Document:

Change-In-Control Agreements with 5 Executive Officers

 Exhibit 10.9 
 Change-In-Control Agreements 
 with Five Executive Officers 
 Form of Change-in-Control Agreements made with the following five Executive Officers of Cullen/Frost Bankers, Inc. 
  

	 	1.	Robert A. Berman 

  

	 	2.	Paul H. Bracher 

  

	 	3.	Paul J. Olivier 

  

	 	4.	William L. Perotti 

  

	 	5.	Emily A. Skillman 

 All of the above agreements are substantially
identical in all material respects, except as to the dates of the agreements and the parties thereto. 

 Cullen/Frost Bankers, Inc. 
 Executive Severance Agreement 
 THIS AGREEMENT is made and entered into
as of the [DAY] day of [MONTH], 2008, by and between Cullen/Frost Bankers, Inc. (hereinafter referred to as the “Company”) and [NAME] (hereinafter referred to as the “Executive”). 
 WHEREAS, the Board of Directors of the Company has approved the Company entering into severance agreements with certain key executives of the
Company; 
 WHEREAS, the Executive is a key executive of the Company; 
 WHEREAS, should the possibility of a Change in Control of the Company arise, the Board believes it is imperative that the Company and the Board
should be able to rely upon the Executive to continue in his/her position, and that the Company should be able to receive and rely upon the Executive’s advice, if requested, as to the best interests of the Company and its shareholders without
concern that the Executive might be distracted by the personal uncertainties and risks created by the possibility of a Change in Control; 
 WHEREAS, should the possibility of a Change in Control arise, in addition to his/her regular duties, the Executive may be called upon to assist in the assessment of such possible Change in Control, advise management and the Board as
to whether such Change in Control would be in the best interests of the Company and its shareholders, and to take such other actions as the Board might determine to be appropriate; and 
 WHEREAS, the Company and the Executive wish to amend and restate this Agreement as of the date hereof, to cause this Agreement to be exempt from,
or comply with, as applicable, the terms of Section 409A of the Internal Revenue Code of 1986, as amended. 
 WHEREAS, the
Executive and the Company desire that the terms of this Agreement shall completely replace and supersede the provisions set forth in the Executive Severance Agreement between the Company and the Executive, as in effect immediately prior to the date
hereof. 
 NOW THEREFORE, to assure the Company that it will have the continued dedication of the Executive and the availability of
his/her advice and counsel notwithstanding the possibility, threat, or occurrence of a Change in Control of the Company, and to induce the Executive to remain in the employ of the Company, and for other good and valuable consideration, the Company
and the Executive agree as follows: 
 Article 1. Establishment, Term, and Purpose 
 This Agreement will commence on the Effective Date and shall continue in effect for one (1) full year. However, at the end of such one (1) year
period and, if extended, at 

 
the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee
delivers written notice thirty (30) days prior to the end of such term, or extended term, to each Executive, that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in
progress. 
 However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect
for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been
paid to the Executive. 
 Article 2. Definitions 
 Whenever used in this Agreement, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized. 
 2.1 “Base Salary” means the salary of record paid to an Executive as annual salary, excluding amounts received under incentive or other
bonus plans, whether or not deferred. 
 2.2 “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3
of the General Rules and Regulations under the Exchange Act. 
 2.3 “Beneficiary” means the persons or entities designated
or deemed designated by the Executive pursuant to Section 11.2 herein. 
 2.4 “Board” means the Board of Directors of
the Company. 
 2.5 “Cause” means: 
  

	 	(a)	The Executive’s willful and continued failure to substantially perform his/her duties with the Company (other than any such failure resulting from Disability or occurring after
issuance by the Executive of a Notice of Termination for Good Reason), after a written demand for substantial performance is delivered to the Executive that specifically identifies the manner in which the Company believes that the Executive has
willfully failed to substantially perform his/her duties, and after the Executive has failed to resume substantial performance of his/her duties on a continuous basis within thirty (30) calendar days of receiving such demand;

  

	 	(b)	The Executive’s willfully engaging in conduct (other than conduct covered under (a) above) which is demonstrably and materially injurious to the Company, monetarily or
otherwise; or 

  

	 	(c)	The Executive’s having been convicted of a felony. 

  

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 For purposes of this subparagraph, no act, or failure to act, on the Executive’s part shall be
deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interests of the Company. The termination of employment of the Executive
shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds of the entire membership of the Board (excluding the
Executive, if applicable) at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board) finding that,
in the good faith opinion of the Board, the Executive is guilty of the conduct described above, and specifying the particulars thereof in detail. 
 2.6 “Change in Control” means any of the following events: 
  

	 	(a)	any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3)
and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the
Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however, that the event described in this paragraph (a) shall not be deemed to be a Change in
Control by virtue of any of the following acquisitions: (A) by the Company or any Subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (C) by any underwriter temporarily
holding securities pursuant to an offering of such securities or (D) a transaction (other than one described in (b) below) in which Company Voting Securities are acquired from the Company, if a majority of the incumbent Directors approve a
resolution providing expressly that the acquisition pursuant to this clause (D) does not constitute a Change in Control under this paragraph (a); 

  

	 	(b)	 the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that
requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination: (A) more than
60% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial
ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the 

  

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“Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if
applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among (and only among) the holders thereof is in substantially the same proportion as the
voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation
or the Parent Corporation) is or becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) and (C) at least 50% of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business
Combination were incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination; or 

  

	 	(c)	during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (a) or (b) of this section) whose election by the Board of Directors or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason
to constitute a majority thereof; or 

  

	 	(d)	the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or a sale of all or substantially all of the Company’s assets.

 Notwithstanding the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person
acquires beneficial ownership of more than 20% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided, that if after
such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the
Company shall then occur. Further, in no event shall a Change in Control be deemed to have occurred, with respect to the Executive, if the Executive is part of a purchasing group which consummates the Change in Control transaction. The 

  

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Executive shall be deemed “part of a purchasing group” for purposes of the preceding sentence if the Executive is an equity participant in the
purchasing company or group (except for: (i) passive ownership of less than three percent (3%) of the stock of the purchasing company; or (ii) ownership of equity participation in the purchasing company or group which is otherwise not
significant, as determined prior to the Change in Control by a majority of the nonemployee continuing Directors). 
 2.7
“Code” means the United States Internal Revenue Code of 1986, as amended, and any successors thereto. 
 2.8
“Committee” means the Compensation and Benefits Committee of the Board or any other committee appointed by the Board to perform the functions of the Compensation and Benefits Committee. 
 2.9 “Company” means Cullen/Frost Bankers, Inc., a Texas corporation, or any successor thereto as provided in Article 10 herein.

 2.10 “Disability” means complete and permanent inability by reason of illness or accident to perform the duties of the
occupation at which the Executive was employed when such disability commenced. 
 2.11 “Effective Date” means the date of
this Agreement set forth above. 
 2.12 “Effective Date of Termination” means the date on which a Qualifying Termination
occurs which triggers the payment of Severance Benefits hereunder. 
 2.13 “Exchange Act” means the United States Securities
Exchange Act of 1934, as amended. 
 2.14 “Good Reason” shall mean, without the Executive’s express written consent,
the occurrence of any one or more of the following: 
  

	 	(a)	The assignment of the Executive to duties materially inconsistent with the Executive’s authorities, duties, responsibilities, and status (including offices and reporting
requirements) as an employee of the Company, or a reduction or alteration in the nature or status of the Executive’s authorities, duties, or responsibilities than those in effect immediately preceding the Change in Control;

  

	 	(b)	The Company’s requiring the Executive to be based at a location which is at least fifty (50) miles further from the current primary residence than is such residence from
the Company’s current headquarters, except for required travel on the Company’s business to an extent substantially consistent with the Executive’s business obligations as of the Effective Date; 

  

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	 	(c)	A material change in the Executive’s Base Salary or bonus opportunity as in effect on the Effective Date or as the same shall be increased from time to time;

  

	 	(d)	A material reduction in the Executive’s level of participation in any of the Company’s short- and/or long-term incentive compensation plans, or employee benefit or
retirement plans, policies, practices, or arrangements in which the Executive participates immediately preceding the Change in Control; provided, however, that reductions in the levels of participation in any such plans shall not be deemed to be
“Good Reason” if the Executive’s reduced level of participation in each such program remains substantially consistent with the average level of participation of other executives who have positions commensurate with the
Executive’s position. 

