Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 TRANSITION
SERVICES AGREEMENT 
 BY AND BETWEEN 

BECTON, DICKINSON AND COMPANY 

AND 
 EMBECTA CORP. 

DATED AS OF MARCH 31, 2022 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
		
	 ARTICLE II SERVICES
	  	 	6	 
			
	 Section 2.01.
	 	Services	  	 	6	 
	 Section 2.02.
	 	Performance of Services	  	 	7	 
	 Section 2.03.
	 	Charges for Services	  	 	8	 
	 Section 2.04.
	 	Reimbursement for Out-of-Pocket Costs and Expenses	  	 	8	 
	 Section 2.05.
	 	Changes in the Performance of Services	  	 	9	 
	 Section 2.06.
	 	Transitional Nature of Services	  	 	9	 
	 Section 2.07.
	 	Subcontracting	  	 	9	 
	 Section 2.08.
	 	Local Agreements	  	 	9	 
	 Section 2.09.
	 	Service Limitations	  	 	10	 
	 Section 2.10.
	 	System Shut Down	  	 	11	 
	 Section 2.11.
	 	Use of Services	  	 	11	 
		
	 ARTICLE III OTHER ARRANGEMENTS
	  	 	11	 
			
	 Section 3.01.
	 	Access	  	 	11	 
		
	 ARTICLE IV BILLING; TAXES
	  	 	13	 
			
	 Section 4.01.
	 	Procedure	  	 	13	 
	 Section 4.02.
	 	Late Payments	  	 	13	 
	 Section 4.03.
	 	Taxes	  	 	13	 
	 Section 4.04.
	 	No Set-Off	  	 	13	 
		
	 ARTICLE V TERM AND TERMINATION
	  	 	14	 
			
	 Section 5.01.
	 	Term	  	 	14	 
	 Section 5.02.
	 	Early Termination	  	 	14	 
	 Section 5.03.
	 	Extension of Services	  	 	15	 
	 Section 5.04.
	 	Interdependencies	  	 	15	 
	 Section 5.05.
	 	Effect of Termination	  	 	16	 
	 Section 5.06.
	 	Information Transmission	  	 	16	 
		
	 ARTICLE VI CONFIDENTIALITY; PROTECTIVE ARRANGEMENTS
	  	 	16	 
			
	 Section 6.01.
	 	Parent and SpinCo Obligations	  	 	16	 
	 Section 6.02.
	 	No Release; Return or Destruction	  	 	17	 
	 Section 6.03.
	 	Privacy and Data Protection Laws	  	 	17	 
	 Section 6.04.
	 	Protective Arrangements	  	 	17	 

  
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	 ARTICLE VII LIMITED LIABILITY AND INDEMNIFICATION
	  	 	18	 
			
	 Section 7.01.
	 	Limitations on Liability	  	 	18	 
	 Section 7.02.
	 	Obligation to Re-Perform; Liabilities	  	 	18	 
	 Section 7.03.
	 	Third-Party Claims	  	 	19	 
	 Section 7.04.
	 	Indemnification Procedures	  	 	19	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	19	 
			
	 Section 8.01.
	 	Mutual Cooperation	  	 	19	 
	 Section 8.02.
	 	Further Assurances	  	 	19	 
	 Section 8.03.
	 	Audit Assistance	  	 	19	 
	 Section 8.04.
	 	Title to Intellectual Property	  	 	20	 
	 Section 8.05.
	 	Independent Contractors	  	 	20	 
	 Section 8.06.
	 	Counterparts; Entire Agreement; Corporate Power	  	 	20	 
	 Section 8.07.
	 	Governing Law	  	 	21	 
	 Section 8.08.
	 	Assignability	  	 	21	 
	 Section 8.09.
	 	Third-Party Beneficiaries	  	 	21	 
	 Section 8.10.
	 	Notices	  	 	22	 
	 Section 8.11.
	 	Severability	  	 	22	 
	 Section 8.12.
	 	Force Majeure	  	 	23	 
	 Section 8.13.
	 	Headings	  	 	23	 
	 Section 8.14.
	 	Survival of Covenants	  	 	23	 
	 Section 8.15.
	 	Waivers of Default	  	 	23	 
	 Section 8.16.
	 	Dispute Resolution	  	 	23	 
	 Section 8.17.
	 	Specific Performance	  	 	24	 
	 Section 8.18.
	 	Amendments	  	 	24	 
	 Section 8.19.
	 	Precedence of Schedules	  	 	24	 
	 Section 8.20.
	 	Interpretation	  	 	24	 
	 Section 8.21.
	 	Mutual Drafting	  	 	25	 

  
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 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated as of March 31, 2022 (this “Agreement”), is by and between Becton Dickinson and
Company, a New Jersey corporation (“Parent”), and Embecta Corp., a Delaware corporation (“SpinCo”). 
 R E
C I T A L S: 
 WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best
interests of Parent and its shareholders to create a new publicly traded company that shall operate the SpinCo Business; 
 WHEREAS, in
furtherance of the foregoing, the Parent Board has determined that it is appropriate and desirable to separate the SpinCo Business from the Parent Business (the “Separation”) and, following the Separation, make a distribution, on a
pro rata basis, to holders of Parent Shares on the Record Date of all of the outstanding SpinCo Shares owned by Parent (the “Distribution”); 

WHEREAS, in order to effectuate the Separation and the Distribution, Parent and SpinCo have entered into a Separation and Distribution
Agreement, dated as of the date hereof (the “Separation and Distribution Agreement”); 
 WHEREAS, in order to facilitate
and provide for an orderly transition in connection with the Separation and the Distribution, the Parties desire to enter into this Agreement which sets forth the terms of certain relationships and other agreements among the Parties as set forth
herein; and 
 WHEREAS, the Parties acknowledge that this Agreement, the Separation and Distribution Agreement, and the other Ancillary
Agreements represent the integrated agreement of Parent and SpinCo relating to the Separation and Distribution, are being entered together, and would not have been entered independently. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

“Action” shall mean any demand, action, claim, dispute, suit, countersuit, arbitration, inquiry, subpoena, proceeding or
investigation of any nature (whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any federal, state, local, foreign or international Governmental Authority or any arbitration or mediation
tribunal. 

 “Additional Services” shall have the meaning set forth in
Section 2.01(b). 
 “Affiliate” has the meaning set forth in the Separation and Distribution Agreement. 

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

“Ancillary Agreements” has the meaning set forth in the Separation and Distribution Agreement. 

“Applications” means those software applications expressly set forth on Schedule A. All Applications shall be hosted
and used exclusively on or through the Host System throughout the term of this Agreement. 
 “Charge” and
“Charges” have the meaning set forth in Section 2.03. 
 “Confidential
Information” shall mean all Information that is either confidential or proprietary. 
 “Connection Agreement”
means the Connection Agreement by and between Service Recipient and Service Provider attached hereto as Schedule B. 
 “COVID-19” shall mean SARS-CoV-2 or COVID-19, and any evolutions, variants, mutations
or worsening thereof or related or associated epidemics, pandemics or disease outbreaks (including any subsequent waves). 

“Dispute” has the meaning set forth in Section 8.16(a). 

“Distribution” has the meaning set forth in the Recitals. 

“Distribution Date” shall mean the date of the consummation of the Distribution, which shall be determined by the Parent
Board in its sole and absolute discretion. 
 “Effective Time” shall mean 12:01 a.m., New York City time, on the
Distribution Date. 
 “e-mail” shall have the meaning set forth in
Section 8.10. 
 “Excluded Service” shall mean any service or function that the Parties had
mutually agreed would not be provided under the terms of this Agreement. 
 “Force Majeure” shall mean, with respect to a
Party, an event beyond the reasonable control of such Party (or any Person acting on its behalf), which event (a) does not arise or result from the fault or negligence of such Party (or any Person acting on its behalf) and (b) by its
nature would not reasonably have been foreseen by such Party (or such Person), or, if it would reasonably have been foreseen, was unavoidable, and includes acts of God, acts of civil or military authority, acts of terrorism, cyberattacks, embargoes,
epidemics, pandemics (including 

  
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COVID-19 and Pandemic Measures), war, riots, insurrections, fires, explosions, earthquakes, floods, unusually severe weather conditions, labor problems or
unavailability of parts, or, in the case of computer systems, any significant and prolonged failure in electrical or air conditioning equipment. Notwithstanding the foregoing, the receipt by a Party of an unsolicited takeover offer or other
acquisition proposal, even if unforeseen or unavoidable, and such Party’s response thereto shall not be deemed an event of Force Majeure. 

“Governmental Authority” shall mean any nation or government, any state, municipality or other political subdivision thereof,
and any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative
or other similar functions of, or pertaining to, government and any executive official thereof. 
 “Host Systems” shall
mean those information technology systems and platforms selected by Service Provider (a) to host the Applications or (b) for use in connection with the performance of Services. 

“Information” shall mean information in written, oral, electronic or other tangible or intangible forms, stored in any
medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models,
prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memos and
other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee or business information or data; provided that Information does not include Intellectual Property
Rights. 
 “Intellectual Property Rights” has the meaning set forth in the Separation and Distribution Agreement. 

“Interest Payment” has the meaning set forth in Section 4.02. 

“Law” shall mean any national, supranational, federal, state, provincial, local or similar law (including common law),
statute, code, order, ordinance, rule, regulation, treaty (including any income tax treaty), license, permit, authorization, approval, consent, decree, injunction, binding judicial or administrative interpretation or other requirement, in each case,
enacted, promulgated, issued or entered by a Governmental Authority. 
 “Level of Service” has the meaning set forth in
Section 2.02(c). 
 “Liabilities” shall mean all debts, guarantees, assurances, commitments,
liabilities, responsibilities, Losses, remediation, deficiencies, damages, fines, penalties, settlements, sanctions, costs, expenses, interest and obligations of any nature or kind, whether accrued or fixed, absolute or contingent, matured or
unmatured, accrued or not accrued, asserted or unasserted, liquidated or unliquidated, foreseen or unforeseen, known or unknown, reserved or unreserved, or determined or determinable, including those arising under any Law, claim (including any
Third-Party Claim), demand, Action, or order, writ, judgment, injunction, decree, 

  
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stipulation, determination or award entered by or with any Governmental Authority or arbitration tribunal, and those arising under any contract, agreement, obligation, indenture, instrument,
lease, promise, arrangement, release, warranty, commitment or undertaking, or any fines, damages or equitable relief that is imposed, in each case, including all costs and expenses relating thereto. 

“Local Agreement” has the meaning set forth in Section 2.08. 

“Losses” shall mean actual losses (including any diminution in value), costs, damages, penalties and expenses (including
legal and accounting fees and expenses and costs of investigation and litigation), whether or not involving a Third-Party Claim. 

“Minimum Service Period” shall mean the period commencing on the Distribution Date and ending ninety (90) days after the
Distribution Date, unless otherwise specified with respect to a particular service on the Schedules hereto. 
 “Pandemic
Measures” shall mean any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shut down, closure, sequester, immunization requirements, safety or similar Law, directive, guidelines or
recommendations promulgated by any Governmental Authority, including the Centers for Disease Control and Prevention and the World Health Organization, in each case, in connection with or in response to a pandemic, including COVID-19. 
 “Parent” has the meaning set forth in the Preamble. 

“Parent Board” has the meaning set forth in the Recitals. 

“Parent Business” has the meaning set forth in the Separation and Distribution Agreement. 

“Parent Shares” shall mean the shares of common stock, par value $1.00 per share, of Parent. 

“Parties” shall mean the parties to this Agreement. 

“Person” shall mean an individual, a general or limited partnership, a corporation, a trust, a joint venture, an
unincorporated organization, a limited liability entity, any other entity and any Governmental Authority. 
 “Record Date”
shall mean the close of business on the date to be determined by the Parent Board as the record date for determining holders of Parent Shares entitled to receive SpinCo Shares pursuant to the Distribution. 

“Representatives” shall mean, with respect to any Person, any of such Person’s directors, officers, employees, agents,
consultants, advisors, accountants, attorneys or other representatives. 
 “Separation” has the meaning set forth in the
Recitals. 

  
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 “Separation and Distribution Agreement” has the meaning set forth in the
Recitals. 
 “Service Baseline Period” has the meaning set forth in Section 2.02(c). 

“Service Extension” has the meaning set forth in Section 5.03. 

“Service Period” shall mean, with respect to any Service, the period commencing on the Distribution Date and ending on the
earliest of (a) the date that a Party terminates the provision of such Service pursuant to Section 5.02, (b) the date that is the two (2)-year anniversary of the Distribution Date and (c) the date specified for
termination of such Service in the Schedules hereto, unless extended pursuant to Section 5.03. 

“Service Provider” shall mean, with respect to any Service, the Party providing such Service. 

“Service Provider Indemnitees” has the meaning set forth in Section 7.03. 

“Service Recipient” shall mean, with respect to any Service, the Party receiving such Service. 

“Service Recipient Individual User” has the meaning set forth in the Connection Agreement. 

“Services” has the meaning set forth in Section 2.01(a). 

“Service Suspension Period” has the meaning set forth in Section 5.03. 

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

“SpinCo Business” has the meaning set forth in the Separation and Distribution Agreement. 

“SpinCo Shares” shall mean the shares of common stock, par value $0.01 per share, of SpinCo. 

“Subsidiary” shall mean, with respect to any Person, any corporation, limited liability company, joint venture or partnership
of which such Person (a) beneficially owns, either directly or indirectly, fifty percent (50%) or more of (i) the total combined voting power of all classes of voting securities, (ii) the total combined equity interests or
(iii) the capital or profit interests, in the case of a partnership, or (b) otherwise has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of directors or similar governing body. 

“Tax” shall mean any and all forms of taxation, whenever created or imposed by a Taxing Authority, and, without limiting the
generality of the foregoing, shall include net income, alternative or add-on minimum, estimated, gross income, sales, use, ad valorem, gross receipts, value added, franchise, profits, license, transfer,
recording, withholding, payroll, employment, 

  
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excise, severance, stamp, occupation, premium, property, windfall profit, custom duty or other tax, governmental fee or other like assessment or charge of any kind whatsoever, together with any
related interest, penalties or other additions to tax, or additional amounts imposed by any such Taxing Authority. 
 “Taxing
Authority” shall mean a national, foreign, municipal, state, federal or other Governmental Authority responsible for the administration of any Tax. 

“Term” has the meaning set forth in Section 5.01. 

“Termination Charges” shall mean, with respect to the termination of any Service pursuant to
Section 5.02(a)(i), any and all costs, fees and expenses (other than any severance or retention costs, unless otherwise specified with respect to a particular Service on the Schedules hereto or in the other Ancillary
Agreements) payable by Service Provider or its Subsidiaries to a Third Party to the extent resulting from the early termination of such Service. 

“Third Party” shall mean any Person other than the Parties or any of their respective Affiliates. 

“Third-Party Claim” shall mean any Action commenced by any Third Party against any Party or any of its Affiliates. 

“Visit CDA” means the confidential disclosure agreement attached hereto as Schedule C. 

ARTICLE II 
 SERVICES 

Section 2.01. Services. 

(a) Commencing as of the Effective Time, Service Provider agrees to provide, or to cause one or more of its Subsidiaries to provide, to Service
Recipient, or any Subsidiary of Service Recipient, the applicable services (the “Services”) set forth on the Schedules hereto. 

