Document:

Exhibit 10.5 

 

HILLENBRAND, INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT

(Non-Employee Director)

 

Summary of Restricted Stock Unit Grant

 

Hillenbrand, Inc.
(the “Company”) grants to the Director named below, in accordance with the terms of the Hillenbrand, Inc. Amended
and Restated Stock Incentive Plan (the “Plan”) and this Restricted Stock Unit Award Agreement (the “Agreement”),
the following number of Restricted Stock Units, on the Grant Date set forth below:

 

		Name of Director:	____________________________________

 

		Number of Stock Units:	_______________

 

		Grant Date:	February ___,
20__

 

Terms of Agreement

 

1.            Restricted
Stock Units. Each Restricted Stock Unit shall represent the contingent right to receive
one share of the Company’s common stock (the “Common Stock”), subject to the terms and conditions of this Agreement.
The Restricted Stock Units shall be credited in a book entry account established for the Director until payment in accordance with
Section 4 hereof (or forfeiture in accordance with Section 3 hereof). Any cash dividend the Company pays on Common Stock
prior to payment of the Restricted Stock Units will be deemed reinvested in additional units (including fractional units) on the
date of such dividend payment. Such cash dividends shall be deemed reinvested at a price equal to the “Fair Market Value”
of the Common Stock, as defined in the Plan. The number of Restricted Stock Units, and the number and kind of shares of Common
Stock payable pursuant to this Agreement, shall be subject to adjustment as provided in the Plan.

 

2.            Vesting
of Restricted Stock Units.

 

(a)            The
Restricted Stock Units shall vest in full if the Director continues to serve on the Board of Directors of the Company (the “Board”)
from the Grant Date until the earlier of (i) the first anniversary of the Grant Date, or (ii) the time immediately prior
to the commencement of the first annual meeting of the Company’s shareholders that occurs in the year after (not including)
the Grant Date (the “Vesting Date”).

 

(b)            Notwithstanding
the provisions of Section 2(a) above, the Restricted Stock Units shall immediately become vested (i) in full if,
prior to the Vesting Date, (A) the Director dies or becomes permanently disabled (as defined under Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”)) while serving on the Board, or (B) a Change in Control
occurs while the Director is serving on the Board; or (ii) pro rata through the date that the Director ceases to be a Director
if, prior to the Vesting Date, the Director retires, resigns, or declines to stand for reelection.

 

3.            Forfeiture
of Restricted Stock Units. Any unvested Restricted Stock Units (including without limitation
any right to dividend equivalents described in Section 1 hereof) shall be forfeited automatically without further action or
notice if the Director ceases to serve on the Board other than as provided in Section 2(b) above.

 

     

     

    

 

4.            Payment.
If the Restricted Stock Units become vested, the Company shall deliver to the Director (or the Director’s estate in the event
of death) the shares of Common Stock underlying the vested Restricted Stock Units (including reinvested dividend equivalents) within
(a) one business day following that date on which the Director ceases to be a member of the Board other than in the case of
a Change in Control or due to death or disability (as defined in Section 409A of the Code), or (b) in the case of a Change
in Control or the Director’s death or disability (as defined in Section 409A of the Code), within 15 calendar days thereafter.
Any fractional shares of Common Stock deliverable hereunder shall be rounded up to the next whole share.

 

5.             No
Rights as Stockholder. The Director shall have no rights as a stockholder (including,
without limitation voting rights) with respect to any shares of Common Stock covered by the Restricted Stock Units until the shares
of Common Stock are delivered to the Director as provided herein.

 

6.            Transferability.
The Restricted Stock Units shall be non-transferable and may not be sold, assigned, transferred, exchanged, pledged, hypothecated,
or otherwise encumbered. No such sale, assignment, transfer, exchange, pledge, hypothecation or encumbrance, whether made or created
by a voluntary act of the Director or any agent of the Director or by operation of law, shall be recognized by, or be binding upon,
or shall in any manner affect the rights of, the Company, its successors or any agent thereof. The amounts payable under this Agreement
shall be exempt from the claims of creditors of the Director and from all orders, decrees, levies and executions and any other
legal process to the fullest extent that may be permitted by law. Notwithstanding the foregoing, the Board may permit the Director
to designate one or more beneficiaries to receive payment of the Restricted Stock Units in the event of the Director’s death.

