Document:

EX-10.6

 Exhibit 10.6 
 MEDTRONIC, INC. 
 ISRAELI AMENDMENT 

To The 2013 Stock Award and Incentive Plan 
  

	1.	GENERAL 

  

	 	1.1	This Amendment (the “Amendment”) shall apply only to Participants who are residents of the State of Israel or those who are deemed to be residents of the
State of Israel for the payment of tax. The provisions specified hereunder shall form an integral part of the 2013 Stock Award and Incentive Plan (the “Plan”), of the Company as defined in the Plan. 

 

	 	1.2	This Amendment is effective with respect to Options, Stock Appreciation Rights, Shares of Restricted Stock, Other Stock-Based Awards or Other Cash-Based Awards; to be
granted according to the resolution of the Committee, as such term is defined in the Plan and shall comply with Amendment no. 147 of the Israeli Tax Ordinance. 

 

	 	1.3	This Amendment is to be read as a continuation of the Plan and only refers to Awards granted to Israeli Participants so that they comply with the requirements set by
the Israeli law in general, and in particular with the provisions of Section 102 of the Israeli Income Tax Ordinance (New Version), 1961 (the “Ordinance”), and any regulations, rules, orders or procedures promulgated
thereunder, as may be amended or replaced from time to time. For the avoidance of doubt, this Amendment does not add to or modify the Plan in respect of any other category of Participants. 

 

	 	1.4	The Plan and this Amendment are complementary to each other and shall be deemed one. In any case of contradiction, whether explicit or implied, between the provisions
of this Amendment and the Plan, the provisions set out in this Amendment shall prevail with respect to Awards granted to Israeli Participants. 

  

	 	1.5	Any capitalized terms not specifically defined in this Amendment shall be construed according to the interpretation given to them in the Plan. 

 

	2.	DEFINITIONS 

  

	 	2.1	“Award” means an Option, Stock Appreciation Right, Share of Restricted Stock, Other Stock-Based Award or Other Cash-Based Award granted pursuant to the
Plan. 

	 	2.2	“Applicable Law” means the Israeli law in general, and in particular the Israeli Companies Law -1999, the Israeli Income Tax Ordinance (New Version),
1961 and any regulations, rules, orders or procedures promulgated thereunder, as may be amended or replaced from time to time. 

  

	 	2.3	“Approved 102 Award “ means an Award granted pursuant to Section 102(b) of the Ordinance and held in trust by a Trustee for the benefit of the
Grantee. 

  

	 	2.4	“Capital Gain Award “ or “CGA” means an Approved 102 Award elected and designated by the Company to qualify under the capital gain tax
treatment in accordance with the provisions of Section 102(b)(2) of the Ordinance. 

  

	 	2.5	“Controlling Shareholder” means a controlling shareholder (Ba’al Shlita) as such term is defined in Section 32(9) of the Ordinance.

  

	 	2.6	“Employee” including an individual who is serving as a director or an office holder, but excluding any Controlling Shareholder.

  

	 	2.7	“Employing corporation” means any subsidiary or affiliated company or group within the meaning of Section 102(a) of the Ordinance.

  

	 	2.8	“ITA” means the Israeli Tax Authorities. 

  

	 	2.9	“Non-Employee” means a consultant, adviser, service provider, Controlling Shareholder or any other person who is not an Employee.

  

	 	2.10	“Office Holders” [“Nose Misra”]—as such term is defined in the Companies Act, 1999, including, inter alia, any other
person who is part of the upper management of the Company and who grants managerial services to the Company. 

  

	 	2.11	“Ordinary Income Award “ or “ OIA “, which means an Approved 102 Award elected and designated by the Company to qualify under the
ordinary income tax treatment in accordance with the provisions of Section 102(b)(1) of the Ordinance. 

  

	 	2.12	“102 Award “ means an Award that the Board intends to be a “102 Award” which shall only be granted to employees of the Company who are not
Ten Percent shareholders, and shall be subject to and construed consistently with the requirements of Section 102 of the Tax Ordinance. The Company shall have no liability to a Participant or to any other party, if an Award (or any part
thereof), which is intended to be a 102 Award, is not a 102 Award. Approved 102 Awards may either be classified as Capital Gain Awards (“CGA”) or Ordinary Income Awards (“OIA”). 

 

	 	2.13	“3(i) Award” means Awards that do not contain such terms as will qualify under Section 102 of the Tax Ordinance. 