 For purposes of this Agreement, long-term incentives shall mean the Cullen Frost Bankers, Inc.
1992 Stock Plan and any other similar plans instituted by the Company; 
  

	 	(e)	The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform this Agreement, as contemplated in Article 10 herein;
or 

  

	 	(f)	Any termination of Executive’s employment by the Company that is not effected pursuant to a Notice of Termination. 

 The existence of Good Reason shall not be affected by the Executive’s temporary incapacity due to physical or mental illness not constituting a
Disability. The Executive’s Retirement shall constitute a waiver of the Executive’s rights with respect to any circumstance constituting Good Reason. The Executive’s continued employment shall not constitute a waiver of the
Executive’s rights with respect to any circumstance constituting Good Reason. 
 2.15 “Notice of Termination” shall
mean a written notice which shall indicate the specific termination provision in this Agreement relied upon, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated. 
 2.16 “Person” shall have the meaning ascribed to such term in
Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as provided in Section 13(d). 
 2.17 “Qualifying Termination” means any of the events described in Section 3.2 herein, the occurrence of which triggers the payment of Severance Benefits hereunder. 
  

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 2.18 “Retirement” means the Executive’s voluntary termination of employment other
than for Good Reason in a manner which qualifies the Executive to receive immediately payable retirement benefits under the Company’s tax-qualified retirement plan or under the successor or replacement of such retirement plan if it is then no
longer is effect. 
 2.19 “Severance Benefits” means the payment of severance compensation as provided in Section 3.3
herein. 
 2.20 “Target Bonus” shall mean the target bonus amount established under the Company’s annual incentive
plan. 
 2.21 “Trust” means the Company grantor trust to be created pursuant to Article 6 of this Agreement. 
 Article 3. Severance Benefits 
 3.1 Right to
Severance Benefits. The Executive shall be entitled to receive from the Company Severance Benefits, as described in Section 3.3 herein, if there has been a Change in Control of the Company and if, within twenty-four (24) calendar
months following the Change in Control, a Qualifying Termination of the Executive has occurred. 
 The Executive shall not be entitled to
receive Severance Benefits if he/she is terminated for Cause, or if his/her employment with the Company ends due to death, Disability, or Retirement or due to a voluntary termination of employment by the Executive without Good Reason. 
 3.2 Qualifying Termination. The occurrence of any one or more of the following events shall trigger the payment of Severance Benefits to the
Executive under this Agreement: 
  

	 	(a)	An involuntary termination of the Executive’s employment by the Company for reasons other than Cause within twenty-four (24) calendar months following a Change in Control
of the Company pursuant to a Notice of Termination delivered to the Executive by the Company; 

  

	 	(b)	A voluntary termination by the Executive for Good Reason within twenty-four (24) calendar months following a Change in Control of the Company pursuant to a Notice of
Termination delivered to the Company by the Executive; or 

  

	 	(c)	The Company or any successor company breaches any of the provisions of this Agreement. 

  

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 3.3 Description of Severance Benefits. In the event the Executive becomes entitled to receive
Severance Benefits, as provided in Sections 3.1 and 3.2 herein, the Company shall pay to the Executive and provide him with the following: 
  

	 	(a)	An amount equal to two (2) times the highest rate of the Executive’s annualized Base Salary in effect immediately preceding the Change in Control.

  

	 	(b)	An amount equal to two (2) times the Executive’s highest target bonus established for the year immediately preceding the Change in Control. 

  

	 	(c)	An amount equal to the Executive’s unpaid Base Salary, a pro rata amount of the Executive’s Target Bonus for the year in which the termination occurs, accrued vacation
pay, and earned but not taken vacation pay through the Effective Date of Termination. 

  

	 	(d)	A continuation of the welfare benefits of health care, life and accidental death and dismemberment, and disability insurance coverage for two (2) full years after the Effective
Date of Termination. These benefits shall be provided to the Executive at the same premium cost, and at the same coverage level, as in effect as of the Executive’s Effective Date of Termination. However, in the event the premium cost and/or
level of coverage shall change for all employees of the Company, or for management employees with respect to supplemental benefits, the cost and/or coverage level, likewise, shall change for the Executive in a corresponding manner.

 The continuation of these welfare benefits shall be discontinued prior to the end of the two (2) year period in the
event the Executive has available substantially similar benefits at a comparable cost from a subsequent employer, as determined by the Committee. 
  

	 	(e)	All long-term incentive awards immediately vest. 

 The
aggregate benefits accrued by the Executive as of the Effective Date of Termination under all other savings and retirement plans sponsored by the Company shall be distributed pursuant to the terms of the applicable plans. 
 3.4 Termination for Disability. Following a Change in Control of the Company, if an Executive’s employment is terminated due to Disability,
the Executive shall receive his/her Base Salary through the Effective Date of Termination, at which point in time the Executive’s benefits shall be determined in accordance with the Company’s disability, retirement, insurance, and other
applicable plans and programs then in effect. In the event the Executive’s employment is terminated due to Disability, the Executive shall not be entitled to the Severance Benefits described in Section 3.3. 
  

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 3.5 Termination for Retirement or Death. Following a Change in Control of the Company, if the
Executive’s employment is terminated by reason of his/her Retirement or death, the Executive’s benefits shall be determined in accordance with the Company’s retirement, survivor’s benefits, insurance, and other applicable
programs of the Company then in effect. In the event the Executive’s employment is terminated by reason of his/her Retirement or death, the Executive shall not be entitled to the Severance Benefits described in Section 3.3. 
 3.6 Termination for Cause, or Other Than for Good Reason or Retirement. Following a Change in Control of the Company, if the Executive’s
employment is terminated either: (a) by the Company for Cause; or (b) by the Executive (other than for Retirement, Good Reason, or under circumstances giving rise to a Qualifying Termination described in Section 3.2(c) herein), the
Company shall pay the Executive his/her full Base Salary and accrued vacation through the Effective Date of Termination, at the rate then in effect, plus all other amounts to which the Executive is entitled under any compensation plans of the
Company, at the time such payments are due, and the Company shall have no further obligations to the Executive under this Agreement. 
 3.7 Notice of Termination. Any termination of employment by the Company or by the Executive for Good Reason shall be communicated by a Notice of Termination. 
 Article 4. Form and Timing of Severance Benefits 
 4.1 Form and Timing of Severance Benefits.
The Severance Benefits described in Sections 3.3(a), 3.3(b), and 3.3(c) herein shall be paid in cash to the Executive in a single lump sum as soon as practicable following the Effective Date of Termination, but in no event beyond thirty
(30) days after such date (with the actual payment date during such 30-day period to be determined by the Company in its discretion). 
 4.2 Withholding of Taxes. The Company shall be entitled to withhold from any amounts payable under this Agreement all taxes as legally shall be required (including, without limitation, any United States federal taxes and any other
state, city, or local taxes). 
 Article 5. Excise Tax Equalization Payment 
 5.1 Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under
this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if all or any part of the Total Payments will be subject to the tax (the “Excise Tax”) imposed by
Section 4999 of the Code (or any similar tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive after
deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), shall be equal to the
Total Payments. Such 

