Document:

Terms of Awards under 2004 Employee and Director Equity-Based Compensation Plan

 Exhibit 10(n)(ii) 
 Terms of Awards Under 
 2004 Employee and Director Equity-Based
Compensation Plan (the “Plan”) 
 Capitalized terms used herein that are not defined shall have the same meaning as set forth in
the Plan. 
  

			
	 1.
	  	Stock Options
		
		  	 (a)    Vesting Period: Ratably over four (4) years, with twenty-five percent (25%) becoming
exercisable on each of the first, second, third and fourth anniversary of the grant date, except as provided in the Plan.

		
		  	 (b)    Term: Ten (10) years from grant date.

		
		  	 (c)    Exercise Price: Fair market value of BD common stock on grant date.

		
		  	 (d)    Form: Non-qualified stock options.

		
		  	 (e)    Forfeiture: Subject to forfeiture if (a) the grantee violates any agreement of
non-competition with BD, or any agreement of non-disclosure of confidential information of BD, or (b) if grantee commits acts or omissions that would have been the basis for termination for Cause during the grantee’s
employment.

		
	 2.
	  	Stock Appreciation Rights (SARs)
		
		  	 (a)    Vesting Period: Ratably over four (4) years, with twenty-five percent (25%) becoming
exercisable on each of the first, second, third and fourth anniversary of the grant date, except as provided in the Plan.

		
		  	 (b)    Term: Ten (10) years from grant date.

		
		  	 (c)    Exercise Price: Fair market value of BD common stock on grant date.

		
		  	 (d)    Settlement: Upon exercise, the holder receives shares of BD common stock equal in value to
the amount by which the market price of the BD common stock at the time of exercise exceeds the exercise price.

		
		  	 (e)    Forfeiture: Subject to forfeiture if (a) the grantee violates any agreement of
non-competition with BD, or any agreement of non-disclosure of confidential information of BD, or (b) if grantee commits acts or omissions that would have been the basis for termination for Cause during the grantee’s
employment.

		
	 3.
	  	Performance Units
		
		  	 (a)    Vesting Period: Third anniversary of grant date.

		
		  	 (b)    Settlement: Performance Units are settled in shares of BD common stock. Performance Unit
awards are given a share target. A formula determines the actual number of shares that will be issued upon vesting, which is based on BD’s performance against pre-established performance measures over the applicable performance
period.

		
		  	 (c)    Performance Period: Three consecutive fiscal years, beginning with the fiscal year in which
the award is granted.

		
		  	 (d)    Performance Measures: For awards prior to November 2012, consist primarily of BD’s
revenue growth and return on invested capital during the performance period, with revenue growth weighted 60% or 70%, depending on the year of grant. For awards made in November 2012 and later,
consist

			
		  	          primarily of BD’s return on invested capital and relative total
shareholder return compared to that of a select group of peer companies, each weighted 50%. Payouts may range from zero to 200% of the award’s share target.

		
		  	 (e)    Dividend Equivalent Rights. Performance Units granted prior to November 2012 were issued in
tandem with dividend equivalent rights.

		
		  	 (f)     Termination prior to the completion of vesting period: Upon death or 409A Disability,
grantee vests in a pro rata amount of the award’s share target. Upon Disability (other than a 409A Disability), Retirement or involuntary termination without Cause, grantee vests in a pro rata amount of the shares that would have been
distributable under the award had the grantee remained employed with BD through the vesting period.

		
	 4.
	  	Time-Vested Units
		
		  	 (a)    Vesting Period: Third anniversary of grant date.

		
		  	 (b)    Settlement: Each Time-Vested Unit entitles the grantee to one share of BD common stock upon
vesting.

		
		  	 (c)    Dividend Equivalent Rights. Time-Vested Units granted prior to November 2012 were issued in
tandem with dividend equivalent rights..

		
		  	 (d)    Termination prior to the completion of vesting period: Upon Retirement, death or Disability,
the award vests in full. Upon involuntary termination without Cause, the grantee vests in a pro rata amount of the award.

		
	 5.
	  	Career Shares
		
		  	 (a)    Vesting Period: First anniversary of the grantee’s Retirement from
BD.