(b) If, after the date of this Agreement, Service Recipient identifies a service (other than an Excluded Service) that Service Provider
provided to Service Recipient within twelve (12) months prior to the Distribution Date that Service Recipient reasonably needs in order for the SpinCo Business or the Parent Business, as applicable, to continue to operate in substantially the
same manner in which the SpinCo Business or the Parent Business, as applicable, operated prior to the Distribution Date, and such service was not included on the Schedules hereto (other than because the Parties agreed such service shall not
be provided), and Service Recipient provides written notice to Service Provider within ninety (90) days after the Distribution Date requesting such additional services, then Service Provider shall use its commercially reasonable efforts to
provide such requested additional services (such requested additional services, the “Additional Services”); provided, however, that Service Provider shall not be obligated to provide any Additional Service (A) if
Service Provider does not, in its 

  
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reasonable judgment, have adequate resources to provide such Additional Service (taking into consideration any offer by Service Recipient to pay for such additional resources, subject to the
limitations set forth in Section 2.09), (B) if the provision of such Additional Service would significantly disrupt the operation of Service Provider’s or its Subsidiaries’ businesses, (C) if the Parties
are unable to reach agreement on the terms thereof (including with respect to Service Charges therefor), or (D) if Service Recipient is reasonably in a position to provide such Additional Services to itself or obtain such Additional Services
from a Third Party on the same time frame as such services would be available from Service Provider. In connection with any request for Additional Services in accordance with this Section 2.01(b), the Parties shall in good
faith negotiate the terms of a supplement to the applicable Schedule, which terms shall be consistent with the terms of, and the pricing methodology used for, similar Services provided under this Agreement. Upon the mutual written agreement of the
Parties, the supplement to the applicable Schedule shall describe in reasonable detail the nature, scope, Service Period(s), termination provisions and other terms applicable to such Additional Services in a manner similar to that in which the
Services are described in the existing Schedules. Each supplement to the applicable Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and the Additional Services set forth
therein shall be deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

Section 2.02. Performance of Services. 

(a) Subject to Section 2.05, Service Provider shall perform, or shall cause one or more of its Affiliates to perform,
all Services to be provided in a manner that is based on its past practice and that is substantially similar in nature, quality and timeliness to analogous services provided by Service Provider prior to the Effective Time. 

(b) Nothing in this Agreement shall require Service Provider to perform or cause to be performed any Service to the extent that the manner of
such performance would constitute a violation of any applicable Law or any existing contract or agreement with a Third Party. If Service Provider is or becomes aware of the potential for any such violation, Service Provider shall promptly advise
Service Recipient of such potential violation, and the Parties will mutually seek an alternative that addresses such potential violation. The Parties agree to cooperate in good faith and use commercially reasonable efforts to obtain any necessary
Third Party consents or sublicenses required under any existing contract or agreement with a Third Party to allow Service Provider to perform, or cause to be performed, all Services to be provided hereunder in accordance with the standards set forth
in this Section 2.02. Service Recipient shall reimburse Service Provider for all reasonable out-of-pocket costs and expenses (if any) incurred
by Service Provider or any of its Subsidiaries in connection with obtaining any such Third Party consent that is required to allow Service Provider to perform or cause to be performed such Services. If, with respect to a Service, the Parties,
despite the use of such commercially reasonable efforts, are unable to obtain a required Third Party consent, or the performance of such Service by Service Provider would constitute a violation of any applicable Law, Service Provider shall have no
obligation whatsoever to perform or cause to be performed such Service. 

  
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 (c) Unless otherwise provided with respect to a specific Service on the Schedules
hereto, Service Provider shall not be obligated to perform or to cause to be performed any Service in a manner that is materially more burdensome (with respect to service quality or quantity) than analogous services provided to BD or its applicable
functional group or Subsidiary (collectively referred to as the “Level of Service”) during the one year period ending on the last day of Service Provider’s last fiscal quarter completed on or prior to the date of the
Distribution (the “Service Baseline Period”). 
 (d) (i) Neither Service Provider nor any of its Subsidiaries shall be
required to perform or to cause to be performed any of the Services for the benefit of any Third Party or any other Person other than Service Recipient and its Subsidiaries, and (ii) EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION 2.02,
EACH PARTY ACKNOWLEDGES AND AGREES THAT ALL SERVICES ARE PROVIDED ON AN “AS-IS” BASIS, THAT SERVICE RECIPIENT ASSUMES ALL RISK AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE UPON
THE SERVICES, AND THAT SERVICE PROVIDER MAKES NO OTHER REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, WITH RESPECT TO THE SERVICES. SERVICE PROVIDER SPECIFICALLY
DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR THE NON-INFRINGEMENT OF ANY
INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 
 (e) Each Party shall be responsible for its own compliance with any and all Laws applicable
to its performance under this Agreement. No Party shall knowingly take any action in violation of any such applicable Law that results in Liability being imposed on the other Party. 

Section 2.03. Charges for Services. Unless otherwise provided with respect to a specific Service on the Schedules hereto,
Service Recipient shall pay Service Provider a fee (either one-time or recurring) for such Services (or category of Services, as applicable) (each fee constituting a “Charge” and,
collectively, “Charges”), which Charges shall be set forth on the applicable Schedules hereto. During the term of this Agreement, the amount of a Charge for any Service may be modified to the extent of (a) any
adjustments mutually agreed to by the Parties, (b) any adjustments due to a change in Level of Service requested by Service Recipient and agreed upon by Service Provider, and (c) any adjustment in the rates or charges imposed by any Third
Party provider that is providing Services; provided that Service Provider will notify Service Recipient in writing of any such change in rates at least thirty (30) days prior to the effective date of such rate change. Together with any
invoice for Charges, Service Provider shall provide Service Recipient with reasonable documentation, including any additional documentation reasonably requested by Service Recipient to the extent that such documentation is in Service Provider’s
or its Subsidiaries’ possession or control, to support the calculation of such Charges.  
 Section 2.04.
Reimbursement for Out-of-Pocket Costs and Expenses. Service Recipient shall reimburse Service Provider for reasonable out-of-pocket costs and expenses incurred by Service Provider or any of its Subsidiaries in connection with providing the Services (including reasonable travel-related expenses) to the extent that such costs
and expenses are not reflected in the Charges for such Services. 

  
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 Section 2.05. Changes in the Performance of Services. Subject to the performance
standards for Services set forth in Section 2.02(a), 2.02(b) and 2.02(c), Service Provider may make changes from time to time in the manner of performing the Services if Service Provider is making similar
changes in performing analogous services for itself and if Service Provider furnishes to Service Recipient reasonable prior written notice (in content and timing) of such changes. If such change shall materially adversely affect the timeliness or
quality of, or the Charges for, the applicable Service, Service Recipient shall be permitted to terminate the applicable specific Service pursuant to Section 5.02(a)(i) without being required to pay any Termination Charges pursuant to
Section 5.05 for such Service. 
 Section 2.06. Transitional Nature of Services. The Parties acknowledge the
transitional nature of the Services and that Service Recipient shall be responsible with respect to transitioning off of the provision of Services. Service Provider agrees to reasonably cooperate with Service Recipient, upon Service Recipient’s
written request, in the transition of the Services from Service Provider to Service Recipient (or its designee). Service Recipient agrees to use commercially reasonable efforts to reduce or eliminate its and its Affiliates’ dependency on each
Service to the extent and as soon as is reasonably practicable. Service Recipient shall transition responsibility for the performance of Services from Service Provider to Service Recipient in a manner that minimizes, to the extent reasonably
possible, disruption to the Parent Business or the SpinCo Business, as applicable, and the continuing operations of Service Provider and its relevant Affiliates. Service Provider shall have no obligation to perform any Services following the Term.
The Parties acknowledge and agree that time is of the essence with respect to the foregoing in this Section 2.06. 

Section 2.07. Subcontracting. Service Provider may hire or engage one or more Third Parties to perform any or all of its
obligations under this Agreement; provided, however, that Service Provider shall in all cases remain responsible (as primary obligor) for all of its obligations under this Agreement with respect to the scope of the Services, the
performance standard for Services set forth in Section 2.02(a), 2.02(b) and 2.02(c) and the content of the Services provided to Service Recipient. Service Provider shall be liable for any breach of its obligations under
this Agreement by any Third Party service provider engaged by Service Provider. Subject to the confidentiality provisions set forth in Article VI, Service Provider shall, and shall cause its Affiliates to, provide, upon fifteen
(15) business days’ prior written notice, any Information within Service Provider’s or its Affiliates’ control that Service Recipient reasonably requests in connection with any Services being provided to Service Recipient by a
Third Party, including any applicable invoices, agreements documenting the arrangements between such Third Party and Service Provider and other supporting documentation; provided, further, however, that Service Recipient shall
make no more than one such request per Third Party during any calendar quarter. 
 Section 2.08. Local Agreements. Each Party
recognizes and agrees that it may be necessary or desirable to separately document certain matters relating to the Services provided hereunder in various jurisdictions from time to time or to otherwise modify the scope or nature of such Services, in
each case to the extent necessary to comply with applicable Law. If such an agreement or modification of any of the Services is required by applicable Law, or if the applicable Parties mutually determine entry into such an agreement or modification
of Services 

  
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would be desirable, in each case in order for Service Provider or its Subsidiaries to provide any of the Services in a particular jurisdiction, Service Provider and Service Recipient shall, or
shall cause their applicable Subsidiaries to, to enter into local implementing agreements (as each may be amended and in effect from time to time, each a “Local Agreement”) in form and content reasonably acceptable to the applicable
Parties; provided that the execution or performance of any such Local Agreement shall in no way alter or modify any term or condition of this Agreement or the effect of any such term or condition, except to the extent expressly specified in
such Local Agreement. Except as used in this Section 2.08, any references herein to this Agreement and the Services to be provided hereunder, shall include any Local Agreement and any local services to be provided
thereunder. Except as expressly set forth in any Local Agreement, in the event of a conflict between the terms contained in a Local Agreement and the terms contained in this Agreement (including the applicable Schedules), the terms in this Agreement
shall take precedence. 
 Section 2.09. Service Limitations. Notwithstanding any provision of this Agreement to the contrary:

 (a) for purposes of this Agreement, except as and to the extent necessary for the receipt of any Services by Service Recipient or as
otherwise set forth on a Schedule hereto and subject to Article III, Service Provider shall have no obligation to provide Service Recipient with access to or use of any Service Provider information technology systems, information
technology, platforms, networks, applications, software databases or computer hardware; 
 (b) Service Provider shall not be obligated to
provide and shall not be deemed to be providing any advisory services (including advice with respect to legal, financial, accounting, insurance, regulatory or tax matters) to Service Recipient or any of its Representatives as part of or in
connection with the Services or otherwise; 
 (c) Service Provider shall have no obligation to prepare or deliver any notification or report
to any Governmental Authority or other Person on behalf of Service Recipient or any of its Representatives except as set forth on the Schedules hereto; provided that Service Provider shall not deliver any such notification or report
without Service Recipient’s prior written consent; 
 (d) in no event shall Service Provider or its Affiliates have any obligation to
favor Service Recipient or any of its Affiliates’ operation of its businesses over its own business operations or those of its Affiliates; 

(e) Service Provider shall not be required to hire any additional employees, maintain the employment of any one or more specific employees, or
purchase, lease or license any additional equipment, software (including additional seats or instances under existing software license agreements) or other resources; and 

(f) Service Provider shall not be required to bear or pay any costs related to the conversion of the Service Recipient’s data at Service
Recipient’s request (other than any costs mutually agreed by Service Provider and Service Recipient, it being understood that, in agreeing to any such costs, the Parties shall take into account the time, effort and complexity of any action of
Service Provider). 

  
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 Section 2.10. System Shut Down. Service Provider shall have the right to shut
down temporarily for maintenance or similar purposes the operation of any facilities or systems providing any Service whenever in Service Provider’s reasonable judgment such action is necessary or advisable for general maintenance or emergency
purposes; provided that without limiting the immediately following sentence, Service Provider will schedule non-emergency general maintenance impacting the Services so as not to materially disrupt the
operation of the SpinCo Business or the Parent Business, as applicable, by Service Recipient. Service Provider will use commercially reasonable efforts to provide Service Recipient advance notice of any shut down for general maintenance purposes or
other planned shut down. 
 Section 2.11. Use of Services. Service Provider shall not be required to provide Services to any
Person other than Service Recipient and its Subsidiaries. Service Recipient shall not, and shall not permit its or any of its Subsidiaries’ Representatives to, resell any Services to any Third Party or permit the use of any Services by any
Third Party. 
 ARTICLE III 

OTHER ARRANGEMENTS 

Section 3.01. Access. 

(a) Upon reasonable advance notice, SpinCo shall, and shall cause its Subsidiaries to, allow Parent and its Subsidiaries and their respective
Representatives reasonable access during normal business hours to the facilities, Information, systems, infrastructure and personnel of SpinCo and its Subsidiaries as reasonably necessary for Parent and its Subsidiaries to fulfill their obligations
under this Agreement and, as applicable, to verify the accuracy of internal controls over information technology, reporting of financial data and related processes employed in connection with verifying compliance with Section 404 of the
Sarbanes-Oxley Act of 2002; provided that (i) such access shall not unreasonably interfere with any of the business or operations of SpinCo or any of its Subsidiaries, (ii) in the event that SpinCo determines that providing such
access could violate any applicable Law or agreement or waive any attorney-client privilege, then the Parties shall use commercially reasonable efforts to permit such access in a manner that avoids any such consequence and (iii) no such access
shall be permitted unless and until the Visit CDA shall have been executed by Parent and delivered to SpinCo. Parent agrees that all of its and its Subsidiaries’ employees shall, and that it shall use commercially reasonable efforts to cause
its Representatives’ employees to, when on the property of SpinCo or its Subsidiaries, or when given access to any facilities, Information, systems, infrastructure or personnel of SpinCo or its Subsidiaries, conform to the policies and
procedures of SpinCo and its Subsidiaries, as applicable, concerning health, safety, conduct and security which are made known or provided to Parent from time to time. 

  
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 (b) Upon reasonable advance notice, Parent shall, and shall cause its Subsidiaries to, allow
SpinCo and its Subsidiaries and their respective Representatives reasonable access during normal business hours to the facilities, Information, systems, infrastructure and personnel of Parent and its Subsidiaries as reasonably necessary for SpinCo
to verify the adequacy of internal controls over information technology, reporting of financial data and related processes employed in connection with the Services being provided, including in connection with verifying compliance with
Section 404 of the Sarbanes-Oxley Act of 2002; provided that (i) such access shall not unreasonably interfere with any of the business or operations of Parent or any of its Subsidiaries, (ii) in the event that Parent determines
that providing such access could violate any applicable Law or agreement or waive any attorney-client privilege, then the Parties shall use commercially reasonable efforts to permit such access in a manner that avoids any such consequence and
(iii) no such access shall be permitted unless and until the Visit CDA shall have been executed by SpinCo and delivered to Parent. SpinCo agrees that all of its and its Subsidiaries’ employees shall, and that it shall use commercially
reasonable efforts to cause its Representatives’ employees to, when on the property of Parent or its Subsidiaries, or when given access to any facilities, Information, systems, infrastructure or personnel of Parent or its Subsidiaries, conform
to the policies and procedures of Parent and its Subsidiaries, as applicable, concerning health, safety, conduct and security which are made known or provided to SpinCo from time to time. 

(c) Subject to the terms and conditions of this Agreement, including the Connection Agreement during the term of this Agreement, Service
Provider will permit Service Recipient and authorized Service Recipient Individual Users to access the Host Systems and the Applications (on or through the Host Systems), in each case, for the sole purpose of receiving, and solely to the extent
necessary to receive, the Services as expressly contemplated by the Services themselves and in accordance with the terms and conditions expressly stated in this Agreement. Service Recipient Individual Users are authorized to access the Applications
and the Host Systems with the prior permission of Service Provider and subject to the terms and conditions of this Agreement, including the foregoing sentence, and the Connection Agreement, and only to the extent that such authorized Service
Recipient Individual Users have a need to access the Host Systems or use the Applications in order for the Service Recipient to receive the Services. 

