Document:

EX-10.1

 Exhibit 10.1 
  

			
	 

	  	 Gregory R. Page
 Chair of the Board of
Directors
 Corteva, Inc.

 October 25, 2021 
 Charles
Victor “Chuck” Magro 
 VIA EMAIL 
 Dear Chuck: 

Corteva, Inc. (the “Company”) is pleased to offer you employment as the Company’s Chief Executive Officer on the terms
described in this letter agreement (this “Agreement”). 
 1.    Term. The term of this
Agreement and your employment with the Company is expected to begin on November 1, 2021 (your first day of employment, the “Hire Date”) and will continue until your employment terminates for any reason, except that the provisions of
this Agreement will survive the termination of your employment as is necessary to give effect to their express terms. Initially, you will become an employee of Corteva Agriscience Canada Company, a Canadian subsidiary of the Company. 

2.    Title and Role. (a) You will serve as the Company’s Chief Executive Officer, reporting
solely and directly to the Board of Directors of the Company (the “Board”). In such role, you will be the most senior executive of the Company to whom all other executives and employees of the Company report, directly or indirectly,
and will have all the duties and authorities customarily associated therewith. Promptly after the Hire Date, the Board will nominate you to become a member of the Board. 

(b)    You will devote substantially all your business time and attention to your duties hereunder, except for approved
vacation and time-off periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies. Nothing in this Agreement will prohibit or restrict you from
engaging in civic, charitable or religious activities or sitting on non-profit boards, in each case, provided such endeavors or service do not materially interfere with your obligations under this Agreement.
You agree that you will not join the board of directors of any for-profit company without the prior approval of the Board; provided that in no event will you serve on any such board during the six month period
immediately following the Hire Date. 
 3.    Location. Upon your attainment of a U.S. work visa
satisfactory to the Company, which the Company will support with its reasonable efforts, your primary work location will be at the Company’s corporate headquarters in Wilmington, Delaware. The Company reserves the right to require reasonable
business travel, in connection with which you will be entitled to use business-class or equivalent commercial air travel. In 

  
 

 

 
the event that you are unable to obtain such U.S. work visa within a reasonable time, as determined by the Company, Schedule A of this Agreement will become effective and amend or
supersede the applicable sections of this Agreement; provided, however, that when you obtain such a U.S. work visa, as determined by the Company, Schedule A will cease to be effective, and this Agreement will apply without regard
thereto. 
 4.    Base Salary. You will receive a base salary at the annual rate of USD1,300,000, payable
in accordance with the Company’s regular payroll practices. 
 5.    Annual Cash Bonus. With respect
to each calendar year, you will be eligible to receive an annual cash bonus under the Company’s Performance Reward Program (an “Annual Bonus”). Your target Annual Bonus opportunity each calendar year will be equal to 150% of your
annual base salary, except that your target Annual Bonus opportunity for 2021 will be prorated based on the Hire Date. Your right to payment of each Annual Bonus will be conditioned on the Board’s certifying the achievement of the goals
established for the applicable calendar year and on your continued employment at the time of the bonus payment. Payment of any earned Annual Bonus for a calendar year will be made no later than March 15th of the following calendar year. 

6.    Annual Equity Awards. With respect to each calendar year beginning with 2022, you will be eligible to
participate in the long-term incentive and equity plans of the Company with a target grant date value (determined using the Company’s customary methodology) of USD9,000,000. The type of awards granted to you each year, and the other terms and
conditions thereof, will be determined by the Board (or an appropriate committee thereof) and will be subject to the applicable terms and conditions of the Company’s 2019 Omnibus Incentive Plan, but will be consistent with the grants awarded to
other senior executives of the Company. 
 7.    Benefit Plans. You will be eligible to participate in
(a) the Company’s Retirement Savings Plan, Retirement Savings Restoration Plan, Supplementary DC Pension Plan for Corteva Agriscience and (b) the Company’s standard employee benefit programs (including health and welfare) made
available to other U.S. senior management employees, including the executive health program and executive financial management program, in each case, subject to the terms and conditions of such programs. You will be eligible to receive up to twenty
(20) days of Choice Time in each calendar year (except that your Choice Time for 2021 will be prorated based on the Hire Date) and certain paid holidays. The Company reserves the right to amend any benefit plans or programs in accordance with
their terms. For the avoidance of doubt, your participation in such programs will be on a basis that is no less favorable than any other senior executive of the Company. In addition, the Company will reimburse you for documented business expenses
properly incurred by you on behalf of the Company in accordance with the Company’s applicable business expense reimbursement policies. 

 8.    Relocation Assistance. You will receive relocation
assistance in accordance with the Company’s standard relocation policies; provided that (i) as a condition to such assistance, you must provide the applicable documentation of any reimbursable expense no later than January 30th of the year following the year in which such expense was incurred, (ii) all reimbursements will be made no later than March 15th of the year
following the year in which the applicable expense was incurred, (iii) upon your termination of employment for any reason, you will cease to be eligible for or receive any such assistance (other than reimbursement for expenses incurred prior to
such termination) and (iv) the aggregate value of all allowances and reimbursements made to you will not exceed USD750,000. 

9.    Termination of Employment; Severance. You agree that your employment with the Company is not for any
specific duration or period of time and that you are an employee at-will. Your employment may be terminated at any time by you or the Company, with or without cause and with or without notice. Notwithstanding
the foregoing, effective as of the Hire Date, you will participate in the Company’s Change in Control and Executive Severance Plan, as in effect from time to time, as the “CEO” (as defined therein), which will govern the termination
of your employment and any payments or benefits to which you may be entitled as a result thereof. 
 10.    Other
Matters. (a) You acknowledge and agree that, as a condition to your employment hereunder, you will execute and deliver the Company’s standard confidentiality agreement, in the form attached hereto as Schedule B, to be
effective as of the Hire Date. 
 (b)    In addition, you acknowledge and agree that you will comply with any ongoing
confidentiality or other restrictive covenant obligations that you may have with any former employer, including those set forth on Schedule C. 

