Document:

EX-10.20

 Exhibit 10.20 

GE HealthCare Annual Executive Incentive Plan 

(Effective as of January 1, 2023) 
  

	I.	 Purpose 

The GE HealthCare Annual Executive Incentive Plan (the “Plan”) is a continuation plan for certain former participants of the General Electric Company
Annual Executive Incentive Plan as of the Effective Date.     
 Effective January 1, 2023 (the “Plan Spin-Off Date”), in anticipation of General Electric Company’s split into three separate companies comprising General Electric Company’s aviation, healthcare and energy businesses, respectively, the
HealthCare Benefit Liabilities (as defined below) are transferred to this Plan, as described below (the “Plan Spin-Off”). The HealthCare Benefit Liabilities are the benefits and liabilities with
respect to the General Electric Company Annual Executive Incentive Plan for: (i) active employees of GE Healthcare Holding LLC (or its successor) and its Affiliates that comprise General Electric Company’s healthcare business (“GE
HealthCare”) and (ii) most former employees of General Electric Company’s healthcare business and certain former employees whose last employer of record within General Electric Company and its Affiliates is not attributable to any of
General Electric Company’s aviation, healthcare or energy businesses (or is attributable to General Electric Company’s aviation or energy businesses in limited cases), in each case, as determined by General Electric Company in its sole
discretion and identified on a list maintained in the records of General Electric Company. The participants transferred to this Plan are the “GE HealthCare Transferees.” 

Benefits and liabilities for certain former employees of GE HealthCare may remain in the General Electric Company Annual Executive Incentive Plan, as
determined by General Electric Company in its sole discretion and identified on a list maintained in the records of General Electric Company. 
 For the
avoidance of doubt, with respect to individuals with deferred awards under the General Electric Company Annual Executive Incentive Plan as of the Plan Spin-Off Date who also have a benefit in the GE Pension
Plan or Supplementary Pension Plan at that time, their deferred awards under the General Electric Company Annual Executive Incentive Plan will be transferred to this Plan only if a GE HealthCare entity will be responsible for their pension benefit.

 Effective immediately prior to the Plan Spin-Off Date, the GE HealthCare Transferees (including, as applicable,
their beneficiaries) shall cease to be participants in the General Electric Company Annual Executive Incentive Plan, shall no longer be entitled to any benefit payments from the General Electric Company Annual Executive Incentive Plan, and shall no
longer have any rights whatsoever under the General Electric Company Annual Executive Incentive Plan (even if the GE HealthCare Transferee is subsequently employed by, or has service with, General Electric Company or its Affiliates, unless the GE
HealthCare Transferee’s benefit is transferred back to the General Electric Company Annual Executive Incentive Plan as described below). 

 Effective on the Plan Spin-Off Date, this Plan assumes the
HealthCare Benefit Liabilities as a continuation of the General Electric Company Annual Executive Incentive Plan and each GE HealthCare Transferee is a participant in this Plan. Each GE HealthCare Transferee’s status under this Plan on the Plan
Spin-Off Date shall be the same as the GE HealthCare Transferee’s status under the General Electric Company Annual Executive Incentive Plan immediately prior to the Plan
Spin-Off Date. For the avoidance of doubt, (i) each GE HealthCare Transferee’s service with General Electric Company and its Affiliates credited under the General Electric Company Annual Executive
Incentive Plan immediately prior to the Plan Spin-Off Date shall be credited under this Plan and (ii) no GE HealthCare Transferee shall be treated as incurring a termination of employment, separation from
service, retirement or similar event for purposes of determining the right to a distribution, benefits or any other purpose under this Plan solely as a result of the Plan Spin-Off or corporate spin-off of GE HealthCare or General Electric Company’s energy business. 
 Following the Plan Spin-Off Date, GE Healthcare Holding LLC or its successor and its Affiliates shall have exclusive responsibility for paying benefits under this Plan and for all payment obligations hereunder. 

Transfers to this Plan after the Plan Spin-Off Date 

Following the Plan Spin-Off Date but prior to the corporate spin-off of GE
HealthCare as an independent public company (the “Spin-Off”), if (1) an individual’s employment is directly transferred to GE HealthCare from an employer within General Electric Company and
its Affiliates (that is not part of GE HealthCare) or (2) an employee who left the service of General Electric Company and all of its Affiliates is subsequently hired by GE HealthCare, the benefits and liabilities for such individual shall be
transferred from the General Electric Company Annual Executive Incentive Plan (or, if applicable, the GE Energy Annual Executive Incentive Plan) to this Plan (each such transfer to this Plan, a “Subsequent Plan
Spin-Off”). Such Subsequent Plan Spin-Off shall be effective upon such transfer of employment or hire (the “Subsequent
Spin-Off Date”). (For the avoidance of doubt, no Subsequent Plan Spin-Off shall occur in connection with a transfer of employment if such individual’s employer
is not an Affiliate of GE Healthcare Holding LLC (or its successor) on the Subsequent Spin-Off Date.) 
 Each
Subsequent Plan Spin-Off shall be completed in a manner consistent with this Section I and the individual subject to the Subsequent Plan Spin-Off shall be treated as a
“GE HealthCare Transferee;” provided, however, that the “Plan Spin-Off Date” with respect to such GE HealthCare Transferee shall be the Subsequent
Spin-Off Date. 
 Transfers from this Plan after the Plan Spin-Off
Date 
 Following the Plan Spin-Off Date but prior to the Spin-Off,
if an individual with an accrued benefit under this Plan (1) transfers employment directly to an employer within General Electric Company and its Affiliates (that is not part of GE HealthCare) or (2) is 

  
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 hired by General Electric Company or its Affiliate (that is not part of GE HealthCare) (each such
individual, a “Transferred Participant”), the benefits and liabilities for such Transferred Participant shall be transferred from this Plan to the General Electric Company Annual Executive Incentive Plan (or, if applicable, the GE Energy
Annual Executive Incentive Plan) (each such transfer from this Plan, a “Reverse Plan Spin-Off”). Such Reverse Plan Spin-Off shall be effective upon such transfer of employment or hire (the
“Transfer Date”). (For the avoidance of doubt, no Reverse Plan Spin-Off shall occur in connection with a transfer of employment if such individual’s employer is not an Affiliate of GE Healthcare
Holding LLC (or its successor) on the Transfer Date.) Such Transferred Participant shall resume participation in the General Electric Company Annual Executive Incentive Plan (or, if applicable, the GE Energy Annual Executive Incentive Plan) with
respect to future awards immediately upon the Transferred Participant’s transfer of employment or hire, unless the position in which the Transferred Participant becomes employed involves a change in status under the terms of such plan. 

Each Reverse Plan Spin-Off shall be effected in accordance with the applicable requirements of this Plan and
applicable law. The accrued benefit of the Transferred Participant under this Plan immediately before the Reverse Plan Spin-Off shall become his accrued benefit under the General Electric Company Annual
Executive Incentive Plan or the GE Energy Annual Executive Incentive Plan, as applicable, immediately after the Reverse Plan Spin-Off. 

The liabilities under this Plan before the Reverse Plan Spin-Off for benefits accrued under (or transferred to) the
General Electric Company Annual Executive Incentive Plan or the GE Energy Annual Executive Incentive Plan, as applicable, with respect to Transferred Participants before the Transfer Date shall become liabilities under the General Electric Company
Annual Executive Incentive Plan or the GE Energy Annual Executive Incentive Plan, as applicable, immediately after the Reverse Plan Spin-Off. No individual whose benefits are transferred from this Plan to the
General Electric Company Annual Executive Incentive Plan or the GE Energy Annual Executive Incentive Plan shall have any claims or rights against GE HealthCare in respect of benefits under this Plan. 

Because this Plan is a continuation of the General Electric Company Annual Executive Incentive Plan for deferred and other awards of GE HealthCare
Transferees, this document includes the provisions of the General Electric Company Annual Executive Incentive Plan that applied before January 1, 2023. For the avoidance of doubt, amounts awarded under this Plan in 2023 with respect to the 2022
Plan Year shall be determined by General Electric Company and its Management Development and Compensation Committee. Notwithstanding any provision of the Plan to the contrary, no awards shall be provided under this plan with respect to the 2023 Plan
Year and subsequent Plan Years. 