 

	 	2.14	“Ordinance” means the Israeli Income Tax Ordinance (New Version) 1961, as now in effect or as hereafter amended. 

 

	 	2.15	“Section 102” means section 102 of the Ordinance and any regulations, rules, orders or procedures promulgated thereunder as now in effect or as
hereafter amended. 

	 	2.16	“Trustee” shall mean any individual appointed by the Company to serve as a trustee and approved by the ITA, all in accordance with the provisions of
Section 102(a) of the Ordinance. 

  

	 	2.17	“Unapproved 102 Award” means an Award granted pursuant to Section 102(c) of the Ordinance and not held in trust by a Trustee.

  

	3.	ISSUANCE OF OPTIONS; ELIGIBILITY 

  

	 	1.1	The persons eligible for participation in the Plan as Participants shall include any Employees, Office Holders and/or Non-Employees of the Company as such term is
defined in the Plan; provided, however, that (i) Employees may only be granted 102 Awards and Office Holders may be granted 102 Awards; and (ii) Non-Employees and/or Controlling Shareholders may only be granted 3(i) Awards (the
“Participants”). 

  

	 	1.2	The Company may designate Awards granted to Israeli Employees pursuant to Section 102 as Unapproved 102 Awards or Approved 102 Awards. 

 

	 	1.3	The grant of Approved 102 Awards shall be made under this Amendment adopted by the Committee, and shall be conditioned upon the approval of this Amendment by the ITA.

  

	 	1.4	Approved 102 Award may either be classified as Capital Gain Award (CGA) or Ordinary Income Award (OIA). 

 

	 	1.5	The Corporation’s election of the type of Approved 102 Awards as CGA or OIA granted to Israeli Employees (the “Election”), shall be appropriately
filed with the ITA before the Date of Grant of an Approved 102 Award under such Election. Such Election shall become effective beginning the first Date of Grant of an Approved 102 Award under such Election and shall remain in effect until the end of
the year following the year during which the Company first granted Approved 102 Awards under such Election. For the avoidance of doubt, such Election shall not prevent the Company from granting Unapproved 102 Awards simultaneously.

  

	 	1.6	All approved 102 Awards, must be held in trust by a Trustee as described in Section 4 below. 

 

	 	1.7	For the avoidance of any doubt, the designation of Unapproved 102 Awards and Approved 102 Awards shall be subject to the terms and conditions set forth in
Section 102 of the Ordinance and the regulations promulgated thereunder. 

  

	 	1.8	Anything in the Plan to the contrary notwithstanding, all grants of Awards to directors and office holders shall be authorized and implemented in accordance with the
provisions of the Companies Law or any successor act or regulation, as in effect from time to time. 

  

	 	1.9	The Company shall notify the Income Tax Commissioner about the grant and the capital gain course chosen at least 30 days before the Date of Grant. Grant of Options
shall be made pursuant to, (a) Section 102; and (b) the Trust Agreement, in addition to being made pursuant to the provisions of the Plan and this Agreement; (c) the ITA’s regulation. 

	 	1.10	The Company’s election of the tax track according to Section 102 of the Tax Ordinance with regards to 102 Options granted to Employees, as specified in the
Notice of Grant (the “Election”) shall be appropriately filed with the Israeli Tax Authorities at least 30 days before the Date of Grant. The Election shall obligate the Company to grant only under that same tax track elected for 102
Options, and shall apply to all Grantees who are granted qualified 102 Options until the end of the year following the year during which the Company first granted the 102 Options, all in accordance with the instructions of Section 102
(g) of the Tax Ordinance. The tax track of 102 Options elected by the Company shall be noted in the Option Agreement. 

  

	 	1.11	Notwithstanding anything to the contrary, the Trustee shall not release any unexercised 102 award or any Share issued upon exercise of 102 Options prior to the full
payment of the Grantee’s tax liabilities arising from 102 Options issued to the Grantee and/or any Shares issued upon exercise of such 102 Options. 

