Document:

Exhibit 10.1

 

AMENDED AND RESTATED

HILLENBRAND, INC.

STOCK INCENTIVE PLAN

 

(Amended and Restated as of December 3,
2020)

 

r e c i t a l s

 

WHEREAS, the Board of Directors of Hillenbrand, Inc.
(hereinafter referred to as “Hillenbrand” or the “Company”) adopted with shareholder
approval the Hillenbrand, Inc. Stock Incentive Plan (the “Plan”) as of December 19, 2008, which
was amended and restated, with shareholder approval, as of February 24, 2010 and December 4, 2013;

 

WHEREAS, the Board of Directors of the Company
has determined that it is in the best interest of the Company and its shareholders to increase the total number of shares of Common
Stock that can potentially be issued under the Plan and to make certain other amendments to reflect market practices and the elimination
of the performance-based compensation exception to Section 162(m) of the Internal Revenue Code; and

 

WHEREAS, the Board of Directors of the Company
has, subject to shareholder approval, re-adopted the Plan in the form that follows to amend, restate, supersede and replace the
form thereof previously adopted (when approved by the shareholders of the Company).

 

SECTION 1.         Purpose
and Types of Awards

 

1.1            The
purposes of the Plan are to enable the Company to attract, retain and reward its employees, officers and directors, and strengthen
the mutuality of interests between such persons and the Company’s shareholders by offering such persons an equity interest
in the Company and thereby enabling them to participate in the long-term success and growth of the Company.

 

1.2            Awards
under the Plan may be in the form of (i) Stock Options; (ii) Stock Appreciation Rights; (iii) Restricted Stock;
(iv) Restricted Stock Units; (v) Bonus Stock and/or (vi) Substitute Awards. Each Award shall be subject to the minimum
vesting provisions set forth in Section 15.8 of the Plan.

 

SECTION 2.         Definitions

 

2.1            When
capitalized in this Plan, the following terms shall have the meanings specified below (or as elsewhere defined), unless the context
otherwise requires:

 

“Award” means an
award of Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Bonus Stock or Substitute Awards granted
pursuant to the terms and conditions of the Plan.

 

“Board” shall mean
the Board of Directors of the Company.

 

“Bonus Stock” shall
mean an Award described in Section 10 of the Plan.

 

     

     

    

 

“Change in Control”
shall have the meaning set forth in Section 14.2.

 

“Code” shall mean
the Internal Revenue Code of 1986, as amended from time to time.

 

“Committee” shall
mean the Compensation and Management Development Committee of the Board or such other committee of independent directors (within
the meaning of the applicable exchange listing standards) of the Board designated by the Board to administer the Plan, or if no
committee is designated, and in any case with respect to Awards to non-employee directors, the entire Board.

 

“Common Stock” shall
mean the common stock of the Company, without par value.

 

“Company” shall
mean Hillenbrand, Inc. and its successors.

 

“Employee” shall
mean an employee of the Company or of any Subsidiary of the Company.

 

“Fair Market Value”
of the Common Stock on any date shall mean the value determined in good faith by the Committee, by formula or other method consistent
with the determination of fair market value under Code Section 409A and its interpretive regulations; provided, however, that
unless the Committee determines to use a different measure, the fair market value of the Common Stock shall be the average of the
high and the low sales prices of the Common Stock (on such exchange or market as is determined by the Board to be the primary market
for the Common Stock) on the date in question (or if shares of Common Stock were not traded on such date, then on the next preceding
trading day on which a sale of Common Stock occurred).

 

“Full Value Award”
shall mean any Award other than a Stock Option or Stock Appreciation Right.

 

“Incentive Option”
shall mean a Stock Option granted under the Plan that both is designated as an Incentive Option and qualifies as an incentive stock
option within the meaning of Section 422 of the Code.

 

“Non-Employee
Director” shall mean a director of the Company who is not employed by the Company or any of its Subsidiaries.

 

“Non-Qualified Option”
shall mean a Stock Option granted under the Plan that either is designated as a Non-Qualified Option or does not qualify as an
incentive stock option within the meaning of Section 422 of the Code.

 

“Optionee” shall
mean any person who has been granted a Stock Option under the Plan or who is otherwise entitled to exercise a Stock Option.

 

“Option Period”
shall mean, with respect to any portion of a Stock Option, the period after such portion has become exercisable and before it has
expired or terminated.

 

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“Plan” shall have
the meaning set forth in the recitals.

 

“Relationship” shall
mean the status of employee, officer or director of the Company or any Subsidiary of the Company.

 

“Restricted Stock”
shall mean an Award described in Section 8 of the Plan.

 

“Restricted Stock Units”
or “RSUs” shall mean an Award described in Section 9 of the Plan.

 

“Shareholder Approval Date”
shall mean the date of shareholder approval of the Plan as amended and restated as set forth herein.

 

“Stock Appreciation Right”
shall mean an Award described in Section 7 of the Plan.

 

“Stock Option” shall
mean an Incentive Option or a Non-Qualified Option and, unless the context requires otherwise, shall include Director Options.

 

“Subsidiary” shall
mean any corporation, partnership, joint venture or other entity in which the Company owns, directly or indirectly, more than 50%
of the ownership interests; provided, however, that for purposes of granting Incentive Options, the term “Subsidiary”
shall mean any company (other than the Company) that is a “subsidiary corporation” within the meaning of Section 424
of the Code.

 

“Substitute Award”
means an Award that is granted in assumption of, or in substitution or exchange for, an outstanding award previously granted by
an entity acquired directly or indirectly by the Company or with which the Company directly or indirectly combines.

 

2.2           The
following rules shall govern in interpreting the Plan:

 

(a)            The
Plan and all Awards are intended to be exempt from, or to comply with, the provisions of Section 409A of the Code, and the
Plan and all Awards shall be administered to effect compliance with such intent.

 

(b)            Any
reference herein to a provision of law, regulation or rule shall be deemed to include a reference to the successor of such
law, regulation or rule.

 

(c)             To
the extent consistent with the context, any masculine term shall include the feminine, and vice versa, and the singular
shall include the plural, and vice versa.

 

(d)             If
any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity of that provision shall
not affect the remaining parts of the Plan, and the Plan shall be interpreted and enforced as if the illegal or invalid provision
had never been included herein.