  
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	II.	 Eligibility 

The Company has the sole discretion to determine who is eligible to participate in the Plan. It is expected, however, that the following principles shall
normally apply. 
 Eligibility shall generally be limited to employees who (i) are assigned to a job band at the Executive Band level or above in a
participating country, (ii) are compensated through the Company’s payroll and (iii) receive written notification of their eligibility from the Company. To remain eligible, employees must remain so employed for the entire Plan Year and
through the date in the following year that awards are paid under the Plan (the “Active Employment Requirement”). 
 In its sole discretion, the
Company may waive the Active Employment Requirement in any case it deems appropriate, so long as the eligible employee remained so employed (as an eligible employee) for a minimum of three consecutive months during the Plan Year. For example, the
Active Employment Requirement could be waived for otherwise eligible employees who: 
 (1) are on an approved leave of absence during the
Plan Year; 
 (2) are newly hired or newly promoted into the Executive Band or higher positions before October 1st of the Plan Year; 
 (3) terminate employment during the Plan Year due to death,
Disability, Retirement or involuntary termination without Cause; or 
 (4) become ineligible to participate in the Plan during the Plan Year
as the result of a transfer to a nonparticipating Affiliate or to an ineligible position. 
 Any awards made in connection with a waiver of the Active
Employment Requirement shall be prorated as determined by the Company in its sole discretion. No proration shall apply for the period of any approved leave of absence. 

An otherwise eligible employee who gives notice of his or her intention to resign or who participates in another Company-sponsored bonus or incentive plan
(for the entire Plan Year) is ineligible to receive an award under this Plan. 
 Receipt of an award (including an award that is deferred) for one Plan Year
does not create a right to an award for any other Plan Year. All awards (including the amounts thereof) are made at the sole discretion of the Company, regardless of the individual’s, business’s or Company’s performance. 

  
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	III.	 Awards 

The Company shall determine each eligible employee’s award under the Plan as follows: 

Individual Target 
 Prior to or at the beginning of each
Plan Year, each eligible employee’s target award amount (the “Individual Target”) is determined by the Company in its sole discretion. The Individual Target is based on the eligible employee’s job band and is equal to a
percentage of the eligible employee’s base salary as of December 31st of the Plan Year. Any Individual Target may be changed by the Company from time to time in its sole discretion. Being assigned an Individual Target does not guarantee that a
bonus of any amount will be awarded. 
 Business Performance Target 

At the beginning of each Plan Year, the financial, operating and strategic goals for each business (and Corporate as a business) are determined by the
Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”). Based on these performance goals, a threshold, target and maximum level of performance for each business is established by the Compensation
Committee, along with a related payout percentage. The Compensation Committee then determines the weighting of these goals and payout percentages to set the “Business Performance Target” for each business. 

Business Performance Factor 
 After the end of the Plan
Year, the Compensation Committee will assess each business’s quantitative performance against its Business Performance Target and qualitative performance in risk management, compliance and other areas. In assessing overall business performance,
the Compensation Committee may (in its discretion) take into account the impact of external market conditions, corporate transaction activity and other considerations. This assessment is used by the Compensation Committee to determine an overall
percentage by which the Individual Target of each eligible employee within that business shall be adjusted (the “Business Performance Factor”). 

If an eligible employee has transferred employment from one Company business to another during a Plan Year (while remaining an eligible employee), his or her
Business Performance Factor will be adjusted based on when such transfer occurs. If the transfer of employment occurs during the first quarter of a Plan Year, only the Business Performance Factor of the eligible employee’s second business shall
be used. Conversely, if the transfer of employment occurs during the last quarter of a Plan Year, only the Business Performance Factor of the first business shall be used. If the transfer of employment occurs during the second or third quarter of a
Plan Year, the average Business Performance Factor of both businesses shall be used. 
 Individual Performance Factor 

Finally, each eligible employee’s people leader will determine (subject to approval by the Compensation Committee) a further factor by which to adjust his
or her Individual Target based on his or her individual and/or team performance, leadership, risk management, compliance, integrity and other factors (the “Individual Performance 

  
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 Factor”). These determinations may not permit the size of the business’s bonus pool (the sum of
Individual Targets for its eligible employees, as adjusted for the Business Performance Factor) to increase. 
 Other Adjustments 

The Company retains complete discretion to further adjust the award amount for any individual for any reason (except that, for the avoidance of doubt, the
Compensation Committee shall retain any discretion that is not delegated as described in Section V). For example, the Company may modify award levels to address internal and external factors related to individual, business unit and Company
performance and current and future projected business conditions, including factors such as internal parity, industry trends and market competitiveness, retention, dispute resolution and discipline. 

Consistent with the purposes of the Plan, and due to the factors that will be taken into consideration, while the Company may determine a minimum aggregate
payout amount during the Plan Year, individual awards amounts, if any, will vary from year to year and will not be determined before or during the Plan Year. 
  

	IV.	 Payment of Awards 

Awards under the Plan will be reviewed and approved by the Company following the end of the Plan Year. All individual awards are subject to review by
successively higher levels of senior management, and review and approval by the Compensation Committee. 
 If not deferred, all approved awards will be paid
as soon as practicable after such review, but in any event not later than March 15 of the year following the Plan Year (or such other date for participating countries outside of the United States as the Company may determine). Subject to
Sections VIII and X, under no circumstances will an individual’s award under the Plan be considered final unless and until after it is calculated, determined, and paid to the individual, and all other conditions are satisfied, including any
terms and conditions applicable to deferred awards. Awards, net of any deferred amounts, will be issued via Company payroll (in the employee’s local currency) and are subject to all applicable payroll deductions and tax withholdings. 

 

	V.	 Administration and Interpretation 

The Plan shall be administered by the Compensation Committee, who shall have the full power to construe and interpret the Plan in its sole discretion,
including exercising any and all authority and responsibility given to the Company in this document (including the Appendix). 
 Without limiting the
foregoing, the Compensation Committee shall have the power to: 
 (1) determine who is eligible to participate in the Plan; 

  
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 (2) determine whether to waive the Active Employment Requirement for any individual; 

(3) determine Individual Targets; 

(4) establish the performance goals for each business (including Corporate) and its Business Performance Target; 

(5) determine the Business Performance Factor for each business; 

(6) adjust each business’s Business Performance Target and/or Business Performance Factor to reflect extraordinary or unusual events; 

(7) otherwise determine the amount of awards consistent with the terms of the Plan; and 

(8) establish or amend any rules or administrative procedures necessary or appropriate for Plan administration. 

The Compensation Committee may delegate its authority and responsibility under the Plan, except with respect to the determination of (i) awards for
individuals as described in the charter of the Compensation Committee and/or (ii) the Business Performance Factor. Accordingly, the Chief Executive Officer (“CEO”) or the Chief Human Resources Officer (“CHRO”), or the
delegatee of either, may exercise the Compensation Committee’s authority and responsibility under the Plan with respect to the determination of awards for other individuals (excluding the determination of the Business Performance Factor). 

Nothing contained in the Plan shall be interpreted or construed as a promise of employment by the Company for the Plan Year, or any other time period, or a
guarantee of payment of an award. 
  

	VI.	 Severability 

The Plan (including any rules or administrative procedures established hereunder) represents the full and complete understanding between the Company and
eligible employees with regard to terms of the Plan and any awards hereunder. The terms of the Plan (including any rules or administrative procedures) shall control in the event of inconsistencies with any other Company documents or any statements
made by Company employees concerning the Plan. 
 If a final determination is made by a court of competent jurisdiction (or duly assigned arbitrator) that
any provision contained in the Plan is unlawful, the Plan shall be considered amended in that instance to apply to such extent as the court/arbitrator may determine to be enforceable, but only to the extent consistent with the original intent of the
drafter. Alternatively, if such a court/arbitrator finds that any provision contained in this Plan is unlawful — and that provision cannot be amended, consistent with the original intent of the drafter, so as to make it lawful — such
finding shall not affect the effectiveness of any other provision of this Plan. 

  
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	VII.	 Non-Assignability and Accounting 

The right to any awards (including any deferred awards) or any other rights under the Plan, are not assignable in any manner whatsoever (except to the extent
of beneficiary designations made pursuant to established administrative procedures). Any account created with respect to a deferred award shall be unfunded, unsecured and shall not constitute a trust for the benefit of any employee. No employee may
create a lien or any other encumbrance on any present or future interest he or she may have under the Plan. 
  

	VIII.	 Additional Limitations (Clawbacks) 

The Plan will be administered in compliance with Section 10D of the Securities Exchange Act of 1934, as amended, any applicable rules or regulations
promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which shares of the Company may be traded, and any Company policy adopted with respect to compensation recoupment, to the
extent the application of such rules, regulations and/or policies is permissible under applicable local law. This Section VIII will not be the Company’s exclusive remedy with respect to such matters. 