 

7.            Unfunded,
Unsecured Obligation. The Company’s obligations under the Restricted Stock Units,
the Plan and this Agreement constitute an unfunded, unsecured promise to deliver shares of Common Stock to the Director in accordance
with all applicable provisions of this Agreement and the Plan. Neither the Restricted Stock Units, this Agreement nor the Plan
shall be considered to create an escrow account, trust fund or other funding arrangement of any kind, or a fiduciary relationship
between the Director and the Company. The Director’s right to enforce the Company’s obligations hereunder shall be
the same as, shall not be greater than, the right of enforcement of an unsecured general creditor of the Company.

 

8.            No
Right to Reelection. Nothing contained in this Agreement shall confer upon the Director
any right to be nominated for reelection by the Company’s shareholders, or any right to remain a member of the Board for
any period of time, or at any particular rate of compensation.

 

9.            Successors
and Assigns. Without limiting Section 6 above, this Agreement shall inure to the
benefit of and be enforceable by the Director’s legal representatives. This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

 

    -2- 

     

    

 

10.         Amendments.
Subject to the terms of the Plan, the Board may modify this Agreement upon written notice to the Director. Any amendment to the
Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto. Notwithstanding
the foregoing, no amendment of the Plan or this Agreement shall impair the rights of the Director under this Agreement without
the Director’s consent unless the Board determines, in good faith, that such amendment is required for the Agreement to
either be exempt from the application of, or comply with, the requirements of Section 409A of the Code, or as otherwise may
be provided in the Plan.

 

11.          Severability.
In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction,
any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof
shall continue to be valid and fully enforceable.

 

12.         Relation
to Plan. This Agreement is subject to the terms and conditions of the Plan. This Agreement
and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this
Agreement, and supersede all prior written or oral communications, representations and negotiations in respect thereto. In the
event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. Capitalized terms used
herein without definition shall have the meanings assigned to them in the Plan. The Board acting pursuant to the Plan, as constituted
from time to time, shall, except as expressly provided otherwise herein, have the right to determine any questions which arise
in connection with the grant of the Restricted Stock Units.

 

13.          Governing
Law. The interpretation, performance, and enforcement of this Agreement shall be governed
by the laws of the State of Indiana, without giving effect to the principles of conflict of laws thereof.

 

14.          Data
Privacy. In conjunction with the Company’s grant of the Restricted Stock Units and
its ongoing administration of such award, the Company is providing the following information about its data collection, processing
and transfer practices. In accepting the grant of the Restricted Stock Units, the Director expressly and explicitly consents to
the personal data activities as described herein.

 

(a)            Data
Collection, Processing and Usage. The Company will collect, process and use certain personal information about the Director
(“Data”) for the exclusive purpose of implementing, administering and managing the Plan. The Company’s legal
basis for the collection, processing and use of the Data is the Director’s consent.

 

(b)            Stock
Plan Administration Service Providers. The Company transfers the Data to Fidelity Stock Plan Services LLC, a broker firm/third
party service provider based in the United States of America and engaged by the Company to assist with the implementation, administration
and management of awards granted under the Plan (the “Stock Plan Provider”). In the future, the Company may select
a different Stock Plan Provider and share the Data with another company that serves in a similar manner. The Stock Plan Provider
will open an account for the Director to receive and trade shares of Common Stock acquired under the Plan. The Director will be
asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition of the Director’s
ability to participate in the Plan.

 

    -3- 

     

    

 

(c)            Voluntariness
and Consequences of Consent, Denial or Withdrawal. The Director’s participation in the Plan and the Director’s
consent hereunder is purely voluntary. The Director may deny or withdraw his or her consent at any time. If the Director does
not consent, or if the Director later withdraws his or her consent, the Director may be unable to participate in the Plan. This
would not affect the Director’s existing service on the Board; instead, the Director merely may forfeit the opportunities
associated with participation in the Plan.

