Document:

Exhibit 10.4

 Exhibit 10.4 
  

 
 STERLING BANCORP 

ID: 80-0091851 
 21
Scarsdale Road 
 Yonkers, NY 10707 
 2015
CFO Special Performance Award Notice and Award Agreement 
  
  

 

											
	 Luis Massiani
	 		 	Award Number:	 		 	  

	Name of Award Holder	 		 	Plan:	 		 	2015

 At the address most recently on the books and records of the Company.

  

									
	Address	 		 	City	 	State	 	Zip

  
  

Effective December 8, 2015 (“Award Date”), you have been granted a Performance Award of 60,168 shares of STERLING BANCORP (the
“Company”) Common Stock (the “Performance Award Shares”). This Performance Award is conditioned upon achievement of any one or more of three Performance Goals and, after achievement of the Performance Goals, satisfaction of the
Service Vesting Condition. 
 The total Fair Market Value of the Performance Award on the Award Date is $1,000,000. 

The Performance Period commences on the Award Date and ends on December 31, 2018. The three Performance Goals are set forth in Exhibit B hereto and
achievement of any one or more thereof will be determined during the Performance Period. 
 The Vesting Date is December 31, 2018, subject to
compliance with the satisfaction of the Service Vesting Condition after achievement of any one or more of the three Performance Goals during the Performance Period. 
  

 
 By your signature and the Company’s signature
below, you and the Company agree that this Performance Award is granted under and governed by the terms and conditions of the Plan and this 2015 CFO Special Performance Award Notice and Award Agreement (including Exhibit A and
Exhibit B attached hereto and made a part hereof). 
  
  

 

					
	STERLING BANCORP	 		 	
			
	 Jack L. Kopnisky
	 		 	 12/08/15

	Print Name: Jack L. Kopnisky	 		 	Date
	Title: President and Chief Executive Officer	 		 	
			
	AWARD HOLDER	 		 	
			
	 /s/ Luis Massiani
	 		 	 12/08/15

	Print Name: Luis Massiani	 		 	Date

 EXHIBIT A 

STERLING BANCORP 

2015 OMNIBUS EQUITY AND INCENTIVE PLAN 

2015 CFO SPECIAL PERFORMANCE AWARD NOTICE AND
AWARD AGREEMENT 
 General Terms and Conditions 

Section 1. Size and Type of Performance Award; Performance Goals. This Performance Award is granted under Article VI of the Sterling
Bancorp 2015 Omnibus Equity and Incentive Plan (the “Plan”). The total number of shares of Common Stock (the “Shares”) of Sterling Bancorp (the “Company”) covered by this Performance Award (the
“Performance Award Shares”) are listed on the 2015 CFO Special Performance Award Notice and Award Agreement (the “Award Notice”), and subject to all of the terms and conditions of the Plan. 

After achievement of one or more of the three Performance Goals during the Performance Period, Performance Award Shares relating to such
achieved Performance Goal(s) will be settled in Shares of Restricted Stock which will be designated “Escrow,” registered in your name and held by the Compensation Committee, together with a stock power executed by you in favor of the
Compensation Committee. You may forfeit Performance Award Shares and Shares of Restricted Stock, as set forth in Section 2 below. 

Your employment with the Company, Sterling National Bank, and/or any of their subsidiaries constitutes adequate consideration for the issuance
(after achievement of any one or more of the three Performance Goals during the Performance Period) of the Shares of Restricted Stock to you having a value at least equal to the par value of such Shares of Restricted Stock, but the Service Vesting
Condition described below will nevertheless determine your right to acquire unrestricted ownership of the Shares of Restricted Stock. 

Section 2. Vesting. 

(a) Service Vesting Condition. You must remain in the continuous service of the Company, Sterling
National Bank and/or any of their subsidiaries through the December 31, 2018 vesting date (the “Vesting Date”) specified in this Award Notice (the “Service Vesting Condition”) in order to vest any Shares of
Restricted Stock you receive upon the achievement of one or more of the three Performance Goals during the Performance Period. 
 (b)
Vesting Date. The Vesting Date for any Shares of Restricted Stock you receive as the result of achievement of any one or more of the three Performance Goals is specified in this Award Notice. If the Service Vesting Condition is
satisfied on the Vesting Date, you will obtain unrestricted ownership of the Shares of Restricted Stock on that Vesting Date. 
 (c)
Forfeitures. If you terminate service with the Company, Sterling National Bank and/or any of their subsidiaries prior to the Vesting Date, you will forfeit this Performance Award in its entirety. If you remain in continuous service
with the Company, Sterling National Bank and/or any of their subsidiaries through the Vesting Date but one or more of the applicable Performance Goals are not achieved, you will forfeit any Performance Award Shares which depended on achievement of
the unsatisfied Performance Goal(s). When you forfeit Performance Award Shares, all of your interest in the Performance Award Shares will be canceled and when you forfeit Shares of Restricted Stock such Shares of Restricted Stock will be cancelled
and any stock certificate or other evidence of ownership must be returned to the Company. You agree to take any action and execute and deliver any document that the Company requests to effect the return of your unvested Shares of Restricted Stock.
In the event you do not cooperate with the Company in this regard, you hereby appoint and designate the Company as your attorney-in-fact for the purpose of taking any action and signing any document, in your name, which the Company determines is
necessary to enforce the forfeiture. 

  
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 (d) Change in Control. The Service Vesting Condition applicable to your
Shares of Restricted Stock shall be deemed satisfied and such Shares of Restricted Stock shall become free of all restrictions and become fully vested and transferable if prior to the Vesting Date (1) a Change in Control occurs, and
(2) at any time after the Change in Control and during the twenty-four (24) month period ending on the second anniversary of the Change in Control, your service with the Company, Sterling National Bank and/or any of their subsidiaries is
terminated without Cause or for Good Reason (and you will forfeit any Performance Award Shares for which the Performance Goals have not been attained prior to termination). 

(e) Death or Disability. In the event your service terminates due to death or disability prior to the Vesting
Date, you will receive the Shares of Restricted Stock, if any, that you received after achievement of one or more of the three Performance Goals prior to your termination free of all restrictions and such will become fully vested and transferable
(and you will forfeit any Performance Award Shares for which the Performance Goals have not been attained prior to termination). 

(f) Termination without Cause, Termination for Good Reason and Retirement. If the Company, Sterling National Bank
and/or any of their subsidiaries terminates your employment without Cause or you terminate your employment with Good Reason or due to Retirement prior to the Vesting Date, you will receive your Shares of Restricted Stock, if any, that you received
after achievement of one or more of the three Performance Goals prior to your termination free of all restrictions and such will become fully vested and transferable (and you will forfeit any Performance Award Shares for which the Performance Goals
have not been attained prior to termination). 
 (g) Definition of Service. For purposes of determining the vesting on
the Vesting Date of any Shares of Restricted Stock you receive upon the achievement of one or more of the three Performance Goals, you will be deemed to be in the service of the Company, Sterling National Bank and/or any of their subsidiaries for so
long as you serve in any capacity as an employee, officer, non-employee director or consultant of the Company, Sterling National Bank and/or any of their subsidiaries. 

(h) Application of Clawback Policy. Notwithstanding anything in this Award Notice to the contrary, any Shares of
Restricted Stock and any related dividends shall be subject to adjustment and/or recovery, in whole or in part, following the Vesting Date (i.e., December 31, 2018) if and to the extent (i) required by any applicable law, rule or
regulation or (ii) provided under the terms of any clawback policy or other policy of similar import adopted by the Company and in effect on the Vesting Date. 

Section 3. Dividends. Dividends or distributions paid on any Shares of Restricted Stock you receive upon the achievement of
one or more of the three Performance Goals, whether or not in cash, will not be paid to you currently. Instead, they will become vested, accumulated and paid to you if, as and when such Shares of Restricted Stock become vested and will be subject to
the same Service Vesting Condition as the Shares of Restricted Stock. 
 Section 4. Voting and Tender Rights. You will not
have the right to vote, or direct the voting of, Shares of Restricted Stock, or the right to respond, or direct the response with respect to Shares of Restricted Stock to any tender offer, exchange offer or other offer made to the holder of Shares,
unless and until the applicable Service Vesting Condition has been satisfied and ownership of record of the Shares has been transferred to you. 