  

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payment shall be made by the Company to the Executive as soon as practical (but in any event no later than thirty (30) days after the date the Excise
Tax is remitted). 
 5.2 Tax Computation. For purposes of determining whether any of the Total Payments will be subject to the Excise
Tax and the amounts of such Excise Tax: 
  

	 	(a)	Any other payments or benefits received or to be received by the Executive in connection with a Change in Control of the Company or the Executive’s termination of employment
(whether pursuant to the terms of this Agreement or any other plan, arrangement, or agreement with the Company, or with any Person whose actions result in a Change in Control of the Company or any Person affiliated with the Company or such Persons)
shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute payments” within the meaning of Section 280G(b)(1) shall be treated as subject to the Excise Tax,
unless in the opinion of tax counsel as supported by the Company’s independent auditors and acceptable to the Executive, such other payments or benefits (in whole or in part) do not constitute parachute payments, or unless such excess parachute
payments (in whole or in part) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the base amount within the meaning of Section 280G(b)(3) of the Code, or are
otherwise not subject to the Excise Tax; 

  

	 	(b)	The amount of the Total Payments which shall be treated as subject to the Excise Tax shall be equal to the lesser of: (i) the total amount of the Total Payments; or
(ii) the amount of excess parachute payments within the meaning of Section 280G(b)(1) (after applying clause (a) above); and 

  

	 	(c)	The value of any noncash benefits or any deferred payment or benefit shall be determined by the Company’s independent auditors in accordance with the principles of Sections
280G(d)(3) and (4) of the Code. 

 For purposes of determining the amount of the Gross-Up Payment, the Executive shall be
deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and
locality of the Executive’s residence on the Effective Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 
 5.3 Subsequent Recalculation. In the event the Internal Revenue Service adjusts the computation of the Company under Section 5.2 herein so
that the Executive did not receive the greatest net benefit, the Company shall reimburse the Executive for the full amount necessary to make the Executive whole, plus a market rate of interest, as determined by the Committee, within 30 days after
such adjustment. 
  

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 Article 6. The Company’s Payment Obligation 
 The Company’s obligation to make the payments and the arrangements provided for herein shall be absolute and unconditional, and shall not be
affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense, or other right which the Company may have against the Executive or anyone else. All amounts payable by the Company hereunder shall be paid
without notice or demand. Each and every payment made hereunder by the Company shall be final, and the Company shall not seek to recover all or any part of such payment from the Executive or from whomsoever may be entitled thereto, for any reasons
whatsoever. 
 The Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under
any provision of this Agreement, and the obtaining of any such other employment shall in no event effect any reduction of the Company’s obligations to make the payments and arrangements required to be made under this Agreement, except to the
extent provided in Section 3.3(d) herein. 
 Article 7. Legal Remedies 
 7.1 Payment of Legal Fees. To the extent permitted by law, the Company shall pay all legal fees, costs of litigation, prejudgment interest, and
other expenses incurred in good faith by the Executive as a result of the Company’s refusal to provide the Severance Benefits to which the Executive becomes entitled under this Agreement, or as a result of the Company’s contesting the
validity, enforceability, or interpretation of this Agreement, or as a result of any conflict (including conflicts related to the calculation of parachute payments) between the parties pertaining to this Agreement. Such costs and fees shall be
reimbursed as soon as practicable after the Executive makes a claim for reimbursement (but in no event later than the end of the year following the year in which the costs are incurred). 
 7.2 Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled by arbitration, conducted before a
panel of three (3) arbitrators sitting in a location selected by the Executive within fifty (50) miles from the location of his/her employment with the Company, in accordance with the rules of the American Arbitration Association then in
effect. 
 Judgment may be entered on the award of the arbitrator in any court having proper jurisdiction. All expenses of such arbitration,
including the fees and expenses of the counsel for the Executive, shall be borne by the Company. 
 Article 8. Successors and Assignment 

8.1 Successors to the Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, or
otherwise) of all or substantially all of the business and/or assets of the Company or of any division or subsidiary thereof to expressly assume and agree to perform the Company’s obligations under this Agreement in the same manner and to the
same extent that the Company 

  

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would be required to perform them if no such succession had taken place. The date on which any such succession becomes effective shall be deemed to be the
date of the Change in Control. 
 8.2 Assignment by the Executive. This Agreement shall inure to the benefit of and be enforceable by
the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If the Executive dies while any amount would still be payable to him hereunder had he/she continued to live,
all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s Beneficiary. If the Executive has not named a Beneficiary, then such amounts shall be paid to the
Executive’s devisee, legatee, or other designee, or if there is no such designee, to the Executive’s estate. 
 Article 9. Miscellaneous 

 9.1 Employment Status. Except as may be provided under any other agreement between the Executive and the Company, the employment of
the Executive by the Company is “at will,” and may be terminated by either the Executive or the Company at any time, subject to applicable law. 
 9.2 Beneficiaries. The Executive may designate one or more persons or entities as the primary and/or contingent Beneficiaries of any Severance Benefits owing to the Executive under this Agreement. Such
designation must be in the form of a signed writing acceptable to the Committee. The Executive may make or change such designations at any time. 
 9.3 Severability. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed
and enforced as if the illegal or invalid provision had not been included. Further, the captions of this Agreement are not part of the provisions hereof and shall have no force and effect. 
 9.4 Modification. No provision of this Agreement may be modified, waived, or discharged unless such modification, waiver, or discharge is agreed
to in writing and signed by the Executive and by an authorized member of the Committee, or by the respective parties’ legal representatives and successors. 
 9.5 Applicable Law. To the extent not preempted by the laws of the United States, the laws of the state of Texas shall be the controlling law in all matters relating to this Agreement. 
 9.6 Code Section 409A. The Severance Benefits and other benefits under this Agreement are intended to comply with Section 409A of the
Code or to otherwise be exempt therefrom. 
  

	 	(a)	 Notwithstanding anything herein to the contrary, if (a) the Executive is a “specified employee” as determined pursuant to Section 409A of the
Code 

  

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as of the date of the Executive’s “separation from service” (within the meaning of Treas. Reg. 1.409A-1(h)) and if any Severance Benefits or
other payment or benefit provided for in this Agreement or otherwise both (i) constitutes a “deferral of compensation” within the meaning of Section 409A of the Code and (ii) cannot be paid or provided in the manner
otherwise provided without subjecting the Executive to “additional tax”, interest or penalties under Section 409A of the Code, then any such Severance Benefit or other payment or benefit that is payable during the first six months
following the Executive’s “separation from service” shall be paid or provided to the Executive in a cash lump-sum on the first business day of the seventh calendar month following the month in which the Executive’s
“separation from service” occurs. Any payment or benefit due upon a termination of the Executive’s employment that represents a “deferral of compensation” within the meaning of Section 409A shall only be paid or
provided to the Executive upon a “separation from service”.

  

	 	(b)	Notwithstanding anything to the contrary in Section 3.3 of this Agreement or elsewhere, any payment or benefit under Section 3.3 or otherwise that is exempt from
Section 409A pursuant to Treas. Reg. 1.409A-1(b)(9)(v)(A) or (C) shall be paid or provided to the Executive only to the extent that the expenses are not incurred, or the benefits are not provided, beyond the last day of the second taxable
year of the Executive following the taxable year of the Executive in which the “separation from service” occurs; and provided further that such expenses are reimbursed no later than the last day of the third taxable year following the
taxable year of the Executive in which the “separation from service” occurs. Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement is
determined to be subject to Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement in any
other taxable year (except for any life-time or other aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Executive
incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. 