 

	IX.	 Deferrals 

Eligible employees who are employed within the United States may elect to defer awards that may be granted under the Plan. All deferred awards shall be
administered in accordance with established administrative procedures, including procedures relating to election requirements, the manner in which deferred awards may be invested and the time and form in which they are distributed. Such procedures
are described in the Appendix. 
 Notwithstanding the foregoing, no deferrals shall be permitted under this Plan or be effective with respect to the 2023
Plan Year or thereafter. 
  

	X.	 Amendment & Termination 

The Plan is offered at the sole discretion of the Company, which reserves the right to modify, adjust, change, or terminate the Plan at any time and for any
reason. Any amounts that have been paid under the Plan are subject to modification, adjustment, change or termination only as described in Section VIII. Any amounts that have been deferred under the Plan are subject to modification, adjustment,
change or termination only as described in Section VIII or as agreed upon by the employee (or beneficiary), and in each case only as permitted by the Appendix. 

  
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	XI.	 Dispute Resolution 

Questions or concerns related to the Plan or any Plan awards should be addressed to the employee’s Human Resources Manager or business Compensation
Manager. Any formal employee-initiated dispute relative to the Plan or awards will be addressed pursuant to the Company’s then current applicable internal grievance or alternative dispute resolution program, including any final and binding
arbitration procedure, consistent with applicable laws and regulations. 
  

	XII.	 Additional Terms 

Plan Effective Date and Plan Year: 
 The General Electric
Company Annual Executive Incentive Plan originally became effective as of January 1, 2018, and this Plan is effective as of January 1, 2023 as a continuation of the General Electric Company Annual Executive Incentive Plan for GE HealthCare
Transferees. The Plan will run January 1st through December 31st of 2018 and each year thereafter (the “Plan Year”) until such time that the Plan is modified, superseded or terminated.     

Affiliate: 
 “Affiliate” shall mean any company
or business entity connected by a direct or indirect 50% or more interest, whether or not a participating employer in the Plan. 
 Company: 

“Company” shall mean GE Healthcare Holding LLC (or its successor) and its Affiliates that participate in the Plan, except as provided in the Appendix
or otherwise noted. Prior to the Plan Spin-Off Date, “Company” had the same meaning as applied to the General Electric Company (in place of GE Healthcare Holding LLC). 

Applicable Law: 
 The place of administration of the Plan
shall be deemed within the State of New York. The Plan shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law provisions therein, to the extent permissible under applicable local
law. 
 Awards that are not deferred are intended to be exempt from Section 409A of the Internal Revenue Code, and awards that are deferred are
intended to be fully compliant with Section 409A. In each case, the Plan shall be administered and interpreted in a manner consistent with such intent, including in a manner that avoids the imposition of penalties under Section 409A. 

  
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 Cause: 

“Cause” means, as determined in the sole discretion of the Company, an eligible employee’s: 

(1) breach of the Employee Innovation and Proprietary Information Agreement or any other confidentiality,
non-solicitation, or non-competition agreement with the Company or breach of a material term of any other agreement between the eligible employee and the Company; 

(2) engagement in conduct that results in, or has the potential to cause, material harm financially, reputationally, or otherwise to the
Company; 
 (3) commission of an act of dishonesty, fraud, embezzlement or theft; 

(4) conviction of, or plea of guilty or no contest to a felony or crime involving moral turpitude; 

(5) failure to perform satisfactorily the assigned duties of the eligible employee’s position after receiving written notification of the
failure from the eligible employee’s manager; or 
 (6) failure to comply with the Company’s policies and procedures, including,
but not limited to, The Spirit and Letter or the Fair Employment Practices Policy. 
 Disability: 

For eligible employees employed in the United States, “Disability” shall mean separating from service with the Company after becoming eligible for
disability benefits under the GE Long-Term Disability Plan. For eligible employees employed outside of the United States, “Disability” shall have the definition provided in such employing country’s disability plan. 

Retirement: 
 For eligible employees employed in the
United States, “Retirement” shall mean separating from service with the Company on or after age 60. For eligible employees employed outside of the United States, “Retirement” shall have the definition provided in such employing
country’s retirement plan. 
 Overpayment: 
 To the
extent permitted under applicable law, in the event that a Plan participant receives an overpayment or otherwise owes the Company money which has not been repaid during the course of or at the conclusion of employment with the Company, the Company
reserves the right to adjust any award under the Plan by the amount of the overpayment or to otherwise recover the overpayment by any lawful means. If such deductions are insufficient, the employee will be required to reimburse the Company for the
balance, unless expressly waived by the Company. 

  
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 APPENDIX 

ADMINISTRATIVE PROCEDURES FOR THE GE HEALTHCARE ANNUAL EXECUTIVE INCENTIVE PLAN 

(Effective commencing with the 2018 Plan Year) 

As described in Section I of the Plan, the Plan is a continuation of the General Electric Company Annual Executive Incentive Plan for GE HealthCare
Transferees. The administrative procedures set forth in this Appendix are applicable to the amounts deferred under the General Electric Company Annual Executive Incentive Plan by GE HealthCare Transferees, and all deferrals and all other benefits
accrued by GE HealthCare Transferees under the General Electric Company Annual Executive Incentive Plan are assumed by GE Healthcare Holding LLC (or its successor) and shall continue under the terms of the Plan and this Appendix. 

Section 1.    HISTORY AND APPLICABILITY OF PRIOR RULES 

Prior to 2011, incentive compensation was payable under the GE Incentive Compensation Plan. For 2011 through 2017, incentive compensation was payable pursuant
to independent Company action, which included a prior iteration of the GE Annual Executive Incentive Plan for 2015 through 2017. 
 The rules associated
with deferrals of allotments payable under the GE Incentive Compensation Plan (including participant election requirements, the manner in which deferred incentive compensation allotments may be invested and the time and form in which they are
distributed) are reflected in the GE Incentive Compensation Plan document and various administrative procedures (collectively, the “Prior Rules”). The Prior Rules include, but are not limited to, the Special Administrative Procedures for
the GE Incentive Compensation Plan to Ensure Compliance with Code Section 409A (the “Special Procedures”). 
 When the Company ceased
awarding incentive compensation under the GE Incentive Compensation Plan and began awarding it pursuant to independent Company action, the Company, through the action of the Senior Vice President, Human Resources, specifically made the Prior Rules
applicable to deferrals of allotments pursuant to independent Company action. 
 These procedures are effective with respect to all awards made under the
Annual Executive Incentive Plan for the 2018 plan year and later. The Special Procedures (which are partially repeated below in Section 2) are also effective for all such awards. The Prior Rules continue to be effective for awards made for
earlier years. 
 Section 2.    DEFERRAL OF AWARDS 
  

	2.1.	 In General 

A participant may elect to defer any award for which he or she is eligible. For this purpose, awards under the Plan shall be considered “New
Allotments” under the 

 Special Procedures. For convenience, certain rules in the Special Procedures applicable to “New
Allotments” are repeated in the remainder of this Section 2. 
 Notwithstanding the foregoing, no deferrals shall be permitted under this Plan or
be effective with respect to the 2023 Plan Year or thereafter.  
  

	2.2.	 Elections 

Elections to defer awards (including elections under Subsection 2.3 as to the form in which such deferred awards will be paid) shall be made no later than the
end of the year preceding the year for which the award is made, in accordance with established administrative procedures. All such elections shall be irrevocable. 
  

	2.3.	 Available Forms 

A participant may choose to receive a deferred award in a lump sum or in installments of either 10, 15 or 20 years. If no election as to the form of payment is
made in accordance with established administrative procedures, payments shall be made in 10-year installments. 
  

	2.4.	 Commencement 

Payment of deferred awards (including any interest or dividend equivalents allocable thereto) shall commence on April 1 of the year following Separation
from Service, or as soon thereafter as is practicable; provided, however, that in the case of a Specified Employee, no payments shall be made during the first six months following Separation from Service. 

 

	2.5.	 Re-employment 

Any re-employment after Separation from Service shall be disregarded in determining whether deferred awards commence to
be paid (or continue to be paid). 
  

	2.6.	 Death 

If a participant dies before all payments of a deferred award have been made, payments shall continue to the beneficiary or beneficiaries at the same time and
in the same form as if the participant had lived. 
  

	2.7.	 Compliance with Code Section 409A 

The rules in this Section 2 are intended to ensure that the Plan complies with Internal Revenue Code Section 409A and applicable guidance thereunder,
and the Plan shall be administered and interpreted in a manner consistent with such intent. 

 Without limiting the foregoing: 

(a) The rules in this Section 2 override anything to the contrary either in the Plan, any other administrative procedures or the
communications and election materials provided to participants in the course of administering the Plan. 
 (b) Under no circumstances shall a
scheduled payment of a deferred award be accelerated, nor shall a subsequent deferral be permitted with respect to such amounts. 
  