 

(d)            Data
Retention. The Director understands that the Data will be held only as long as is necessary to implement, administer and manage
the Restricted Stock Units and participation in the Plan. When the Company no longer needs the Data, the Company will remove it
from its systems. If the Company retains the Data longer, it would be to satisfy the Company’s legal or regulatory obligations
and the Company’s legal basis would be for compliance with applicable laws, rules and regulations.

 

(e)            Data
Subject Rights. The Director understands that the Company may have the right under applicable law to (i) access or copy
the Data that the Company possesses, (ii) rectify incorrect Data, (iii) delete the Data, and (iv) restrict processing
of the Data.

 

15.          Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related
to the Restricted Stock Units or other awards granted to the Director under the Plan by electronic means. The Director hereby consents
to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system
established and maintained by the Company or a third party designated by the Company.

 

16.         Acceptance
of Award. The Director shall be deemed to have accepted the award of Restricted Stock
Units on the terms, and subject to the conditions, set forth in the Plan and in this Agreement unless the Director provides written
notice (including by means of electronic communication) to the Company, within 30 calendar days following the Grant Date, stating
that the Director does not wish to accept the award. Any such notice must be sent either to the Stock Plan Provider in accordance
with its applicable procedures or to the Company to the attention of the Office of General Counsel, Hillenbrand, Inc., One
Batesville Blvd., Batesville, IN 47006 or to the Company-provided email address of the General Counsel. Upon the Company’s
receipt of any such notice, this Agreement will automatically terminate and neither the Company nor any of its affiliates
shall have any further obligations to the Director under this Agreement. The terms and conditions of the Plan and this Agreement
constitute a legal contract that will bind both the Director and the Company as soon as the Director is deemed to have accepted
the award as set forth above.

 

******************************

 

    -4-Exhibit 10.6

 

CHANGE IN CONTROL AGREEMENT

 

This Change in Control
Agreement (the “Agreement”) is made as of the ___ day of ______________, 20___ (the “Effective Date”),
by and between Hillenbrand, Inc., an Indiana corporation (the “Company”), and _______________ (the “Executive”).

 

WHEREAS, the Company
considers it essential to the best interests of its shareholders to foster continuous employment by the Company and its subsidiaries
of their key management personnel;

 

WHEREAS,
the Compensation and Management Development Committee (the “Committee”) of the Board of Directors (the “Board”)
of the Company has recommended, and the Board has approved, that the Company enter into Change in Control Agreements with
key executives of the Company and its subsidiaries who are from time to time designated by the management of the Company and approved
by the Committee; and

 

WHEREAS, the Board
believes it is in the best interests of the Company and its shareholders that in the event of any proposed Change in Control (as
defined below) Executive be in a position to provide assessment and advice to the Board regarding any proposed Change in Control
without concern that Executive might be unduly distracted by the personal uncertainties and risks created by any proposed Change
in Control;

 

NOW, THEREFORE, the
Company and Executive agree as follows:

 

1.            Effectiveness.
The terms and conditions of this Agreement shall become effective commencing on the Effective Date. The Company and Executive acknowledge
and agree that, as of the Effective Date, any prior Change in Control Agreement between the Company and Executive is hereby terminated
in its entirety and considered null and void.

 

2.            Termination
following a Change in Control. After the occurrence of a Change in Control, the Company will provide or cause to be provided
to Executive the rights and benefits described in Section 3 hereof in the event that Executive’s employment with the
Company and its subsidiaries is terminated:

 

(a)            by
the Company or its subsidiaries (or its or their successors) for any reason other than for death, permanent disability or Cause
(as defined below) at any time prior to the second anniversary of a Change in Control; or

 

(b)            by
Executive for Good Reason (as defined below) at any time prior to the second anniversary of a Change in Control.