  

	 	(c)	For the purposes of this Agreement, each payment made pursuant to Section 3.3 shall be deemed to be separate payments, amounts payable under Section 3.3 of this Agreement
shall be deemed not to be a “deferral of compensation” subject to Section 409A of the Code to the extent provided in the exceptions in Treas. Reg. Sections 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation
pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Treas. Reg. Section 1.409A-1 through A-6. 

  

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 IN WITNESS WHEREOF, the parties have executed this Agreement on this [DAY] day of December, 2008.

  

							
	Cullen/Frost Bankers, Inc.	 		 	Executive
				
	By:    	 	  
	 		 	  

				
	Its:    	 	  
	 		 	
				
		 	Attest:	 		 	

  

 -14-Registrant's 2008 Long-Term Incentive Plan adopted November 4, 2008

 Exhibit 10(b) 
 PERRIGO COMPANY 
 2008 LONG-TERM INCENTIVE PLAN 
 SECTION 1. PURPOSE. Perrigo Company previously adopted the Perrigo Company 2003 Long-Term Incentive Plan (the “Plan”) to encourage employees, directors and other persons providing significant services to
Perrigo Company and its subsidiaries to acquire a proprietary and vested interest in the growth and performance of the Company, to generate an increased incentive to contribute to the Company’s future success and prosperity, thus enhancing the
value of the Company for the benefit of share owners, and to enhance the ability of the Company to attract and retain individuals of exceptional managerial talent upon whom, in large measure, the sustained progress, growth and profitability of the
Company depends. The following provisions constitute an amendment and restatement of the Plan, which on and after the Effective Date shall be known as the “Perrigo Company 2008 Long-Term Incentive Plan”. The amended and restated Plan shall
apply to Awards granted on or after the Effective Date. 
 SECTION 2. DEFINITIONS. As used in the Plan, the following terms shall have the meanings set forth
below: 
 (a) “Acquiring Person” means any person (any individual, firm, corporation or other entity) who or which, together with
all Affiliates and Associates, has acquired or obtained the right to acquire the beneficial ownership of fifty percent (50%) or more of the Shares then outstanding. 
 (b) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. 
 (c) “Award” shall mean any Option, Stock Appreciation Right, Restricted Share Award, Performance Share, Performance Unit, Other Stock Unit
Award, or any other right, interest, or option relating to Shares or other securities of the Company granted pursuant to the provisions of the Plan. 
 (d) “Award Agreement” shall mean any written agreement, contract, or other instrument or document evidencing any Award granted by the Committee hereunder and signed by both the Company and the Participant.

 (e) “Beneficiary” means the person or persons to whom an Award is transferred by his or her will or by the laws of descent and
distribution of the state in which the Participant resided at the time of his or her death. 
 (f) “Board” shall mean the Board of
Directors of Perrigo Company. 
 (g) “Cause” shall mean any of the following events, as determined by the Committee: 
 (1) The commission of an act which, if proven in a court of law, would constitute a felony violation under applicable criminal laws;

  

 1 

 (2) A breach of any material duty or obligation imposed upon the Participant by the
Company; 
 (3) Divulging the Company’s confidential information, or breaching or causing the breach of any
confidentiality agreement to which the Participant or the Company is a party; 
 (4) Engaging or assisting others to engage in
business in competition with the Company; 
 (5) Refusal to follow a lawful order of the Participant’s superior or other
conduct which the Board or the Committee determines to represent insubordination on the part of the Participant; or 
 (6)
Other conduct by the Participant which the Board or the Committee, in its discretion, deems to be sufficiently injurious to the interests of the Company to constitute cause. 
 (h) A “Change in Control” shall occur when (i) any Acquiring Person (other than (A) the Company, (B) any employee benefit plan
of the Company or any Trustee of or fiduciary with respect to any such plan when acting in such capacity, or (C) any person who, on the Effective Date of the Plan, is an Affiliate of Perrigo Company and owning in excess of ten percent
(10%) of the outstanding Shares of Perrigo Company and the respective successors, executors, legal representatives, heirs and legal assigns of such person), alone or together with its Affiliates and Associates, has acquired or obtained the
right to acquire the beneficial ownership of fifty percent (50%) or more of the Shares then outstanding, or (ii) Continuing Directors no longer constitute a majority of the Board. 
 (i) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 
 (j) “Committee” shall mean the Compensation Committee of the Board, composed of no fewer than three directors, each of whom is a Non-Employee
Director, an “outside director” within the meaning of Section 162(m) of the Code and an “independent director” within the meaning of applicable standards of the National Association of Securities Dealers, Inc.
(“NASD”) or any national securities exchange upon which the Shares are traded. 
 (k) “Company” shall mean Perrigo
Company, its subsidiaries and/or Affiliates. 
 (l) “Continuing Director” means any person who was a member of the Board on the
Effective Date of the Plan, and any new director thereafter elected by the shareholders or appointed by the Board, provided such new director’s election or nomination for election by the Company’s shareholders was approved by a majority of
directors who were either directors on the Effective Date or whose election or nomination for election was previously so approved. 
 (m)
“Covered Employee” shall mean a “covered employee” within the meaning of Section 162(m)(3) of the Code. 
  

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 (n) “Disability” means, with respect to an Employee, disability as defined under the
Company’s long term disability insurance plan under which such Employee is then covered and, with respect to any other Participant, has the meaning set forth in Section 22(e)(3) of the Code, as determined by the Committee in its sole
discretion. 
 (o) “Effective Date” shall have the meaning set forth in Section 16 hereof. 
 (p) “Employee” shall mean any employee of the Company or of any Affiliate. 
 (q) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 
 (r) “Fair Market Value” shall mean (i) with respect to a Share, the last reported sale price of a Share on the date of determination, or
on the most recent date on which the Share is traded prior to that date, as reported on the Nasdaq National Market, and (ii) with respect to any other property, the fair market value of such property determined by such methods or procedures as
shall be established from time to time by the Committee. 
 (s) “Incentive Stock Option” shall mean an Option granted under
Section 6 hereof that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto. Only Employees may be awarded Incentive Stock Options. 
 (t) “Involuntary Termination for Economic Reasons” means that the Participant’s Termination Date occurs due to involuntary termination of
employment by the Company by reason of a corporate restructuring, a disposition or acquisition of a business or facility, or a downsizing or layoff, as determined by the Company’s Chief Executive Officer, in his sole discretion, or by the
Committee in the case of a Participant subject to Section 16 of the Exchange Act. 
 (u) “Non-Employee Directors” shall mean
individuals who qualify as such within the meaning of Rule 16b-3 under the Exchange Act (or any successor definition thereto). 
 (v)
“Nonstatutory Stock Option” shall mean an Option granted under Section 6 hereof that is not intended to be an Incentive Stock Option. 
 (w) “Option” shall mean any right granted to a Participant under the Plan allowing such Participant to purchase Shares at such price or prices and during such period or periods as the Committee shall
determine. 
 (x) “Original Effective Date” means October 28, 2003. 
 (y) “Other Stock Unit Awards” shall mean Awards of Shares and other Awards that are valued in whole or in part by reference to, or are
otherwise based on, Shares or other property, other than Awards which are Options, Stock Appreciation Rights, Restricted Share Awards, Performance Shares or Performance Units. 
  

