Document:

Exhibit 10(d)(i)

  

BECTON, DICKINSON AND COMPANY 

DEFERRED COMPENSATION PLAN 

(Formerly the Becton, Dickinson and Company Salary and Bonus Deferral Plan) 

 

Amended and Restated as of January 30, 2007 

  BECTON, DICKINSON AND COMPANY 

  DEFERRED COMPENSATION PLAN 

  Amended and Restated as of March 22, 2004 

TABLE OF CONTENTS 

	
      ARTICLE I 
	 Definitions  
		 
		
2 
	
	 	 	 	 
	          

		
Section 1.1	     	
“Accounts” 
		 
		
2 
	
	 

		
Section 1.2 
		 
		
“Annual Open Enrollment Period” 
		 
		
2 
	
	 

		
Section 1.3 
		 
		
“Base Salary” 
		 
		
2 
	
	 

		
Section 1.4 
		 
		
“Board of Directors” 
		 
		
2 
	
	 

		
Section 1.5 
		 
		
“Bonus” 
		 
		
2 
	
	 

		
Section 1.6 
		 
		
“Change in Control” 
		 
		
2 
	
	 

		
Section 1.7 
		 
		
“Code” 
		 
		
4 
	
	 

		
Section 1.8 
		 
		
“Committee” 
		 
		
4 
	
	 

		
Section 1.9 
		 
		
“Common Stock” 
		 
		
4 
	
	 

		
Section 1.10 
		 
		
“Company” 
		 
		
4 
	
	 

		
Section 1.11 
		 
		
“Company Discretionary Credits” 
		 
		
4 
	
	 

		
Section 1.12 
		 
		
“Company Discretionary Credit Account” 
		 
		
4 
	
	 

		
Section 1.13 
		 
		
“Company Matching Credits” 
		 
		
4 
	
	 

		
Section 1.14 
		 
		
“Company Matching Credit Account” 
		 
		
4 
	
	 

		
Section 1.15 
		 
		
“Deferral Election” 
		 
		
4 
	
	 

		
Section 1.16 
		 
		 “Deferred Bonus”  	 
		
4 
	
	 

		
Section 1.17 
		 
		 “Deferred Bonus Account”  	 
		
4 
	
	 

		
Section 1.18 
		 
		 “Deferred Bonus Election”  	 
		
4 
	
	 

		
Section 1.19 
		 
		 “Deferred Equity-Based Compensation”  	 
		
5 
	
	 

		
Section 1.20 
		 
		 “Deferred Equity-Based Compensation
	    Account”  	 
		
5 
	
	 

		
Section 1.21 
		 
		 “Deferred Equity-Based Compensation
	    Election”  	 
		
5 
	
	 

		
Section 1.22 
		 
		 “Deferred Salary”  	 
		
5 
	
	 

		
Section 1.23 
		 
		 “Deferred Salary Account”  	 
		
5 
	
	 

		
Section 1.24 
		 
		 “Deferred Salary Election”  	 
		
5 
	
	 

		
Section 1.25 
		 
		 “Deferred SERP Distribution”  	 
		
5 
	
	 

		
Section 1.26 
		 
		 “Deferred SERP Distribution Account”  	 
		
5 
	
	 

		
Section 1.27 
		 
		 “Deferred SERP Distribution Election”  	 
		
5 
	
	 

		
Section 1.28 
		 
		 “Deferred Stock Account”  	 
		
5 
	
	 

		
Section 1.29 
		 
		 “Deferred Stock Election”  	 
		
5 
	
	 

		
Section 1.30 
		 
		
“Disabled” 
		 
		
5 
	
	 

		
Section 1.31 
		 
		
“Dividend Reinvestment Return” 
		 
		
5 
	
	 

		
Section 1.32 
		 
		
“Equity-Based Compensation” 
		 
		
6 
	
	 

		
Section 1.33 
		 
		
“Equity-Based Compensation Plan” 
		 
		
6 
	
	 

		
Section 1.34 
		 
		
“ERISA” 
		 
		
6 
	
	 

		
Section 1.35 
		 
		
“Fiscal Year” 
		 
		
6 
	
	 

		
Section 1.36 
		 
		
“Investment Election” 
		 
		
6 
	
	 

		
Section 1.37 
		 
		
“Investment Options” 
		 
		
6 
	
	 

		
Section 1.38 
		 
		
“NYSE” 
		 
		
6 
	

	

	  
	
Section 1.39 
		     
		
“Other Stock-Based Awards” 
		 
		
6 
	
	

	  
	
Section 1.40 
		 
		
“Participant” 
		 
		
6 
	
	

	  
	
Section 1.41 
		 
		
“Performance Units” 
		 
		
6 
	
	

	  
	
Section 1.42 
		 
		
“Plan” 
		 
		
6 
	
	

	  
	
Section 1.43 
		 
		
“Plan Year” means the calendar year 
		 
		
6 
	
	

	  
	
Section 1.44 
		 
		
“Restricted Stock Units” 
		 
		
6 
	
	

	  
	
Section 1.45 
		 
		
“SERP” 
		 
		
6 
	
	

	  
	
Section 1.46 
		 
		
“Stock Award Plan” 
		 
		
7 
	
	

	  
	
Section 1.47 
		 
		
“Stock Trust” 
		 
		
7 
	
	 	 	 	 	 
	
      ARTICLE II 
	    
	 	 Eligibility
    and Participation  	 
		
8 
	
	 	 	 	 	 
	

	           
	
Section 2.1 
		 
		
Eligibility 
		 
		
8 
	
	

	  
	
Section 2.2 
		 
		
Participation 
		 
		
8 
	
	 	 	 	 	 
	
      ARTICLE III 
	    
	 	 Deferral Elections and Deferral Periods  	 
		
11 
	
	 	 	 	 	 
	

	  
	
Section 3.1 
		 
		
Deferred Salary Election 
		 
		
11 
	
	

	  
	
Section 3.2 
		 
		
Deferred Bonus Election 
		 
		
11 
	
	

	  
	
Section 3.3 
		 
		
Deferred Equity-Based Compensation Election 
		 
		
12 
	
	

	  
	
Section 3.4 
		 
		
Deferred SERP Distribution Election 
		 
		
12 
	
	

	  
	
Section 3.5 
		 
		
Company Matching Credits 
		 
		
13 
	
	

	  
	
Section 3.6 
		 
		
Company Discretionary Credits 
		 
		
13 
	
	

	  
	
Section 3.7 
		 
		
Deferral Period 
		 
		
13 
	
	

	  
	
Section 3.8 
		 
		
Modification of Deferral Period 
		 
		
14 
	
	 	 	 	 	 	 
	
      ARTICLE IV 
	    
	 	 Participants’ Accounts  	 
		
15 
	
	 	 	 	 	 	 
	

	  
	
Section 4.1 
		 
		
Crediting of Employee Deferrals and Company Matching 
		 
		 

	
	

	  
	 

		 
		
and Discretionary Credits 
		 
		
15 
	
	

	  
	
Section 4.2 
		 
		
Investment Election 
		 
		
15 
	
	

	  
	
Section 4.3 
		 
		
Hypothetical Earnings 
		 
		
15 
	
	

	  
	
Section 4.4 
		 
		
Vesting 
		 
		
18 
	
	

	  
	
Section 4.5 
		 
		
Account Statements 
		 
		
18 
	
	 	 	 	 
	
      ARTICLE V 
	    
	 	 Distributions and Withdrawals  	 
		
19 
	
	 	 	 	 
	

	  
	
Section 5.1 
		 
		
Timing of Distribution 
		 
		
19 
	
	

	  
	
Section 5.2 
		 
		
Form of Distribution 
		 
		
22 
	
	 	 	 	 
	
      ARTICLE VI 
	    
	 	 General Provisions  	 
		
25 
	
	 	 	 	 
	

	  
	
Section 6.1 
		 
		
Unsecured Promise to Pay 
		 
		
25 
	
	

	  
	
Section 6.2 
		 
		
Plan Unfunded 
		 
		
25 
	
	

	  
	
Section 6.3 
		 
		
Designation of Beneficiary 
		 
		
25 
	
	

	  
	
Section 6.4 
		 
		
Expenses 
		 
		
26 
	
	

	  
	
Section 6.5 
		 
		
Voting Common Stock 
		 
		
26 
	
	

	  
	
Section 6.6 
		 
		
Non-Assignability 
		 
		
26 
	
	

	  
	
Section 6.7 
		 
		
Mandatory Deferral 
		 
		
26 
	
	

	  
	
Section 6.8 
		 
		
Employment/Participation Rights 
		 
		
26 
	

-ii- 

	 

		
Section 6.9 
		 
		
Severability 
		 
		
27 
	
	 

		
Section 6.10 
		 
		
No Individual Liability 
		 
		
27 
	
	 

		
Section 6.11 
		 
		
Tax Withholding 
		 
		
27 
	
	 

		
Section 6.12 
		 
		
Applicable Law 
		 
		
28 
	
	 

		
Section 6.13 
		 
		
Incompetency 
		 
		
28 
	
	 

		
Section 6.14 
		 
		
Notice of Address 
		 
		
28 
	
	 	 	 	 	 
	
ARTICLE VII 
		 	 Administration  	 
		
29 
	
	 	 	 	 	 
	          

		
Section 7.1 
		     
		
Committee 
		 
		
29 
	
	 

		
Section 7.2 
		 
		
Claims Procedure 
		 
		
29 
	
	 	 	 	 	 
	
ARTICLE VIII 
		 	 Amendment, Termination and Effective Date  	 
		
30 
	
	 	 	 	 	 
	 

		
Section 8.1 
		 
		
Amendment of the Plan 
		 
		
30 
	
	 

		
Section 8.2 
		 
		
Termination of the Plan 
		 
		
30 
	
	 

		
Section 8.3 
		 
		
No Impairment of Benefits 
		 
		
30 
	
	 

		
Section 8.4 
		 
		
Effective Date 
		 
		
30 
	

-iii-

BECTON, DICKINSON AND COMPANY 

DEFERRED COMPENSATION PLAN 

Amended and Restated
      as of March 22, 2004

FOREWORD

Effective as of August 1, 1994 (the “Effective Date”), Becton, Dickinson and Company (the “Company”) adopted the Becton, Dickinson and Company Salary and Bonus Deferral Plan (the “Plan”) for the
benefit of certain of its employees. The Plan is intended to be an unfunded plan of deferred compensation primarily for the benefit of a select group of management and highly compensated employees. To the extent that the Plan permits the voluntary
deferral of bonuses, the Plan is intended to amend and replace the Bonus Deferral Option of the Becton, Dickinson and Company Executive Bonus Plan. 

The purpose of the Plan is to permit those employees of the Company who are part of a select group of management or highly compensated employees to defer, pursuant to the provisions of the Plan, a portion of the salaries, bonuses
and other remuneration (including certain equity-based compensation) otherwise payable to them. 

Effective as of August 15, 1996, the Board of Directors of the Company amended the Plan to permit Participants to have their deferred salaries or deferred bonuses considered to be invested in Common Stock of the Company, to permit
those Participants to vote a number of shares of Common Stock equal to the number considered to be held for their benefit under the Plan, and for certain other purposes. 

Effective as of November 1, 2001, the Plan is amended and restated to rename the Plan as the Becton, Dickinson and Company Deferred Compensation Plan, and to modify the deferral opportunities and the distribution and withdrawal
options under the Plan, and to make certain other modifications deemed desirable. 

Effective as of March 22, 2004, the Plan is amended and restated to permit participants to defer certain equity-based compensation awarded under the Becton, Dickinson and Company Stock Award Plan (the “Stock Award Plan”)
and the Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan (the “Equity-Based Compensation Plan”) and to clarify the Committee’s discretion to require Deferral Elections to be made earlier than
September 30 of a Plan Year with respect to amounts to be paid in a year or years following the Plan Year. The Plan is also amended to allow reallocations from a Participant’s Deferred Stock Account to other Investment Options. 

ARTICLE I 

Definitions 

          Section 1.1 “Accounts” means the bookkeeping accounts established under the Plan, if any, on behalf of a Participant and includes earnings credited thereon or losses charged thereto.

          Section 1.2 “Annual Open Enrollment Period” means the annual period designated by the Committee, which ends not later than the December 31 of a Plan Year, during which a Participant may make or change elections to defer
annual Base Salary, Bonuses, Equity-Based Compensation, and SERP distributions.  Notwithstanding the foregoing, the Annual Open Enrollment Period for 2001 shall be the period designated by the Committee which ends not later than November 9, 2001.

          Section 1.3 “Base Salary” means the base salary or wages otherwise taken into account under the Becton, Dickinson and Company Savings Incentive Plan, determined in accordance with the provisions of such plan, but
without regard to the limitation on compensation otherwise required under Code section 401(a)(17), and without regard to any deferrals of the foregoing of compensation under this or any other plan of deferred compensation maintained by the Company.

          Section 1.4 “Board of Directors” means the Board of Directors of the Company. 

          Section 1.5 “Bonus” means the annual bonus payable under the Company’s Performance Incentive Plan, or any successor thereto. 

          Section 1.6 “Change in Control” of the Company means any of the following events: 

              (1) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial
    ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting
    power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 1.6, the following
    acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company
    or any affiliated company, (iv) any acquisition by any corporation pursuant to a transaction that complies with Sections 1.6(3)(A), 1.6(3)(B) and 1.6(3)(C), or (v) any acquisition that the Board determines, in good faith, was inadvertent, if the
    acquiring Person divests as promptly as practicable a sufficient amount of the Outstanding Company Common Stock and/or the Outstanding 

  
    Company Voting Securities, as applicable, to reverse such acquisition of 25% or more thereof. 

             (2) Individuals who, as of April 24, 2000, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director
  subsequent to April 24, 2000 whose election, or nomination for election as a director by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as
  though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or
  removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board. 

             (3) Consummation of a reorganization, merger, consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business
  Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination
  beneficially own, directly or indirectly, more than 60% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may
  be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through
  one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no
  Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or
  more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such
  ownership existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of
  the initial agreement or of the action of the Board providing for such Business Combination; or 

             (4) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

          Section 1.7 “Code” means the Internal Revenue Code of 1986, as amended, or any successor statute. 