(c)    You will be entitled to the same director and officer indemnification provided to other executive officers pursuant
to the Company’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. In addition, you will be provided coverage under the Company’s director and officer insurance policy on the same basis as the other
executive officers of the Company. 
 (d)    You acknowledge and agree that you are subject to the Company’s
policies for executives and for employees generally, as amended from time to time, including, without limitation, the Company’s insider trading policy, stock ownership policy, compensation recovery policy and code of ethics. 

(e)    Following the termination of your employment with the Company, you acknowledge and agree that you will cooperate
with requests of legal counsel for the Company regarding any legal matters or proceedings of any kind, which will include making yourself available for interviews or testimony if reasonably requested by the

 
Company. The Company will reimburse you for any expenses incurred in connection with such requests or assistance if approved by the Company supported by required documentation. No payment made to
you hereunder is intended to be or will be interpreted as a payment for particular testimony or assistance with respect to the legal matters specified above or any other matter. You understand that you are to provide your good faith assistance and
agree to provide truthful responses to any requests for information or testimony. 
 11.    Miscellaneous.

 (a)    Governing Law. The validity, interpretation, construction and performance of this Agreement,
and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto will be governed, construed and interpreted in accordance with the laws of state of Delaware, without giving effect to principles of conflicts of law.
Unless otherwise prohibited by law, you and the Company agree to have any disputes arising out of this Agreement resolved in a forum having a substantial body of law and experience, so both you and the Company agree that any action or proceeding
arising out of this Agreement will be brought exclusively in the state or federal courts of Delaware and both you and the Company further agree to the personal jurisdiction of those courts. Both you and the Company waive any objection that either
party may now or later have to the venue of any such action in such court(s), and further both you and the Company waive any claim that either party may now or later have that any action brought in such court(s) has been brought in an inconvenient
forum. 
 (b)    Entire Agreement. This Agreement sets forth the entire agreement and understanding of the
parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings, term sheets and agreements, whether oral or written, between you and the Company relating to the subject matter hereof. No
amendment, modification or change to this Agreement will be enforceable unless reduced to writing and executed by both you and the Company. 

(c)    Taxes. All amounts payable to you hereunder will be subject to any applicable tax withholdings or
deductions. This Agreement is intended to comply with Section 409A of the Internal Revenue Code (“Section 409A”) or an exemption thereunder and will be construed and administered in accordance with Section 409A.
Payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. For purposes of Section 409A, each installment payment provided under this Agreement will be
treated as a separate payment. Any payments to be made under this Agreement that constitute “deferred compensation” within the mention of Section 409A upon a termination of employment will only be made upon a “separation from
service” within the meaning of Section 409A. To the extent required under Section 409A, amounts that would otherwise be payable under this Agreement during the six (6) month period immediately following Employee’s separation
from service shall instead be paid on the first business day after 

 
the date that is six (6) months following Employee’s separation from service (or, if earlier, Employee’s date of death). Any reimbursements of expenses or in-kind benefits provided under this Agreement that are not otherwise exempt from Section 409A will comply with the requirements of Treasury Regulation
Section 1.409A-3(i)(1)(iv) (or successor provisions). The amount of any such expenses reimbursed or benefits provided during one taxable year will not affect the amount of expenses eligible for payment or
reimbursement in any other taxable year. Any such expenses reimbursed, or benefits provided will be made on or before the last day of your taxable year following the taxable year in which the expense was incurred. Any such right to reimbursement or
benefits is not subject to liquidation or exchange for any other benefit. In the event of non-compliance with Section 409A, Employee shall be responsible for the payment of taxes, penalties, interest or other expenses. 

(d)    Successors and Assigns. This Agreement will bind the heirs, personal representatives, successors and
assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. 
 To
indicate your acceptance of this Agreement, please sign and date this Agreement in the space provided below. 
  

			
	Very truly yours,
	
	 CORTEVA, INC.

		
	By:	 	 /s/ Gregory R. Page

		 	Gregory R. Page
		 	Chairman

  

	
	ACCEPTED AND AGREED:
	
	 /s/ Charles Victor “Chuck” Magro

CHARLES VICTOR “CHUCK” MAGROEX-10.2

 Exhibit 10.2 

Corteva, Inc. 
 Change in
Control and Executive Severance Plan 
 ARTICLE I 

PURPOSE 
 This Change in
Control and Executive Severance Plan has been established by the Company on June 25, 2019 (the “Effective Date”) to provide certain employees of the Company with the opportunity to receive certain severance protections. The
Plan, as set forth herein, is primarily intended to help retain qualified employees, maintain a stable work environment and provide economic security to eligible employees in the event of certain qualifying terminations of employment. Capitalized
terms used but not otherwise defined herein have the meanings set forth in Article II. 
 The Plan is not intended to be included in the
definitions of “employee pension benefit plan” or “pension plan” set forth under Section 3(2) of ERISA. The Plan is intended to meet the descriptive requirements of a plan constituting a “severance pay plan” within
the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, Section 2510.3-2(b). Notwithstanding the foregoing, if and to the extent that the Plan is deemed to
be an “employee pension benefit plan” or “pension plan” as set forth under Section 3(2) of ERISA, then the Plan is intended, for all purposes under ERISA, to constitute a plan that is unfunded and maintained by the Company
primarily for the purposes of providing deferred compensation for a select group of management or highly compensated employees. 
 ARTICLE
II 
 DEFINITIONS 

“Accrued Compensation” means in respect of any Participant: (i) Base Salary accrued by the Participant through, but not
paid to the Participant as of, the Qualifying Termination Date, (ii) any cash incentive bonus earned by the Participant in respect of the most recent completed fiscal year preceding the Qualifying Termination but not paid to the Participant as
of the Qualifying Termination Date and (iii) any vested employee benefits to which the Participant is entitled as of the Qualifying Termination Date under any employee benefit plan of the Company. 