 

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SECTION 3.         Administration

 

3.1           The
Plan shall be administered by the Committee. Notwithstanding anything to the contrary contained herein, only the Board shall have
authority to grant Awards to Non-Employee Directors and to amend and interpret such Awards.

 

3.2           The
Committee shall have the authority and discretion with respect to Awards to take the following actions, if consistent with Section 15.7
of the Plan and subject to the conditions of Section 3.2A of the Plan: to grant and amend (provided, however, that no amendment
shall impair the rights of the Award holder without his or her written consent) Awards to eligible persons under the Plan; to adopt,
alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall deem advisable; to interpret
the terms and provisions of the Plan and any Award; and to make all factual and other determinations necessary or advisable for
the administration of the Plan. In particular, and without limiting its authority and powers, the Committee shall have the authority
and discretion:

 

(a)            to
select the persons to whom Awards will be granted from among those eligible;

 

(b)            to
determine the number of shares of Common Stock to be covered by each Award, subject to the limitations contained herein;

 

(c)            subject
to Section 15.8 of the Plan, to determine the terms and conditions of any Award, including, but not limited to, any vesting
or other restrictions based on such continued employment, performance objectives and such other factors as the Committee may establish,
and to determine whether the terms and conditions of the Award have been satisfied;

 

(d)            to
determine the treatment of Awards upon an Employee’s retirement, disability, death, termination for cause or other termination
of employment, or during a leave of absence or upon a Non-Employee Director’s termination of Relationship as allowed by law;

 

(e)            to
determine, in establishing the terms of the Award agreement, that the Award holder has no rights with respect to any dividends
declared with respect to any shares covered by an Award or that amounts equal to the amount of any dividends declared with respect
to the number of shares covered by an Award;

 

(f)             to
amend the terms of any Award, prospectively or retroactively, provided, however, that no amendment shall impair the rights of the
Award holder without his or her written consent;

 

(g)            to
determine the Fair Market Value of the Common Stock on a given date;

 

(h)            to
adopt one or more sub-plans or appendices to Award agreements containing such provisions as may be necessary or desirable to enable
Awards to comply with the laws of other jurisdictions and/or qualify for preferred tax treatment under such laws; and

 

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(i)             to
delegate such administrative duties as it may deem advisable to one or more of its members or to one or more Employees or agents.

 

3.2A        Except
for adjustments made pursuant to Sections 4.4 or 14.1 of the Plan, the Board or the Committee will not, without the further approval
of the shareholders of the Company, authorize the amendment of any outstanding Stock Option or Stock Appreciation Right to reduce
the exercise price. No Stock Option or Stock Appreciation Right will be cancelled and replaced with an Award having a lower exercise
price, or for another Award, or for cash without further approval of the stockholders of the Company, except as provided in Sections
4.4 or 14.1. Furthermore, no Stock Option or Stock Appreciation Right will provide for the payment, at the time of exercise, of
a cash bonus or grant or sale of another Award without further approval of the stockholders of the Company. This Section 3.2A
is intended to prohibit the repricing of “underwater” Stock Options or Stock Appreciation Rights without shareholder
approval and will not be construed to prohibit the adjustments provided for in Sections 4.4 or 14.1 of the Plan.

 

3.3           The
Committee shall have the right to designate Awards as “performance Awards.” The grant or vesting of a performance Award
shall be subject to the achievement of performance objectives established by the Committee based on such criteria as determined
by the Committee, which may include (without limitation) one or more of the following criteria: sales, operating profits, operating
profits before taxes, operating profits before interest expense and taxes, net earnings, earnings per share, return on equity,
return on assets, return on invested capital, total shareholder return, cash flow, debt to equity ratio, market share, stock price,
and shareholder, economic or market value added. As determined by the Committee, any performance objectives may be applied to the
Company on a consolidated basis and/or to a business unit and may be used as an absolute measure, as a measure of improvement relative
to prior performance, or as a measure of comparable performance relative to a peer group of companies. In establishing and measuring
performance objectives for a performance period, the Committee may provide for appropriate adjustments to any performance measure
for extraordinary and/or non-recurring items. The Committee may establish minimum, target and maximum performance targets, with
the Award amount based on the level of the performance target(s) achieved.

 

3.4           All
determinations and interpretations made by the Committee pursuant to the provisions of the Plan shall be final and binding on all
persons, including the Company and Award holders. Determinations by the Committee under the Plan relating to the form, amount and
terms and conditions of Awards need not be uniform and may be made selectively among persons who receive or are eligible to receive
Awards, whether or not such persons are similarly situated.

 

3.5           No
member of the Board or the Committee, nor any officer or Employee of the Company or its Subsidiaries acting on behalf of the Board
or the Committee, shall be personally liable for any action, determination or interpretation taken or made with respect to the
Plan or any Award hereunder. The Company shall indemnify all members of the Board and the Committee and all such officers and Employees
acting on their behalf, to the extent permitted by law, from and against any and all liabilities, costs and expenses incurred by
such persons as a result of any act, or omission to act, in connection with the performance of such persons’ duties, responsibilities
and obligations under the Plan.

 

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SECTION 4.         Stock
Subject to Plan

 

4.1           Subject
to adjustment as provided in Section 4.4, the total number of shares of Common Stock which may be issued under the Plan shall
be 15,235,436 (all of which may be granted as Incentive Stock Options), which includes the original 4,635,436 shares reserved under
the Plan as of December 19, 2008, the addition of 4,000,000 shares to the Plan as approved by shareholders on February 24,
2010, the addition of 3,900,000 shares to the Plan as approved by shareholders on February 26, 2014, and the addition of 2,700,000
shares to the Plan as of December 3, 2020, subject to approval of the shareholders. Such shares may consist of authorized
but unissued shares or shares that have been issued and reacquired by the Company.

 

4.2           For
the purposes hereof, the following shares of Common Stock covered by previously-granted Awards shall be deemed not to have been
issued under the Plan and will remain available for Awards: (a) shares of Common Stock covered by an Award that expires or
is forfeited, canceled, surrendered, or otherwise terminated without the issuance of such shares; (b) shares of Common Stock
covered by an Award that is settled only in cash; and (c) Substitute Awards (except as may be required by reason of the rules and
regulations of any stock exchange or other trading market on which the Shares are listed). The following shares of Common Stock
may not again be made available for issuance as Awards: (i) shares of Common Stock tendered in payment of the exercise price
of a Stock Option; (ii) shares of Common Stock withheld by the Company or any Subsidiary to satisfy a tax withholding obligation
with respect to an Award; and (iii) shares of Common Stock that are repurchased by the Company with Stock Option proceeds.
Without limiting the foregoing, with respect to any Stock Appreciation Right that is settled in shares of Common Stock, the full
number of shares subject to the Award shall count against the number of shares available for Awards under the Plan regardless of
the number of shares used to settle the Stock Appreciation Right upon exercise.