 

Anything in this Agreement
to the contrary notwithstanding, if a Change in Control occurs and if the Executive’s employment with the Company is terminated
by the Company other than for death, permanent disability or Cause, or by Executive for Good Reason, prior to the date on which
the Change in Control occurs, and if it is reasonably demonstrated by Executive that such termination of employment (i) was
at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise
arose in connection with or anticipation of a Change in Control which subsequently occurs within three months of such termination,
then for purposes of this Agreement a Change in Control shall be deemed to have occurred on the day immediately prior to such termination
of employment, and all references in Section 3 to payments within a specified period as allowed by law following “Termination”
shall instead be references to the specified period following the Change in Control.

 

     

    2

    

 

The rights and benefits
described in Section 3 hereof shall be in lieu of any severance or similar payments otherwise payable to Executive under any
employment agreement or severance plan or program of the Company or any of its subsidiaries but shall not otherwise affect Executive’s
rights to compensation or benefits under the Company’s compensation and benefit programs except to the extent expressly provided
herein.

 

3.            Rights
and Benefits Upon Termination.

 

In the event of the
termination of Executive’s employment under any of the circumstances set forth in Section 2 hereof (“Termination”),
the Company shall provide or cause to be provided to Executive the following rights and benefits, provided that Executive executes
and delivers to the Company within 45 days of the Termination a release (“Release”) in a form reasonably acceptable
to the Company:

 

(a)            a
lump sum payment in cash in the amount of [two/three]1 times the sum of (x) Executive’s Annual Base Salary
(as defined below), plus (y) the Executive’s Target Short-Term Incentive, payable (i) on the date which is six
months following Termination, if the Executive is a “specified employee” as defined in Code Section 409A(a)(2)(B)(i) of
the Internal Revenue Code of 1986, as amended (“Code”) (Section 409A of the Code is hereunder referred to as
 “Section 409A”), and the Treasury Regulations promulgated thereunder (to the extent required in order to comply
with Section 409A); or (ii) on the next regularly scheduled payroll following the earlier to occur of fifteen (15) days
from the Company’s receipt of an executed Release or the expiration of sixty (60) days after Executive’s Termination,
if Executive is not such a “specified employee” (or such payment is exempt from Section 409A); provided, however,
that if the before-stated sixty (60) day period ends in a calendar year following the calendar year in which the sixty (60) day
period commenced, then any benefits not subject to clause (i) shall only begin on the next regularly scheduled payroll following
the expiration of sixty (60) days after the Executive’s Termination;

 

(b)            for
the [24/36]2 months following Termination, continued health and medical insurance coverage for Executive and Executive’s
dependents substantially comparable (with regard to both benefits and employee contributions) to the coverage provided by the
Company immediately prior to the Change in Control for active employees of equivalent rank. From the end of such [24/36]3
month period until Executive attains Social Security Retirement Age, Executive shall have the right to purchase (at COBRA
rates applicable to such coverage) continued coverage for Executive and Executive’s dependents under one or more plans maintained
by the Company for its active employees, to the extent Executive would have been eligible to purchase continued coverage under
the plan in effect immediately prior to the Change in Control had Executive’s employment terminated [24/36]3 months
following Termination. The payment of any health or medical claims for the health and medical coverage provided in this subparagraph
(b) shall be made to the Executive as soon as administratively practicable after the Executive has provided the appropriate
claim documentation, but in no event shall the payment for any such health or medical claim be paid later than the last day of
the calendar year following the calendar year in which the expense was incurred. Notwithstanding anything herein to the contrary,
to the extent required by Section 409A: (i) the amount of medical claims eligible for reimbursement or to be provided
as an in-kind benefit under this Agreement during a calendar year may not affect the medical claims eligible for reimbursement
or to be provided as an in-kind benefit in any other calendar year, and (ii) the right to reimbursement or in-kind benefits
under this Agreement shall not be subject to liquidation or exchange for another benefit;

 

 

(1) Three times only in the case of the CEO.

 

(2) Thirty-six months only in the case of the CEO.

 

(3) Same.