(d) Service Recipient shall not, and shall cause each of its Representatives and Service Recipient Individual Users not to, introduce or
otherwise expose any Host System or any Application to any (a) computer code or instructions (e.g., malicious code or viruses) that may disrupt, damage, or interfere with the Host System or any Application or other software or firmware stored
or operated thereon, (b) device that is capable of automatically or remotely stopping any Host System or Application from operating, in whole or in part (e.g., passwords, fuses or time bombs), (c) “back doors” or “trap
doors” which allow for any access or bypassing of any security feature of the Host System or any Application or (d) any barriers designed for, or having the effect of, preventing Service Provider from accessing all or any portion of its
systems, software or data. This Section 3.01(d) shall apply to Service Provider mutatis mutandis with respect to information and technology systems and platforms of Service Recipient if and to the extent accessed by
Service Provider to provide Services hereunder. 
 (e) Service Recipient shall, at its sole expense (a) provide all network connectivity
necessary for each of its Representatives and each Service Recipient Individual User to connect to the Host Systems (other than the connectivity that Service Provider shall provide as set forth on the Schedules hereto) and (b) comply,
and cause each of its Representatives and each Service Recipient Individual User to comply, with the terms and 

  
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conditions set forth in the Service Provider Information Security Policy and Connection Agreement and in Sections 3.01(c), 3.01(d) and 3.01(e). This
Section 3.01(e) shall apply to Service Provider mutatis mutandis with respect to information and technology systems and platforms of Service Recipient if and to the extent accessed by Service Provider to provide
Services hereunder. 
 ARTICLE IV 

BILLING; TAXES 

Section 4.01. Procedure. Charges for the Services shall be charged to and payable by Service Recipient. Amounts payable pursuant
to this Agreement shall be paid by wire transfer or Automated Clearing House payment (or such other method of payment as may be agreed between the Parties from time to time) to Service Provider (as directed by Service Provider), which amounts shall
be due (a) in the case of recurring fees, on a monthly basis on or prior to the first day of the calendar month for which the applicable Service is to be provided, and (b) in the case of all other amounts, within thirty (30) days of
Service Recipient’s receipt of each invoice for Charges, including reasonable documentation pursuant to Section 2.03. All amounts due and payable hereunder shall be paid in U.S. dollars. In the event of any billing dispute, Service
Recipient shall promptly pay any undisputed amount.  
 Section 4.02. Late Payments. Charges not paid when due
pursuant to this Agreement and which are not disputed in good faith (and any amounts billed or otherwise invoiced or demanded and properly payable that are not paid within ten (10) days of the receipt of a notice of non-payment from Service Provider) shall accrue interest at a rate per annum equal to eight percent (8%) (the “Interest Payment”). Failure to pay such Charges due hereunder within ten (10) days
from receipt of a non-payment notice from Service Provider pursuant to the terms of this Agreement shall constitute Service Recipient’s failure to perform a material obligation under
Section 5.02(b) and Service Provider may terminate this Agreement with respect to the applicable Service for which such payment failure applies under Section 5.02(b) (after the applicable cure
period set forth therein). 
 Section 4.03. Taxes. Without limiting any provisions of this Agreement, Service Recipient shall
bear any and all Taxes and other similar charges (and any related interest and penalties) imposed on, or payable with respect to, any fees or charges, including any Charges, payable by it pursuant to this Agreement, including all sales, use,
value-added, and similar Taxes, but excluding any Taxes on Service Provider’s income. Notwithstanding anything to the contrary in the previous sentence or elsewhere in this Agreement, Service Recipient shall be entitled to withhold from any
payments to Service Provider any such Taxes that Service Recipient is required by applicable Law to withhold and shall pay such Taxes to the applicable Taxing Authority. 

Section 4.04. No Set-Off. Except as mutually agreed to in writing by Service Provider and
Service Recipient, neither Service Recipient nor any of its Affiliates shall have any right of set-off or other similar rights with respect to any amounts owed to Service Provider or any of its Subsidiaries pursuant to this Agreement on account of
any obligation owed by Service Provider or any of its Subsidiaries to Service Recipient or any of its Subsidiaries. 

  
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 ARTICLE V 

TERM AND TERMINATION 

Section 5.01. Term. This Agreement shall commence at the Effective Time and shall terminate upon the earliest to occur of
(a) the last date on which Service Provider is obligated to provide any Service to Service Recipient in accordance with the terms of this Agreement; (b) the mutual written agreement of the Parties to terminate this Agreement in its
entirety; and (c) the two (2) year anniversary of the Distribution Date (the “Term”). Unless otherwise terminated pursuant to Section 5.02, this Agreement shall terminate with respect to each Service as of the
close of business on the last day of the Service Period for such Service. 
 Section 5.02. Early Termination. 

(a) Without prejudice to Service Recipient’s rights with respect to Force Majeure, Service Recipient may from time to time terminate this
Agreement with respect to the entirety of any Service (Service Recipient may terminate any Service set forth on any part of the Schedules hereto without terminating all or any other Services set forth on the same Schedule as such
terminated Service; provided, however, that Service Recipient must terminate the entirety of any Service, and not just a portion thereof): 

(i) for any reason or no reason, upon the giving of at least forty-five (45) days’ prior written notice (or such
other number of days specified in the Schedules hereto) to Service Provider, unless prohibited by the applicable Schedule hereto); provided, however, that any such termination (x) may not be effective prior to the
end of the Minimum Service Period, (y) may only be effective as of the last day of a month and (z) shall be subject to the obligation to pay any applicable Termination Charges pursuant to Section 5.05; or 

(ii) if Service Provider has failed to perform any of its material obligations under this Agreement with respect to such
Service, and such failure to perform materially and adversely affects the provision of such Service or Service Recipient or an Affiliate thereof or the SpinCo Business or the Parent Business, as applicable, and such failure shall continue to be
uncured by Service Provider for a period of at least ninety (90) days after receipt by Service Provider of written notice of such failure from Service Recipient; provided, however, that Service Recipient shall not be entitled to
terminate this Agreement with respect to the applicable Service if, as of the end of such period, there remains a good-faith Dispute between the Parties (undertaken in accordance with the terms of Section 8.16) as to
whether Service Provider has cured the applicable breach. 
 (b) Service Provider may terminate this Agreement with respect to the entirety
or portion of any Service at any time upon prior written notice to Service Recipient if Service Recipient has failed to perform any of its material obligations under this Agreement with respect to such Service, including making payment of Charges
which are not disputed in good faith for such Service when due, and such failure shall continue to be uncured by Service Recipient for a period of at least ninety (90) days (or thirty (30) days in the event of a failure to make payment

  
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of Charges which are not disputed in good faith for such Service when due) after receipt by Service Recipient of a written notice of such failure from Service Provider; provided,
however, that Service Provider shall not be entitled to terminate this Agreement with respect to the applicable Service if, as of the end of such period, there remains a good-faith Dispute between the Parties (undertaken in accordance with
the terms of Section 8.16) as to whether Service Recipient has cured the applicable breach. 
 (c) The
Schedules hereto shall be updated to reflect any terminated Service. 
 Section 5.03. Extension of Services. Service
Recipient may request, by providing Service Provider with advance written notice, to extend the Service Period of any Service so that such Service ends on the earlier of (a) ninety (90) days following the last date on which Service Provider is
obligated to provide such Service in accordance with the terms of this Agreement and (b) the Term (each such extension, a “Service Extension”). Service Provider, in its sole discretion, shall determine whether to extend such
Service for the requested Service Extension period. If Service Provider agrees to provide such Service during the requested Service Extension period, then (i) the Parties shall in good faith negotiate the terms of an amendment to the
Schedules hereto, which amendment shall be consistent with the terms of the applicable Service; and (ii) the Charge for such Service during the Service Extension period shall be equal to one hundred twenty-five percent (125%) of the
Charge for such Service; provided that, if such Service Extension is the result of Service Provider’s failure to provide the Service during the applicable Service Period (the amount of time that the Service Provider so failed to provide
such Service, the “Service Suspension Period”), then the Charge for such Service during the Service Extension period shall be equal to (x) one hundred percent (100%) of the Charge for such Service, for a number of days equal to
the Service Suspension Period and (y) one hundred twenty-five percent (125%) of the Charge for such Service, for the remaining days of the Service Extension period, if any. Notwithstanding the foregoing, the Service Period of any particular
Service may not be extended more than once. Each amendment of the Schedules hereto, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and any Services provided pursuant to such
Service Extensions shall be deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

Section 5.04. Interdependencies. The Parties acknowledge and agree that (a) there may be interdependencies among the Services
being provided under this Agreement; (b) upon the request of either Party, the Parties shall cooperate and act in good faith to determine whether (i) any such interdependencies exist with respect to the particular Service that Service
Recipient is seeking to terminate pursuant to Section 5.02 and (ii) in the case of such termination, Service Provider’s ability to provide a particular Service in accordance with this Agreement would be materially
and adversely affected by such termination of another Service; and (c) in the event that the Parties have determined that such interdependencies exist and such termination would materially and adversely affect Service Provider’s ability to
provide a particular Service in accordance with this Agreement, the Parties shall (i) negotiate in good faith to amend the Schedules hereto with respect to such impacted Service prior to such termination, which amendment shall be
consistent with the terms of comparable Services, and (ii) if after such negotiation, the Parties are unable to agree on such amendment, Service Provider’s obligation to provide such Service shall terminate automatically with such
termination. 

  
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 Section 5.05. Effect of Termination. Upon the termination of any Service
pursuant to this Agreement, Service Provider shall have no further obligation to provide the terminated Service, and Service Recipient shall have no obligation to pay any future Charges relating to such Service; provided, however, that
Service Recipient shall remain obligated to Service Provider for (a) the Charges owed and payable in respect of Services provided prior to the effective date of termination for such Service, and (b) any applicable Termination Charges
(which, in the case of clause (b), shall not be payable in the event that Service Recipient terminates any Service pursuant to Section 5.02(a)(ii) or Section 2.05). In connection with the termination of any Service, the
provisions of this Agreement not relating solely to such terminated Service shall survive any such termination, and in connection with a termination of this Agreement, Article I, this Article V, Article VII and Article
VIII, and Liability for all due and unpaid Charges and Termination Charges shall continue to survive indefinitely. 
 Section 5.06.
Information Transmission. Service Provider, on behalf of itself and its Subsidiaries, shall use commercially reasonable efforts to provide or make available, or cause to be provided or made available, to Service Recipient, in accordance with
Section 6.1 of the Separation and Distribution Agreement, any Information received or computed by Service Provider for the benefit of Service Recipient concerning the relevant Service during the Service Period; provided, however,
that, except as otherwise agreed to in writing by the Parties (a) Service Provider shall not have any obligation to provide, or cause to be provided, Information in any non-standard format,
(b) Service Provider and its Subsidiaries shall be reimbursed for their reasonable costs in accordance with Section 6.3 of the Separation and Distribution Agreement for creating, gathering, copying, transporting and otherwise providing
such Information, and (c) Service Provider shall use commercially reasonable efforts to maintain any such Information in accordance with Section 6.4 of the Separation and Distribution Agreement. 

ARTICLE VI 
 CONFIDENTIALITY;
PROTECTIVE ARRANGEMENTS 
 Section 6.01. Parent and SpinCo Obligations. Subject to Section 6.04, until
the six (6)-year anniversary of the date of the termination of this Agreement in its entirety, each of Parent and SpinCo, on behalf of itself and each of its Subsidiaries, agrees to hold, and to cause its respective Representatives to hold, in
strict confidence, with at least the same degree of care that applies to Parent’s Confidential Information pursuant to policies in effect as of the Effective Time, all Confidential Information concerning the other Party or its Subsidiaries or
their respective businesses that is either in its possession (including Confidential Information in its possession prior to the date hereof) or furnished by such other Party or such other Party’s Subsidiaries or their respective Representatives
at any time pursuant to this Agreement, and shall not use any such Confidential Information other than for such purposes as may be expressly permitted hereunder, except, in each case, to the extent that such Confidential Information
(a) is in the public domain or is generally available to the public, other than as a result of a disclosure by such Party or any of its Subsidiaries or any of their respective Representatives in violation of this Agreement; (b) is lawfully
acquired from other sources by such Party or any of its Subsidiaries, which sources are not themselves known by such Party or any of its Subsidiaries to 

  
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be bound by a confidentiality obligation or other contractual, legal or fiduciary obligation of confidentiality with respect to such Confidential Information; (c) is independently developed
or generated without reference to or use of the Confidential Information of the other Party or any of its Subsidiaries; or (d) was in such Party’s or its Subsidiaries’ possession on a
non-confidential basis prior to the time of disclosure to such Party and at the time of such disclosure was not known by such Party or any of its Subsidiaries to be prohibited from being disclosed by a
confidentiality obligation or other contractual, legal or fiduciary obligation of confidentiality with respect to such Confidential Information. If any Confidential Information of a Party or any of its Subsidiaries is disclosed to the other Party or
any of its Subsidiaries in connection with providing the Services, then such disclosed Confidential Information shall be used only as required to perform such Services. 

Section 6.02. No Release; Return or Destruction. Each Party agrees (a) not to release or disclose, or permit to be released
or disclosed, any Confidential Information of the other Party addressed in Section 6.01 to any other Person, except its Representatives who need to know such Confidential Information in their capacities as such (who shall
be advised of their obligations hereunder with respect to such Confidential Information) and except in compliance with Section 6.04, and (b) to use commercially reasonable efforts to maintain such Confidential
Information in accordance with Section 6.4 of the Separation and Distribution Agreement. Without limiting the foregoing, when any such Confidential Information is no longer needed for the purposes contemplated by the Separation and Distribution
Agreement, this Agreement or any other Ancillary Agreements, each Party will promptly after request of the other Party either return to the other Party all such Confidential Information in a tangible form (including all copies thereof and all notes,
extracts or summaries based thereon) or notify the other Party in writing that it has destroyed such information (and such copies thereof and such notes, extracts or summaries based thereon); provided that the Parties may retain electronic back-up versions of such Confidential Information maintained on routine computer system backup tapes, disks or other backup storage devices; and provided, further, that any such retained back-up information shall remain subject to the confidentiality provisions of this Agreement. 

Section 6.03. Privacy and Data Protection Laws. Each Party shall comply with all applicable state, federal and foreign privacy and
data protection Laws that are or that may in the future be applicable to the provision of the Services under this Agreement, as detailed in Schedule D attached hereto. 

Section 6.04. Protective Arrangements. In the event that a Party or any of its Subsidiaries either determines on the advice of its
counsel that it is required to disclose any information pursuant to applicable Law or receives any request or demand under lawful process or from any Governmental Authority to disclose or provide information of the other Party (or any of its
Subsidiaries) that is subject to the confidentiality provisions hereof, such Party shall notify the other Party (to the extent legally permitted) as promptly as practicable under the circumstances prior to disclosing or providing such information
and shall cooperate, at the expense of the other Party, in seeking any appropriate protective order requested by the other Party. In the event that such other Party fails to receive such appropriate protective order in a timely manner and the Party
receiving the request or demand reasonably determines that its failure to disclose or provide such information shall actually prejudice the Party receiving the request or demand, then the Party that received such request or demand may thereafter
disclose or provide information to the extent required by such Law (as so advised by its counsel) or by 

  
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lawful process or such Governmental Authority and will exercise reasonable efforts to obtain assurance that confidential treatment will be accorded to such Confidential Information, and the
disclosing Party shall promptly provide the other Party with a copy of the information so disclosed, in the same form and format so disclosed, together with a list of all Persons to whom such information was disclosed, in each case to the extent
legally permitted. The obligations in this Article VI shall survive any expiration or termination of this Agreement for six (6) years after the date of expiration or termination of this Agreement; provided, however, that,
with respect to each trade secret of a Party or its Affiliates, such obligations shall continue as long as such trade secret remains otherwise protectable as a trade secret.  