  

	4.	TRUSTEE 

  

	 	4.1	Approved 102 Awards which shall be granted under the Plan and/or any Shares allocated or issued upon exercise of such Approved 102 Awards and/or other shares received
subsequently following any realization of rights including, without limitation, bonus shares, shall be allocated or issued to the Trustee (and registered in the Trustee’s name in the register of members of the Corporation) and held for the
benefit of the Participants for such period of time as required by Section 102 (the “Restricted Period”). All certificates representing Shares issued to the Trustee under the Plan shall be deposited with the Trustee, and shall
be held by the Trustee until such time that such Shares are released from the aforesaid trust as herein provided. In case the requirements for Approved 102 Awards are not met, then the Approved 102 Awards may be treated as Unapproved 102 Awards, all
in accordance with the provisions of Section 102. 

  

	 	4.2	Notwithstanding anything to the contrary, the Trustee shall not release any Shares allocated or issued upon exercise of Approved 102 Awards prior to the full payment of
the Participants’ tax liabilities arising from Approved 102 Awards, which were granted to such Participant, and/or any Shares allocated or issued upon exercise of such Awards. 

 

	 	4.3	With respect to any Approved 102 Award, subject to the provisions of Section 102, a Participant shall not be entitled to sell or release from trust any Share
received upon the exercise of an Approved 102 Award and/or any share received subsequently following any realization of rights, including without limitation, bonus shares, until the lapse of the Restricted Period required under Section 102.

  

	 	4.4	Upon receipt of Approved 102 Award, the Participant will sign an undertaking to release the Trustee from any liability in respect of any action or decision duly taken
and bona fide executed in relation with the Plan and this Amendment, or any Approved 102 Award or Share granted to him thereunder. 

  

	5.	FAIR MARKET VALUE FOR TAX PURPOSES 

 Without derogating from the above, solely for the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance, if at the Date of Grant the Company’s shares are listed
on any established stock exchange or a national market system or if the Company’s shares will be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value of a Share at the Date of Grant shall be
determined in accordance with the average value of the Company’s shares on the thirty (30) trading days preceding the Date of Grant or on the thirty (30) trading days following the date of registration for trading, as the case may be

	6.	EXERCISE OF OPTIONS 

Options shall be exercised by the Participant’s giving a written notice and remitting payment of the Exercise Price to the Company or
to any third party designated by the Company (the “Representative”), in such form and method as may be determined by the Company and the Trustee and when applicable, in accordance with the requirements of Section 102, which
exercise shall be effective upon receipt of such notice by the Company or the Representative and the payment of the Exercise Price at the Corporation’s or the Representative’s principal office. The notice shall specify the nominal value of
the Share with respect to which the Option is being exercised. 
 With respect to Unapproved 102 Awads, if the Participant ceases
to be employed by the Company or any Affiliate, the Participant shall extend to the Company and/or its Affiliate a security or guarantee for the payment of tax due at the time of Sale of Shares, all in accordance with the provisions of
Section 102. 
  

	7.	INTEGRATION OF SECTION 102 AND TAX COMMISSIONER’S PERMIT 

  

	 	7.1	With regards to Approved 102 Awards, the provisions of the Plan and/or any Award Agreement entered into in conjunction with any Award Grant (the “Award
Agreement”) shall be subject to the provisions of Section 102 and the Income Tax Commissioner’s permit, and the said provisions and permit shall be deemed an integral part of the Plan and of the Award Agreement.

  

	 	7.2	Any provision of Section 102 and/or the said permit which is necessary in order to receive and/or to keep any tax benefit pursuant to Section 102, which is
not expressly specified in the Plan or the Award Agreement, shall be considered binding upon the Company and the Participants. 

  

	8.	TAX CONSEQUENCES 

  

	 	8.1	To the extent permitted by Applicable laws, any tax consequences arising from the grant or exercise of any Award, from the payment for Shares covered thereby or from
any other event or act (of the Company, and/or its Affiliates, and/or the Trustee or the Participant), hereunder, shall be borne solely by the Participant. The Company and/or its Affiliates and/or the Trustee shall withhold taxes according to the
requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the Participants agrees to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any
and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Participant. 

 

	 	8.2	The Company and/or the Trustee shall not be required to release any Share certificate to a Participant until all required payments have been fully made by the
Participant. 

  

	 	8.3	In accordance with the Income Tax Rules (Tax Benefits Upon Issues of Shares to Employees) 2003, the Grantee warrants and represents to the Company, the Trustee and the
Israeli Income Tax Authorities that it agrees to the provisions of Section 102 of the Income Tax Ordinance shall apply to it and that it will not transfer the Option Shares nor any other shares received subsequently following any realization of
rights, by a way of tax-exempt transfer or a transfer under sections 104 (a), 104 (b) or 97 (a) of the Income Tax Ordinance. 