	2.8.	 Definitions 

For purposes of this Section 2, the following terms have the designated meanings: 

“Company” means GE Healthcare Holding LLC (or its successor), and prior to the Plan Spin-Off Date means
General Electric Company. 
 “Separation from Service” means a participant’s termination of employment with the Company and all Affiliates
(as defined in Section XII of the Plan); provided that Separation from Service for purposes of the Plan shall be interpreted consistent with the requirements of Code Section 409A and regulations and other guidance issued thereunder. 

“Specified Employee” means a specified employee as described in the Company’s Procedures for Determining Specified Employees under Code
Section 409A, as amended from time to time. 
 Section 3.    ACCOUNTING FOR DEFERRED AWARDS 

 

	3.1.	 In General 

At the participant’s election, deferred awards will be accounted for in one or more of the following three media: cash, Standard and Poor’s 500 Index
(“S&P 500”) Units or GE common stock (“Stock”) Units, or such additional media as described below. 
  

	3.2.	 Cash 

The portion of any award accounted for in cash shall be credited with interest daily based upon the prior calendar month’s average yield for U.S. Treasury
notes and bonds with maturities of from ten to twenty years. 
  

	3.3.	 S&P 500 Units 

The number of S&P 500 Units credited to a participant’s account with respect to any deferral will be determined by dividing (1) the average
closing value of the S&P 500 Index as reported by Standard and Poor’s during the measurement period by (2) the dollar amount of the deferral to be accounted for in S&P 500 Units. The measurement period will be the 20 trading days
ending on the date the Company approves awards under the Plan for the year (and including that date if it is a trading date). 

 Each portion of an account hypothetically invested in S&P 500 Units will be credited quarterly, on
GE’s dividend record date for the quarter, with dividend equivalents (in the form of additional S&P 500 Units) based upon the consecutive prior calendar quarter’s quarterly dividend as reported by Standard and Poor’s. 

 

	3.4.	 Stock Units 

The number of Stock Units credited to a participant’s account with respect to any deferral will be determined by dividing (1) the average New York
Stock Exchange closing price of GE common stock during the measurement period by (2) the dollar amount of the deferral to be accounted for in Stock Units. The measurement period will be the 20 trading days ending on the date the Company
approves awards under the Plan for the year (and including that date if it is a trading date). 
 Each portion of an account hypothetically invested in
Stock Units will be credited quarterly, on GE’s dividend record date for the quarter, with dividend equivalents (in the form of additional Stock Units) based on the dividend declared on GE common stock for such quarter. 

Effective as of the Spin-Off, any accounts credited with Stock Units shall be credited with an additional number of
shares of GE Healthcare Holding LLC (or its successor) common stock (“GE HealthCare Stock”) Units equal to (i) the number of Stock Units credited to such account as of the Spin-Off, multiplied
by (ii) the distribution ratio used to determine the number of shares of GE HealthCare Stock per each share of GE common stock received by record holders of GE common stock upon the Spin-Off. Any
dividends of GE HealthCare Stock will be credited, as applicable, with dividend equivalents (in the form of additional GE HealthCare Stock Units) on the dividend record date.     

At the one year anniversary of the Spin-Off, no notional investments in Stock Units will continue to be permitted
under this Plan, and any hypothetical investments remaining in Stock Units will be automatically converted into a hypothetical cash investment as described in Section 3.2, as if such conversion were a switch as described in Section 3.5, until
such time that a participant (or beneficiary) makes a switch as described in Section 3.5 or payment is made as described in Section 3.6. 
 If
there is any change in the common stock represented by any deferred award or associated dividend equivalents previously credited, whether through merger, consolidation, reorganization, recapitalization, share distribution in the nature of a stock
dividend, or other change in corporate structure, appropriate adjustments shall be made, as determined by the Company in its sole discretion, to the shares of common stock represented by such deferred allotments or dividend equivalents. 

	3.5.	 Switching 

Participants (and beneficiaries) may elect four times each calendar year to switch the media in which their accounts are hypothetically invested. Switches will
be valued based on (1) the date they are properly effectuated in accordance with administrative procedures, and (2) the applicable New York Stock Exchange closing price of GE common stock (or the applicable exchange closing price of
GE HealthCare Stock, if applicable) and/or the closing value of the S&P 500 Index as reported by Standard and Poor’s. 
 A switch must involve at
least 25% of a participant’s account balance. 
 Notwithstanding the foregoing, (i) prior to the Spin-Off,
participants may elect to switch their hypothetical investment of Stock Units into a different media permitted under this Plan, even if such participant has already made four elections for the Plan Year and the switch would impact less than 25% of
such participant’s account balance, and (ii) following the Spin-Off, participants shall not be permitted to switch the hypothetical investment of their account into Stock Units. 

 

	3.6.	 Payments 

All payments of deferred awards (including any interest or dividend equivalents allocable thereto) will be made in cash. 

For purposes of making payments, the portion of a participant’s account hypothetically invested in S&P 500 Units will be valued based on the average
closing value of the S&P 500 Index as reported by Standard and Poor’s during the 20 trading days immediately preceding March 15 of the year the payment is to be made (and including that March 15 if it is a trading date). 

Similarly, the portion of a participant’s account hypothetically invested in Stock Units will be valued based on the average New York Stock Exchange
closing price of GE common stock during the 20 trading days immediately preceding March 15 of the year a payment is to be made (and including that March 15 if it is a trading date). The portion of a participant’s account
hypothetically invested in GE HealthCare Stock Units will be valued based on the average closing price of such GE HealthCare Stock on the applicable stock exchange during the 20 trading days immediately preceding March 15 of the year a payment
is to be made (and including that March 15 if it is a trading date). 
 Section 4.    GENERAL CONDITIONS 

 

	4.1.	 Creditable Compensation 

Awards under the Plan shall be taken into account as creditable pay under the Company benefit plans to the same extent and in the same manner that they would
have been had they been paid under the GE Incentive Compensation Plan, or pursuant to independent Company action. 

	4.2.	 Additional Rules 

The Company has the sole discretion to interpret and apply these procedures and may apply other rules and procedures as it deems necessary or appropriate,
including, but not limited to, rules for making deferral elections, valuing and crediting deferrals, valuing and crediting dividend equivalents, valuing and making switches, defining applicable measuring periods, determining closing prices and
closing index values and determining what days constitute trading days. Such rules may or may not be communicated to participants, may or may not be reflected in formal administrative procedures, and may change from year to year. However, no rules
or procedures may be applied that would cause a failure to comply with Code Section 409A.EX-10.21

 Exhibit 10.21 

GE HealthCare Restoration Plan 
 Effective January 1,
2023 
 Section I.    Purpose 

Effective January 1, 2023, the GE HealthCare Restoration Plan (the “Plan”) is established as an unfunded, nonqualified deferred compensation
arrangement for a select group of management and highly compensated employees of the Participating Employers within the GE HealthCare business. The Plan shall be interpreted and administered consistently with the intent to be a “top hat”
plan that is not subject to various provisions of ERISA. 
 Effective on or as soon as practicable after January 3, 2023, in anticipation of General
Electric Company’s split into three separate companies comprising its aviation, healthcare, and energy businesses, respectively, the benefits and liabilities under the GE Restoration Plan attributable to certain individuals are transferred to
this Plan, as described in the Appendix – Liability Transfer from the GE Restoration Plan. This Plan is a continuation of the GE Restoration Plan with respect to the benefits and liabilities transferred from the GE Restoration Plan to this
Plan. After the transfer, no individual for whom the liability for his benefit is transferred to this Plan from the GE Restoration Plan (nor any of their beneficiaries) shall have any rights under, or with respect to, the GE Restoration Plan (unless
such individual is subsequently employed by, or has service with, General Electric Company or its affiliates, in which case such individual’s eligibility for benefits under the GE Restoration Plan shall be determined under the terms of that
plan in effect at such time). Because this Plan is a continuation of the GE Restoration Plan, this document includes the provisions of the GE Restoration Plan that applied before the effective date of this Plan. 