 3 

 (z) “Participant” shall mean an Employee or director of, or a consultant or other person
providing significant services to, the Company who is selected by the Committee to receive an Award under the Plan. 
 (aa) “Performance
Award” shall mean any Award of Performance Shares or Performance Units pursuant to Section 9 hereof. 
 (bb) “Performance
Period” shall mean that period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are to be measured.

 (cc) “Performance Share” shall mean any grant pursuant to Section 9 hereof of a unit valued by reference to a designated
number of Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, Shares, or any combination thereof, upon achievement of such performance goals during
the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
 (dd) “Performance Unit” shall
mean any grant pursuant to Section 9 hereof of a unit valued by reference to a designated amount of property other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including,
without limitation, cash, Shares, or any combination thereof, upon achievement of such performance goals during the Performance Period as the Committee shall establish at the time of such grant or thereafter. 
 (ee) “Person” shall mean any individual, corporation, partnership, association, joint-stock company, Company, unincorporated organization,
limited liability company, other entity or government or political subdivision thereof. 
 (ff) “Prior Stock Plans” shall mean the
Perrigo Company Employee Stock Option Plan, the Perrigo Company Non-Qualified Stock Option Plan for Directors, the Perrigo Company Restricted Stock Plan for Directors, and the Perrigo Company Restricted Stock Plan for Directors II. 
 (gg) “Restricted Share” shall mean any Share issued with the restriction that the holder may not sell, transfer, pledge, or assign such Share
and with such other restrictions as the Committee, in its sole discretion, may impose (including, without limitation, any restriction on the right to vote such Share, and the right to receive any cash dividends), which restrictions may lapse
separately or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 
 (hh)
“Restricted Share Award” shall mean an award of Restricted Shares under Section 8 hereof. 
 (ii) “Retirement” means
a Participant’s Termination Date which occurs (i) pursuant to a voluntary early retirement program approved by the Board or the Committee, (ii) after attaining age 65, or (iii) after attaining age 60 with ten or more years of
service with the Company. For this purpose, a year of service shall be a completed 12-month period of service beginning on the first day of the Participant’s service with the Company as an employee, director or consultant, or an anniversary of
such date. 
  

 4 

 (jj) “Shares” shall mean shares of common stock, without par value, of Perrigo Company and such
other securities of the Company as the Committee may from time to time determine. 
 (kk) “Stock Appreciation Right” shall mean any
right granted to a Participant pursuant to Section 7 hereof to receive, upon exercise by the Participant, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the right on the date
of grant, or if granted in connection with an outstanding Option on the date of grant of the related Option, as specified by the Committee in its sole discretion, which shall not be less than the Fair Market Value of one Share on such date of grant
of the right or the related Option, as the case may be. Any payment by the Company in respect of such right may be made in cash, Shares, other property, or any combination thereof, as the Committee, in its sole discretion, shall determine.

 (ll) “Ten Percent Shareholder” means a person who owns (after taking into account the attribution rules of Section 424(b)
of the Code or any successor provision thereto) more than 10% of the combined voting power of all classes of shares beneficial interest of the Company. 
 (mm) “Termination Date” means the date that a Participant both ceases to be an Employee or director and ceases to perform any material services for the Company, including, but not limited to, advisory or
consulting services or services as a member of the Board. Unless otherwise determined by the Committee in its sole discretion, for purposes of the Plan, an Employee shall be considered to have a Termination Date if his or her employer ceases to be
an Affiliate, even if he or she continues to be employed by such employer. 
 SECTION 3. ADMINISTRATION. 
 (a) AUTHORITY OF COMMITTEE. The Plan shall be administered by the Committee. The Committee shall have full power and authority, subject to such orders or
resolutions not inconsistent with the provisions of the Plan as may from time to time be adopted by the Board, to: (i) select the Participants to whom Awards may from time to time be granted hereunder; (ii) determine the type or types of
Award to be granted to each Participant hereunder; (iii) determine the number of Shares to be covered by each Award granted hereunder; (iv) determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award
granted hereunder; (v) determine whether, to what extent and under what circumstances Awards may be settled in cash, Shares or other property or canceled or suspended; (vi) determine whether, to what extent and under what circumstances
cash, Shares and other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; (vii) interpret and administer the Plan and any instrument or
agreement entered into under the Plan; (viii) establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other
action that the Committee deems necessary or desirable for administration of the Plan. Decisions of the Committee shall be final, conclusive and binding upon all persons, including the Company, any Participant, and shareholder, and any Employee,
director or consultant of the Company or of any Affiliate. 
  

 5 

 (b) DELEGATION. The Committee may delegate to the Company’s Chief Executive Officer the authority to
grant Awards to Participants, other than Participants who are subject to Section 16 of the Exchange Act, and to determine the terms and conditions of such Awards, subject to the limitations of the Plan and such other limitations and guidelines
as the Committee may deem appropriate. 
 SECTION 4. DURATION OF, AND SHARES SUBJECT TO PLAN. 
 (a) TERM. The Plan shall remain in effect until terminated by the Board, provided, however, that no Award may be granted under the Plan more than ten
(10) years after the Effective Date, but any Award theretofore granted may extend beyond that date. 
 (b) SHARES SUBJECT TO THE PLAN.
The maximum number of Shares in respect for which Awards may be granted under the Plan, subject to adjustment as provided in Section 4(c) of the Plan, is (i) 3,100,000, plus (ii) the number of Shares that remained available for
issuance under the Plan as of the Effective Date (including Shares underlying outstanding awards under the Plan and Prior Stock Plans that are forfeited, terminated, expire unexercised or are otherwise settled without the delivery of Shares on and
after the Effective Date). No further awards shall be made under the Prior Stock Plans after the Original Effective Date. No Participant may be granted Awards in any one calendar year with respect to more than 400,000 Shares. The maximum amount
payable in cash to a Covered Employee for any calendar year with respect to any Award subject to Section 13 shall be $6,000,000. 
 For the purpose of
computing the total number of Shares available for Awards under the Plan, there shall be counted against the foregoing limitations the number of Shares subject to issuance upon exercise or settlement of Awards as of the dates on which such Awards
are granted. The Shares which were previously subject to Awards shall again be available for Awards under the Plan if any such Awards are forfeited, terminated, expire unexercised, settled in cash or exchanged for other Awards (to the extent of such
forfeiture or expiration of such Awards), or if the Shares subject thereto can otherwise no longer be issued. Further, any Shares which are used as full or partial payment to the Company by a Participant of the purchase price of Shares or the tax
withholding requirement with respect to any Awards granted under the Plan shall again be available for Awards under the Plan. The number of Shares that are forfeited, expire unexercised or are otherwise settled without the delivery of Shares under
the Prior Stock Plans on and after the Original Effective Date shall again be available for Awards under this Plan. If a Stock Appreciation Right is settled in Shares, Shares that are in excess of the net Shares delivered on exercise of such Stock
Appreciation Right shall be added back to the number of Shares available for future Awards under the Plan. 
 Shares which may be issued under the Plan may
be either authorized and unissued shares or issued shares which have been reacquired by the Company. No fractional shares shall be issued under the Plan. 
  