ARTICLE VII 
 LIMITED LIABILITY AND
INDEMNIFICATION 
 Section 7.01. Limitations on Liability. 

(a) SUBJECT TO SECTION 7.02, THE LIABILITIES OF SERVICE PROVIDER AND ITS SUBSIDIARIES AND THEIR RESPECTIVE
REPRESENTATIVES, COLLECTIVELY, UNDER THIS AGREEMENT FOR ANY ACT OR FAILURE TO ACT IN CONNECTION HEREWITH (INCLUDING THE PERFORMANCE OR BREACH OF THIS AGREEMENT), OR FROM THE SALE, DELIVERY, PROVISION OR USE OF ANY SERVICES PROVIDED UNDER OR
CONTEMPLATED BY THIS AGREEMENT, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR OTHERWISE, SHALL NOT EXCEED THE AGGREGATE CHARGES PAID OR PAYABLE TO SUCH SERVICE PROVIDER BY SERVICE RECIPIENT UNDER THIS AGREEMENT OVER THE
PREVIOUS TWELVE MONTHS OR SINCE THE DATE OF THIS AGREEMENT (IF PRIOR TO THE FIRST ANNIVERSARY OF THIS AGREEMENT) WITH RESPECT TO THE SERVICES GIVING RISE TO SUCH LIABILITY. 

(b) IN NO EVENT SHALL EITHER PARTY, ITS SUBSIDIARIES OR THEIR RESPECTIVE REPRESENTATIVES BE LIABLE TO THE OTHER PARTY FOR ANY LOST PROFITS,
SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY, REMOTE, SPECULATIVE OR SIMILAR DAMAGES IN EXCESS OF COMPENSATORY DAMAGES OF THE OTHER PARTY IN CONNECTION WITH THE PERFORMANCE OF THIS AGREEMENT REGARDLESS OF WHETHER SUCH PARTY HAS
BEEN NOTIFIED OF THE POSSIBILITY OF, OR THE FORESEEABILITY OF, SUCH DAMAGES (OTHER THAN ANY SUCH LIABILITY WITH RESPECT TO A THIRD-PARTY CLAIM), AND EACH PARTY HEREBY WAIVES ON BEHALF OF ITSELF, ITS SUBSIDIARIES AND ITS REPRESENTATIVES ANY CLAIM FOR
SUCH DAMAGES, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE. 
 (c) The limitations in Section 7.01(a) and
Section 7.01(b) shall not apply in respect of any Liability arising out of or in connection with (i) either Party’s Liability for breaches of confidentiality under Article VI or (ii) the Parties’
respective obligations under Section 7.03. 

  
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 Section 7.02. Obligation to Re-Perform;
Liabilities. In the event of any breach of this Agreement by Service Provider with respect to the provision of any Services (with respect to which Service Provider can reasonably be expected to re-perform
in a commercially reasonable manner), Service Provider shall, at the request of Service Recipient, promptly correct in all material respects such error, defect or breach or re-perform in all material respects
such Services at the sole cost and expense of Service Provider. The remedy set forth in this Section 7.02 shall be the sole and exclusive remedy of Service Recipient for any such breach of this Agreement; provided,
however, that the foregoing shall not prohibit Service Recipient from exercising its right to terminate this Agreement in accordance with the provisions of Section 5.02(a)(ii) or seeking specific performance in
accordance with Section 8.17. Any request for re-performance in accordance with this Section 7.02 by Service Recipient must be in writing and specify in
reasonable detail the particular error, defect or breach, and such request must be made no more than one month from the later of (x) the date on which such breach occurred and (y) the date on which such breach was reasonably discovered by
Service Recipient. 
 Section 7.03. Third-Party Claims. In addition to (but not in duplication of) its other indemnification
obligations (if any) under the Separation and Distribution Agreement, this Agreement or any other Ancillary Agreement, Service Recipient shall indemnify, defend and hold harmless Service Provider, its Subsidiaries and each of their respective
Representatives, and each of the successors and assigns of any of the foregoing (collectively, the “Service Provider Indemnitees”), from and against any and all claims of Third Parties relating to, arising out of or resulting from
Service Recipient’s use or receipt of the Services provided by Service Provider hereunder, other than Third-Party Claims arising out of the gross negligence, willful misconduct or fraud of any Service Provider Indemnitee. 

Section 7.04. Indemnification Procedures. The procedures for indemnification set forth in Article IV of the Separation and
Distribution Agreement shall govern claims for indemnification under this Agreement.
 ARTICLE VIII 

MISCELLANEOUS 
 Section 8.01.
Mutual Cooperation. Each Party shall, and shall cause its Subsidiaries to, cooperate with the other Party and its Subsidiaries in connection with the performance of the Services hereunder; provided, however, that such
cooperation shall not unreasonably disrupt the normal operations of such Party or its Subsidiaries; and, provided, further, that this Section 8.01 shall not require such Party to incur any out-of-pocket costs or expenses unless and except as expressly provided in this Agreement or otherwise agreed to in writing by the Parties. 

Section 8.02. Further Assurances. Subject to the terms of this Agreement, each Party shall take, or cause to be taken, any and all
reasonable actions, including the execution, acknowledgment, filing and delivery of any and all documents and instruments that any other Party may reasonably request in order to effect the intent and purpose of this Agreement and the transactions
contemplated hereby. 
 Section 8.03. Audit Assistance. Each of the Parties and their respective Subsidiaries are or may be
subject to regulation and audit by a Governmental Authority (including a Taxing Authority), standards organizations, customers or other parties to contracts with such Parties or their respective Subsidiaries under applicable Law, standards or
contract provisions. If a 

  
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Governmental Authority, standards organization, customer or other party to a contract with a Party or its Subsidiary exercises its right to examine or audit such Party’s or its
Subsidiary’s books, records, documents or accounting practices and procedures pursuant to such applicable Law, standards or contract provisions, and such examination or audit relates to the Services, then the other Party shall provide, at the
sole cost and expense of the requesting Party, all assistance reasonably requested by the Party that is subject to the examination or audit in responding to such examination or audits or requests for Information, to the extent that such assistance
or Information is within the reasonable control of the cooperating Party and is related to the Services. 
 Section 8.04. Title to
Intellectual Property. For purposes of this Agreement, Service Recipient acknowledges that it shall acquire no right, title or interest (including any license rights or rights of use) in any intellectual property which is owned or licensed by
Service Provider, by reason of the provision of the Services hereunder. Service Recipient shall not remove or alter any copyright, trademark, confidentiality or other proprietary notices that appear on any intellectual property owned or licensed by
Service Provider, and Service Recipient shall reproduce any such notices on any and all copies thereof. Service Recipient shall not attempt to decompile, translate, reverse engineer or make excessive copies of any intellectual property owned or
licensed by Service Provider, and Service Recipient shall promptly notify Service Provider of any such attempt, regardless of whether by Service Recipient or any Third Party, of which Service Recipient becomes aware. 

Section 8.05. Independent Contractors. The Parties each acknowledge and agree that they are separate entities, each of which has
entered into this Agreement for independent business reasons. The relationships of the Parties hereunder are those of independent contractors and nothing contained herein shall be deemed to create a joint venture, partnership or any other
relationship between the Parties. Employees performing Services hereunder do so on behalf of, under the direction of, and as employees of, Service Provider, and Service Recipient shall have no right, power or authority to direct such employees,
unless otherwise specified with respect to a particular Service on the Schedules hereto. 
 Section 8.06. Counterparts;
Entire Agreement; Corporate Power. 
 (a) This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 

(b) This Agreement, the Separation and Distribution Agreement and the other Ancillary Agreements and the Exhibits, Schedules and appendices
hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such
subject matter, and there are no agreements or understandings between the Parties other than those set forth or referred to herein or therein. This Agreement, the Separation and Distribution Agreement, and the other Ancillary Agreements govern the
arrangements in connection with the Separation and Distribution and would not have been entered into independently. 

  
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 (c) Parent represents on behalf of itself and, to the extent applicable, each of its
Subsidiaries, and SpinCo represents on behalf of itself and, to the extent applicable, each of its Subsidiaries, as follows: 

(i) each such Person has the requisite corporate or other power and authority and has taken all corporate or other action
necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 

(ii) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it and is
enforceable in accordance with the terms hereof. 
 (d) Each Party acknowledges and agrees that delivery of an executed counterpart of a
signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by e-mail in portable document format (PDF) shall be effective as delivery of such executed
counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by
e-mail in portable document format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it will not assert that any such signature or delivery is not adequate to
bind such Party to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable request of the other Party at any time, it will as promptly as reasonably practicable cause this Agreement to be manually
executed (any such execution to be as of the date of the initial date thereof) and delivered in person, by mail or by courier. 

Section 8.07. Governing Law. This Agreement (and any claims or disputes arising out of or related hereto or to the transactions
contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in
accordance with the Laws of the State of Delaware, irrespective of the choice of Laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability, performance and remedies. 

Section 8.08. Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party. Notwithstanding the foregoing,
Service Provider may assign this Agreement or all of its rights or obligations hereunder to any Affiliate without Service Recipient’s prior written consent (but with notice to the Service Recipient) solely to the extent such Affiliate can
continue to deliver the Services hereunder without interruption. 

  
 -21- 

 Section 8.09. Third-Party Beneficiaries. Except as provided in Article
VII with respect to the Service Provider Indemnitees and the Service Recipient Indemnitees in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer
upon any other Person except the Parties any rights or remedies hereunder; and (b) there are no other third-party beneficiaries of this Agreement and this Agreement shall not provide any other Third Party
with any remedy, claim, Liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

Section 8.10. Notices. All notices, requests, claims, demands or other communications under this Agreement shall be in writing and
shall be given or made (and except as provided herein shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by certified mail, return receipt requested, or by electronic mail (“e-mail”), so long as confirmation of receipt of such e-mail is requested and received, to the respective Parties at the following addresses (or at such other
address for a Party as shall be specified in a notice given in accordance with this Section 8.10): 
 If to Parent, to: 

Becton, Dickinson and Company 
 1
Becton Drive 
 Franklin Lakes, New Jersey 07417 

	 	Attention:	 Joseph LaSala 

Chief Counsel - Transactions/M&A 

	 	E-mail:	 joseph_lasala@bd.com 

If to SpinCo, to: 
 Embecta Corp.

 300 Kimball Drive 

Parsippany, New Jersey 07054 

	 	Attention:	 Jeff Mann 

Senior Vice President, General Counsel, Head of Corporate Development 

and Corporate Secretary 

	 	E-mail:	 jeff.mann@bd.com; jeff.mann@embecta.com 

Any Party may, by notice to the other Party, change the address to which such notices are to be given or made. 

Section 8.11. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held
invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and
equitable provision to effect the original intent of the Parties. 

  
 -22- 

 Section 8.12. Force Majeure. No Party shall be deemed in default of this
Agreement for any delay or failure to fulfill any obligation (other than a payment obligation) hereunder so long as and to the extent to which any delay or failure in the fulfillment of such obligation is prevented, frustrated, hindered or delayed
as a consequence of circumstances of Force Majeure. Without limiting the termination rights contained in this Agreement, in the event of any such excused delay, the time for performance of such obligation (other than a payment obligation) shall be
extended for a period equal to the time lost by reason of the delay. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event, (a) provide written notice to the other Party
of the nature and extent of any such Force Majeure condition; and (b) use commercially reasonable efforts to remove any such causes and resume performance under this Agreement as soon as reasonably practicable (and in no event later than the
date that the affected Party resumes analogous performance under any other agreement for itself, its Affiliates or any Third Party) unless this Agreement has previously been terminated under Article V or this
Section 8.12. 
 Section 8.13. Headings. The Article, Section and Paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 8.14. Survival of Covenants. Except as expressly set forth in this Agreement, the covenants,
representations and warranties and other agreements contained in this Agreement, and Liability for the breach of any obligations contained herein, shall survive the Effective Time and shall remain in full force and effect thereafter. 

Section 8.15. Waivers of Default. Waiver by any Party of any default by the other Party of any provision of this Agreement shall
not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the waiving Party. No failure or delay by any Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 8.16. Dispute Resolution. 

(a) In the event of any controversy, dispute or claim (a “Dispute”) arising out of or relating to any Party’s rights or
obligations under this Agreement (whether arising in contract, tort or otherwise), calculation or allocation of the costs of any Service or otherwise arising out of or relating in any way to this Agreement (including the interpretation or validity
of this Agreement), such Dispute shall be resolved in accordance with the dispute resolution process referred to in Article VII of the Separation and Distribution Agreement. 

(b) In any Dispute regarding the amount of a Charge or a Termination Charge, if such Dispute is finally resolved pursuant to the dispute
resolution process set forth or referred to in Section 8.16(a) and it is determined that the Charge or the Termination Charge, as applicable, that Service Provider has invoiced Service Recipient, and that Service Recipient
has paid to Service Provider, is greater or less than the amount that the Charge or the Termination Charge, as applicable, should have been, then (i) if it is determined that Service Recipient has overpaid the Charge or the Termination Charge,
as applicable, Service Provider shall within ten (10) calendar days after such determination reimburse Service Recipient an amount of cash equal to such overpayment, plus the Interest Payment, accruing from the date of payment by Service

  
 -23- 

 
Recipient to the time of reimbursement by Service Provider; and (ii) if it is determined that Service Recipient has underpaid the Charge or the Termination Charge, as applicable, Service
Recipient shall within ten (10) calendar days after such determination reimburse Service Provider an amount of cash equal to such underpayment, plus the Interest Payment, accruing from the date such payment originally should have been made by
Service Recipient to the time of payment by Service Recipient. 
 Section 8.17. Specific Performance. Subject to
Section 8.16, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party or Parties who are, or are to be, thereby aggrieved shall have the
right to specific performance and injunctive or other equitable relief in respect of its rights or their rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be
cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any defense in any Action for specific performance that a remedy at law would
be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are hereby waived by each of the Parties. Unless otherwise agreed in writing, Service Provider shall continue to provide Services and the Parties shall
honor all other commitments under this Agreement during the course of dispute resolution pursuant to the provisions of Section 8.16 and this Section 8.17 with respect to all matters not subject to
such Dispute; provided, however, that this obligation shall only exist during the term of this Agreement. 

Section 8.18. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by a Party,
unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom enforcement of such waiver, amendment, supplement or modification is sought. 

Section 8.19. Precedence of Schedules. Each Schedule attached to or referenced in this Agreement is hereby incorporated into and
shall form a part of this Agreement; provided, however, that the terms contained in such Schedule shall only apply with respect to the Services provided under that Schedule. In the event of a conflict between the terms contained in an
individual Schedule and the terms in the body of this Agreement, the terms in the Schedule shall take precedence with respect to the Services under such Schedule only. No terms contained in individual Schedules shall otherwise modify the terms of
this Agreement. 
 Section 8.20. Interpretation. In this Agreement, (a) words in the singular shall be deemed to include
the plural and vice versa and words of one gender shall be deemed to include the other genders as the context requires; (b) the terms “hereof,” “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules, Annexes and Exhibits hereto) and not to any particular provision of this Agreement; (c) Article, Section, Exhibit, Annex and Schedule
references are to the Articles, Sections, Exhibits, Annexes and Schedules to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement shall be deemed to include the exhibits, schedules and annexes
to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (f) the word “or” shall not be
exclusive; (g) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase 

  
 -24- 

 
shall not mean simply “if”; (h) unless otherwise specified in a particular case, the word “days” refers to calendar days; (i) references to “business day”
shall mean any day other than a Saturday, a Sunday or a day on which banking institutions are generally authorized or required by Law to close in the United States or Franklin Lakes, New Jersey; (j) references herein to this Agreement or any
other agreement contemplated herein shall be deemed to refer to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; and
(k) unless expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this Agreement,” “hereby” and “hereupon” and words of similar import shall all be
references to March 31, 2022. 
 Section 8.21. Mutual Drafting. This Agreement shall be deemed to be the joint work product of
the Parties and any rule of construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable to this Agreement. 