 

4.3            No
Employee shall be granted Stock Options and/or Stock Appreciation Rights with respect to more than 750,000 shares of Common Stock
in any fiscal year, and no Employee shall be granted Restricted Stock, Restricted Stock Units and/or Bonus Stock with respect to
more than 500,000 shares of Common Stock in any fiscal year, subject to adjustment as provided in Section 4.4.

 

4.4            In
the event of any recapitalization, stock dividend, extraordinary cash dividend, stock split, spin-off, split-up, split-off, distribution
of assets or other change in corporate structure affecting the Common Stock such that an adjustment is determined by the Board
in its discretion to be appropriate in order to prevent dilution or enlargement of benefits under the Plan, then the Committee
shall, in such a manner as it may in its discretion deem equitable, cause there to be an equitable adjustment in the number and
kind of shares of Common Stock specified in Section 4.1 of the Plan and, with respect to outstanding Awards, in the number
and kind of shares of Common Stock subject to outstanding Awards and the exercise price or other price of shares subject to outstanding
Awards, in each case to prevent dilution or enlargement of the rights of participants. In the event of any merger, consolidation,
liquidation, or similar transaction, the Committee may, in its sole discretion, cause there to be an equitable adjustment as described
in the foregoing sentence, to prevent dilution or enlargement of rights and may provide in substitution for any or all outstanding
Awards such alternative consideration (including cash or other property) as it, in good faith, may determine to be equitable in
the circumstances, and may require in connection therewith the surrender of all Awards so replaced. Notwithstanding the foregoing,
the Committee shall not make any adjustment pursuant to this Section 4.4 that would cause an Award that is otherwise exempt
from Section 409A of the Code to become subject to Section 409A or to cause an Award that is subject to Section 409A
of the Code to fail to satisfy the requirements of Section 409A. The determination of the Committee as to the foregoing adjustments,
if any, shall be conclusive and binding on all persons.

 

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4.5           No
fractional shares shall be issued or delivered under the Plan. The Committee shall determine whether the value of fractional shares
shall be paid in cash or other property, or whether such fractional shares and any rights thereto shall be cancelled without payment.

 

SECTION 5.         Eligibility

 

5.1           The
persons who are eligible for Awards under Sections 6, 7, 8, 9, and 10 of the Plan are Employees, officers and directors of the
Company or of any Subsidiary of the Company. In addition, Awards under such Sections may be granted to prospective Employees, officers
or directors, but such Awards shall not become effective until the recipient’s commencement of employment or service with
the Company or a Subsidiary. Incentive Options may be granted only to Employees and prospective Employees, but such Awards shall
not become effective until the recipient’s commencement of employment or service with the Company or a Subsidiary. Award
recipients under the Plan shall be selected from time to time by the Committee, in its sole discretion, from among those eligible.

 

5.2           Non-Employee
Directors shall be granted Awards under Section 12 in addition to any Awards which may be granted to them under other Sections
of the Plan.

 

SECTION 6.         Stock
Options

 

6.1           The
Stock Options granted to eligible persons under the Plan may be of two types: (a) Incentive Options, and (b) Non-Qualified
Options. To the extent that any Stock Option granted to an Employee does not qualify as an Incentive Option, it shall constitute
a Non-Qualified Option. All Stock Options granted to persons who are not Employees shall be Non-Qualified Options.

 

6.2           Subject
to the following provisions, Stock Options granted under Section 6 of the Plan shall be in such form and shall have such terms
and conditions as the Committee may determine.

 

(a)            Option
Price. The option price per share of Common Stock purchasable under a Stock Option (other than a Substitute Award) shall be
determined by the Committee and may not be less than the Fair Market Value of the Common Stock on the date of grant of the Stock
Option (or, with respect to Awards to prospective Employees, on the first date of employment).

 

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(b)            Option
Term. Unless otherwise provided by the Committee in the applicable Award agreement, the term of each Stock Option shall be
fixed by the Committee and shall not exceed ten years.

 

(c)            Exercisability.
Stock Options shall be exercisable and shall vest at such time or times and subject to such terms and conditions as shall be determined
by the Committee, subject to the minimum vesting provisions of Section 15.8 of the Plan.

 

(d)            Method
of Exercise. Stock Options may be exercised in whole or in part at any time during the Option Period by giving the Company
notice of exercise in the form approved by the Committee (which may be written or electronic) specifying the number of whole shares
to be purchased, accompanied by payment of the aggregate option price for such shares. Payment of the option price shall be made
in such manner as the Committee may provide in the Award agreement, which may include (i) cash (including cash equivalents),
(ii) delivery of shares of Common Stock already owned by the Optionee, (iii) by a cashless exercise (including by withholding
shares deliverable upon exercise or through a broker-assisted arrangement to the extent permitted by applicable laws), (iv) any
other manner permitted by law, or (v) any combination of the foregoing.

 

(e)            No
Shareholder Rights. An Optionee shall have no rights to dividends or other rights of a shareholder with respect to shares subject
to a Stock Option until the Optionee has duly exercised the Stock Option and a certificate for such shares has been duly issued
(or the Optionee has otherwise been duly recorded as the owner of the shares on the books of the Company). Moreover, no dividend
equivalents may be granted under the Plan with respect to the shares of Common Stock underlying any Stock Option.

 

(f)             Termination
of Employment or Relationship. Following the termination of an Optionee’s employment or other Relationship with the Company
or its Subsidiaries, the Stock Option shall be exercisable to the extent determined by the Committee. The Committee may provide
different post-termination exercise provisions which may vary based on the nature of and reason for the termination. The Committee
shall have absolute discretion to determine the date and circumstances of any termination of employment or other Relationship.

