of an invoice for the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. The reimbursement
shall include interest on the Tax payment computed at the Prime Rate based on the number of days from the date of the payment to the Tax Authority to the date of reimbursement under this Section 5.03. 

(b)    All indemnification payments under this Agreement shall be made by Parent directly to SpinCo and by SpinCo directly
to Parent, as applicable; provided, however, that if the Companies mutually agree with respect to any such indemnification payment, any member of the Parent Group, on the one hand, may make such indemnification payment to any member of
the SpinCo Group, on the other hand, and vice versa. 
 Section 6.    Tax Benefits.

 Section 6.01    Tax Benefits. 

(a)    Except as set forth below, Parent shall be entitled to any refund (and any interest thereon received from the
applicable Tax Authority) of Income Taxes and Other Taxes for which Parent is liable hereunder, SpinCo shall be entitled to any refund (and any interest thereon received from the applicable Tax Authority) of Income Taxes and Other Taxes for which
SpinCo is liable hereunder and a Company (the first Company) receiving or having Affiliates receiving a refund to which another Company (the second Company) is entitled hereunder shall pay over such refund to the second Company within 30 days after
such refund is received (together with interest computed at the Prime Rate based on the number of days from the date the refund was received to the date the refund was paid over). The second Company, upon the written request of the first Company,
shall promptly repay the first Company the amount paid over pursuant to the preceding sentence (together with any penalties, interest or other charges imposed by the relevant Tax Authority) in the event that the first Company or any Affiliate is
required to repay such refund to such Tax Authority. 
 (b)    If a member of the SpinCo Group actually realizes in cash
any Tax Benefit as a result of an adjustment pursuant to a Final Determination to any Taxes for which a member of the Parent Group is liable hereunder (or to the tax basis or any Tax Attribute of a member of the Parent Group) (a “Parent
Final Determination Adjustment”) and such Tax Benefit would not have arisen but for such adjustment (determined on a “with and without” basis), or if a member of the Parent Group actually realizes in cash

  
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any Tax Benefit as a result of an adjustment pursuant to a Final Determination to any Taxes for which a member of the SpinCo Group is liable hereunder (or to the tax basis or any Tax Attribute of
a member of the SpinCo Group) and such Tax Benefit would not have arisen but for such adjustment (determined on a “with and without” basis), SpinCo or Parent, as the case may be, shall make a payment to either Parent or SpinCo, as
appropriate, within 30 days following such actual realization of the Tax Benefit, in an amount equal to such Tax Benefit actually realized in cash (including any Tax Benefit actually realized in cash as a result of the payment), plus interest on
such amount computed at the Prime Rate based on the number of days from the date of such actual realization of the Tax Benefit to the date of payment of such amount under this Section 6.01(b). In the case of a Parent Final Determination
Adjustment, then, upon the written request of and at the expense of Parent, SpinCo shall (and, if applicable, shall cause the relevant member of the SpinCo Group to) amend any Tax Return thereof to the extent such amendment would result in a
corresponding or correlative Tax Benefit (which shall include, without limitation, any step-up in tax basis). 

(c)    No later than 30 days after a Tax Benefit described in Section 6.01(b) is actually realized in cash by a
member of the Parent Group or a member of the SpinCo Group, Parent (if a member of the Parent Group actually realizes such Tax Benefit) or SpinCo (if a member of the SpinCo Group actually realizes such Tax Benefit) shall provide the other Company
with a written calculation of the amount payable to such other Company by Parent or SpinCo, as the case may be, pursuant to this Section 6. In the event that Parent or SpinCo, as the case may be, disagrees with any such calculation described in
this Section 6.01(c), Parent or SpinCo, as the case may be, shall so notify the other Company in writing within 30 days of receiving the written calculation set forth above in this Section 6.01(c). Parent and SpinCo shall endeavor in good
faith to resolve such disagreement, and, failing that, the amount payable under this Section 6 shall be determined in accordance with the disagreement resolution provisions of Section 13 as promptly as practicable. 

Section 6.02    Parent and SpinCo Income Tax Deductions in Respect of Certain Equity Awards
and Incentive Compensation. To the extent permitted by applicable Law, solely the member of the Group for which the relevant individual is employed at the time of the vesting, exercise, disqualifying disposition, payment or other relevant
taxable event, as appropriate, in respect of the equity awards and other incentive compensation described in the Employee Matters Agreement (or, if such individual is not then employed by a member of any Group, the Group member at which such
individual was most recently employed) shall be entitled to claim any Income Tax deduction in respect of such equity awards and other incentive compensation on its respective Tax Return associated with such event. 

Section 7.    Tax-Free Status. 

Section 7.01    Tax Opinions/Rulings and Representation Letters. 

(a)    Each of SpinCo and Parent hereby represents and agrees that (A) it has carefully reviewed or will carefully
review the Representation Letters prior to the date submitted and (B) subject to any qualifications therein, all information, representations and covenants contained in such Representation Letters that concern or relate to such Company or any
member of its Group are and will be true, correct and complete. 
 (b)    If any Representation Letters have not yet
been submitted, SpinCo and Parent shall use their commercially reasonable efforts and shall cooperate in good faith to finalize (or cause to be finalized) the same as soon as possible and to cause the same to be submitted to the Tax Advisors, the
IRS or such other governmental authorities as Parent shall deem necessary or desirable. SpinCo and Parent shall take such other commercially reasonable actions as may be necessary or desirable to obtain any Tax Opinions/Rulings that have not yet
been obtained. 
 (c)    SpinCo hereby represents and warrants that it has no plan or intention to take any action or to
fail to take any action (or to cause or permit any member of its Group to take or fail to take any action), 

  
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in each case, from and after the date hereof, that could reasonably be expected to cause any representation or statement made in this Agreement, the Separation and Distribution Agreement, the
Representation Letters, or any of the Ancillary Agreements to be untrue. 
 (d)    SpinCo hereby represents and warrants
that, during each two-year period ending on the date of any Internal Distribution or the Distribution Date, there was no “agreement,” “understanding,” “arrangement,”
“substantial negotiations” or “discussions” (as such terms are defined in Treasury Regulations Section 1.355-7(h)) by any one or more officers or directors of any member of the SpinCo
Group or by any other person or persons with the implicit or explicit permission of one or more of such officers or directors regarding an acquisition, directly or indirectly, of all or a significant portion of the SpinCo Capital Stock (or any
predecessor) or any Section 355 Affiliate Capital Stock; provided, however, that no representation is made regarding any “agreement,” “understanding,” “arrangement,” “substantial
negotiations” or “discussions” (as such terms are defined in Treasury Regulations Section 1.355-7(h)) by any one or more officers or directors of Parent. 

Section 7.02    Restrictions on SpinCo. 

(a)    SpinCo agrees that it will not take or fail to take, or cause or permit any Affiliate of SpinCo to take or fail to
take, any action where such action or failure to act would be inconsistent with or cause to be untrue any material, information, statement, covenant or representation in this Agreement, the Separation and Distribution Agreement, any of the Ancillary
Agreements, any Representation Letters or any Tax Opinions/Rulings. SpinCo agrees that it will not take or fail to take, or permit any Affiliate of SpinCo to take or fail to take, any action which prevents or could reasonably be expected to prevent
the Tax-Free Status (including the issuance of any SpinCo Capital Stock or Section 355 Affiliate Capital Stock that would prevent the Distribution or any Internal Distribution from qualifying as a tax-free distribution under Section 355 of the Code), it being agreed and understood that SpinCo shall not agree, and shall prevent any Affiliate of SpinCo from agreeing, in any Tax Contest to any position that
is inconsistent with the Tax treatment of the Transactions as provided in the Intended Tax Treatment or the Parent Group Transaction Returns, unless there is no reasonable basis for such Tax treatment. 

(b)    SpinCo agrees that, from the date hereof until the first day after the
two-year anniversary of the Distribution Date, it will (i) maintain its status as a company engaged in the active conduct of the SpinCo Business for purposes of Section 355(b)(2) of the Code,
(ii) cause each Section 355 Affiliate to maintain such Section 355 Affiliate’s status as a company engaged in the active conduct of the trade or businesses designated as the trade or business for such Section 355 Affiliate
in the relevant Tax Opinion for purposes of Section 355(b)(2) of the Code, (iii) not engage in any transaction that would result in SpinCo or any Section 355 Affiliate ceasing to be a company so engaged for purposes of
Section 355(b)(2) of the Code and (iv) cause each Section 355 Affiliate not to engage in any transaction that would result in such Section 355 Affiliate ceasing to be a company so engaged for purposes of Section 355(b)(2) of
the Code, in the case of each of clauses (i) through (iv), taking into account Section 355(b)(3) of the Code. 

(c)    SpinCo agrees that, from the date hereof until the first day after the
two-year anniversary of the Distribution Date, it will not (and it will cause each Section 355 Affiliate not to, where applicable) (i) enter into any Proposed Acquisition Transaction or, to the
extent SpinCo has the right to prohibit (or cause to be prohibited) any Proposed Acquisition Transaction, permit (or cause to be permitted) any Proposed Acquisition Transaction to occur (whether by (I) redeeming rights under a shareholder
rights plan, (II) finding a tender offer to be a “permitted offer” under any such plan or otherwise causing any such plan to be inapplicable or neutralized with respect to any Proposed Acquisition Transaction, or (III) approving
any Proposed Acquisition Transaction, whether for purposes of Section 203 of the DGCL or any similar corporate statute, any “fair price” or other provision of SpinCo or any Section 355 Affiliate’s charter or bylaws or
otherwise), (ii) merge or consolidate with any other Person or liquidate or partially liquidate, (iii) in a single transaction or series of transactions, sell or transfer (other than sales or transfers of inventory in

  
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the ordinary course of business) all or substantially all of the assets that were transferred, directly or indirectly, to SpinCo pursuant to the Contribution (or, with respect to any such
Section 355 Affiliate, to such Section 355 Affiliate pursuant to any Ancillary Agreements), or sell or transfer 30% or more of the gross assets of the SpinCo Business (or, with respect to any such Section 355 Affiliate, the gross
assets of any trade or business designated as the trade or business for such Section 355 Affiliate in the relevant Tax Opinion) or 30% or more of the consolidated gross assets of SpinCo and its Affiliates or of any Section 355 Affiliate
and its Subsidiaries (such percentages to be measured based on fair market value as of the date of the Distribution or the relevant Internal Distribution, as applicable), (iv) redeem or otherwise repurchase (directly or through an Affiliate) any
SpinCo Capital Stock or any Section 355 Affiliate Capital Stock, or rights to acquire stock, (v) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or
otherwise, affecting the voting rights of SpinCo Capital Stock or Section 355 Affiliate Capital Stock (including, without limitation, through the conversion of one class of stock into another class of stock) or (vi) take any other action
or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation or covenant made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account
any other transactions described in this subparagraph (d)) would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a
Fifty-Percent or Greater Interest in SpinCo or any Section 355 Affiliate or otherwise jeopardize the Tax-Free Status, unless, in each case, prior to taking any such action set forth in the foregoing
clauses (i) through (vi), (A) SpinCo shall have requested that Parent obtain a Ruling in accordance with Section 7.04 to the effect that such transaction will not affect the Tax-Free Status and
Parent shall have received such a Ruling in form and substance satisfactory to Parent in its sole and absolute discretion, which discretion shall be exercised in good faith solely to preserve the Tax-Free
Status (and in determining whether a Ruling is satisfactory, Parent may consider, among other factors, the appropriateness of any underlying assumptions and management’s representations made in connection with such Ruling), or (B) SpinCo
shall provide Parent with, or assist Parent in obtaining, an Unqualified Tax Opinion in form and substance satisfactory to Parent in its sole and absolute discretion, which discretion shall be exercised in good faith solely to preserve the Tax-Free Status (and in determining whether an opinion is satisfactory, Parent may consider, among other factors, the appropriateness of any underlying assumptions and management’s representations if used as a
basis for the opinion, and Parent may determine that no opinion would be acceptable to Parent) or (C) Parent shall have waived the requirement to obtain such Ruling or Unqualified Tax Opinion. 

(d)    Certain Issuances of SpinCo Capital Stock or Section 355 Affiliate Capital Stock. If
SpinCo or any Section 355 Affiliate proposes to enter into any Section 7.02(d) Acquisition Transaction or if SpinCo, to the extent SpinCo has the right to prohibit (or cause to be prohibited) any Section 7.02(d) Acquisition
Transaction, proposes to permit (or to cause to be permitted) any Section 7.02(d) Acquisition Transaction to occur, in each case, during the period from the date hereof until the first day after the
two-year anniversary of the Distribution Date, SpinCo shall provide Parent, no later than ten days following the signing of any written agreement with respect to the Section 7.02(d) Acquisition
Transaction, with a written description of such transaction (including the type and amount of any SpinCo Capital Stock or Section 355 Affiliate Capital Stock, as the case may be, to be issued in such transaction) and a certificate of the board
of directors of SpinCo to the effect that the Section 7.02(d) Acquisition Transaction is not a Proposed Acquisition Transaction or any other transaction to which the requirements of Section 7.02(c) apply (a “Board
Certificate”). 
 (e)    SpinCo Group Internal Restructuring. SpinCo shall provide written notice to
Parent describing any SpinCo Group Internal Restructuring proposed to be undertaken during any Tax Period ending on or prior to the two-year anniversary of the Distribution Date and shall consult with Parent
regarding any such proposed actions reasonably in advance of taking any such proposed actions and shall consider in good faith any comments from Parent relating thereto. 

  
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 Section 7.03    Restrictions on Parent.
Parent agrees that it will not take or fail to take, or cause or permit any member of the Parent Group to take or fail to take, any action where such action or failure to act would be inconsistent with or cause to be untrue any material,
information, statement, covenant or representation in this Agreement, the Separation and Distribution Agreement, any of the Ancillary Agreements, any Representation Letters or any Tax Opinions/Rulings. Parent agrees that it will not take or fail to
take, or cause or permit any member of the Parent Group to take or fail to take, any action which prevents or could reasonably be expected to prevent the Tax-Free Status; provided, however, that
this Section 7.03 shall not be construed as obligating Parent to consummate the Distribution without the satisfaction or waiver of all conditions set forth in Section 3.3 of the Separation and Distribution Agreement nor shall it be
construed as preventing Parent from terminating the Separation and Distribution Agreement pursuant to Section 9.1 thereof. 

Section 7.04    Procedures Regarding Opinions and Rulings. 