“Administrator” means the Compensation Committee or its delegate. 

“Affiliate” means any entity that, directly or through one or more intermediaries, is controlled by Corteva. 

“Award” has the meaning set forth in the Omnibus Incentive Plan. 

“Base Salary” means the Participant’s annual base salary as in effect immediately prior to the Qualifying Termination
Date or, if higher, as in effect immediately prior to the occurrence of an event or circumstance constituting Good Reason. 

“Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3
under the Exchange Act. 
 “Benefit Continuation” has the meaning set forth in Section 3.02(d). “Benefit
Continuation Coverage” means: 

	 	(i)	 in the case of the CEO, two and ninety-nine one hundredths (2.99) years if a Qualifying Termination occurs
during the Covered Period and two (2) years if a Qualifying Termination occurs outside of the Covered Period, 

  

	 	(ii)	 in the case of a Tier 2 Participant, two (2) years if a Qualifying Termination occurs during the Covered
Period and one and one half (11⁄2) years if a Qualifying Termination occurs outside of the Covered Period, 

 

	 	(iii)	 in the case of a Tier 3 Participant, one and one half (11⁄2) years if a Qualifying Termination occurs during the Covered Period and one (1) year if a Qualifying Termination occurs outside of the Covered Period, 

 

	 	(iv)	 in the case of a Tier 4 Participant, (A) one (1) year if a Qualifying Termination occurs during the
Covered Period and (B) one (1) month for every two (2) completed years of service (with a minimum of six (6) months and a maximum of twelve (12) months) if a Qualifying Termination occurs outside of the Covered Period and

  

	 	(v)	 in the case of a Tier 5 Participant, one (1) month for every two (2) completed years of service (with
a minimum of six (6) months and a maximum of twelve (12) months). 

 “Benefit Continuation
Period” means the period commencing on the Qualifying Termination Date and ending upon the earlier to occur of (i) completion of the number of years under the applicable Benefit Continuation Coverage and (ii) the date on which the
Participant becomes eligible to receive coverage on substantially similar terms from another employer or, in the case of Outplacement Services, the date on which the Participant accepts an offer of full-time employment from a subsequent employer.

 “Board” means the Board of Directors of Corteva. 

“Cause” has the meaning set forth in the Omnibus Incentive Plan (determined without regard to the provisions of any
‘Award Agreement’ within the meaning of the Omnibus Incentive Plan). 
 “CEO” means the Chief Executive Officer
of Corteva from time to time. 
 “Change in Control” means the first occurrence of an event set forth in any one of the
following paragraphs following the Effective Date: 
 (i) any Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of Corteva (not including in the securities Beneficially Owned by such Person which were acquired directly from Corteva or any Affiliate thereof) representing more than thirty percent (30%) of the combined voting power of
Corteva’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below; or 

(ii) the date on which individuals who constitute the Board as of the Effective Date and any new director (other than a
director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of Corteva) whose appointment or election by the
Board or nomination for election by Corteva’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the
Effective Date or whose appointment, election or nomination for election was previously so approved or recommended cease for any reason to constitute a majority of the number of directors serving on the Board; or 

  
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 (iii) there is consummated a merger or consolidation of Corteva or any
direct or indirect Subsidiary (as defined in the Omnibus Incentive Plan) with any other corporation or other entity, other than (A) a merger or consolidation (I) which results in the voting securities of Corteva outstanding immediately
prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other
fiduciary holding securities under an employee benefit plan of Corteva or any Subsidiary, more than fifty percent (50%) of the combined voting power of the securities of Corteva or such surviving entity or any parent thereof outstanding immediately
after such merger or consolidation and (II) following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of Corteva, the entity surviving such merger or consolidation
or, if Corteva or the entity surviving such merger or consolidation is then a Subsidiary, the ultimate parent thereof, or (B) a merger or consolidation effected to implement a recapitalization of Corteva (or similar transaction) in which no
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of Corteva (not including in the securities Beneficially Owned by such Person any securities acquired directly from Corteva or its Affiliates) representing more than
fifty percent (50%) of the combined voting power of Corteva’s then outstanding securities; or 
 (iv) the stockholders
of Corteva approve a plan of complete liquidation or dissolution of Corteva or there is consummated an agreement for the sale or disposition by Corteva of all or substantially all of Corteva’s assets, other than (A) a sale or disposition
by Corteva of all or substantially all of Corteva’s assets to an entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of Corteva following the completion of such
transaction in substantially the same proportions as their ownership of Corteva immediately prior to such sale or (B) a sale or disposition of all or substantially all of Corteva’s assets immediately following which the individuals who
comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof. 

Notwithstanding the foregoing, (i) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any
transaction or series of integrated transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity
which owns all or substantially all of the assets of Corteva immediately following such transaction or series of transactions and (ii) to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the
Code, a Change in Control shall be deemed to have occurred under the Plan with respect to any payment or benefit that constitutes deferred compensation under Section 409A of the Code only if a change in the ownership or effective control of
Corteva or a change in ownership of a substantial portion of the assets of Corteva shall also be deemed to have occurred under Section 409A of the Code. For purposes of this definition of Change in Control, the term “Person” shall not
include (w) Corteva or any Subsidiary thereof, (x) a trustee or other fiduciary holding securities under an employee benefit plan of Corteva or any Subsidiary thereof, (y) an underwriter temporarily holding securities pursuant to an
offering of such securities, or (z) a corporation owned, directly or indirectly, by the stockholders of Corteva in substantially the same proportions as their ownership of shares of Corteva. 