 

(g)            Non-transferability.
Unless otherwise provided by the Committee in the applicable Award agreement, (i) Stock Options shall not be transferable
by the Optionee other than by will or the laws of descent and distribution, and (ii) during the Optionee’s lifetime,
all Stock Options shall be exercisable only by such Optionee. The Committee, in its sole discretion, may permit Stock Options to
be transferred to such other transferees and on such terms and conditions as may be determined by the Committee; provided, however,
that in no event shall the Committee permit a Stock Option to be transferred for consideration.

 

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6.3           Notwithstanding
the provisions of Section 6.2, Incentive Options shall be subject to the following additional restrictions:

 

(a)            Option
Term. No Incentive Option shall be exercisable more than ten years after the date such Incentive Option is granted.

 

(b)            Additional
Limitations for 10% Shareholders. No Incentive Option granted to an Employee who owns more than 10% of the total combined voting
power of all classes of stock of the Company or any of its parent or subsidiary corporations, as defined in Section 424 of
the Code, shall (i) have an option price which is less than 110% of the Fair Market Value of the Common Stock on the date
of grant of the Incentive Option, or (ii) be exercisable more than five years after the date such Incentive Option is granted.

 

(c)            Exercisability.
The aggregate Fair Market Value (determined as of the time the Incentive Option is granted) of the shares with respect to which
Incentive Options (granted under the Plan and any other plans of the Company, its parent corporation or subsidiary corporations,
as defined in Section 424 of the Code) are exercisable for the first time by an Optionee in any calendar year shall not exceed
$100,000. Any Stock Options in excess of such $100,000 limitation shall be treated as Non-Qualified Options.

 

(d)            Notice
of Disqualifying Disposition. An Optionee’s right to exercise an Incentive Option shall be subject to the Optionee’s
agreement to notify the Company of any “disqualifying disposition” (for purposes of Section 422 of the Code) of
the shares acquired upon such exercise.

 

(e)            Non-transferability.
Incentive Options shall not be transferable by the Optionee, other than by will or by the laws of descent and distribution. During
the Optionee’s lifetime, all Incentive Options shall be exercisable only by such Optionee.

 

(f)             Last
Grant Date. No Incentive Option shall be granted more than ten years after the earlier of the date of adoption or re-adoption
of the Plan, as applicable, by the Board or approval of the Plan by the Company’s shareholders.

 

The Committee may, with the consent of the Optionee, amend an
Incentive Option in a manner that would cause loss of Incentive Option status, provided the Stock Option as so amended satisfies
the requirements of Section 6.2.

 

SECTION 7.         Stock
Appreciation Rights

 

7.1            A
Stock Appreciation Right shall entitle the holder thereof to receive, for each share as to which the Award is granted, payment
of an amount, in cash, shares of Common Stock, or a combination thereof, as determined by the Committee, equal in value to the
excess of the Fair Market Value of a share of Common Stock on the date of exercise over the Fair Market Value of a share of Common
Stock on the day such Stock Appreciation Right was granted. Any such Award shall be in such form and shall have such terms and
conditions as the Committee may determine, subject to the minimum vesting provisions of Section 15.8 of the Plan. Unless otherwise
provided by the Committee in the applicable Award agreement, the term of each Stock Appreciation Right shall not exceed ten years.
The grant shall specify the number of shares of Common Stock as to which the Stock Appreciation Right is granted. No dividend equivalents
may be granted under the Plan with respect to the shares of Common Stock underlying any Stock Appreciation Right.

 

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	SECTION 8.	Restricted
Stock

 

Subject to the following provisions, all grants
of Restricted Stock shall be in such form and shall have such terms and conditions as the Committee may determine:

 

(a)            The
Restricted Stock agreement shall specify the number of shares of Restricted Stock to be granted, the price, if any, to be paid
by the recipient of the Restricted Stock and the date or dates on which, or the conditions upon the satisfaction of which, the
Restricted Stock will vest. The grant and/or the vesting of Restricted Stock may be conditioned upon the completion of a specified
period of service with the Company and/or its Subsidiaries, upon the attainment of specified performance objectives, or upon such
other criteria as the Committee may determine, in each case subject to the minimum vesting provisions of Section 15.8 of the
Plan.

 

(b)            Stock
certificates or book entry shares representing the Restricted Stock granted under the Plan shall be registered in the Award holder’s
name, but the Committee may direct that any such certificates, if applicable, be held by the Company on behalf of the Award holder.
Except as may be permitted by the Committee, no share of Restricted Stock may be sold, transferred, assigned, pledged or otherwise
encumbered by the Award holder until such share has vested in accordance with the terms of the Restricted Stock agreement. At the
time Restricted Stock vests, such vested shares shall be delivered (via stock certificate or book entry) to the Award holder (or
his or her designated beneficiary in the event of death), free of such restriction.

 

(c)            The
Committee may provide that the Award holder shall have the right to vote and/or receive dividends on Restricted Stock; provided,
however, that any dividends with respect to unvested Restricted Stock shall be accumulated or deemed reinvested in additional Restricted
Stock (as determined by the Committee in its sole discretion and set forth in the applicable Award agreement), subject to the same
terms and conditions as the original Award until such Award is earned and vested.

 

(d)            Except
as may be provided by the Committee, in the event of an Award holder’s termination of employment or other Relationship before
all of his or her Restricted Stock has vested, or in the event any conditions to the vesting of Restricted Stock have not been
satisfied prior to any deadline for the satisfaction of such conditions set forth in the Award agreement, the shares of Restricted
Stock which have not vested shall be forfeited, and the Committee may provide that (i) any purchase price paid by the Award
holder shall be returned to the Award holder, or (ii) a cash payment equal to the Restricted Stock’s Fair Market Value
on the date of forfeiture, if lower, shall be paid to the Award holder.

 

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	SECTION 9.	Restricted
Stock Units (RSUs)

 

Subject to the following provisions, all grants
of Restricted Stock Units shall be in such form and shall have such terms and conditions as the Committee may determine:

 

(a)            The
Restricted Stock Unit agreement shall specify the number of shares of Common Stock to be paid and the duration of the period (the
 “Vesting Period”) during which, and the conditions under which, receipt of the underlying Common Stock will be deferred.
The Committee may condition the grant or vesting of RSUs, or receipt of Common Stock or cash at the end of the Vesting Period,
upon the completion of a specified period of service with the Company and/or its Subsidiaries, upon the attainment of specified
performance objectives, or upon such other criteria as the Committee may determine, in each case subject to the minimum vesting
provisions of Section 15.8 of the Plan.