(a)    If SpinCo notifies Parent that it desires to take one of the actions described in clauses (i) through (vi) of
Section 7.02(c) (a “Notified Action”), Parent and SpinCo shall reasonably cooperate to attempt to obtain the Ruling or Unqualified Tax Opinion referred to in Section 7.02(c), unless Parent shall have waived the requirement
to obtain such Ruling or Unqualified Tax Opinion. 
 (b)    Rulings or Unqualified Tax Opinions at SpinCo’s
Request. Parent agrees that at the reasonable request of SpinCo pursuant to Section 7.02(c), Parent shall cooperate with SpinCo and use its reasonable efforts to seek to obtain, as expeditiously as possible, a Ruling or an Unqualified Tax
Opinion for the purpose of permitting SpinCo to take the Notified Action. Further, in no event shall Parent be required to file a request for any such Ruling under this Section 7.04(b) unless SpinCo represents that (A) it has read such
request, and (B) all information and representations, if any, relating to any member of the SpinCo Group, contained in such request (or in any documents relating thereto) are (subject to any qualifications therein) true, correct and complete.
SpinCo shall reimburse Parent for all reasonable costs and expenses incurred by the Parent Group in preparing and filing any such request and in obtaining a Ruling or in obtaining or in assisting in obtaining an Unqualified Tax Opinion requested by
SpinCo within ten Business Days after receiving an invoice from Parent therefor. 
 (c)    Rulings or Unqualified Tax
Opinions at Parent’s Request. Parent shall have the right to obtain a Ruling or an Unqualified Tax Opinion at any time in its sole and absolute discretion. If Parent determines to obtain a Ruling or an Unqualified Tax Opinion, SpinCo shall
(and shall cause each Affiliate of SpinCo to) cooperate with Parent and take any and all actions reasonably requested by Parent in connection with obtaining the Ruling or Unqualified Tax Opinion (including, without limitation, by making any
representation or covenant or providing any materials or information requested by the IRS or Tax Advisor; provided that SpinCo shall not be required to make (or cause any Affiliate of SpinCo to make) any representation or covenant that is
inconsistent with historical facts or as to future matters or events over which it has no control). Parent and SpinCo shall each bear its own costs and expenses in obtaining a Ruling or an Unqualified Tax Opinion requested by Parent. 

(d)    SpinCo hereby agrees that Parent shall have sole and exclusive control over the process of obtaining any Ruling,
and that only Parent shall apply for a Ruling. In connection with obtaining a Ruling pursuant to Section 7.04(b), (A) Parent shall keep SpinCo informed in a timely manner of all material actions taken or proposed to be taken by Parent in
connection therewith; (B) Parent shall (1) reasonably in advance of the submission of any documents relating to the request for such Ruling, provide SpinCo with a draft copy thereof, (2) reasonably consider SpinCo’s comments on
such draft copy, and (3) provide SpinCo with a final copy; and (C) Parent shall provide SpinCo with notice reasonably in advance of, and SpinCo shall have the right to attend, any formally scheduled meetings with the IRS or other
applicable Tax Authority (subject to the approval of the IRS or other applicable Tax Authority) that relate to such Ruling. Neither SpinCo nor any Affiliate of SpinCo shall seek any guidance from the IRS or any other Tax Authority (whether written,
verbal or otherwise) at any time concerning the Transactions (or the effect of any other transaction thereon). 

  
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 Section 7.05    Liability for Tax-Related Losses. 
 (a)    Notwithstanding anything in this Agreement, the
Separation and Distribution Agreement, or any Ancillary Agreement to the contrary, subject to Section 7.05(c), SpinCo shall be responsible for, and shall indemnify and hold harmless Parent and its Affiliates and each of their respective
officers, directors and employees from and against, one hundred percent (100%) of any Tax-Related Losses that are attributable to or result from any one or more of the following: (A) the acquisition
(other than pursuant to the Transactions), by any means whatsoever or by any Person, of all or a portion of (i) SpinCo Capital Stock, (ii) any Section 355 Affiliate Capital Stock, and/or (iii) Spinco’s assets, any
Section 355 Affiliate’s assets, or any of their Subsidiaries’ assets, (B) any “agreement,” “understanding,” “arrangement,” “substantial negotiations” or “discussions” (as such
terms are defined in Treasury Regulations Section 1.355-7(h)) by (i) any one or more officers or directors of any member of the SpinCo Group or by any other person or persons with the implicit or
explicit permission of one or more of such officers or directors regarding transactions or events that cause any Internal Distribution, the Distribution, or any Monetization Transaction to be treated as part of a plan pursuant to which one or more
Persons acquire, directly or indirectly, stock of SpinCo, stock of any Section 355 Affiliate, or stock of any Affiliate of SpinCo or any Section 355 Affiliate, in each case, representing a Fifty-Percent or Greater Interest therein or
(ii) any one or more officers or directors of any Section 355 Affiliate or by any other person or persons with the implicit or explicit permission of one or more of such officers or directors regarding transactions or events that cause any
Internal Distribution to be treated as part of a plan pursuant to which one or more Persons acquire, directly or indirectly, stock of such Section 355 Affiliate or stock of any Affiliate of such Section 355 Affiliate, in each case,
representing a Fifty-Percent or Greater Interest therein, (C) any action or failure to act by SpinCo after the Distribution (including, without limitation, any amendment to SpinCo’s or any Section 355 Affiliate’s certificate of
incorporation (or other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights of SpinCo stock (including, without limitation, through the conversion of one class of SpinCo Capital Stock into another
class of SpinCo Capital Stock) or Section 355 Affiliate stock (including, without limitation, through the conversion of one class of Section 355 Affiliate Capital Stock into another class of Section 355 Affiliate Capital Stock), (D)
any act or failure to act by SpinCo, any Section 355 Affiliate or any other member of the SpinCo Group described in Section 7.02 (regardless of whether such act or failure to act is covered by a Ruling, Unqualified Tax Opinion or waiver,
as applicable, described in Section 7.02(c) or by a Board Certificate described in Section 7.02(d) or any consultations with or comments from Parent in accordance with Section 7.02(e)), including, for the avoidance of doubt, any act
or failure to act by SpinCo or any other member of the SpinCo Group that results in any Other Restructuring Transaction or any Monetization Transaction failing to qualify, in whole or in part, for Tax-Free
Status, or (E) any breach by SpinCo of its agreement and representations set forth in Section 7.01. 

(b)    Notwithstanding anything in this Agreement, the Separation and Distribution Agreement, or any Ancillary Agreement
to the contrary, subject to Section 7.05(c), Parent shall be responsible for, and shall indemnify and hold harmless SpinCo and its Affiliates and each of their respective officers, directors and employees from and against, one hundred percent
(100%) of any Tax-Related Losses that are attributable to, or result from any one or more of the following: (A) the acquisition (other than pursuant to the Transactions) of all or a portion of
Parent’s stock and/or its or its Subsidiaries’ assets by any means whatsoever by any Person, (B) any “agreement,” “understanding,” “arrangement,” “substantial negotiations” or
“discussions” (as such terms are defined in Treasury Regulations Section 1.355-7(h)) by any one or more officers or directors of any member of the Parent Group or by any other person or persons
with the implicit or explicit permission of one or more of such officers or directors regarding transactions or events that cause the Distribution, any Internal Distribution, or any Monetization Transaction to be treated as part of a plan pursuant
to which one or more Persons acquire, directly or indirectly, stock of 

  
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Parent or the stock of any Affiliate of Parent (including any such Affiliate that is a “distributing corporation” (as defined in Section 355(a) of the Code) in any Internal
Distribution) representing a Fifty-Percent or Greater Interest therein, (C) any act or failure to act by Parent or any other member of the Parent Group described in Section 7.03 or (D) any breach by Parent of its agreement and
representations set forth in Section 7.01. 
 (c)    Notwithstanding anything in Section 7.05(a) or
(b) or any other provision of this Agreement, the Separation and Distribution Agreement, or any Ancillary Agreement to the contrary: 

(i)    SpinCo shall be responsible for, and shall indemnify and hold harmless Parent and its Affiliates and
each of their respective officers, directors and employees from and against, one hundred percent (100%) of (I) any Tax-Related Losses resulting from the application of Section 355(e) or
Section 355(f) of the Code (other than as a result of an acquisition of a Fifty-Percent or Greater Interest in Parent or any member of the Parent Group) and (II) any other Tax-Related Losses
resulting (for the absence of doubt, in whole or in part) from an acquisition after the Distribution of any stock or assets of SpinCo, any Section 355 Affiliate, or any other Affiliate of SpinCo by any means whatsoever by any Person or any
action or failure to act by SpinCo affecting the voting rights of SpinCo stock, the stock of any Section 355 Affiliate or the stock of any other Affiliate of SpinCo; and 

(ii)    For purposes of calculating the amount and timing of any
Tax-Related Losses for which SpinCo is responsible under this Section 7.05, Tax-Related Losses shall be calculated by assuming that Parent, the Parent Affiliated
Group and each other member of the Parent Group (I) pay Tax at the highest marginal corporate Tax rates in effect in each relevant taxable year and (II) have no Tax Attributes in any relevant taxable year. For purposes of calculating the
amount and timing of any Tax-Related Losses for which Parent is responsible under this Section 7.05, Tax-Related Losses shall be calculated by assuming that SpinCo,
the SpinCo Affiliated Group and each other member of the Spinco Group (I) pay Tax at the highest marginal corporate Tax rates in effect in each relevant taxable year and (II) have no Tax Attributes in any relevant taxable year. 

(d)    The indemnifying Company shall pay the other Company the amount of any
Tax-Related Losses for which the indemnifying Company is responsible under this Section 7.05: (A) in the case of Tax-Related Losses described in clause (i) of
the definition of Tax-Related Losses, no later than ten Business Days prior to the Due Date of the Tax Return that other Company files, or causes to be filed, for the year of any relevant Internal
Distribution, relevant Monetization Transaction, or the Contribution or the Distribution, as applicable (the “Filing Date”) (provided that, if such Tax-Related Losses arise pursuant to
a Final Determination described in clause (a), (b) or (c) of the definition of “Final Determination,” then the indemnifying Company shall pay the other Company no later than two Business Days after the date of such Final
Determination, with interest calculated at the Prime Rate plus two percent, compounded semiannually, from the date that is ten Business Days prior to the Filing Date through the date of such Final Determination (but not in duplication of interest
charged by the applicable Tax Authority)) and (B) in the case of Tax-Related Losses described in clause (ii) or (iii) of the definition of Tax-Related Losses,
no later than the later of (x) the date that is two Business Days after the date the other Company pays such Tax-Related Losses and (y) the date that is five Business Days after the indemnifying
Company receives notification from the other Company of the amount of such Tax-Related Losses due. 

(e)    Parent shall calculate in good faith and notify SpinCo of the amount of any
Tax-Related Losses for which SpinCo is responsible under this Section 7.05. Such calculation shall be binding on SpinCo absent manifest error. At SpinCo’s reasonable request, Parent shall make
available to SpinCo the portion of any Tax Return or other documentation and related workpapers that are relevant to the determination of the Tax-Related Losses attributable to SpinCo pursuant to this
Section 7.05. Parent and 

  
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SpinCo shall cooperate in good faith to determine the Tax-Related Losses for which Parent is responsible under this Section 7.05; provided that, at
the request of either Company, such determination shall be subject to the provisions of Section 13. 

Section 7.06    Section 336(e) Election. If Parent determines, in its sole discretion,
that a protective election under Section 336(e) of the Code (a “Section 336(e) Election”) shall be made with respect to the Distribution (or any Internal Distribution), SpinCo shall (and shall cause any
Section 355 Affiliate or any other relevant member of the SpinCo Group to) join with Parent (or any other relevant member of the Parent Group) in the making of such election and shall take any action reasonably requested by Parent or that is
otherwise necessary to give effect to such election (including making any other related election). If a Section 336(e) Election is made with respect to the Distribution (or any Internal Distribution or any Other Restructuring Transaction), then
(a) in the event the Contribution or the Distribution (or any such Internal Distribution or any such Other Restructuring Transaction) fails to have Tax-Free Status and Parent is not entitled to
indemnification for the Tax-Related Losses arising from such failure, SpinCo shall pay over to Parent any Tax Benefit arising from the step-up in Tax basis resulting
from the Section 336(e) Election within 30 days of SpinCo (or any such Section 355 Affiliate or any other member of the SpinCo Group) actually realizing such Tax Benefit in cash and (b) this Agreement shall be amended in such a manner
as is determined by Parent in good faith to take into account such Section 336(e) Election. 

Section 8.    Assistance and Cooperation. 

Section 8.01    Assistance and Cooperation. 

(a)    The Companies shall cooperate (and cause their respective Affiliates to cooperate) with each other and with each
other’s agents, including accounting firms and legal counsel, in connection with Tax matters relating to the Companies and their Affiliates including (i) preparation and filing of Tax Returns, (ii) determining the liability for and
amount of any Taxes due (including estimated Taxes) or the right to and amount of any refund of Taxes, (iii) examinations of Tax Returns, and (iv) any administrative or judicial proceeding in respect of Taxes assessed or proposed to be
assessed. Each of the Companies shall also make available to the other, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Companies or their respective Affiliates) responsible for preparing,
maintaining, and interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to
Taxes. 
 (b)    Any information or documents provided under this Section 8 shall be kept confidential by the
Company receiving such information or documents, except as may otherwise be necessary in connection with the filing of Tax Returns or in connection with any Tax Contest. Notwithstanding Section 8.01(c) or any other provision of this Agreement
or any other agreement, (i) neither Parent nor any Affiliate of Parent shall be required to provide SpinCo or any Affiliate of SpinCo or any other Person access to or copies of any information or procedures (including the proceedings of any Tax
Contest) other than, subject to clause (ii), information or procedures that relate solely to the Transactions, SpinCo, the business or assets of SpinCo or any Affiliate of SpinCo and (ii) in no event shall Parent or any Affiliate of Parent be
required to provide SpinCo, any Affiliate of SpinCo or any other Person access to or copies of any information if such action could reasonably be expected to result in the waiver of any Privilege. In addition, in the event that Parent determines
that the provision of any information to SpinCo or any Affiliate of SpinCo could be commercially detrimental, violate any Law or agreement or waive any Privilege, the Companies shall use reasonable best efforts to permit compliance with its
obligations under this Section 8 in a manner that avoids any such harm or consequence. 
 (c)    Each Company shall
preserve and keep all Tax records (including e-mails and other digitally stored materials and related workpapers and other documentation) in its possession as of the date

  
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hereof or relating to Taxes of the Groups for Pre-Consolidation Periods or Taxes or Tax matters that are the subject of this Agreement, in each case, for
so long as the contents thereof may become material in the administration of any matter under the Code or other applicable Tax Law, but in any event until the later of (i) ninety days after the expiration of any applicable statutes of
limitations (taking into account any extensions), or (ii) seven years after the Distribution Date (such later date, the “Retention Date”). After the Retention Date, each Company may dispose of such Tax records upon ninety
days’ prior written notice to the other Company. If, prior to the Retention Date, a Company reasonably determines that any Tax records which it would otherwise be required to preserve and keep under this Section 8.01(c) are no longer
material in the administration of any matter under the Code or other applicable Tax Law and the other Company agrees in writing, then such first Company may dispose of such Tax records upon ninety days’ prior notice to the other Company. Any
notice of an intent to dispose given pursuant to this Section 8.01(c) shall include a list of the Tax records to be disposed of, describing in reasonable detail each file, book or other record accumulation being disposed. The notified Company
shall have the opportunity, at its cost, to copy or remove, within such ninety day period, all or any part of such Tax records, and the other Company shall then dispose of such remaining Tax records. 

Section 8.02    Income Tax Return Information. SpinCo and Parent acknowledge that time is
of the essence in relation to any request for information, assistance or cooperation made by Parent or SpinCo pursuant to Section 8.01 or this Section 8.02. SpinCo and Parent acknowledge that failure to conform to the deadlines set forth
herein or reasonable deadlines otherwise set by Parent or SpinCo could cause irreparable harm. 
 (a)    At
SpinCo’s sole expense, SpinCo shall provide such information as is reasonably requested in writing by Parent in connection with the preparation of Tax Returns in accordance with the reasonable deadlines, and in such reasonable form, set forth
in such written request. 
 (b)    At Parent’s sole expense, Parent shall provide such information as is reasonably
requested in writing by SpinCo in connection with the preparation of Tax Returns in accordance with the reasonable deadlines, and in such reasonable form, set forth in such written request. 