Section 5. No Right to Continued Service. Nothing in this Award Notice, or any action of the Board or the Compensation Committee
with respect to this Award Notice, shall be held or construed to confer upon you any right to a continuation of service by the Company, Sterling National Bank, or any of their subsidiaries. You may be dismissed or otherwise dealt with as though this
Award Notice had not been entered into. 

  
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 Section 6. Taxes. Where you or any other person is entitled to receive Shares pursuant
to the Award granted hereunder, the Company shall have the right to require you or such person to pay to the Company the amount of any tax which the Company is required to withhold with respect to such Shares, or, in lieu thereof, to retain, or to
sell without notice, a sufficient number of Shares to cover the amount required to be withheld. 
 Section 7. Notices. Any
communication required or permitted to be given under the Plan, including any notice, direction, designation, comment, instruction, objection or waiver, shall be in writing and shall be deemed to have been given at such time as it is delivered
personally or five (5) days after mailing if mailed, postage prepaid, by registered or certified mail, return receipt requested, addressed to such party at the address listed below, or at such other address as one such party may by written
notice specify to the other party: 
 If to you, to your address as shown in the Company’s records. 

If to the Compensation Committee: 

Sterling Bancorp 
 c/o Sterling
National Bank 
 21 Scarsdale Road 

Yonkers, NY 10707 
 Attention:
Compensation Committee and Corporate Secretary 
 Section 8. Restrictions on Transfer. The Performance Award granted hereunder,
including, without limitation, any Shares of Restricted Stock you receive after achievement of one or more of the three Performance Goals, shall not be subject in any manner to anticipation, alienation or assignment, nor shall such award be liable
for or subject to debts, contracts, liabilities, engagements or torts, nor shall it be transferable by you other than by will or by the laws of descent and distribution or as otherwise permitted by the Plan. To name a beneficiary, complete the
attached Appendix A and file it with the Corporate Secretary of the Company. 
 Section 9.
Successors and Assigns. This Award Notice shall inure to the benefit of and shall be binding upon the Company and you and the Company’s and your respective heirs, successors and assigns. 

Section 10. Construction of Language. Whenever appropriate in this Award Notice, words used in the singular may be read in
the plural, words used in the plural may be read in the singular, and words importing the masculine gender may be read as referring equally to the feminine or the neuter. Any reference to a section shall be a reference to a section of this Award
Notice, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings assigned to them under the Plan. 

Section 11. Governing Law. This Award Notice shall be construed, administered and enforced according to the laws of the State
of New York without giving effect to the conflict of law principles thereof, except to the extent that such laws are preempted by federal law. The federal and state courts having jurisdiction in Westchester County, New York shall have exclusive
jurisdiction over any claim, action, complaint or lawsuit brought under the terms of the Plan. By accepting the Performance Award granted under this Award Notice, you and any other person claiming any rights under this Award Notice, agrees to submit
himself or herself, and any such legal action as he or she shall bring under the Plan, to the sole jurisdiction of such courts for the adjudication and resolution of any such disputes. 

Section 12. Amendment. This Award Notice may be amended, in whole or in part and in any manner not inconsistent with the provisions
of the Plan, at any time and from time to time, by written agreement between the Company and you. This Award Notice amends and supersedes any award notice bearing the same effective date. 

  
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 Section 13. Plan Provisions Control. This Award Notice and the rights and obligations
created hereunder shall be subject to all of the terms and conditions of the Plan that would apply if this Award Notice were being made under the Plan. In the event of any conflict between the provisions of the Plan and the provisions of this Award
Notice, the terms of the Plan, which are incorporated herein by reference, shall control. By signing this Award Notice, you acknowledge receipt of a copy of the Plan. You acknowledge that you may not and will not rely on any statement of account or
other communication or document issued in connection with the Award other than the Plan, this Award Notice, or any document signed by an authorized representative of the Company that is designated as an amendment of the Plan or this Award Notice.

  
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 APPENDIX A TO 2015 CFO SPECIAL
PERFORMANCE AWARD NOTICE AND AWARD AGREEMENT 

Beneficiary Designation Form 

 

																	
		 	GENERAL INFORMATION	  	Use this form to designate the Beneficiary(ies) who may receive Shares of Restricted Stock that become vested at your death.	 	
					
		 	Name of Person Making Designation	  	  
	 	Social Security Number         —        —        
	 	
				
		 	BENEFICIARY DESIGNATION	  	  
 Complete sections A and B. If no percentage shares
are specified, each Beneficiary in the same class (primary or contingent) shall have an equal share. If any designated Beneficiary predeceases you, the shares of each remaining Beneficiary in the same class (primary or contingent) shall be increased
proportionately.
	 	
			
		 	A PRIMARY BENEFICIARY(IES). I hereby designate the following person as my primary Beneficiary under the Plan, reserving the right to change or revoke this designation at any time prior to my death:	 	

													
							
		 	Name	  	Address	  	Relationship	  	Birthdate	  	Share	 	
		 	  
	  	  
	  	  
	  	  
	  	                    %	 	
	 	  	  
	  		  		  		 	
		 	  
	  	  
	  	  
	  	  
	  	                    %	 	
	 	  	  
	  		  		  		 	
		 	  
	  	  
	  	  
	  	  
	  	                    %	 	
	 	  	  
	  		  		  	Total = 100%	 	
			
		 	B CONTINGENT BENEFICIARY(IES). I hereby designate the following person(s) as my contingent Beneficiary(ies) under the Plan to receive benefits only if all of my primary Beneficiaries should predecease me,
reserving the right to change or revoke this designation at any time prior to my death as to all outstanding Awards:	 	
							
	 	 	Name	  	Address	  	Relationship	  	Birthdate	  	Share	 	 
		 	  
	  	  
	  	  
	  	  
	  	                    %	 	
	 	  	  
	  		  		  		 	
		 	  
	  	  
	  	  
	  	  
	  	                    %	 	
	 	  	  
	  		  		  		 	
		 	  
	  	  
	  	  
	  	  
	  	                    %	 	
	 	  	  
	  		  		  	Total = 100%	 	

																	
					
		 	 S
 I

G
 N
	  	H
E
R
E	    	I understand that this Beneficiary Designation shall be effective only if properly completed and received by the Corporate Secretary of Sterling Bancorp prior to my death, and that it is subject to all of the terms
and conditions of the Plan. I also understand that an effective Beneficiary designation revokes my prior designation(s) with respect to all outstanding Awards.	 	
	 	  	    	  
	    	  
	 	
	 	  	    	 Your Signature

 
	    	 Date
  
	 	

 
  

									
		 	  
  
	 	Internal Use Only	 	  
  
	  	

  

													
	 	 	This Beneficiary Designation was received by the Corporate Secretary of Sterling Bancorp on the date indicated.	  	Comments	 	 
	 				 		 
	 	 	By	 	  
	 		 	                    	  		 	 
	 	 	 	 	 Authorized Signature

 
	 	 	 	 Date

 
	  	 	 	 

 EXHIBIT B 

STERLING BANCORP 
 2015
OMNIBUS EQUITY AND INCENTIVE PLAN 
 2015 CFO SPECIAL PERFORMANCE-BASED
STOCK AWARD NOTICE 
 PERFORMANCE GOALS

 [APPLICABLE MEASURES AND TARGETS TO
BE DETERMINED BY THE COMPENSATION COMMITTEE]Exhibit 10.1

 

Execution Version

 

Employment Agreement

 

This Employment Agreement (this “Agreement”),
dated as of December 11, 2015, is made by and between DENTSPLY International Inc., a Delaware corporation (together with any successor
thereto, the “Company”), Sirona Dental Systems, Inc. (“Sirona”) (solely for the purposes
of Section 1(b)) and Jeffrey T. Slovin (“Executive”) (collectively referred to herein as the “Parties”).

 

RECITALS

 

		A.	It is the desire of the Company to assure itself of the services of Executive effective as of the Effective Date and thereafter
by entering into this Agreement.