 

(b)            Except
as may be provided by the Committee, RSUs may not be sold, assigned, transferred, pledged or otherwise encumbered during the Vesting
Period.

 

(c)            At
the expiration of the Vesting Period, as soon as administratively practical and in no event later than two and one-half months
following the end of the Vesting Period, the Award holder (or his or her designated beneficiary, if applicable) shall receive (i) certificates
for the appropriate number of shares of Common Stock designated by the RSU agreement, (ii) cash equal to the Fair Market Value
of such Common Stock, or (iii) a combination of shares and cash, as the Committee may determine.

 

(d)            Except
as may be provided by the Committee, in the event of an Award holder’s termination of employment or other Relationship before
the RSU has vested, such Award shall be forfeited.

 

(e)            RSUs
may provide the Award holder with dividend equivalents, payable on a contingent basis and either in cash or in additional shares
of Common Stock, as determined by the Committee in its sole discretion and set forth in the related Award agreement; provided,
however, that any dividend equivalents with respect to unvested RSUs shall be accumulated or deemed reinvested, subject to the
same terms and conditions as the original RSUs until such Award is earned and vested.

 

	SECTION 10.	Bonus
Stock

 

The Committee may grant Bonus Stock to any
eligible Award recipient subject to such terms and conditions as the Committee shall determine. The grant of Bonus Stock may, but
need not, be conditioned upon the attainment of specified performance objectives or upon such other criteria as the Committee may
determine, subject to the minimum vesting provisions of Section 15.8 of the Plan. Unless otherwise specified by the Committee,
no money shall be paid by the recipient for the Bonus Stock. Alternatively, the Committee may, after considering any accounting
impact to the Company, offer eligible Employees the opportunity to purchase Bonus Stock at a discount from its Fair Market Value.
The Bonus Stock may be satisfied by the delivery of the designated number of shares of Common Stock which are not subject to restriction.
Bonus Stock may provide the Award holder with dividend equivalents, payable on a contingent basis and either in cash or in additional
shares of Common Stock, as determined by the Committee in its sole discretion and set forth in the related Award agreement; provided,
however, that any dividend equivalents with respect to unvested Bonus Stock shall be accumulated or deemed reinvested, subject
to the same terms and conditions as the original Bonus Stock terms, until such Award is earned and vested.

 

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	SECTION 11.	Election
to Defer

 

To the extent permitted by Section 409A
of the Code, the Committee may permit an Award recipient to elect to defer payment of an Award other than a Stock Option for a
specified period or until a specified event, upon such terms as are determined by the Committee. An Award holder may elect to defer
the distribution date of the payout of Restricted Stock Units or Bonus Stock, provided that such election is made and delivered
to the Company in compliance with Section 409A of the Code, when applicable.

 

	SECTION 12.	Non-Employee
Director Awards

 

The Board shall have the discretion to
determine the number and types of Awards to be granted to Non-Employee Directors and the terms of such Awards, including but not
limited to the exercisability and the effect of a director’s termination of service, in each case subject to the minimum
vesting provisions of Section 15.8 of the Plan. Notwithstanding any other provision of the Plan to the contrary, the aggregate
grant date fair value (determined as of the applicable date(s) of grant in accordance with applicable financial accounting
rules) of all Awards granted to any Non-Employee Director during any single calendar year for services as a director, taken together
with any cash fees payable to such person during such calendar year (excluding any amounts payable for service as a Board or committee
chairperson), shall not exceed $600,000.

 

	SECTION 13.	Tax
Withholding

 

13.1            Each
Award holder shall, no later than the date as of which an amount with respect to an Award first becomes includible in such person’s
gross income for applicable tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment
of, any federal, state, local or other taxes of any kind required by law to be withheld with respect to the Award. The obligations
of the Company under the Plan shall be conditional on such payment or arrangements. The Company (and, where applicable, its Subsidiaries)
shall, to the extent permitted by law, have the right to deduct any applicable tax withholdings from any such taxes from any payment
of any kind otherwise due to the Award holder.

 

13.2            To
the extent permitted by the Committee, and subject to such terms and conditions as the Committee may provide, an Employee may
elect to have any applicable tax withholdings with respect to any Awards hereunder, satisfied by (a) having the Company withhold
shares of Common Stock otherwise deliverable to such person with respect to the Award; (b) delivering to the Company shares
of unrestricted Common Stock already owned by the Employee; (c) broker-assisted “cashless exercise;” (d) any
other manner permitted by law; or (e) any combination of the foregoing. Alternatively, the Committee may require that a portion
of the shares of Common Stock otherwise deliverable be applied to satisfy the withholding tax obligations with respect to the
Award. In no event will the value of the shares of Common Stock to be withheld or tendered pursuant to this Section 13 to
satisfy applicable withholding taxes exceed the amount of taxes required to be withheld based on the maximum statutory tax rates
in the applicable taxing jurisdictions.

 

    12 

     

    

 

	SECTION 14.	Change in Control

 

14.1            In
the event of a Change in Control, unless otherwise provided under the terms of any applicable change in control agreement between
the Company and an Award holder, and notwithstanding anything in Section 15.8 of the Plan to the contrary:

 

(a)            subject
to Section 14.1(c) below, all outstanding Stock Options and all outstanding Stock Appreciation Rights awarded under the
Plan shall become fully exercisable and vested;

 

(b)            subject
to Section 14.1(c) below, the restrictions and vesting conditions applicable to any outstanding Restricted Stock, Restricted
Stock Unit and Bonus Stock awards under the Plan shall lapse and such shares and awards shall be deemed fully vested;

 

(c)            any
Awards with respect to which the number of shares of Common Stock earned depends upon performance shall vest 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 Change
in Control (or as close to such date as administratively practicable);

 

(d)            the
Committee may, in its sole discretion, accelerate the payment date of all Restricted Stock Unit awards to the extent permitted
under Section 409A of the Code;

 

(e)            the
Committee may, in its sole discretion and without the consent of Award holders, provide that any outstanding and vested Award (or
a portion thereof), including those that vest by reason of this Section 14.1, shall, upon the occurrence of such Change in
Control, be cancelled in exchange for a payment in cash or other property (including shares of the resulting entity in connection
with a Change in Control) in an amount equal to the excess, if any, of the Fair Market Value of the shares subject to the Award,
over any exercise price related to the Award, which amount may be zero if the Fair Market Value of a share does not exceed the
exercise price per share of the applicable Awards.