Section 8.03    Reliance by Parent. If any member of the SpinCo Group supplies
information to a member of the Parent Group in connection with Taxes and an officer of a member of the Parent Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then upon the
written request of such member of the Parent Group identifying the information being so relied upon, the chief financial officer of SpinCo (or any officer of SpinCo as designated by the chief financial officer of SpinCo) shall certify in writing
that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. SpinCo agrees to indemnify and hold harmless each member of the Parent Group and its directors, officers and
employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the SpinCo Group having supplied, pursuant to this Section 8, a member of the Parent Group with inaccurate or incomplete information
in connection with Taxes. 
 Section 8.04    Reliance by SpinCo. If any member of the
Parent Group supplies information to a member of the SpinCo Group in connection with Taxes and an officer of a member of the SpinCo Group signs a statement or other document under penalties of perjury in reliance upon the accuracy of such
information, then upon the written request of such member of the SpinCo Group identifying the information being so relied upon, the chief financial officer of Parent (or any officer of Parent as designated by the chief financial officer of Parent)
shall certify in writing that to his or her knowledge (based upon consultation with appropriate employees) the information so supplied is accurate and complete. Parent agrees to indemnify and hold harmless each member of the SpinCo Group and its
directors, officers and employees from and against any fine, penalty, or other cost or expense of any kind attributable to a member of the Parent Group having supplied, pursuant to this Section 8, a member of the SpinCo Group with inaccurate or
incomplete information in connection with Taxes. 

  
 25 

 Section 9.    Tax Contests. 

Section 9.01    Notice. 

(a)    Each of the Companies shall provide prompt notice to the other Company of any written communication from a Tax
Authority regarding any pending or threatened Tax Contest or assessment related to Taxes of which it becomes aware that is related to Taxes for which it could reasonably expect to be indemnified by the other Company hereunder. Such notice shall
contain attached copies of the pertinent portion of any written communication from a Tax Authority and contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail. If an indemnified Company has
knowledge of an asserted Tax liability with respect to a matter for which it is to be indemnified hereunder and such Company fails to give the indemnifying Company prompt notice of such asserted Tax liability, then such failure shall not relieve the
indemnifying Company of any obligation which it may have to the indemnified Company under this Agreement except to the extent that the indemnifying Company is actually prejudiced by such failure. 

(b)    With respect to any written communication from a Tax Authority regarding any pending or threatened Tax Contest, the
Controlling Party with respect to such Tax Contest shall have exclusive authority for responding (or causing its relevant Subsidiaries to respond) to any such written communication, subject to Section 9.02(f). 

(c)    With respect to any written communication from a Tax Authority regarding any assessment related to Taxes other than
any pending or threatened Tax Contest, the Company which would be the Controlling Party if such assessment became a Tax Contest shall have exclusive authority for responding (or causing its relevant Subsidiaries to respond) to any such written
communication; provided that, in determining whether Parent or SpinCo would be the Controlling Party, Parent shall be permitted to exercise on a mutatis mutandis basis the options in Section 9.02; provided further that, any such options
shall not be binding under Section 9.02 if and when, in the good faith determination of Parent, such assessment becomes a Tax Contest. The Company having authority for responding to any written communication under this Section 9.01(c)
shall timely provide the other Company with copies of any written correspondence or filings submitted to any Tax Authority if such correspondence or filings are relevant to any Tax Return required to be filed by such other Company or any Tax
liability that such other Company could be required to bear under this Agreement; provided that, any failure to comply with this sentence, shall not relieve such other Company of any liability or obligation which it may have to the responding
Company under this Agreement, except to the extent that such other Company was actually harmed by such failure, and in no event shall such failure relieve such other Company from any other liability or obligation which it may have to the responding
Company under this Agreement. 
 Section 9.02    Control of Tax Contests. 

(a)    Separate Company Taxes; Section 2.03(c) Returns. In the case of any Tax Contest with
respect to any Separate Return (other than a Section 2.03(c) Return), the Company having liability for the Tax shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of such Tax
liability, subject to Section 9.02(f). In the case of any Tax Contest with respect to any SpinCo Separate Return that is a Section 2.03(c) Return, (i) if Parent so notifies SpinCo in writing within 30 days after receiving notice from
SpinCo about such Tax Contest, Parent shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of any related Tax liability, subject to Section 9.02(f), and (ii) if Parent does not so
notify SpinCo, SpinCo shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of any related Tax liability, subject to Section 9.02(f). In the case of any Tax Contest with respect to any
Parent 

  
 26 

 
Separate Return that is a Section 2.03(c) Return, Parent shall have exclusive control over the Tax Contest (including exclusive authority with respect to any settlement of any related Tax
liability, subject to Section 9.02(f)), unless Parent provides SpinCo with written notice that SpinCo shall be the Controlling Party with respect to such Tax Contest (in which case, SpinCo shall also have exclusive authority with respect to any
settlement of any related Tax liability, subject to Section 9.02(f)). Any reasonable costs and expenses incurred by Parent or SpinCo relating to any Tax Contest with respect to a Section 2.03(c) Return shall be borne by (i) SpinCo, to
the extent such costs and expenses are attributable (as reasonably determined by Parent) to Taxes for which SpinCo is or would be responsible or (ii) Parent, to the extent such costs and expenses are attributable (as reasonably determined by
Parent) to Taxes for which Parent is or would be responsible. 
 (b)    Parent Federal Consolidated Income Tax
Return. In the case of any Tax Contest with respect to any Parent Federal Consolidated Income Tax Return, Parent shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of any related Tax
liability, subject to Section 9.02(f). 
 (c)    Parent State Combined Income Tax Return. In the case of any
Tax Contest with respect to any Parent State Combined Income Tax Return, Parent shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of any related Tax liability, subject to
Section 9.02(f). 
 (d)    Parent Foreign Combined Income Tax Return. In the case of any Tax Contest with
respect to any Parent Foreign Combined Income Tax Return, Parent shall have exclusive control over the Tax Contest, including exclusive authority with respect to any settlement of any related Tax liability, subject to Section 9.02(f). 

(e)    Joint Returns. In the case of any Tax Contest with respect to any Joint Return (other than any Parent
Federal Consolidated Income Tax Return, any Parent State Combined Income Tax Return or any Parent Foreign Combined Income Tax Return), Parent shall have exclusive control over the Tax Contest (including exclusive authority with respect to any
settlement of any related Tax liability, subject to Section 9.02(f)), unless Parent provides SpinCo with written notice that SpinCo shall be the Controlling Party with respect to such Tax Contest (in which case, SpinCo shall also have exclusive
authority with respect to any settlement of any related Tax liability, subject to Section 9.02(f)). 

(f)    Settlement Rights. The Controlling Party shall have the sole right to contest, litigate, compromise and
settle any Tax Contest without obtaining the prior consent of the Non-Controlling Party. Unless waived by the Companies in writing, in connection with any potential adjustment in a Tax Contest as a result of
which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment (or any payment under Section 6) to the Controlling Party under this Agreement:
(i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment
in such Tax Contest; (ii) the Controlling Party shall provide the Non-Controlling Party copies of any written materials relating to such potential adjustment in such Tax Contest received from any Tax
Authority; (iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence with or filings submitted to any Tax Authority or judicial authority in connection
with such potential adjustment in such Tax Contest; and (iv) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party
a reasonable opportunity to comment before submitting to any Tax Authority or judicial authority any written materials prepared or furnished in connection with such potential adjustment in such Tax Contest. The failure of the Controlling Party to
take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability or obligation
which it may have to the Controlling Party under this Agreement in respect of such adjustment, except to the extent that the Non-Controlling Party was actually harmed by such failure, and in no event shall
such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party under this Agreement. 

  
 27 

 (g)    Power of Attorney. Each member of the SpinCo Group shall
execute and deliver to Parent (or such member of the Parent Group as Parent shall designate) any power of attorney or other similar document reasonably requested by Parent (or such designee) in connection with any Tax Contest (as to which Parent is
the Controlling Party) described in this Section 9. Each member of the Parent Group shall execute and deliver to SpinCo (or such member of the SpinCo Group as SpinCo shall designate) any power of attorney or other similar document reasonably
requested by SpinCo (or such designee) in connection with any Tax Contest (as to which SpinCo is the Controlling Party) described in this Section 9. 

Section 10.    Effective Date; Termination of Prior Intercompany Tax Allocation
Agreements. This Agreement shall be effective as of the date hereof. As of the date hereof or on such other date (on or prior to the Distribution Date) as Parent may determine, (i) all prior intercompany Tax allocation agreements or
arrangements solely between or among Parent and/or any of its Subsidiaries, on the one hand, and SpinCo and/or any of its Subsidiaries, on the other hand, shall be terminated, and (ii) amounts due under such agreements as of the termination
date shall be settled. Upon such termination and settlement, no further payments by or to Parent or its Subsidiaries, on the one hand, or by or to SpinCo or its Subsidiaries, on the other hand, with respect to such agreements shall be made, and all
other rights and obligations resulting from such agreements between the Companies and their Subsidiaries shall cease at such time. Any payments pursuant to such agreements shall be disregarded for purposes of computing amounts due under this
Agreement. 
 Section 11.    Survival of Obligations. The representations, warranties,
covenants and agreements set forth in this Agreement shall be unconditional and absolute and shall remain in effect without limitation as to time. 

Section 12.    Treatment of Payments; Tax Gross Up. 

Section 12.01    Treatment of Tax Indemnity and Tax Benefit Payments. In the absence of
any change in Tax treatment under the Code or other applicable Tax Law and except as otherwise agreed between the Companies or as otherwise required by applicable Tax Law, for all Income Tax purposes, the Companies agree to treat, and to cause their
respective Affiliates to treat: 
 (a)    any indemnity payments made by a Company under this Agreement, the Separation
and Distribution Agreement, or any Ancillary Agreement as distributions or capital contributions, as appropriate, occurring immediately before the Distribution (but only to the extent the payment does not relate to a Tax allocated to the payor in
accordance with Section 1552 of the Code or the regulations thereunder or Treasury Regulations Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as payments of
an assumed or retained liability, 
 (b)    any payment of interest or State Income Taxes by or to a Tax Authority, as
taxable or deductible, as the case may be, to the Company entitled under this Agreement to retain such payment or required under this Agreement to make such payment; and 

(c)    any Tax Benefit payments made by a Company under Section 6 or 7.06, as distributions or capital contributions, as
appropriate, occurring immediately before the Distribution (but only to the extent the payment does not relate to a Tax allocated to the payor in accordance with Section 1552 of the Code or the regulations thereunder or Treasury Regulations Section 1.1502-33(d) (or under corresponding principles of other applicable Tax Laws)) or as payments of an assumed or retained liability. 

Section 12.02    Tax Gross Up. If there is an adjustment to the Tax liability of a
Company (including, for the avoidance of doubt, under Section 361(b) of the Code) as a result of its receipt of a 

  
 28 

 
payment pursuant to this Agreement, the Separation and Distribution Agreement, or any Ancillary Agreement, such payment shall be appropriately increased so that the amount of such payment,
reduced by the amount of all Income Taxes payable with respect to the receipt thereof (but taking into account all correlative Tax Benefits resulting from the payment of such Income Taxes), shall equal the amount of the payment which the Company
receiving such payment would otherwise be entitled to receive. For purposes of this Section 12.02, the amount of any Income Taxes payable with respect to the receipt of a payment pursuant to this Agreement, the Separation and Distribution
Agreement, or any Ancillary Agreement shall be calculated by assuming that the recipient or the Group of which it is a member, as applicable, (I) pays Tax at the highest marginal corporate Tax rates in effect in each relevant taxable year and
(II) has no Tax Attributes in any relevant taxable year. 
 Section 12.03    Interest
Under This Agreement. Anything herein to the contrary notwithstanding, to the extent one Company (“Indemnitor”) makes a payment of interest to another Company (“Indemnitee”) under this Agreement, the interest
payment shall be treated as interest expense to the Indemnitor (deductible to the extent provided by Law) and as interest income by the Indemnitee (includible in income to the extent provided by Law). The amount of the payment shall not be adjusted
to take into account any associated Tax Benefit to the Indemnitor or increase in Tax to the Indemnitee. 

Section 13.    Disagreements. 

Section 13.01    Interaction with Article VII of the Separation and Distribution
Agreement. In the event of any dispute between any member of the Parent Group and any member of the SpinCo Group as to any matter covered by this Agreement, the Companies shall agree as to whether such dispute shall be governed by the procedures
set forth in Section 13.02 of this Agreement or in Article VII of the Separation and Distribution Agreement. If the Companies cannot agree within thirty (30) days from the time such dispute arises as to which procedure will govern such
dispute, such disagreement shall be resolved pursuant to Article VII of the Separation and Distribution Agreement. 

Section 13.02    Dispute Resolution. With respect to any dispute governed by this
Section 13.02, the Companies shall appoint a nationally recognized “Big Four” independent public accounting firm (other than the then current auditing firm of Parent or SpinCo) (the “Accounting Firm”) to resolve such
dispute. The Companies shall cooperate in good faith in jointly selecting the Accounting Firm. In this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Parent and SpinCo
and their respective Representatives, and not by independent review, shall function only as an expert and not as an arbitrator and shall be required to make a determination in favor of one Company only. The Companies shall require the Accounting
Firm to resolve all disputes no later than fifteen (15) days after the submission of such dispute to the Accounting Firm, but in no event later than the relevant Payment Date, and agree that all decisions by the Accounting Firm with respect
thereto shall be final and conclusive and binding on the Companies. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement. To the extent not inconsistent with this Agreement, the Accounting Firm shall resolve all
disputes in a manner consistent with the Past Practices of Parent and the other members of the Parent Group, except as otherwise required by applicable Law. The Companies shall require the Accounting Firm to render all determinations in writing and
to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be paid by the non-prevailing Company. Notwithstanding the foregoing provisions of this
Section 13, a Company may seek preliminary provisional or injunctive judicial relief with respect to any dispute under this Agreement without first complying with the procedures set forth in this Section 13 (or Article VII of the
Separation and Distribution Agreement or the analogous provisions of any Ancillary Agreement) if such action is reasonably necessary to avoid irreparable damage. 

  
 29 

 Section 14.    Late Payments. Any
amount owed by one Company to another Company under this Agreement which is not paid when due shall bear interest at the Prime Rate plus two percentage points, compounded semiannually, from the due date of the payment to the date paid. To the extent
interest required to be paid under this Section 14 duplicates interest required to be paid under any other provision of this Agreement, interest shall be computed at the higher of the interest rate provided under this Section 14 and the
interest rate provided under such other provision. 
 Section 15.    Expenses. Except
as otherwise provided in this Agreement, each Company and its Affiliates shall bear their own expenses incurred in connection with the preparation of Tax Returns, Tax Contests, and other matters related to Taxes under the provisions of this
Agreement. 
 Section 16.    General Provisions. 

Section 16.01    Addresses and Notices. Each Company giving any notice required or
permitted under this Agreement will give the notice in writing and use one of the following methods of delivery to the Company to be notified, at the address set forth below or another address of which the sending Company has been notified in
accordance with this Section 16.01: (a) personal delivery; (b) commercial overnight courier with a reasonable method of confirming delivery; (c) pre-paid, United States of America certified or
registered mail, return receipt requested; or (d) by electronic mail (“e-mail”) so long as confirmation of receipt of such e-mail is requested and
received. Notice to a Company is effective for purposes of this Agreement only if given as provided in this Section 16.01 and shall be deemed given on the date that the intended addressee actually receives the notice. 