  
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 “Code” means the Internal Revenue Code of 1986, as amended. Any reference
to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 
 “Company”
means Corteva, and, except as the context otherwise requires, its Affiliates and wholly-owned subsidiaries and any successor by merger, acquisition, consolidation or otherwise. 

“Compensation Committee” means the People and Compensation Committee of the Board. “Covered Period” means
the period of time beginning on the first occurrence of a Change in 
 Control and lasting through the
two-year anniversary of the occurrence of the Change in Control. “Corteva” means Corteva, Inc., a Delaware corporation. 

“Effective Date” has the meaning set forth in Article I. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. Any reference to a section of ERISA shall be
deemed to include a reference to any regulations promulgated thereunder. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time. “Excise Tax” means any excise tax imposed on the Participant under Section 4999 of the Code. “Good Reason” has the meaning set forth in the Omnibus Incentive Plan
(determined without 
 regard to the provisions of any ‘Award Agreement’ within the meaning of the Omnibus Incentive Plan). 

“Omnibus Incentive Plan” means the Corteva, Inc. 2019 Omnibus Incentive Plan, as may be amended from time to time. 

“Participant” means each of the CEO, Tier 2 Participants, Tier 3 Participants, Tier 4 Participants and Tier 5 Participants.

 “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof. 
 “Plan” means this Corteva, Inc. Change in Control and Executive Severance Plan, as may be
amended from time to time. 
 “Qualifying Termination” means the termination of a Participant’s employment either by
the Participant for Good Reason (in the case of Tier 3 Participants, Tier 4 Participants and Tier 5 Participants, during the Covered Period only) or by the Company without Cause. 

“Qualifying Termination Date” means the date on which a Participant incurs a Qualifying Termination. 

“Restricted Period” means the one (1) year period following a Qualifying Termination. “Severance
Multiple” means: 
  

	 	(i)	 in the case of the CEO, two and ninety-nine one hundredths (2.99) in respect of a Qualifying Termination during
the Covered Period and two (2) in respect of a Qualifying Termination outside the Covered Period, 

  
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	 	(ii)	 in the case of a Tier 2 Participant, two (2) in respect of a Qualifying Termination during the Covered
Period and one and one half (11⁄2) in respect of a Qualifying Termination outside the Covered Period, 

 

	 	(iii)	 in the case of a Tier 3 Participant, one and one half (11⁄2) in respect of a Qualifying Termination during the Covered Period and one (1) in respect of a Qualifying Termination outside the Covered Period, 

 

	 	(iv)	 in the case of a Tier 4 Participant, (A) one (1) in respect of a Qualifying Termination during the Covered
Period and (B) one twelfth (1/12) for every two (2) completed years of service (with a minimum of one half (1⁄2) and a maximum of one (1)) in respect of a
Qualifying Termination outside the Covered Period and 

  

	 	(v)	 in the case of a Tier 5 Participant, one twelfth (1/12) for every two (2) completed years of service (with
a minimum of one half (1⁄2) and a maximum of one (1)). 

“Target Annual Bonus” means a Participant’s target annual cash incentive bonus pursuant to any annual bonus or incentive
plan maintained by the Company in respect of the fiscal year in which the Qualifying Termination Date occurs, provided that if the Participant is not eligible to receive a specified target annual cash incentive bonus following a Change in Control,
then Target Annual Bonus shall mean such target annual cash incentive bonus in effect as of immediately prior to the date of the Change in Control. 

“Tier 2 Participant” means each of the Tier 2 Participants who may be set forth on Exhibit
A-1 to this Plan from time to time. For purposes of this definition, if an employee is designated a Tier 2 Participant on Exhibit A-1 immediately prior to a
Change in Control, such employee shall be eligible for benefits as such under this Plan. 
 “Tier 3 Participant” means each
of the Tier 3 Participants who may be set forth on Exhibit A-2 to this Plan from time to time. For purposes of this definition, if an employee is designated a Tier 3 Participant on Exhibit A-2 immediately prior to a Change in Control, such employee shall be eligible for benefits as such under this Plan. 

“Tier 4 Participant” means each of the Tier 4 Participants who may be set forth on Exhibit
A-3 to this Plan from time to time. For purposes of this definition, if an employee is designated a Tier 4 Participant on Exhibit A-3 immediately prior to a
Change in Control, such employee shall be eligible for benefits as such under this Plan. 
 “Tier 5 Participant” means each
of the Tier 5 Participants who may be set forth on Exhibit A-4 to this Plan from time to time. For purposes of this definition, if an employee is designated a Tier 5 Participant on Exhibit A-4 immediately prior to a Change in Control, such employee shall be eligible for benefits as such under this Plan. 

“Total Payments” has the meaning set forth in Section 4.01. 

  
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 ARTICLE III 

SEVERANCE 

Section 3.01 Accrued Compensation. If a Participant terminates employment with the Company for any reason, the
Company shall provide (or cause to be provided to) the Participant the Participant’s Accrued Compensation. 

Section 3.02 Qualifying Termination. 