[Remainder of page intentionally left blank] 

  
 -25- 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives as of the date first written above. 
  

			
	BECTON, DICKINSON AND COMPANY
		
	By:	 	 /s/ Christopher J. DelOrefice

		 	Name: Christopher J. DelOrefice
		 	 Title:   Executive Vice President and Chief

            Financial Officer

	
	EMBECTA CORP.
		
	By:	 	 /s/ Jacob Elguicze

		 	Name: Jacob Elguicze
		 	Title:  Chief Financial Officer

 [Signature Page to Transition Services Agreement]EX-10.2

 Exhibit 10.2 

TAX MATTERS AGREEMENT 
 by and
between 
 BECTON, DICKINSON AND COMPANY 

and 
 EMBECTA CORP. 

Dated as of March 31, 2022 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Article I	  

	
	DEFINITIONS	  

			
	 1.1
	 	General	  	 	4	 
	
	Article II	  

	
	PAYMENTS AND TAX REFUNDS	  

			
	 2.1
	 	Allocation of Tax Liabilities	  	 	11	 
	 2.2
	 	Determination of Taxes Attributable to the SpinCo Business	  	 	12	 
	 2.3
	 	Employment Taxes	  	 	13	 
	 2.4
	 	Transaction Taxes	  	 	13	 
	 2.5
	 	Delayed SpinCo Assets; Delayed SpinCo Liabilities; Delayed Parent Assets; Delayed Parent Liabilities	  	 	13	 
	 2.6
	 	Tax Refunds	  	 	13	 
	 2.7
	 	Tax Benefits	  	 	13	 
	 2.8
	 	Prior Agreements	  	 	13	 
	
	Article III	  

	
	PREPARATION AND FILING OF TAX RETURNS	  

			
	 3.1
	 	Parent’s Responsibility	  	 	14	 
	 3.2
	 	SpinCo’s Responsibility	  	 	14	 
	 3.3
	 	Right To Review Tax Returns	  	 	14	 
	 3.4
	 	Cooperation	  	 	14	 
	 3.5
	 	Tax Reporting Practices	  	 	15	 
	 3.6
	 	Reporting of the Transactions	  	 	15	 
	 3.7
	 	Protective Section 336(e) Election	  	 	15	 
	 3.8
	 	Payment of Taxes	  	 	16	 
	 3.9
	 	Amended Returns and Carrybacks	  	 	16	 
	 3.10
	 	Tax Attributes	  	 	17	 
	
	Article IV	  

	
	TAX-FREE STATUS OF THE TRANSACTIONS	  

			
	 4.1
	 	Representations and Warranties	  	 	17	 
	 4.2
	 	Certain Restrictions Relating to the Tax-Free Status of the Transactions	  	 	18	 

  
 -1- 

							
	
	Article V	  

	
	INDEMNITY OBLIGATIONS	  

			
	 5.1
	 	Indemnity Obligations	  	 	20	 
	 5.2
	 	Indemnification Payments	  	 	21	 
	 5.3
	 	Payment Mechanics	  	 	21	 
	 5.4
	 	Treatment of Payments	  	 	21	 
	
	Article VI	  

	
	TAX CONTESTS	  

			
	 6.1
	 	Notice	  	 	22	 
	 6.2
	 	Separate Returns	  	 	22	 
	 6.3
	 	Joint Returns	  	 	22	 
	 6.4
	 	Obligation of Continued Notice	  	 	22	 
	 6.5
	 	Settlement Rights	  	 	22	 
	
	Article VII	  

	
	COOPERATION	  

			
	 7.1
	 	General	  	 	23	 
	 7.2
	 	Consistent Treatment	  	 	24	 
	
	Article VIII	  

	
	RETENTION OF RECORDS; ACCESS	  

			
	 8.1
	 	Retention of Records	  	 	24	 
	 8.2
	 	Access to Tax Records	  	 	24	 
	
	Article IX	  

	
	DISPUTE RESOLUTION	  

			
	 9.1
	 	Dispute Resolution	  	 	25	 
	
	Article X	  

	
	MISCELLANEOUS PROVISIONS	  

			
	 10.1
	 	Conflicting Agreements	  	 	25	 
	 10.2
	 	Interest on Late Payments	  	 	25	 
	 10.3
	 	Successors	  	 	25	 
	 10.4
	 	Assignability	  	 	25	 
	 10.5
	 	No Fiduciary Relationship	  	 	26	 
	 10.6
	 	Further Assurances	  	 	26	 
	 10.7
	 	Survival	  	 	26	 
	 10.8
	 	Notices	  	 	26	 
	 10.9
	 	Distribution Date	  	 	27	 

  
 -2- 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”), is entered into as of March 31, 2022 by and between Becton, Dickinson and
Company, a New Jersey corporation (“Parent”), and Embecta Corp., a Delaware corporation (“SpinCo,” and together with Parent, the “Parties”). Capitalized terms used in this Agreement and not defined
herein shall have the meanings ascribed to such terms in the Separation and Distribution Agreement, dated as of the date hereof, by and between the Parties (the “Separation Agreement”). 

R E C I T A L S 
 WHEREAS, the
board of directors of Parent (the “Parent Board”) has determined that it is in the best interests of Parent and its shareholders to create a new publicly traded company that shall operate the SpinCo Business; 

WHEREAS, in furtherance of the foregoing, the Parent Board has determined that it is appropriate and desirable to separate the SpinCo Business
from the Parent Business (the “Separation”) and, following the Separation, make a distribution, on a pro rata basis, to holders of Parent Shares on the Record Date of all of the outstanding SpinCo Shares owned by Parent (the
“Distribution”); 
 WHEREAS, SpinCo has been incorporated solely for these purposes and has not engaged in activities
except in connection with the Separation and the Distribution; 
 WHEREAS, Parent will effect certain restructuring transactions described
in the Separation Plan for the purpose of aggregating the SpinCo Business in the SpinCo Group prior to the Distribution, and, in connection therewith, Parent will undertake the Contribution, in exchange for which SpinCo (i) shall issue to
Parent SpinCo Shares, pay to Parent the SpinCo Contribution Payment, and assume certain liabilities related to the SpinCo Business, and (ii) may issue to Parent certain debt securities of SpinCo (the “SpinCo Securities”); 

WHEREAS, Parent will transfer any SpinCo Securities to Parent creditors in satisfaction of certain Parent debt (any such transfer, the
“Debt Exchange”) within 12 months after the Distribution; 
 WHEREAS, Parent intends to effect the Distribution in a
transaction that, taken together with the Contribution and any Debt Exchange, is intended to qualify as tax-free for U.S. federal income tax purposes under Sections 368(a)(1)(D), 355, and 361 of the Code; 

WHEREAS, certain members of the Parent Group, on the one hand, and certain members of the SpinCo Group, on the other hand, file certain Tax
Returns on a consolidated, combined, or unitary basis for certain federal, state, local, and foreign Tax purposes; and 

  
 -3- 

 WHEREAS, the Parties desire to (i) provide for the payment of Tax liabilities and
entitlement to refunds thereof, allocate responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes, and (ii) set forth certain covenants and indemnities relating to the
preservation of the Tax-Free Status of the Transactions. 
 NOW, THEREFORE, in consideration of the
mutual agreements, provisions and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as
follows: 
 ARTICLE I 

DEFINITIONS 
 1.1 General.
As used in this Agreement (including the recitals hereof), the following terms shall have the following meanings: 
 “Active Trade
or Business” means, with respect to SpinCo or any member of the SpinCo Group, the active conduct (as defined in Section 355(b)(2) of the Code and the Treasury Regulations thereunder) of the SpinCo Business as conducted by such entity
immediately prior to the Distribution. 
 “Adjustment” shall mean an adjustment of any item of income, gain, loss,
deduction, credit, or any other item affecting Taxes of a taxpayer pursuant to a Final Determination. 
 “Affiliate” shall
have the meaning set forth in the Separation Agreement. 
 “Agreement” shall have the meaning set forth in the preamble
hereto. 
 “Ancillary Agreement” shall have the meaning set forth in the Separation Agreement. 

“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions are generally
authorized or required by law to close in the United States or Franklin Lakes, New Jersey. 
 “Code” shall mean the
Internal Revenue Code of 1986, as amended. 
 “Contribution” shall have the meaning set forth in the Separation Agreement.

 “Controlling Party” shall mean, with respect to a Tax Contest, the Party entitled to control such Tax Contest pursuant
to Sections 6.2 and 6.3 of this Agreement. 
 “Debt Exchange” shall have the meaning set forth in the
preamble hereto. 
 “Distribution” shall have the meaning set forth in the Separation Agreement. 

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

  
 -4- 

 “Employee Matters Agreement” shall have the meaning set forth in the
Separation Agreement. 
 “Employment Tax” shall mean those Liabilities (as defined in the Separation Agreement) for Taxes
which are allocable pursuant to the provisions of the Employee Matters Agreement. 
 “Federal Income Tax” shall mean
(i) any Tax imposed by Subtitle A of the Code other than an Employment Tax, and (ii) any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Fifty-Percent or Greater Interest” shall have the meaning ascribed to such term for purposes of Section 355(d) and
(e) of the Code. 
 “Final Determination” shall mean the final resolution of liability for any Tax for any taxable
period, by or as a result of (i) a final decision, judgment, decree, or other order by any court of competent jurisdiction that can no longer be appealed, (ii) a final settlement with the IRS, a closing agreement or accepted offer in
compromise under Section 7121 or 7122 of the Code, or a comparable agreement under the Laws of a state, local, or foreign taxing jurisdiction, which resolves the entire Tax liability for any taxable period, (iii) any allowance of a refund
or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered (including by way of withholding or offset) by the jurisdiction imposing the Tax, or (iv) any other
final resolution, including by reason of the expiration of the applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority. 

“Group” shall mean either the Parent Group or the SpinCo Group, as the context requires. 

“Income Tax” means all Taxes based upon, measured by, or calculated with respect to (i) net income or profits (including
any capital gains, minimum Tax or any Tax on items of tax preference, but not including sales, use, real or personal property, gross or net receipts, value added, excise, leasing, transfer or similar Taxes), or (ii) multiple bases (including
corporate franchise, doing business and occupation Taxes) if one or more bases upon which such Tax is determined is described in clause (i) of this definition, together with any interest, penalty, additions to tax, or additional amounts in
respect of the foregoing. 
 “Indemnifying Party” shall have the meaning set forth in
Section 5.2. 
 “Indemnitee” shall have the meaning set forth in
Section 5.2. 
 “Internal Distribution” shall mean any transaction (or series of transactions)
effected as part of the Transactions (other than the Contribution and the Distribution) that is intended to qualify as a tax-free transaction under Section 355 and/or Section 368(a)(1)(D) of the
Code, as described in the Tax Materials. 
 “IRS” shall mean the U.S. Internal Revenue Service or any successor agency,
including, but not limited, to its agents, representatives, and attorneys. 

  
 -5- 

 “IRS Ruling” shall mean any U.S. federal income tax ruling issued to Parent
by the IRS in connection with the Transactions. 
 “IRS Ruling Request” shall mean the letter filed by Parent with the IRS
requesting a ruling regarding certain U.S. federal income tax consequences of the Transactions and any amendment or supplement to such ruling request letter. 

“Joint Return” shall mean any Tax Return that includes, by election or otherwise, one or more members of the Parent Group
together with one or more members of the SpinCo Group. 
 “Law” shall have the meaning set forth in the Separation
Agreement. 
 “Non-Controlling Party” shall mean, with respect to a Tax Contest,
the Party that is not the Controlling Party with respect to such Tax Contest. 
 “Parent” shall have the meaning set forth
in the preamble hereto. 
 “Parent Affiliated Group” shall mean the affiliated group (as that term is defined in
Section 1504 of the Code and the Treasury Regulations thereunder) of which Parent is the common parent. 
 “Parent
Business” shall have the meaning set forth in the Separation Agreement. 
 “Parent Federal Consolidated Income Tax
Return” shall mean any U.S. Federal Income Tax Return for the Parent Affiliated Group. 
 “Parent Group” shall
have the meaning set forth in the Separation Agreement. 
 “Parent Separate Return” shall mean any Tax Return of or
including any member of the Parent Group (including any consolidated, combined, or unitary return) that does not include any member of the SpinCo Group. 

“Parent Shares” shall have the meaning set forth in the Separation Agreement. 

“Parties” shall have the meaning set forth in the preamble hereto. 

“Past Practices” shall have the meaning set forth in Section 3.5. 

“Person” shall have the meaning set forth in the Separation Agreement. 

“Post-Distribution Period” shall mean any taxable period (or portion thereof) beginning after the Distribution Date,
including, for the avoidance of doubt, the portion of any Straddle Period beginning after the Distribution Date. 
 “Pre-Distribution Period” shall mean any taxable period (or portion thereof) ending on or before the Distribution Date, including, for the avoidance of doubt, the portion of any Straddle Period ending at the
end of the day on the Distribution Date. 

  
 -6- 

 “Proposed Acquisition Transaction” shall mean a transaction or series of
transactions (or any agreement, understanding, or arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other Treasury Regulations promulgated
thereunder, to enter into a transaction or series of transactions), whether such transaction is supported by SpinCo management or shareholders, is a hostile acquisition, or otherwise, as a result of which SpinCo (or any successor thereto) would
merge or consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from SpinCo (or any successor thereto) and/or one or more holders of SpinCo Capital Stock,
respectively, any amount of SpinCo Capital Stock, that would, when combined with any other direct or indirect changes in ownership of SpinCo Capital Stock pertinent for purposes of Section 355(e) of the Code and the Treasury Regulations
promulgated thereunder, comprise forty percent (40%) or more of (i) the value of all outstanding shares of stock of SpinCo as of immediately after such transaction, or in the case of a series of transactions, immediately after the last
transaction of such series, or (ii) the total combined voting power of all outstanding shares of voting stock of SpinCo as of immediately after such transaction, or in the case of a series of transactions, immediately after the last transaction
of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by SpinCo of a shareholder rights plan, or (ii) issuances by SpinCo that satisfy Safe Harbor VIII (relating to
acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d). For
purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof are intended to monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be
interpreted accordingly. Any clarification of, or change in, the statute or Treasury Regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation. 

“Reasonable Basis” shall mean a reasonable basis within the meaning of Section 6662(d)(2)(B)(ii)(II) of the Code and the
Treasury Regulations promulgated thereunder (or such other level of confidence required by the Code at that time to avoid the imposition of penalties). 

“Refund” shall mean any refund, reimbursement, offset, credit, or other similar benefit in respect of Taxes (including any
overpayment of Taxes that can be refunded or, alternatively, applied against other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, that the amount of any refund of Taxes shall
be net of any Taxes imposed by any Taxing Authority on, related to, or attributable to, the receipt of or accrual of such refund, including any Taxes imposed by way of withholding or offset. 

“Responsible Party” shall mean, with respect to any Tax Return, the Party having responsibility for preparing and filing such
Tax Return pursuant to this Agreement. 
 “Restricted Period” shall mean the period which begins with the Distribution Date
and ends two (2) years thereafter. 