	 	8.4	The Company and the Trustee shall be entitled to apply to the Israeli Income Tax Authorities for the purpose of ascertaining the income tax liability of the Grantee
with respect to the Option Shares. 

  

	 	8.5	The Grantee acknowledges that, under the current law, if the date of termination of employment shall be prior to the second anniversary of the date of the issue of the
Shares then (i) the tax benefits of Section 102 shall not apply (except in the opinion of the Israeli Income Tax Authorities the employment of the Grantee was ceased under special circumstances which were beyond its control) and
(ii) the Grantee will be responsible to immediately settle on its own account all of the tax issues and liabilities that are related to the Options or the Option Shares. 

 

	 	8.6	The Grantee further acknowledges that the income that may be earned in connection with the issue of the Option Shares, their transfer in the name of the Grantee or sale
thereof shall not be taken into account in calculation of the entitlement of the Grantee to any social benefits. Such social benefits shall include, without limitation, national insurance, managers’ insurance, study funds, pension funds, and
severance pay and vacation payments. In the event that the Company or any of its subsidiaries shall be obligated by applicable law to include social benefits as income or profits of the Grantee then the Grantee shall indemnify and hold harmless the
Company and the Trustee for any cost that they may incur in this regards. 

  

	9.	RESTRICTED PERIOD PER SECTION 102 

 The following provisions shall apply for the purpose of the tax benefits under Section 102 of the ordinance 
  

	 	9.1	Restricted Period Per Section 102. In accordance with the requirements of Section 102 as now in place and as may be amended in the future, the Option to be
issued shall be issued to the Grantee and held in trust by the Trustee for the benefit of Grantee for a period of no less than twenty four (24) months from the date of which the Options were granted and placed with the Trustee (during the
Restricted Period Per Section 102 the Grantee will not be allowed to order the Trustee to sell the Option held by him/her on behalf of the Grantee or transfer the Option from Trustee’s hands). 

 

	 	9.2	In order to apply the tax benefits of Section 102, the Options and or Shares may not be sold or transferred (other than through a transfer by will or by operation
of law), and no power of attorney or transfer deed shall be given in respect thereof (other than a power of attorney for the purpose of participation in general meetings of shareholders). 

 

	 	9.3	End of Restricted Period per Section 102. Upon the completion of the Restricted Period Per Section 102 as now in place and as may be amended in the future,
Grantee shall be entitled to receive from the Trustee the Options, or the Shares acquired in the exercise thereof, which have vested, subject to the provisions of the Plan concerning the continued employment of Grantee at the Company or any Parent
or Subsidiary of the Company, and subject to any other provisions set forth herein or in the Plan, and Grantee shall be entitled to exercise the Option and sell the Options or Shares thereby obtained subject to the other terms and conditions of this
Option Agreement and the Plan, including the provisions relating to the payment of tax set forth below. 

	10.	GRANTEE’S REPRESENTATIONS 

  

	 	10.1	The Grantee hereby agrees that the terms of Section 102 of the Tax Ordinance (“Section 102”) shall apply regarding to the Options and or Shares granted.

  

	 	10.2	The Grantee is obliged not to sell or remove from the Trustee the Options/Shares granted to him prior to the end of restricted period as defined by Section 102.

  

	 	10.3	The Grantee is aware of the directives set forth in Section 102, and of the tax track that was chosen under Section 102 and its implications.

  

	 	10.4	The Grantee hereby accepts the terms of the Trust Agreement signed between the Company and the Trustee. 

 

	 	10.5	Grantee acknowledges that during the period in which Shares issued to the Trustee on behalf of an Grantee upon exercise of an Approved 102 Option, are held by the
Trustee, if dividends payable in securities are declared on Approved 102 Options held by the Trustee, such securities shall also be subject to the provisions of Section 102 and the provision of this agreement and shall be held in trust by the
Trustee. Notwithstanding anything to the contrary, in case that a Grantee of Approved 102 Options/Shares is entitled to receive dividend in cash, the proceeds of such dividend may be wired to the Grantee, after deduction of all applicable taxes.