 

14.2         A
“Change in Control” shall be deemed to occur on:

 

(a)            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 (i) 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 (ii) the acquisition of securities
of the Company directly from the Company;

 

    13 

     

    

 

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

 

(i)            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;

 

(ii)           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

 

(iii)          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;

 

(c)            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;

 

(d)            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

 

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

 

Notwithstanding any other provision
of this Section to the contrary, to the extent an Award is subject to Section 409A of the Code, then to the extent required
to comply with Section 409A of the Code, an occurrence shall not constitute a Change in Control if it does not constitute
a change in the ownership or effective control, or in the ownership of a substantial portion of the assets of, the Company or another
allowable acceleration event under Section 409A of the Code and its interpretive regulations.

 

    14 

     

    

 

14.3            This
Section 14 shall apply only to Awards granted on and after the Shareholder Approval Date. All Awards granted prior to the
Shareholder Approval Date shall be subject to the applicable change in control provisions of the Plan as in effect before the Shareholder
Approval Date.

 

	SECTION 15.	General
Provisions

 

15.1            Each
Award shall be subject to the requirement that, if at any time the Committee shall determine that (a) the listing, registration
or qualification of the Common Stock subject or related thereto upon any securities exchange or market or under any state or federal
law, or (b) the consent or approval of any government regulatory body, or (c) an agreement by the recipient of an Award
with respect to the disposition of Common Stock, is necessary or desirable in order to satisfy any legal requirements, or (d) the
issuance, sale or delivery of any shares of Common Stock is or may in the circumstances be unlawful under the laws or regulations
of any applicable jurisdiction, the right to exercise such Stock Option shall be suspended, such Award shall not be granted and
such shares will not be issued, sold or delivered, in whole or in part, unless such listing, registration, qualification, consent,
approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Committee, and the Committee
determines that the issuance, sale or delivery of the shares is lawful. The application of this Section shall not extend the
term of any Stock Option or other Award. The Company shall have no obligation to effect any registration or qualification of the
Common Stock under federal or state laws or to compensate the Award holder for any loss caused by the implementation of this Section 15.1.

 

15.2            Any
Award shall be subject to forfeiture or repayment pursuant to the terms of any applicable compensation recovery policy maintained
by the Company from time to time, including any such policy that may be maintained to comply with the Dodd-Frank Wall Street Reform
and Consumer Protection Act or any rules or regulations issued by the SEC or applicable securities exchange. In addition,
the Committee may provide, at the time of grant or by amendment with the Award holder’s consent, that an Award and/or Common
Stock acquired under the Plan shall be forfeited, including after exercise or vesting, if within a specified period of time the
Award holder engages in any of the following disqualifying conduct: (a) the Award holder’s performance of service for
a competitor of the Company and/or its Subsidiaries, including service as an employee, director or consultant, or the establishing
by the Award holder of a business which competes with the Company and/or its Subsidiaries; (b) the Award holder’s solicitation
of employees or customers of the Company and/or its Subsidiaries; (c) the Award holder’s improper use or disclosure
of confidential information of the Company and/or its Subsidiaries; or (d) material misconduct by the Award holder in the
performance of such Award holder’s duties for the Company and/or its Subsidiaries, as determined by the Committee.

 

15.3            Nothing
set forth in this Plan shall prevent the Board or Committee from adopting other or additional compensation arrangements.

 

15.4            Nothing
in the Plan nor in any Award hereunder shall confer upon any Award holder any right to continuation of his or her employment by
or other Relationship with the Company or its Subsidiaries or interfere in any way with the rights of any such company to terminate
such employment or other Relationship.

 

    15 

     

    

 

15.5            Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or Subsidiary and an Award recipient, and no Award recipient will, by participation in the Plan, acquire any
right in any specific Company property, including any property the Company may set aside in connection with the Plan. To the extent
that any Award recipient acquires a right to receive payments from the Company or any Subsidiary pursuant to an Award, such right
shall not be greater than the right of an unsecured general creditor of the Company or its Subsidiaries.

 

15.6            Except
to the extent preempted by United States federal law or as otherwise expressly provided herein, the Plan and all Awards shall be
interpreted in accordance with and governed by the internal laws of the State of Indiana without giving effect to any choice or
conflict of law provisions, principles or rules.

 

15.7            The
Plan and all Awards shall be interpreted and applied in a manner consistent with the applicable standards for nonqualified deferred
compensation plans established by Code Section 409A and its interpretive regulations and other regulatory guidance. To the
extent that any terms of the Plan or an Award would subject an Employee to gross income inclusion, interest or additional tax pursuant
to Code Section 409A, those terms are to that extent superseded by, and shall be adjusted to the minimum extent necessary
to satisfy or to be exempt from, the Code Section 409A standards. If as of the date Employee’s employment terminates,
an Employee is a “key employee,” within the meaning of Code Section 416(i), without regard to paragraph 416(i)(5),
and if the Company has stock that is publicly traded on an established securities market or otherwise, any payment of deferred
compensation, within the meaning of Code Section 409A, otherwise payable because of employment termination will be suspended
until, and will be paid to the Employee on, the first day of the seventh month following the month in which the Employee’s
last day of employment occurs.

 

15.8            Notwithstanding
any other provision of the Plan to the contrary, all Awards granted on and after the Shareholder Approval Date shall vest or become
exercisable no earlier than the first anniversary of the date of grant of the Award (excluding, for this purpose, any (a) Substitute
Awards, and (b) Awards to Non-Employee Directors that vest on the earlier of the one year anniversary of the date of grant
or the next annual meeting of shareholders (provided that such vesting period may not be less than 50 weeks after grant)); provided,
however, that the Committee may grant Awards without regard to the foregoing minimum vesting requirement with respect to a maximum
of five percent (5%) of the shares of Common Stock remaining available for issuance under the Plan under Section 4.1 as of
the Shareholder Approval Date (subject to adjustment thereafter under Section 4.4); and, provided further that the foregoing
restriction does not apply to the Committee’s discretion to provide for accelerated exercisability or vesting of any Award
as provided in Section 3.2(d) of the Plan, by the terms of the Award agreement or otherwise.