 

		B.	Executive and the Company mutually desire that Executive provide services to the Company on the terms herein provided.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing
and of the respective covenants and agreements set forth below, the Parties hereto agree as follows:

 

1.            Employment.

 

(a)          General.
Effective on the consummation of the transactions (including without limitation the merger (“Merger”)) contemplated
by the Agreement and Plan of Merger (“Merger Agreement”) by and among DENTSPLY International Inc., Sirona and
Dawkins Merger Sub, Inc., dated September 15, 2015 (the “Effective Date”), the Company shall employ Executive
and Executive shall remain in the employ of the Company, for the period and in the position set forth in this Section 1,
and subject to the other terms and conditions herein provided. In the event the above-mentioned closing does not occur for any
reason, this Agreement shall not become effective and shall be null and void and of no force or effect.

 

(b)          This
Agreement shall supersede and replace the Employment Agreement made as of June 14, 2006 between Sirona, and its subsidiary Schick
Technologies, Inc. and Executive, as amended through the date hereof (the “Prior Agreement”), which shall terminate
and no longer be effective as of the Effective Date. Notwithstanding any provision pursuant to any equity incentive compensation
plan of Sirona or any agreement thereunder to the contrary, Executive hereby waives vesting in any award subject thereto that otherwise
would vest solely by reason of consummation of the Merger and, such awards shall be assumed by and converted into awards of the
Company (as adjusted as of the Effective Time in accordance with the provisions of the Merger Agreement) (the “Waived
Awards”). Executive shall vest in full in the Waived Awards upon termination of his employment without Cause, his resignation
for Good Reason, or his termination as a result of Disability or death. Sirona is party to this Agreement solely for purposes of
this Section 1(b).

 

(c)          Employment
Term. The term of employment under this Agreement (the “Term”) shall be for the period beginning on the
Effective Date, and ending on the third anniversary of the Effective Date, subject to earlier termination
as provided in Section 3. The Term shall 

 

     

     

    

 

automatically renew for additional twelve (12) month periods unless no later than
ninety (90) days prior to the end of the applicable Term either party gives written notice of non-renewal (“Notice of
Non-Renewal”) to the other in which case Executive’s employment will terminate
at the end of the then-applicable Term, subject to earlier termination as provided in Section 3. Notwithstanding
the foregoing, in the event that any Notice of Non-Renewal given by the Company indicates that the Company is willing to continue
Executive’s employment under the terms of a new agreement, then Executive and the Company shall negotiate in good faith regarding
the terms of such new agreement. If Executive and the Company have not agreed on the terms of a new agreement within 150 days following
the date of such Notice of Non-Renewal (the “Negotiation Term”), then Executive’s employment shall terminate
upon expiration of the Negotiation Term, unless otherwise agreed by the Company and Executive.

 

(d)          Position
and Duties. Executive shall serve as Chief Executive Officer of the Company reporting to the Board of Directors of the Company
(the “Board”) through the Executive Chairman of the Company with such responsibilities, duties and authority
established in the Company’s bylaws, certificate of incorporation and Corporate Guidelines/Policies all as in effect on the
Effective Date, as they may be modified from time to time in accordance with their terms, or as normally associated with such position
and as may from time to time be assigned to Executive by the Board. Executive shall also serve as a member of the Board of Directors
of the Company. Executive shall devote substantially all of Executive’s working time and efforts to the business and affairs
of the Company (which shall include service to its Affiliates) and shall not engage in outside business activities (including serving
on outside boards or committees) without the consent of the Board, provided that Executive shall be permitted to (i) manage
Executive’s personal, financial and legal affairs, (ii) participate in trade associations, (iii) serve on the board
of directors of not-for-profit or tax-exempt charitable organizations, and (iv) with Board approval, serve on the board of directors
or similar board of for-profit organizations, in each case, subject to compliance with this Agreement and provided that such activities
do not materially interfere with Executive’s performance of Executive’s duties and responsibilities hereunder. Executive
agrees to observe and comply with the rules and policies of the Company and its subsidiaries as adopted by the Company or its Affiliates
from time to time, in each case as amended from time to time, as set forth in writing, and as delivered or made available to Executive
(each, a “Policy”).

 

(e)          Principal
Place of Employment. On the Effective Date Executive’s principal office location is Bensheim, Germany. The Parties agree
that Executive will relocate his principal office to the Company’s headquarters or such other principal office or offices,
as appropriate for the performance of his duties, as determined in consultation with the Executive Chairman and the Board. The
Parties understand that given the nature of Executive’s duties, Executive will be required to travel and perform services
at locations other than his principal office from time to time.

 

2.            Compensation
and Related Matters.

 

(a)          Annual
Base Salary. During the Term, Executive shall receive a base salary at a minimum rate of $950,000 per annum, which shall be
paid in accordance with the customary payroll practices of the Company and shall be pro-rated for partial years of employment.
Such

 

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annual base salary shall be subject to annual review and increase by the Board (such annual base salary, as it may be increased
from time to time, the “Annual Base Salary”).

 

(b)          Bonus.
With respect to each fiscal year of the Company, Executive will be eligible to participate in an annual incentive program established
by the Board. Executive’s annual incentive compensation under such incentive program, (the “Annual Bonus”)
shall be targeted at 130% of his Annual Base Salary (the “Target Bonus”), pro-rated for the fiscal year in which
the Term commences, with the expectation that the bonus will scale upward and downward based on actual performance, as determined
by the Board, such that the actual Annual Bonus payable to Executive may be greater than, equal to or less than the Target Bonus.
The Annual Bonus shall be based upon the achievement of Company and/or individual performance metrics as established by the Board.
The Annual Bonus for a fiscal year will be paid no later than the fifteenth day of the third month following the end of such fiscal
year.

 

(c)          Long-Term
Incentive. Prior to the first anniversary of the Effective Date, the Company will adopt a broad-based equity compensation plan
and will grant Executive equity incentive awards (or other long-term incentive compensation) with a grant date fair value of at
least $4,815,000. The type of award and specific terms and conditions of such awards will be determined by the compensation committee
of the Board.

 

(d)          Benefits.
During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements generally available
from time to time to other similarly situated senior executives of the Company in the jurisdiction of Executive’s principal
office location. Upon Executive’s relocation to the United States he shall be entitled to participation in the Company’s
Supplemental Employee Retirement Plan (the “SERP Benefits”) on terms not less favorable than as in effect immediately
prior to the Merger or receive replacement benefits of equivalent value thereto. The Company shall recognize Executive’s
past service with Sirona (and any subsidiary or predecessor thereto) for all purposes (including vesting, eligibility to participate
and level of benefits under all Company employee benefit plans and arrangements in which Executive is eligible to participate,
except to the extent applying such service credit would result in a duplication of benefits).

 

(e)          Paid
Time Off. During the Term, Executive shall be entitled to at least twenty five (25) days, on an annualized basis, of paid personal
leave in accordance with the Company’s Policies. Any vacation shall be taken at the reasonable and mutual convenience of
the Company and Executive.

 

(f)          Business
Expenses. During the Term, the Company shall reimburse Executive for all reasonable travel and other business expenses incurred
by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement
Policy.

 

(g)          Relocation
and Repatriation. The Company will provide, or reimburse Executive, for the following:

 

(i)          Reasonable
expenses relating to relocating Executive’s household from Germany to one location in the United States (the “Relocation
Expenses”); 

 

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(ii)         The
Company will also pay Executive an additional amount such that, after payment by Executive of all taxes (which taxes shall be calculated
based on the highest combined federal and state personal income tax rates applicable in the year of such payment) imposed in respect
of the Relocation Expenses which are not deductible by Executive for federal income tax purposes, Executive retains an amount equal
to the Relocation Expenses;

 

(iii)        The
Company will make Executive whole on an after-tax basis for German employment income and other applicable taxes on Executive’s
remuneration (regardless of when paid or incurred) in excess of the tax Executive would owe if such remuneration was subject only
to federal, state and local taxation applicable at Executive’s fiscal domicile prior to relocation to Germany, with such
tax equalization to be calculated by the Company’s outside accounting firm and paid with the monthly payroll; and

 

(iv)        Until
Executive has completed his relocation and repatriation back to the United States and for all periods which Executive has tax liability
exposure therefore, the Company will provide and pay for Executive’s tax filings (including any amended tax filings, if necessary)
and advice in Germany and the United States with regard to Executive’s remuneration earned or granted while domiciled in
Germany and any implications raised as a result of Executives repatriation, and any tax liability (including interest and penalties)
to which Executive may be exposed due to insufficient amounts being withheld from Executive’s compensation for tax purposes.