(a) Amount Outside Covered Period. In the event a Participant incurs a Qualifying Termination outside of the Covered Period, subject to
the execution and nonrevocation of a general release of claims in a form and manner reasonably acceptable to the Company and compliance with the provisions of Article V, the Company shall provide (or cause to be provided) to the Participant: 

(i) a lump sum cash payment equal to the product of (A) the applicable Severance Multiple and (B) the sum of Base
Salary and Target Annual Bonus; 
 (ii) a lump sum cash payment equal to the product of (A) the Target Annual Bonus and
(B) a fraction, the numerator of which is the number of days elapsed in the calendar year in which occurs the Qualifying Termination, through and including the Qualifying Termination Date, and the denominator of which is 365 (the “Pro-Rated Annual Bonus”); 
 (iii) Benefit Continuation during the Benefit
Continuation Period; and 
 (iv) the provision of outplacement services suitable to the Participant’s position during
the Benefit Continuation Period pursuant to Company policy from time to time (“Outplacement Services”). 
 (b) Amount
During Covered Period. In the event a Participant incurs a Qualifying Termination during the Covered Period, subject to the execution and nonrevocation of a general release of claims in a form and manner reasonably acceptable to the Company and
compliance with the provisions of Article V, the Company shall provide (or cause to be provided to) the Participant: 
 (i) a
lump sum cash payment equal to the product of (A) the applicable Severance Multiple and (B) the sum of Base Salary and Target Annual Bonus; 

(ii) the Pro-Rated Annual Bonus; 

(iii) Benefit Continuation during the Benefit Continuation Period; 

(iv) Outplacement Services; 

(v) any unvested or unexercisable portion of an outstanding Award carrying a right to exercise shall become fully vested and
exercisable, and the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to such Award granted under the Omnibus Incentive Plan shall lapse and be treated as satisfied, in each case with any performance
conditions imposed in respect of such Award deemed achieved at target performance levels; and 
 (vi) continued financial and
tax counseling services during the Benefit Continuation Period pursuant to Company policy from time to time, as made available immediately before the Qualifying Termination (or as made available immediately before the Change in Control if more
favorable). 
 (c) Timing and Form of Cash Payment. Subject to Section 8.13, the payments described in Sections 3.02(a)(i)-(ii)
and 3.02(b)(i)-(ii) shall be made no sooner than the date on which the general release of claims becomes irrevocable but subject to Sections 3.02(a)(ii) and 3.02(b)(ii) not later than sixty (60) days following the Qualifying Termination Date.

  
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 (d) Benefit Continuation. For purposes of this Plan, “Benefit
Continuation” means that the Company shall provide (or cause to be provided) continued participation by a Participant and his or her eligible dependents in the health, dental and vision benefit plans in which the Participant participated
immediately prior to the Qualifying Termination (or, if more favorable, immediately before an event giving rise to Good Reason termination rights) on the same basis as similarly situated active employees, if possible under the terms of such benefit
plans. If continued participation in such plans is not possible, the Company shall provide the Participant and his or her eligible dependents with substantially equivalent coverage. Benefit Continuation shall be provided concurrently with any health
care benefit required under COBRA. 
 Section 3.03 Notice of Termination. Any purported termination of a
Participant’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto. Notices and all other communications provided for hereunder shall be in writing and
shall be deemed to have been duly given when delivered personally or by United States registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the most recent address shown in the personnel records of the
Company and, if to the Company, to the address set forth in Section 6.01, or to such other address as either party may have furnished to the other in writing in accordance herewith. For purposes of this Plan, a “Notice of
Termination” shall mean a notice which shall (i) indicate the specific termination provision in this Plan relied upon and (ii) set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Participant’s employment under the provision so indicated. 
 Section 3.04 Coordination of
Benefits. Notwithstanding anything set forth herein to the contrary, to the extent that any severance payable under a plan or agreement covering a Participant as of the date such Participant becomes eligible to participate in this Plan
constitutes deferred compensation under Section 409A of the Code, then to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the portion of the benefits payable hereunder equal to such
other amount shall instead be provided in the form set forth in such other plan or agreement. 
 Section 3.05
Effect on Existing Plans. Benefits provided under this Plan by reason of a Qualifying Termination on or before August 31, 2019 shall be, if waived by a Participant before such a Qualifying Termination, in lieu of those to which the
Participant would be entitled under either the Senior Executive Severance Plan or Key Employee Severance Plan of E. I. du Pont de Nemours and Company or any successor thereto, and absent such a waiver no benefits shall be provided under this Plan by
reason of such a Qualifying Termination. Benefits provided under this Plan otherwise shall be in lieu of benefits provided under any other severance plan of the Company for which a Participant may be eligible by reason of a Qualifying Termination if
the aggregate value of the benefits provided under this Plan exceeds the aggregate value of the benefits that otherwise would be provided under such other severance plan. 

ARTICLE IV 
 SECTION 280G

 Section 4.01 Treatment of Payments. Notwithstanding any other provision of the Plan to the contrary, in the
event that any payment or benefit received or to be received by the Participant (including any payment or benefit received in connection with a Change in Control or the termination of the Participant’s employment, whether pursuant to the terms
of the Plan or any other plan, arrangement or agreement) (all such payments and benefits, including the severance benefits payable hereunder, being hereinafter referred to as the “Total Payments”) would be subject (in whole or
part), to the Excise Tax, then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the severance benefits payable hereunder shall be

  
 7 

 
reduced to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if the net amount of such Total Payments, as so reduced (and after subtracting the
net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to
the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Participant would be subject in respect of
such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). 