 

     

    3

    

 

(c)            a
lump sum payment in cash, payable within sixty (60) days after Termination, equal to all reimbursable business expenses and similar
miscellaneous benefits as of the Termination; provided, however, that to the extent that any such miscellaneous benefits are subject
to Section 409A, such benefits shall be paid in one lump sum (i) on the date which is six months following Termination,
if the Executive is a “specified employee” as defined in Code Section 409A(a)(2)(b)(i), or (ii) on the next
regularly scheduled payroll following the earlier to occur of fifteen (15) days from the Company’s receipt of an executed
Release or the expiration of sixty (60) days after Executive’s Termination, if Executive is not such a “specified employee”;
provided, however, that if the before-stated sixty (60) day period ends in a calendar year following the calendar year in which
the sixty (60) day period commenced, then any benefits not subject to clause (i) shall only begin on the next regularly scheduled
payroll following the expiration of sixty (60) days after the Executive’s Termination;

 

(d)            a
lump sum payment in cash equal to the amount of Short-Term Incentive Compensation payable to Executive for the fiscal year or other
performance period that includes the date of the Termination, calculated based on the greater of (i) an assumed achievement
of all relevant performance goals at their “target” level, or (ii) the actual level of achievement of all relevant
performance goals against target measured through the date immediately prior to the date of Termination (or as close to such date
as administratively practicable), and pro-rated based on the number of days in the applicable fiscal year or other performance
period through (and including) the date of Termination.

 

(e)            accelerated
vesting in full of all outstanding awards held by Executive under the Company’s Stock Incentive Plan, with any such awards
with respect to which the number of shares of common stock of the Company earned depends upon performance calculated as follows:
(i) for awards granted prior to the Effective Date, an assumed achievement of all relevant performance goals at their “target”
level, and (ii) for awards granted on or after the Effective Date, the greater of (A) an assumed achievement of all relevant
performance goals at their “target” level, or (B) the actual level of achievement of all relevant performance
goals against target measured through the date immediately prior to the Change in Control (or as close to such date as administratively
practicable); provided, that if the Change in Control involves a merger, acquisition or other corporate restructuring in which
the Company is not the surviving entity (or survives as a subsidiary of another entity) (an “Acquisition”), then, in
lieu of any such shares of common stock of the Company as described above, Executive shall be entitled to receive consideration
equal to that which Executive would have received had the Termination occurred (and, thus, the rights and benefits set forth above
been realized) immediately prior to the Acquisition; and provided further, that the Company shall in any case have the right to
substitute cash for shares of common stock of the Company or consideration in an amount equal to the fair market value of such
shares or consideration as reasonably determined by the Company.

 

     

    4

    

 

Any distribution to
be made under Section 3(d) or (e) shall be made no later than two and one half months following Executive’s
Termination, except to the extent otherwise required in order to comply with Section 409A.

 

4.            Adjustments
to Payments.

 

(a)            If
any payment or benefit Executive would receive pursuant to this Agreement or otherwise, including accelerated vesting of any equity
compensation (all such payments and/or benefits hereinafter, “Payment”), would (i) constitute a “parachute
payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either (x) provided
to the Executive in full, or (y) provided to the Executive to such lesser extent which would result in no portion of such
Payment being subject to the excise tax, further reduced by $5,000 (including such further reduction, the “Cutback Amount”),
whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment
taxes, such excise tax and other applicable taxes, (all computed at the highest applicable marginal rates), results in the receipt
by the Executive, on an after-tax basis, of the greatest amount of the Payment, notwithstanding that all or a portion of such Payment
may be subject to the excise tax.  If a reduction in payments or benefits constituting “parachute payments” is
necessary so that the Payment equals the Cutback Amount, reduction shall occur in the following order: (A) cash payments shall
be reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence
of the event triggering such excise tax will be the first cash payment to be reduced; (B) accelerated vesting of performance-based
equity awards shall be cancelled or reduced next and in the reverse order of the date of grant for such awards (i.e., the vesting
of the most recently granted awards will be reduced first), with full-value awards reduced before any performance-based stock option
or stock appreciation rights are reduced; (C) health and welfare benefits shall be reduced and in reverse chronological order
such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the first
benefit to be reduced; and (D) accelerated vesting of time-based equity awards shall be cancelled or reduced last and in the
reverse order of the date of grant for such awards (i.e., the vesting of the most recently granted awards will be reduced first),
with full-value awards reduced before any time-based stock option or stock appreciation rights are reduced.