The purpose of the Plan is to provide supplemental benefits that could have been payable under the GE HealthCare Retirement Savings Plan (the “RSP”)
if not for limits imposed by the Code. The Plan provides company credits adjusted for deemed investment gains and losses. 
 Section
II.    Eligibility 
 An individual is eligible to participate in the Plan only if the individual is an Eligible Employee. To become
an Eligible Employee during 2023 or a subsequent calendar year, an individual must be an Employee who is eligible to make and receive contributions under the RSP and is: 
  

	(a)	 a member of a select group of management or highly compensated employees within the meaning of Sections 201(2)
and 301(a)(3) of ERISA; 

  

	(b)	 a salaried employee, as determined by the Plan Sponsor; 

 

	(c)	 assigned by the Plan Sponsor to the Plan Sponsor’s executive or higher career band, or have Earnings
for the immediately preceding calendar year which exceeded the Section 401(a)(17) Limit for such preceding calendar year1; and 

 

	1 	 For the 2021 calendar year only, 2019 and 2020 each counted as the immediately preceding calendar year for
purposes of this provision, such that an Employee whose Earnings for 2019 were in excess of the 401(a)(17) limit for 2019, or whose Earnings for 2020 were in excess of the 401(a)(17) limit for 2020, qualified under this provision.

  
 1 

	(d)	 ineligible to accrue Benefit Service under the GE HealthCare Executive Retirement Installment Benefit (Part II
of the GE HealthCare Supplementary Pension Plan), as defined therein. 

 Once an individual is (or has been) an Eligible Employee, the
requirement of provision (c) of this Section II is waived with respect to such individual until such individual’s termination of employment with the Company (including all Affiliates). If a once-Eligible Employee is reemployed, the
individual must meet all requirements of this Section II, including provision (c), following reemployment in order to again become an Eligible Employee. 

Section III.    Company Credit 
 An
Eligible Employee shall accrue a credit (the “Company Credit”) for a calendar year if the Eligible Employee: 
  

	(a)	 is eligible to receive a Company Retirement Contribution for such calendar year under the RSP and has Eligible
Earnings for such calendar year; and 

  

	(b)	 remains employed by the Company continuously from January 1st (or, if later, the date the individual became an
Eligible Employee) through December 15th of such calendar year, unless the individual terminates employment with the Company during such calendar year due to one of the following reasons (or after having attained age 65):

  

	 	(i)	 death; 

  

	 	(ii)	 a determination that the Employee is disabled under Section VIII E 2 of the RSP; 

 

	 	(iii)	 a layoff entitling the individual to severance benefits under the GE HealthCare Layoff Benefit Plan for
Salaried Employees or the GE HealthCare Layoff Benefit Plan for Certain GE HealthCare Affiliates, or an employer-initiated separation that is not for cause entitling the individual to severance benefits under the GE US HealthCare Executive Severance
Plan; or 

  

	 	(iv)	 transfer directly to a Successor Employer in connection with a Business Disposition. For the avoidance of
doubt, this subparagraph (iv) does not apply if all Plan liabilities with respect to the Employee are transferred to a spin-off plan maintained by such Successor Employer or an affiliate thereof.

  
 2 

 An Eligible Employee’s Company Credit for each calendar year shall equal 7% of Eligible Earnings paid
to such individual during such calendar year while the individual is an Eligible Employee. Such Company Credit shall be added to the Eligible Employee’s Account by January 31st of the next following calendar year, as determined by the Plan
Administrator. No adjustment shall be made for deemed investment gains or losses with respect to any period before the Company Credit is added to the Account. 

Section IV.    Investment Credits 

Each Participant’s Account shall be adjusted daily, or at such other frequency determined by the Plan Administrator that is at least annually, to reflect
deemed investment gains and losses, based on the Participant’s investment election for the Participant’s Account. 
 A Participant’s
investment election shall be made in 1% increments (between 1% and 100%) among the available hypothetical investment options under the Plan, in the form and during the period prescribed by the Plan Administrator, and shall apply uniformly to any
future Company Credits. Once processed, the Participant’s investment election shall become effective and continue to be effective until the Participant completes a new investment election in accordance with this paragraph or the
Participant’s Account is distributed. 
 A Participant may also elect to switch the deemed investment of the Participant’s Account balance, in the
form prescribed by the Plan Administrator, whereby: 
  

	(a)	 1%, or any multiple thereof (up to 100%), of the aggregate notional investment in one hypothetical investment
option is switched to a notional investment in another hypothetical investment option; or 

  

	(b)	 the deemed investment of the Participant’s Account balance is reallocated among one or more hypothetical
investment options in such whole percentage(s) (between 1% and 100%) as the Participant may designate. 

 The Participant may elect
to make up to twelve such deemed investment switches per calendar quarter. The Participant may elect, in accordance with procedures established by the Plan Administrator, to have the deemed investment of the Participant’s Account
automatically rebalanced on a periodic basis as designated by the Participant, and each such periodic rebalancing shall count as a deemed investment switch when applying the twelve per calendar quarter limit. In addition, notwithstanding any
provision of the Plan to the contrary, a Participant’s deemed investment switches shall be subject to such additional restrictions as may be established from time to time by the Plan Administrator in order to limit excessive, short-term,
round-trip and other deemed investment switching practices by Participants. 
 The deemed investment alternatives which a Participant may elect for the
deemed investment of the Participant’s Account shall be determined by the Plan Administrator in its discretion and may include an alternative based on the performance of Company stock. If there is any change in the Company stock, whether
through merger, consolidation, 

  
 3 

 
reorganization, recapitalization, share distribution in the nature of a stock dividend, or other change in corporate structure, appropriate adjustments shall be made, as determined by the
Plan Administrator in its sole discretion, in the number of shares of Company stock represented by such alternative. The Plan Administrator may change or eliminate one or more deemed investment alternatives at any time, in its sole
discretion, and shall have the discretion to reallocate balances if one or more deemed investment alternatives are eliminated. 
 With respect to any
particular Company Credit, in the absence of a valid investment election by the deadline established by the Plan Administrator, the Participant shall be deemed to have elected a default deemed investment alternative designated by the Plan
Administrator. 
 All benefits under the Plan are subject to the risk of loss (reduction of Account balance) due to the performance of the deemed investment
alternative. No Participant or Beneficiary shall have a right to any adjustment to make up for investment results (whether a loss, gain that could have been greater or otherwise), and without regard to the cause of the investment result (whether by
default, affirmative election of the Participant or Beneficiary, a decision of the Plan Administrator or otherwise). 
 Section
V.    Vesting 
 A Participant shall vest in the Participant’s Account upon being credited with three years of RSP Service, or
if earlier, upon: 
  

	(a)	 attaining age 65 while employed by the Company; or 

 

	(b)	 ceasing to be an Employee as the result of transferring directly to a Successor Employer in connection
with a Business Disposition (consistent with the principles for vesting under such circumstances set forth in the RSP). For the avoidance of doubt, this paragraph (b) does not apply if all Plan liabilities with respect to the Employee are
transferred to a spin-off plan maintained by such Successor Employer or an affiliate thereof. 

 A
Participant’s Account that is not vested at the time of the Participant’s Separation From Service shall be forfeited and is not subject to reinstatement under any circumstances. 

Section VI.    Payments to Participants 

Upon a Participant’s Separation From Service and subject to Section X, the Participant’s Account shall be valued as of the close of trading on July
15th of the calendar year next following the Participant’s Separation From Service (or if the New York Stock Exchange is not open for trading on such day, the next following day that the New York Stock Exchange is open for trading) and paid to
the Participant in a cash lump sum by July 31st of such calendar year. 
 For purposes of the Plan, a payment that is made after the date prescribed by the
Plan shall be treated as being made on time if made by the later of (a) the last day of the calendar year in which the prescribed payment date occurs or (b) the 15th day of the third calendar month that starts after the prescribed payment
date. 

  
 4 

 Section VII.    Payments Following Death 

If a Participant dies before the Participant’s Account has been paid, the Account shall be paid to the Participant’s Beneficiary in a cash lump sum.
The payment date shall be determined by the Plan Administrator and shall be no later than December 31st of the calendar year next following the calendar year in which the Participant’s death occurs. 

A Participant may designate one or more Beneficiaries to receive the balance of the Participant’s Account after the Participant’s death, in writing
on a form acceptable to the Plan Administrator. The Participant may change the Participant’s designation of a Beneficiary at any time before the Participant’s death. If a Participant’s Account is community property, any designation of
a Beneficiary shall be valid or effective only as permitted under applicable law. Any valid Beneficiary designation, and any valid change in a previous Beneficiary designation, shall become effective as of its date only once the Plan Administrator
receives and accepts the Beneficiary designation form in accordance with administrative procedures, and no designation dated after the Participant’s death shall be accepted. The most recent valid Beneficiary designation in effect at the
time of the Participant’s death shall apply. 
 In the absence of an effective Beneficiary designation under the Plan, or if all persons so designated
have predeceased the Participant, the Participant’s Beneficiary shall be the Participant’s designated beneficiary under the RSP or, if none, the Participant’s estate. 