          Section 1.8 “Committee” means the committee that is responsible for administering the Plan.  The Committee shall consist of three or more employees of the Company as determined by, and appointed by, the Board of
Directors. The Committee may delegate pursuant to a written authorization (including, by way of illustration, through a contract, memorandum, or other written delegation document) any or all of its responsibilities involving ongoing day-to-day
administration or ministerial acts, as set forth in this Plan to one or more individuals or service-providers. In any case where this Plan refers to the Committee, such reference is deemed to be a reference to any delegate of the Committee appointed
for such purpose. 

          Section 1.9 “Common Stock” means the common stock ($1.00 par value) of the Company, including any shares into which it may be split, subdivided or combined. 

          Section 1.10 “Company” means Becton, Dickinson and Company and any successor to such corporation by merger, purchase or otherwise. 

          Section 1.11 “Company Discretionary Credits” means the amounts credited to a Participant’s Company Discretionary Credit Account, if any, pursuant to Section 3.6. 

          Section 1.12 “Company Discretionary Credit Account” means the bookkeeping account established under Section 3.6, if any, on behalf of a Participant and includes any earnings credited thereon or losses charged thereto
pursuant to Article IV. 

          Section 1.13 “Company Matching Credits” means the amounts credited to a Participant’s Company Matching Credit Account, if any, pursuant to Section 3.5. 

          Section 1.14 “Company Matching Credit Account” means the bookkeeping account established under Section 3.5, if any, on behalf of a Participant and includes any earnings credited thereon or losses charged thereto
pursuant to Article IV. 

          Section 1.15 “Deferral Election” means the Participant’s election to participate in this Plan and defer amounts eligible for deferral in accordance with the Plan terms. Except as the context otherwise requires,
references herein to Deferral Elections include any subsequent modifications of a prior Deferral Election. 

          Section 1.16 “Deferred Bonus” means the amount of a Participant’s Bonus that such Participant has elected to defer until a later year pursuant to an election under Section 3.2. 

          Section 1.17 “Deferred Bonus Account” means the bookkeeping account established under Section 3.2 on behalf of a Participant, and includes any earnings credited thereon or losses charged thereto pursuant to Article IV.

          Section 1.18 “Deferred Bonus Election” means the election by a Participant under Section 3.2 to defer a portion of the Participant’s Bonus until a later year. 

          Section 1.19 “Deferred Equity-Based Compensation” means the amount of a Participant’s Equity-Based Compensation that such Participant has elected to defer until a later year pursuant to an election under Section
3.3. 

          Section 1.20 “Deferred Equity-Based Compensation Account” means the bookkeeping account established under Section 3.3 on behalf of a Participant, and includes any earnings credited thereon or losses charged thereto
pursuant to Section 4.3(b) . 

          Section 1.21 “Deferred Equity-Based Compensation Election” means the election by a Participant under Section 3.3 to defer a portion of the Participant’s Equity-Based Compensation. 

          Section 1.22 “Deferred Salary” means the amount of a Participant’s Base Salary that such Participant has elected to defer until a later year pursuant to an election under Section 3.1. 

          Section 1.23 “Deferred Salary Account” means the bookkeeping account established under Section 3.1 on behalf of a Participant, and includes any earnings credited thereon or losses charged thereto pursuant to Article IV.

          Section 1.24 “Deferred Salary Election” means the election by a Participant under Section 3.1 to defer until a later year a portion of his or her Base Salary. 

          Section 1.25 “Deferred SERP Distribution” means the amount of a Participant’s SERP distribution that such Participant has elected to defer under this Plan pursuant to an election under Section 3.4.

          Section 1.26 “Deferred SERP Distribution Account” means the bookkeeping account established under Section 3.4 on behalf of a Participant, and includes any earnings credited thereon or losses charged thereto pursuant to
Article IV. 

          Section 1.27 “Deferred SERP Distribution Election” means the election by a Participant under Section 3.4 to defer all or a portion of the Participant’s SERP distribution.

          Section 1.28 “Deferred Stock Account” means the bookkeeping account established under Section 4.3(b) on behalf of a Participant and includes, in addition to amounts stated in that Section, any Dividend Reinvestment
Return credited thereon. 

          Section 1.29 “Deferred Stock Election” means the election by a Participant under Section 4.3(b) to have applicable deferred amounts credited in the form of Common Stock to the Participant’s Deferred Stock Account.

          Section 1.30 “Disabled” means that a Participant is totally and permanently disabled as defined in the Company’s Long-Term Disability Plan. 

          Section 1.31 “Dividend Reinvestment Return” means the amounts which are credited to each Participant’s Deferred Stock Account pursuant to Section 4.3(b) to reflect dividends declared by the Company on its Common
Stock. 

          Section 1.32 “Equity-Based Compensation” means (i) November 24, 2003, awards granted under the Stock Award Plan and (ii) Restricted Stock Units, Performance Units, and Other Stock-Based Awards granted under Sections 7,
8, and 9 of the Equity-Based Compensation Plan, and does not include any such awards that qualify as vested stock, restricted stock, stock option awards, or stock appreciation rights. 

          Section 1.33 “Equity-Based Compensation Plan” means the Becton, Dickinson and Company 2004 Employee and Director Equity-Based Compensation Plan. 

          Section 1.34 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 

          Section 1.35 “Fiscal Year” means the fiscal year of the Company, which currently is the twelve month period commencing on the first day of October and ending on the last day of September of the following calendar year.

          Section 1.36 “Investment Election” means the Participant’s election to have deferred amounts credited with hypothetical earnings credits (or losses) that track the investment performance of the Investment Options
and/or Company Common Stock in accordance with Article IV.

          Section 1.37 “Investment Options” means those hypothetical targeted investment options designated by the Committee as measurements of the rate of return to be credited to (or charged against) amounts deferred to
Participants’ Accounts.  

          Section 1.38 “NYSE” means The New York Stock Exchange. 

          Section 1.39 “Other Stock-Based Awards” means awards granted under Section 9 of the Equity-Based Compensation Plan. 

          Section 1.40 “Participant” means a common law employee of the Company who meets the eligibility requirements for a deferral under this Plan as set forth in Article II and who is eligible to elect to defer amounts under
this Plan in accordance with Article III. 

          Section 1.41 “Performance Units” means awards granted under Section 8 of the Equity-Based Compensation Plan. 

          Section 1.42 “Plan” means the Becton, Dickinson and Company Deferred Compensation Plan (previously the Becton, Dickinson and Company Salary and Bonus Deferral Plan) as from time to time in effect. 

          Section 1.43 “Plan Year” means the calendar year. 

          Section 1.44 “Restricted Stock Units” means Restricted Stock Units granted under Section 7 of the Equity-Based Compensation Plan. 

          Section 1.45 “SERP” means the Becton, Dickinson and Company Retirement Benefit Restoration Plan, as from time to time in effect. 

          Section 1.46 “Stock Award Plan” means the Becton, Dickinson and Company Stock Award Plan as the same may be amended from time to time. 

          Section 1.47 “Stock Trust” means the Becton, Dickinson and Company Deferred Salary and Bonus Trust established as of August 15, 1996 between the Company and Wachovia Bank of North Carolina, N.A., as amended from time to
time thereafter. 

ARTICLE II 

Eligibility and Participation

	Section 2.1
	          	Eligibility  
	 	 	 
	
      (a)
	 	
      An individual shall be eligible to become a Participant in this Plan if the individual meets the following requirements:

	 
	 	 	
(i)          	
      the individual is a common law employee of a unit of the Company (or of one of its subsidiaries) to which the Plan has been adopted pursuant to a decision by, or with the approval of, the Board of Directors;

	 
	 	 	
(ii)	
      the individual is not a nonresident alien of the United States receiving no United States source income within the meaning of sections 861(a)(3) or 911(d)(2) of the Code; and

	 
	 	 	
(iii)	
      the employee has annualized Base
          Salary of $100,000 or more for the calendar year in which the Deferral
    Election is required to be made.

	 
	
      (b)
	 	
      The Committee shall have the ability to adjust, prospectively for any Plan Year, the dollar limitation in Section 2.1(a)(iii).

	 
	
      (c)
	 	
The Committee may also:
	 
	 	 	
(i)	
      designate as ineligible particular individuals, groups of individuals or employees of business units who otherwise would be eligible under Section 2.1(a); or

	 
	 	 	
(ii)	
      designate as eligible particular individuals, groups of individuals or employees of business units who otherwise would be ineligible under Section 2.1(a).

	 
	
      (d)
	 	
      An employee who, at any time, ceases to meet the foregoing eligibility requirements, as determined in the sole discretion of the Committee, shall thereafter cease to be a Participant eligible to continue making deferrals under the
  Plan, and any deferral elections then in effect shall cease to be effective. In such case, the individual may remain a Participant in the Plan with respect to amounts already deferred prior to the date such individual ceased to be an active
  Participant.

	 	 	 	 
	Section 2.2
	 	Participation  
	 	 	 
	 (a)
	 	 Deferral Election.
        As soon as practicable after the Committee determines that an employee
    is eligible to become a Participant, the Committee shall

 

	 	 	
  provide the Participant with the appropriate election forms with which a Participant may make a Deferral Election. In the case of an employee who first becomes eligible during a Plan Year, such Deferral Election may be made within
  the first thirty (30) days of eligibility with respect to any Salary to be earned thereafter for the remainder of the Plan Year. In the case of a newly-hired participant, such Deferral Election within the first thirty (30) days of eligibility may
  also be made with respect to any Equity- Based Compensation awarded or granted at the time of hire and to be earned thereafter. In the case of Bonus awards granted in 2004 and 2005 and Equity-Based Compensation awards granted in 2003 and 2004, the
  Deferred Bonus and Deferred Equity-Based Compensation Elections shall be made by September 30, 2004, or such earlier time determined by the Committee. In the event that such Deferred Bonus and Deferred Equity- Based Compensation Elections are
  required by the Committee to be made earlier than September 30, 2004, in order that the Deferral Elections will be grandfathered under certain proposed legislation, but the legislation, as enacted, does not grandfather the Deferral Elections, the
  early Deferral Elections shall be void. If the Participant does not return the completed forms to the Committee at such time as required by the Committee, the Participant will not be allowed to participate in the Plan until the next Annual Open
  Enrollment Period. All Deferral Elections hereunder (including any modifications of prior Deferral Elections otherwise permitted under the Plan) may be made in accordance with written, electronic or telephonic procedures prescribed by the
  Committee.

	 
	
             (b)	          	
      Contents of Deferral Election.
          A Participant’s Deferral Election must be made in the manner designated
    by the Committee and must be accompanied by:

	 
	 	 	
(i)          	
      an election to defer Base Salary, Bonus, and/or Company Matching Credits and, with respect to deferrals made on or after January 1, 2002, and through December 31, 2003, a single deferral period election and distribution option
  election with respect to all such amounts deferred for any Plan Year (all such amounts deferred with respect to any Plan Year shall be treated as a single category of deferral for purposes of determining deferral periods and distribution options),
  and, with respect to amounts deferred after December 31, 2003, a single deferral period election and distribution option election with respect to Base Salary and Company Matching Credit (Base Salary and Company Matching Credit deferrals with respect
  to any Plan Year shall be treated as a single category of deferral for purposes of determining deferral periods and distribution options) and separate deferral period and distribution option elections with respect to Bonus;

	 

	                            	
(ii)         	
      an election to defer Equity-Based Compensation and a deferral period election with respect to Equity-Based Compensation, as determined by the Committee;

	 
	 	
(iii)	
      an election to defer SERP distributions and any Company Discretionary Credits and a separate deferral period election with respect to each such separate category of deferral;

	 
	 	
(iv)	
      an Investment Election (except with respect to an Equity-Based Compensation Election, which shall automatically be credited to a Deferred Stock Account for investment return purposes);

	 
	 	
(v)	
      a designation of a beneficiary
          or beneficiaries to receive any deferred amounts owed upon the Participant’s
    death;

	 
	 	
(vi)	
      subject to section 2.2(b)(i), a
          designation as to the form of distribution for each separate year’s deferral and each separate category of deferral; provided, however, that if no specific election is made with respect to any
  deferred amount, the Participant will be deemed to have elected to receive such amounts in the form of a lump sum distribution (in cash and, solely to the extent distributable amounts are credited to the Participant’s
  Deferred Stock Account at the time of the distribution, shares of Common Stock);

	 
	 	
(vii)	
      an application for a policy of life insurance under which the Participant is the insured and the Company is the sole owner of and beneficiary under such policy; and

	 
	 	
(viii)	
      such additional information as the Committee deems necessary or appropriate.

	 

ARTICLE III 

Deferral Elections and Deferral Periods 

	Section 3.1
	          	Deferred Salary Election  
	 	 	 
	
      (a)
	 	
      Each Participant who has elected
          to defer the maximum pre-tax elective deferral that is permitted for
          a calendar year under the Becton, Dickinson and Company Savings Incentive
          Plan and under Code section 402(g) may make a Deferred Salary Election
          with respect to Base Salary otherwise to be paid in such calendar year,
          provided that a valid Deferred Salary Election is made by the date
          specified in Section 3.1(b). A Participant may elect to defer from
          1% to 75% of the Participant’s Base Salary (in increments of 1%); provided, however, that the Participant must elect a Deferred Salary amount of at least $5,000.
          Notwithstanding the foregoing, any Deferred Salary Election must be
          made in a manner that will ensure that the Participant is paid a sufficient
          amount of Base Salary that will allow adequate amounts available for
          (i) any pre-tax elective deferrals under the Becton, Dickinson and
          Company Savings Incentive Plan, and (ii) any amounts to be deferred
          by the Participant in order to participate in any other benefit programs
    maintained by the Company.

	 
	
      (b)
	 	
      Except with respect to Deferred
          Salary Elections made by Participants who first become eligible to
          participate during a Plan Year (which elections must be made as specified
          in Section 2.2(a)), a Deferred Salary Election with  respect to Base
          Salary for a particular calendar year must be made on or before the
          December 31 (November 9, 2001 with respect to salary earned during
          the 2002 year) preceding the commencement of such calendar year or
          at such earlier time as  determined by the Committee. Once a Deferred
          Salary Election is made, it shall be irrevocable for the applicable
          calendar year and apply only to Base Salary otherwise to be paid during
          the applicable calendar year. Such Deferred Salary shall be credited
          to the Participant’s Deferred Salary Account as of the first business
    day after the last day of each payroll period.