 

(h)          Expatriate
Benefits. With respect to when Executive’s principal place of employment is or was in Germany, Executive shall be entitled
to expatriate benefits in accordance with Sirona’s expatriate Policy as in effect at the time of the Merger, including but
not limited to automobile, schooling and housing allowances. Upon Executive’s repatriation to the United States, Executive
shall no longer be eligible for such expatriate benefits.

 

3.            Termination.

 

Executive’s employment hereunder may be
terminated by the Company or Executive, as applicable, without any breach of this Agreement under the following circumstances:

 

(a)          Circumstances.

 

(i)          Death.
Executive’s employment hereunder shall terminate upon Executive’s death.

 

(ii)         Disability.
If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s employment.

 

(iii)        Termination
for Cause. The Company may terminate Executive’s employment for Cause, as defined below.

 

(iv)        Termination
without Cause. The Company may terminate Executive’s employment without Cause.

 

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(v)         Resignation
from the Company for Good Reason. Executive may resign Executive’s employment with the Company for Good Reason, as defined
below.

 

(vi)        Resignation
from the Company without Good Reason. Executive may resign Executive’s employment with the Company without Good Reason.

 

(b)          Notice
of Termination. Any termination of Executive’s employment by the Company or by Executive under this Section 3
(other than termination pursuant to paragraph (a)(i)) shall be communicated by a written notice to the other party hereto (i) indicating
the specific termination provision in this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and
(iii) specifying a Date of Termination which, if submitted by Executive pursuant to paragraph (a)(vi), shall be at least ninety
(90) days following the date of such notice (a “Notice of Termination”); provided, however, that in the
event that Executive delivers a Notice of Termination to the Company, the Company may, in its sole discretion, change the Date
of Termination to any date that occurs following the date of Company’s receipt of such Notice of Termination and is prior
to the date specified in such Notice of Termination. A Notice of Termination submitted by the Company may provide for a Date of
Termination on the date Executive receives the Notice of Termination, or any date thereafter elected by the Company in its sole
discretion. In the event of a dispute over Cause or Good Reason, either Party may introduce newly discovered or newly arising evidence
in support of or in opposition to its Cause or his Good Reason.

 

(c)          Company
Obligations upon Termination Not in Connection with Change in Control. Upon termination of Executive’s employment pursuant
to any of the circumstances listed in Section 3(a), Executive (or Executive’s estate) shall be entitled to receive
the sum of: (i) the portion of Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid
to Executive; (ii) any paid time off that has been accrued but unused in accordance with the Company’s Policies; (iii) any
reimbursements owed to Executive pursuant to Section 2(f), (g), or (h); (iv) any amount accrued and arising from Executive’s
participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable
in accordance with the terms and conditions of such employee benefit plans, programs or arrangements; (v) except in the case of
a termination of Executive’s employment for Cause pursuant to Section 3(a)(iii), any earned but unpaid Annual Bonus
for the prior fiscal year, and (vi) except in the case of a termination of Executive’s employment for Cause pursuant to Section
3(a)(iii) or his resignation without Good Reason pursuant to Section 3(a)(vi), Executive shall immediately vest in his
Waived Awards as provided in Section 1(b) and such Waived Awards. Except as otherwise expressly required by law (e.g., COBRA
(as defined below)) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses
and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s employment hereunder. In
the event that Executive’s employment is terminated by the Company for any reason, Executive’s sole and exclusive remedy
shall be to receive the payments and benefits described in this Section 3(c) or Section 4, as applicable.

 

(d)          Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its Affiliates.

 

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4.            Severance
Payments.

 

(a)          Termination
for Cause, or Resignation without Good Reason. If Executive’s employment shall terminate pursuant to Section 3(a)(iii)
for Cause, or pursuant to Section 3(a)(v) for Executive’s resignation from the Company without Good Reason, then Executive
shall not be entitled to any severance payments or benefits, except as provided in Section 3(c).

 

(b)          Termination
without Cause, Resignation for Good Reason or Expiration of Term. If Executive’s employment
terminates without Cause pursuant to Section 3(a)(iv), Executive resigns for Good Reason pursuant to Section 3(a)(v),
or Executive’s employment terminates upon expiration of the Term or Negotiation Term by reason of the Company providing the
Notice of Non-Renewal then, subject to Executive signing on or before the 50th day following Executive’s Separation
from Service (as defined below), and not revoking, a release of claims in the Company’s customary form (the “Release”),
and Executive’s continued compliance with Sections 5 and 6, Executive shall receive, in addition to payments and benefits
set forth in Section 3(c), the following benefits:

 

(i)          Company
shall pay to Executive, an amount equal to two (2) times the sum of (A) the Annual Base Salary plus (B) the Target Bonus, payable
over twenty-four months immediately following the Release’s effective date in equal installments in accordance with the Company’s
regular payroll practice following the Date of Termination, until the earlier of (A) twenty-four (24) months after the Release’s
effective date or (B) the date the Executive first violates any of the restrictive covenants set forth in Sections 5 and 6
or the provisions of Section 7;

 

(ii)         Company
shall pay to Executive an amount equal to the Annual Bonus, determined based on the actual performance of the Company for the full
fiscal year in which Executive’s employment terminates, prorated for the number of days of employment completed during the
fiscal year in which the Date of Termination occurs, payable in a lump sum cash amount at the time it would otherwise have been
paid had the Executive remained employed for the entire fiscal year;

 

(iii)        Executive’s
equity awards (other than Waived Awards) which are not performance based and are outstanding on the Date of Termination shall (x)
remain outstanding, (y) continue to vest notwithstanding Executive’s termination of employment for a period of twenty-four
(24) months following the Date of Termination, with full vesting in all such equity awards on the twenty-four (24) month anniversary
of the Date of Termination and (z) remain exercisable until the earlier of ninety (90) days following the twenty-four (24) month
anniversary after the Date of Termination or the date such equity award would have expired had Executive remained in continuous
employment;

 

(iv)        Executive’s
equity awards (other than Waived Awards) which are performance based and that are unvested on the Date of Termination shall (x)
remain outstanding, (y) continue to vest notwithstanding Executive’s termination of employment but subject to satisfaction
of the performance objectives set forth in such equity award for a period of twenty-four (24) months following the Date of Termination,
and (z) remain exercisable until the earlier of ninety (90) days after the twenty-four (24) month

 

    	6

     

    

 

anniversary of the Date of Termination
or the date such equity award would have expired had Executive remained in continuous employment;

 

(v)         Company
shall pay to Executive in a cash lump sum an amount equal to the amount of the premiums Executive would have been required to pay
to continue Executive’s and Executive’s covered dependents’ medical, dental and vision coverage in effect on
the Date of Termination under the Company’s group healthcare plans pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”) for twenty-four (24) months following the Date of Termination, which amount
shall be based on the premium for the first month of COBRA coverage and shall be paid regardless of whether or not Executive elects
COBRA continuation coverage;

 

(vi)        Subject
to continued payment by Executive of any applicable cost owed by him under the applicable plan, for the twenty-four (24) months
following the Date of Termination continuation of life and accidental death and dismemberment benefits substantially similar to
those provided to Executive and (as applicable) his dependents immediately prior to the date of termination or, as applicable and
if more favorable to Executive, those provided in respect of Executive immediately prior to the first occurrence of an event or
circumstance constituting Good Reason (in each case, however, subject to any amendments to such arrangements from time to time
that are generally applicable to senior executives of the Company), at no greater cost to Executive than the cost to Executive
immediately prior to such date or occurrence; and

 

(vii)       For
purposes of determining the amount of any benefit payable to Executive and Executive’s right to any benefit otherwise payable
under any pension plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended)
maintained by the Company or its Affiliates, including the SERP Benefits (“Pension Plan”), and except to the
extent it would result in a duplication of benefits under the following sentence, Executive shall be treated as if he had accumulated
(after the date of termination) twenty-four (24) additional months of service credit thereunder and had been credited during such
period with his compensation as in effect immediately before termination (or, if greater and as applicable, immediately prior to
the first occurrence of an event or circumstance constituting Good Reason). In addition to the benefits to which Executive is entitled
under any defined contribution Pension Plan, the Company shall pay Executive a lump sum amount, in cash, equal to the sum of (A)
the amount that would have been contributed thereto or credited thereunder by the Company on Executive’s behalf during the
twenty-four (24) months following his termination (but not including as amounts that would have been contributed or credited an
amount equal to the amount of any reduction in base salary, bonus or other compensation that would have occurred in connection
with such contribution or credit), determined (x) as if Executive made or received the maximum permissible contributions thereto
or credits thereunder during such period, and (y) as if Executive earned compensation during such period at the rate in effect
immediately before termination (or, if greater and as applicable, immediately prior to the first occurrence of an event or circumstance
constituting Good Reason), and (B) the excess, if any, of (x) Executive’s account balance under the Pension Plan as of the
date of termination over (y) the portion of such account balance that is nonforfeitable under the terms of the Pension Plan.