 6 

 (c) CHANGES IN SHARES. In the event of any merger, reorganization, consolidation, recapitalization, stock
dividend, stock split, reverse stock split, spin off or similar transaction or other change in corporate structure affecting the Shares, the Committee shall make equitable adjustments and substitutions with respect to (i) the aggregate number,
class and kind of Shares which may be delivered under the Plan, in the aggregate or to any one Participant, (ii) the number, class, kind and option or exercise price of Shares subject to outstanding Options, Stock Appreciation Rights or other
Awards granted under the Plan, and (iii) the number, class and kind of Shares subject to, Awards granted under the Plan (including, if the Committee deems appropriate, the substitution of similar options to purchase the shares of, or other
awards denominated in the shares of, another company). The Committee shall have the sole discretion to determine the manner of such equitable adjustment or substitution, provided that the number of Shares or other securities subject to any Award
shall always be a whole number. 
 SECTION 5. ELIGIBILITY. Any Employee, director, consultant or other person providing material services to the Company
shall be eligible to be selected as a Participant. 
 SECTION 6. STOCK OPTIONS. Options may be granted hereunder to Participants either alone or in addition
to other Awards granted under the Plan. Any Option granted under the Plan shall be evidenced by an Award Agreement in such form as the Committee may from time to time approve. Any such Option shall be subject to the following terms and conditions
and to such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall deem desirable: 
 (a)
OPTION PRICE. The purchase price per Share purchasable under an Option shall be determined by the Committee in its sole discretion; provided that (i) such purchase price shall not be less than the Fair Market Value of the Share on the date of
the grant of the Option, and (ii) such purchase price for an Incentive Stock Option granted to a Ten Percent Shareholder shall be not less than 110% of the Fair Market Value of the Share on the date of grant of the Option. 
 (b) OPTION PERIOD. The term of each Option shall be fixed by the Committee in its sole discretion; provided that (i) no Option shall be exercisable
after the expiration of ten years from the date the Option is granted, and (ii) no Incentive Stock Option granted to a Ten Percent Shareholder shall be exercisable after the expiration of five years from the date the Option is granted.

 (c) EXERCISABILITY. Options shall be exercisable at such time or times as determined by the Committee at or subsequent to grant. Unless
otherwise determined by the Committee at or subsequent to grant, no Incentive Stock Option shall be exercisable during the year ending on the day before the first anniversary date of the granting of the Incentive Stock Option. 
 (d) METHOD OF EXERCISE. Subject to the other provisions of the Plan and any applicable Award Agreement, any Option may be exercised by the Participant in
whole or in part at such time or times, and the Participant may make payment of the option price in such form or forms, including, without limitation, payment by delivery of cash, Shares or other consideration (including, where permitted by law and
the Committee, Awards) having a Fair Market Value on the exercise date equal to the total option price, or by any combination of cash, Shares and other consideration as the Committee may specify in the applicable Award Agreement. 
  

 7 

 (e) INCENTIVE STOCK OPTIONS. In accordance with rules and procedures established by the Committee, the
aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options held by any Participant which are exercisable for the first time by such Participant during any calendar year under the Plan
(and under any other benefit plans of the Company or of any parent or subsidiary corporation of the Company) shall not exceed $100,000 or, if different, the maximum limitation in effect at the time of grant under Section 422if the Code, or any
successor provision, and any regulations promulgated thereunder. The terms of any Incentive Stock Option granted hereunder shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision, and any
regulations promulgated thereunder. An Incentive Stock Option must be exercised within three months following the Participant’s termination of employment with the Company, or within twelve months if such termination is by reason of death or
Disability. If for any reason an Option intended to be an Incentive Stock Option fails to satisfy the requirements of Section 422 of the Code, such Option will automatically convert to a Nonstatutory Stock Option. 
 (f) REPRICING. Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split,
extraordinary cash dividend, recapitalization , reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of outstanding Awards may not be amended to reduce the exercise price of outstanding Options or
Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Options or
Stock Appreciation Rights, without the approval of the Company’s shareholders. 
 SECTION 7. STOCK APPRECIATION RIGHTS. Stock Appreciation Rights may be
granted hereunder to Participants either alone or in addition to other Awards granted under the Plan and may, but need not, relate to a specific Option granted under Section 6. Each Share subject to a Stock Appreciation Right shall have an
exercise price of not less than Fair Market Value of a Share on the date of grant of the Stock Appreciation Right. The term of the Stock Appreciation Right shall be fixed by the Committee in its sole discretion, provided that no Stock Appreciation
Right shall be exercisable after the expiration of ten years from the date the Stock Appreciation Right is granted. The Committee, in its sole discretion, shall establish or impose such other terms and conditions with respect to Stock Appreciation
Rights as it shall deem appropriate, which need not be the same with respect to each recipient. 
 Any Stock Appreciation Right related to a
Nonstatutory Stock Option may be granted at the same time such Option is granted or at any time thereafter before exercise or expiration of such Option. Any Stock Appreciation Right related to an Incentive Stock Option must be granted at the same
time such Option is granted, and may be exercised only if and when the Fair Market Value of the Shares subject to the Incentive Stock Option exceeds the aggregate purchase price for the Option. In the case of any Stock Appreciation Right related to
any Option, the Stock Appreciation Right or applicable portion thereof shall terminate and no longer be exercisable upon the termination or exercise of the related Option, except that a Stock Appreciation Right granted with respect to less 

  

 8 

 
than the full number of Shares covered by a related Option shall not be reduced until the exercise or termination of the related Option exceeds the number of
shares not covered by the Stock Appreciation Right. Any Option related to any Stock Appreciation Right shall no longer be exercisable to the extent the related Stock Appreciation Right has been exercised. 
 SECTION 8. RESTRICTED SHARES. 
 (a) ISSUANCE. Restricted
Share Awards may be issued hereunder to Participants, for no cash consideration or for such minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under the Plan. The provisions of Restricted
Share Awards need not be the same with respect to each recipient. 
 (b) REGISTRATION. Any Restricted Shares issued hereunder may be
evidenced in such manner as the Committee in its sole discretion shall deem appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in
respect of Restricted Shares awarded under the Plan, such certificate shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award. 

(c) FORFEITURE. Except as set forth in Section 11 or otherwise determined by the Committee at the time of grant, upon a Participant’s
Termination Date for any reason during the restriction period, all Restricted Shares still subject to restriction shall be forfeited by the Participant and reacquired by the Company; provided that the Committee may, in its sole discretion, when it
finds that a waiver would be in the best interests of the Company, waive in whole or in part any or all remaining restrictions with respect to such Participant’s Restricted Shares, except for Restricted Share Awards that are intended to comply
with the performance-based compensation requirements of Section 13. Unrestricted Shares, evidenced in such manner as the Committee shall deem appropriate, shall be issued to the grantee promptly after the period of forfeiture, as determined or
modified by the Committee, shall expire. 
 SECTION 9. PERFORMANCE AWARDS. Performance Awards may be issued hereunder to Participants, for no cash
consideration or for such minimum consideration as may be required by applicable law, either alone or in addition to other Awards granted under the Plan. The performance criteria to be achieved during any Performance Period and the length of the
Performance Period shall be determined by the Committee upon the grant of each Performance Award. Except as provided in Section 12, Performance Awards will be distributed only after the end of the relevant Performance Period. Performance Awards
may be paid in cash, Shares, other property or any combination thereof, in the sole discretion of the Committee at the time of payment. The performance levels to be achieved for each Performance Period and the amount of the Award to be distributed
shall be conclusively determined by the Committee. Performance Awards may be paid in a lump sum or in installments following the close of the Performance Period. Subject to the provisions of the Plan, the Committee shall have sole and complete
authority to determine the Participants to whom and the time or times at which such Awards shall be made, and all other conditions of the Awards. The provisions of Performance Awards need not be the same with respect to each recipient. 