		
		  	 (b)    Settlement: Each Career Share entitles the grantee to one share of BD common stock upon
vesting.

		
		  	 (c)    Dividend Equivalent Rights. Career Shares are issued in tandem with dividend equivalent
rights.

		
		  	 (d)    Termination prior to the completion of vesting period: Upon death, Disability or involuntary
termination other than for Cause, Career Shares become fully vested.

		
		  	 (e)    Forfeiture: Subject to forfeiture in the event, at any time prior to the first anniversary
of the grantee’s Retirement, the grantee violates non-compete covenant with BD.<![CDATA[Retiree medical agreement between Becton, Dickinson and Co.& Jeffery S. Sherman]]>

 Exhibit 10(o) 
 AGREEMENT 
 THIS AGREEMENT is made effective as of the 5th day of January,
2004, by and between Becton, Dickinson and Company (the “Company”), and Jeffrey S. Sherman (“Sherman”). 

WITNESSETH: 
 WHEREAS, Sherman received an offer for the position Vice President and General Counsel for the Company pursuant to a letter (the “Offer Letter”) dated December 18, 2003 from Edward J.
Ludwig, the Company’s Chairman, President and Chief Executive Officer; 
 WHEREAS, the Offer Letter described certain terms
and conditions of Sherman’s employment for the Company, including his right to receive certain post-retirement health care benefits under the Company’s post-retirement health care benefit program (the “Retiree Medical Plan”);

 WHEREAS, on December 23, 2003, Sherman accepted the offer contained in the Offer Letter; and 

WHEREAS, Sherman and the Company, by this Agreement, with to clarify and describe the Company’s obligation (initially described in
the Offer Letter) to provide Sherman with any post-retirement health care benefits. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth, and intending to be legally bound, the Company and Sherman agree as follows: 
 1. Retiree Medical Plan Eligibility: This Agreement describes Sherman’s eligibility for participation in the Retiree Medical Plan. Except as otherwise provided herein, all other terms,
conditions, rights and obligations of Sherman and the Company with respect to the Retiree Medical Plan, including (but not limited to) benefits and premium payments, shall be governed by the terms of the Retiree Medical Plan. Notwithstanding the
foregoing, if the terms of this Agreement conflict with the Retiree Medical Plan, this Agreement shall be deemed to be an amendment to such Plan. The following describes particular rules regarding Sherman’s Retiree Medical Plan eligibility:

 a. Termination of Employment On or After Age 55. Upon Sherman’s termination of employment for any reason on or
after his attainment of age 55, he shall be eligible to participate in the Retiree Medical Plan pursuant to the terms, conditions, and limitations of such Plan in effect at such date, subject to Sherman’s payment of the applicable premium for
retiree medical coverage that otherwise applies to retired employees of the Company. 

 Retiree Medical Agreement – Jeffrey S. Sherman 

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 b. Termination of Employment Before Age 55. 

(1) Voluntary Termination or Termination for Cause Before Age 55. If, prior to his attaining age 55, Sherman voluntarily
terminates his employment or if Sherman’s employment is terminated by the Company “for cause” (as such term is defined in Section 4(b) of the Employment Agreement entered into between the Company and Sherman), the Company shall
have no obligation to provide Sherman with any retiree medical benefit coverage, whether under the Retiree Medical Plan or otherwise. 
 (2) Mutual Agreement. Notwithstanding the preceding paragraph (1), if Sherman’s employment is terminated prior to his attaining age 55 and that termination is at the mutual agreement of the
Company and Sherman, Sherman shall be entitled to participate in the Retiree Medical Plan upon his attainment of age 55, pursuant to the terms, conditions, and limitations of such Plan in effect at such date, subject to Sherman’s payment of the
applicable premium for retiree medical coverage that otherwise applies to retired employees of the Company. 
 c. Death or
Disability While Actively Employed. Upon Sherman’s termination of employment due to his death or disability, Sherman’s eligibility for benefits under the Retiree Medical Plan shall be unaffected by this Agreement and he (or his
surviving spouse) shall only be entitled to participate in the Retiree Medical Plan (if at all) to the same extent as any other employee of the Company who terminates employment due to death or disability at the same age as Sherman (at his death or
disability) and with the same years of credited service as Sherman (at his death or disability). Any Retiree Medical Plan coverage under such conditions shall be provided pursuant to the terms, conditions, and limitations of such Plan in effect at
such date, subject to the payment of the applicable premium for retiree medical coverage that otherwise applies with respect to retired employees of the Company. 
 d. Change in Control. If Sherman’s employment is terminated following a Change in Control (as defined in the Employment Agreement between the Company and Sherman), Sherman shall be eligible to
participate in the Retiree Medical Plan upon the later of his attainment of age 55 or the exhaustion of medical coverage otherwise provided by the Company pursuant to the terms of Sherman’s Employment Agreement. Such coverage shall be provided
pursuant to the terms, conditions, and limitations of such Plan in effect at such date, subject to the payment of the applicable premium for retiree medical coverage that otherwise applies with respect to retired employees of the Company.