 

    	7

     

    

 

Notwithstanding the foregoing but subject to
execution and nonrevocation of the Release, the cash lump sum amounts payable pursuant to Section 4(b)(v) and (vii),
shall be paid sixty (60) days after Executive’s Date of Termination.

 

(c)          Termination
in Connection With a Change in Control. In the event that Executive’s employment terminates
without Cause pursuant to Section 3(a)(iv) or Executive resigns for Good Reason pursuant to Section 3(a)(v)
within twenty-four (24) months following a Change in Control, subject to Executive signing on or before the 50th day
following Executive’s Separation from Service, and not revoking, the Release and Executive’s continued compliance with
Sections 5 and 6, in lieu of any amounts payable under Section 4(b), then Executive shall receive, in addition to
payments and benefits set forth in Section 3(c), the following benefits:

 

(i)          Company
shall pay to Executive, an amount equal to two and one-half (2 1⁄2) times the sum of (A) the Annual Base Salary plus (B) the
Target Bonus, payable in a lump sum (provided that payments shall be made in installments on the Schedule described in Section
4(b)(i) if the Change in Control does not constitute a “change in control event” described in Treasury Regulation
Section 1.409A-3(i)(5));

 

(ii)         Company
shall pay to Executive an amount equal to the Annual Bonus, determined based on the actual performance of the Company for the full
fiscal year in which Executive’s employment terminates, prorated for the number of days of employment completed during the
fiscal year in which the Date of Termination occurs, payable in a lump sum cash amount at the time it would otherwise have been
paid had the Executive remained employed for the entire fiscal year;

 

(iii)        Company
shall pay to Executive an amount equal to the amount of the premiums Executive would have been required to pay to continue Executive’s
and Executive’s covered dependents’ medical, dental and vision coverage in effect on the Date of Termination under
the Company’s group healthcare plans pursuant to COBRA for twenty-four (24) months following the Date of Termination, which
amount shall be based on the premium for the first month of COBRA coverage and shall be paid regardless of whether or not Executive
elects COBRA continuation coverage;

 

(iv)        Subject
to continued payment by Executive of any applicable cost owed by him under the applicable plan, for the twenty-four (24) months
following the Date of Termination continuation of life and accidental death and dismemberment benefits substantially similar to
those provided to Executive and (as applicable) his dependents immediately prior to the date of termination or, as applicable and
if more favorable to Executive, those provided in respect of Executive immediately prior to the first occurrence of an event or
circumstance constituting Good Reason (in each case, however, subject to any amendments to such arrangements from time to time
that are generally applicable to senior executives of the Company), at no greater cost to Executive than the cost to Executive
immediately prior to such date or occurrence; and

 

(v)         For
purposes of determining the amount of any benefit payable to Executive and Executive’s right to any benefit otherwise payable
under any Pension Plan, and except to the extent it would result in a duplication of benefits under the following

 

    	8

     

    

 

sentence, Executive
shall be treated as if he had accumulated (after the date of termination) thirty (30) months of service credit thereunder and had
been credited during such period with his compensation as in effect immediately before termination (or, if greater and as applicable,
immediately prior to the first occurrence of an event or circumstance constituting Good Reason). In addition to the benefits to
which Executive is entitled under any defined contribution Pension Plan, the Company shall pay Executive a lump sum amount, in
cash, equal to the sum of (A) the amount that would have been contributed thereto or credited thereunder by the Company on Executive’s
behalf during the thirty (30) months following his termination (but not including as amounts that would have been contributed or
credited an amount equal to the amount of any reduction in base salary, bonus or other compensation that would have occurred in
connection with such contribution or credit), determined (x) as if Executive made or received the maximum permissible contributions
thereto or credits thereunder during such period, and (y) as if Executive earned compensation during such period at the rate in
effect immediately before termination (or, if greater and as applicable, immediately prior to the first occurrence of an event
or circumstance constituting Good Reason), and (B) the excess, if any, of (x) Executive’s account balance under the Pension
Plan as of the date of termination over (y) the portion of such account balance that is nonforfeitable under the terms of the Pension
Plan.

 

Notwithstanding the foregoing but subject to
execution and nonrevocation of the Release, the cash lump sum amounts payable pursuant to Section 4(c)(iii), and (v),
shall be paid sixty (60) days after Executive’s Date of Termination.

 

(d)          Termination
Upon Death. If Executive’s employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i),
the Executive’s estate or beneficiary shall be entitled to receive in addition to payments and benefits set forth in Section
3(c) subject to signing on or before the 50th day following Executive’s death, and not revoking, the Release:

 

(i)          a
lump sum payment equal to Executive’s annual Base Salary as in effect on the date of death;

 

(ii)         an
amount equal to the Annual Bonus, determined based on the actual performance of the Company for the full fiscal year in which Executive’s
employment terminates, prorated for the number of days of employment completed during the fiscal year in which the Date of Termination
occurs, payable in a lump sum cash amount at the time it would otherwise have been paid had the Executive remained employed for
the entire fiscal year; and

 

(iii)        Executive’s
equity awards shall vest in full at the Date of Termination, with any performance based awards vesting at the greater of target
or actual performance through the Date of Termination.

 

Notwithstanding the foregoing but subject to
execution and nonrevocation of the Release, the cash lump sum amounts payable pursuant to Section 4(d)(i), shall be paid
sixty (60) days after Executive’s Date of Termination.

 

    	9

     

    

 

(e)          Termination
Upon Disability. If Executive’s employment shall terminate as a result of or Disability pursuant to Section 3(a)(ii),
Executive shall be entitled to receive in addition to the payments and benefits set forth in Section 3(c), subject to signing
on or before the 50th day following his Date of Termination, and not revoking, the Release:

 

(i)          an
amount equal to the Annual Bonus, determined based on the actual performance of the Company for the full fiscal year in which Executive’s
employment terminates, prorated for the number of days of employment completed during the fiscal year in which the Date of Termination
occurs, payable in a lump sum cash amount at the time it would otherwise have been paid had the Executive remained employed for
the entire fiscal year; and

 

(ii)         Executive’s
equity awards vest in full at the Date of Termination, with any performance based awards vesting at the greater of target or actual
performance through the Date of Termination.

 

(f)          Survival.
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 5 through 11 and Section
13(i) will survive the termination of Executive’s employment and the expiration or termination of the Term.

 

(d)          No
Mitigation; Payment to Surviving Spouse. Notwithstanding anything to the contrary in this Agreement, Executive shall not be
required to seek other employment or otherwise mitigate any damages resulting from any termination of employment. In the event
of Executive’s death prior to payment of all compensation and benefits due to Executive under Section 3(c) or Section
4 of this Agreement, any remaining compensation and benefits shall be paid to his spouse, if any, or if none as required by
laws of succession or intestacy.