 

	
	If to Parent, to:
	
	Zimmer Biomet Holdings, Inc.
	345 East Main Street
	Warsaw, Indiana 46580
	Attention: Vice President, Global Tax
	                 General Counsel
	E-mail:     michael.wall@zimmerbiomet.com
	                 legal.americas@zimmerbiomet.com
	
	with copies (which shall not constitute notice), to:
	
	White & Case LLP
	1221 Avenue of the Americas
	New York, New York 10020-1095
	Attention: David H. Dreier, Esq.
	                 Morton A. Pierce, Esq.
	                 Michelle B. Rutta, Esq.
	                 Robert Chung, Esq.
	E-mail:     ddreier@whitecase.com
	                 morton.pierce@whitecase.com
	                 michelle.rutta@whitecase.com
	                 robert.chung@whitecase.com
	
	White & Case LLP
	609 Main Street, Suite 2900
	Houston, Texas 77002
	Attention: Chad S. McCormick, Esq.
	E-mail:     chad.mccormick@whitecase.com

  
 30 

	
	If to SpinCo, to:
	
	ZimVie Inc.
	10225 Westmoor Dr.,
	Westminster, Colorado 80021
	Attention: Heather Kidwell, 
	                 Senior Vice President, Chief Legal and
	                 Compliance Officer and
	                 Corporate Secretary
	E-mail:     heather.kidwell@zimmerbiomet.com
	
	with copies (which shall not constitute notice), to:
	
	White & Case LLP
	1221 Avenue of the Americas
	New York, New York 10020-1095
	Attention: David H. Dreier, Esq.
	                 Morton A. Pierce, Esq.
	                 Michelle B. Rutta, Esq.
	                 Robert Chung, Esq.
	E-mail:     ddreier@whitecase.com
	                 morton.pierce@whitecase.com
	                 michelle.rutta@whitecase.com
	                 robert.chung@whitecase.com
	
	White & Case LLP
	609 Main Street, Suite 2900
	Houston, Texas 77002
	Attention: Chad S. McCormick, Esq.
	E-mail: chad.mccormick@whitecase.com

 A Company may change the address for receiving notices under this Agreement by providing written notice of the change of
address to the other Company. 
 Section 16.02    Binding Effect. This Agreement shall
be binding upon and inure to the benefit of the Companies and their successors and assigns. None of the Companies may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Company.

 Section 16.03    Waiver. The Companies may waive a provision of this Agreement only
by a writing signed by the Company intended to be bound by the waiver. A Company is not prevented from enforcing any right, remedy or condition in the Company’s favor because of any failure or delay in exercising any right or remedy or in
requiring satisfaction of any condition, except to the extent that the Company specifically waives the same in writing. A written waiver given for one matter or occasion is effective only in that instance and only for the purpose stated. A waiver
once given is not to be construed as a waiver for any other matter or occasion. Any enumeration of a Company’s rights and remedies in this Agreement is not intended to be exclusive, and a Company’s rights and remedies are intended to be
cumulative to the extent permitted by law and include any rights and remedies authorized in law or in equity. 

Section 16.04    Severability. If any provision of this Agreement is determined to be
invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force, if the essential terms and conditions of this Agreement for each Company remain valid, binding and enforceable. 

Section 16.05    Authority. Each of the Companies represents to the other that
(a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary

  
 31 

 
corporate or other action, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

Section 16.06    Further Action. The Companies shall execute and deliver all documents,
provide all information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other Company and its Affiliates and representatives of such
powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Contests (or portions thereof) under the control of such other Company in accordance with Section 9. 

Section 16.07    Integration. This Agreement, together with any exhibits and schedules
appended hereto, constitutes the final agreement between the Companies, and is the complete and exclusive statement of the Companies’ agreement on the matters contained herein. All prior and contemporaneous negotiations and agreements between
the Companies with respect to the matters contained herein are superseded by this Agreement, as applicable. In the event of any conflict or inconsistency between this Agreement and the Separation and Distribution Agreement, any Ancillary Agreement,
or any other agreements relating to the Transactions, with respect to matters addressed herein, the provisions of this Agreement shall control. 

Section 16.08    Construction. The language in all parts of this Agreement shall in all
cases be construed according to its fair meaning and shall not be strictly construed for or against any Company. The captions, titles and headings included in this Agreement are for convenience only, and do not affect this Agreement’s
construction or interpretation. Unless otherwise indicated, all “Section” references in this Agreement are to sections of this Agreement. This Agreement shall be deemed to be the joint work product of the Companies and any rule of
construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable. 

Section 16.09    No Double Recovery. No provision of this Agreement shall be construed to
provide an indemnity or other recovery for any costs, damages, or other amounts for which the damaged Company has been fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity. Unless
expressly required in this Agreement, a Company shall not be required to exhaust all remedies available under other agreements or at law or equity before recovering under the remedies provided in this Agreement. 

Section 16.10    Counterparts. The Companies may execute this Agreement in multiple
counterparts, each of which constitutes an original as against the Company that signed it, and all of which together constitute one agreement. This Agreement is effective upon delivery of one executed counterpart from each Company to the other
Company. The signatures of the Companies need not appear on the same counterpart. The delivery of signed counterparts by facsimile or e-mail transmission that includes a copy of the sending Company’s
signature is as effective as signing and delivering the counterpart in person. 

Section 16.11    Governing Law. The internal laws of the State of Delaware (without
reference to its principles of conflicts of law) govern the construction, interpretation and other matters arising out of or in connection with this Agreement and any exhibits and schedules hereto and thereto (whether arising in contract, tort,
equity or otherwise). 
 Section 16.12    Jurisdiction. If any dispute arises out of or
in connection with this Agreement, except as expressly contemplated by another provision of this Agreement, the Companies irrevocably (and the Companies will cause each other member of their respective Group to irrevocably) (a) consent and
submit to the exclusive jurisdiction of federal and state courts located in Delaware, (b) waive any objection to that choice of forum based on venue or to the effect that the forum is not convenient, and (c) WAIVE TO THE FULLEST EXTENT
PERMITTED BY LAW ANY RIGHT TO TRIAL OR ADJUDICATION BY JURY. 

  
 32 

 Section 16.13    Amendment. The
Companies may amend this Agreement only by a written agreement signed by each Company to be bound by the amendment and that identifies itself as an amendment to this Agreement. 

Section 16.14    Successors. This Agreement shall be binding on and inure to the benefit
of any successor by merger, acquisition of assets, or otherwise, to any of the Companies (including but not limited to any successor of Parent or SpinCo succeeding to the Tax attributes thereof under Section 381 of the Code), to the same extent
as if such successor had been an original party to this Agreement. 

Section 16.15    Injunctions. The Companies acknowledge that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. The Companies shall be entitled to an injunction or injunctions to prevent breaches of the
provisions of this Agreement and to enforce specifically the terms and provisions hereof in any court having jurisdiction, such remedy being in addition to any other remedy to which they may be entitled at law or in equity. 

[Remainder of page intentionally left blank; signature page follows] 

  
 33 

 IN WITNESS WHEREOF, each Company has caused this Agreement to be executed on its behalf by a duly authorized
officer on the date first set forth above. 
  

			
	 “Parent”
 Zimmer Biomet
Holdings, Inc.
  
 By:

Name: Bryan Hanson
 Title: President and Chief Executive
Officer
	 	 “SpinCo”
 ZimVie Inc.

 
 By:

Name: Vafa Jamali
 Title: President and Chief Executive
Officer

  
 [Signature Page to Tax
Matters Agreement]EX-10.2

 Exhibit 10.2 

FORM OF 
 EMPLOYEE
MATTERS AGREEMENT 
 BY AND BETWEEN 

ZIMMER BIOMET HOLDINGS, INC. 

AND 
 ZIMMER BIOMET
SPINE, INC. 
 DATED AS OF             , 2022 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 Section 1.01 Defined Terms
	  	 	1	 
		
	 Section 1.02 References, Interpretation
	  	 	5	 
		
	 Section 1.03 Relation to Other Documents
	  	 	5	 
		
	 ARTICLE II GENERAL PRINCIPLES
	  	 	6	 
		
	 Section 2.01 Allocation of Assets and Liabilities
	  	 	6	 
		
	 Section 2.02 Employment with SpinCo
	  	 	7	 
		
	 Section 2.03 Establishment of SpinCo Plans and Trusts
	  	 	9	 
		
	 Section 2.04 Termination of Participating Company Status
	  	 	9	 
		
	 ARTICLE III U.S. QUALIFIED AND NON-QUALIFIED RETIREMENT
PLANS
	  	 	9	 
		
	 Section 3.01 Parent Retirement Plan
	  	 	9	 
		
	 Section 3.02 US and Puerto Rico Savings Plans
	  	 	9	 
		
	 Section 3.03 NQDCPs
	  	 	11	 
		
	 ARTICLE IV INTERNATIONAL EMPLOYEES
	  	 	11	 
		
	 Section 4.01 Schedule A
	  	 	11	 
		
	 Section 4.02 Benefit Plans
	  	 	11	 
		
	 Section 4.03 Cooperation/Works Councils
	  	 	11	 
		
	 Section 4.04 Special Provisions
	  	 	12	 
		
	 ARTICLE V U.S. WELFARE AND FRINGE BENEFIT PLANS
	  	 	12	 

  
 i 

					
		
	 Section 5.01 Health and Welfare Plans
	  	 	12	 
		
	 Section 5.02 Unemployment Compensation
	  	 	14	 
		
	 Section 5.03 Workers’ Compensation
	  	 	14	 
		
	 ARTICLE VI EQUITY, INCENTIVE AND DIRECTOR AND EXECUTIVE COMPENSATION PROGRAMS
	  	 	14	 
		
	 Section 6.01 Equity Incentive Programs
	  	 	14	 
		
	 Section 6.02 Annual Bonus Plans
	  	 	17	 
		
	 ARTICLE VII DEDUCTIONS
	  	 	17	 
		
	 Section 7.01 Deductions
	  	 	17	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	17	 
		
	 Section 8.01 Access to Records and Information
	  	 	17	 
		
	 Section 8.02 Cooperation
	  	 	18	 
		
	 Section 8.03 Asset Recoupment
	  	 	18	 
		
	 Section 8.04 No Third-Party Beneficiaries
	  	 	18	 
		
	 Section 8.05 Compliance
	  	 	18	 
		
	 Section 8.06 Preservation of Rights
	  	 	18	 
		
	 Section 8.07 Reimbursement
	  	 	18	 
		
	 Section 8.08 Section 409A
	  	 	19	 
		
	 Section 8.09 Limitation on Enforcement
	  	 	19	 
		
	 Section 8.10 Further Assurances and Consents
	  	 	19	 
		
	 Section 8.11 Third Party Consent
	  	 	19	 
		
	 Section 8.12 Effect if Distribution Does Not Occur
	  	 	19	 
		
	 Section 8.13 Disputes
	  	 	19	 

  
 ii 

 This EMPLOYEE MATTERS AGREEMENT (the “Agreement”) is by and between
Zimmer Biomet Holdings, Inc. (“Parent”) and Zimmer Biomet Spine, Inc. (“SpinCo”) (each a “Party” and together, the “Parties”), and shall be effective upon the date executed by the
Parties. 
 RECITALS: 

WHEREAS, the board of directors of the Parent has determined that it is advisable and in the best interests of the Parent and the
Parent’s shareholders to create a new publicly traded company which shall operate the Spin-Off Businesses (as such term is defined herein); 

WHEREAS, in furtherance of the foregoing, Parent and ZimVie Inc., a Delaware corporation that will be the ultimate parent company of SpinCo,
are concurrently entering into a Separation and Distribution Agreement (the “Separation Agreement”) which will govern certain matters relating to the Contribution and Distribution and other transactions contemplated by the
Separation Agreement; and 
 WHEREAS, pursuant to the Separation Agreement, the Parent and SpinCo have agreed to enter into this Agreement
for the purpose of allocating assets, liabilities and responsibilities with respect to certain employee matters, human resources, employee compensation and benefit plans between them and among them and to address certain other employment-related
matters. 
 NOW, THEREFORE, in consideration of the premises and of the respective agreements and covenants contained in this Agreement, and
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledges, the Parties, intending to be legally bound hereby, agree as follows: 

AGREEMENT 
 
ARTICLE I 
 DEFINITIONS 
 
Section 1.01 Defined Terms. For purposes of this Agreement, the following terms shall have the following meanings; provided that capitalized terms used but not otherwise defined in this Section 1.01 shall have the respective
meanings ascribed to such terms in the Separation Agreement. 
 “Action” means any demand, charge, claim, action, suit,
counter suit, arbitration, mediation, hearing, inquiry, proceeding, audit, review, complaint, litigation or investigation, or proceeding of any nature whether administrative, civil, criminal, regulatory or otherwise, by or before any federal, state,
local, foreign or international Governmental Authority or any arbitration or mediation tribunal. 
 “Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such other Person as of the date on which, or at any time during the period for which, the determination of affiliation is being
made. For purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise. 

“Agreement” has the meaning set forth in the preamble. 

“Benefit Arrangement” means each Benefit Plan and Benefit Policy. 

“Benefit Plan” means, with respect to an entity, each compensation or employee benefit plan, program, policy, agreement or
other arrangement, whether or not “employee benefit plans” (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA), including any benefit plan, program, policy, agreement or arrangement

 
providing cash- or equity-based compensation or incentives, health, medical, dental, vision, disability, accident or life insurance benefits or vacation, severance, retention, change in control,
termination, deferred compensation, individual employment or consulting, retirement, pension or savings benefits, supplemental income, retiree benefit, relocation or other fringe benefit (whether or not taxable), or employee loans, that are
sponsored or maintained by such entity (or to which such entity contributes or is required to contribute or in which it participates), and excluding workers’ compensation plans, policies, programs and arrangements. 

“Benefit Policy” means, with respect to an entity, each plan, program, arrangement, agreement or commitment that is a
vacation pay or other paid or unpaid leave policy or practice sponsored or maintained by such entity (or to which such entity contributes or is required to contribute) or in which it participates. 

“Change in Control Severance Agreements” mean the Change in Control Severance Agreements between Parent and individual
employees. 
 “COBRA” means the continuation coverage requirements for “group health plans” under Title X of the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B and Sections 601 through 608 of ERISA, together with all regulations and proposed regulations promulgated thereunder. 

“Code” means the United States Internal Revenue Code of 1986 (or any successor statute), as amended from time to time. 

“Contract” means any legally binding written or oral agreement, contract, subcontract, lease, understanding, instrument,
note, option, warranty, sales order, purchase order, license, sublicense, insurance policy, benefit plan or commitment or undertaking of any nature, excluding any Permit. 

“Contribution” has the meaning given to such term in the Separation Agreement. 

“Distribution” has the meaning given to such term in the Separation Agreement. 

“Distribution Date” has the meaning set forth in the Separation Agreement. 

“Employee Agreement” means any employment contract, whether written or unwritten, between a member of the Parent Group or
SpinCo Group and a current or former employee, including any standard form employee agreement customarily signed by certain employees of the Parent Group and any other form of employment agreement, employment letter or notice with respect to the
terms of employment between a member of the Parent Group or SpinCo Group and a current or former employee signed or otherwise effective under applicable local Law. The term “Employee Agreement” also includes any cash retention agreement
and, for the avoidance of doubt, any “SpinCo Contract” (as defined in the Separation Agreement) that satisfies the definition in this paragraph. 