 2. Non-Assignment: Shermnan’s right to the retiree medical benefits described in this Agreement may not be
assigned, transferred, pledged or otherwise encumbered. 

 Retiree Medical Agreement – Jeffrey S. Sherman 

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 3. Tax Consequences: The Retiree Medical Plan is subject to certain federal
income tax rules that limit the extent to which tax-free coverage may be provided on a discriminatory basis in favor of highly compensated individuals. There can be no assurance that such coverage may continue to be provided to Sherman on a
tax-favored basis if Sherman’s coverage under the Retiree Medical Plan is made available to him at a time when it is not otherwise available to any other terminated or retired employee of the Company. 

4. No Employment Guarantee: Nothing contained herein shall be construed as conferring upon Sherman the right to continue in the
employ of the Company in any capacity and no rights are acquired by the Retiree Medical Plan or the Agreement except as expressly provided herein. 
 5. Plan Committee: The senior human resources officer of the Company shall have full power and authority to interpret, construe and administer this Agreement and the Retiree Medical Plan, and such
Committee’s interpretations hereof, and all actions hereunder, shall be binding and conclusive on all persons and for all purposes. No member of the Compensation and Benefits Committee or the senior human resources officer shall be liable to
any person for any action taken or omitted in connection with the interpretation and administration of this Agreement unless attributable to such member’s willful misconduct. 

6. Binding Effect: This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and
Sherman, and Sherman’s heirs, executors, administrators and legal representatives. 
 7. Controlling Law: This
Agreement shall be construed in accordance with and governed by the laws of the State of New Jersey except to the extent governed by applicable Federal law. 
 8. Termination or Amendment of Retiree Medical Plan: Sherman understands and acknowledges that the Board of Directors of the Company or its delegate may terminate or amend the Retiree Medical Plan
at any time and for any reason. In the event of any such amendment, Sherman shall be eligible for the same coverage under the Retiree Medical Plan as all other similarly situated retired employees of the Company otherwise entitled to coverage under
the Retiree Medical Plan. 
 9. Entire Agreement: Except as expressly provided herein, this Agreement and the underlying
Retiree Medical Plan: (i) supersede all other understandings and agreements, oral or written, between the parties with respect to the subject matter of this Agreement; and (ii) constitute the sole agreement between the parties with respect
to its subject matter. Each party acknowledges that: (i) no representations, inducements, promises or agreements, oral or written, 

 Retiree Medical Agreement – Jeffrey S. Sherman 

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have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement; and (ii) no agreement, statement or promise not contained in this Agreement
shall be valid or binding on the parties unless such change or modification is in writing and is signed by the parties. 
 IN
WITNESS WHEREOF, the parties have executed this Agreement signed this              day of January, 2004 and effective as of the day and year first above written. 

 

			
	BECTON, DICKINSON AND COMPANY
		
	By:	 	 /s/ Edward J. Ludwig

			
	Name:	 	Edward J. Ludwig
	Title:	 	Chairman, President and CEO
	
	JEFFREY S. SHERMAN
	
	 s/ Jeffrey S. Sherman

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