	 
	Section 3.2
	 	Deferred Bonus Election  
	 
	 (a)
	 	 Each Participant may elect to
        make a Deferred Bonus Election with respect to a Bonus otherwise to be
        paid in the calendar year immediately following (or, in the discretion
        of the Committee, in a later year following) the year of the Participant’s Deferred Bonus Election.
        A Participant may elect to defer from 1% to 100% of the Participant’s
        Bonus (in increments of 1%); provided, however, that the Participant’s
    Deferred Bonus Election must result in a deferral of at least $5,000.

 

	
      (b)
	 	
A Deferred Bonus Election with respect to any Bonus to be paid in a particular calendar year must be made on or before the September 30 preceding the commencement of such calendar year (November 9, 2001 with respect to Bonus
amounts to be paid in 2002) or at such earlier time as determined by the Committee. Once made, a Deferred Bonus Election cannot be changed or revoked except as provided herein. Such Deferred Bonus shall be credited to the Participant’s Deferred
Bonus Account as of the first business day in January of the year that the Bonus otherwise would have been paid to the Participant in the absence of any deferral hereunder.
	 	 	

	Section 3.3	          	Deferred Equity-Based Compensation Election
	 	 	 
	
      (a)
	 	
      To the extent permitted by law
          on a tax deferred basis, each Participant may elect to make a Deferred
          Equity-Based Compensation Election with respect to Equity-Based Compensation
          otherwise to be paid in the calendar year immediately following (or,
          in the discretion of the Committee, in a later year following) the
          year of the Participant’s Deferred Equity-Based Compensation Election. A Participant may elect to defer from 1% to 100% of the Participant’s
  Equity-Based Compensation, and may make separate elections with respect to each of the Participant’s Restricted Stock Units, Performance Units, Other Stock-Based Awards, and November 24, 2003, awards under the Stock Award Plan, provided,
  however, that the Participant’s total Equity-Based Compensation Election
  must result in a deferral of at 100 units of Equity-Based Compensation.

	 
	
      (b)
	 	
      A Deferred Equity-Based Compensation
          Election with respect to any Equity-Based Compensation to be paid in
          a particular calendar year must be made on or before September 30 preceding
          the commencement of such calendar year or at such earlier time as determined
          by the Committee. Once made, a Deferred Equity-Based Compensation Election
          cannot be changed or revoked except as provided herein. Such Deferred
          Equity- Based Compensation shall be credited to the Participant’s
  Deferred Equity-Based Compensation Account as soon as practicable after the Equity-Based
  Compensation otherwise would vest and be paid, and will be credited for investment
  tracking purposes to the Participant’s Deferred Stock Account under Section
  4.3(b).

	 
	Section 3.4
	 	Deferred SERP Distribution Election
	 
	 (a)
	 	 Each Participant who is otherwise
        a participant in the SERP may elect to make a Deferred SERP Distribution
        Election, at the time specified in subsection (b) below, with respect
        to a SERP distribution that is otherwise to be paid to the Participant.
        A Participant may elect to defer from 1% to 100% of the Participant’s applicable SERP distribution
        (in increments of 1%); provided, however, that the total of the Participant’s
    Deferred SERP Distribution Election must result in a deferral of at least $5,000.

 

	
      (b)
	 	
      A Deferred SERP Distribution Election
          with respect to any SERP distribution payable during a particular calendar
          year must be made at least one year before the date that the SERP distribution
          is otherwise payable to the Participant. Once made, a Deferred SERP
          Distribution Election cannot be changed or revoked except as provided
          herein. Such Deferred SERP Distribution shall be credited to the Participant’s
          Deferred SERP Distribution Account as soon as practicable after such
          amount would otherwise have been payable to the Participant. If the
          Participant otherwise becomes entitled to a SERP distribution after
          having made such an election and before the end of such one-year period,
          such election shall be ineffective and the applicable SERP distribution
    shall not be deferred hereunder.

	 
	Section 3.5	          	Company Matching Credits
	 	 	 
	 	 	 If a Participant has made a Deferred
        Salary Election in accordance with Section 3.1 and, as a result of such
        Deferred Salary Election, the Participant is entitled to a lower matching
        contribution amount under the SIP, then the Participant shall be eligible
        to have Company Matching Credits credited to the Participant’s Company Matching Credit
        Account. The amount of such Company Matching Credits shall equal the amount
        of the matching contribution to which the Participant would have been entitled
        under the SIP had the Participant not made any Deferred Salary Election
        for the Plan Year under this Plan (taking into account all applicable Code
        limitations that limit the amount of matching contributions under the SIP)
        less an amount equal to the actual matching contribution to which the Participant
        is entitled under the SIP for the Plan Year. Such amounts shall be credited
        to the Participant’s Company Matching Credit Account as soon as
        practicable after the end of the Plan Year and shall be subject to the
    vesting schedule described in Article IV. 

	 	 	 
	Section 3.6	 	Company Discretionary Credits
	 	 	 
	 	 	 The Company may, in its sole discretion,
        provide for additional credits to all or some Participants’ Accounts at any time.
        Such amounts shall be credited to the Participant’s Company Discretionary
        Credit Account and shall be subject to the vesting schedule established
    by the Company at the time such amounts are credited. 

	 	 	 
	Section 3.7
	 	Deferral Period  
	 	 	 
	 	 	 With respect to amounts deferred
        in accordance with Sections 3.1 through 3.6, in accordance with section
        2.2(b), each Participant must elect the deferral period for each separate
        category of deferral. Subject to the additional deferral provisions of
        Section 3.8 and the acceleration provisions of Article V, a Participant’s
        deferral period may be for a specified number of years or until a specified
    date, subject to any 

 

	 	 	 limitations that the Committee
        in its discretion may choose to apply, provided that, in all events,
        a deferral period must be for at least two (2) years from the first day
        of the Plan Year in which the deferred amounts would otherwise be payable
        (or, in the case of amounts described in Section 3.5 or Section 3.6,
        credited to the Participant’s
        Account). However, notwithstanding the deferral period otherwise specified,
        payments shall be paid or begin to be paid under the Plan in accordance
    with the mandatory distribution provisions in Article V.

	 	 	 
	Section 3.8	          	Modification of Deferral Period  
	 	 	 
	
      (a)
	 	
      With respect to any previously
          deferred amount credited to a Participant’s Accounts, a Participant
          may request that the Committee approve an additional deferral period
          of at least two (2) years from the date the previously deferred amounts
          were otherwise payable. Any such request must be made by written notice
          to the Committee at least twelve (12) months before the expiration
          of the deferral period for any previously deferred amount with respect
          to which an additional deferral election is requested. A separate additional
          deferral election is required to be made for each separate category
          of previously deferred amount that is treated as subject to a single
          deferral period election under section 2.2(b) above. Each such additional
          deferral election request shall include a newly designated manner of
          payment election in accordance with the provision of Section 5.2 below.
          No more than two such extensions may be elected by a Participant with
    respect to any specific deferred amount.

	 
	
      (b)
	 	
      With respect to any previously
          deferred amount credited to a Participant’s Accounts, a Participant
          may request that the Committee approve an accelerated deferral date
          with respect to amounts that are not otherwise payable for at least
          three (3) years from the date of such request, provided that the resulting
          accelerated deferral date may not be any earlier than two (2) years
          from the date of such Participant election. A separate deferral modification
          election is required to be made for each separate category of previously
          deferred amount that is treated as subject to a single deferral period
          election under section 2.2(b) above. Each such modified deferral period
          request shall include a newly designated manner of payment election
          in accordance with the provisions of Section 5.2 below. No more than
          two such modifications may be elected by a Participant with respect
    to any specific deferred amount.

	 

ARTICLE IV 

Participants’ Accounts 

 

	Section 4.1	          	Crediting of Employee Deferrals and Company Matching
          and  Discretionary
    Credits  
	 	 	 
	 	 	 Deferrals to this Plan that
          are made under Article III shall be credited to the Participant’s Accounts in accordance
          with such rules established by the Committee from time to time. Each
          Participant’s Accounts shall be administered in a way to permit
          separate Deferral Elections, deferral periods, and Investment Elections
          with respect to various Plan Year deferrals and compensation types
          as the Committee determines, in its sole discretion, are necessary
    or appropriate. 

	 	 	 
	Section 4.2	 	Investment Election
	 	 	 
	 	 	 Effective January 1, 2002, all
          balances reflected through December 31, 2001 credited to the Accounts
          of Participants who are not actively employed on January 1, 2002 shall
          continue to be credited with earnings (or charged with losses) to reflect
          the income (or loss) that would have been earned had the deferred amounts
          been invested in the Investment Options then in effect with respect
          to such Participants. With respect to amounts credited to all other
          Participants’ Accounts
          under the Plan, Participants’ Investment Elections with respect
          to deferred amounts hereunder shall be made pursuant to the written,
          telephonic or electronic methods prescribed by the Committee and subject
          to such rules on Investment Elections and Investment Options as established
          by the Committee from time to time. Upon receipt by the Committee,
          and in accordance with rules established by the Committee, an Investment
          Election shall be effective as soon as practicable after receipt and
          processing of the election by the Committee. Investment Elections will
          continue in effect until changed by the Participant. An eligible Participant
          (including a Participant who terminates employment on or after January
          1, 2002) may change a prior Investment Election (or default Investment
          Election) with respect to deferred amounts on a monthly basis, by notifying
          the Committee, at such time and in such manner as approved by the Committee.
          Any such changed Investment Election may result in amending Investment
    Elections for prior deferrals or for future deferrals or both.

	 	 	 
	Section 4.3	 	Hypothetical Earnings
	 	 	 
	 (a)
	 	 General.
          Subject to Section 4.2, additional hypothetical bookkeeping amounts
          shall be credited to (or deducted from) a Participant’s Accounts
          to reflect the earnings (or losses) that would have been experienced
    had

 

	                 	          	
  the deferred amounts been invested in the Investment Options selected by the Participant as targeted rates of return, net of all fees and expenses otherwise associated with the Investment Options. The Committee may add or delete
  Investment Options, on a prospective basis, by notifying all Participants whose Accounts are hypothetically invested in such Options, in advance, and soliciting elections to transfer deferred amounts so that they track investments in other
  Investment Options then available.

	 
	
      (b)
	 	
      Company Stock Investment Option.
          Instead of having deferred amounts credited with hypothetical earnings
          (or losses) in accordance with Section 4.3(a), and subject to Section
          4.2, a Participant may elect to have all or part of the Participant’s deferred amounts (in whole percentage increments) credited in the form of Common Stock to a Deferred Stock Account. Such an election may be made as a part of the Participant’s Deferral
  Election and thereafter on the same basis as Participants are permitted to make other Investment Elections and using the same or similar procedures as participants use to make other Investment Elections under Section 4.2. In addition, any amounts
  credited to a Participant’s Accounts other than the Participant’s Deferred Stock Account may be transferred for hypothetical investment tracking purposes to the Participant’s Deferred Stock Account. In all events, once amounts are
  credited to a Participant’s Deferred Stock Account, no Investment Election may cause amounts credited to a Participant’s Deferred Stock Account to be transferred for hypothetical investment tracking purposes to a Participant’s
  Accounts other than the Participant’s Deferred Stock Account. All distributions of amounts credited to a Participant’s
  Deferred Stock Account may only be distributed in whole shares of Common Stock
  (with cash for fractional shares).

	 
	 	 	
  A Participant’s Deferred Stock Account will be credited:
	 
	 	 	
(i)           	as of the
      first business day after the last day of each bi-weekly payroll period,
      with the number of shares of Common Stock (in whole shares and fractional
      shares, as determined by the Committee) determined by dividing the Participant’s deferred amounts attributable
      to Deferred Salary for such bi-weekly payroll period subject to the Deferred
      Stock Election by the price for shares of Common Stock, determined by the
      Committee, as of the day such deferred amounts are credited to the Participant’s
    Account; and

	 
	 	 	
(ii) 	annually, as of the first business
      day in January of each calendar year, with the number of shares of Common
      Stock (in whole shares and fractional shares, as determined by the Committee)
      determined by dividing the portion of the Participant’s Deferred Bonus
      and Company Matching Credits subject to the Deferred Stock Election by
    the price for shares of Common Stock, determined by the

	 

	                           	 	
  Committee, as of the day such deferred
    amounts are credited to the Participant’s Accounts; and

	 
	 	
(iii)         	
      at such other times as the Committee
          determines with respect to all other deferred amounts under the Plan,
          with the number of shares of Common Stock (in whole shares and fractional
          shares, as determined by the Committee) determined by dividing the
          portion of the Participant’s deferred amounts to be credited in the Deferred Stock Account by the price for shares of Common Stock, determined by the Committee, as of the day such deferred amounts are credited to the
  Participant’s Account, or, in the case of deferred amounts measured in
  stock units, by crediting the account with the same number of shares of Common
  Stock.

	 
	 	If the Company enters into
        transactions involving stock splits, stock dividends, reverse splits
        or any other recapitalization transactions, the number of shares of Common
        Stock credited to a Participant’s Deferred Stock Account will be
        adjusted (in whole shares and fractional shares, as determined by the
        Committee) so that the Participant’s Deferred Stock Account reflects
        the same equity percentage interest in the Company after the recapitalization
        as was the case before such transaction. 

     If at least a majority of the Company’s
        stock is sold or exchanged by its shareholders pursuant to an integrated
        plan for cash or property (including stock of another corporation) or
        if substantially all of the assets of the Company are disposed of and,
        as a consequence thereof, cash or property is distributed to the Company’s
        shareholders, each Participant’s Deferred Stock Account will, to
        the extent not already so credited under this Section 4.3(b), be (i)
        credited with the amount of cash or property receivable by a Company
        shareholder directly holding the same number of shares of Common Stock
        as is credited to such Participant’s Deferred Stock Account and
        (ii) debited by that number of shares of Common Stock surrendered by
        such equivalent Company shareholder. 