“Employment Tax” means withholding, payroll, social security, workers compensation, unemployment, disability and any similar
tax imposed by the IRS, or any other tax authority, and any interest, penalties, additions to tax or additional amounts with respect to the foregoing imposed on any taxpayer or consolidated, combined or unitary group of taxpayers. 

“Equity Exchange Ratio” means (i) the value of a share of Parent common stock, which shall be the volume-weighted
average price of shares traded on the New York Stock Exchange for the period beginning at 9:30 AM, New York City time (or such as is the official open of trading on the NYSE), and ending at 4:00 PM, New York City time (or such as is the official
close of trading on the NYSE) for the trading day preceding the Distribution Date; divided by (ii) the value of a share of SpinCo common stock, which shall be the volume-weighted average price of shares traded on the New York Stock Exchange for
the first three days of trading following the Distribution. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended. 
 “Governmental Authority” means any federal, state, local, foreign or international court, government,
department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority or self-regulatory organization. 

“HIPAA” means the Health Insurance Portability and Accountability Act of 1996, as amended. 

“Information” means information in written, oral, electronic or other tangible or intangible forms, stored in any medium,
including studies, reports, records, books, Contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes,
samples, flow 

  
 2 

 
charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged
communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee or business information or data but in any case excluding back-up tapes. 
 “International” means located outside the United States. 

“International Benefit Arrangements” has the meaning set forth in Section 4.02. 

“International Employees” means employees located outside of the United States. 

“Law” means any statute, law (including common law), ordinance, regulation, rule, code or other legally enforceable
requirement of, or Order issued by, a Governmental Authority. 
 “Leave of Absence” means any leave under the Parent Group
leave of absence policy or other similar policy or any other approved leave of absence whether paid or unpaid, that is protected by Law or provided for under a Parent Group policy, program or agreement including USERRA Leave, leave under the Family
and Medical Leave Act or corresponding state law or any Parent short-term disability policy, but exclusive of long-term disability. 

“Liabilities” means all debts, liabilities (including liabilities for Taxes), guarantees, assurances, commitments and
obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or not matured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including whether arising
out of any Contract or tort based on negligence, strict liability or relating to Taxes payable by a Person in connection with compensatory payments to employees or independent contractors) and whether or not the same would be required by generally
accepted principles and accounting policies to be reflected in financial statements or disclosed in the notes thereto. 

“Order” means any: (i) order, judgment, injunction, edict, decree, ruling, pronouncement, determination, decision,
opinion, verdict, sentence, subpoena, writ or award issued, made, entered, rendered or otherwise put into effect by or under the authority of any court, administrative agency or other Governmental Authority or any arbitrator or arbitration panel or
(ii) Contract with any Governmental Authority entered into in connection with any Action. 
 “Parent Annual Bonus
Plans” means the Zimmer Biomet Holdings, Inc. Non-Executive Employee Annual Performance Incentive Plan and the Zimmer Biomet Holdings, Inc. Executive Performance Incentive Plan. 

“Parent Benefit Arrangement” means any Benefit Arrangement sponsored, maintained or contributed to by any member of the
Parent Group. 
 “Parent Employee” means any employee of the Parent Group who is not a SpinCo Employee. 

“Parent Equity Plans” means the Zimmer Biomet Holdings, Inc. 2009 Stock Incentive Plan and the Stock Plan for Non-Employee Directors, as each may be amended and restated from time to time. 
 “Parent
Group” means Parent and each of its Subsidiaries but excluding any member of the SpinCo Group. 
 “Parent ESPP”
means the Parent Group Employee Stock Purchase Plan. 
 “Parent Master Trust” means the Zimmer Biomet Holdings, Inc.
Savings and Investment 401(k) Program Master Trust, as may be amended and restated from time to time. 
 “Parent NQDCPs”
means the Zimmer Biomet Deferred Compensation Plan, the Biomet, Inc. Deferred Compensation Plan (Pre-409A Grandfathered Plan), the Biomet, Inc. Deferred Compensation Plan (Post-409A Plan), and the Zimmer
Holdings, Inc. Independent Sales Representatives Deferred Annual Final Compensation and Equity Incentive Plan, as each may be amended and restated from time to time. 

“Parent Option” means each outstanding option to purchase shares of the common stock of the Parent, whether vested or
unvested, granted under any Parent Equity Plan. 
 “Parent Performance-Based Restricted Stock Unit” means each outstanding
performance-based restricted stock unit of any member of the Parent Group, whether vested or unvested, granted under any Parent Equity Plan. 

  
 3 

 “Parent Time Restricted Stock Unit” means each outstanding restricted stock
unit of any member of the Parent Group, whether vested or unvested, granted under the Parent Equity Plan, that is not a Parent Performance-Based Restricted Stock Unit. 

“Parent Retirement Plan” means the Zimmer Biomet Holdings, Inc. Retirement Income Plan, as may be amended and restated from
time to time. 
 “Parent Savings Plans” means the Zimmer Biomet Holdings, Inc. Savings and Investment 401(k) Program and
the Zimmer Biomet Puerto Rico Savings and Investment 401(k) Program, as each may be amended and restated from time to time, and any other Benefit Plan maintained by any member of the Parent Group in which US SpinCo Employees participate immediately
before the Pre-Spin Transition Date and that is intended to satisfy the requirements of Sections 401(a) and 401(k) of the Code. 

“Parent Severance Plans” means the Zimmer Biomet Holdings, Inc. Severance Plan, the Zimmer Biomet Holdings, Inc. Executive
Severance Plan and the Change in Control Severance Agreements, as each may be amended and restated from time to time. 
 “Parent
Welfare Plans” means the Zimmer Biomet Holdings, Inc. Health and Welfare Plan (including the component plans thereof) and any other employee welfare benefit plan maintained by the Parent or any member of the Parent Group and in which SpinCo
Employees participate as of the day prior to the Pre-Spin Transition Date. 

“Party” or “Parties” has the meaning set forth in the preamble. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a Governmental Authority. 

“Pre-Spin Transition Date” means January 1, 2022. 

“Separation Agreement” has the meaning set forth in the recitals. 

“SpinCo” has the meaning set forth in the preamble. 

“SpinCo Annual Bonus Plans” means the annual bonus plans established or to be established for the benefit of SpinCo Employees
that mirror the Parent Annual Bonus Plans. 
 “SpinCo Benefit Arrangement” means any Benefit Arrangement sponsored,
maintained or contributed to by any member of the SpinCo Group or Subsidiary thereof. 
 “SpinCo Employees” means
(i) any employee who works primarily for the Spin-Off Businesses as of the Pre-Spin Transition Date, provided, that any such individual employed in
the United States who is on short-term disability leave, receiving long-term disability benefits or is on any other Leave of Absence on the Pre-Spin Transition Date shall automatically become a SpinCo Employee
only if and when such Employee returns to active service, and (ii) any other employee identified or otherwise described in Schedule A hereto. 

“SpinCo Equity Awards” means any SpinCo Options, SpinCo Performance-Based Restricted Stock Units, SpinCo Restricted Stock
Units, and any other equity awards granted under the SpinCo Equity Plan. 
 “SpinCo Equity Plans” has the meaning set forth
in Section 6.01(b). 
 “SpinCo Group” means SpinCo and each of its Affiliates after the Distribution. 

“SpinCo Master Trust” has the meaning set forth in Section 3.02(a). 

“SpinCo NQDCP” means the non-qualified deferred compensation plan established or to
be established for the benefit of SpinCo Employees that “mirrors” (i.e., replicates all of the material terms and conditions of) the Zimmer Biomet Deferred Compensation Plan. 

“SpinCo Option” means each outstanding stock option of any member of the SpinCo Group, whether vested or unvested, granted
under the SpinCo Equity Plan. 
 “SpinCo Performance-Based Restricted Stock Unit” means each outstanding performance-based
restricted stock unit of any member of the SpinCo Group, whether vested or unvested, granted under the SpinCo Equity Plan. 

  
 4 

 “SpinCo Restricted Stock Unit” means each outstanding restricted stock unit
of any member of the SpinCo Group, whether vested or unvested, granted under the SpinCo Equity Plan, that is not a SpinCo Performance-Based Restricted Stock Unit. 

“SpinCo Savings Plans” has the meaning set forth in Section 3.02(a).  

“SpinCo Severance Plans” means the severance plans established or to be established for the benefit of SpinCo Employees that
mirror the Parent Severance Plans. 
 “SpinCo Welfare Plans” has the meaning set forth in Section 5.01(b). 

“Spin-Off Businesses” means the “SpinCo Business” as defined in the
Separation Agreement. 
 “Subsidiary” or “Subsidiaries” means, with respect to any Person, any corporation
or other entity (including partnerships and other business associations and joint ventures) of which at least a majority of the voting power represented by the outstanding capital stock or other voting securities or interests having voting power
under ordinary circumstances to elect directors or similar members of the governing body of such corporation or entity (or, if there are no such voting interests, fifty percent (50%) or more of the equity interests in such corporation or entity)
shall at the time be held, directly or indirectly, by such Person. 
 “Tax” or “Taxes” means all taxes,
charges, fees, levies, penalties or other assessments imposed by any federal, state, local, provincial or foreign taxing authority, including income, gross receipts, excise, real or personal property, sales, use, transfer, customs, duties,
franchise, payroll, withholding, social security, receipts, license, stamp, occupation, employment, or other taxes, including any interest, penalties or additions attributable thereto, and any payments to any state, local, provincial or foreign
taxing authorities in lieu of any such taxes, charges, fees, levies or assessments. 
 “USERRA Leave” means a Leave of
Absence in respect of which reemployment rights are protected under the Uniformed Services Employment and Reemployment Rights Act. 

“US SpinCo Employee” means each SpinCo Employee employed in the United States. 

“Workers’ Compensation Events” means the event, injury, illness, or condition giving rise to a workers’
compensation claim. 
 Section 1.02 References; Interpretation. Unless the context otherwise requires: 

 

	 	(a)	 references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed references to
Articles and Sections of, Exhibits and Schedules to, this Agreement; 

  

	 	(b)	 references in this Agreement to any time shall be to the then prevailing New York City, New York time unless
otherwise expressly provided herein; and 

  

	 	(c)	 references to an individual as an “Employee” are descriptive only and are not necessarily intended to
mean that an individual is in fact an employee of any Party. 

 Section 1.03 Relation to Other
Documents. To the extent there is any inconsistency between this Agreement and the terms of another agreement pertaining to the Distribution that is the subject of this Agreement and such inconsistency (i) arises in connection with or as a
result of employment with or the performance of services before or after the Distribution for any member of the Parent Group or SpinCo Group and (ii) relates to the allocation of Liabilities attributable to the employment, service, termination
of employment or termination of service of any present or former Parent Group employees or SpinCo Employees or any of their dependents or beneficiaries (and any alternate payees in respect thereof), or other service providers (including any
individual who is, or was or is determined to be an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental
worker, or non-payroll worker or in any other employment, non-employment, or retainer arrangement or relationship with any member of the Parent Group or the SpinCo
Group), the terms of this Agreement shall prevail. 

  
 5 

 ARTICLE II 

GENERAL PRINCIPLES 
 
Section 2.01 Allocation of Assets and Liabilities. 
  

	 	(a)	 SpinCo Liabilities. Except as otherwise expressly provided in this Agreement or the Separation
Agreement, the SpinCo Group hereby assumes (or retains) and agrees to pay, perform, fulfill, and discharge all Liabilities to the extent relating to, arising out of, or resulting from or with respect to: 

 

	 	i.	 the employment (or termination of employment), including with respect to any statutory or other Liabilities
(regardless of whether those Liabilities are otherwise the legal responsibility of the Parent Group or the SpinCo Group), at any time, of each SpinCo Employee (including, in each case, all Liabilities with respect to any such SpinCo Employee
relating to, arising out of, or resulting from Employment Tax, Employee Agreements, any Parent Benefit Arrangement or any SpinCo Benefit Arrangement); provided, however, that, notwithstanding anything in this Section 2.01(a) to the
contrary, SpinCo shall not assume any Liabilities relating to, arising out of, or resulting from the Parent Retirement Plan, any Parent NQDCPs or any Parent Annual Bonus Plan (other than any Liabilities for any bonuses under any Parent Annual Bonus
Plan accruing after 2021), which Liabilities shall be expressly retained by Parent Group; and provided further that the Liabilities described in this paragraph with respect to any US SpinCo Employee shall be assumed by the SpinCo Group in
accordance with this Section 2.01(a) only to the extent they are based on actions, omissions, circumstances or events that occurred, or are alleged to have occurred, on or after the Pre-Spin Transition
Date; 

  

	 	ii.	 the retention (or termination of engagement), including with respect to any statutory or other Liabilities
(regardless of whether those Liabilities are otherwise the legal responsibility of the Parent Group or the SpinCo Group), prior to, on, or after the Pre-Spin Transition Date, of any individual who is, or was,
an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or
non-payroll worker or any other individual in any other similar relationship to the extent the services provided by any such individual were primarily related to the SpinCo Group and such individual is
identified to be transferred to the SpinCo Group in connection with the Distribution; provided that, notwithstanding anything in this Section 2.01(a) to the contrary, SpinCo shall not assume any Liabilities relating to,
arising out of, or resulting from any Parent NQDCPs; provided further that the Liabilities described in this paragraph with respect to any individual described in this paragraph who is employed or otherwise engaged in the United States shall
be assumed by the SpinCo Group in accordance with this Section 2.01(a) only to the extent they are based on actions, omissions, circumstances or events that occurred, or are alleged to have occurred, on or after the Pre-Spin Transition Date; and provided further that, for the avoidance of doubt, this Agreement is not intended to, and does not, address any Liabilities in respect of the services provided by consulting
firms, investment advisory firms, valuation advisory firms, legal advisors or other third-party entities retained to provide advice with respect to or in connection with the Distribution; 

 

	 	iii.	 all Liabilities under any SpinCo Benefit Arrangement, regardless of whether established prior to, on or
following the Pre-Spin Transition Date; and 

  

	 	iv.	 Liabilities and responsibilities expressly assumed or retained by any member of the SpinCo Group pursuant to
this Agreement or the Separation Agreement. 

  

	 	(b)	 Parent Liabilities. Except as otherwise expressly provided in this Agreement or the Separation
Agreement, the Parent Group hereby retains (or assumes) and agrees to pay, perform, fulfill, and discharge all Liabilities to the extent relating to, arising out of, or resulting from or with respect to: 

  
 6 

	 	i.	 the employment (or termination of employment), including with respect to any statutory or other Liabilities
(except as otherwise provided in this Agreement), of each Parent Employee prior to, on, or after the Pre-Spin Transition Date, unless and until such employee becomes a SpinCo Employee on or after the Pre-Spin Transition Date (including all Liabilities with respect to any such employee to the extent relating to, arising out of, or resulting from Employment Taxes, Employee Agreements or any Parent Benefit
Arrangement), subject to Section 2.01(c); 

  

	 	ii.	 the retention (or termination of engagement), including with respect to any statutory or other Liabilities,
prior to, on, or after the Pre-Spin Transition Date, of any individual who is, or was, an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased
employee, on-call worker, incidental worker, non-payroll worker or any other individual in any other similar relationship to the extent the services provided by any such
individual were primarily related to the Parent Group; provided that, for the avoidance of doubt, this Agreement is not intended to, and does not, address any Liabilities in respect of the services provided by consulting firms,
investment advisory firms, valuation advisory firms, legal advisors or other third-party entities retained to provide advice with respect to or in connection with the Distribution; and 

 

	 	iii.	 Liabilities and responsibilities expressly retained or assumed by any member of the Parent Group pursuant to
this Agreement or the Separation Agreement. 