Section 4.02 Ordering of Reduction. In the case of a reduction in the Total Payments pursuant to
Section 4.01, the Total Payments shall be reduced in the following order: (i) payments that are payable in cash the full amount of which are treated as parachute payments under Treasury Regulation
Section 1.280G-1, Q&A 24(a) shall be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments and benefits due in respect of any equity the full amount of
which are treated as parachute payments under Treasury Regulation Section 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24), shall next be reduced; (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation
Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, shall next be reduced; (iv) payments and benefits due in respect of any equity valued at less than full value under
Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation
Section 1.280G-1, Q&A 24), shall next be reduced; and (v) all other non-cash benefits not otherwise described in clauses (ii) or (iv) shall be next
reduced pro-rata. 
 Section 4.03 Additional Payments. If the
Participant receives reduced payments and benefits by reason of this Article IV and it is established pursuant to a determination of a court of competent jurisdiction, which determination is not subject to review or as to which the time to appeal
such determination has expired, or pursuant to an Internal Revenue Service proceeding, that the Participant could have received a greater amount without resulting in any Excise Tax, then the Company shall thereafter pay the Participant the aggregate
additional amount which could have been paid without resulting in any Excise Tax as soon as reasonably practicable. 
 ARTICLE V 

RESTRICTIVE COVENANTS 

Section 5.01 Confidential Information. At all times following a Qualifying Termination of a
Participant’s employment with the Company, the Participant may not use or disclose, except on behalf of the Company and pursuant to the Company’s directions, any Company “Confidential Information” (i.e., information concerning
the Company and its business that is not generally known outside the Company or any of its past parents, subsidiaries or affiliates, and includes, but is not limited to, (a) trade secrets; (b) intellectual property; (c) information
regarding the Company’s present and/or future products, developments, processes and systems, including invention disclosures and patent applications; (d) information on customers or potential customers, including customers’ names,
sales records, prices, and other terms of sales and Company cost information; (e) Company business plans, marketing plans, financial data and projections; and (f) information received in confidence by the Company from third parties). For
purposes of this Section 5.01, information regarding products, services or technological innovations in development, in test marketing or being marketed or promoted in a discrete geographic region, which information the Company is considering
for broader use, shall be deemed not generally known until such broader use is actually commercially implemented. 

  
 8 

 Section 5.02
Non-Solicitation of Employees. During the Restricted Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity: (a) recruit,
solicit or induce, or cause, allow, permit or aid others to recruit, solicit or induce, any employee or independent contractor of the Company to terminate his or her employment or engagement with the Company and/or to seek employment with the
Participant’s new or prospective employer, as applicable, or (b) offer employment to or hire, or cause or aid others to offer employment to or hire, any employee or independent contractor of the Company. 

Section 5.03 Non-Solicitation of Customers. During the Restricted
Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity, solicit or participate in soliciting, products or services competitive with or similar to products or services offered
by, manufactured by, designed by or distributed by the Company to any individual, company or entity which was a customer or potential customer for such products or services and with which the Participant had direct or indirect contact regarding
those products or services or about which the Participant learned Confidential Information at any time during the two (2) years immediately preceding the Qualifying Termination Date that the Participant was employed or engaged by the Company or
DowDuPont Inc. or any of its direct or indirect subsidiaries. 
 Section 5.04
Non-Competition Regarding Products or Services. During the Restricted Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity, in
any capacity, provide products or services competitive with or similar to products or services offered by the Company to any individual, company or entity which was a customer for such products or services and with which customer the Participant had
direct or indirect contact regarding those products or services or about which customer the Participant learned Confidential Information at any time during the two (2) years immediately preceding the Qualifying Termination Date that the
Participant was employed or engaged by the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries. 

Section 5.05 Non-Competition Regarding
Activities. During the Restricted Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity, in any capacity, engage in activities which are (a) entirely or in part
the same as or similar to activities in which the Participant engaged, for or on behalf of the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries, at any time during the two (2) years immediately preceding the Qualifying
Termination Date, and (b) in connection with products, services or technological developments (existing or planned) that are entirely or in part the same as, similar to, or competitive with, any products, services or technological developments
(existing or planned) on which the Participant worked, for or on behalf of the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries, at any time during the two (2) years immediately preceding the Qualifying Termination Date.
This Section 5.05 applies in countries in which the Participant has physically been present performing work for the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries at any time during the two (2) years immediately
preceding the Qualifying Termination Date. 
 Section 5.06
Non-Disparagement. At all times following a Qualifying Termination, subject to Section 5.07 below, the Participant may not, except to the extent required by law or legal process, make, or cause to
be made, any statement or communicate any information (whether oral or written) that disparages or reflects negatively on the Company or any of its officers, directors, partners, shareholders, attorneys, employees and agents. 

Section 5.07 Permitted Disclosures. Notwithstanding anything to the contrary in this Plan, pursuant to 18
U.S.C. § 1833(b), each Participant understands that the Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret of 

  
 9 

 the Company that (a) is made (i) in confidence to a federal, state, or local government official,
either directly or indirectly, or the Participant’s attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a
lawsuit or other proceeding. Notwithstanding anything to the contrary in this Plan, each Participant understands that if the Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Participant may
disclose the trade secret to the Participant’s attorney and use the trade secret information in the court proceeding if the Participant (x) files any document containing the trade secret under seal, and (y) does not disclose the trade
secret, except pursuant to court order. Nothing in this Plan or any agreement that the Participant has with the Company is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly
allowed by such section. Further, nothing in this Plan or any agreement that a Participant has with the Company shall prohibit or restrict the Participant from making any voluntary disclosure of information or documents concerning possible
violations of law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company. 

Section 5.08 Reasonableness. In consideration of receiving payments and benefits hereunder upon a Qualifying
Termination, each Participant hereby acknowledges that (a) the Participant’s obligations under this Article V are reasonable in the context of the nature and scope of the Company’s business and the competitive injuries likely to be
sustained by the Company if the Participant were to violate such obligations and (b) the payments and benefits provided under this Plan are made in consideration of, and are adequately supported by, the agreement of the Company to perform its
obligations under this Plan and by other consideration, which the Participant acknowledges constitutes good, valuable and sufficient consideration. 