 

5.            Covenants.
Executive acknowledges that Executive has been provided with Confidential Information (as defined
below) and, during the Term, the Company from time to time will provide Executive with access to Confidential Information. Ancillary
to the rights provided to Executive as set forth in this Agreement and the Company’s provision of Confidential Information,
and Executive’s agreements regarding the use of same, in order to protect the value of any Confidential Information, the
Company and Executive agree to the following provisions, for which Executive agrees he received adequate consideration and which
Executive acknowledges are reasonable and necessary to protect the legitimate interests of the Company and represent a fair balance
of the Company’s rights to protect its business and Executive’s right to pursue employment:

 

(a)          Executive
shall not, at any time during the Restriction Period (as defined below), directly or indirectly engage in, have any equity interest
in, interview for a potential employment or consulting relationship with, or manage, provide services to or operate any person,
firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner, security holder,
consultant or otherwise) that engages in any business which competes with any portion of the Business (as defined below) of the
Company anywhere in the world. Nothing herein shall prohibit Executive from being a passive owner of not more than 5% of the outstanding
equity interest in any entity that is publicly traded, so long as Executive has no active participation in the business of such
entity.

 

    	10

     

    

 

(b)          Executive
shall not, at any time during the Restriction Period, directly or indirectly, engage or prepare to engage in any of the following
activities: (i) solicit, divert or take away any customers, clients, or business acquisition or other business opportunity of the
Company, (ii) contact or solicit, with respect to hiring, or knowingly hire any employee of the Company or any person employed
by the Company at any time during the 12-month period immediately preceding the Date of Termination, (iii) induce or otherwise
counsel, advise or encourage any employee of the Company to leave the employment of the Company, or (iv) induce any distributor,
representative or agent of the Company to terminate or modify its relationship with the Company.

 

(c)          In
the event the terms of this Section 5 shall be determined by any court of competent jurisdiction to be unenforceable by
reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive
in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over
the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it
may be enforceable, all as determined by such court in such action.

 

(d)          As
used in this Section 5, (i) the term “Company” shall include the Company and its direct and indirect
parents and subsidiaries; (ii) the term “Business” shall mean the business of the Company and shall include
(a) designing, developing, distributing, marketing or manufacturing dental products or (b) any other process, system, product or
service marketed, sold or under development by the Company at any time during Executive’s employment with the Company; and
(iii) the term “Restriction Period” shall mean the period beginning on the Effective Date and ending twenty-four
(24) months following the Date of Termination for any reason.

 

(e)          Executive
agrees, during the Term and following the Date of Termination, to refrain from Disparaging (as defined below) the Company and its
Affiliates, including any of its services, technologies, products, processes or practices, or any of its directors, officers, agents,
representatives or stockholders, either orally or in writing. Nothing in this paragraph shall preclude Executive from making truthful
statements that are reasonably necessary to comply with applicable law, regulation or legal process, or to defend or enforce Executive's
rights under this Agreement. For purposes of this Agreement, “Disparaging” means making remarks, comments or statements,
whether written or oral, that impugn or are reasonably likely to impugn the character, integrity, reputation or abilities of the
entities, persons, services, products, technologies, processes or practices listed in this Section 5(e).

 

(f)          Executive
agrees that during the Restriction Period, Executive will cooperate fully with the Company in its defense of or other participation
in any administrative, judicial or other proceeding arising from any charge, complaint or other action which has been or may be
filed.

 

(g)          Notwithstanding
anything to the contrary contained in this Agreement, if and to the extent requested by the Company during the period commencing
on the Date of Termination and ending at the end of the Restriction Period, Executive agrees to provide to the Company up to five
(5) hours of consulting services per month, on an “as needed” basis at times and in a manner that is mutually convenient.
Executive shall not receive any additional compensation for

 

    	11

     

    

 

the provision of these consulting services beyond the severance benefits
otherwise payable pursuant to Section 4 in connection with Executive’s services rendered during the Term.

 

6.            Nondisclosure
of Proprietary Information.

 

(a)          Except
in connection with the faithful performance of Executive’s duties hereunder or pursuant to Section 6(c) and (e), Executive
shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish,
or use for Executive’s benefit or the benefit of any person, firm, corporation or other entity (other than the Company) any
confidential or proprietary information or trade secrets of or relating to the Company (including, without limitation, business
plans, business strategies and methods, acquisition targets, intellectual property in the form of patents, trademarks and copyrights
and applications therefor, ideas, inventions, works, discoveries, improvements, information, documents, formulae, practices, processes,
methods, developments, source code, modifications, technology, techniques, data, programs, other know-how or materials, owned,
developed or possessed by the Company, whether in tangible, intangible or electronic form, information with respect to the Company’s
operations, processes, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential
customers, marketing methods, costs, prices, contractual relationships, regulatory status, prospects and compensation paid to employees
or other terms of employment) (collectively, the “Confidential Information”), or deliver to any person, firm,
corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential
Information. The Parties hereby stipulate and agree that, as between them, any item of Confidential Information is important, material
and confidential and affects the successful conduct of the businesses of the Company (and any successor or assignee of the Company).
Notwithstanding the foregoing, Confidential Information shall not include any information that has been published in a form generally
available to the public or is publicly available or has become public or general industry knowledge prior to the date Executive
proposes to disclose or use such information, provided, that such publishing or public availability or knowledge of the
Confidential Information shall not have resulted from Executive directly or indirectly breaching Executive’s obligations
under this Section 6(a) or any other similar provision by which Executive is bound, or from any third-party breaching a
provision similar to that found under this Section 6(a). For the purposes of the previous sentence, Confidential Information
will not be deemed to have been published or otherwise disclosed merely because individual portions of the information have been
separately published, but only if material features comprising such information have been published or become publicly available.

 

(b)          Upon
termination of Executive’s employment with the Company for any reason, Executive will promptly deliver to the Company all
correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any
other documents or property (in whatever form) concerning the Company’s customers, business plans, marketing strategies,
products, property, processes or Confidential Information.

 

(c)          Executive
may respond to a lawful and valid subpoena or other legal process but shall give the Company the earliest possible notice thereof,
shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other

 

    	12

     

    

 

information sought and shall assist such counsel at Company’s expense in resisting or otherwise responding to such process,
in each case to the extent permitted by applicable laws or rules.

 

(d)          As
used in this Section 6 and Section 7, the term “Company” shall include the Company and its direct
and indirect parents and subsidiaries.

 

(e)          Nothing
in this Agreement shall prohibit Executive from (i) disclosing information and documents when required by law, subpoena or court
order (subject to the requirements of Section 6(c) above), (ii) disclosing information and documents to Executive’s
attorney, financial or tax adviser for the purpose of securing legal, financial or tax advice, (iii) disclosing Executive’s
post-employment restrictions in this Agreement in confidence to any potential new employer of Executive, or (iv) retaining, at
any time, Executive’s personal correspondence, Executive’s personal contacts and documents related to Executive’s
own personal benefits, entitlements and obligations, except where such correspondence, contracts and documents contain Confidential
Information.

 

7.            Inventions.

 

All rights to discoveries, inventions, improvements
and innovations (including all data and records pertaining thereto) related to the Business, whether or not patentable, copyrightable,
registrable as a trademark, or reduced to writing, that Executive may discover, invent or originate during the Term, either alone
or with others and whether or not during working hours or by the use of the facilities of the Company (“Inventions”),
shall be the exclusive property of the Company. Executive shall promptly disclose all Inventions to the Company, shall execute
at the request of the Company any assignments or other documents the Company may deem reasonably necessary to protect or perfect
its rights therein, and shall assist the Company, upon reasonable request and at the Company’s expense, in obtaining, defending
and enforcing the Company’s rights therein. Executive hereby appoints the Company as Executive’s attorney-in-fact to
execute on Executive’s behalf any assignments or other documents reasonably deemed necessary by the Company to protect or
perfect its rights to any Inventions. During the Restriction Period, Executive shall assist Company and its nominee, at any time,
in the protection of Company’s (or its Affiliates’) worldwide right, title and interest in and to Inventions and the
execution of all formal assignment documents requested by Company or its nominee and the execution of all lawful oaths and applications
for patents and registration of copyright in the United States and foreign countries.

 

8.            Injunctive
Relief.

 

It is recognized and acknowledged by Executive
that a breach of the covenants contained in Sections 5- 6 or 7 will cause irreparable damage to Company and its goodwill,
the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be
inadequate. Accordingly, Executive agrees that in the event of a breach of any of the covenants contained in Sections 5- 6
or 7, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to specific
performance and injunctive relief without the requirement to post bond.