If a Participant’s Beneficiary is a minor, a person who has been declared incompetent, or a person incapable of handling the disposition of the
person’s property, the balance of the Participant’s Account may be paid to the guardian, legal representative, or person having the care and custody of such Beneficiary. The Plan Administrator may require proof of incompetency, minority,
incapacity, or guardianship as it deems appropriate prior to payment. Such payment shall completely discharge the Company from all liability with respect to such Beneficiary’s interest in the Account. 

Section VIII.    Definitions 
  

	(a)	 “Account” means the bookkeeping entry used to record Company Credits that are credited to a
Participant under the Plan, adjusted for deemed investment gains and losses. 

  

	(b)	 “Affiliate” means any company or business entity connected to the Plan Sponsor by a direct or
indirect 50% or more interest, whether or not a Participating Affiliate. 

  

	(c)	 “Beneficiary” means the person or persons designated under Section VII. 

 

	(d)	 “Business Disposition” shall mean any of the following transactions: 

 

	 	(i)	 the sale or other transfer to a Successor Employer of all or substantially all of the assets used by the
Employee’s Participating Employer in a trade or business conducted by the Participating Employer; 

  
 5 

	 	(ii)	 the liquidation, sale, or other means of terminating the parent-subsidiary or controlled group relationship of
the Participating Employer with the Plan Sponsor, if the Employee was employed by a subsidiary corporation (within the meaning of Section 424(f) of the Code) of the Plan Sponsor, or by a corporation that is a member of a controlled group of
corporations (within the meaning of Section 1563(a) of the Code, determined by substituting “50 percent” for “80 percent” each place “80 percent” appears therein) that includes the Plan Sponsor;

  

	 	(iii)	 the liquidation, sale, or other means of terminating the treatment of the Participating Employer and the Plan
Sponsor as a single employer, if the Employee was employed by an entity other than a corporation that, together with the Plan Sponsor, is treated as a single employer pursuant to Section 414(c) of the Code (determined by substituting “50
percent” for “80 percent” each place “80 percent” appears in the Treasury Department regulations thereunder); 

  

	 	(iv)	 the loss or expiration of a contract with a government agency and the entry into a successor contract by a
Successor Employer and such government agency; 

  

	 	(v)	 the sale or other transfer to a Successor Employer of all or substantially all of the assets used by the
Employee’s Participating Employer at a plant, facility, or other business location of the Participating Employer; or 

  

	 	(vi)	 any other sale, transfer, or disposition of assets of the Employee’s Participating Employer to a Successor
Employer. 

  

	(e)	 “Cause” means, as determined in the sole discretion of the Plan Administrator,an Eligible
Employee’s or a Participant’s: 

  

	 	(i)	 breach of the Employee Innovation and Proprietary Information Agreement or any other confidentiality, non-solicitation, or non-competition agreement with the Company or breach of a material term of any other agreement between the Eligible Employee (or Participant) and
the Company; 

  

	 	(ii)	 engagement in conduct that results in, or has the potential to cause, material harm financially,
reputationally, or otherwise to the Company; 

  

	 	(iii)	 commission of an act of dishonesty, fraud, embezzlement or theft; 

 

	 	(iv)	 conviction of, or plea of guilty or no contest to, a felony or crime involving moral turpitude; or

  

	 	(v)	 failure to comply with the Company’s policies and procedures, including but not limited to The Spirit and
Letter. 

  
 6 

	(f)	 “Code” means the Internal Revenue Code of 1986, as amended. 

 

	(g)	 “Company” means the Plan Sponsor or any Affiliate. 

 

	(h)	 “Company Credit” is defined in Section III. 

 

	(i)	 “Earnings” for a calendar year mean Earnings under the RSP for such calendar year, but determined
without regard to the Section 401(a)(17) Limit. 

  

	(j)	 “Eligible Earnings” for a calendar year mean an Eligible Employee’s Earnings for a
calendar year which exceed the Section 401(a)(17) Limit for such calendar year. An Eligible Employee shall not have Eligible Earnings for any calendar year or portion thereof unless and until the Eligible Employee’s cumulative Earnings for
the calendar year exceed the Section 401(a)(17) Limit for such calendar year. 

  

	(k)	 “Eligible Employee” means an Employee of a Participating Employer who meets the requirements
described in Section II. 

  

	(l)	 “Employee” means a common law U.S. employee of the Participating Employer (including such an employee
on a bona fide leave of absence). If the Plan Administrator or a Participating Employer determines that an individual is not an “employee,” the individual will not be eligible to participate in the Plan, regardless of whether the
determination is subsequently upheld by a court or tax or regulatory authority having jurisdiction over such matters or whether the individual is subsequently treated or classified as an employee for certain specified purposes. Any change to an
individual’s status by reason of such reclassification or subsequent treatment will apply prospectively only. 

  

	(m)	 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

 

	(n)	 “Participant” means a current or former Eligible Employee who has an Account under the Plan with a
balance of greater than $0. 

  

	(o)	 “Participating Affiliate” means an Affiliate whose participation in the Plan is approved by the GE
HealthCare Pension Board. As of January 1, 2023, all Affiliates that participate in the GE HealthCare Supplementary Pension Plan shall be Participating Affiliates. 

 

	(p)	 “Participating Employer” means the Plan Sponsor or a Participating Affiliate. 

 

	(q)	 “Plan Administrator” means the Pension Board committee designated by the Board of Directors of the
Plan Sponsor, or its designee or delegate. 

  

	(r)	 “Plan Sponsor” means, as of the Effective Date, GE Healthcare Holding LLC or its successor. (Before
the Effective Date, Plan Sponsor means General Electric Company.) 

  
 7 

	(s)	 “RSP Service” means a Participant’s service under the RSP that is credited for purposes of
vesting in the Participant’s RSP account. 

  

	(t)	 “Section 401(a)(17) Limit” means, for a year, the adjusted dollar limitation under
Section 401(a)(17) of the Code for such year. 

  

	(u)	 “Separation From Service” means a Participant’s termination of employment with the Company
(including all Affiliates) provided that a Separation From Service for purposes of the Plan shall be interpreted consistently with the requirements of Section 409A of the Code. Solely for purposes of determining the time of payment of benefits
under the Plan (and not, for example, for purposes of determining a participant’s right to a benefit, vesting, or the amount of any benefit), the Plan Sponsor may determine that a divestiture will not be treated as a Separation From
Service; provided that such determination is consistent with the requirements of Section 409A of the Code. For the avoidance of doubt, the spinoff of GE’s healthcare business into an independent public company shall not be treated as a
Separation from Service. 

  

	(v)	 “Successor Employer” shall mean any entity that is not: 

 

	 	(i)	 a subsidiary corporation (within the meaning of Section 424(f) of the Code) of the Plan Sponsor;

  

	 	(ii)	 a corporation that is a member of a controlled group of corporations (within the meaning of
Section 1563(a) of the Code, determined by substituting “50 percent” for “80 percent” each place “80 percent” appears therein) that includes the Plan Sponsor; 

 

	 	(iii)	 an entity that, together with the Plan Sponsor, is treated as a single employer pursuant to Section 414(c)
or (m) of the Code (determined by substituting “50 percent” for “80 percent” each place “80 percent” appears in the Treasury Department regulations thereunder); 

 

	 	(iv)	 any entity that, in connection with the Business Disposition, becomes the sponsor of the Plan; or

  

	 	(v)	 any entity that, together with an entity described in clause (iv), is treated as part of a controlled
group of corporations or as a single employer pursuant to Section 414(b), (c), or (m) of the Code. 

 Section
IX.    Other 
  

	(a)	 Any benefit from the Participant’s Account under the Plan shall be contingent upon the Participant
signing, not revoking, and complying with the terms of a release and waiver of claims (the “Release”), which may include, among other things and where legally permissible, confidentiality, cooperation,
non-competition, non-solicitation 

  
 8 

	 	
and/or non-disparagement requirements. Such release and waiver of claims must be in a form acceptable to the Plan Sponsor, executed by the deadline
established by the Plan Sponsor, and not revoked or breached. Otherwise, no benefit shall be payable under the Plan. 

  

	(b)	 The Plan Administrator may impose such other lawful terms and conditions on participation in this Plan as it
deems desirable. The Plan Administrator may require proof of death of any Participant and such evidence as the Plan Administrator determines to be appropriate of the right of any person to receive any Plan benefit. Each Participant and Beneficiary
shall cooperate with the Plan Administrator by furnishing any and all information requested by the Plan Administrator and take such other actions as may be requested in order to facilitate the administration of the Plan and the payment of benefits
hereunder. 