     Each time the Company declares a dividend
        on its Common Stock, each Participant’s Deferred Stock Account will
        be credited with a Dividend Reinvestment Return equal to that number
        of shares of Common Stock (in whole shares and fractional shares, as
        determined by the Committee) determined by dividing (i) the amount that
        would have been paid (or the fair market value thereof, if the dividend
        is not paid in cash) to the Participant on the total number of shares
        of Common Stock credited to the Participant’s Deferred Stock Account
        had that number of shares of Common Stock been held by such Participant
        by (ii) the price for shares of Common Stock, determined by the Committee,
    as of the dividend payment date. 

	 	 

	
      (c)
	          	Limitations on Allocations and
    Reallocations to and From Deferred Stock Account.
	 	 	 
	 	 	 Pursuant to
        the Policy Statement on Insider Trading and Compliance, as the same may
        be amended (the “Policy”),
        there are time periods (each, a “blackout period”) during which
        time Participants may not effect transactions, directly or indirectly,
        in Company equity securities. Under the Policy, the Company’s Corporate
        Secretary may also impose additional blackout periods with respect to some
        or all Participants. Participants whose ability to effect transactions
        is prohibited during such blackout periods also will be prohibited during
        such periods from making any Investment Election or Deferred Stock Election
        that increases or decreases the amount credited to the participant’s
        Deferred Stock Account. The Committee, at the direction of the Company’s
        Corporate Secretary, shall adopt and implement procedures to ensure that
    the provisions of this Paragraph are carried out.

	 	 	 
	Section 4.4	 	Vesting
	 	 	 
	 	 	 At all times a Participant
        shall be fully vested in his Deferred Salary, Deferred Bonus, Deferred
        Equity-Based Compensation, and Deferred SERP Distribution Accounts hereunder
        (including any earnings or losses and Dividend Reinvestment Return thereon).
        A Participant shall become vested in any Company Matching Credits in
        the same manner and to the same extent as the Participant is vested in
        matching contributions otherwise credited to the Participant under the
        Becton, Dickinson and Company Savings Incentive Plan. A Participant shall
        become vested in any Company Discretionary Credits pursuant to the vesting
        schedule established by the Company at the time such Credits, if any,
        are made. Except as otherwise provided in Section 5.1(b) (death) or Section
        5.1(c) (disability), if a Participant terminates employment at any time
        prior to becoming fully vested in amounts credited to the Participant’s Accounts hereunder, the nonvested
        amounts credited to the Participant’s Accounts shall be immediately
        forfeited and the Participant shall have no right or interest in such
    nonvested deferred amounts.

	 	 	 
	Section 4.5	 	 Account Statements
	 	 	 
	 	 	 Within 60 days following
        the end of each Plan Year (or at such more frequent times determined
        by the Committee), the Committee shall furnish each Participant with
        a statement of Account which shall set forth the balances of the individual’s Accounts as
        of the end of such Plan Year (or as of such time determined by the Committee),
        inclusive of tracked earnings (or losses) and any Dividend Reinvestment
        Return. In addition, the Committee shall maintain records reflecting each
    year’s deferrals separately by type of compensation.

 

ARTICLE V 

Distributions and Withdrawals 

 

	Section 5.1	          	Timing of Distribution
	 	 	 
	
      (a)
	 	
      Time of Distribution – Distributions
            Other than Death, Disability, or Scheduled Distributions.
            Except as otherwise provided herein in the case of a Participant
            who retires and subject to Section 5.1(d), a Participant’s vested Accounts shall be paid or commence to be paid, in the form of distribution elected in a particular Deferral Election (subject to Section 5.2), at such date as determined in the sole discretion of the
  Committee following the earlier of: (i) the Participant’s termination of employment, or (ii) the date otherwise specified in the Participant’s Deferral Election. In the case of a Participant who retires from employment hereunder (as
  defined below), and subject to Section 5.1(d), a Participant’s vested Accounts shall be paid or commence to be paid, in the form of distribution elected in a particular Deferral Election (subject to Section 5.2), at such date as determined in
  the sole discretion of the Committee following the later of: (i) the Participant’s retirement from active employment (or, in the case of certain Equity-Based Compensation that vests one year after retirement, one year after retirement), or (ii)
  the date otherwise specified in the Participant’s Deferral Election; provided however that, in all events distributions to such a retired Participant must be made (or commence to be paid) as of the earlier of the Participant’s attainment
  of age 70 or death. For purposes of this Section 5.1(a), a Participant has “retired” from
  active employment if:

	 
	 	 	
(i)       	
      the Participant terminates from active employment after having attained age 65 with five years of service with the Company or an affiliate;

	 
	 	 	
(ii)	
      the Participant terminates from active employment after having attained age 55 with ten years of service with the Company or an affiliate; or

	 
	 	 	
(iii)	
      the Committee, in its sole discretion, otherwise determines that the Participant has retired for this purpose.

	 
	
      (b)
	 	
      Timing of Distributions – Participant’s
            Death. If a Participant dies before
            the full distribution of the Participant’s Accounts under this Article V, any deferred amounts that are
  not vested and have not previously been forfeited shall become 100% vested. Unless the Participant had commenced receiving installment payments, as soon as practicable after the Participant’s death, all remaining amounts credited to the
  Participant’s Accounts shall be paid in a single lump sum payment to the Participant’s

	 

 

	 	 	 named
        beneficiary (or beneficiaries). In the absence of any beneficiary designation,
        payment shall be made to the personal representative, executor or administrator
        of the Participant’s estate. Beneficiary designations may be changed
        by a Participant at any time without the consent of the Participant’s
        spouse or any prior beneficiary. If the Participant dies after having commenced
        to receive installment payments, the Participant’s beneficiary may
    accelerate the payment of any remaining installment payments as follows: 

	 	 	 	 
	 	 	
(i)          	
      The beneficiary may request (within
          a reasonable time after the Participant’s death, as specified
          by the Committee) that all remaining installment payments that are
          otherwise to be paid to the beneficiary at least twelve (12) months
          after the date of the request be accelerated and paid in a single lump
          sum payment as of a date specified by the Committee that is at least
    twelve (12) months after the date of the request; or

	 
	                 	 	
(ii)	
      The beneficiary may request (within
          a reasonable time after the Participant’s death, as specified
          by the Committee) that all remaining installment payments that are
          otherwise to be paid to the beneficiary be accelerated and paid in
          the form of an immediate lump sum payment, subject to the requirement
    that ten percent (10%) of the remaining amounts be permanently forfeited.

	 
	
      (c)
	          	
      Timing of Distributions – Participant’s
            Disability. Notwithstanding anything
            in the Plan to the contrary, if a Participant becomes Disabled, the
            Participant will be treated as having terminated employment and any
            deferred amounts that are not vested and have not previously been
            forfeited shall become 100% vested. Notwithstanding anything in a
            Participant’s Deferral Election to the contrary with respect to payment
  commencement, as soon as practicable after the Participant becomes Disabled, all remaining amounts credited to the Participant’s Accounts shall be paid or commence to be paid to the Participant in the form of distribution elected by the
  Participant in the Participant’s Deferral Election. In addition, as soon
  as practicable after the Participant becomes Disabled, the Participant may
  request that the Committee change any installment distribution election so
  that amounts subject to the election are accelerated and paid in the form of
  a single lump sum distribution. Such distribution shall be made only if the
  Committee, taking into account the type of factors taken into account in the
  event of a hardship under Section 5.1(f), in its sole discretion, approves
  such request.

	 
	
      (d)
	 	
      Scheduled Distribution.
          As a part of the Participant’s Deferral Election, a Participant may elect to receive a lump sum distribution or annual installments (over 2, 3, 4 or 5 years, as elected
  by the Participant) equal to all or any part of the vested balance of the Participant’s
  Accounts to be paid (or commence to be paid) at a scheduled distribution date,
  subject to

	 

	 	 	
  the timing requirements in Section
      5.1(a). For these purposes, the amount of each installment payment shall
      be determined by multiplying the value of the Participant’s remaining vested Accounts subject to the scheduled
  distribution election by a fraction, the numerator of which is one (1) and the denominator of which is the number of calendar years remaining in the installment period. These scheduled distributions are generally available only for distributions
  that are scheduled to commence to be paid while a Participant is employed by the Company. If a Participant terminates employment before commencing receipt of scheduled distributions, the timing requirements of Section 5.1(a) shall apply (which
  requirements provide for payment upon termination of employment, unless the Participant has attained retirement age, in which case a later distribution date may apply). If a Participant terminates employment while receiving scheduled installment
  payments, such installment payments shall continue to be paid in the same form of distribution, subject to the Participant’s right to accelerate the remaining payments in accordance with Section 5.1(e) or Section 5.1(f). Notwithstanding the
  foregoing, if a Participant’s employment is terminated for cause, as determined by the Company, full payment of all remaining amounts in such Participant’s
  Account shall be paid in the form of a single lump sum payment as soon as practicable
  after such termination.

	 
	
      (e)
	 	
      Early Distribution.
          Notwithstanding any other provision of the Plan, a Participant or beneficiary
          may, at any time prior to or subsequent to commencement of payments,
          request in writing to the Committee to have any or all vested amounts
          in his or her Accounts paid in an immediate lump sum distribution,
          provided that an amount equal to ten percent (10%) of the requested
          distribution shall be permanently forfeited from the Participant’s Accounts prior to such distribution. Any such lump sum distribution shall be paid as soon as practicable after the Committee’s receipt of the Participant’s (or beneficiary’s) request. The minimum permitted early
  distribution under this Section 5.1(e) shall be $3,000.

	 
	
      (f)
	 	
      Hardship Distribution.
          At any time prior to the time an amount is otherwise payable hereunder,
          an active Participant may request a distribution of all or a portion
          of any vested amounts credited to the Participant’s Accounts on account of the Participant’s
    financial hardship, subject to the following requirements:

	 
	                 	          	
(i)          	
      Such distribution shall be made, in the sole discretion of the Committee, if the Participant has incurred an unforeseeable emergency.

	 
	 	 	
(ii)	
      For purposes of this Plan, an “unforeseeable emergency” shall
          mean an unanticipated emergency that is caused by an event beyond the
          control of the Participant and that would result in severe financial
    hardship to the Participant resulting from a sudden

	 

	 	 	 	
  and unexpected illness or accident
      of the Participant or of a Participant’s dependent (as defined in Code section 152(a)), loss of the Participant’s property due to casualty, or other similar extraordinary and
  unforeseeable circumstances arising as a result of events beyond the Participant’s control. The circumstances that will constitute an unforeseeable emergency will depend upon the facts of each case and be based on the information supplied by
  the Participant, in writing, pursuant to the procedure prescribed by the Committee. In addition to the foregoing, distributions under this subsection shall not be allowed for purposes of sending a child to college or the Participant’s
  desire to purchase a home or other residence. In all events, distributions
  made on account of an unforeseeable emergency are limited to the extent reasonably
  needed to satisfy the emergency need.

	 
	 	 	
(iii)	
      Notwithstanding the foregoing, payment under this subsection may not be made to the extent that such hardship is or may be relieved:

	 
	 	 	 	
(A)     	
      through reimbursement or compensation by insurance or otherwise,

	 
	 	 	 	
(B)	
      by liquidation of the Participant’s
          assets, to the extent the liquidation of such assets would not itself
    cause severe financial hardship, or

	 
	 	 	 	
(C)	
      by cessation of deferrals under the Plan.

	 
	 	 	
(iv)	
      All distributions under this subsection shall be made in cash as soon as practicable after the Committee has approved the distribution and that the requirements of this subsection have been met.

	 
	 	 	
(v)          	
The minimum permitted hardship withdrawal shall be $3,000.
	 	 	 	 
	Section 5.2	          	Form of Distribution  
	 
	 (a)
	 	 General.
        Except as otherwise provided in this Article V, all amounts payable from
        a Participant’s Accounts shall be paid in one of the forms of distribution
        described in Subsections (b) and (c) below, as elected by the Participant
        in a Deferral Election or as modified by the Participant in accordance
        with Subsection (d) below. Any Participant who fails to elect a form of
        distribution with respect to any deferral amount (or any compensation type)
        shall be deemed to have elected to receive such amounts in the form of
        a lump sum distribution in cash and, to the extent distributable amounts
        are credited to the Participant’s Deferred Stock Account, in shares
        of Common Stock (with any fractional share interest therein paid in cash
    to the extent of the then fair market value thereof).

 

	
      (b)
	          	
      Lump Sum Distribution. A Participant may elect, in accordance with such procedures established by the Committee, to have any vested deferral amounts credited to his Accounts paid in the form of a
  single lump sum distribution at the time otherwise required or permitted under the Plan.

	                 	 	
	

	
      (c)
	 	
      Annual Installment Distributions.
          A Participant may elect, in accordance with such procedures established
          by the Committee, to have any vested deferral amounts credited to his
          Accounts paid at the time otherwise required or permitted in the form
          of annual installments over a 5, 10 or 15- year period commencing at
          the time otherwise required or permitted under the Plan and paid annually
          thereafter for the remainder of the installment period (subject to
          Section 5.1(b)). For these purposes, the amount of each installment
          payment shall be determined by multiplying the value of the Participant’s remaining vested Accounts by a fraction, the numerator of which is one (1) and the
  denominator of which is the number of calendar years remaining in the installment period. Notwithstanding the foregoing, if a Participant’s employment is terminated for cause, as determined by the Company, full payment of all remaining amounts
  in such Participant’s Account shall be paid in the form of a single lump
  sum payment as soon as practicable after such termination.

	 
	
      (d)
	 	
Change in Form	
	 
	 	 	
(i)          	
      Notwithstanding the foregoing,
          in accordance with the written, telephonic or electronic procedures
          prescribed by the Committee, a Participant may elect to change the
          form applicable to a particular category of deferral at any time, provided
          that such election must be made at least twelve (12) consecutive months
          before the date on which such distribution otherwise would have been
          made or commenced. Any such change that is not in effect for at least
          the applicable twelve (12) month period shall be disregarded and the
          last valid election shall be substituted in its place. In the absence
          of such a valid election, distribution shall be made in the form of
          a single lump sum distribution in cash and, to the extent distributable
          amounts are credited to the Participant’s Deferred Stock Account,
          in shares of Common Stock (with any fractional share interest therein
    paid in cash to the extent of the then fair market value thereof).