 

    	13

     

    

 

9.            Maximum
Payment Limit. If any payment or benefit due under this Agreement, together with all other
payments and benefits that Executive receives or is entitled to receive from the Company or any of its subsidiaries, Affiliates
or related entities, would (if paid or provided) constitute an excess parachute payment for purposes of Section 280G of the Internal
Revenue Code of 1986, as amended (the “Code”), the amounts otherwise payable and benefits otherwise due under
this Agreement will either (i) be delivered in full, or (ii) be limited to the minimum extent necessary to ensure that no portion
thereof will fail to be tax-deductible to the Company by reason of Section 280G of the Code, whichever of the foregoing amounts,
taking into account the applicable federal, state or local income and employment taxes and the excise tax imposed under Section
4999 of the Code, results in the receipt by the Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding
that all or some portion of such benefits may be subject to the excise tax imposed under Section 4999 of the Code. In the event
that the payments and/or benefits are to be reduced pursuant to this Section 9, such payments and benefits shall be reduced
such that the reduction of cash compensation to be provided to the Executive as a result of this Section 9 is minimized.
In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code
and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced
on a pro rata basis but not below zero. All determinations required to be made under this Section 9 shall be made by the
Company’s independent public accounting firm, or by another advisor mutually agreed to by the parties, which shall provide
detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the receipt of notice from
Executive that there has been a payment or benefit subject to this Section 9, or such earlier time as is requested by the
Company.

 

10.          Clawback
Provisions.

 

Notwithstanding any other provisions in this
Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to Executive pursuant to this Agreement
or any other agreement or arrangement with the Company which is subject to recovery under any Policy, law, government regulation
or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to
such Policy, law, government regulation or stock exchange listing requirement.

 

11.          Assignment
and Successors.

 

The Company may assign its rights and obligations
under this Agreement to a United States subsidiary of the Company that is the main operating company of the Company (or the principal
employer of employees of the Company and its subsidiaries) in the United States or to any successor to all or substantially all
of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights
hereunder as security for indebtedness of the Company and its Affiliates. This Agreement shall be binding upon and inure to the
benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators,
heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or obligations may be assigned or
transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation
of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law and any applicable
Company benefit plans or

 

    	14

     

    

 

arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following
Executive’s death by giving written notice thereof to the Company.

 

12.          Certain
Definitions.

 

(a)          Affiliate.
“Affiliate” shall mean a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, the Person specified.

 

(b)          Beneficial
Owner. “Beneficial Owner” shall have the meaning defined in Rule 13d-3 under the Exchange Act.

 

(c)          Cause.
The Company shall have “Cause” to terminate Executive’s employment hereunder upon:

 

(i)          a
majority, plus at least one, of the members of the Company’s Board of Directors, excluding Executive, determining that (a)
Executive has committed an act of fraud against the Company, or (b) Executive has committed an act of malfeasance, recklessness
or gross negligence against the Company that is materially injurious to the Company or its customers; or

 

(ii)         Executive
materially breaching the terms of this Agreement; or

 

(iii)        Executive’s
indictment for, or conviction of, or pleading no contest to, a felony or a crime involving Executive’s moral turpitude.

 

Notwithstanding the foregoing, clauses
(i) – (iii) shall not constitute “Cause” unless and until the Company has: (x) provided Executive, within 60
days of any Company director’s knowledge of the occurrence of the facts and circumstances underlying such Cause event, written
notice stating with specificity the applicable facts and circumstances underlying such finding of Cause; and (y) provided Executive
with an opportunity to cure the same (if curable) within 30 days after the receipt of such notice.

 

(d)          Change
in Control. “Change in Control” shall mean an event set forth in any one of the following paragraphs shall have
occurred following the Effective Date:

 

(i)          any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing 30% or more
of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial
Owner in connection with a transaction described in clause (2) of paragraph (iii) below; or

 

(ii)         the
following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on
the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection
with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of
directors of the Company) whose

 

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appointment or election by the Board or nomination for election by the Company's stockholders was
approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors
on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; or

 

(iii)        there
is consummated a merger or consolidation of the Company (or any direct or indirect parent or subsidiary of the Company) with any
other company, other than (1) a merger or consolidation which would result in the Beneficial Owners of the voting securities of
the Company outstanding immediately prior thereto continuing to own, in combination with the ownership of any trustee or other
fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, more than 50% of the combined
voting power of the voting securities of the Company, the entity surviving such merger or consolidation or, if the Company or the
entity surviving such merger or consolidation is then a subsidiary, the ultimate parent thereof outstanding immediately after such
merger or consolidation, (2) a merger or consolidation immediately following which the individuals who comprise the Board immediately
prior thereto constitute at least a majority of the board of directors of the Company, the entity surviving such merger or consolidation
or, if the Company or the entity surviving such merger or consolidation is then a subsidiary, the ultimate parent thereof, or (3)
a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is
or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially
Owned by such Person any securities acquired directly from the Company or its Affiliates) representing 30% or more of the combined
voting power of the Company’s, a surviving entity’s or, if the Company or the entity surviving such merger or consolidation
is then a subsidiary, the ultimate parent’s then outstanding securities; or

 

(iv)        the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the Company's assets, other than a sale or disposition
by the Company of all or substantially all of the Company's assets immediately following which the individuals who comprise the
Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are
sold or disposed or any parent thereof.

 

Notwithstanding the foregoing, a Change
in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions
immediately following which the holders of Common Shares immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company
immediately following such transaction or series of transactions.

 

(e)          Date
of Termination. “Date of Termination” shall mean (i) if Executive’s employment is terminated by Executive’s
death, the date of Executive’s death; (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii)
– (vi) either the date indicated in the

 

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Notice of Termination or the date specified by the Company pursuant to Section
3(b), whichever is earlier.

 

(f)          Disability.
“Disability” shall mean, at any time the Company or any of its affiliates sponsors a long-term disability plan for
the Company’s employees, “disability” as defined in such long-term disability plan for the purpose of determining
a participant’s eligibility for benefits, provided, however, if the long-term disability plan contains multiple definitions
of disability, “Disability” shall refer to that definition of disability which, if Executive qualified for such disability
benefits, would provide coverage for the longest period of time. The determination of whether Executive has a Disability shall
be made by the person or persons required to make disability determinations under the long-term disability plan. At any time the
Company does not sponsor a long-term disability plan for its employees, Disability shall mean Executive’s inability to perform,
with or without reasonable accommodation, the essential functions of Executive’s position hereunder for a total of three
months during any twelve-month period as a result of incapacity due to mental or physical illness as determined by a physician
selected by the Company (or its insurers) . Any unreasonable refusal by Executive to submit to a medical examination for the purpose
of determining Disability within a reasonable period following a written request by the Company (or its insurers) shall be deemed
to constitute conclusive evidence of Executive’s Disability.

 

(g)          Exchange
Act. “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(h)          Good
Reason. “Good Reason” shall mean:

 

(i)          a
reduction in Base Salary, other than any reduction which is insignificant or is implemented as part of a formal austerity program
approved by the Board and applicable to all other senior executive officers of the Company, provided such reduction does not reduce
Executive’s Base Salary by a percentage greater than the average reduction in compensation of all other senior executive
officers of the Company

 

(ii)         the
Company reduces Executive’s total target annual compensation opportunity (Annual Base Salary plus Target Bonus plus grant
date value of annual equity awards) below $6,500,000;

 

(iii)        a
material, adverse change in Executive’s responsibilities, authority or duties (including as a result of the assignment of
duties materially inconsistent with Executive’s position);

 

(iv)        the
Company breaches a material obligation to Executive under the terms of this Agreement;

 

(v)         the
Company requires Executive to relocate his principal office without his consent to a location other than the Company’s headquarters
or the Company’s principal offices in the United States as in existence on the Effective Date; and

 

(vi)        the
Company delivering to Executive a Notice of Non-Renewal which does not include a request to negotiate a new agreement during the
Negotiation Term;

 

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However, none of the foregoing events
or conditions will constitute Good Reason unless: (x) Executive provides the Company with written objection to the event or condition
within ninety (90) days following the occurrence thereof, (y) the Company does not reverse or otherwise cure the event or condition
within thirty (30) days of receiving that written objection, and (z) the Executive resigns his employment within thirty (30) days
following the expiration of that cure period.