 

(b)            The
Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder and perform the foregoing
calculations.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to
be made hereunder.  The accounting firm engaged to make the determinations hereunder shall provide its calculations, together
with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which
right to a Payment is triggered (if requested at that time by the Company or Executive).  Any good faith determinations of
the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.

 

     

    5

    

 

5.            Section 409A
Acknowledgement.

 

Executive acknowledges
that Executive has been advised of Section 409A, which has significantly changed the taxation of nonqualified deferred compensation
plans and arrangements. Under proposed and final regulations as of the date of this Agreement, Executive has been advised that
Executive’s severance pay and other Termination benefits may be treated by the Internal Revenue Service as “nonqualified
deferred compensation,” subject to Section 409A. In that event, several provisions in Section 409A may affect Executive’s
receipt of severance compensation, including the timing thereof. These include, but are not limited to, a provision which requires
that distributions to “specified employees” (as defined in Section 409A) on account of separation from service
may not be made earlier than six months after the effective date of separation. If applicable, failure to comply with Section 409A
can lead to immediate taxation of such deferrals, with interest calculated at a penalty rate and a 20% excise tax. As a result
of the requirements imposed by the American Jobs Creation Act of 2004, Executive agrees that if Executive is a “specified
employee” at the time of Executive’s termination and if severance payments are covered as “nonqualified deferred
compensation” or otherwise not exempt, such severance pay (and other benefits to the extent applicable) due Executive at
time of termination shall not be paid until a date at least six months after Executive’s effective termination date. Executive
acknowledges that, notwithstanding anything contained herein to the contrary, both Executive and the Company shall each be independently
responsible for accessing their own risks and liabilities under Section 409A that may be associated with any payment made
under the terms of this Agreement which may be deemed to trigger Section 409A. To the extent applicable, Executive understands
and agrees that Executive shall have the responsibility for, and Executive agrees to pay, any and all appropriate income tax or
other tax obligations for which Executive is individually responsible and/or related to receipt of any benefits provided in this
Agreement. Executive agrees to fully indemnify and hold the Company harmless for any taxes, penalties, interest, cost or attorneys’
fee assessed against or incurred by the Company on account of such benefits having been provided to Executive or based on any alleged
failure to withhold taxes or satisfy any claimed obligation. Executive understands and acknowledges that neither the Company, nor
any of its employees, attorneys or other representatives, has provided or will provide Executive with any legal or financial advice
concerning taxes or any other matter, and that Executive has not relied on any such advice in deciding whether to enter into this
Agreement. Notwithstanding any provision of this Agreement to the contrary, to the extent that any payment under the terms of this
Agreement would constitute an impermissible acceleration of payments under Section 409A or any regulations or Treasury guidance
promulgated thereunder, such payments shall be made no earlier than at such times allowed under Section 409A. If any provision
of this Agreement (or of any award of compensation) would cause Executive to incur any additional tax or interest under Section 409A
or any regulations or Treasury guidance promulgated thereunder, the Company or its successor may reform such provision; provided
that it will (i) maintain, to the maximum extent practicable, the original intent of the applicable provision without violating
the provisions of Section 409A and (ii) notify and consult with Executive regarding such amendments or modifications
prior to the effective date of any such change.

 

6.            Non-Competition;
Non-Solicitation. In the event that upon a Termination, Executive receives any of the rights and benefits described in Section 3
hereof, then during the period beginning on such Termination and ending two years thereafter:

 

(a)            Executive
will not, unless acting as an employee of the Company or any of its affiliated companies or with the prior written consent of the
Company, directly or indirectly, own, manage, operate, finance, join, control or participate in the ownership, management, operation,
financing or control of, or be connected in a competitive capacity as an officer, director, employee, partner, principal, agent,
representative, consultant or otherwise with, or use or permit Executive’s name to be used in connection with, any business
or enterprise that (i) is engaged in the business of designing, engineering, manufacturing, marketing, selling or distributing
any products or services that compete with, or are a functional equivalent of or alternative for, any of the products or services
designed, engineered, manufactured, marketed, sold or distributed by the Company or any of its affiliated companies within the
year prior to the Termination or that the Company or any of its affiliated companies are about to so do at the time of such Termination
(the “Competing Products”), and (ii) is engaged in any such activities within any state of the United States or
the District of Columbia or any other country in which the Company or any of its affiliated companies engages in or is about to
engage in any of such activities; and