	 
	 	 	
(ii)	
      In addition, with respect to a
          Participant who has commenced receiving installment payments, such
          Participant may elect, pursuant to the written, telephonic or electronic
          method prescribed by the Committee (or its delegate), to  have all
          remaining installment payments that are otherwise to be paid to the
          Participant at least twelve (12) months after the date of the election
          be accelerated and paid in a single lump sum payment as of a date specified
          by the Committee that is at least twelve (12) months after the date
    of the election.

	 

ARTICLE VI 

General Provisions 

 

	Section 6.1
	          	Unsecured Promise to Pay
	 	 	 
	 	 	 The Company shall make no provision
          for the funding of any amounts payable hereunder that (i) would cause
          the Plan to be a funded plan for purposes of section 404(a)(5) of the
          Code, or Title I of ERISA, or (ii) would cause the Plan to be other
          than an “unfunded
          and unsecured promise to pay money or other property in the future” under
          Treasury Regulations § 1.83 -3(e); and, except to the extent specified
          in the Stock Trust following a “change of control” (as defined
          in the Stock Trust) of the Company, the Company shall have no obligation
          to make any arrangement for the accumulation of funds to pay any amounts
          under this Plan. Subject to the restrictions of the preceding sentence
          and in Section 4.3, the Company, in its sole discretion, may establish
          one or more grantor trusts described in Treasury Regulations § 1.677(a)
          -1(d) to accumulate funds and/or shares of Common Stock to pay amounts
          under this Plan, provided that the assets of such trust(s) shall be required
          to be used to satisfy the claims of the Company’s general creditors
    in the event of the Company’s bankruptcy or insolvency.

	 	 	 
	Section 6.2	 	Plan Unfunded
	 	 	 
	 	 	 In the event that the Company
          (or one of its subsidiaries) shall decide to establish an advance accrual
          reserve on its books against the future expense of payments hereunder,
          such reserve shall not under any circumstances be deemed to be an asset
          of this Plan but, at all times, shall remain a part of the general
          assets of the Company (or such subsidiary), subject to claims of the
          Company’s (or such subsidiary’s) creditors.
          A person entitled to any amount under this Plan shall be a general unsecured
          creditor of the Company (or the Participant’s employer subsidiary)
          with respect to such amount. Furthermore, a person entitled to a payment
          or distribution with respect to any amounts credited to Participant Accounts
          shall have a claim upon the Company (or the Participant’s employer
          subsidiary) only to the extent of the vested balance(s) credited to
    such Accounts.

	 	 	 
	Section 6.3	 	Designation of Beneficiary
	 	 	 
	 	 	 The Participant’s beneficiary under this Plan
          with respect to amounts credited to the Participant’s Accounts hereunder
          shall be the person designated to receive benefits on account of the
    Participant’s death on a form provided by the Committee. 

 

 

	Section 6.4	          	Expenses  
	 	 	 
	 	 	 All commissions, fees and expenses that may be incurred
          in operating the Plan and any related trust(s) established in accordance
    with the Plan (including the Stock Trust) will be paid by the Company. 

	 	 	 
	Section 6.5	 	Voting Common Stock
	 	 	 
	 	 	 Each Participant who has a Deferred
          Stock Account shall be entitled to provide directions to the Committee
          to cause the Committee to similarly direct the Trustee of the Stock
          Trust to vote, on any matter presented for a vote to the shareholders
          of the Company, that number of shares of Common Stock held by the Stock
          Trust equivalent to the number of shares of Common Stock credited to
          the Participant’s
          Deferred Stock Account. The Committee shall arrange for distribution
          to all such Participants in a timely manner all communications directed
          generally to the shareholders of the Company as to which their votes
          are solicited. If the Stock Trust ever holds fewer shares of Common
          Stock than there are shares allocated to Deferred Stock Accounts under
          the Plan as to which timely and proper directions have been received
          from the applicable Plan participants, the Committee will direct the
          Trustee to vote all shares held in the Stock Trust in the same proportion
          as the total shares covered by timely and proper directions that have
    been directed to be voted.

	 	 	 
	Section 6.6	 	Non-Assignability  
	 	 	 
	 	 	 Participants, their legal representatives and their
          beneficiaries shall have no right to anticipate, alienate, sell, assign,
          transfer, pledge or encumber their interests in the Plan, nor shall such
          interests be subject to attachment, garnishment, levy or execution by
    or on behalf of creditors of the Participants or of their beneficiaries. 

	 	 	 
	Section 6.7	 	Mandatory Deferral  
	 	 	 
	 	 	 Notwithstanding any other provision
          of this Plan, the Compensation and Benefits Committee of the Company’s
          Board of Directors may require an employee to defer: (i) the portion
          of any Base Salary, Bonus amount, Equity-Based Compensation, or SERP
          distribution, or (ii) the portion of any payment from any Account hereunder,
          in any case where the Company anticipates that such portion otherwise
    would be nondeductible pursuant to section 162(m) of the Code. 

	 	 	 
	Section 6.8	 	Employment/Participation Rights  
	 	 	 
	(a)
	 	  Nothing in the Plan shall interfere with or limit
      in any way the right of the at any time, nor confer upon any Participant
    any right to continue in the employ of the Company.  

	
      (b)
	 	
      Nothing in the Plan shall be construed to be evidence of any agreement or understanding, express or implied, that the Company will continue to employ a Participant in any particular position or at any particular rate of
  remuneration.

	 
	
      (c)
	 	
      No employee shall have a right to be selected as a Participant, or, having been so selected, to be continued as a Participant.

	 
	
      (d)
	          	
      Nothing in this Plan shall affect the right of a recipient to participate in and receive benefits under and in accordance with any pension, profit- sharing, deferred compensation or other benefit plan or program of the
  Company.

	 
	Section 6.9
	 	Severability  
	 	 	 
	 	 	 If any particular provision of the Plan shall be found
        to be illegal or unenforceable for any reason, the illegality or lack of
        enforceability of such provision shall not affect the remaining provisions
        of the Plan, and the Plan shall be construed and enforced as if the illegal
    or unenforceable provision had not been included. 

	 	 	 
	Section 6.10	 	No Individual Liability  
	 	 	 
	 	 	 It is declared to be the express purpose and intention
        of the Plan that no liability whatsoever shall attach to or be incurred
        by the shareholders, officers, or directors of the Company (or any affiliate)
        or any representative appointed hereunder by the Company (or any affiliate),
    under or by reason of any of the terms or conditions of the Plan. 

	 	 	 
	Section 6.11
	 	Tax and Other Withholding  
	 	 	 
	 	 	 The Company shall have the right to deduct from any
      payment made under the Plan any amount required by federal, state, local,
      or foreign law to be withheld with respect to such payment. The Company
      shall also have the right to withhold from other current salary or wages
      any amount required by federal, state, local, or foreign law to be withheld
      with respect to compensation deferred under the Plan at any time prior
      to payment of such deferred compensation, or if such other current salary
      or wages are insufficient to satisfy such withholding requirement, to require
      the Participant to pay the Company such amount required to be withheld
      to the extent such requirement cannot be satisfied through withholding
      on other current salary or wages. Additionally, should deferrals under
      this Plan cause there to be insufficient current salary or wages for purposes
      of withholding taxes or other amounts required by federal, state, local,
      or foreign law to be withheld from current salary or wages, the Company
      shall require the Participant to pay the Company such amount required to
      be withheld to the extent such requirement cannot be satisfied through
    withholding on other 
	 	 	 

 

	 	 	current salary or wages. Amounts deferred under the
          Plan will be taken into account for purposes of any withholding obligation
          under the Federal Insurance Contributions Act and Federal Unemployment
          Tax Act at the later of the Plan Year during which the services are performed
          or the Plan Year during which the rights to the amounts are no longer
          subject to a substantial risk of forfeiture, as required by section 3121(v)
    and 3306(r) of the Code and the regulations promulgated thereunder. 

	 	 	 
	Section 6.12	          	 Applicable Law  
	 	 	 
	 	 	 This Plan shall be governed by and construed in accordance
          with the laws of the State of New Jersey except to the extent governed
    by applicable federal law. 

	 	 	 
	Section 6.13	 	Incompetency
	 	 	 
	 	 	 Any person receiving or claiming benefits under the
          Plan shall be conclusively presumed to be mentally competent and of age
          until the Committee receives written notice, in a form and manner acceptable
          to it, that such person is incompetent or a minor, and that a guardian,
          conservator, or other person legally vested with the care of his estate
          has been appointed. If the Committee finds that any person to whom a
          benefit is payable under the Plan is unable to properly care for his
          or her affairs, or is a minor, then any payment due (unless a prior claim
          therefor shall have been made by a duly appointed legal representative)
          may be paid to the spouse, a child, a parent, or a brother or sister,
          or to any person deemed by the Committee to have incurred expense for
          the care of such person otherwise entitled to payment. If a guardian
          or conservator of the estate of any person receiving or claiming benefits
          under the Plan shall be appointed by a court of competent jurisdiction,
          payments shall be made to such guardian or conservator provided that
          proper proof of appointment is furnished in a form and manner suitable
          to the Committee. Any payment made under the provisions of this Section
    shall be a complete discharge of liability therefor under the Plan. 

	 	 	 
	Section 6.14
	 	 Notice of Address  
	 	 	 
	 	 	 Any payment made to a Participant or a designated
          beneficiary at the last known post office address of the distributee
          on file with the Committee, shall constitute a complete acquittance and
          discharge of any obligations of the Company under this Plan, unless the
          Committee shall have received prior written notice of any change in the
          condition or status of the distributee. Neither the Committee, the Company
          nor any director, officer, or employee of the Company shall have any
          duty or obligation to search for or ascertain the whereabouts of a Participant
    or a designated beneficiary. 

 

ARTICLE VII 

Administration 

 

	Section 7.1	          	Committee  
	 	 	 
	 	 	 Prior to a Change in Control, the Plan shall be administered
          by the Committee. The Committee shall have the exclusive right to interpret
          the Plan (including questions of construction and interpretation) and
          the decisions, actions and records of the Committee shall be conclusive
          and binding upon the Company and all persons having or claiming to have
          any right or interest in or under the Plan. The Committee may delegate
          to such officers, employees or departments of the Company, or to service-providers
          or other persons, such authority, duties, and responsibilities of the
          Committee as it, in its sole discretion, considers necessary or appropriate
          for the proper and efficient operation of the Plan, including, without
          limitation, (i) interpretation of the Plan, (ii) approval and payment
          of claims, and (iii) establishment of procedures for administration of
          the Plan. Notwithstanding the foregoing, after a Change in Control, the
          trustee of any grantor trust established for the purpose of accumulating
          funds to satisfy the obligations incurred by the Company under this Plan
          shall administer the Plan and shall have the same privileges and rights
    as given to the Committee prior to a Change in Control.

	 	 	 
	Section 7.2	 	Claims Procedure  
	 	 	 
	 	 	 Any person dissatisfied with
          the Committee’s
          determination of a claim for benefits (or claim for eligibility for
          participation) hereunder must file a written request for reconsideration
          with the Committee. This request must include a written explanation
          setting forth the specific reasons for such reconsideration. The Committee
          shall review its determination promptly and render a written decision
          with respect to the claim, setting forth the specific reasons for such
          denial written in a manner calculated to be understood by the claimant.
          Such claimant shall be given a reasonable time within which to comment,
          in writing, to the Committee with respect to such explanation. The
          Committee shall review its determination promptly and render a written
          decision with respect to the claim. Such decision of the Committee
          shall be conclusive, binding, and final upon all claimants under this
    Plan.

 

ARTICLE VIII 

Amendment, Termination and Effective Date 

 

	Section 8.1	          	Amendment of the Plan
	 	 	 
	 	 	 Subject to Section 8.3, the Plan may be wholly or
          partially amended or otherwise modified at any time by written action
    of the Board of Directors. 

	 	 	 
	Section 8.2	 	Termination of the Plan
	 	 	 
	 	 	 Subject to the provisions of Section 8.3, the Plan
    may be terminated at any time by written action of the Board of Directors. 

	 	 	 
	Section 8.3	 	No Impairment of Benefits
	 	 	 
	 	 	 Notwithstanding the provisions
          of Sections 8.1 and 8.2, no amendment to or termination of the Plan
          shall reduce the amount credited to any Participant’s Accounts
    hereunder. 

	 	 	 
	Section 8.4	 	Effective Date
	 	 	 
	 	 	 The Plan, as previously amended and restated, was
          effective as of August 15, 1996. The Plan as set forth herein is amended
          and restated effective as of March 22__, 2004, with the exception of
          the amendment to Section 4.2 allowing participants to allocate and reallocate
          deferrals out of a Deferred Stock Account, which amendment shall be effective
          beginning as of the first day of the quarter after the Plan amendments
    are approved.Exhibit 10(d)(ii) 

 

BECTON, DICKINSON AND COMPANY 

1996 DIRECTORS' DEFERRAL PLAN 

  Adopted As Of November 1, 1996 

  And Amended As of January 30, 2007 

ARTICLE I

Definitions 

	
1.1               	
      "Accrued Pension" means the U.S.
          dollar amount of the actuarially-determined present value of the accrued
          and unpaid past service pension benefits under the Directors' Nonqualified
          Pension Arrangements of a Director acting as such at and as of June
          30, 1996, as calculated by Kwasha Lipton as of the Termination Date,
          taking into account the Director's age and years and months of past
          service and such other assumptions as shall be reasonable and uniformly
    applied to all Directors.

	 
	
1.2	
      "Additional Deferral Election" means
          the election by a participant under Section 3.6(b) to further defer
          the date payment otherwise would be made (or begin to be made) from
    a participant's Deferred Account.

	 
	
1.3	
      "Annual Share Amount" means the
          number of shares of Common Stock (which is set as of the date hereof
          at 400 shares) that the Board, from time to time, may agree to credit
    to Deferred Stock Accounts as compensation to continuing Directors.

	 
	
1.4	
      "Board" means the Board of Directors
    of the Company.

	 
	
1.5	
      "Change-of-Form Election" means
          the election by a participant under Section 3.6(a) to change the form
    of distribution from any of his or her Deferred Accounts.