  

	11.	GOVERNING LAW AND JURISDICTION 

 The Amendment shall be governed by and construed and enforced in accordance with the laws of the State of Israel applicable to contracts made and to be performed therein, without giving effect to the
principles of conflict of laws. Notwithstanding anything stated herein to the contrary, if and to the extent any issue or matter arises hereunder which involves the application of another jurisdiction or the requirements relating to the
administration of share Award of any stock exchange or quotation system, then such laws and requirements shall apply and shall govern such issues or matters, with accordance with any Applicable Laws. The competent courts of Tel-Aviv, Israel shall
have sole jurisdiction to adjudicate any dispute that may arise in connection with the application, interpretation or enforcement of Section 102 including (without limitation) matters involving the Trustee and the Israeli tax consequences of
the Restricted of the Awards or the Shares in trust and the release and transfer of such Awards or Shares by the Trustee. 
 IN WITNESS
WHEREOF, the Company executed this Amendment in duplicate on the day and year first above written. 

	
	
	  
	Medtronic, Inc.EX-10.7

 Exhibit 10.7 
 STOCK OPTION AGREEMENT 
 2013 STOCK AWARD AND INCENTIVE PLAN

  

			
	Name:	 	  

	ID:	 	  

	Address:	 	  

	Date of Grant	 	  

	Option Purchase Price Per Share	 	 USD

	Total Number of Options Granted	 	  

	Total Purchase Price	 	 USD

	Term/Expiration Date:	 	XX years from Date of Grant, unless terminated earlier in accordance with the Plan.

  

	1.	The Option. Medtronic, Inc., a Minnesota corporation (the “Company”), hereby grants to the individual named above (the “Optionee”), as of the
above Grant Date, an option (the “Option”) to purchase the above number of shares of common stock of the Company (the “Common Stock”), for the above Option Price Per Share, on the terms and conditions set forth in this Stock
Option Agreement (this “Agreement”) and in the Medtronic, Inc. 2013 Stock Award and Incentive Plan and in the Israeli Amendment thereof (the “Plan”). In the event of any inconsistency between the terms of the Agreement and the
Plan, the terms of the Plan shall govern. However, in the event of a conflict between the terms and conditions of the Plan or this Agreement and any Applicable Laws, the latter shall govern and prevail. Capitalized terms not defined in this
Agreement shall have the meanings ascribed to them in the Plan. 

  

	2.	Exercise of Option. The exercise of the Option is subject to the following conditions and restrictions: 

 

	 	a.	Expiration. The Option may be exercised in whole or in part, from time to time, during the period commencing on the first anniversary of the Grant Date and
ending on the earlier of (i) the above Expiration Date, or (ii) the expiration of the applicable period following your termination of employment with the Company or one of its subsidiaries, as provided in Sections 2(c),(d) or
(e) below. 

  

	 	b.	Schedule of Exercisability. The Option shall become vested and exercisable to the extent of 25% of the above number of shares of Common Stock on each of the
first, second, third and fourth anniversaries of the Grant Date. Once a portion of the Option has become exercisable, that portion may be exercised at any time thereafter, subject to the provisions of Paragraph 2(a) above. 

 

	 	c.	Death. Notwithstanding the schedule of exercisability set forth in Section 2(b) above, the Option shall become immediately exercisable in full upon your
death, and may be exercised by your Successor (as defined below) at any time, or from time to time, within five years after the date of your death. For purposes of this Agreement, the term “Successor” shall mean the legal representative of
your estate or the person or persons who may, by bequest or inheritance, or valid beneficiary designation (as provided in Section 15 of the Plan), acquire the right to exercise the Option. 

 

	 	d.	 Disability or Retirement. Notwithstanding the schedule of exercisability set forth in Section 2(b) above, the Option shall become
immediately exercisable in full upon your Disability or Retirement (as each such term is defined below), and you may exercise your Option at any time, or from time to time, within five years after the date of Retirement or determination of
Disability. For purposes of this Agreement, the terms “Disability” and “Retirement” shall have the meanings ascribed to those terms under any retirement plan of the Company which is qualified under Section 401 of the Code
(which currently provides for retirement on or after age 

	 	
55, provided you have been employed by the Company and/or one or more Affiliates for at least ten years, or retirement on or after age 62), or under any disability or retirement plan of the
Company or any Affiliate applicable to you due to employment by a non-U.S. Affiliate or employment in a non-U.S. location, or as otherwise determined by the Committee. 