 

     

    6

    

 

(b)            Executive
will not, unless acting as an employee of the Company or any of its affiliated companies or with the prior written consent of the
Company, (i) call on or solicit, either directly or indirectly, for any purposes involving the designing, engineering, manufacturing,
marketing, selling, purchasing or distributing of any Competing Products, any person, firm, corporation or other entity who or
which is or had been, at the time of or within two years prior to the Termination, a customer of the Company or any of its affiliated
companies, or (ii) knowingly solicit for employment, or otherwise for the providing of advice or services, any person who
is an employee of the Company or any of its affiliated companies or who was such an employee within six months prior to such Termination.

 

The provisions of Section 6(a) shall
not prohibit Executive from owning not more than one percent (1%) of the outstanding stock or other corporate security of a company
that is traded or quoted on a national securities exchange or national market system

 

7.            Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

(a)            “Annual
Base Salary” means the annualized amount of Executive’s rate of base salary in effect immediately before the Change
in Control or such higher rate as may be in effect at any time on or after the Change in Control.

 

(b)            “Cause”
shall have the same meaning set forth in any current employment agreement that the Executive has with the Company or any of its
subsidiaries.

 

(c)            A
 “Change in Control” shall be deemed to occur on:

 

		(i)	the date that any person, corporation, partnership, syndicate, trust, estate or other group acting
with a view to the acquisition, holding or disposition of securities of the Company, becomes, directly or indirectly, the “beneficial
owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of securities of the Company representing
35% or more of the voting power of all securities of the Company having the right under ordinary circumstances to vote at an election
of the Board (“Voting Securities”), other than by reason of (x) the acquisition of securities of the Company by
the Company or any of its Subsidiaries or any employee benefit plan of the Company or any of its Subsidiaries, or (y) the
acquisition of securities of the Company directly from the Company;

 

     

    7

    

 

		(ii)	the consummation of a merger or consolidation of the Company with another corporation unless

 

(A) the shareholders of the
Company, immediately prior to the merger or consolidation, beneficially own, immediately after the merger or consolidation, shares
entitling such shareholders to 50% or more of the voting power of all securities of the corporation surviving the merger or consolidation
having the right under ordinary circumstances to vote at an election of directors in substantially the same proportions as their
ownership, immediately prior to such merger or consolidation, of Voting Securities of the Company;

 

(B) no person, corporation,
partnership, syndicate, trust, estate or other group beneficially owns, directly or indirectly, 35% or more of the voting power
of the outstanding voting securities of the corporation resulting from such merger or consolidation except to the extent that such
ownership existed prior to such merger or consolidation; and

 

(C) the members of the Company’s
Board, immediately prior to the merger or consolidation, constitute, immediately after the merger or consolidation, a majority
of the board of directors of the corporation issuing cash or securities in the merger;

 

		(iii)	the date on which individuals who at the beginning of the 24-month period ending on such date constituted
the entire Board (“Current Directors”) shall cease for any reason to constitute a majority of the Board, unless the
nomination or election of each new director was approved by a majority vote of the Current Directors;

 

		(iv)	the consummation of a sale or other disposition of all or substantially all (i.e., 50% or
more) of the assets of the Company in one transaction or a series of transactions within any period of 12 consecutive months; or

 

		(v)	the date of approval by the shareholders of the Company of a plan of complete liquidation of the
Company.

 

(f)            “Good
Reason” shall have the same meaning set forth in any current employment agreement that the Executive has with the Company
or any of its subsidiaries.

 

     

    8

    

 

(g)            “Short-Term
Incentive Compensation” means the Incentive Compensation payable under the Short-Term Incentive Compensation Program,
or any successor or other short-term incentive plan or program.