  

	 	(c)	 Benefit Plan Assets and Liabilities. Subject to Article III hereof, the Parent and each other member of
the Parent Group shall assign to the SpinCo Group, and the SpinCo Group shall assume, all assets and Liabilities of the Parent Savings Plans which are associated with SpinCo Employees and the Liabilities for any bonuses to any SpinCo Employees under
any Parent Annual Bonus Plan accruing after 2021, but shall not assume any assets or Liabilities of the Parent Retirement Plan, any Parent NQDCPs or any Parent Annual Bonus Plan (other than any Liabilities for any bonuses under any Parent Annual
Bonus Plan accruing after 2021). All other Parent Benefit Arrangement assets and liabilities shall be retained by Parent Group. 

  

	 	(d)	 Other Liabilities. To the extent that this Agreement does not cover particular Liabilities or
responsibilities that relate to, arise out of, or result from employment (or termination of employment), Employment Taxes, Employee Agreements or any Benefit Plan and the Parties later determine that they should be allocated in connection with the
Distribution, such Liabilities and responsibilities shall be handled in a manner similar to the manner in which this Agreement handles comparable Liabilities and responsibilities, subject to the mutual agreement of the Parties, as evidenced by the
written consent of an authorized officer of each Party. 

 Section 2.02 Employment with
SpinCo. 
  

	 	(a)	 Employment Transfers/Offers of Employment. Except as otherwise required by applicable local Law or
expressly provided herein, no later than on or immediately prior to the Pre-Spin Transition Date, Parent Group has taken all actions necessary to ensure that prior to or on the
Pre-Spin Transition Date all transferring employees of the Parent Group were employed by a member of the SpinCo (i.e., the SpinCo Employees). 

 

	 	(b)	 No Severance. Except as otherwise required by applicable local Law or expressly provided herein, the
Distribution and the assignment, transfer or continuation of employment of any employee of Parent Group in connection therewith (including in accordance with Section 2.02(a) hereof) shall not be deemed a separation from service or a termination
of employment entitling such Employee to be eligible to participate in, or to receive payment of, severance benefits under any applicable Law, severance plan, policy, practice or arrangement of Parent Group, SpinCo Group, or any of their respective
Affiliates; provided, however, that any employee of Parent Group or any of its Affiliates whose employment is not intended to be continued by Parent Group following the Pre-Spin Transition Date and is not
assigned to 

  
 7 

	 	
a member of the SpinCo Group, and whose employment is terminated prior to or as of the Pre-Spin Transition Date, shall be deemed to have incurred a
separation from service and shall be eligible to receive severance and benefits pursuant to the Parent Severance Plan. In the event that an employee who would otherwise be a SpinCo employee does not accept a transfer from Parent Group to the SpinCo
Group, if such employee would be entitled to severance under the Parent Severance Plan, SpinCo shall be responsible for severance payments and benefits, if any, for such employee and shall provide such payments and benefits. 

 

	 	(c)	 Compensation and Benefits. For a period of at least twelve (12) months following the Distribution
Date, SpinCo shall (i) provide or shall cause to be provided to each SpinCo Employee compensation and employee benefit opportunities (exclusive of pension benefits, nonqualified deferred compensation benefits and equity compensation benefits)
that are substantially comparable in the aggregate to the opportunities provided to such SpinCo Employee (or, in the case of SpinCo Employees who were not employed by the Parent Group as of immediately prior to the
Pre-Spin Transition Date, to similarly situated employees of the Parent Group) immediately before the Pre-Spin Transition Date, (ii) maintain the long-term
incentive compensation metrics and target payments for each SpinCo Employee (except as specified in Section 6.01(c)(ii) of this Agreement with regard to Parent Performance-Based Restricted Stock Units converted to SpinCo Performance-Based
Restricted Stock Units); and (iii) provide no less favorable severance benefits to SpinCo Employees than those provided under the Parent Severance Plans. However, where employment terms and conditions providing for compensation or benefits
exceeding those provided for in this subsection (c) are required by applicable local Law in order to avoid penalties or severance payments, compensation and benefits shall be provided as required by local Law. 

 

	 	(d)	 Service Credit. SpinCo shall, and shall cause each member of the SpinCo Group to, give each SpinCo
Employee full credit for purposes of eligibility, vesting, determination of level of benefits, and, to the extent applicable benefit accruals and benefit subsidies under any SpinCo Benefit Arrangement for such individuals’ service with any
member of the Parent Group or any predecessor thereto, to the same extent such service was recognized by the applicable Parent Benefit Arrangement; provided, that, such service shall not be recognized to the extent such recognition would
result in the duplication of benefits or is prohibited by local Law. In addition, and without limiting the generality of the foregoing provisions of this Section 2.02(d), (i) SpinCo shall cause each SpinCo Employee to be eligible to
participate, without any additional waiting time, in any and all SpinCo Benefit Arrangements to the extent coverage under the SpinCo Benefit Arrangement is comparable to a Parent Benefit Arrangement in which the SpinCo Employee participated
immediately before the Pre-Spin Transition Date (or such later date on which such individual became a SpinCo Employee) pursuant to the eligibility and waiting time provisions of such Parent Benefit
Arrangement. Upon the Pre-Spin Transition Date, and from time to time thereafter as is reasonably necessary, Parent Group shall provide SpinCo with such Information as is necessary to make the proper
calculations necessary to comply with the foregoing obligations. 

  

	 	(e)	 Subsequent and Delayed Transfers. Notwithstanding anything in this Agreement to the contrary, certain
transfers of employment to the SpinCo Group may occur following the Pre-Spin Transition Date, either as set forth in this Agreement (including Schedule A) or pursuant to a mutual agreement between the
Parties to delay the employment transfer or to otherwise effectuate the employment transfer following the Pre-Spin Transition Date, in each case in connection with the Distribution. The provisions of
Section 2.01 shall apply to each employee transferred to the SpinCo Group following the Pre-Spin Transition Date in accordance with the preceding sentence (to the extent such employee does not otherwise
satisfy the definition of SpinCo Employee) as if such employee were a SpinCo Employee for purposes of such section. Additionally, to the extent any such employee does not otherwise satisfy the definition of SpinCo Employee, the Parties shall
cooperate in good faith and use their commercially reasonable efforts to effectuate the other requirements and principles of this Agreement with respect to such employee, subject to the other provisions of this Agreement (including Sections 8.05 and
8.10). 

  

	 	(f)	 No Acceleration of Benefits. Except as otherwise provided in this Agreement, no provision of this
Agreement shall be construed to create any right, or accelerate vesting or entitlement, to any compensation or benefit whatsoever on the part of any SpinCo Employee or other former, current or future employee of the Parent Group or SpinCo Group
under any Parent Benefit Arrangement. 

  
 8 

	 	(g)	 Amendment Authority. Except as otherwise provided in this Agreement, nothing in this Agreement is
intended to prohibit any member of the Parent Group or SpinCo Group from amending or terminating any employee benefit plans, policies and compensation programs at any time on or after the Pre-Spin Transition
Date. 

  

	 	(h)	 No Commitment to Employment or Benefits. Nothing contained in this Agreement shall be construed as a
commitment or agreement on the part of any person to continue employment with the Parent Group or SpinCo Group or, except as otherwise provided in this Agreement, as a commitment on the part of the Parent Group or SpinCo Group to continue the
employment, compensation or benefits of any person for any period or to provide any recall or similar rights to an individual on layoff or any type of Leave of Absence. This Agreement is solely for the benefit of the Parent Group and SpinCo Group
and, except to the extent otherwise expressly provided herein, nothing in this Agreement, express or implied, is intended to confer any rights, benefits, remedies, obligations or Liabilities under this Agreement upon any Person, including any SpinCo
Employee or other current or former employee, officer, director or contractor of the Parent Group or SpinCo Group, other than the Parties and their respective successors and assigns. 

Section 2.03 Establishment of SpinCo Plans and Trusts. As of the Pre-Spin
Transition Date, SpinCo shall, or shall cause one of the other members of the SpinCo Group to, establish the following Benefit Arrangements for the benefit of the SpinCo Employees, with terms identical in substance to the terms of the corresponding
Parent Benefit Arrangement, except as otherwise provided in this Agreement: 
  

	 	•	 	 SpinCo Savings Plans 

  

	 	•	 	 SpinCo Master Trust 

  

	 	•	 	 SpinCo Welfare Plans 

  

	 	•	 	 SpinCo Severance Plans 

 

	 	•	 	 SpinCo NQDCP 

  

	 	•	 	 SpinCo Annual Bonus Plans 

 

	 	•	 	 SpinCo Equity Plans 

Section 2.04    Termination of Participating Company Status. Effective as of the Pre-Spin
Transition Date, SpinCo shall cease to be a participating company in the Parent Benefit Plans, and, as a result, SpinCo Employees shall cease to be eligible to participate in the Parent Benefit Plans. 

ARTICLE III 
 U.S.
QUALIFIED AND NON-QUALIFIED RETIREMENT PLANS 
 Section 3.01 Parent Retirement Plan. The Parent
Retirement Plan, and all assets and Liabilities related thereto, shall remain with the Parent Group. For purposes of vesting and the pension benefit calculation only, SpinCo Employees’ employment with SpinCo shall be considered employment with
the Parent Group for purposes of the Parent Retirement Plan. Not less frequently than twice per annum, SpinCo and Parent shall confer to determine whether any SpinCo Employees who are active participants in the Parent Retirement Plan have terminated
employment with SpinCo. 
 Section 3.02 U.S. and Puerto Rico Savings Plans. 

 

	 	(a)	 Establishment of SpinCo Savings Plans. As of the Pre-Spin
Transition Date, SpinCo shall, or shall have caused one or more members of the SpinCo Group to, establish or maintain defined contribution savings 

  
 9 

	 	
plans with terms substantially similar, but maintaining the same vesting schedule, and with other terms sufficient to avoid a decrease in accrued benefits pursuant to Section 411(d)(6) of
the Code and a related trust or trusts, to the Parent Savings Plans and the Parent Master Trust intended to satisfy the requirements of Sections 401(a) and 401(k) of the Code (such defined contribution savings plan or plans, the
“SpinCo Savings Plans”). SpinCo shall be responsible for taking all necessary, reasonable, and appropriate action to establish, maintain and administer the SpinCo Savings Plans so that they are qualified under Section 401(a) of
the Code, that they satisfy the requirements of Section 401(k) of the Code and that the related trust or trusts thereunder (the “SpinCo Master Trust”) are exempt under Section 501(a) of the Code, and as soon as reasonably
practicable following the Pre-Spin Transition Date SpinCo shall take all steps reasonably necessary to obtain favorable determinations from the IRS and La Hacienda (as appropriate) as to such initial
qualification if an opinion letter is not then applicable to the SpinCo Savings Plans. SpinCo shall be responsible for any and all Liabilities (including Liability for funding) and other obligations with respect to the SpinCo Savings Plans.

  

	 	(b)	 Contributions under the Parent Savings Plans as of the Pre-Spin
Transition Date. All contributions accrued by SpinCo Employees under the Parent Savings Plans with respect to all employer contributions, including employee deferrals, matching contributions (including any
true-up contributions, if applicable), profit-sharing contributions, employer non-elective contributions, and employer contributions for SpinCo Employees accrued for
service provided by SpinCo Employees before the Pre-Spin Transition Date, determined in accordance with the terms and provisions of the Parent Savings Plans, ERISA and the Code, and based on all service
performed and compensation accrued prior to the Pre-Spin Transition Date, shall be deposited by the Parent Group to the Parent Savings Plans as soon as administratively feasible following the Pre-Spin Transition Date. Any corrective contributions required to be made to the SpinCo Savings Plans shall be the responsibility of SpinCo. 

 

	 	(c)	 Trustee-to-Trustee
Transfer. As soon as practicable following the Pre-Spin Transition Date, Parent Group shall cause any and all assets and Liabilities of the accounts of SpinCo Employees under the Parent Savings Plans, and
the value of the assets attributable to such accounts, to be transferred to the SpinCo Savings Plans in a “transfer of assets or Liabilities” in accordance with Section 414(1) of the Code. The assets and Liabilities to be transferred
shall include (i) the allocable portion (in proportion to the aggregate account balances transferred to the SpinCo Savings Plans) of the forfeiture account held in the Parent Saving Plans as of the
Pre-Spin Transition Date (net of any estimated unpaid plan expenses for the most recently completed plan year), and (ii) promissory notes evidencing plan loans. SpinCo shall cause the administrators of,
and the trustees of the trust or trusts established under the SpinCo Savings Plans (including the SpinCo Master Trust) to accept such transfer, with such transfer to be administered in accordance with applicable Law (including Sections 411(d)(6) and
414(1) of the Internal Revenue Code of 1986). After the transfer has occurred, if on further review it is determined and agreed upon by the Parties that an incorrect amount of assets was transferred, there shall be a corresponding adjustment to
correct any such mistake. 

  

	 	(d)	 Outstanding Loans under the Parent Savings Plans. From the
Pre-Spin Transition Date and until the date of the trustee-to-trustee transfer of their account balances, the SpinCo Employees
who have outstanding loans originally made from the Parent Savings Plans shall be permitted to continue to repay such loans during their employment with SpinCo Group. 

 

	 	(e)	 [Reserved] 

  

	 	(f)	 Subsequent SpinCo Employees. The Parties further agree that, if any individual becomes a SpinCo Employee
following the Pre-Spin Transition Date, in accordance with the proviso included in the definition of “SpinCo Employee”, as a result of such individual returning to active service after a period of
leave (the date of such return, the “Return Date”, and such individual, a “Subsequent SpinCo Employee”), the foregoing provisions of Sections 3.02(b) through 3.02(e) shall apply to such Subsequent SpinCo Employee,
provided that, for purposes of such Subsequent SpinCo Employee, all references to “Pre-Spin Transition Date” therein shall mean a date, as soon as practicable following

  
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the Subsequent SpinCo Employee’s Return Date, by which the Parent Group is able to fulfill all of its obligations under such Sections 3.02(b) through 3.02(e) with respect to such Subsequent
SpinCo Employee. 

 Section 3.03 NQDCPs. 
  

	 	(a)	 Establishment of Plan. Effective as of the Pre-Spin Transition
Date, SpinCo shall establish or maintain the SpinCo NQDCP as set forth in Section 2.03 hereof. 

  

	 	(b)	 Distribution Not a Distributable Event. The Parties acknowledge that, except as may be otherwise
expressly provided under the terms of any Parent NQDCP or required under “Section 409A” (as defined below), neither the Distribution nor any transfers of employment incident thereto shall result in a distributable event for any SpinCo
Employee or other SpinCo individual service provider under any Parent NQDCP. 

  

	 	(c)	 Information Exchange. Following the Pre-Spin Transition Date and
until all SpinCo Employees and other SpinCo individual service providers have commenced distributions of their benefits under the Parent NQDCPs, SpinCo agrees to notify the Parent in writing within thirty (30) business days after any SpinCo
Employee or other SpinCo individual service provider with a vested balance under any Parent NQDCP experiences a separation from service with the SpinCo Group, in order to help facilitate the Parent’s administration of the SpinCo Employees’
and other SpinCo individual service providers’ Parent NQDCP benefits. 