 

	 	e.	Termination for Any Other Reason. In the event your employment with the Company terminates for any reason other than those specified in Sections 2(c) and 2(d),
the unvested portion of the Option will terminate as of 11:00 p.m. CT (midnight ET) on the date of termination of your employment. You may exercise that portion of the Option that was vested but unexercised as of the date of termination of your
employment for thirty (30) days following the date of termination of your employment. At 11:00 p.m. CT (midnight ET) on the date 30 days after the date of termination of your employment, the Option will expire. 

 

	 	f.	Change of Control. Notwithstanding the schedule of exercisability set forth in Section 2(b) above, the Option shall become immediately exercisable in full
upon the occurrence of a Change in Control. 

  

	 	g.	Expiration of Term. Notwithstanding the foregoing paragraphs (a)-(f), in no event shall the Option be exercisable after the Expiration Date.

  

	3.	Manner of Exercise. To exercise your Option, you must deliver notice of exercise (the “Notice”) to the administrator (the “Administrator”)
designated by the Company to provide services relating to the administration of the Plan at the time of your exercise. The Notice must specify the number of shares of Common Stock (the “Shares”) as to which the Option is being exercised
and must be accompanied by payment of the purchase price for the Shares in cash, check, or by the delivery of Common Stock already owned by the Optionee, or by a combination thereof, pursuant to such forms and subject to such conditions as may be
prescribed from time to time by the Committee. 

 Exercise shall be deemed to occur on the earlier of the date the
Notice and option cost payment are received by the Administrator or the date you simultaneously exercise the Option and sell the shares, using the proceeds from such sale to pay the purchase price. 

 

	4.	Trustee. The following provisions shall apply for the purpose of the tax benefits under Section 102 of the Ordinance: 

 

	5.	Restricted Period Per Section 102. In accordance with the requirements of Section 102(b)(3) as now in place and as may be amended in the future, the
Option to be issued shall be issued to the Optionee and held in trust by the Trustee for the benefit of Optionee for a period of no less than twenty four (24) months from the Date of Grant and date of placement with a Trustee (during the
Restricted Period Per Section 102 the Optionee will not be allowed to order the Trustee to sell the Option held by him/her on behalf of the Optionee or transfer the Option from Trustee’s hands). 

In order to apply the tax benefits of Section 102, the Option may not be sold or transferred (other than through a transfer by will
or by operation of law), and no power of attorney or transfer deed shall be given in respect thereof (other than a power of attorney for the purpose of participation in general meetings of shareholders). 

 

	6.	End of Restricted Period Per Section 102. Upon the completion of the Restricted Period Per Section 102 as now in place and as may be amended in the
future, Optionee shall be entitled to receive from the Trustee the Options, or the Shares acquired in the exercise thereof, which have vested, subject to the provisions of the Plan concerning the continued employment of Optionee at the Company or
any Parent or Subsidiary of the Company, and subject to any other provisions set forth herein or in the Plan and in the Israeli Amendment, and Optionee shall be entitled to exercise the Option and sell the Options or Shares thereby obtained subject
to the other terms and conditions of this Agreement and the Plan, including the provisions relating to the payment of tax set forth below. 

 The Shares and any additional rights including share bonus that may be distributed to you in
connection with the Options (the “Additional Rights”) shall be allocated on your behalf to the Trustee (the “Trustee”). 
  

	7.	Withhold Taxes. You are responsible for payment of any applicable tax, including federal, state, local or other taxes which must be withheld upon the exercise of
the Option, and you must promptly pay to the Company any such taxes. The Company and its subsidiaries are authorized to deduct from any payment owed to you any taxes required to be withheld with respect to the Shares, including social security and
Medicare (FICA) taxes and federal, state and local income tax with respect to income arising from the exercise of the Option. The Company shall have the right to require the payment of any such taxes before issuing any Shares pursuant to an exercise
of the Option. Any fractional share amount due relating to such tax withholding will be rounded up to the nearest whole share and the additional amount will be added to your federal withholding. 