 

(i)          Person.
“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof, except that such term shall not include (i) the Company or its Subsidiaries, (ii) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the shareholders
of the Company in substantially the same proportions as their ownership of Common Shares of the Company.

 

13.         Miscellaneous
Provisions.

 

(a)          Governing
Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise
in accordance with the substantive laws of State of New York without reference to the principles of conflicts of law of the State
of New York or any other jurisdiction, and where applicable, the laws of the United States.

 

(b)          Validity.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

 

(c)          Notices.
Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon receipt (or
refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage
prepaid, as follows:

 

(i)          If
to the Company, to the attention of the General Counsel at its headquarters,

 

(ii)         If
to Executive, at the last address that the Company has in its personnel records for Executive, or

 

(iii)        At
any other address as any Party shall have specified by notice in writing to the other Party.

 

(d)          Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all purposes.

 

(e)          Entire
Agreement. The terms of this Agreement are intended by the Parties to be the final expression of their agreement with respect
to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral (including, without
limitation, the Prior Agreement). The Parties further intend that this Agreement shall constitute the complete

 

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and exclusive statement
of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding
to vary the terms of this Agreement.

 

(f)          Amendments;
Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive
and a duly authorized officer of Company (other than Executive). By an instrument in writing similarly executed, Executive or a
duly authorized officer of the Company (other than Executive) may waive compliance by the other Party with any specifically identified
provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however,
that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to
exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right,
remedy, or power provided herein or by law or in equity.

 

(g)          Construction.
This Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed as a whole and according to
its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings
in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs,
subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.
Also, unless the context clearly indicates to the contrary, (i) the plural includes the singular and the singular includes the
plural; (ii) “and” and “or” are each used both conjunctively and disjunctively; (iii) “any,”
“all,” “each,” or “every” means “any and all,” and “each and every”;
(iv) “includes” and “including” are each “without limitation”; (v) “herein,” “hereof,”
“hereunder” and other similar compounds of the word “here” refer to the entire Agreement and not to any
particular paragraph, subparagraph, section or subsection; and (vi) all pronouns and any variations thereof shall be deemed to
refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred to may require.

 

(h)          Arbitration.
If any dispute or controversy arises under or in connection with this Agreement, is not resolved within a commercially reasonable
time not to exceed sixty (60) days, then such dispute or controversy shall be settled exclusively by arbitration, conducted before
a single neutral arbitrator at a location mutually agreed between the Company and Executive within the state of the Company’s
headquarters at such time in accordance with the Employment Arbitration Rules & Procedures of JAMS (“JAMS”) then
in effect, in accordance with this Section 13(h), except as otherwise prohibited by any nonwaivable provision of applicable
law or regulation. The parties hereby agree that the arbitrator shall construe, interpret and enforce this Agreement in accordance
with its express terms, and otherwise in accordance with the governing law as set forth in Section 13(a). Judgment may be
entered on the arbitration award in any court having jurisdiction, provided, however, that the either Party shall be entitled
to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of
the provisions of this Agreement and Executive hereby consents that such restraining order or injunction may be granted without
requiring the other Party to post a bond. Unless the parties otherwise agree, only individuals who are on the JAMS register of
arbitrators shall be selected as an arbitrator. Additionally, except upon showing of cause each party shall have the right to propound
no more than 10 special interrogatories and requests for admission, and to take the deposition of one individual and any expert
witness designated by the other party. Within 20

 

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days of the conclusion of the arbitration hearing, the arbitrator shall prepare
written findings of fact and conclusions of law. It is mutually agreed that the written decision of the arbitrator shall be valid,
binding, final and enforceable by any court of competent jurisdiction. In the event action is brought pursuant to this Section
13(h), the arbitrator shall have authority to award fees and costs to the prevailing party, in accordance with applicable law.
If in the opinion of the arbitrator there is no prevailing party, then each party shall pay its own attorney’s fees and expenses.
Both Executive and the Company expressly waive their right to a jury trial. Nothing in this subsection shall be construed as precluding
the bringing of an action for injunctive relief or specific performance as provided in this Agreement. This dispute resolution
process and any arbitration hereunder shall be confidential and neither any Party nor the arbitrator shall disclose the existence,
contents or results of such process without the prior written consent of all Parties, except where necessary or compelled in a
Court to enforce this arbitration provision or an award from such arbitration or otherwise in a legal proceeding. Notwithstanding
the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual property rights
by Court action instead of arbitration. The Company may also enjoin by Court action any breach of Sections 5-6 or 7
as permitted by Section 8.

 

(i)          Enforcement.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during
the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or
by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added
automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as
may be possible and be legal, valid and enforceable.

 

(j)          Withholding.
The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding
or other taxes or charges which the Company is required to withhold or by its Policies it customarily withholds. The Company shall
be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

 

(k)          Section
409A.

 

(i)          General.
The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A of
the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Section
409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.

 

(ii)         Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement
that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable upon
Executive’s termination of employment shall be payable only upon Executive’s “separation from service”
with the Company within the meaning of Section 409A (a “Separation from Service”) and, except as provided below,

 

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any such compensation or benefits described in Sections 4(b)-(e) shall not be paid, or, in the case of installments, shall
not commence payment, until the sixtieth (60th) day following Executive’s Separation from Service (the “First Payment
Date”). Any lump sum payment or installment payments that would have been made to Executive during the sixty (60) day
period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive
on the First Payment Date and any remaining installment payments shall be made as provided in this Agreement.

 

(iii)        Specified
Employee. Notwithstanding anything in this Agreement to or any other agreement providing compensatory payments to Executive
to the contrary, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified
employee” for purposes of Section 409A, any payment of compensation or benefits to which Executive is entitled under this
Agreement or any other compensatory plan or agreement that is considered nonqualified deferred compensation under Section 409A
payable as a result of Executive’s Separation from Service shall be delayed to the extent required in order to avoid a prohibited
distribution under Section 409A until the earlier of (i) the expiration of the six-month period measured from the date of
Executive’s Separation from Service with the Company or (ii) the date of Executive’s death. Upon the first business
day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall
be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive
under this Agreement or any other compensatory plan or agreement shall be paid as otherwise provided herein or therein.

 

(iv)        Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements
payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense was
incurred; provided, that Executive submits Executive’s reimbursement request promptly following the date the expense is incurred,
the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, other
than medical expenses referred to in Section 105(b) of the Code, and Executive’s right to reimbursement under this Agreement
will not be subject to liquidation or exchange for another benefit.

 

(v)         Tax
Gross Up Payments. Any tax gross-up payments to which Executive is entitled hereunder shall be paid to Executive no later than
December 31 of the year next following the year which Executive remits the related tax payments to the applicable tax authorities,
including the amount of additional taxes imposed upon Executive due to the Company’s reimbursement of the taxes on the compensation
subject to the tax gross up.

 

(vi)        Installments.
Executive’s right to receive any installment payments under this Agreement, including without limitation any continuation
salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments
and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under
Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or

 

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deferred unless such
acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.

 

14.          Executive
Acknowledgement.

 

Executive acknowledges that Executive has read
and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises
made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s
own judgment.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the date and year first above written.         

 

	 	DENTSPLY INTERNATIONAL INC.	 
	 	 	 	 
	 	By: 	/s/ Bret W. Wise	 
	 	 	Name: Bret W. Wise	 
	 	 	Title: Chairman and Chief Executive Officer	 
	 	 	 	 
	 	SIRONA DENTAL SYSTEMS, INC.	 
	 	 	 	 
	 	By: 	/s/ Jonathan Friedman	 
	 	 	Name: Jonathan Friedman	 
	 	 	Title: General Counsel	 
	 	 	 	 
	 	EXECUTIVE	 
	 	 	 	 
	 	By: 	/s/ Jeffrey T. Slovin	 
	 	 	Jeffrey T. Slovin	 

 

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