 ARTICLE IV 

INTERNATIONAL EMPLOYEES 

Section 4.01 Schedule A. The general provisions and principles in this Article IV and the other terms and conditions of this Agreement are subject
to the overriding terms and conditions of Schedule A, which will prevail to the extent of any conflict with this Agreement. 
 Section 4.02
Benefit Plans. Except as set forth on Schedule A, as of the Pre-Spin Transition Date, SpinCo shall, or shall cause one of its Affiliates to, establish international Benefit Arrangements that are
substantially comparable in the aggregate to those Benefit Arrangements provided by Parent Group to International Employees immediately prior to the Pre-Spin Transition Date (the “International Benefit
Arrangements”). SpinCo International Employees shall (A) be eligible to participate in the International Benefit Arrangements sponsored or maintained by SpinCo to the extent they were eligible to participate in the corresponding
International Benefit Arrangements sponsored or maintained by the Parent prior to the Pre-Spin Transition Date, and (B) receive credit for vesting, eligibility and benefit service to the same extent
recognized by Parent Group as of immediately prior to the Pre-Spin Transition Date for all service credited for those purposes under the corresponding International Benefit Arrangements sponsored by the Parent
as if that service had been rendered to SpinCo. 
 Section 4.03 Cooperation/Works Councils. The Parties shall provide reasonable
post-Distribution cooperation and assistance to each other with respect to the matters contemplated below by this Section 4.03. SpinCo shall, and shall cause its Subsidiaries to, render full reasonable cooperation to Parent Group in providing
in due time all complete and accurate information required by Law or reasonably requested by employees, works councils, labor unions, employee representatives or any other persons or entities (including any information reasonably requested by Parent
in connection with any employee-related litigation to which Parent or any Subsidiary is a party) with respect to Parent Group, their operations, their employees, their employee benefits arrangements, the creation of SpinCo, the Contribution, the
Distribution, the Distribution Date, the Pre-Spin Transition Date and transfer of employment, the reasons for the transfer of employment, the legal, economic and social consequences of the transaction for the
SpinCo Employees and the measures taken by SpinCo and its Subsidiaries in relation therewith. In addition, SpinCo shall, and shall cause its Subsidiaries to, provide Parent and its Subsidiaries with any other information that may be required

  
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to respond to any reasonable questions posed by employees, works councils, labor unions, employee representatives or any other persons or entities with respect to the Distribution and to attend,
at Parent Group’s formal request, any meeting with such employees, works councils, labor unions, employee representatives or other persons or entities where necessary or legally required. SpinCo shall render full reasonable cooperation to
Parent Group, and Parent Group shall render full reasonable cooperation to SpinCo, in each case providing in due time all information within its knowledge and engaging in any consultations, required by Law or reasonably requested by employees, works
councils and/or unions and/or employee representatives that are required or initiated to accomplish the transfer of any SpinCo Employees to SpinCo as contemplated by this Agreement. SpinCo shall bear all expenses and costs of any compensation
resulting from negotiations with works councils, unions and/or employee representatives, including expenses relating to any adjustments or additions to the terms and conditions of employment of any SpinCo Employees that result from such negotiations
and which are approved by Parent; provided, however that Parent shall bear its own costs associated with these negotiations (e.g. travel time and expenses to participate in the negotiations). The Parties understand that the provisions of this
Agreement may need to be subsequently modified in connection with the consultations and similar processes described in this paragraph and agree to negotiate any such subsequent modifications in good faith and in keeping with the Parties’
original intent behind the Agreement. 
 Section 4.04    Special Provisions. Notwithstanding any other provision in this
Agreement to the contrary (including, but not limited to Section 6.01(a)(iv) of this Agreement), Parent’s Vice President of Total Rewards and SpinCo’s Chief Human Resources Officer, shall have the discretion, power, and authority to
adopt and implement special provisions, rules, or procedures applicable to (i) the equitable adjustments in the case of an International Employee who has outstanding equity awards granted under the Parent Equity Plan or any incentive plan of
Parent, where such grantee’s circumstances warrant a different treatment to the extent that such persons deem such different treatment to be equitable, necessary, or advisable, based on the advice of counsel; (ii) the good faith
determination of the employer or former employer, as applicable, of each International Employee; (iii) errors in the timing of employment transfers of International Employees, (iv) issues pertaining to immigration law requirements, and
(v) any other decisions regarding the employment, compensation, and benefit arrangements of one or more International Employees as are deemed equitable, necessary or advisable that are not otherwise contemplated by this Agreement (including
Schedule A). 
 ARTICLE V 

U.S. WELFARE AND FRINGE BENEFIT PLANS 

Section 5.01 Health and Welfare Plans. This Section 5.01 shall apply only to US SpinCo Employees. 

 

	 	(a)	 Eligibility. Effective on the Pre-Spin Transition Date (or, for
any Subsequent SpinCo Employee, such employee’s Return Date), all SpinCo Employees shall cease to be eligible to participate in the Parent Welfare Plans. Effective as of the Pre-Spin Transition Date (or,
for any Subsequent SpinCo Employee, such employee’s Return Date), SpinCo Employees shall be eligible to participate in health and welfare plans for the benefit of SpinCo Employees that mirror the Parent Welfare Plans (collectively, the
“SpinCo Welfare Plans”). 

  

	 	(b)	 Waiver of Conditions. SpinCo (acting directly or through its Affiliates) shall cause the SpinCo Welfare
Plans to (i) waive all limitations as to preexisting conditions, exclusions and service conditions with respect to participation and coverage requirements applicable to any US SpinCo Employee, other than limitations that were in effect with
respect to the US SpinCo Employee under the Parent Welfare Plans as of the Pre-Spin Transition Date, and (ii) provide recognition for service with Parent Group for any waiting period limitation or
evidence of insurability requirement applicable to a SpinCo Group Employee; provided, that, service shall not be recognized to the extent such recognition would result in the duplication of benefits. Such waivers described in clauses
(i) and (ii) of the foregoing sentence, with respect to the SpinCo Welfare Plans, shall apply to initial enrollment effective following the Pre-Spin Transition Date. Any
pre-existing condition limitations, exclusions, and services conditions that remain applicable under the SpinCo Welfare Plans pursuant to clause (i) shall apply only to the extent allowable under HIPAA.

  
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	 	(c)	 Allocation of Health and Welfare Assets and Liabilities. 

 

	 	i.	 General Principles. SpinCo shall be responsible with regard to claims by any SpinCo Employees under any
medical, prescription drug, dental, vision, life insurance, accidental death and dismemberment insurance, survivor income, business travel, employee assistance, wellness, long-term disability, short-term disability, supplemental short-term
disability, tuition reimbursement, flexible spending and healthcare savings accounts, and adoption assistance plans or programs incurred on or after the Pre-Spin Transition Date. For purposes of the foregoing,
the following claims and Liabilities shall be deemed to be “incurred” as follows: (v) survivor income, disability, life, accidental death and dismemberment and business travel accident insurance benefits, upon the death, illness,
injury, disability or accident giving rise to such benefits, (w) hospital-provided health, dental, prescription drug or other benefits, which become payable with respect to any hospital confinement, upon commencement of such confinement,
(x) any other medical, prescription drug, dental, vision, flexible spending and health care savings accounts, employee assistance, and wellness, when the services are rendered, the supplies are provided or medication is acquired by the
participant, and not when the condition arose, (y) tuition reimbursement, when the applicable course is completed, and (z) adoption assistance, when the adoption is final (per court order). The Parties agree that in no event may a SpinCo
Employee receive benefits under any plan or program that results in a duplication of benefits. 

  

	 	ii.	 Severance Plans. Except as otherwise specified in Schedule A, SpinCo shall be responsible with
regard to claims for severance by any SpinCo Employees which terminate employment on or after the Pre-Spin Transition Date, with any claims paid under the SpinCo Severance Plans. 

 

	 	iii.	 COBRA and HIPAA Compliance. Parent Group shall continue to be responsible for compliance with the health
care continuation requirements of COBRA (including the requirements under the American Recovery and Reinvestment Act), the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Parent Welfare Plans with
respect to any SpinCo Employees and any former employees of the Spin-Off Businesses located in the US who incur a qualifying event under COBRA on or before the Pre-Spin
Transition Date. SpinCo shall assume responsibility for compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the SpinCo Welfare Plans,
with respect to any SpinCo Employees who incur a qualifying event or loss of coverage under the SpinCo Welfare Plans after the Pre-Spin Transition Date. Parent Group and SpinCo Group agree that the
consummation of the transactions contemplated by the Separation Agreement shall not constitute a COBRA qualifying event for any purpose of COBRA. 

  

	 	iv.	 Disability Benefits/Leave of Absence. For any Parent Employee who would be a SpinCo Employee but who has
incurred a disability (within the meaning of the applicable provisions of the Parent Welfare Plans providing long-term disability benefits) on or before the Pre-Spin Transition Date, to the extent such
disability has been approved by the administrator of the Parent Welfare Plans, such Parent Employee will continue to be covered under the Parent Welfare Plans, with respect to such disability (but not with respect to any reoccurrence of such a
disability after such individual returns to active service with the SpinCo Group on or following the Pre-Spin Transition Date); for any Parent Employee who would be a SpinCo Employee but for being on
short-term disability leave or any other Leave of Absence at the Pre-Spin Transition Date, such employee shall remain a Parent Employee. A Parent Employee who would be a SpinCo Employee but for receiving
disability benefits or being on a Leave of Absence as of the Pre-Spin Transition Date shall automatically become a SpinCo Employee only if and when such employee returns to active service. Any right to
reemployment for any individuals who were 

  
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employed in the Spin-Off Businesses prior to the Pre-Spin Transition Date and who were on disability or Leave of
Absence as of immediately prior to the Pre-Spin Transition Date shall be the obligation of the SpinCo Group and not of the Parent Group. 

 

	 	v.	 Time-Off Benefits. As of the
Pre-Spin Transition Date (or, for any Subsequent SpinCo Employee, such employee’s Return Date), each US SpinCo Employee shall be subject to SpinCo’s vacation, paid time off, and other time-off policies (including, for the avoidance of doubt, any policies governing leaves of absence); provided, however, that SpinCo shall provide US SpinCo Employees with credit for employment service with Parent
Group or any member of the Parent Group for purposes of determining each US SpinCo Employee’s eligibility for and future accruals of vacation days under SpinCo’s vacation policy; provided that such service shall not be recognized to
the extent such recognition would result in the duplication of benefits under any such policies. To the extent required by applicable Law, SpinCo shall credit (or continue to credit) each US SpinCo Employee with the amount of accrued but unused
vacation time, paid time off, and other time-off benefits (including, for the avoidance of doubt, leave of absence benefits) as such US SpinCo Employee had with the Parent Group or the SpinCo Group as of
immediately before the Pre-Spin Transition Date (or, for any Subsequent SpinCo Employee, such employee’s Return Date). 

 

	 	vi.	 Tuition Reimbursement Benefits. To the extent that tuition liabilities that are a Liability of Parent
Group (under clause (c)(i), above) are paid by SpinCo Group, Parent Group will reimburse SpinCo Group upon the timely request of SpinCo Group for such reimbursement. 

Section 5.02 Unemployment Compensation. Prior to the Pre-Spin Transition Date, members of the Parent Group
shall be responsible for making any required state unemployment contributions with respect to US SpinCo Employees or former US SpinCo Employees. If applicable, the Parties agree that the SpinCo Group will apply to dissolve any joint unemployment
accounts covering US SpinCo Employees maintained with the Parent Group, effective on December 31, 2021, and SpinCo Group shall establish new accounts covering US SpinCo Employees as necessary to comply with such obligations for periods
beginning on the Pre-Spin Transition Date. 
 Section 5.03 Workers’ Compensation. The Parent Group
shall be solely responsible for all workers’ compensation claims of US SpinCo Employees and former US SpinCo Employees with respect to Workers’ Compensation Events occurring before the Pre-Spin
Transition Date. The SpinCo Group shall be solely responsible for workers’ compensation claims of US SpinCo Employees and former US SpinCo Employees with respect to Workers’ Compensation Events occurring on or after the Pre-Spin Transition Date, except for claims that are defined by individual state workers’ compensation boards as “cumulative trauma” claims which shall be treated according to applicable law. 

ARTICLE VI 
 EQUITY,
INCENTIVE AND DIRECTOR AND EXECUTIVE COMPENSATION PROGRAMS 
 Section 6.01 Equity Incentive Programs. 

 

	 	(a)	 General Principles. 

 

	 	i.	 Parent Group and SpinCo Group shall take any and all reasonable actions as shall be necessary and appropriate
to further the provisions of this Article VI, including, to the extent practicable, providing written notice or similar communication to each employee or other individual who holds one or more awards granted under the Parent Equity Plans informing
such employee of (i) the actions contemplated by this Article VI with respect to such awards and (ii) whether (and during what time period) any “blackout” period shall be imposed upon holders of awards granted under the Parent
Equity Plan during which time awards may not be exercised or settled, as the case may be. 

  
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	 	ii.	 From and after the Distribution, a grantee who has outstanding awards under the Parent Equity Plan shall be
considered to have been employed by SpinCo Group to the same extent as considered employed by Parent Group before and after the Distribution for purposes of vesting. 

 

	 	iii.	 No award described in this Article VI, whether outstanding or to be issued, adjusted, substituted, assumed,
converted or cancelled by reason of or in connection with the Distribution, shall be issued, adjusted, substituted, assumed, converted or cancelled until in the judgment of the administrator of the applicable plan or program such action is
consistent with all applicable Laws, including federal securities Laws. Any period of exercisability will not be extended on account of a period during which such an award is not exercisable pursuant to the preceding sentence. 

 

	 	iv.	 SpinCo International Employees shall be subject to this Article VI to the same extent as US SpinCo Employees.

  

	 	(b)	 Establishment of SpinCo Equity Plan. On or prior to the Distribution Date, SpinCo shall establish equity
award plans for the benefit of eligible SpinCo Employees that are substantially similar to the Parent Equity Plans (the “SpinCo Equity Plans”). 

 

	 	(c)	 Options, Performance Restricted Stock Units and Restricted Stock Units. 

 

	 	i.	 Options. Each Parent Option shall, as of the Distribution Date automatically and without any action on
the part of the holder thereof, be converted into a SpinCo Option in accordance with the succeeding paragraphs of this Section 6.01(c)(i). The number of shares subject to the SpinCo Option shall be equal to the number of shares of Parent
Group common stock subject to the Parent Option multiplied by the Equity Exchange Ratio, with the resulting number of shares subject to the SpinCo Option being rounded down to the nearest whole share. The per share exercise price of the SpinCo
Option shall be equal to the per share exercise price of the Parent Option immediately prior to the Distribution Date divided by the Equity Exchange Ratio, which amount shall be rounded up to the nearest whole cent. Except as otherwise provided
herein, the terms and conditions applicable to the SpinCo Options shall be substantially identical to the terms and conditions applicable to the corresponding Parent Option, including the terms and conditions relating to vesting and the
post-termination exercise period (as set forth in the applicable plan, award agreement or in the option holder’s then applicable employment agreement with Parent Group, which terms shall remain in effect even after the expiration or termination
of such employment agreement). Notwithstanding anything in this Section 6.01(c)(i) to the contrary, the number of shares subject to the converted SpinCo Option and the per share exercise price of the converted SpinCo Option may be
adjusted to provide that the aggregate in-the-money value of the SpinCo Option immediately following the Distribution Date is equal to the aggregate in-the-money value of the corresponding Parent Option immediately prior to the Distribution Date to the extent such adjustments comply with Section 409A of the Code. To
the extent that 421(a) of the Code applies to any Parent Option, or a Parent Option is structured to avoid the application of Section 409A of the Code, the adjustments described in this Section 6.01(c)(i) will be subject to such
modifications, as any, as are required to cause the adjustment contemplated by this Section 6.01(c)(i) to be made in a manner consistent with Section 409A or 421(a) of the Code, as applicable. 