 

	8.	Forfeitures. If you have received or been entitled to receive payment in cash, delivery of Common Stock or a combination thereof pursuant to an Option within the
period beginning six months prior to your termination of employment with the Company or its Affiliates and ending when the Option terminates or is cancelled, the Company, in its sole discretion, may require you to return or forfeit the cash and/or
Common Stock received or receivable with respect to the Option (or its economic value as of the date of the exercise of the Option), in the event you are involved in any of the following occurrences: performing services for or on behalf of a
competitor of, or otherwise competing with, the Company or any Affiliate, unauthorized disclosure of material proprietary information of the Company or any Affiliate, a violation of applicable business ethics policies or business policies of the
Company or any Affiliate, or any other occurrence determined by the Committee. The Company’s right to require forfeiture must be exercised not later than 90 days after discovery of such an occurrence but in no event later than 15 months after
your termination of employment with the Company and its Affiliates. Such right shall be deemed to be exercised upon the Company’s mailing written notice to you of such exercise at your most recent home address as shown on the personnel records
of the Company. In addition to requiring forfeiture as described herein, the Company may exercise its rights under this Section by preventing or terminating the exercise of any Options or the acquisition of Shares or cash thereunder. If you fail or
refuse to forfeit the cash and/or Shares demanded by the Company (adjusted for any intervening stock splits), you shall be liable to the Company for damages equal to the number of Shares demanded times the highest closing price per share of the
Common Stock during the period between the exercise date of the Option and the date of any judgment or award to the Company, together with all costs and attorneys’ fees incurred by the Company to enforce this provision.

  

	9.	Confidentiality. The Optionee agrees and acknowledges that the terms and conditions of this Agreement, including without limitation the number of Shares for
which Options have been granted, are confidential. The Optionee agrees that he/she will not disclose these terms and conditions to any third party, except to the Optionee’s financial or legal advisors, tax advisors or family members, unless
such disclosure is required by law. 

  

	10.	Agreement. Your receipt of the Option, this Agreement and the Optionee Approval constitute your agreement to be bound by the terms and conditions of this
Agreement, the Plan and the Optionee Approval as set forth below. 

 Optionee Approval: 
 I hereby agree that the Award granted to me, shall be allocated to the Trustee under provisions of the Capital Gains Tax Track and shall be held by the Trustee for the period stated in Section 102
and in accordance with the provisions of the Trust Agreement, or for a shorter period if an approval is received from the tax authorities. 
 I
am aware of the fact that upon termination of my employment in the Company, I shall not have a right to the Option and Additional Rights, except as specified in the Plan and in the Israeli Amendment. 

I hereby confirm that: 
  

	1.	I read the Plan and I understand and accept their terms and conditions. I am aware of the fact that the Company agrees to grant me the Option and Additional Rights
based on my confirmation; 

  

	2.	I understand the provisions of Section 102 and the applicable tax track of this grant of Option; 

 

	3.	I agree to the terms and conditions of the Trust Agreement; 

  

	4.	Subject to the provisions of Section 102, I confirm that I shall not sell nor transfer the Option, Shares or Additional Rights from the Trustee until the end of
the Restricted Period; 

  

	5.	If I shall sell or withdraw the shares from the Trust before the end of the Restricted Period as defined in Section 102 (“Violation”), either (A) I
shall reimburse the Company within three (3) days of its demand for the employer portion of the payment by the Company to the National Insurance Institute plus linkage and interest in accordance with the law, as well as any other expense that
the Company shall bear as a result of the said Violation (all such amounts defined as the “Payment”) or (B) I agree that the Company may, in its sole discretion, deduct such amounts directly from any monies to be paid to me as a
result of my disposition of the Shares; 

  

	6.	I understand that: (i) the Company intends to issue additional Awards in the future to service providers, as the Company in its sole discretion shall determine;
and (ii) the Company may increase its share capital by new securities in such amount as it finds expedient; and I hereby waive any claim and/or demand I have or may have regarding such issuance or increase; 

 

	7.	I understand that this grant of Option is conditioned upon the receipt of all required approvals from the tax authorities; and 

 

	8.	I hereby confirm that I read this Agreement and Optionee Approval thoroughly, received all the clarifications and explanations I requested, I understand the contents of
this Agreement and of this Optionee Approval the obligations I undertake in signing it. 

  

					
	  
	  	  
	  	  

	Name of Optionee	  	Signature	  	Date

 Accompanying this Agreement are instructions for accessing the Plan and the Plan Summary (prospectus) from the
Administrator’s Internet website or HROC – Stock Administration’s intranet website. You may also request written copies by contacting HROC – Stock Administration at 763.514.1500. 

HROC – Stock Administration 
 Medtronic, Inc. 
 710 Medtronic Parkway NE MS LS195 

Minneapolis, MN 55432-5604

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