  

	(c)	 If a Participant’s employment is terminated for Cause or if the Plan Administrator determines in its sole
discretion that a Participant has engaged in conduct that (i) constitutes a breach of the Release, (ii) results in (or has the potential to cause) material harm financially, reputationally, or otherwise to the Company or
(iii) occurred prior to the Participant’s Separation from Service and would give rise to a termination for Cause (regardless of whether such conduct is discovered before, during or after the Participant’s Separation From
Service), the Participant shall forfeit the Participant’s right to any unpaid benefit from the Participant’s Account under this Plan and may be required to repay any amounts previously paid under the Plan to the extent recovery is
permitted by law. 

  

	  	 The remedy under this subsection (c) is not exclusive and shall not limit any right of the Company
under applicable law, including (but not limited to) a remedy under (i) Section 10D of the Securities Exchange Act of 1934, as amended, (ii) any applicable rules or regulations promulgated by the Securities and Exchange Commission or
any national securities exchange or national securities association on which shares of the Company may be traded, and/or (iii) any Company policy adopted with respect to compensation recoupment. 

 

	(d)	 If the Company determines that a Participant is indebted to it on the effective date of the Separation From
Service, including by reason of breaching a commitment to the Company, the Company reserves the right to offset the payment of any benefits under the Plan by the amount of such indebtedness, as determined by the Plan Administrator. Such
offset will be made in accordance with all applicable laws (including the intent not to trigger taxes under Section 409A of the Code). 

  

	(e)	 No amount payable at any time under this Plan shall be subject in any manner to alienation, sale, transfer,
assignment, pledge or encumbrance of any kind (except as described in subsection (d) above). Any attempt to alienate, sell, transfer, assign, pledge, commute, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey any such
benefit, whether presently or subsequently payable, shall be void. Except as required by law or as described in Section X, no benefit payable under this Plan shall, prior to actual payment, in any manner be

  
 9 

	 	
subject to seizure, garnishment, attachment, execution, sequestration or other legal process for the payment of any debts, judgments, alimony, separate maintenance or liability of any Participant
or Beneficiary, or be transferrable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 

  

	(f)	 The Plan Administrator is authorized to comply with any court order in any action in which the Plan or
the Plan Administrator has been named as a party, including any action involving a determination of the rights or interests in an Employee’s benefits under the Plan, to the extent permitted by Section 409A of the Code.

  

	(g)	 This Plan does not provide any individual a right to continue employment with the Company, nor does it affect
the Company’s right to terminate the employment of any individual at any time for any reason with or without Cause. 

  

	(h)	 Except to the extent preempted by ERISA or otherwise governed by federal law, the laws of the State of New York
shall govern the construction and interpretation of the Plan, without regard to conflicts of law provisions therein. 

  

	(i)	 No credits or payments made under this Plan shall be treated as eligible “compensation” for purposes
of the RSP or any other retirement, savings or similar plan of the Company. 

  

	(j)	 This Plan contains a complete statement of its terms. The Plan may be amended, suspended or terminated only in
writing and then only as provided in Section XI. The legal or equitable rights or interests of any person in this Plan, and the Participating Employer’s obligations or liabilities therefor, shall be exclusively determined by the
express provisions of the Plan. 

  

	(k)	 If any provision of the Plan shall be held unlawful or otherwise invalid or unenforceable in whole or in part,
the unlawfulness, invalidity, or unenforceability shall not affect any other provision of the Plan, each of which shall remain in full force and effect. 

  

	(l)	 Each reference in the Plan to a written document or delivery of a communication in writing shall include
delivery by electronic means (e.g., by email or posting on an applicable website). 

 Section X.    Taxation
and Compliance with Section 409A of the Code 
  

	(a)	 All payments and benefits under the Plan are subject to all applicable deductions and withholdings, including
obligations to withhold federal, state, and local income and employment taxes. Each recipient of benefits under the Plan (and not the Company) shall be solely responsible for the recipient’s own tax liability with respect to such benefits
(including imputed income), without regard to the amount withheld or reported to the Internal Revenue Service. 

  

	(b)	 The amount withheld shall be determined by the Company. The Company may deduct from other wages payable to the
Participant any employment tax that the 

  
 10 

	 	
Company reasonably determines to be due with respect to the benefit under the Federal Insurance Contributions Act (FICA) or require the Participant or Beneficiary to remit to the Company or its
designee an amount sufficient to satisfy such tax. Alternatively, the Company, in its discretion, may deduct such FICA amounts (plus an amount to cover associated federal and state income taxes) from the unpaid portion of a Participant’s
benefit, in a manner consistent with Treasury Department regulation 1.409A-3(j)(4)(vi). 

  

	(c)	 The Plan is intended to comply with Section 409A of the Code and shall be interpreted accordingly. To the
extent that a provision of this Plan does not comply with Section 409A of the Code, such provision shall be void and without effect. The Company does not warrant that the Plan will comply with Section 409A of the Code with respect to any
Participant or with respect to any payment. In no event shall the Company (or any director, officer, employee, or affiliate thereof) be liable for any additional tax, interest, or penalty incurred by a recipient of benefits under the Plan as
a result of the Plan’s failure to satisfy the requirements of Section 409A of the Code or any other requirements of applicable tax laws. 

Section XI.    Amendment or Termination 

The Plan may be amended or terminated by the Board of Directors of the Plan Sponsor or its designee, at any time and for any reason, in its sole discretion and
with the result that benefits under the Plan may be changed or discontinued, retroactively or prospectively. 
 Termination of the Plan shall be a payment
event, and payments shall be made only to the extent permitted by Section 409A of the Code. All payments related to termination of the Plan (to the extent permitted) shall be made at a time determined by the Plan Sponsor in its sole discretion,
consistent with the requirements of Section 409A of the Code. If the Plan Sponsor or the Plan Administrator determines that any provision of the Plan is or might be inconsistent with the restrictions imposed by Section 409A of the
Code, such provision shall be deemed to be amended to the extent that the Plan Sponsor or the Plan Administrator determines is necessary to bring it into compliance with Section 409A of the Code. Any such deemed amendment shall be effective
as of the earliest date such amendment is necessary under Section 409A of the Code. 
 Section XII.    Unfunded Plan 

Benefits provided under this Plan are unfunded and unsecured obligations of the Participating Employer payable from its general assets. Participant Accounts,
deemed investments, and all credits and other adjustments under the Plan are for measuring purposes only and do not correspond to actual investments or otherwise signify an individual account or funded benefits. 

Nothing contained in this Plan shall require a Participating Employer to segregate any monies from its general funds, to create any trust or other funding
vehicle, to make any special deposits, or to purchase any policies of insurance with respect to such obligations. If a Participating Employer elects to take any such action, such assets, investments and

  
 11 

 
the proceeds therefrom shall at all times remain the sole property of the Participating Employer and subject to its creditors. To the extent the Participating Employer pursues individual
insurance policies on one or more Participants to fund its obligations, such Participants shall provide any information as may be required by the insurance company for such purpose. No Participant, Beneficiary, or other individual shall have any
economic interest or similar rights under the Plan or any ownership rights in such assets, investments or proceeds, whether by reason of being a named insured or otherwise. 

Section XIII.    Administration 

Except as otherwise expressly provided in the Plan, the management and control of the operation and administration of the Plan shall be vested in the Plan
Administrator. The Plan Administrator has sole discretion to make all determinations with respect to eligibility and benefits under the Plan and such determinations shall be final and binding. The Plan Administrator shall act in good faith, but
shall not be subject to the requirements of Title I, Part 4 of ERISA. 
 No liability shall attach to or be incurred by the stockholders, officers,
directors or employees of the Company, in whatever capacity, under or by reason of the terms, conditions or agreements contained in the Plan or any law, rule or regulation, or for acts or decisions taken or omitted by any of them thereunder.

 The Plan Administrator may, from time to time, employ agents and delegate to them such administrative duties as it sees fit. In accordance with its
charter, the Plan Administrator may also delegate to other persons or other entities any or all of its authority, responsibilities, obligations and duties with respect to the Plan. If the Company, Plan Administrator or other plan fiduciary (an
“Advisee”) engages attorneys, accountants, actuaries, consultants, and other service providers (an “Advisor”) to advise them on issues related to a Plan or the Advisee’s responsibilities under the Plan: 

 

	(a)	 The Advisor’s client is the Advisee and not any employee, participant, dependent, beneficiary,
claimant, or other person; 

  

	(b)	 The Advisee will be entitled to preserve the attorney-client privilege and any other privilege accorded to
communications with the Advisor, and all other rights to maintain confidentiality, to the full extent permitted by law; and 

  

	(c)	 No employee, participant, dependent, beneficiary, claimant or other person will be permitted to review any
communication between the Advisee and any of its or his Advisors with respect to whom a privilege applies, unless mandated by a court order. 