ARTICLE VI 
 CLAIMS
PROCEDURES 
 Section 6.01 Initial Claims. A Participant who believes he or she is entitled to a
payment under the Plan that has not been received may submit a written claim for benefits to the Plan within one hundred and twenty (120) days after the Participant’s Qualifying Termination Date. Claims should be addressed and sent to:

 Corteva, Inc. 
 974 Centre
Road, Building 735 
 Wilmington, DE 19805 

Attention: Corporate Secretary 

If the Participant’s claim is denied, in whole or in part, the Participant shall be furnished with written notice of the denial within
ninety (90) days after the Administrator’s receipt of the Participant’s written claim, unless special circumstances require an extension of time for processing the claim, in which case a period not to exceed one hundred and eighty
(180) days shall apply. If such an extension of time is required, written notice of the extension shall be furnished to the Participant before the termination of the initial ninety (90)-day period and
shall describe the special circumstances requiring the extension, and the date on which a decision is expected to be rendered. If written notice of denial of the claim for benefits is not furnished within the specified time, the claim shall be
deemed to be denied. The Participant shall then be permitted to appeal the denial in accordance with Section 6.02 below. Written notice of the denial of the Participant’s claim shall contain the following information: 

(a) the specific reason or reasons for the denial of the Participant’s claim; 

  
 10 

 (b) references to the specific Plan provisions on which the denial of the
Participant’s claim was based; 
 (c) a description of any additional information or material required by the Administrator to
reconsider the Participant’s claim (to the extent applicable) and an explanation of why such material or information is necessary; and 

(d) a description of the Plan’s review procedures and time limits applicable to such procedures, including a statement of the
Participant’s right to bring a civil action under Section 502(a) of ERISA following a benefit claim denial on review. 

Section 6.02 Appeal of Denied Claims. If the Participant’s claim is denied (or deemed denied) and he or
she wishes to submit a request for a review of the denied claim, the Participant or his or her authorized representative must follow the procedures described below: 

(a) Upon receipt of the denied claim, the Participant (or his or her authorized representative) may file a request for review of the claim in
writing with the Administrator. This request for review must be filed no later than sixty (60) days after the Participant has received written notification of the denial (or no later than sixty (60) days after the claim is deemed denied).

 (b) The Participant has the right to submit in writing to the Administrator any comments, documents, records or other information
relating to his or her claim for benefits. 
 (c) The Participant has the right to be provided with, upon request and free of charge,
reasonable access to and copies of all pertinent documents, records and other information that is relevant to his or her claim for benefits. 

(d) A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters
that the Participant feels are pertinent. 
 (e) The review of the denied claim shall take into account all comments, documents, records
and other information that the Participant submitted relating to his or her claim, without regard to whether such information was submitted or considered in the initial denial of his or her claim. 

(f) The Administrator may require the Participant to submit additional facts, documents or other material as he or she may find necessary or
appropriate in making his or her review. 
 Section 6.03 Administrator’s Response to Appeal. The
Administrator shall provide the Participant with written notice of its decision within sixty (60) days after the Administrator’s receipt of the Participant’s written claim for review. There may be special circumstances which require
an extension of this sixty (60)-day period. In any such case, the Administrator shall notify the Participant in writing within the sixty (60)-day period and the final
decision shall be made no later than one hundred and twenty (120) days after the Administrator’s receipt of the Participant’s written claim for review. This notice of extension shall describe the special circumstances necessitating
the additional time and the date by which the Administrator is to render his or her decision on review. The Administrator’s decision on the Participant’s claim for review shall take into account all comments, documents, records and other
information submitted by the applicant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination, shall be communicated to the Participant in writing and shall clearly state:

 (a) the specific reason or reasons for the denial of the Participant’s claim; 

  
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 (b) reference to the specific Plan provisions on which the denial of the Participant’s
claim is based; 
 (c) a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of, the Plan and all documents, records and other information relevant to his or her claim for benefits; and 
 (d) a statement
describing the Participant’s right to bring an action under Section 502(a) of ERISA. 
 Section 6.04
Exhaustion of Administrative Remedies. The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes: 

(a) no claimant shall be permitted to commence any legal action to recover benefits or to enforce or clarify rights under the Plan under
Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims procedures have been exhausted in their entirety; and 

(b) in any such legal action, all explicit and implicit determinations by the Administrator (including, but not limited to, determinations as
to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law. 

ARTICLE VII 

ADMINISTRATION, AMENDMENT AND TERMINATION 

Section 7.01 Administration. The Administrator has the exclusive right, power and authority, in its sole and
absolute discretion, to administer and interpret the Plan. The Administrator has all powers reasonably necessary to carry out its responsibilities under the Plan including (but not limited to) the sole and absolute discretionary authority to: 

(a) administer the Plan according to its terms and to interpret Plan policies and procedures; 

(b) resolve and clarify inconsistencies, ambiguities and omissions in the Plan and among and between the Plan and other related documents;

 (c) take all actions and make all decisions regarding questions of eligibility and entitlement to benefits, and benefit amounts; 

(d) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan; 

(e) process and approve or deny all claims for benefits; and 

(f) decide or resolve any and all questions, including benefit entitlement determinations and interpretations of the Plan, as may arise in
connection with the Plan. 

  
 12 

 The decision of the Administrator on any disputes arising under the Plan, including (but not
limited to) questions of construction, interpretation and administration shall be final, conclusive and binding on all persons having an interest in or under the Plan. The Administrator may delegate any of its duties hereunder to such person or
persons from time to time as it may designate. Any such delegation shall be in writing. 
 Section 7.02
Amendment and Termination. The Plan may be amended or terminated by the Compensation Committee or the Board at any time, provided that, without the consent of an affected Participant, the Plan may not be amended or terminated in respect of
the Participant during the twenty-four (24) months immediately following a Change in Control or following such Participant’s Qualifying Termination. The CEO may amend Exhibits A-1 through A-4 from time to time before a Change in Control to designate as Participants individuals who are employees of the Company but who are not executive officers under the Exchange Act at such time. 