  
 -7- 

 “Separate Return” shall mean a Parent Separate Return or a SpinCo Separate
Return, as the case may be. 
 “Separation” shall have the meaning set forth in the preamble hereto. 

“Separation Agreement” shall have the meaning set forth in the preamble hereto. 

“Separation Step Plan” shall mean have the meaning set forth in the Separation Agreement. 

“SpinCo” shall have the meaning set forth in the preamble hereto. 

“SpinCo Business” shall have the meaning set forth in the Separation Agreement. 

“SpinCo Capital Stock” shall mean all classes or series of capital stock of SpinCo, including (i) SpinCo Shares,
(ii) all options, warrants, and other rights to acquire such capital stock, and (iii) all other instruments properly treated as stock of SpinCo for U.S. federal income tax purposes. 

“SpinCo Contribution Payment” shall have the meaning set forth in the Separation Agreement. 

“SpinCo Disqualifying Action” shall mean (i) any action (or failure to take any action) by any member of the SpinCo
Group after the Distribution (including entering into any agreement, understanding, arrangement, or negotiations with respect to any transaction or series of transactions), (ii) any event (or series of events) after the Distribution involving SpinCo
Capital Stock or the assets of any member of the SpinCo Group, or (iii) any breach by any member of the SpinCo Group after the Distribution of any representation, warranty, or covenant made by them in this Agreement, that, in each case, would
adversely affect the Tax-Free Status of the Transactions or result in any Taxes described in Schedule B; provided, however, that the term “SpinCo Disqualifying Action” shall not
include any action entered into pursuant to any Ancillary Agreement (other than this Agreement) or that is undertaken pursuant to the Separation or the Distribution. 

“SpinCo Group” shall have the meaning set forth in the Separation Agreement. 

“SpinCo Separate Return” shall mean any Tax Return of or including any member of the SpinCo Group (including any
consolidated, combined, or unitary return) that does not include any member of the Parent Group. 
 “SpinCo Shares” shall
have the meaning set forth in the Separation Agreement. 
 “State Tax” shall mean (i) any Tax imposed by any State of
the United States or by any political subdivision of any such State, and (ii) any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Straddle Period” shall mean any taxable period that begins on or before, and ends after, the Distribution Date. 

  
 -8- 

 “Subsidiary” shall have the meaning set forth in the Separation Agreement.

 “Tax” or “Taxes” shall mean (i) all taxes, charges, fees, duties, levies, imposts, rates, or other
assessments or governmental charges of any kind imposed by any federal, state, local, or foreign Taxing Authority, including, without limitation, income, gross receipts, employment, estimated, excise, severance, stamp, occupation, premium, windfall
profits, environmental, custom duties, property, sales, use, license, capital stock, transfer, franchise, registration, payroll, withholding, social security, unemployment, disability, value added, alternative or
add-on minimum, or other taxes, whether disputed or not, and including any interest, penalties, charges, or additions attributable thereto, (ii) liability for the payment of any amount of the type
described in clause (i) above arising as a result of being (or having been) a member of any consolidated, combined, unitary, or similar group or being (or having been) included or required to be included in any Tax Return related thereto, and
(iii) liability for the payment of any amount of the type described in clauses (i) or (ii) above as a result of any express or implied obligation to indemnify or otherwise assume or succeed to the liability of any other Person, whether by
contract, by operation of law, or otherwise. 
 “Tax Advisor” shall mean a tax counsel or accountant of recognized national
standing. 
 “Tax Attribute” shall mean net operating losses, capital losses, research and experimentation credit
carryovers, investment tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, overall domestic losses, previously taxed earnings and profits, separate limitation losses, and any other losses, deductions,
credits, or other comparable items that could affect a Tax liability for a past or future taxable period. 
 “Tax
Certificates” shall mean any officer’s certificates, representation letters, or similar documents provided by Parent and SpinCo to Skadden, Arps, Slate, Meagher & Flom LLP or any other law or accounting firm in connection with
any Tax Opinion delivered or deliverable to Parent in connection with the Transactions. 
 “Tax Contest” shall have the
meaning set forth in Section 6.1. 
 “Tax-Free Status of the
Transactions” shall mean (i) the qualification of the Contribution (including Parent’s receipt of SpinCo Shares, the SpinCo Contribution Payment, and any SpinCo Securities in connection therewith) and the Distribution, taken
together, as a reorganization described in Sections 368(a)(1)(D) and 355 of the Code, (ii) the qualification of the Distribution as a transaction in which the SpinCo Shares distributed to holders of Parent Shares is “qualified
property” for purposes of Section 361(c) of the Code, (iii) the nonrecognition of income, gain, or loss by Parent, SpinCo, and holders of Parent Shares on the Contribution and the Distribution under Sections 355, 361, and 1032 of the
Code (except with respect to any cash received in lieu of fractional SpinCo Shares), other than, in the case of Parent and SpinCo, any intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated
pursuant to Section 1502 of the Code, (iv) the qualification of any Debt Exchange as a transfer of “qualified property” to creditors of Parent in connection with the reorganization within the meaning of Section 361(c) of the
Code, and (v) the qualification of the transactions described on Schedule A as being free from Tax to the extent set forth therein. 

  
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 “Tax Item” shall mean any item of income, gain, loss, deduction, or credit,
or any other item which increases or decreases Taxes paid or payable in any taxable period. 
 “Tax Law” shall mean the law
of any governmental entity or political subdivision thereof relating to any Tax. 
 “Tax Materials” shall have the meaning
set forth in Section 4.1(a). 
 “Tax Opinion” shall mean any written opinion delivered or
deliverable to Parent by Skadden, Arps, Slate, Meagher & Flom LLP or any other law or accounting firm regarding the tax consequences of the Transactions. 

“Tax Records” shall have the meaning set forth in Section 8.1. 

“Tax-Related Losses” shall mean, with respect to any Taxes, (i) all accounting,
legal and other professional fees, and court costs incurred in connection with such Taxes, as well as any other out-of-pocket costs incurred in connection with such
Taxes, and (ii) all costs, expenses and damages associated with stockholder litigation or controversies and any amounts paid by Parent (or any of its Affiliates) or SpinCo (or any of its Affiliates) in respect of the liability of shareholders,
whether paid to shareholders or to the IRS or any other Taxing Authority, in each case, resulting from the failure of the Transactions to qualify for the Tax-Free Status of the Transactions. 

“Tax Return” shall mean any return, report, certificate, form, or similar statement or document (including any related
supporting information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated tax) supplied to or filed with, or required to be supplied to or filed with, a Taxing Authority, or any
bill for or notice related to ad valorem or other similar Taxes received from a Taxing Authority, in each case, in connection with the determination, assessment, or collection of any Tax or the administration of any laws, regulations, or
administrative requirements relating to any Tax. 
 “Taxing Authority” shall mean any governmental authority or any
subdivision, agency, commission, or entity thereof having jurisdiction over the assessment, determination, collection, or imposition of any Tax (including the IRS). 

“Transactions” shall mean the Separation, the Distribution, any Debt Exchange, any other transaction described in the
Separation Step Plan, and any related transactions. 
 “Transaction Taxes” shall mean all Transfer Taxes and other Taxes
(including Taxes imposed on any member of the Parent Group under Sections 951 or 951A of the Code, as determined by Parent in its discretion) imposed on or with respect to the Transactions, other than any Taxes resulting from the failure of the
Transactions to qualify for the Tax-Free Status of the Transactions; provided, however, that Transaction Taxes shall not include any amounts for which SpinCo has an indemnification obligation
pursuant to Article V. 
 “Transfer Tax” shall mean (i) all transfer, sales, use, excise, stock, stamp, stamp
duty, stamp duty reserve, stamp duty land, documentary, filing, recording, registration, value-added and other similar Taxes (excluding, for the avoidance of doubt, any income, gains, profits, or similar Taxes, however assessed), and (ii) any
interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

  
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 “Treasury Regulations” shall mean the regulations promulgated from time to
time under the Code as in effect for the relevant taxable period. 
 “Unqualified Tax Opinion” shall mean an unqualified
“will” opinion of a Tax Advisor, which Tax Advisor is acceptable to Parent on which Parent may rely to the effect that a transaction will not affect the Tax-Free Status of the Transactions. Any such
opinion must assume that the Transactions would have qualified for Tax-Free Status of the Transactions if the transaction in question did not occur. 

ARTICLE II 
 PAYMENTS AND TAX
REFUNDS 
 2.1 Allocation of Tax Liabilities. Except as otherwise provided in this Article II and
Section 5.1, Taxes shall be allocated as follows: 
 (a) Allocation of Taxes Relating to Joint Returns. 

(i) Allocation for Pre-Distribution Periods. Parent shall pay and be responsible
for any and all Taxes due with respect to or required to be reported on any Joint Return (including any increase in such Tax as a result of a Final Determination) for all Pre-Distribution Periods. 

(ii) Allocation to SpinCo for Post-Distribution Periods. SpinCo shall pay and be responsible for any and all Taxes
attributable to the SpinCo Business that are due with respect to or required to be reported on any Joint Return (including any increase in such Tax as a result of a Final Determination) for all Post-Distribution Periods. 

(iii) Allocation to Parent for Post-Distribution Periods. Parent shall pay and be responsible for any and all Taxes due
with respect to or required to be reported on any Joint Return (including any increase in such Tax as a result of a Final Determination) other than those Taxes described in Section 2.1(a)(ii) for all Post-Distribution Periods. 

(b) Allocation of Taxes Relating to Separate Returns. 

(i) Parent shall pay and be responsible for any and all Taxes due with respect to or required to be reported on any Parent
Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 
 (ii)
SpinCo shall pay and be responsible for any and all Taxes due with respect to or required to be reported on any SpinCo Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods (excluding, for
the avoidance of doubt, any Transaction Taxes allocated to the Parent Group pursuant to Section 2.4). 

  
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 2.2 Determination of Taxes Attributable to the SpinCo Business. For purposes of
Section 2.1(a)(ii): 
 (a) The amount of Federal Income Taxes attributable to the SpinCo Business shall be
determined by Parent on the basis of a pro forma SpinCo Group consolidated return using the following conventions: 
 (i)
including only Tax Items of members of the SpinCo Group that were included in the relevant Parent Federal Consolidated Income Tax Return; 

(ii) except as provided in Section 2.2(a)(iv), using all elections, accounting methods and
conventions used on the Parent Federal Consolidated Income Tax Return for such taxable period; 
 (iii) applying the highest
statutory marginal corporate income Tax rate in effect for such taxable period; and 
 (iv) assuming that the SpinCo Group
elects not to carry back any net operating losses. 
 (b) The amount of Income Taxes attributable to the SpinCo Business with respect to any
Joint Return other than a Parent Federal Consolidated Income Tax Return shall be as determined by Parent in a manner consistent with the principles set forth in Section 2.2(a), to the extent relevant. 

(c) In the case of any Joint Return for any Straddle Period, the allocation of any Tax Items required to determine any Taxes or other amounts
attributable to Pre-Distribution Periods and Post-Distribution Periods shall be as determined by Parent in a manner consistent with the past return filing practices of the Parent Group with respect to such
Joint Return (including any past accounting methods, elections and conventions), except as otherwise required by applicable Law; provided, that property Taxes and other similar periodic Taxes shall be apportioned on a per diem basis. 

(d) The amount of Taxes attributable to the SpinCo Business with respect to any Joint Return for any Tax Period shall not be less than zero.

 (e) Parent shall consider in good faith any reasonable comments provided by SpinCo regarding the determination of the amount of Taxes
attributable to the SpinCo Business under this Section 2.2. 
 (f) SpinCo shall reimburse Parent for all reasonable
costs and expenses paid or incurred by the Parent Group in connection with determining the amount of Taxes attributable to the SpinCo Business with respect to any Joint Return. 

  
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 2.3 Employment Taxes. Liability for Employment Taxes shall be determined pursuant to
the Employee Matters Agreement. 
 2.4 Transaction Taxes. The Parent Group shall be responsible for any and all Transaction Taxes, as
reasonably determined by Parent. 
 2.5 Delayed SpinCo Assets; Delayed SpinCo Liabilities; Delayed Parent Assets; Delayed Parent
Liabilities. The Parties acknowledge and agree that, notwithstanding anything contained herein to the contrary, this Agreement shall not in any way affect or modify the Parties’ rights and obligations under Section 2.4 of the
Separation Agreement. 
 2.6 Tax Refunds. 

(a) Parent shall be entitled to all Refunds related to Taxes the liability for which is allocated to Parent pursuant to this Agreement. SpinCo
shall be entitled to all Refunds related to Taxes the liability for which is allocated to SpinCo pursuant to this Agreement. 
 (b) SpinCo
shall pay to Parent any Refund received by SpinCo or any member of the SpinCo Group that is allocable to Parent pursuant to this Section 2.6 no later than five (5) Business Days after the receipt of such Refund. Parent
shall pay to SpinCo any Refund received by Parent or any member of the Parent Group that is allocable to SpinCo pursuant to this Section 2.6 no later than five (5) Business Days after the receipt of such Refund. For
purposes of this Section 2.6, any Refund that arises as a result of an offset, credit, or other similar benefit in respect of Taxes other than a receipt of cash shall be deemed to be received on the earlier of (i) the
date on which a Tax Return is filed claiming such offset, credit, or other similar benefit, and (ii) the date on which payment of the Tax which would have otherwise been paid absent such offset, credit, or other similar benefit is due
(determined without taking into account any applicable extensions). 
 2.7 Tax Benefits. If Parent determines, in its discretion, that
(i) one Party is responsible for a Tax pursuant to this Agreement or under applicable Tax Law, and (ii) the other Party is entitled to a deduction, credit, or other Tax benefit in respect of such Tax, then the Party entitled to such
deduction, credit, or other Tax benefit shall pay to the Party responsible for such Tax the amount of the Tax benefit arising from such deduction, credit, or other Tax benefit, as determined by Parent in its discretion. 

2.8 Prior Agreements. Except as set forth in this Agreement and in consideration of the mutual indemnities and other obligations of this
Agreement, any and all prior Tax sharing or allocation agreements or practices between any member of the Parent Group and any member of the SpinCo Group shall be terminated with respect to the SpinCo Group as of the Distribution Date. No member of
the SpinCo Group or the Parent Group shall have any continuing rights or obligations to any member of the other Group under any such agreement. 

  
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 ARTICLE III 

PREPARATION AND FILING OF TAX RETURNS 

3.1 Parent’s Responsibility. Parent shall prepare and file when due (taking into account any applicable
extensions), or shall cause to be prepared and filed, all Joint Returns and all Parent Separate Returns, including any amendments to such Tax Returns. 

3.2 SpinCo’s Responsibility. SpinCo shall prepare and file when due (taking into account any applicable
extensions), or shall cause to be prepared and filed, all Tax Returns, including any amended Tax Returns, required to be filed by or with respect to members of the SpinCo Group other than those Tax Returns which Parent is required to prepare and
file under Section 3.1. The Tax Returns required to be prepared and filed by SpinCo under this Section 3.2 shall include any SpinCo Separate Returns and any amended SpinCo Separate Returns. For the
avoidance of doubt, SpinCo shall prepare any transfer pricing documentation required to be prepared with respect to a Tax Return required to be prepared and filed under this Section 3.2. 