	 
	
1.6	
      "Code" means the Internal Revenue
    Code of 1986, as amended, or any successor statute.

	 
	
1.7	
      "Committee" means the Committee
          on Directors of the Board, or such other committee as may be designated
    by the Board to be responsible for administering the Plan.

	 
	
1.8	
      "Common Stock" means the common stock ($1.00
          par value) of the Company, including any shares into which it may be
    split, subdivided or combined.

	 
	
1.9	
      "Company" means Becton, Dickinson
    and Company, and any successor thereto.

	 
	
1.10               	
      "Conversion Election" means the
          election by a participant under Section 3.5(a) to convert some or all
          of his or her Deferred Retainer Account balance, Deferred Fees Account
          balance and/or Deferred Dividends Account balance from a cash balance
    into a Deferred Stock Account balance.

	 

2

	
1.11               	
      "Deferral Election" means a Deferred
          Pension Election, Restricted Stock Election, Deferred Dividends Election,
          Deferred Retainer Election, Deferred Fees Election and/or a form-of-distribution
    election under Section 3.4(e).

	 
	
1.12	
      "Deferred Account" means the participant's
          Deferred Pension Account, Deferred Dividends Account, Deferred Retainer
          Account, Deferred Fees Account, Deferred Cash Account and/or Deferred
    Stock Account.

	 
	
1.13	
      "Deferred Cash Account" means the
          bookkeeping account established under Section 3.5(b) on behalf of a
          participant, and includes any Interest Return credited thereto pursuant
    to Section 3.7(a).

	 
	
1.14	
      "Deferred Dividends" means the
          amount of cash dividends on his or her Restricted Stock that a participant
          has elected to defer until a later year pursuant to an election under
    Section 3.2 (c).

	 
	
1.15	
      "Deferred Dividends Account" means
          the bookkeeping account established under Section 3.2(c) on behalf
          of a participant, and includes any Interest Return credited thereto
    pursuant to Section 3.7(a).

	 
	
1.16	
      "Deferred Dividends Election" means
          the election by a participant under Section 3.2(c) to defer until a
          later year receipt of some or all of the dividends payable in the following
    year on his or her Restricted Stock.

	 
	
1.17	
      "Deferred Fees" means the amount of a participant's fees (other than the participant’s
          annual Board retainer fees) that such participant has elected to defer
    until a later year pursuant to an election under Section 3.3(a).

	 
	
1.18	
      "Deferred Fees Account" means the
          bookkeeping account established under Section 3.3 on behalf of a participant,
          and includes any Interest Return credited thereto pursuant to Section
    3.7(a).

	 
	
1.19	
      "Deferred Fees Election" means
          the election by a participant under Section 3.3 to defer until a later
          year receipt of some or all of his or her fees (other than annual Board
    retainer).

	 
	
1.20	
      "Deferred Pension" means the amount
          of a participant's Accrued Pension that such participant has elected
    to defer until a later year pursuant to an election under Section 3.1.

	 
	
1.21	
      "Deferred Pension Account" means
          the bookkeeping Account established under Section 3.1 on behalf of
          a participant, and includes any Interest Return credited thereto pursuant
    to Section 3.7(a).

	 
	
1.22	
      "Deferred Pension Election" means
          the election by a participant under Section 3.1 to defer until a later
    year receipt of some or all of his or her Accrued Pension.

	 

3

	
1.23               	
      "Deferred Retainer" means the amount
          of a participant's annual Board retainer fees that such participant
          has elected to defer until a later year pursuant to an election under
    Section 3.3(a).

	 
	
1.24	
      "Deferred Retainer Account" means
          the bookkeeping account established under Section 3.3 on behalf of
          a participant, and includes any Interest Return credited thereto pursuant
    to Section 3.7(a).

	 
	
1.25	
      "Deferred Retainer Election" means
          the election by a participant under Section 3.3(a) to defer until a
    later year receipt of some or all of his or her annual Board retainer.

	 
	
1.26	
      "Deferred Stock Account" means
          the bookkeeping account established under Sections 3.2, 3.4 and/or
          3.5 on behalf of a participant and includes, in addition to amounts
          stated in those Sections, all Dividend Reinvestment Returns credited
    thereto pursuant to Section 3.7(b).

	 
	
1.27	
      "Deferred Stock Election" means
          the election by a participant under Section 3.4(a) and/or (c) to have
          his or her Deferred Pension, Deferred Dividends, Deferred Retainer
          and/or Deferred Fees credited in the form of Common Stock to the participant's
    Deferred Stock Account.

	 
	
1.28	
      "Director" means a member of the
    Board.

	 
	
1.29	
      "Directors' Nonqualified Pension Arrangements" means
          the unfunded pension benefits payable to Directors pursuant to resolutions
    of the Board dated November 24, 1981 and March 28, 1995.

	 
	
1.30	
      "Directors' Stock Trust" means
          the Becton, Dickinson and Company 1996 Directors' Deferral Trust established
          as of November 15, 1996 between the Company and Wachovia Bank of North
    Carolina, N.A.

	 
	
1.31	
      "Dividend Reinvestment Return" means
          the amounts which are credited to each participant's Deferred Stock
          Account pursuant to Section 3.7(b) to reflect dividends declared and
    paid by the Company on its Common Stock.

	 
	
1.32	
      "Effective Date" means the effective
    date of the Plan set forth in Section 5.4.

	 
	
1.33	
      "ERISA" means the Employee Retirement
    Income Security Act of 1974, as amended, or any successor statute.

	 
	
1.34	
      "Interest Return" means the amounts
          which are credited from time to time to each participant's Deferred
          Pension Account, Deferred Dividends Account, Deferred Retainer Account,
          Deferred Fees Account and/or Deferred Cash Account pursuant to Section
    3.7(a).

	 

4

	
1.35               	
      “Investment Election” means the participant’s
          election to have deferred amounts credited with hypothetical earnings
          credits (or losses) that track the investment performance of the Investment
    Options in accordance with Article III.

	 
	
1.36	
      “Investment Options” means those hypothetical targeted investment options, other than Common Stock, designated by the Committee as measurements of the rate of return to be credited to (or charged against) amounts
  deferred to participants’ accounts other than their Deferred Stock Accounts.

	 
	
1.37	
      "NYSE" means The New York Stock
    Exchange.

	 
	
1.38	
      "Payment Date" means the last day
          of January, April, July or October of each calendar year on which the
          Directors are paid their compensation for the immediately preceding
    three (3) month period.

	 
	
1.39	
      "Plan" means the Becton, Dickinson
    and Company 1996 Directors' Deferral Plan as from time to time in effect.

	 
	
1.40	
      "Restricted Stock" means the shares
          of Common Stock issued to a Director, and bearing restrictions, pursuant
    to the Company's 1994 Restricted Stock Plan for Non-Employee Directors.

	 
	
1.41	
      "Restricted Stock Election" means
          the election by a participant under Section 3.2(a) to surrender some
          or all of his or her shares of Restricted Stock to the Company and
          to have an equal number of shares of Common Stock credited to the participant's
    Deferred Stock Account.

	 
	
1.42	
      "Shareholders' Meeting" means the
    regular annual meeting of the shareholders of the Company.

	 
	
1.43	
      "Termination Date" means December
          1, 1996, the date as of which the Directors' Nonqualified Pension Arrangements
    will have been effectively terminated.

	 

5

ARTICLE II

Participation

	
2.1                    	
Participation	
	 
	 	
(a)          	
      Participation in the Plan shall be limited to an individual who, as at the Effective Date of the Plan and/or any subsequent first day of any calendar quarter, is a Director.

	 
	 	
(b)	
The Committee may, consistent with Company policy:
	 
	 	 	
(i)          	
      designate as ineligible particular individuals or groups of individuals who otherwise would be eligible under Section 2.1(a); or

	 
	 	 	
(ii)	
      designate as eligible particular individuals or groups of individuals who otherwise would be ineligible under Section 2.1(a).

	 

ARTICLE III 

Deferral Elections, Accounts and Distributions

	
3.1                    	
Deferred Pension Election	
	 
	 	
(a)          	
      Any participant, who has an Accrued Pension as of the Termination Date, may make a single one-time election, on or before December 5, 1996 in writing and on a form to be furnished by the Committee, to convert 25%, 50%, 75% or 100%
  of his or her Accrued Pension into a Deferred Pension Account under the Plan. Upon making a Deferred Pension Election, a new Deferred Pension Account will be established in the participant's name and will be credited, on or about December 20, 1996,
  with the amount of his or her Accrued Pension so converted.

	 
	 	
(b)	
      Once made, a Deferred Pension Election cannot be changed or revoked except as provided herein.

	 
	 	
(c)	
      A Deferred Pension Election shall defer the starting date for the payment of the designated amount of the participant's Accrued Pension, and any Interest Return credited thereon pursuant to Section 3.7, until the earliest of the
  participant's retirement, permanent and total disability, death or involuntary termination.

	 

6

	 	
(d)          	
      In the event of any such Deferred Pension Election, the form of payment of any distribution (i.e., in a lump sum or in five or in ten approximately equal annual
  installments) and the starting date of such distribution (i.e., as soon as practicable following the event triggering the distribution or January 31st
  of the calendar year immediately following such event) shall be elected at the same time. In the event that any distribution is elected to be paid in five or ten approximately equal annual installments, the
  participant also may elect, at the time of the Deferred Pension Election, to have the form of distribution, automatically and without further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event
  of such participant's death or permanent and total disability occurring prior to the expiration of the complete period of deferral. Except as herein provided, such form-of-payment election shall not be changed or revoked.

	 
	
3.2                    	
Restricted Stock Elections and Deferred Dividends Elections	
	 
	 	
(a)	
      Any participant, who owns Restricted Stock as of the Effective Date, may make a single one-time election, on or before December 5, 1996 and on a form to be furnished by the Committee, to surrender to the Company 25%, 50%, 75% or
  100% of his or her shares of Restricted Stock. Upon making such Restricted Stock Election, a new Deferred Stock Account will be established in the participant's name to which will be credited, on or about December 20, 1996, a number of shares of
  Common Stock equal to the number so surrendered.

	 
	 	
(b)	
      A participant who makes a Restricted Stock Election will defer the receipt of any balance in the participant's Deferred Stock Account, including any Dividend Reinvestment Return credited thereto pursuant to Section 3.7(b), until
  the earliest of the participant's (i) permanent and total disability, (ii) death and (iii) the later of (1) the date on which such shares of Restricted Stock otherwise would have vested, (2) January 2, 1998, and (3) the date of any retirement or
  other termination of service.

	 
	 	
(c)	
      Any participant, who owns Restricted Stock from time to time, also can elect, on or before December 31 of any calendar year, to defer 25%, 50%, 75% or 100% of the cash dividends otherwise payable on his or her Restricted Stock for
  the next succeeding calendar year. Such Deferred Dividends will be credited to the participant's Deferred Dividend Account as of each date on which cash dividends are otherwise paid on the Common Stock.

	 
	 	
(d)	
      A participant who makes a Deferred Dividends Election may defer the payment of any Deferred Dividends, and any Interest Return credited thereon pursuant to Section 3.7(a), until (i) the earliest of the participant's

	 

7

	 	
  retirement, permanent and total disability, death or involuntary termination or (ii) a fixed date which is no earlier than three full calendar years after the calendar year during which the Deferred Dividends otherwise were
  payable and no later than ten years after the earliest date specified in (i), provided, however, that all distributions under
  Section 3.8(b) must be paid in full no later than ten years after the earliest of the participant's retirement, permanent and total disability, death or involuntary termination.

	 
	 	
(e)	
Once made, neither a Restricted Stock Election nor a Deferred Dividends Election can be changed or revoked except as provided herein.
	 
	 	
(f)          	
      In the event of any such Restricted Stock Election or Deferred
  Dividends Election, the form of payment of any distribution (i.e.,
  in a lump sum or in five or in ten  approximately equal annual installments)
  and the starting date of such distribution (i.e.,
  as soon as practicable following the event causing the distribution or January
  31st of the calendar  year immediately following such event) shall be elected
  at the same time. In the event that any distribution is elected to be paid in
  five or ten approximately equal annual installments, the participant also may
  elect, at the time of the Restricted  Stock Election or Deferred Dividends Election,
  to have the form of distribution, automatically and without further action on
  his or her part, converted to a lump sum payment in accordance with Section 3.8(b)
  in the event of such participant's death  or permanent and total disability occurring
  prior to the expiration of the complete period of deferral. Except as herein
  provided, such form-of-payment election shall not be changed or revoked.

	 
	
3.3                    	
Deferred Retainer Elections and Deferred Fees Elections	
	 
	 	
(a)	
      With respect to an individual who is eligible to participate in this Plan in accordance with Section 2.1, elections of Deferred Retainer and/or Deferred Fees shall be made in writing on forms to be furnished by the Committee. A
  Deferred Retainer Election and/or a Deferred Fees Election shall apply only to the Director's annual retainer or fees, as the case may be, for the particular calendar year specified in the election. A participant may elect to defer from 25% of his
  or her annual retainer to 100% of that retainer (in increments of 10%) and/or 50% or 100% of his or her other fees.

	 
	 	
(b)	
      A Deferred Retainer Election and/or Deferred Fees Election with respect to payments for a particular calendar year (i) must be made on or before the December 31 preceding such calendar year or, in the case of a newly- elected
  Director, within thirty (30) days following the date on which he or she becomes a member of the Board, and (ii) once made, cannot be changed or revoked except as provided herein. Such Deferred Retainer

	 

8

	 	 	
  shall be credited to the participant's Deferred Retainer Account (or, if none, to a new such account established in the participant's name) and his or her Deferred Fees shall be credited to the participant's Deferred Fees Account
  (or, if none, to a new such account established in the participant's name) as of each quarterly Payment Date. Revocation of any Deferred Retainer Election or Deferred Fees Election during a calendar year shall only affect future payments and shall
  reduce the participant's deferral percentage to zero for the remainder of that calendar year. Notice of revocation must be filed with the Committee by the fifteenth day of the month before the beginning of the next three-month period ending on a
  Payment Date. Such revocation shall not affect any balances credited to

	 
	 	 	
  the participant's Deferred Retainer Account or Deferred Fees Account, as the case may be, before the effective date of the revocation of the election.