 

 9 

 SECTION 10. OTHER STOCK UNIT AWARDS. 
 (a) STOCK AND ADMINISTRATION. Other Stock Unit Awards may be granted hereunder to Participants, either alone or in addition to other Awards granted under the Plan. Other Stock Unit Awards may be paid in Shares, other
securities of the Company, cash or any other form of property as the Committee shall determine. Subject to the provisions of the Plan, the Committee shall have sole and complete authority to determine the Participants to whom and the time or times
at which such Awards shall be made, the number of shares of Stock to be granted pursuant to such Awards, and all other conditions of the Awards. The provisions of Other Stock Unit Awards need not be the same with respect to each recipient.

 (b) TERMS AND CONDITIONS. Shares (including securities convertible into Shares) granted under this Section 10 may be issued for no
cash consideration or for such minimum consideration as may be required by applicable law; Shares (including securities convertible into Shares) purchased pursuant to a purchase right awarded under this Section 10 shall be purchased for such
consideration as the Committee shall in its sole discretion determine, which shall not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is awarded. 
 SECTION 11. EFFECT OF TERMINATION DATE. 
 The Committee shall have the
discretion to establish terms and conditions relating to the effect of the Participant’s Termination Date on Awards under the Plan. Unless the Committee determines otherwise with respect to any individual Award, as stipulated in the applicable
Award Agreement, the following provisions shall apply to Options, Stock Appreciation Rights and Restricted Shares on a Participant’s Termination Date. 
 (a) DEATH, DISABILITY, RETIREMENT. If the Participant’s Termination Date occurs for reasons of death, Disability or Retirement, (i) the restriction period with respect to any Restricted Shares shall lapse,
and (ii) the Participant’s outstanding Options and Stock Appreciation Rights shall immediately vest in full and may thereafter be exercised in whole or in part by the Participant (or the duly appointed fiduciary of the Participant’s
estate or Beneficiary in the case of death, or conservator of the Participant’s estate in the case of Disability) at any time prior to the expiration of the respective terms of the Options or Stock Appreciation Rights, as applicable.

 (b) INVOLUNTARY TERMINATION FOR ECONOMIC REASONS. If the Participant’s Termination Date occurs by reason of Involuntary Termination
for Economic Reasons, the Participant may exercise his or her Options and Stock Appreciation Rights, to the extent vested, at any time prior to the earlier of (i) the date which is 30 days after the date which is 24 months after such
Termination Date, or (ii) the expiration of the respective terms of the Options or Stock Appreciation Rights. Any Options, Stock Appreciation Rights or Restricted Shares which are not vested at such Termination Date, but are scheduled to vest
during the 24 month period following the Termination Date, shall continue to vest during such 24 month period according to the vesting schedule in effect prior to such Termination Date as if the Participant had continued to provide services to the
Company during the 24 month period. Any Options, Stock Appreciation Rights and Restricted Shares which are not scheduled to vest during such 24 month period will be forfeited on the Termination Date. 
  

 10 

 If the Participant dies after the Termination Date while his or her Options or Stock Appreciation Rights
remain exercisable under this paragraph (b), the duly appointed fiduciary of the Participant’s estate or his or her Beneficiary may exercise the Options and Stock Appreciation Rights (to the extent that such Options and Stock Appreciation
Rights were vested and exercisable prior to death), at any time prior to the later of the date which is (i) 30 days after the date which is 24 months after the Participant’s Termination Date, or (ii) 12 months after the date of death,
but in no event later than the expiration of the respective terms of the Options and Stock Appreciation Rights. 
 (c) TERMINATION DATE FOR
CAUSE. If the Participant’s Termination Date occurs for reasons of Cause, at the time such notice of termination is given by the Company (i) any Restricted Shares subject to a restriction period shall be forfeited, and (ii) the
Participant’s right to exercise his or her Options and Stock Appreciation Rights shall terminate. If within 60 days of a Participant’s Termination Date the Company discovers circumstances which would have permitted it to terminate the
Participant’s employment or service for Cause, such Termination Date shall be deemed to have occurred for reasons of Cause. Any Shares, cash or other property paid or delivered to the Participant under the Plan within 60 days of such
Termination Date shall be forfeited and the Participant shall be required to repay such amount to the Company. 
 (d) OTHER TERMINATION OF
EMPLOYMENT OR SERVICE. In the event the Participant’s Termination Date occurs for reasons other than described in the foregoing provisions of this Section 11, the Participant shall have the right to exercise his or her Options and Stock
Appreciation Rights at any time prior to the earlier of (i) the date which is three months after such Termination Date, or (ii) the expiration date of the respective terms of the Options or Stock Appreciation Rights, as applicable, but
only to the extent such Option or Stock Appreciation Right, as applicable, was vested prior to such Termination Date. Any Options or Stock Appreciation Rights which are not vested at such Termination Date shall be forfeited on the Termination Date.

 If the Participant dies after the Termination Date while his or her Options or Stock Appreciation Rights remain exercisable under this
paragraph (d), the duly appointed fiduciary of the Participant’s estate or his or her Beneficiary may exercise the Options or Stock Appreciation Rights (to the extent that such Options or Stock Appreciation Rights were vested and exercisable
prior to death), at any time prior to the earlier of (i) 12 months after the date of death, or (ii) the expiration of the respective terms of the Options or Stock Appreciation Rights, as applicable. 
 SECTION 12. CHANGE IN CONTROL PROVISIONS. 
 Notwithstanding any other
provision of the Plan to the contrary, unless the Committee determines otherwise with respect to any individual Award, as stipulated in the applicable Award Agreement, in the event of a Change in Control: 
 (a) Any Options and Stock Appreciation Rights outstanding as of the date such Change in Control is determined to have occurred, and which are not then
exercisable and vested, shall become fully exercisable and vested. 
  

 11 

 (b) The restrictions and deferral limitations applicable to any Restricted Shares shall lapse, and such
Restricted Shares shall become free of all restrictions and limitations and become fully vested and transferable. 
 (c) All Performance
Awards shall be considered to be earned and payable in full and any deferral or other restriction shall lapse and such Performance Awards shall be immediately settled or distributed. 
 (d) The restrictions and deferral limitations and other conditions applicable to any Other Stock Unit Awards or any other Awards shall lapse, and such
Other Stock Unit Awards or such other Awards shall become free of all restrictions, limitations or conditions and become fully vested and transferable to the full extent of the original grant. 
 (e) In addition to the foregoing, the Committee may take any one or more of the following actions with respect to any or all Awards that were granted on
or after February 7, 2007, without the consent of any Participant: 
 (1) The Committee may require that Participants
surrender outstanding Options and Stock Appreciation Rights in exchange for one or more payments by the Company, in cash or Shares as determined by the Committee, equal to the amount, if any, by which the then Fair Market Value of the Shares subject
to the Participant’s unexercised Options and Stock Appreciation Rights exceeds the purchase price. Payment shall be made on such terms as the Committee determines. 
 (2) After giving Participants an opportunity to exercise their outstanding Options and Stock Appreciation Rights, the Committee may
terminate any or all unexercised Options and Stock Appreciation Rights at such time as the Committee deems appropriate. 
 (3)
The Committee may determine that any Awards that remain outstanding after the Change in Control shall be converted to similar grants of the surviving corporation (or a parent or subsidiary of the surviving corporation). 
 (4) Any such surrender, termination or conversion shall take place as of the date of the Change in Control or such other date as the
Committee may specify. 
 SECTION 13. CODE SECTION 162(M) PROVISIONS. 
 (a) Notwithstanding any other provision of this Plan, if the Committee determines at the time any Restricted Shares, Performance Awards or Other Stock Unit Awards are granted to a Participant that such Participant is,
or is likely to be at the time he or she recognizes income for federal income tax purposes in connection with such Award, a Covered Employee, then the Committee may provide that this Section 13 is applicable to such Award. 
  