 

    16 

     

    

 

15.9         Adjustments.

 

(a)            Except
as otherwise provided in any award agreement or in any applicable change in control agreement between the Company and an Award
recipient, if any payment or benefit resulting from an Award under the Plan 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 recipient in full, or (y) provided to the recipient 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 recipient, 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
of accelerated Awards under the Plan 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; and (C) 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 the Award recipient 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 recipient).  Any good faith determinations
of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and the recipient.

 

	SECTION 16.	Amendments
and Termination

 

16.1         The
Plan shall terminate at the close of business on December 1, 2030. The Board may discontinue the Plan at any time prior to
the date referenced in the prior sentence and may amend it from time to time. No amendment or discontinuation of the Plan shall
adversely affect any Award previously granted without the Award holder’s written consent. Amendments may be made without
shareholder approval except as required to satisfy applicable laws or regulations or the requirements of any stock exchange or
market on which the Common Stock is listed or traded.

 

    17 

     

    

 

16.2            The
Committee may amend the terms of any Award prospectively or retroactively; provided, however, that no amendment shall impair the
rights of the Award holder without his or her written consent.

 

	SECTION 17.	Effective
Date of Plan

 

17.1            This
revised version of the Plan was approved and adopted by the Board on December 3, 2020, and is to be effective as of such date,
and is to amend, restate, supersede, and replace prior versions of the Plan adopted by the Board, contingent upon the approval
thereof by the shareholders of the Company within 12 months following the adoption by the Board.

 

    18Exhibit 10.2

 

HILLENBRAND, INC.
STOCK INCENTIVE PLAN

PERFORMANCE BASED UNIT AWARD AGREEMENT

Shareholder Value Delivered – Hillenbrand, Inc.

 

This Performance Based
Unit Award Agreement (this “Agreement”) is effective as of the ___ day of December, 20__, between Hillenbrand, Inc.
(the “Company”) and _________________ (the “Employee”). The Award evidences the grant by the Company of
Restricted Stock Units subject to the attainment of certain performance targets as described herein (hereinafter, “Performance
Based Units,” “Units” or “Award”), all in accordance with the provisions of the Hillenbrand, Inc.
Amended and Restated Stock Incentive Plan, as amended from time-to-time (the “Plan”). The number of Units that will
ultimately be earned under this Agreement, as well as the number of shares of Common Stock that will be distributed in settling
those earned Units, which will not be determined until the end of the Measurement Period, will depend on the calculated shareholder
value of the Company at the end of the Measurement Period, as compared to the expected amount of shareholder value of the Company
at the end of the Measurement Period.

 

The Units are subject
to the terms and conditions set forth in the Plan (which is incorporated herein by reference), any rules and regulations adopted
by the Board of Directors of the Company (the “Board”) or the committee of the Board which administers the Plan (collectively,
the “Committee”), and this Agreement. In the event of any conflict between the provisions of the Plan and the provisions
of this Agreement, the terms, conditions, and provisions of the Plan shall control, and this Agreement shall be deemed to be modified
accordingly. This grant becomes effective only if Employee affirmatively accepts it and evidences Employee’s understanding
of the terms and conditions of the Award, in accordance with applicable procedures established by the Company, including by the
Stock Plan Provider (as defined below). By agreeing on this Agreement, the Company and the Employee establish a legal relationship
separate from the employment relationship between the Employee and the Employer (as defined below). The Employer is neither a party
to nor in any respect liable for the obligations and liabilities of the Company under this Agreement. Notwithstanding the foregoing
and as far as required by applicable laws, the Employer may nevertheless be involved in the procurement of payments and withdrawals
of wages taxes and social security contributions. Any terms used in this Agreement as capitalized defined terms that are not defined
herein shall have the meanings set forth in the Plan. For purposes of this Agreement, “Employer” means the entity (i.e.,
the Company or the Subsidiary) that employs the Employee.

 

AWARD
INFORMATION

 

	
        Target Performance Based Unit Award

        (100% achievement of Shareholder Value Expected)
	______ Units
	Measurement Period (three fiscal years)	October 1, 20__ through September 30, 20__
	Shareholder Value Expected (at the end of the Measurement Period)	$____M* 

 

* Subject to adjustment as described below.

 

     

     

    

 

AWARD
DETERMINATION

 

The number of Units
that will be earned at the end of the Measurement Period is a function of the amount of the calculated “Shareholder Value
Delivered” (as defined below) at the end of the Measurement Period as a percentage of the Shareholder Value Expected at the
end of the Measurement Period. Except as otherwise provided below in the Terms and Conditions, at the end of the Measurement Period,
the Units earned will be the number of whole Units (rounded down) equal to the product of (a) the number of Units comprising
the Target Performance Based Unit Award, and (b) a multiplier, as provided in the following table, based on the ratio, expressed
as a percentage, of the calculated Shareholder Value Delivered at the end of the Measurement Period (as determined below) to the
Shareholder Value Expected at the end of the Measurement Period:

 

	
        Calculated Shareholder Value Delivered

        as Percentage of

        Shareholder Value
        Expected
	Multiplier
	Less than 70%	zero (no Units earned)
	At least 70% but less than 130%	.25 plus an additional .025 for each full percentage point delivered above minimum for range
	At least 130%	1.75 (maximum Units earned) (the “Maximum Performance Based Unit Award”)

 

Adjustments

 

For avoidance of doubt,
if during the Measurement Period the Company acquires another business or operating unit, then the Shareholder Value Expected at
the end of the Measurement Period shall exclude the actual or expected impact, if any, of such acquisition during the Measurement
Period.

 

Calculation of Shareholder Value Delivered

 

The amount of Shareholder
Value Delivered at the end of the Measurement Period is the sum of the respective amount of Shareholder Value Delivered of the
Company and each of its business units for which Shareholder Value Delivered is calculated. The amount of the Company’s and
each such business unit’s Shareholder Value Delivered is calculated at the end of the Measurement Period by adding two components:
the NOPAT Component and the Cash Flows Component.

 

1.           The
NOPAT Component of Shareholder Value Delivered is equal to Adjusted NOPAT (as hereinafter defined) for the last fiscal year of
the Measurement Period, divided by the Hurdle Rate applicable to the Company or business unit.