	 
	                         	
(c)          	
      A participant who makes a Deferred Retainer Election or a Deferred Fees Election may defer the payment of any retainer and/or fees, and any Interest Return credited thereon pursuant to Section 3.7(a), until (i) the earliest of the
  participant's retirement, permanent and total disability, death or involuntary termination or (ii) a fixed date which is no earlier than three full calendar years after the calendar year during which the Deferred Retainer or Deferred Fees otherwise
  were payable and no later than ten years after the earliest date specified in (i), provided, however, that all distributions under
  Section 3.8(b) must be paid in full no later than ten years after the earliest of the participant's retirement, permanent and total disability, death or involuntary termination.

	 
	 	
(d)	
      In the event of any such Deferred Retainer Election or Deferred Fees Election, the form of payment of any distribution (i.e., in a lump sum or in five or ten approximately
  equal annual installments) and the starting date of such distribution (i.e., as soon as practicable following the event causing the distribution or January 31st of the calendar year immediately following such event) shall be elected at the same time. In the event that any distribution is elected to be paid in five or ten approximately equal annual
  installments, the participant also may elect, at the time of the Deferred Retainer Election and/or Deferred Fees Election, to have the form of distribution, automatically and without any further action on his or her part, converted to a lump sum
  payment in accordance with Section 3.8(b) in the event of such participant's death or permanent and total disability occurring prior to the expiration of the complete period of deferral. Except as herein provided, such form-of-payment election shall
  not be changed or revoked.

	 

9

	
3.4                    	
Deferred Stock Elections	
	 
	 	
(a)          	
      Instead of being credited to the participant's Deferred Pension Account, each participant who makes a Deferred Pension Election also may elect to have 25%, 50%, 75% or 100% of the amount otherwise creditable to his or her Deferred
  Pension Account instead credited in the form of Common Stock to a new Deferred Stock Account established in the participant's name.

	 
	 	
(b)	
      When a Deferred Stock Election is made in connection with a Deferred Pension Election, the participant's Deferred Stock Account will be credited on or about December 20, 1996, with the number of shares of Common Stock (rounded to
  the nearest one-one hundredth of a share) determined by dividing the amount of the participant's Accrued Pension with respect to which the Deferred Stock Election applies, by the average price paid by the Trustee of the Directors' Stock Trust for
  shares of Common Stock with respect to such date or, if the Trustee shall not purchase shares of Common Stock equal to the number of shares of Common Stock creditable to all participants' Deferred Stock Accounts on such date, then, to the extent of
  such shortfall, such price shall be the average of the high and low NYSE market price for the Common Stock on such date and the portion of the participant's Deferred Pension Account balance used in such calculation shall be proportionate to such
  shortfall amount. At the same time, the participant's Deferred Pension Account will be debited by the amount so credited to the participant's new Deferred Stock Account.

	 
	 	
(c)	
      Instead of being credited to the participant's Deferred Dividends Account, Deferred Retainer Account or Deferred Fees Account, each participant also may elect to have 25%, 50%, 75% or 100% of his or her Deferred Dividends,
  Deferred Retainer and/or Deferred Fees credited in the form of Common Stock to the participant's Deferred Stock Account. Except as provided in Section 3.5, an election to have Deferred Dividends, Deferred Retainer or Deferred Fees credited to the
  participant's Deferred Stock Account must be made concurrently with the Deferred Dividends Election, Deferred Retainer Election or Deferred Fees Election, as the case may be.

	 
	 	
(d)	
      A participant's Deferred Stock Account will be credited:

	 
	 	 	
i)          	
      regularly, as of each date on which dividends are paid on the Common Stock, with the number of shares of Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the portion of the participant's
  Deferred Dividends for such dividend payment date subject to the Deferred Stock Election by the average price paid by the Trustee of the Director's Stock

	 

10

	 	 	
  Trust for shares of Common Stock with respect to such dividend payment date or, if the Trustee shall not at such time purchase any shares of Common Stock, then the price shall be the average of the high and low NYSE market price
  for the Common Stock on such date;

	 
	 	 	
ii)         	
      quarterly, as of each Payment Date, with the number of shares of Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the portion of the participant's Deferred Retainer and/or Deferred Fees
  accumulated during the preceding fiscal quarter and which are subject to the Deferred Stock Election by the average price paid by the Trustee of the Director's Stock Trust for shares of Common Stock with respect to such Payment Date or, if the
  Trustee shall not at such time purchase any shares of Common Stock, then the price shall be the average of the high and low NYSE market price for the Common Stock on such date; and

	 
	 	 	
iii)	
      annually, as of the day after the Shareholders' Meeting with the Annual Share Amount, if, after such meetings the participant was elected or continued to serve as a Director of the Company.

	 
	                         	
(e)          	
      Each participant who has a Deferred Stock Account shall receive distributions from such Account attributable to his or her Annual Share Amounts, and any Dividend Reinvestment Return credited thereon pursuant to Section 3.7(b),
  upon the earliest of the participant's retirement, permanent and total disability, death or involuntary termination. Such participant, within thirty (30) days after his or her Deferred Stock Account is credited with an Annual Share Amount, shall
  elect the form of payment of any such distribution (i.e., in a lump sum or in five or in ten approximately equal annual installments) and the starting date of such distribution
  (i.e., as soon as practicable following the event triggering the distribution or January 31st of the calendar year immediately
  following such event).

	 
	 	 	
  In the event that any distribution is elected to be paid in five or ten approximately equal annual installments, the participant also may elect, at the time of the initial form-of-distribution election, to have the form of
  distribution, automatically and without further action on his or her part, converted to a lump sum payment in accordance with Section 3.8(b) in the event of such participant's death or permanent and total disability occurring prior to the expiration
  of the complete period of deferral. Except as herein provided, such form-of-distribution election shall not be changed or revoked.

	 
	 	
(f)	
      In the event of any merger, consolidation, reorganization, recapitalization, stock dividend (including without limitation, stock dividends consisting of

	 

11

	 	 	
  securities other than the shares of Common Stock), distribution (other than regular cash dividends), stock split, reverse stock split, separation, spin-off, split-off or other distribution of stock or property of the Company, or
  other change in the corporate structure or capitalization, there shall be appropriate adjustment made by the Board in the number and kind of shares (rounded to the nearest one-one hundredth of a share) or other property that shall be credited in the
  aggregate and to individual participants' deferred stock accounts under the Plan, so that the participants' Deferred Stock Accounts reflect the same equity percentage interest in the Company after the transaction as was the case before such
  transaction, and so that each share of Common Stock credited to a participant's Deferred Stock Account before a transaction accrues the same benefits after the transaction as does each share of Common Stock outstanding before such
  transaction.

	 
	                         	
(g)          	
      If at least a majority of the Company's stock is sold or exchanged by its Shareholders pursuant to an integrated plan for cash or property (including Stock of another corporation) or if substantially all of the assets of the
  Company are disposed of and, as a consequence thereof, cash or property is distributed to the Company's shareholders, each participant's Deferred Stock Account will, to the extent not already so credited under Section 3.7(b), be (i) credited with
  the amount of cash or property receivable by a Company shareholder directly holding the same number of shares of Common Stock as is credited to such participant's Deferred Stock Account and (ii) debited by that number of shares of Common Stock
  surrendered by such equivalent Company shareholder.

	 
	 	
(h)	
      Each participant who has a Deferred Stock Account also shall be entitled to provide directions to the Committee to cause the Committee to similarly direct the Trustee of the Trust to vote, on any matter presented for a vote to the
  shareholders of the Company, that number of shares of Common Stock held by the Trust equivalent to the number of shares of Common Stock credited to the participant's Deferred Stock Account. The Committee shall arrange for distribution to all
  participants in a timely manner of all communications directed generally to the shareholders of the Company as to which their votes are solicited.

	 
	 	
(i)	
      Pursuant to the Policy Statement
          on Insider Trading and Securities Transactions, as the same may be
          amended (the “Policy”), there are time periods (each, a “blackout period”) during which time participants may
  not effect transactions, directly or indirectly, in Company equity securities. Under the Policy, the Company’s Corporate Secretary may also impose additional blackout periods with respect to some or all participants. Participants whose ability
  to effect transactions is prohibited during such blackout periods also will be prohibited during such periods from making any Conversion Election, Deferred Stock Election or Investment Election that increases or decreases the amount credited to the
  participant’s Deferred Stock Account. The Committee, at the direction
  of

	 

12

	 	
  the Company’s Corporate Secretary,
      shall adopt and implement procedures to ensure that the provisions of this
      subsection are carried out.

	 
	
3.5                    	
Conversion Elections	
	 
	 	
(a)          	
      Any individual who has a Deferred Dividends Account, Deferred Fees Account, Deferred Retainer Account and/or a Deferred Cash Account may make an additional election, to convert any whole percentage of the participant's deferred
  account balance as of the date of such election from a cash balance into a Common Stock balance which would be credited to his or her Deferred Stock Account (or, if none, to a new such account established in the participant's name).

	 
	 	
(b)	
      When a Conversion Election is made, the participant's Deferred Stock Account will be credited, on or about January 2nd of the year following the election, with the
  number of shares of Common Stock (rounded to the nearest one-one hundredth of a share) determined by dividing the balance in the participant's Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, and/or Deferred Cash Account
  by the average price paid by the Trustee of the Directors' Stock Trust for shares of Common Stock with respect to such date, or, if the Trustee shall not purchase shares of Common Stock equal to the number of shares of Common Stock creditable to all
  participants' Deferred Stock Accounts on such date, then, to the extent of such shortfall, such price shall be the average of the high and low NYSE market price for the Common Stock on such date and the portion of the participant's Deferred
  Dividends Account balance, Deferred Retainer Account balance, Deferred Fees Account balance and/or Deferred Cash Account balance used in such calculation shall be proportionate to such shortfall amount. At the same time, the participant's Deferred
  Dividends Account, Deferred Retainer Account, Deferred Fees Account and/or Deferred Cash Account, as the case may be, will be debited by an amount equal to the amount so credited to the participant's Deferred Stock Account.

	 
	
3.6	
Change-of-Form Elections and Additional Deferral Elections	
	 
	 	
(a)	
      Any participant, who has made a Deferral Election, may make an additional election to change the form of distribution of the balance in any of his or her Deferred Accounts to one of the three acceptable forms of distributions
  under Section 3.8(b). Only one Change-of-Form Election may be made by any participant with respect to the balance in any Deferred Account attributable to any individual Deferred Election during any three (3) calendar years; provided, however, that no such Change-of- Form Election will be effective with respect to any balance in any participant's Deferred Account,
  unless made in connection with the

	 

13

	 	
  establishment of the Deferred Account, until such balance has been in such Deferred Account for at least two (2) calendar years.

	 
	 	
(b)          	
      Any participant who has made a Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election or Deferred Fees Election may make an additional election to further postpone the initial starting date for
  distributions of the balance in his or her Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account or Deferred Stock Account (to the extent attributable to a Deferred Stock Election or Conversion Election with respect to a
  Restricted Stock Election, Deferred Dividends Election, Deferred Retainer Election and/or Deferred Fees Election) to a date no earlier than three full calendar years thereafter and no later than the latest date that would have been permitted under
  Sections 3.2(d) or 3.3(c), as the case may be, for the initial Deferral Election; provided, however, that only one such Additional
  Deferral Election may be made with respect to the balance in any Deferred Account attributable to any individual Deferral Election.

	 
	
3.7                    	
Investment Return on Deferred Accounts	
	 
	 	
(a)	
      If a participant does not make an Investment Election as provided below, the Committee shall credit the balance of each participant's Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees
  Account and Deferred Cash Account during the calendar year with an Interest Return equal to interest thereon. Such balances shall include all Interest Returns previously credited to the account. The Interest Return to be credited for each calendar
  year shall be calculated by multiplying the average daily balance in each such Deferred Account by the Moody's Seasoned Aaa Corporate Bond Rate in effect on the first business day of September of the previous calendar year, as published in the
  weekly Federal Reserve Statistical Release (Publication H.15). Notwithstanding
  the foregoing, at the time the participant makes a Deferral Election (other
  than a Restricted Stock Election or a form of distribution election), the participant
  may make an Investment Election and select Investment Options with respect
  to the amounts credited to those accounts. If a participant makes an Investment
  Election, additional hypothetical bookkeeping amounts shall be credited to
  (or deducted from) the participant’s Deferred Pension Account, Deferred
  Dividends Account, Deferred Retainer Account, Deferred Fees Account or Deferred
  Cash Account to reflect the earnings (or losses) that would have been experienced
  had the deferred amounts been invested in the Investment Options selected by
  the participant as targeted rates of return, net of all fees and expenses otherwise
  associated with the Investment Options. The Committee may add or delete Investment
  Options, on a prospective basis, by notifying all participants whose accounts
  are hypothetically invested in such Investment Options, in

	 

14

	 	
  advance, and soliciting elections to transfer deferred amounts so that they track investments in other Investment Options then available. Investment Elections will continue in effect until changed by the participant. A participant
  may change a prior Investment Election on a monthly basis, in such manner as approved by the Committee.

	 
	 	
(b)	
      Each time the Company declares a dividend on its Common Stock, each participant's Deferred Stock Account will be credited with a Dividend Reinvestment Return equal to that number of shares of Common Stock (rounded to the nearest
  one-one hundredth of a share) determined by dividing (i) the amount that would have been paid (or the fair market value thereof, if the dividend is not paid in cash) to the participant on the total number of shares of Common Stock credited to the
  participant's Deferred Stock Account had that number of shares of Common Stock been held by such participant by (ii) the average price paid by the Trustee of the Stock Trust for shares of Common Stock with respect to the dividend payment date or, if
  the Trustee shall not at such time purchase any shares of Common Stock , then the price shall be the average of the high and low NYSE market price for the Common Stock on such date.

	 
	 	
(c)	
      Within 60 days following the end of each calendar year, the Committee shall furnish each participant with a statement of account which shall set forth the balance in each of the individual's Deferred Accounts as of the end of such
  calendar year, inclusive of cumulative Interest Return and/or Dividend Reinvestment Return.