 

(h)            “Target
Short-Term Incentive” means the higher of (i) the target Incentive Compensation opportunity under the Short-Term
Incentive Compensation Program applicable to Executive as in effect immediately prior to the Change in Control, provided that if
no target Incentive Compensation opportunity has been established for the year or other performance period in which the Change
in Control occurs, as in effect for the year or other performance period immediately preceding the year in which the Change in
Control occurs, or (ii) the target Incentive Compensation opportunity under the Short-Term Incentive Compensation Program
applicable to Executive as in effect any time after the Change in Control.

 

8.            Notice.

 

(a)            Any
discharge or termination of Executive’s employment pursuant to Section 2 shall be communicated in a written notice to
the other party hereto setting forth the effective date of such discharge or termination (which date shall not be more than 30
days after the date such notice is delivered) and, in the case of a discharge for Cause or a termination for Good Reason the basis
for such discharge or termination.

 

(b)            For
purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States certified or registered mail, return receipt requested,
postage prepaid, addressed (i) in the case of Executive, to the last address the Company has on file; or (ii) in the
case of the Company, to One Batesville Boulevard, Batesville, Indiana 47006, provided that all notices to the Company shall
be directed to the attention of the Board with a copy to the General Counsel, or to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon
receipt.

 

9.            No
Duty to Mitigate. Executive is not required to seek other employment or otherwise mitigate the amount of any payments to be
made by the Company pursuant to this Agreement.

 

10.          Assignment.

 

(a)            This
Agreement is personal to Executive and shall not be assignable by Executive other than by will or the laws of descent and distribution.
This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.

 

(b)            This
Agreement shall inure to the benefit of and be binding upon the Company and its successors. The Company shall require any successor
to all or substantially all of the business and/or assets of the Company, whether direct or indirect, by purchase, merger, consolidation,
acquisition of stock, or otherwise, to expressly assume and agree to perform this Agreement in the same manner and to the same
extent as the Company would be required to perform it if no such succession had taken place.

 

     

    9

    

 

11.          Arbitration.
Any dispute or controversy arising under, related to or in connection with this Agreement shall be settled exclusively by arbitration
before a single arbitrator in Indianapolis, Indiana, in accordance with the Commercial Arbitration Rules of the American
Arbitration Association. The arbitrator’s award shall be final and binding on all parties to this Agreement. Judgment may
be entered on an arbitrator’s award in any court having competent jurisdiction.

  

12.           Integration.
As of the Effective Date, this Agreement supersedes and replaces any oral or written agreements or understandings in respect of
the matters addressed hereby. To the extent the terms or conditions of any equity award grant instrument conflict with the terms
of this Agreement, the terms of this Agreement shall govern.

 

13.          Amendment.
This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

 

14.          Severability.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

 

15.          Withholding.
The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be
required to be withheld pursuant to any applicable law or regulation.

 

16.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana without reference
to principles of conflict of laws.

 

17.          Attorney’s
Fees. If any legal proceeding (whether in arbitration, at trial or on appeal) is brought under or in connection with this Agreement,
each party shall pay its own expenses, including attorneys’ fees.

 

18.           Term
of Agreement. The term of this Agreement shall be one year commencing on the date hereof; provided however, that this Agreement
shall be automatically renewed for successive one-year terms commencing on each anniversary of the date of this Agreement unless
the Company shall have given notice of non-renewal to Executive at least 30 days prior to the scheduled termination date; and further
provided that notwithstanding the foregoing, (i) this Agreement shall not terminate within two years after a Change in Control,
or during any period of time when a transaction which would result in a Change in Control is pending or under consideration by
the Board, and (ii) Section 6 hereof shall survive termination. The termination of this Agreement shall not adversely
affect any rights to which Executive has become entitled prior to such termination.

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed and delivered as of the day and year first above set forth.

 

	 	HILLENBRAND, INC.
	 	 
	 	By:	                     
	 	Name:	[•]
	 	Title:	[•]
	 	 	 
	 	EXECUTIVE

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