ARTICLE VIII 
 GENERAL
PROVISIONS 
 Section 8.01 At-Will Employment. The Plan does
not alter the status of each Participant as an at-will employee of the Company. Nothing contained herein shall be deemed to give any Participant the right to remain employed by the Company or to interfere with
the rights of the Company to terminate the employment of any Participant at any time, with or without Cause. 

Section 8.02 Effect on Other Plans, Agreements and Benefits. 

(a) Each Participant who incurs a Qualifying Termination shall remain entitled to any benefits to which he or she would otherwise be entitled
under the terms and conditions of the Company’s tax-qualified retirement plans and non-qualified deferred compensation plans and nothing contained in the Plan is
intended to waive or relinquish the Participant’s vested rights in such benefits. 
 (b) Any severance benefits payable to a
Participant under the Plan shall not be counted as compensation for purposes of determining benefits under any other benefit policies or plans of the Company, except to the extent expressly provided therein. 

(c) Subject to Section 3.02(b)(v), the treatment of any equity incentive compensation awards made to a Participant shall be governed by
the terms of the applicable equity plan and equity award agreement. 
 (d) The payments and benefits under the Plan shall be reduced, but
not below zero, by the amount of any statutory severance payments to which a Participant is entitled in connection with his or her Qualifying Separation by reason of statutory requirements applicable outside the United States and nothing contained
in the Plan is intended to waive or relinquish the Participant’s rights in such statutory benefits. 

Section 8.03 Mitigation. Except as provided in Section 3.02(d) or by reason of the definition of Benefit
Continuation Period, the amount of any payment or benefit provided for in this Plan shall not be reduced by any compensation earned by the Participant as the result of employment by another employer, by retirement benefits, by offset against any
amount claimed to be owed by the Participant to the Company, or otherwise. 

  
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 Section 8.04 Severability. The invalidity or
unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan. If any provision of the Plan is held by a court of competent jurisdiction to be illegal, invalid, void or
unenforceable, such provision shall be deemed modified, amended and narrowed to the extent necessary to render such provision legal, valid and enforceable, and the other remaining provisions of the Plan shall not be affected but shall remain in full
force and effect. 
 Section 8.05 Headings and Subheadings; Gender. Headings and subheadings contained in
the Plan are intended solely for convenience and no provision of the Plan is to be construed by reference to the heading or subheading of any section or paragraph. References in this Plan to any gender include references to all genders, and
references to the singular include references to the plural and vice versa. 
 Section 8.06 Unfunded
Obligations. The amounts to be paid to Participants under the Plan are unfunded obligations of the Company. The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations.
Participants shall not have any preference or security interest in any assets of the Company other than as a general unsecured creditor. 

Section 8.07 Successors. The Plan shall be binding upon any successor to the Company, its assets, its
businesses or its interest (whether as a result of the occurrence of a Change in Control or otherwise), in the same manner and to the same extent that the Company would be obligated under the Plan if no succession had taken place. In the case of any
transaction in which a successor would not by the foregoing provision or by operation of law be bound by the Plan, the Company shall require any successor to the Company to expressly assume the Plan in writing and honor the obligations of the
Company hereunder, in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. All payments and benefits that become due to a Participant under the Plan shall inure to the benefit of his
or her heirs, assigns, designees or legal representatives. 
 Section 8.08 Transfer and Assignment. Neither
a Participant nor any other person shall have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under the Plan prior to the date that such amounts are paid, except
that, in the case of a Participant’s death, such amounts shall be paid to the Participant’s beneficiaries. 

Section 8.09 Waiver. Any party’s failure to enforce any provision or provisions of the Plan shall not in any
way be construed as a waiver of any such provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Plan. 

Section 8.10 Governing Law. To the extent not pre-empted by federal
law, the Plan shall be construed in accordance with and governed by the laws of the State of Delaware without regard to conflicts of law principles. Any action or proceeding to enforce the provisions of the Plan shall be brought only in a state or
federal court located in the State of Delaware in New Castle County and the Company and each Participant shall be deemed to have consented to the venue and jurisdiction of such court. 

Section 8.11 Clawback. Any amounts payable under the Plan are subject to any policy (whether in existence as
of the Effective Date or later adopted) established by the Company providing for clawback or recovery of amounts that were paid to the Participant. The Company shall make any determination for clawback or recovery in its sole discretion and in
accordance with any applicable law or regulation. 

  
 14 

 Section 8.12 Withholding. The Company shall have the right
to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. 

Section 8.13 Section 409A. The intent of the Company and the Participants is that payments and benefits under
this Plan be exempt from, or comply with, Section 409A of the Code, and accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in accordance therewith. Notwithstanding anything contained herein to
the contrary, a Participant shall not be considered to have terminated employment with the Company for purposes of any payments under this Plan which are subject to Section 409A of the Code until the Participant would be considered to have
incurred a “separation from service” within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of
Section 409A of the Code, and any payments described in this Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law
requires otherwise. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that
would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the six (6)-month period immediately following a Participant’s separation from service shall instead be paid on the first business day after
the date that is six (6) months following the Participant’s separation from service (or, if earlier, death). To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts
reimbursable to the Participant under this Plan shall be paid to the Participant on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided) during any one year may not effect amounts reimbursable or provided in any subsequent year. The Company makes no representation that any or all of the payments described in this Plan shall
be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties
incurred under Section 409A of the Code. Notwithstanding anything in this Plan to the contrary, in the event any payments hereunder could occur in one of two calendar years as a result of being dependent upon the general release of claims
becoming nonrevocable, then, to the extent required to avoid penalties under Section 409A of the Code, such payments shall commence or be made on the first regularly scheduled payroll date of the Company, following the date the general release
of claims becomes nonrevocable, that occurs in the second of such two calendar years. 

  
 15

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