3.3 Right To Review Tax Returns. To the extent that the positions taken on any Tax Return would reasonably be expected to materially
affect the Tax position of the Party other than the Party that is required to prepare and file any such Tax Return pursuant to Section 3.1 or 3.2 (the “Reviewing Party”), the Party required to
prepare and file such Tax Return (the “Preparing Party”) shall prepare the portion of such Tax Return that relates to the business of the Reviewing Party (the Parent Business or the SpinCo Business, as the case may be), shall
provide a draft of such portion of such Tax Return to the Reviewing Party for its review and comment at least thirty (30) days prior to the due date for such Tax Return (taking into account any applicable extensions), and shall modify such
portion of such Tax Return before filing to include the Reviewing Party’s reasonable comments. SpinCo shall provide to Parent any transfer pricing documentation required to be prepared with respect to a Tax Return for any taxable period that
begins on or before the second anniversary of the Distribution Date with respect to which SpinCo is the Responsible Party at least thirty (30) days prior to the finalization of such transfer pricing documentation, and Parent shall be entitled
to review and provide comments on such transfer pricing documentation. SpinCo shall modify such transfer pricing documentation prior to its finalization to include Parent’s reasonable comments. 

3.4 Cooperation. The Parties shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one another in
accordance with Article VII with respect to the preparation and filing of Tax Returns, including providing information required to be provided under Article VIII. Notwithstanding anything to the contrary in this Agreement, Parent shall
not be required to disclose to SpinCo any consolidated, combined, unitary, or other similar Joint Return of which a member of the Parent Group is the common parent or any information related to such a Joint Return other than information relating
solely to the SpinCo Group. If an amended Separate Return for State Taxes for which SpinCo is responsible under this Article III is required to be filed as a result of an amendment made to a Joint Return for Federal Income Tax pursuant to an
audit adjustment, then the Parties shall cooperate to ensure that such amended Separate Return can be prepared and filed in a manner that preserves confidential information including through the use of third-party preparers. 

  
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 3.5 Tax Reporting Practices. Except as provided in
Section 3.6, with respect to any Tax Return for any taxable period that begins on or before the second anniversary of the Distribution Date with respect to which SpinCo is the Responsible Party, such Tax Return shall be
prepared in a manner (i) consistent with past practices, accounting methods, elections and conventions (“Past Practices”) used with respect to the Tax Returns in question (unless there is no Reasonable Basis for the use of such Past
Practices), and to the extent any items are not covered by Past Practices (or in the event that there is no Reasonable Basis for the use of such Past Practices), in accordance with reasonable Tax accounting practices selected by SpinCo; and
(ii) that, to the extent consistent with clause (i), minimizes the overall amount of Taxes due and payable on such Tax Return for all of the Parties by cooperating in making such elections or applications for group or other relief or allowances
available in the taxing jurisdiction in which such Tax Return is filed. SpinCo shall not take any action inconsistent with the assumptions made (including with respect to any Tax Item) in determining all estimated or advance payments of Taxes on or
prior to the Distribution Date. In addition, SpinCo (i) shall not be permitted, and shall not permit any member of the SpinCo Group, without Parent’s prior written consent, to make a change in any of its methods of accounting for Tax
purposes for any taxable period that begins on or before the second anniversary of the Distribution Date, and (ii) shall notify Parent of, and consider in good faith any reasonable comments provided by Parent regarding, any such change in
method of accounting for any taxable period that begins after the second anniversary of the Distribution Date and on or before the fourth anniversary of the Distribution Date. Such notification and consideration described in clause (ii) of the
preceding sentence shall occur prior to the making of any such change in method of accounting. 
 3.6 Reporting of the Transactions.
The Tax treatment of any step in or portion of the Transactions shall be reported on each applicable Tax Return consistently with the Tax Materials and the Tax-Free Status of the Transactions, taking into
account the jurisdiction in which such Tax Return is filed, unless there is no Reasonable Basis for such Tax treatment. In the event that a Party shall determine that there is no Reasonable Basis for such Tax treatment, such Party shall notify the
other Party no later than twenty (20) Business Days prior to filing the relevant Tax Return, and the Parties shall attempt in good faith to agree on the manner in which the relevant portion of the Transactions shall be reported on such Tax
Return. 
 3.7 Protective Section 336(e) Election. After the date hereof, Parent shall determine, in its sole and
absolute discretion, whether to make a protective election under Section 336(e) of the Code and the Treasury Regulations promulgated thereunder (and any corresponding or analogous provisions of state and local Tax Law) in connection with the
Distribution with respect to SpinCo and each other member of the SpinCo Group that is a domestic corporation for U.S. federal income tax purposes (a “Section 336(e) Election”). If Parent determines that a
Section 336(e) Election would be beneficial: 
 (a) Parent, SpinCo, and their respective Affiliates shall cooperate in making the
Section 336(e) Election, including by filing any statements, amending any Tax Returns, or taking such other actions as are reasonably necessary to carry out the Section 336(e) Election; 

  
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 (b) if the Distribution fails to qualify (in whole or in part) for the Tax-Free Status of the Transactions and SpinCo or any member of the SpinCo Group realizes an increase in Tax basis as a result of the Section 336(e) Election (the “Section 336(e) Tax
Basis”), then the cash Tax savings realized by SpinCo and each member of the SpinCo Group as a result of the Section 336(e) Tax Basis shall be shared between Parent and SpinCo in the same proportion as the Taxes giving rise to the
Section 336(e) Tax Basis were borne by Parent and SpinCo (after giving effect to the indemnification obligations in this Agreement); and 

(c) to the extent the Section 336(e) Election becomes effective, each Party agrees not to take any position (and to cause each of its
Affiliates not to take any position) that is inconsistent with the Section 336(e) Election on any Tax Return, in connection with any Tax Contest, or otherwise, except as may be required by a Final Determination. 

3.8 Payment of Taxes. 
 (a)
With respect to any Tax Return required to be filed pursuant to this Agreement, the Responsible Party shall remit or cause to be remitted to the applicable Taxing Authority in a timely manner any Taxes due in respect of any such Tax Return. 

(b) In the case of any Tax Return for which the Party that is not the Responsible Party is obligated pursuant to this Agreement to pay all or a
portion of the Taxes reported as due on such Tax Return, the Responsible Party shall notify the other Party, in writing, of its obligation to pay such Taxes and, in reasonably sufficient detail, its calculation of the amount due by such other Party,
and the Party receiving such notice shall pay such amount to the Responsible Party no later than the later of (i) five (5) Business Days prior to the date on which such payment is due, and (ii) fifteen (15) Business Days after the receipt
of such notice. 
 (c) With respect to any estimated Taxes, the Party that is or will be the Responsible Party with respect to any Tax Return
that will reflect (or otherwise give credit for) such estimated Taxes shall remit or cause to be remitted to the applicable Taxing Authority in a timely manner any estimated Taxes due. In the case of any estimated Taxes for which the Party that is
not the Responsible Party is obligated pursuant to this Agreement to pay all or a portion of the Taxes that will be reported as due on any Tax Return that will reflect (or otherwise give credit for) such estimated Taxes, the Responsible Party shall
notify the other Party, in writing, of its obligation to pay such estimated Taxes and, in reasonably sufficient detail, its calculation of the amount due by such other Party and the Party receiving such notice shall pay such amount to the
Responsible Party no later than the later of (i) five (5) Business Days prior to the date on which such payment is due, and (ii) fifteen (15) Business Days after the receipt of such notice. 

3.9 Amended Returns and Carrybacks. 

(a) SpinCo shall not, and shall not permit any member of the SpinCo Group to, file or allow to be filed any request for an Adjustment for any Pre-Distribution Period without the prior written consent of Parent, such consent to be exercised in Parent’s sole and absolute discretion. 

(b) SpinCo shall, and shall cause each member of the SpinCo Group to, make any available elections to waive the right to carry back any Tax
Attribute from a Post-Distribution Period to a Pre-Distribution Period. 

  
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 (c) SpinCo shall not, and shall cause each member of the SpinCo Group not to, without the
prior written consent of Parent, make any affirmative election to carry back any Tax Attribute from a Post-Distribution Period to a Pre-Distribution Period, such consent to be exercised in Parent’s sole
and absolute discretion. 
 (d) Receipt of consent by SpinCo or a member of the SpinCo Group from Parent pursuant to the provisions of this
Section 3.9 shall not limit or modify SpinCo’s continuing indemnification obligation pursuant to Article V. 

3.10 Tax Attributes. Parent shall in good faith advise SpinCo in writing of the amount (if any) of any Tax Attributes which Parent
determines, in its sole and absolute discretion, shall be allocated or apportioned to the SpinCo Group under applicable Tax Law. SpinCo and all members of the SpinCo Group shall prepare all Tax Returns in accordance with such written notice. SpinCo
agrees that it shall not dispute Parent’s determination of Tax Attributes. For the avoidance of doubt, Parent shall not be required in order to comply with this Section 3.10 to create or cause to be created any books
and records or reports or other documents based thereon (including, without limitation, any “E&P studies,” “basis studies” or similar determinations) that it does not maintain or prepare in the ordinary course of business.

 ARTICLE IV 
 TAX-FREE STATUS OF THE TRANSACTIONS 
 4.1 Representations and Warranties. 

(a) Parent, on behalf of itself and all other members of the Parent Group, hereby represents and warrants that (i) it has examined the IRS
Ruling, the IRS Ruling Request, the Tax Opinion, the Tax Certificates, the Separation Step Plan, and any other materials delivered or deliverable in connection with the issuance of the IRS Ruling and the rendering of the Tax Opinion, in each case,
as they exist as of the date hereof (collectively, the “Tax Materials”), and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to Parent or any member of the Parent
Group or the Parent Business, were or will be, at the time presented or represented and from such time until and including the Distribution Date, true, correct, and complete in all material respects. Parent, on behalf of itself and all other members
of the Parent Group, hereby confirms and agrees to comply with any and all covenants and agreements in the Tax Materials applicable to Parent, any member of the Parent Group, or the Parent Business. 

(b) SpinCo, on behalf of itself and all other members of the SpinCo Group, hereby represents and warrants that (i) it has examined the Tax
Materials, and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to SpinCo or any member of the SpinCo Group or the SpinCo Business, were or will be, at the time presented or
represented and from such time until and including the Distribution Date, true, correct, and complete in all material respects. SpinCo, on behalf of itself and all other members of the SpinCo Group, hereby confirms and agrees to comply with any and
all covenants and agreements in the Tax Materials applicable to SpinCo, any member of the SpinCo Group, or the SpinCo Business. 

  
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 (c) Each of Parent, on behalf of itself and all other members of the Parent Group, and
SpinCo, on behalf of itself and all other members of the SpinCo Group, represents and warrants that it knows of no fact or circumstance (after due inquiry) that may cause the Transactions to fail to qualify for the
Tax-Free Status of the Transactions. 
 (d) Each of Parent on behalf of itself and all other members
of the Parent Group, and SpinCo, on behalf of itself and all other members of the SpinCo Group, represents and warrants that it has no plan or intention to take, fail to take, or cause or permit to be taken any action which is inconsistent with any
of the statements or representations made or set forth in the Tax Materials. 
 4.2 Certain Restrictions Relating to the Tax-Free Status of the Transactions. 
 (a) SpinCo, on behalf of itself and all other members of the
SpinCo Group, hereby covenants and agrees that no member of the SpinCo Group will take, fail to take, or cause or permit to be taken (i) any action where such action or failure to act would be inconsistent with or cause to be untrue any
statement, information, covenant, or representation in the Tax Materials, or (ii) any action where such action or failure to act constitutes a SpinCo Disqualifying Action. 

(b) During the Restricted Period, SpinCo: 

(i) shall (1) maintain its status as a company engaged in the Active Trade or Business for purposes of
Section 355(b)(2) of the Code, (2) not engage in any transaction that would cause SpinCo to cease to be a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, (3) cause each Affiliate of
SpinCo whose Active Trade or Business is relied upon in the Tax Materials for purposes of qualifying a transaction as tax-free pursuant to Section 355 of the Code to maintain its status as a company
engaged in such Active Trade or Business for purposes of Section 355(b)(2) of the Code, (4) not engage in any transaction, or cause or permit an Affiliate of SpinCo to engage in any transaction, that would result in an Affiliate of SpinCo
described in clause (3) to cease to be a company engaged in the relevant Active Trade or Business for purposes of Section 355(b)(2) of the Code, taking into account Section 355(b)(3) of the Code for purposes of clauses
(1) through (4), and (5) not dispose of, or cause or permit an Affiliate of SpinCo to dispose of, directly or indirectly, any interest in an Affiliate of SpinCo described in clause (3); 

(ii) shall not voluntarily dissolve or liquidate itself, any Affiliate of SpinCo described in
Section 4.2(b)(i), or any Affiliate of SpinCo that that was a party to an Internal Distribution (including any action that is a liquidation for U.S. federal income tax purposes); 

(iii) shall not (1) enter into any Proposed Acquisition Transaction or, to the extent SpinCo has the right to prohibit any
Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, (2) redeem or otherwise repurchase (directly or through an Affiliate) any SpinCo 

  
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stock, or rights to acquire SpinCo stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect
prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), (3) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a
stockholder vote or otherwise, affecting the relative voting rights of SpinCo Capital Stock (including through the conversion of any class of SpinCo Capital Stock into another class of SpinCo Capital Stock), (4) merge or consolidate with any
other Person (or cause or permit any Affiliate of SpinCo that was a party to an Internal Distribution to merge or consolidate with any other Person), or (5) take any other action or actions (including any action or transaction that would be
reasonably likely to be inconsistent with any of the statements and representations made or set forth in the Tax Materials) which in the aggregate, when combined with any other direct or indirect changes in ownership of SpinCo Capital Stock
pertinent for purposes of Section 355(e) of the Code, would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a
Fifty-Percent or Greater Interest in SpinCo (or in any Affiliate of SpinCo that was a party to an Internal Distribution) or otherwise jeopardize the Tax-Free Status of the Transactions; and 

(iv) shall not, and shall not cause or permit any member of the SpinCo Group to, sell, transfer, or otherwise dispose of or
agree to, sell, transfer or otherwise dispose of (including in any transaction treated for U.S. federal income tax purposes as a sale, transfer, or disposition) assets (including any shares of capital stock of a Subsidiary) that, in the aggregate,
constitute more than twenty percent (20%) of the consolidated gross assets of SpinCo or the SpinCo Group. The foregoing sentence shall not apply to (1) sales, transfers, or dispositions of assets in the ordinary course of business, (2) any
cash paid to acquire assets from an unrelated Person in an arm’s-length transaction, (3) any assets transferred to a Person that is disregarded as an entity separate from the transferor for U.S.
federal income tax purposes, or (4) any mandatory or optional repayment (or prepayment) of any indebtedness of SpinCo or any member of the SpinCo Group. The percentages of gross assets or consolidated gross assets of SpinCo or the SpinCo Group,
as the case may be, sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross assets of SpinCo and the members of the SpinCo Group as of the Distribution Date. For purposes of this
Section 4.2(b)(iv), a merger of SpinCo or one of its Subsidiaries with and into any Person that is not a wholly-owned Subsidiary of SpinCo shall constitute a disposition of all of the assets of SpinCo or such Subsidiary.