	 
	
3.8                    	
Distributions	
	 
	 	
(a)          	
      Upon occurrence of an event specified in the participant's Deferral Election, as modified by any Change-of-Form Election, the amount of a participant's Deferred Pension Account, Deferred Dividends Account, Deferred Retainer
  Account, Deferred Fees Account and/or Deferred Cash Account shall be paid in cash and the amount of a participant's Deferred Stock Account shall, except as otherwise provided in Section 3.4(g) or 3.9 or to the extent the Company is otherwise, in the
  reasonable judgment of the Committee, precluded from doing so, be paid in shares of Common Stock (with any fractional share interest therein paid in cash to the extent of the then fair market value thereof), in each case to the participant or his or
  her beneficiary, as applicable. Such payment(s) shall be from the general assets of the Company (including the Directors' Stock Trust) in accordance with this Section 3.8.

	 
	 	
(b)	
      Unless other arrangements are specified by the Committee on a uniform and nondiscriminatory basis, deferred amounts shall be paid in the form of (i) a lump sum payment, (ii) in five approximately equal annual installments or (iii)
  in ten approximately equal annual installments, as

	 

15

	 	 	
  elected by the participant at the time of his or her Deferral Election and as modified by any applicable subsequent Change-of-Form Election; provided, however, that payments shall be made only in a single lump sum if payment commences due to termination for cause. Such payments shall be made (or begin to be made) as soon as practicable following the
  occurrence of the event making payment necessary or, if so elected in the Deferral Election, on the January 31st of the calendar year immediately following such event.

	 
	                         	
(c)          	
      In case of an unforeseeable emergency, a participant may request the Committee, on a form to be provided by the Committee, that payment be made earlier than the date to which it was deferred; provided, however, that no such acceleration of the distribution date(s) shall apply to that portion of the balance(s) in the participant's
  Deferred Accounts either attributable to Annual Share Amounts, and any Dividend Reinvestment Return credited thereon pursuant to Section 3.7(b), or to a Deferred Pension Election, and any Interest Return or Dividend Reinvestment Return credited
  thereon pursuant to Section 3.7.

	 
	 	 	
  For purposes of this Section 3.8(c),
      an "unforeseeable emergency" shall be limited to a severe financial hardship
      to the participant resulting from a sudden and unexpected illness or accident
      of the participant or of a dependent (as defined in section 152(a) of the
      Code) of the participant, loss of the participant's property due to casualty,
      or other similar extraordinary and unforeseeable circumstances arising
      as a result of events beyond the control of the participant. The circumstances
      that will constitute an unforeseeable emergency will depend upon the facts
      of each case, but, in any case, payment may not be made to the extent that
      such hardship is or may be relieved: (i) through reimbursement or compensation
      by available insurance or otherwise, (ii) by liquidation of the participant's
      assets, to the extent the liquidation of such assets would not itself cause
      severe financial hardship or (iii) by cessation of deferrals under the
      Plan.

	 
	 	 	
  The Committee shall consider any requests for payment under this Section 3.8(c) on a uniform and nondiscriminatory basis and in accordance with the standards of interpretation described in section 457 of the Code and the
  regulations thereunder.

	 
	 	
(d)	
      The Company shall deduct from all payments under the Plan federal, State and local income and employment taxes, as required by applicable law. No participant or beneficiary shall be entitled to receive any distribution of shares
  of Common Stock credited to a participant's Deferred Stock Account until the Company has received full payment of such withholding obligations in cash.

	 

16

	
3.9                    	
General Provisions	
	 
	 	
(a)          	
      The Company shall make no provision
          for the funding of any Deferred Accounts payable hereunder that (i)
          would cause the Plan to be a funded plan for purposes of section 404(a)(5)
          of the Code or (ii) would cause the Plan to be other than an "unfunded and unsecured promise to pay money or other property
  in the future" under Treasury Regulations § 1.83-3(e); and, except to the
  extent specified in the Directors' Stock Trust following a "change of control" (as
  defined in the Directors' Stock Trust) of the Company, the Company shall have
  no obligation to make any arrangement for the accumulation of funds to pay any
  amounts under this Plan. Subject to the restrictions of the preceding sentence
  and in Section 3.9(c), the Company, in its sole discretion, may establish one
  or more grantor trusts described in Treasury Regulations § 1.677(a)-1(d)
  to accumulate funds and/or shares of Common Stock to pay amounts under this
  Plan, provided that the assets of such trust(s) shall be required to be used
  to satisfy the claims of the Company's general creditors in the event of the
  Company's bankruptcy or insolvency.

	 
	 	
(b)	
      In the event that the Company shall decide to establish an advance accrual reserve on its books against the future expense of payments from any Deferred Account, such reserve shall not under any circumstances be deemed to be an
  asset of this Plan but, at all times, shall remain a part of the general assets of the Company, subject to claims of the Company's creditors.

	 
	 	
(c)	
      A person entitled to any amount under this Plan shall be a
  general unsecured creditor of the Company with respect to such amount. Furthermore,
  a person entitled to a payment or distribution with respect to a Deferred Account,
  shall have a claim upon the Company only to the extent of the balance(s) in his
  or her Deferred Accounts.

	 
	 	
(d)	
      The participant's beneficiary under this Plan with respect to the balance(s) in his or her Deferred Accounts shall be the person designated to receive benefits on account of the participant's death on a form provided by the
  Committee.

	 
	 	
(e)	
      All commissions, fees and expenses that may be incurred in operating the Plan and any related trust(s) established in accordance with Section 3.9(a) (including the Directors' Stock Trust) will be paid by the Company.

	 
	 	
(f)	
      Notwithstanding any other provision of this Plan: (i) elections under this Plan may only be made by participants while they are directors of the Company; (ii) no Conversion Election, Change-of-Form Election or Additional Deferral
  Election shall be effective if made within six (6) months prior to the earlier of (1) the date of the participant's scheduled

	 

17

	 	             	 retirement or (2) the date the participant
        voluntarily terminates service on the Board; (iii) no Change-of-Form Election
        or Additional Deferral Election shall be effective with respect to any
        balance in any Deferred Account that is scheduled to be paid (or to begin
        to be paid) within six (6) months after the date of such election; and
        (iv) distributions otherwise payable to a participant in the form of Common
        Stock shall be delayed and/or instead paid in cash in an amount equal to
        the fair market value thereof if such payment in Common Stock would violate
        any federal or State securities laws (including Section 16(b) of the Securities
        Exchange Act of 1934, as amended) and/or rules and regulations promulgated
    thereunder.

	 	 	 
	
3.10                   	
      Non-Assignability	
	 
	 	
  Participants, their legal representatives and their beneficiaries shall have no right to anticipate, alienate, sell, assign, transfer, pledge or encumber their interests in the Plan, nor shall such interests be subject to
attachment, garnishment, levy or execution by or on behalf of creditors of the participants or of their beneficiaries.
	 

ARTICLE IV 

Administration

	
4.1                    	
Plan Administrator	
	 
	 	
  Subject to the express provisions of the Plan, the Committee shall have the exclusive right to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it and to make all other determinations necessary
  or advisable for the administration of the Plan. The decisions, actions and records of the Committee shall be conclusive and binding upon the Company and all persons having or claiming to have any right or interest in or under the Plan.

	 
	 	
  The Committee may delegate to such officers, employees or departments of the Company such authority, duties, and responsibilities of the Committee as it, in its sole discretion, considers necessary or appropriate for the proper
  and efficient operation of the Plan, including, without limitation, (i) interpretation of the Plan, (ii) approval and payment of claims, and (iii) establishment of procedures for administration of the Plan.

	 

18

ARTICLE V 

Amendment, Termination and Effective Date

	
5.1                    	
      Amendment of the Plan	

	 
	 	
  Subject to the provisions of Section 5.3, the Plan may be wholly or partially amended or otherwise modified at any time by written action of the Board of Directors.

	 
	
5.2	
      Termination of the Plan	

	 
	 	
  Subject to the provisions of Section 5.3, the Plan may be terminated at any time by written action of the Board of Directors.

	 
	
5.3	
      No Impairment of Benefits	

	 
	 	
  Notwithstanding the provisions of Sections 5.1 and 5.2, no amendment to or termination of the Plan shall impair any rights to benefits which have accrued hereunder.

	 
	
5.4	
      Effective Date	

	 
	 	
  The Plan is effective as of November 1, 1996.

	 

19

APPENDIX A

EXTENDED DEFERRAL OF EQUITY BASED COMPENSATION INCLUDING

RESTRICTED STOCK UNITS

                               Effective November 21, 2006, the following provisions apply to a participant’s ability to defer distribution of Equity-Based Compensation:

	 A.1       	 	Definitions. The following
      definitions apply to this Appendix A. Any defined term not defined in this
    Section A.1 will have the same meaning provided under Article I of the Plan.  

	 	 	

	 	
(a)          	
      “Deferred Equity-Based Compensation Account” means
          the bookkeeping account established as a sub-account of the Deferred
          Stock Account on behalf of a participant who makes an Equity-Based
    Compensation Deferral Election pursuant to Section A.2.

	 
	 	
(b)	
      “Equity-Based Compensation Plan” means
          the Becton, Dickinson and Company 2004 Employee and Director Equity-Based
    Compensation Plan.

	 
	 	
(c)	
      “Equity-Based Compensation Deferral Election” means the election by a participant under Section A.2 to defer all or a portion of the participant’s
    Equity- Based Compensation.

	 
	 	
(d)	
      “Equity-Based Compensation” means
          restricted stock units and other stock-based awards granted under the
          Equity-Based Compensation Plan, and does not include any such awards
          that qualify as vested stock, restricted stock, stock option awards,
    or stock appreciation rights.

	 
	
A.2	 	Equity-Based Compensation Deferral Election.
	 
	 	
(a)	
      Each participant may make an Equity-Based
          Compensation Deferral Election to defer the initial starting date the
          Equity-Based Compensation is otherwise distributable to the participant
          or change an existing Equity-Based Compensation Deferral Election.
          Any Equity-Based Compensation Deferral Election that changes the time
          of distribution of a participant’s Equity-Based Compensation:
          1) must delay receipt of such distribution for at least 5 (five) years
          but not more than 10 (ten) years beyond the original distribution date;
          2) must be made at least 12 months before the original distribution
          date; and 3) will not be effective until 12 months after the new election.
          Notwithstanding the foregoing, and in accordance with Code Section
          409A and any guidance issued thereunder: (I) a participant may make
          an Equity-Based Compensation Deferral Election that changes the time
          and manner of payment of Equity-Based Compensation subject to Code
          Section 409A and deferred on or before December 31, 2006 at any time
          on or before December 31, 2006, provided that the election (1) is for
    Equity-Based

	 

20

	 	 	
  Compensation not otherwise distributable
      in 2006, and (2) does not cause an amount to be distributed to a participant
      in 2006; and (II) a participant may make an Equity-Based Compensation Deferral
      Election that changes the time and manner of payment of Equity-Based Compensation
      subject to Code Section 409A and deferred on or before December 31, 2007
      at any time on or before December 31, 2007, provided that if any such election
      is made during the calendar year ending on December 31, 2007, the election
      (1) is for Equity-Based Compensation not otherwise distributable in 2007,
      and (2) does not cause an amount to be distributed to a participant in
      2007. A participant may make an Equity-Based Compensation Deferral Election
      for any percentage of the participant’s Equity- Based Compensation
      that is a multiple of 10%. Once made, an Equity-Based Compensation Deferral
      Election cannot be changed or revoked except as provided herein.

	 
	             	
(b)          	
      The Committee shall provide the participant with the appropriate election forms with which a participant may make an Equity-Based Compensation Deferral Election. All Equity-Based Compensation Deferral Elections (including any
  modifications of prior Equity-Based Compensation Deferral Elections otherwise permitted under the Plan) may be made in accordance with written, electronic or telephonic procedures prescribed by the Committee.

	 
	 	
(c)	
      Equity-Based Compensation that is deferred pursuant to an Equity-Based Compensation Deferral Election will be transferred to the Deferred Equity-Based Compensation Account, and credited with dividend equivalent rights as follows:
  each time the Company declares a dividend on its Common Stock, each participant's Deferred Equity-Based Compensation Account will be credited with a Dividend Reinvestment Return equal to that number of shares of Common Stock (rounded to the nearest
  one-one hundredth of a share) determined by dividing (i) the amount that would have been paid (or the fair market value thereof, if the dividend is not paid in cash) to the participant on the total number of shares of Common Stock credited to the
  participant's Deferred Equity-Based Compensation Account had that number of shares of Common Stock been held by such participant by (ii) the average price paid by the Trustee of the Stock Trust for shares of Common Stock with respect to the dividend
  payment date or, if the Trustee shall not at such time purchase any shares of Common Stock, then the price shall be the average of the high and low NYSE market price for the Common Stock on such date.

	 

21

	
A.3     	 	Diversification of Equity-Based Compensation Upon
    Termination of Service 
	 
	 	
(a)          	
      On and after the date the participant
          separates from service on the Board, and before the occurrence of the
          event specified in the terms of the participant’s Equity-Based Compensation Deferral Election form, amounts in the
  participant's Deferred Equity-Based Compensation Account shall, except as otherwise provided in the Plan or to the extent the Company is otherwise, in the reasonable judgment of the Committee, precluded from doing so, be transferred to the
  participant’s Deferred Stock Account and administered in accordance with
  the Plan provisions governing the Deferred Stock Account.

	 
	
A.4	 	Distributions of Equity-Based Compensation 
	 
	 	
(a)	
      Upon the occurrence of an event
          specified in the terms of the participant’s Equity- Based Compensation Deferral Election form, the Equity-Based Compensation in a participant’s Deferred Stock Account shall be paid in
  accordance with the Plan provisions governing the distribution of the Deferred Stock Account, in each case to the participant or his or her beneficiary, as applicable; and the Equity-Based Compensation in a participant’s
  Deferred Cash Account, if any, shall be paid in the same manner as provided
  in Section 3.8(a) for the Deferred Cash Account, in each case to the participant
  or his or her beneficiary, as applicable.

	 
	 	
(b)	
      Deferred amounts shall be distributed (or begin to be distributed) as soon as practicable following the occurrence of the event making distribution necessary, but in no event later than the fifteenth day of the third month
  following the end of the calendar year in which such distribution event occurs.

	 

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