Section XIV.    Claims and Appeals 

The provisions of this Section XIV shall apply to any claim for a benefit under the Plan, regardless of the basis asserted for the claim and regardless of when
the act or omission upon which the claim is based occurred. Any such claim shall be addressed through the claims and appeals process described in the handbook summary for this Plan, and no 

  
 12 

 
such claim may be filed in court, arbitration, or similar proceeding before the claimant has exhausted that process. Such process is intended to comply with Section 503 of ERISA and shall be
administered and interpreted in a manner consistent with such intent. 
 The claims administrator shall be the Plan Administrator. 

Section XV.    Limitations Period 
  

	(a)	 Any claim (i) for benefits; (ii) to enforce rights under the Plan; or (iii) otherwise seeking a
remedy or judgment of any kind against the Plan, the Plan Administrator or the Company must be filed within the limitations period prescribed by this Section XV (and subsequent to exhaustion as described in Section XIV).

  

	(b)	 The limitations period shall begin on the following date: 

 

	 	(i)	 For a claim for benefits, the earliest of: (1) the date the first benefit payment was actually made or
allegedly due, or (2) the date the Plan, the Plan Administrator or the Company first repudiated the alleged obligation to provide such benefits, regardless of whether such repudiation occurred during administrative review pursuant to
Section XIV. A repudiation described in clause (2) may be made in the form of a direct communication to the employee or a more general oral or written communication related to benefits payable under the Plan (for example, a summary of
the Plan or an amendment to the Plan); 

  

	 	(ii)	 For a claim to enforce an alleged right under the Plan (other than a right to benefits), the date the Plan
first denied the request made on behalf of the employee to exercise such right, regardless of whether such denial occurred during administrative review pursuant to Section XIV; or 

 

	 	(iii)	 For any claim otherwise seeking a remedy or judgment of any kind against the Plan, the Plan Administrator or
the Company, the earliest date on which the employee knew or should have known of the material facts on which such claim or action is based, regardless of whether the employee was aware of the legal theory underlying the claim.

  

	(c)	 The limitations period shall end on the first anniversary of the beginning date described in Section XV(b);
provided, however, that if a request for administrative review pursuant to Section XIV is pending at such time, the limitations period shall be extended to end on the date that is 60 days after the final denial of such claim on administrative
review. 

  

	(d)	 The limitations period described in this Section XV replaces and supersedes any limitations period that
otherwise might be deemed applicable under state or federal law in the absence of this Section XV. A claim filed after the expiration of the limitations period shall be deemed time-barred, except that the Plan Administrator shall have
discretion to extend the limitations period upon a showing of exceptional circumstances that, in the opinion of the Plan Administrator, provide good cause for an extension. The exercise of this discretion is committed solely to the Plan
Administrator and is not subject to review. 

  
 13 

	(e)	 In the event of any claim brought by or on behalf of two or more employees, the requirements of this Section XV
shall apply separately with respect to each employee. 

  
 14 

 Appendix – Liability Transfer from the GE Restoration Plan 

Section I.    Allocation of Employees 

Effective January 3, 2023, or as soon as practicable thereafter (the “Plan Spin-Off Date”), in
anticipation of the Plan Sponsor’s split into three separate companies comprising the Plan Sponsor’s aviation, healthcare and energy businesses, respectively, the HealthCare Benefit Liabilities (as defined below) are transferred from the
GE Restoration Plan to this Plan as described in this Appendix (the “Plan Spin-Off”). 
 The HealthCare
Benefit Liabilities are the benefits and liabilities under the GE Restoration Plan for all individuals whose benefits under the GE Retirement Savings Plan are transferred as of the Plan Spin-Off Date to the GE
HealthCare Retirement Savings Plan—i.e., (i) active employees of GE Healthcare Holding LLC (or its successor) and each company or business entity connected to GE Healthcare Holding LLC (or its successor) by a direct or indirect 50% or
more interest that comprise General Electric Company’s healthcare business (“GE HealthCare”), (ii) most former employees of General Electric Company’s healthcare business, and (iii) certain former employees whose last
employer of record within General Electric Company and its affiliates is not attributable to any of General Electric Company’s aviation, healthcare, or energy businesses (or is attributable to the General Electric Company’s aviation or
energy businesses in limited cases), in each case as determined by General Electric Company in its sole discretion and identified on a list maintained in the records of General Electric Company. Benefits and liabilities for certain former employees
of General Electric Company’s healthcare business will remain in the GE Restoration Plan, as determined by General Electric Company in its sole discretion and identified on a list maintained in the records of General Electric Company. The
individuals transferred to this Plan are the “GE HealthCare Transferees.” 
 Effective January 1, 2023, the GE HealthCare Transferees shall
no longer be entitled to any credits under the GE Restoration Plan. Effective immediately prior to the Plan Spin-Off, the GE HealthCare Transferees (including, as applicable, their beneficiaries) shall cease to be participants in the GE Restoration
Plan, shall no longer be entitled to any benefit payments under the GE Restoration Plan, and shall no longer have any rights whatsoever under the GE Restoration Plan (unless such GE HealthCare Transferee is subsequently employed by, or has service
with, General Electric Company or its affiliates, in which case such individual’s rights under the GE Restoration Plan shall be determined under the terms of the GE Restoration Plan at such time). 

Effective on the Plan Spin-Off Date, (i) this Plan assumes the HealthCare Benefit Liabilities as a continuation
of the GE Restoration Plan, (ii) the Plan Sponsor and each of its Affiliates that is part of GE HealthCare and was a participating employer under the GE Restoration Plan immediately prior to the Plan
Spin-Off Date shall be a Participating Affiliate in this Plan, and (iii) each GE HealthCare Transferee shall be a Participant in this Plan. Each GE HealthCare Transferee’s status under this Plan on
the Plan Spin-Off Date shall be the same as the GE HealthCare Transferee’s status under the GE Restoration Plan immediately prior to the Plan Spin-Off Date. For the
avoidance of doubt, (i) each GE HealthCare Transferee’s service with General Electric Company and its affiliates credited 

  
 15 

 
under the GE Restoration Plan immediately prior to the Plan Spin-Off Date shall be credited under this Plan, and (ii) no GE HealthCare Transferee
shall be treated as incurring a termination of employment, separation from service, vesting, retirement or similar event for purposes of determining the right to a distribution, benefits or any other purpose under this Plan solely as a result of the
Plan Spin-Off or the corporate spin-off of General Electric Company’s healthcare business. 

Section II.    Transfer of Benefits and Liabilities 

The Plan Spin-Off shall be effected in accordance with the applicable requirements of this instrument. Each GE
HealthCare Transferee’s balance under the GE Restoration Plan immediately before the Plan Spin-Off shall equal his balance under this Plan immediately after the Plan
Spin-Off and shall thereafter be subject to the terms of the Plan. 
 Following the Plan Spin-Off, the Plan Sponsor and its Affiliates shall have exclusive responsibility for paying benefits under the Plan and for all payment obligations thereunder. 

Section III.    Eligibility 
 For each
GE HealthCare Transferee who is an active employee on the Plan Spin-Off Date, the requirements of Section II(C) of the Plan may be satisfied based on Earnings prior to the Plan
Spin-Off Date. If such active GE HealthCare Transferee is an Eligible Employee at the time of the Plan Spin-Off, the requirement of Section II(c) of the Plan shall be
waived with respect to such individual until such individual’s termination of employment with the Company (including all Affiliates). 
 Section
IV.    Vesting 
 Each GE HealthCare Transferee’s vested percentage immediately after the Plan
Spin-Off shall be the same as his vested percentage immediately before the Plan Spin-Off. 

Section V.    Investment Credits 
 All
HealthCare Benefit Liabilities shall be mapped to deemed investment options that mirror the deemed investment options under the GE Restoration Plan. GE HealthCare Transferees may change their deemed investment elections for their transferred
HealthCare Benefit Liabilities pursuant to the rules and procedures of the Plan. 
 Section VI.    Beneficiary Designations 

All beneficiary designations of GE HealthCare Transferees under the GE Restoration Plan shall be transferred to the Plan and shall apply to each GE HealthCare
Transferee’s benefit under the Plan. GE HealthCare Transferees may change the beneficiary designations for their Plan benefit pursuant to the rules and procedures of the Plan. 

  
 16 

 Section VII.    Company Credits 

For GE HealthCare Transferees eligible for a Company Credit under the GE Restoration Plan with respect to the plan year ended December 31, 2022, any such
Company Credit for which the GE HealthCare Transferee is eligible under the GE Restoration Plan on December 31, 2022, shall be credited to his account under the Plan not later than January 31, 2023. 

  
 17

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