 (c) Notwithstanding the restrictions imposed by Section 4.2(b), SpinCo or a member of the SpinCo Group may take
any of the actions or transactions described therein if SpinCo either (i) obtains an Unqualified Tax Opinion in form and substance satisfactory to Parent in its sole and absolute discretion, or (ii) obtains the prior written consent of
Parent waiving the requirement that SpinCo obtain an Unqualified Tax Opinion, such waiver to be provided in Parent’s sole and absolute discretion. Parent’s evaluation of an Unqualified Tax Opinion may consider, among other factors, the
appropriateness of any underlying assumptions, 

  
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representations, and covenants made in connection with such opinion (and, for the avoidance of doubt, Parent may determine that no opinion would be acceptable to Parent). SpinCo shall bear all
costs and expenses of securing any such Unqualified Tax Opinion and shall reimburse Parent for all reasonable out-of-pocket expenses that Parent or any of its Affiliates
may incur in good faith in seeking to obtain or evaluate any such Unqualified Tax Opinion. Neither the delivery of an Unqualified Tax Opinion nor Parent’s waiver of SpinCo’s obligation to deliver an Unqualified Tax Opinion shall limit or
modify SpinCo’s continuing indemnification obligation pursuant to Article V. 
 ARTICLE V 

INDEMNITY OBLIGATIONS 
 5.1
Indemnity Obligations. Notwithstanding anything to the contrary in this Agreement: 
 (a) Parent shall indemnify and hold harmless
SpinCo from and against, and will reimburse SpinCo for, (i) all liability for Taxes allocated to Parent pursuant to Article II, (ii) all Taxes and Tax-Related Losses arising out of, based
upon, or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant, or obligation of any member of the Parent Group pursuant to this Agreement, (iii) all Taxes or Tax-Related
Losses resulting from the failure of the Transactions to qualify for the Tax-Free Status of the Transactions, other than those Taxes or Tax Related Losses for which SpinCo is responsible pursuant to
Section 5.1(b)(ii) or 5.1(b)(iv), and (iv) the amount of any Refund received by any member of the Parent Group that is allocated to SpinCo pursuant to Section 2.6(a). 

(b) Without regard to whether an Unqualified Tax Opinion may have been provided or whether any action is permitted or consented to hereunder
and notwithstanding anything else to the contrary contained herein, SpinCo shall indemnify and hold harmless Parent from and against, and will reimburse Parent for, (i) all liability for Taxes allocated to SpinCo pursuant to Article II,
(ii) all Taxes and Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant, or
obligation of any member of the SpinCo Group pursuant to this Agreement, (iii) the amount of any Refund received by any member of the SpinCo Group that is allocated to Parent pursuant to Section 2.6(a), and
(iv) any Taxes and Tax-Related Losses attributable to a SpinCo Disqualifying Action (regardless of whether the conditions set forth in Section 4.2(c) are satisfied). 

(c) To the extent that any Tax or Tax-Related Loss is subject to indemnity pursuant to both
Sections 5.1(a)(ii) (on the one hand) and 5.1(b)(ii) or (iv) (on the other hand), responsibility for such Tax or Tax-Related Loss shall be shared by Parent and SpinCo according to relative
fault as determined by Parent in its good faith discretion. 

  
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 5.2 Indemnification Payments. 

(a) Except as otherwise provided in this Agreement, if either Party (the “Indemnitee”) is required to pay to a Taxing
Authority a Tax or to another Person a payment in respect of a Tax that the other Party (the “Indemnifying Party”) is liable for under this Agreement, including as a result of a Final Determination, the Indemnitee shall notify the
Indemnifying Party, in writing, of its obligation to pay such Tax and, in reasonably sufficient detail, its calculation of the amount due by such Indemnifying Party to the Indemnitee, including any Tax-Related
Losses attributable thereto. The Indemnifying Party shall pay such amount, including any Tax-Related Losses attributable thereto, to the Indemnitee no later than the later of (i) five (5) Business Days
prior to the date on which such payment is due to the applicable Taxing Authority, and (ii) fifteen (15) Business Days after the receipt of notice from the other Party. 

(b) If, as a result of any change or redetermination, any amount previously allocated to and borne by one Party pursuant to the provisions of
Article II is thereafter allocated to the other Party, then, no later than five (5) Business Days after such change or redetermination, such other Party shall pay to the first Party the amount previously borne by such Party which is
allocated to such other Party as a result of such change or redetermination. 
 5.3 Payment Mechanics. 

(a) All payments under this Agreement shall be made by Parent directly to SpinCo and by SpinCo directly to Parent; provided,
however, that if the Parties mutually agree with respect to any such indemnification payment, any member of the Parent Group, on the one hand, may make such indemnification payment to any member of the SpinCo Group, on the other hand, and
vice versa. All indemnification payments shall be treated in the manner described in Section 5.4. 
 (b) In the
case of any payment of Taxes made by a Responsible Party or Indemnitee pursuant to this Agreement for which such Responsible Party or Indemnitee, as the case may be, has received a payment from the other Party, such Responsible Party or Indemnitee
shall provide to the other Party a copy of any official government receipt received with respect to the payment of such Taxes to the applicable Taxing Authority (or, if no such official governmental receipts are available, executed bank payment
forms or other reasonable evidence of payment). 
 5.4 Treatment of Payments. The Parties agree that any payment made between the
Parties pursuant to this Agreement shall be treated for all U.S. federal income tax purposes, to the extent permitted by Law, as either (i) a non-taxable contribution by Parent to SpinCo, or (ii) a
distribution by SpinCo to Parent, and, in the case of any payment made between the Parties pursuant to this Agreement after the Distribution, such payment shall be treated as having been made immediately prior to the Distribution. Notwithstanding
the foregoing, Parent shall notify SpinCo if it determines that any payment made pursuant to this Agreement is to be treated, for any Tax purposes, as a payment made by one Party acting as an agent of one of such Party’s Subsidiaries to the
other Party acting as an agent of one of such other Party’s Subsidiaries, and the Parties agree to treat any such payment accordingly. Any Tax indemnity payment made by a Party under this Agreement shall be increased as necessary so that after
making all payments in respect of Taxes imposed on or attributable to such indemnity payment, the recipient Party receives an amount equal to the sum it would have received had no such Taxes been imposed. 

  
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 ARTICLE VI 

TAX CONTESTS 
 6.1
Notice. Each Party shall notify the other Party in writing within ten (10) days after receipt by such Party or any member of its Group of a written communication from any Taxing Authority with respect to any pending or threatened
audit, examination, claim, dispute, suit, action, proposed assessment, or other proceeding (a “Tax Contest”) concerning any Taxes for which the other Party may be liable pursuant to this Agreement, and thereafter shall promptly
forward or make available to such Party copies of notices and communications relating to such Tax Contest. A failure by an Indemnitee to give notice as provided in this Section 6.1 (or to promptly forward any such notices
or communications) shall not relieve the Indemnifying Party of its indemnification obligation under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such failure. 

6.2 Separate Returns. In the case of any Tax Contest with respect to any Separate Return, the Party having the liability for the Tax
pursuant to Article II shall have the sole responsibility and right to control the prosecution of such Tax Contest, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle,
or agree to any deficiency, claim, or adjustment proposed, asserted, or assessed in connection with or as a result of such Tax Contest. 

6.3 Joint Returns. In the case of any Tax Contest with respect to any Joint Return, Parent shall have the sole responsibility and right
to control the prosecution of such Tax Contest, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle, or agree to any deficiency, claim, or adjustment proposed, asserted, or
assessed in connection with or as a result of such Tax Contest. 
 6.4 Obligation of Continued Notice. During the pendency of any Tax
Contest or threatened Tax Contest, each of the Parties shall provide prompt notice to the other Party of any written communication received by it or a member of its respective Group from a Taxing Authority regarding any Tax Contest for which it is
indemnified by the other Party hereunder or for which it may be required to indemnify the other Party hereunder. Such notice shall attach copies of the pertinent portion of any written communication from a Taxing Authority and contain factual
information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Taxing Authority in respect of any such matters. Such notice shall be
provided in a reasonably timely fashion; provided, however, that in the event that timely notice is not provided, a Party shall be relieved of its obligation to indemnify the other Party only to the extent that such delay results in
actual increased costs or actual prejudice to such other Party. 
 6.5 Settlement Rights. Unless waived by the Parties in writing, in
connection with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the
Controlling Party under this Agreement (i) the Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with
respect to such potential adjustment in such Tax Contest, (ii) the Controlling Party 

  
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shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Taxing Authority or judicial authority in
connection with such potential adjustment in such Tax Contest, and (iii) the Controlling Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified in the preceding
sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability or obligation which it may have to the Controlling Party
under this Agreement, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party. 

ARTICLE VII 
 COOPERATION 

7.1 General. 
 (a)
Each Party shall fully cooperate, and shall cause all members of such Party’s Group to fully cooperate, with all reasonable requests in writing from the other Party, or from an agent, representative, or advisor of such Party, in connection with
the preparation and filing of any Tax Return, claims for Refunds, the conduct of any Tax Contest, and calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with
Taxes of either Party or any member of either Party’s Group covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the
provision of any information reasonably necessary or helpful in connection with a Tax Matter and shall include, without limitation, at each Party’s own cost: 

(i) the provision of any Tax Returns of either Party or any member of either Party’s Group, books, records (including
information regarding ownership and Tax basis of property), documentation, and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing
Authorities; 
 (ii) the execution of any document (including any power of attorney) in connection with any Tax Contest of
either Party or any member of either Party’s Group, or the filing of a Tax Return or a Refund claim of either Party or any member of either Party’s Group; 

(iii) the use of the Party’s commercially reasonable efforts to obtain any documentation in connection with a Tax Matter;
and 
 (iv) the use of the Party’s commercially reasonable efforts to obtain any Tax Returns (including accompanying
schedules, related work papers, and documents), documents, books, records, or other information in connection with the filing of any Tax Returns of either Party or any member of either Party’s Group. 

  
 -23- 

 (b) Each Party shall make its employees and facilities available, without charge, on a
mutually convenient basis to facilitate such cooperation. 
 7.2 Consistent Treatment. Unless and until there has been a Final
Determination to the contrary, each Party agrees not to take any position on any Tax Return, in connection with any Tax Contest, or otherwise that is inconsistent with (i) the treatment of payments between the Parent Group and the SpinCo Group
as set forth in Section 5.4, (ii) the Tax Materials, or (iii) the Tax-Free Status of the Transactions. 

ARTICLE VIII 
 RETENTION OF
RECORDS; ACCESS 
 8.1 Retention of Records. For so long as the contents thereof may become material in the administration of any
matter under applicable Tax Law, but in any event until the later of (i) sixty (60) days after the expiration of any applicable statutes of limitation (including any waivers or extensions thereof), and (ii) seven (7) years after the
Distribution Date, the Parties shall retain records, documents, accounting data, and other information (including computer data) necessary for the preparation and filing of all Tax Returns (collectively, “Tax Records”) in respect of
Taxes of any member of either the Parent Group or the SpinCo Group for any Pre-Distribution Period or Post-Distribution Period or for any Tax Contests relating to such Tax Returns. At any time after the
Distribution Date when the Parent Group proposes to destroy any Tax Records, Parent shall first notify SpinCo in writing, and the SpinCo Group shall be entitled to receive such records or documents proposed to be destroyed. At any time after the
Distribution Date when the SpinCo Group proposes to destroy any Tax Records, SpinCo shall first notify Parent in writing, and the Parent Group shall be entitled to receive such records or documents proposed to be destroyed. The Parties will notify
each other in writing of any waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 

8.2 Access to Tax Records. The Parties and their respective Affiliates shall make available to each other for inspection and copying,
during normal business hours upon reasonable notice, all Tax Records (including, for the avoidance of doubt, any pertinent underlying data accessed or stored on any computer program or information technology system) in their possession. Each of the
Parties shall permit the other Party and its Affiliates, authorized agents, and representatives and any representative of a Taxing Authority or other Tax auditor direct access, during normal business hours upon reasonable notice, to any computer
program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Party in connection with the preparation of Tax Returns or financial accounting statements, audits,
litigation, or the resolution of items pursuant to this Agreement. The Party seeking access to the records of the other Party shall bear all costs and expenses associated with such access, including any professional fees. 

  
 -24- 

 ARTICLE IX 

DISPUTE RESOLUTION 
 9.1
Dispute Resolution. In the event of any dispute between the Parties as to any matter covered by this Agreement, the Parties shall appoint a nationally recognized independent public accounting firm (the “Accounting Firm”) to
resolve such dispute. In this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Parent, SpinCo, and their respective representatives, and not by independent review, and
shall function only as an expert and not as an arbitrator and shall be required to make a determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the
submission of such dispute to the Accounting Firm, but in no event later than the due date for the payment of Taxes or the filing of the applicable Tax Return, if applicable, and agree that all decisions by the Accounting Firm with respect thereto
shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with the Past
Practices of Parent and its Subsidiaries, except as otherwise required by applicable Law. The Parties shall require the Accounting Firm to render all determinations in writing and to set forth, in reasonable detail, the basis for such determination.
The fees and expenses of the Accounting Firm shall be borne equally by the Parties. 
 ARTICLE X 

MISCELLANEOUS PROVISIONS 
 10.1
Conflicting Agreements. In the event and to the extent that there shall be a conflict between the provisions of this Agreement and the provisions of the Separation Agreement or any Ancillary Agreement, this Agreement shall control with
respect to the subject matter thereof. 
 10.2 Interest on Late Payments. With respect to any payment between the Parties pursuant to
this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the Code from such due
date to and including the payment date. 
 10.3 Successors. This Agreement shall be binding on and inure to the benefit of any
successor by merger, acquisition of assets, or otherwise, to either of the Parties (including but not limited to any successor of Parent or SpinCo succeeding to any Tax Attributes of either Party under Section 381 of the Code), to the same
extent as if such successor had been an original party to this Agreement. 
 10.4 Assignability. This Agreement shall be binding upon
and inure to the benefit of the Parties, and their respective successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior
written consent of the other Party. 

  
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 10.5 No Fiduciary Relationship. The duties and obligations of the Parties, and their
respective successors and permitted assigns, contained herein are the extent of the duties and obligations contemplated by this Agreement; nothing in this Agreement is intended to create a fiduciary relationship between the Parties hereto, or any of
their successors and permitted assigns, or create any relationship or obligations other than those explicitly described. 
 10.6 Further
Assurances. In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall use its reasonable best efforts, prior to, on and after the Effective Time, to take, or cause to be taken, all actions, and
to do, or cause to be done, all things, reasonably necessary, proper or advisable under applicable Laws, regulations and agreements to consummate and make effective the transactions contemplated by this Agreement. 

10.7 Survival. Notwithstanding any other provision of this Agreement to the contrary, all representations, covenants, and obligations
contained in this Agreement, and Liability for breach of any obligations contained herein, shall survive the Separation and Distribution and shall remain in full force and effect. 

10.8 Notices. All notices, requests, claims, demands, or other communications under this Agreement shall be in English, shall be in
writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by e-mail (followed by delivery of an original via
overnight courier service) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 10.8): 

If to Parent, to: 
 Becton,
Dickinson and Company 
 1 Becton Drive 

Franklin Lakes, New Jersey 07417 

	 	Attention:	 Joseph LaSala 

Chief Counsel - Transactions/M&A 

	 	E-mail:	 joseph_lasala@bd.com 

If to SpinCo, to: 
 Embecta
Corp. 
 300 Kimball Drive 

Parsippany, New Jersey 07054 

	 	Attention:	 Jeff Mann 

Senior Vice President, General Counsel, Head of Corporate Development 

and Corporate Secretary 

	 	E-mail:	 jeff.mann@bd.com; jeff.mann@embecta.com 

  
 -26- 

 Any Party may, by notice to the other Party, change the address to which such notices are to
be given. 
 10.9 Distribution Date. This Agreement shall become effective only upon the Distribution Date. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 -27- 

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

			
	BECTON, DICKINSON AND COMPANY
		
	By:	 	 /s/ Christopher J. DelOrefice

		 	 Name:  Christopher J. DelOrefice

		 	 Title:    Executive Vice President and Chief

             Financial Officer

	
	EMBECTA CORP.
		
	By:	 	 /s/ Jacob Elguicze

		 	 Name:  Jacob Elguicze

		 	 Title:   Chief Financial Officer

 [Tax Matters Agreement Signature Page]

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