 

	 	ii.	 Performance Restricted Stock Unit Awards. Each Parent Performance Restricted Stock Unit
(“PRSU”) shall, as of the Distribution Date automatically and without any action on 

  
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the part of the holder thereof, be converted into a number of SpinCo PRSUs equal to the number of units of Parent PRSUs multiplied by the Equity Exchange Ratio, with the resulting number of units
being rounded up to the nearest whole unit. The performance-vesting conditions of each SpinCo PRSU shall be deemed to have been met at the following levels: 

  

	 	(A)	 With regard to the portion of the Performance Period (as defined in the PRSU award agreements) completed as of
the Distribution Date: 

  

	 	1.	 PRSUs granted for the performance period of 2020 to 2022 shall be deemed to have met 50% of their performance
targets at the end of the Restriction Period (as defined in the PRSU award agreements); and 

  

	 	2.	 PRSUs granted for the performance period of 2021 to 2023 shall be deemed to have met 82.5% of their performance
targets at the end of the Restriction Period. 

  

	 	(B)	 With regard to the portion of the performance period occurring after the Distribution Date, PRSUs shall be
deemed to have met 100% of their performance targets at the end of the Restriction Period. 

  

	 	    	 For avoidance of doubt, SpinCo PRSUs will not vest until the end of the appliable Restriction Periods.
Following the Distribution Date, the SpinCo PRSUs shall remain subject to the same terms and conditions as applicable to the corresponding Parent PRSUs prior to the Distribution Date, except with regard to the performance criteria and vesting dates.

  

	 	iii.	 Restricted Stock Unit Awards. Each Parent Restricted Stock Unit shall, as of the Distribution
Date automatically and without any action on the part of the holder thereof, be converted into a number of SpinCo Restricted Stock Units equal to the number of units of Parent Restricted Stock Units multiplied by the Equity Exchange Ratio, with the
resulting number of units being rounded up to the nearest whole unit, subject to restrictions and other terms and conditions terms and conditions substantially identical to those that applied to the Parent Restricted Stock Units immediately before
the Pre-Spin Transition Date. 

  

	 	(d)	 Employee Stock Purchase Plan. SpinCo will not be required to establish an employee stock purchase plan.
Employees of SpinCo shall not be eligible to participate in any Offering Period of the Parent ESPP beginning on or after the Pre-Spin Transition Date. All payroll deductions under the Parent ESPP shall cease
following the last payroll payment date prior to the Pre-Spin Transition Date. If an option period would be in progress on the Pre-Spin Transition Date, it shall be
shortened so that the exercise shall occur by the day prior to the Pre-Spin Transition Date. 

  

	 	(e)	 Registration and Other Regulatory Requirements. As soon as practicable following the Distribution Date,
SpinCo shall prepare and file with the SEC a registration statement on Form S-8 (or another appropriate form) registering shares of SpinCo common stock subject to issuance upon the exercise of the SpinCo
Options issuable in accordance with the provisions of this Article VI. Parent Group shall cooperate with and assist SpinCo in the preparation of such registration statement. SpinCo shall keep such registration statement effective (and maintain the
current status of the prospectus required thereby) for so long as any SpinCo Options in respect of SpinCo common stock remain outstanding. 

  

	 	(f)	 Section 16. By approving the adoption of this Agreement, the respective boards of
directors of each of Parent Group and SpinCo intend to exempt from the short swing profit recovery provisions of Section 16(b) of the Securities Exchange Act of 1934, by reason of the application of Rule 16b 3 thereunder, all acquisitions and
dispositions of equity incentive awards by non-employee directors and officers of each of Parent Group and SpinCo. 

  

	 	(g)	 Liabilities for Settlement of Awards. From and after the Distribution Date SpinCo shall be responsible
for all Liabilities associated with SpinCo Equity Awards, including any option exercise, share delivery, registration or other obligations related to the exercise, vesting or settlement of the SpinCo Equity Awards. 

  
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	 	(h)	 Tax Reporting and Withholding for Equity Based Awards. SpinCo will be responsible for all income,
payroll, or other tax reporting related to income of SpinCo Employees and non-employee directors from SpinCo Equity Awards. Further, a member of the SpinCo Group shall be responsible for remitting applicable
Tax withholdings for SpinCo Employees to each applicable taxing authority. 

  

	 	(i)	 Savings Clause. The Parties hereby acknowledge that the provisions of this Article VI are intended to
achieve certain Tax, legal and accounting objectives and, in the event such objectives are not achieved, the Parties agree to negotiate in good faith regarding such other actions that may be necessary or appropriate to achieve such objectives.

 Section 6.02 Annual Bonus Plans. Effective as of the Pre-Spin Transition Date,
SpinCo shall establish or maintain the SpinCo Annual Bonus Plans as set forth in Section 2.03 hereof. Parent Group shall pay each SpinCo Employee such employee’s earned and accrued annual bonus for 2021 according to the terms of the Parent
Group’s applicable Annual Bonus Plans, but shall not be responsible for (and SpinCo shall assume all Liabilities for) any bonuses to any SpinCo Employees under any Parent Annual Bonus Plan accruing after 2021. 

ARTICLE VII 
 DEDUCTIONS

 Section 7.01 Deductions. 
  

	 	(a)	 Garnishments, Tax Levies, Child Support Orders, and Wage Assignments. With respect to any SpinCo
Employees with garnishments, tax levies, child support orders, or wage assignments in effect immediately prior to the Pre-Spin Transition Date (or, for any Subsequent SpinCo Employee, such employee’s
Return Date), a member of the SpinCo Group shall, to the extent permitted by applicable Law, honor such payroll deduction authorizations and shall continue to make payroll deductions and payments to the authorized payee, as specified by the court or
governmental order which was filed prior to the Pre-Spin Transition Date (or, for any Subsequent SpinCo Employee, such employee’s Return Date). 

 

	 	(b)	 Authorizations for Payroll Deductions. Unless otherwise prohibited by this Agreement, a Benefit Plan
document, or applicable Law, with respect to SpinCo Employees with authorizations for payroll deductions and direct deposits in effect immediately prior to the Pre-Spin Transition Date (or, for any Subsequent
SpinCo Employee, such employee’s Return Date), a member of the SpinCo Group shall honor such payroll deduction authorizations and shall not require that such SpinCo Employee submit a new authorization to the extent that the type of deduction
does not differ from that made prior to the Pre-Spin Transition Date (or, for any Subsequent SpinCo Employee, such employee’s Return Date). Such deduction types include, without limitation, contributions
to any Benefit Plan and direct deposit of payroll, employee relocation loans, and other types of authorized company receivables usually collectible through payroll deductions. 

ARTICLE VIII 

MISCELLANEOUS 
 Section 8.01
Access to Records and Information. Each Party shall provide access upon reasonable request (to the extent permissible under applicable privacy/data protection Laws) to the other Party to any and all employment records, all Form I-9s and other Information with respect to the SpinCo Employees and any other employees of SpinCo described in Section 2.02(e) that are in the possession of such Party or any of its Affiliates.

  
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 Section 8.02 Cooperation. After the Distribution Date, each Party shall upon reasonable request
provide the other Party and the other Party’s respective Affiliates, agents and vendors all Information reasonably necessary to the other Party’s performance of its obligations hereunder. The Parties agree to use their respective best
efforts and to cooperate with each other in order to carry out their obligations hereunder and to effectuate the terms of this Agreement. Each Party shall use commercially reasonable efforts to cooperate and work together to unify, consolidate and
share (to the extent permissible under applicable privacy/data protection Laws) all relevant documents, resolutions, government filings, data, payroll, employment and benefit plan information on regular timetables and cooperate as needed with
respect to (i) any claims under or audit of or litigation with respect to any employee benefit plan, policy or arrangement contemplated by this Agreement, (ii) efforts to seek a determination letter, private letter ruling or advisory
opinion from the IRS or U.S. Department of Labor on behalf of any employee benefit plan, policy or arrangement contemplated by this Agreement, (iii) any filings that are required to be made or supplemented to the IRS, U.S. Pension Benefit
Guaranty Corporation, U.S. Department of Labor or any other Governmental Authority, and (iv) any audits by a Governmental Authority or corrective actions, relating to any benefit plan, labor or payroll practices; provided, however, that
requests for cooperation must be reasonable and not interfere with daily business operations. For the avoidance of doubt, the Parties’ duties and obligations under this paragraph shall be in addition to, and not in lieu of, the Parties’
duties and obligations under Section 4.03 above. 
 Section 8.03 Asset Recoupment. To the extent the Parent Group holds any repayment
“claw-back” or recoupment rights with respect to remuneration paid or provided to SpinCo Employees (e.g., the right to require repayment of compensation upon a termination of employment) in connection with any loan or advance to a SpinCo
Employee, such rights are retained by Parent Group. To the extent allocable by applicable law, SpinCo shall recoup such payments from final pay of a terminating SpinCo Employee, and to the extent not recouped, SpinCo shall notify Parent of any
terminations of employment, for SpinCo Employees who are subject to repayment rights, within 30 days of such termination. 
 Section 8.04 No
Third-Party Beneficiaries. This Agreement will not create any third-party beneficiary rights, nor will it be enforceable by any Employee, any person representing the interest of Employees, or any spouse, dependent or beneficiary of any Employee,
nor will anything herein be or be deemed an amendment to any Benefit Plan. This Agreement is solely an agreement between and for the benefit of the Parties to this Agreement and will be enforceable by them. No term of this Agreement will be deemed
to create any contract with any Employee or to give any Employee the right to be retained in the employment of the Parent Group or SpinCo, or to interfere with the Parent Group’s or SpinCo’s right to terminate the employment of any
employee at any time. 
 Section 8.05 Compliance. The agreements and covenants of the Parties hereunder shall at all times be subject to the
requirements and limitations of applicable Law (including, for purposes of Article IV, local rules and customs relating to the treatment of pension plans) and collective bargaining, works council, or other similar agreements. Where an agreement or
covenant of a Party hereunder cannot be effected in compliance with applicable Law or an applicable collective bargaining, works council, or other similar agreement, the Parties agree to negotiate in good faith to modify such agreement or covenant
to the least extent possible in keeping with the original agreement or covenant in order to comply with applicable Law or such applicable collective bargaining agreement. Each provision of this Agreement is subject to and qualified by this
Section 8.05, whether or not such provision expressly states that it is subject to or limited by applicable Law or by applicable collective bargaining, works council, or other similar agreements. Each reference to the Code, ERISA or the
Securities Act or any other Law shall be deemed to include the rules, regulations and guidance issued thereunder. 
 Section 8.06 Preservation of
Rights. Unless expressly provided otherwise in this Agreement, nothing herein shall be construed as a limitation on the right of Parent or SpinCo to (a) amend, modify or terminate any Benefit Plan or (b) terminate the employment of any
Employee. 
 Section 8.07 Reimbursement. The Parties acknowledge that the Parent, on the one hand, and SpinCo, on the other hand, may incur
costs and expenses (including, without limitation, contributions to Benefit Plans and the payment of insurance premiums) which are, as set forth in this Agreement, the responsibility of the other Party. Accordingly, the

  
 18 

 Parties agree to reimburse each other for Liabilities and obligations for which such Party is responsible,
and shall provide such reimbursement reasonably promptly and in accordance with the terms of any agreement between the Parties or their Affiliates expressly addressing such matters. 

Section 8.08 Section 409A. It is the intent of the Parties that this Agreement and all arrangements referenced herein either be
exempt from, or comply with, Section 409A of the Code (“Section 409A”), and, to the maximum extent possible, each provision of this Agreement that pertains to any amount that constitutes “deferred
compensation” for purposes of Section 409A shall be interpreted and construed in accordance therewith. 
 Section 8.09 Limitation on
Enforcement. This Agreement is an agreement solely between the Parties. Nothing in this Agreement, whether express or implied, shall be construed to: (a) confer upon any current or former Employee of the Parent or SpinCo, or any other
person any rights or remedies, including, but not limited to any right to (i) employment or recall; (ii) continued employment or continued service for any specified period; or (iii) claim any particular compensation, benefit or
aggregation of benefits, of any kind or nature; or (b) create, modify, or amend any Benefit Plan. 
 Section 8.10 Further Assurances and
Consents. In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties hereto shall use commercially reasonable efforts to (a) execute and deliver such further instruments and documents and take such
other actions as the other party may reasonably request to effectuate the purposes of this Agreement and carry out the terms hereof; (b) take, or cause to be taken, all actions, and do, or cause to be done, all things, reasonably necessary,
proper or advisable under applicable Laws and agreements or otherwise to consummate and make effective the transactions contemplated by this Agreement, including, without limitation, using commercially reasonable efforts to obtain any consents and
approvals and to make any filings and applications necessary or desirable to consummate the transactions contemplated by this Agreement; provided that no Party shall be obligated to pay any consideration therefor (except for filing fees and
other similar charges) to any third party from whom those consents, approvals and amendments are required, or to take any action or omit to take any action described in this paragraph if the taking of action or the omission to take action would be
unreasonably commercially burdensome to the Party or the business thereof, in which case the Parties agree to negotiate in good faith to modify the provision of this Agreement that requires such action or omission to the least extent possible, in
keeping with the Parties’ original intent behind such provision, to remove such unreasonable commercial burden. 
 Section 8.11 Third Party
Consent. If the obligation of any Party under this Agreement depends on the consent of a third party, such as a vendor or insurance company, and that consent is withheld, the Parties shall use commercially reasonable efforts to implement the
applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure of a third party to consent, the Parties shall negotiate in good faith to implement the provision
in a mutually satisfactory manner, taking into account the original purposes of the provision in light of the Distribution and communications to affected individuals. 

Section 8.12 Effect if Distribution Does Not Occur. If the Distribution does not occur, then all actions and events that are to be taken under
this Agreement, or otherwise in connection with the Distribution, shall not be taken or occur, except to the extent specifically provided by Parent, and any actions already taken shall be revoked and unwound. 

Section 8.13 Disputes. The Parties agree to use commercially reasonable efforts to resolve in an amicable manner any and all controversies,
disputes and claims between them arising out of or related in any way to this Agreement. The Parties agree that any controversy, dispute or claim (whether arising in contract, tort or otherwise) arising out of or related in any way to this Agreement
that cannot be amicably resolved informally will be resolved pursuant to the dispute resolution procedures set forth in Article VII of the Separation Agreement. 

[SIGNATURE PAGE FOLLOWS]

  
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 The Parties have caused this Agreement to be signed by their authorized representatives on
or as of the          day of                     , 2022. 

 

			
	 PARENT

		
	 By:
	 	 
		
	 Title:
	 	

  

			
	 SPINCO

		
	 By:
	 	 
		
	 Title:
	 	

 [Signature Page to Employee Matters Agreement]

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