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 (b) If an Award is subject to this Section 13, then the lapsing of restrictions thereon and the
distribution of cash, Shares or other property pursuant thereto, as applicable, shall be subject to the achievement of one or more objective performance goals established by the Committee, which shall be based on the attainment of one or any
combination of the following: cash flow; cash flow from operations; net income, total earnings; earnings per share, diluted or basic; earnings per share from continuing operations, diluted or basic; earnings before interest and taxes; earnings
before interest, taxes, depreciation, and amortization; earnings from operations; net asset turnover; inventory turnover; capital expenditures; net earnings; operating earnings; gross or operating margin; debt; working capital; return on equity;
return on net assets; return on total assets; return on capital; return on invested capital; return on investment; return on sales; net or gross sales; market share; economic value added; cost of capital; change in assets; expense reduction levels;
cost control; debt reduction; productivity; delivery performance; safety record; stock price; stock price appreciation; and total stockholder return, of the Company or the Affiliate or division of the Company for or within which the Participant is
primarily employed. Such performance goals also may be based upon the attaining specified levels of Company performance under one or more of the measures described above relative to the performance of other corporations. Such performance goals shall
be set by the Committee within the times period prescribed by, and shall otherwise comply with the requirements of, Section 162(m) of the Code and the regulations thereunder. 
 (c) Notwithstanding any provision of this Plan other than Section 12, with respect to any Award that is subject to this Section 13, the
Committee may not adjust upwards the amount payable pursuant to such Award, nor may it waive the achievement of the applicable performance goals except in the case of the death or disability of the Participant. 
 (d) The Committee shall have the power to impose such other restrictions on Awards subject to this Section 13 as it may deem necessary or
appropriate to ensure that such Awards satisfy all requirements for “performance-based compensation” within the meaning of Section 162(m)(4)(B) of the Code or any successor thereto. 
 SECTION 14. AMENDMENTS AND TERMINATION. 
 The Board may amend, alter or
discontinue the Plan at any time; provided, however, no amendment, alteration, or discontinuation shall be made that would impair the rights of an optionee or Participant under an Award theretofore granted, without the optionee’s or
Participant’s consent; provided, further that, any amendment that would (i) except as is provided in Section 4(c) of the Plan, increase the total number of shares reserved for the purpose of the Plan, (ii) change the employees or
class of employees eligible to participate in the Plan, (iii) change the minimum exercise price for any Option or Stock Appreciation Right below the minimum price set forth in Section 6(a) and Section 7 of the Plan, as applicable, or
(iv) materially (within the meaning of rules of NASD) change the terms of the Plan, shall not be effective without the approval of Perrigo Company’s shareholders. 
 The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively; provided, that no such amendment shall impair the rights of any Participant without his or her consent. 

 

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 SECTION 15. GENERAL PROVISIONS. 
 (a) Unless the Committee determines otherwise with respect to an Award other than an Incentive Stock Option, no Award, and no Shares subject to Awards described in Section 10 which have not been issued or as to
which any applicable restriction, performance or deferral period has not lapsed, may be sold, assigned, transferred, pledged or otherwise encumbered, except by will or by the laws of descent and distribution; provided that, if so determined by the
Committee, a Participant may, in the manner established by the Committee, designate a beneficiary to exercise the rights of the Participant with respect to any Award upon the death of the Participant. Unless the Committee determines otherwise, each
Award shall be exercisable, during the Participant’s lifetime, only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. Notwithstanding the foregoing, subject to such rules as
the Committee may establish, a Nonstatutory Stock Option may be transferred by a Participant during his or her lifetime to a trust, partnership or other entity established for the benefit of the Participant and his or her immediate family which, for
purposes of the Plan, shall mean those persons who, at the time of such transfer, would be entitled to inherit part or all of the estate of the Participant under the laws of intestate succession then in effect in the state in which the Participant
resides if the Participant had died on such transfer date without a will. 
 (b) Subject to the provisions of Section 6(b) and
Section 7, the term of each Award shall be for such period of months or years from the date of its grant as may be determined by the Committee. 
 (c) No Employee or Participant shall have any claim to be granted any Award under the Plan nor to remain in the employment or service of the Company and there is no obligation for uniformity of treatment of Employees
or Participants under the Plan. The Committee may, in its sole discretion, condition eligibility for an Award on the execution of a noncompete or similar-type agreement. 
 (d) The prospective recipient of any Award under the Plan shall not, with respect to such Award, be deemed to have become a Participant, or to have any rights with respect to such Award, until and unless such
recipient shall have executed an agreement or other instrument evidencing the Award and delivered a fully executed copy thereof to the Company, and otherwise complied with the then applicable terms and conditions. 
 (e) Except as provided in Section 13, the Committee shall be authorized to make adjustments in Performance Award criteria or in the terms and
conditions of other Awards in recognition of unusual or nonrecurring events affecting the Company or its financial statements or changes in applicable laws, regulations or accounting principles. The Committee may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry it into effect. In the event the Company shall assume outstanding employee benefit awards or the right or obligation to
make future such awards in connection with the acquisition of another corporation or business entity, the Committee may, in its discretion, make such adjustments in the terms of Awards under the Plan as it shall deem appropriate. 
  

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 (f) The Committee shall have full power and authority to determine whether, to what extent and under what
circumstances any Award shall be canceled or suspended. 
 (g) All certificates for Shares delivered under the Plan pursuant to any Award
shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, NASD, any stock exchange upon which the Shares
are then listed, and any applicable Federal or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 (h) The Committee shall be authorized to establish procedures pursuant to which the payment of any Award may be deferred. Subject to the provisions of
this Plan and any Award Agreement, the recipient of an Award (including, without limitation, any deferred Award) may, if so determined by the Committee, be entitled to receive, currently or on a deferred basis, interest or dividends, or interest or
dividend equivalents, with respect to the number of shares covered by the Award, as determined by the Committee, in its sole discretion, and the Committee may provide that such amounts (if any) shall be deemed to have been reinvested in additional
Shares or otherwise reinvested. 
 (i) Except as otherwise required in any applicable Award Agreement or by the terms of the Plan, recipients
of Awards under the Plan shall not be required to make any payment or provide consideration other than the rendering of services. 
 (j) The
Company shall be authorized to withhold from any Award granted or payment due under the Plan the amount of any withholding taxes due in respect of an Award or payment hereunder and to take such other action as may be necessary in the opinion of the
Company to satisfy all obligations for the payment of such that. The Committee shall be authorized to establish procedures for election by Participants to satisfy such withholding taxes by delivery of, or directing the Company to retain, Shares.

 (k) Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to
shareholder approval if such approval is otherwise required; and such arrangements may be either generally applicable or applicable only in specific cases. 
 (l) The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Michigan and applicable Federal law.

 (m) If any provision of this Plan is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify
the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan, it shall be stricken and the remainder of the Plan shall remain in full force and effect. 
 (n)
Awards may be granted to Employees, directors or consultants of the Company or Affiliates who are foreign nationals or employed outside the United States, or both, on such terms and conditions different from those specified in the Plan as may, in
the 

  

 15 

 
judgment of the Committee, be necessary or desirable in order to recognize differences in local law or tax policy. The Committee also may impose conditions
on the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for Participants on assignments outside their home country. 
 SECTION 16. EFFECTIVE DATE OF PLAN. This amendment and restatement of the Plan shall be effective on the date that it is approved by the Company’s stockholders (the “Effective Date”). 
  

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