 

2.            The
Cash Flows Component of Shareholder Value Delivered is equal to the sum of the following:

 

(a)            Adjusted
Cash Flows (as hereinafter defined) for the third fiscal year in the Measurement Period;

 

    -2-

     

    

 

(b)           Adjusted
Cash Flows for the second fiscal year in the Measurement Period, multiplied by the sum of 100 percent and the Hurdle Rate applicable
to the Company or business unit; and

 

(c)           Adjusted
Cash Flows for the first fiscal year in the Measurement Period, multiplied by the square of the sum of 100 percent and the Hurdle
Rate applicable to the Company or business unit.

 

TERMS
AND CONDITIONS

 

Note: If this
Award is granted to an Employee who is employed outside of the United States of America, the terms and conditions of the Appendix
A (and the addendum attached to Appendix A) are hereby incorporated into and shall become part of the Terms and Conditions
of this Agreement.

 

1.            Grant
of Performance Based Units. Pursuant to and subject to the terms and conditions of the Plan, the Company hereby awards to the
Employee, who is an employee of the Company or one of its Subsidiaries, the opportunity to earn the number of Units that will be
determined at the end of the Measurement Period under the Award Determination section above, up to but not exceeding the number
of Units specified above as the Maximum Performance Based Unit Award. Each Unit represents the conditional right to receive one
share of the Company’s common stock, without par value (“Common Stock”). Upon settlement at the end of the Measurement
Period, the earned Units will be settled by the distribution to the Employee of one share of Common Stock for each Unit being settled,
plus that number of Dividend Shares distributable with respect to the earned Units, as provided in Paragraphs 6 and 7 and subject
to withholding as provided in Paragraph 11.

 

2.            Acceptance;
Transfer Restrictions. The Employee hereby accepts the award of Units described in this Agreement and agrees that the Units
will be held by the Employee and the Employee’s successors subject to (and will not be disposed of except in accordance with)
all of the restrictions, terms, and conditions contained in this Agreement and the Plan. Except as otherwise provided in this Agreement
or the Plan, the Employee may not sell, assign, transfer, pledge, or otherwise dispose of or encumber any of the Units, any shares
of Common Stock underlying the Units, or any interest in the Units or underlying shares of Common Stock, until the Measurement
Period expires, at which time the Employee’s rights in the Units will be earned and settled to the extent provided in this
Agreement. Any purported sale, assignment, transfer, pledge, or other disposition or encumbrance in violation of this Agreement
or the Plan will be void and of no effect.

 

3.            Earning/Measurement
Period. If the Employee remains employed by the Company or a Subsidiary through the end of the Measurement Period, then at
the end of the Measurement Period the Units will become fully earned, to the extent determined under the Award Determination section
above. If the Employee does not remain employed through the end of the Measurement Period, the provisions of Paragraph 8 below
will apply in determining the number of Units, if any, which will become earned at the end of the Measurement Period. All Units
not earned at the end of the Measurement Period will be forfeited, and the Employee will have no rights or interest in or to those
forfeited Units.

 

    -3-

     

    

 

4.            Unfunded
Obligations. The Company will reflect the Employee’s interests in the Units and the underlying shares of Common Stock
by means of bookkeeping entries on the financial records of the Company, and this Agreement will not create in the Employee or
any successors any right to, or claim against any, specific assets of the Company or result in the creation of any trust or escrow
account for the Employee or any successors. With respect to their interests under this Agreement, the Employee and any successors
will be general creditors of the Company.

 

5.             Voting
Rights. The Employee will not have any rights of a shareholder to vote the shares of Common Stock underlying the Units until
the Units are earned and settled after the end of the Measurement Period. Once the Units are settled by distribution of shares
of Common Stock, the Employee will have all shareholder voting rights with respect to those shares of Common Stock.

 

6.            Dividends
and Other Distributions; Dividend Shares. The Employee will not have any rights of a shareholder to receive dividends or other
distributions with respect to the shares of Common Stock underlying the Units until the Units are earned and settled after the
end of the Measurement Period. Once the Units are settled by distribution of shares of Common Stock, the Employee will have all
shareholder rights to dividends and other distributions with respect to those shares of Common Stock. However, during the Measurement
Period, and thereafter until such time as the shares attributable to earned Units are distributed to the Employee, the Company
will, on its books and records, credit the Employee with the number of notional shares of the Company’s Common Stock (“Dividend
Shares”) that could have been purchased on each Common Stock dividend payment date, at the then current Fair Market Value,
with the dividends that would have been payable on the number of shares underlying the Units and on the Dividend Shares previously
credited to the Employee under this Paragraph. At the time settlement is made with respect to the earned Units pursuant to Paragraph
7, the Company will distribute to the Employee (in addition to and in the same manner as the shares attributable to the earned
Units) that number of shares of Common Stock (rounded down to the nearest whole share) equal to the credited Dividend Shares multiplied
by a fraction, the numerator of which is the number of earned Units and the denominator of which is the number of all Units (being
the Maximum Performance Based Unit Award). Any remaining Dividend Shares on the Company’s records shall be forfeited and
the Employee shall have no right thereto or interest therein.

 

7.          Actions
after Earning is Determined. As soon after the end of the Measurement Period as is practicable, and in any event on or before
the end of the calendar year during which the Measurement Period ends, the Company will settle the earned Units by distributing
to the Employee one share of Common Stock for each Unit earned under this Agreement. To distribute those shares of Common Stock,
the Company shall instruct the Company’s transfer agent to recognize in book entry form that the Employee is the registered
holder of the number of shares of Common Stock attributable to the earned Units as of the end of the Measurement Period, free from
any restrictions or other terms and conditions of this Agreement. At that same time, the Company shall take such actions as it
shall deem appropriate to cancel the forfeited Units and to cause them to no longer be recognized as outstanding awards under the
Plan. In addition, the Company will issue to the Employee that number of shares of Common Stock equal to the Dividend Shares to
which the Employee is entitled under Paragraph 6. The Employee (or his or her successors) shall execute and deliver such instruments
and take such other actions as the Company shall reasonably request with respect to the actions to be taken pursuant to this Paragraph.

 

    -4-

     

    

 

8.          Termination
of Employment. If the Employee’s employment with the Company and/or a Subsidiary terminates during the Measurement Period
(a transfer of employment among the Company and its Subsidiaries will not be treated as a termination of employment), then all
or some portion of the Units that would otherwise have become earned Units (based on the actual performance for the Measurement
Period) had the Employee remained employed throughout the entire Measurement Period, if any (the “Full Period Units”),
will be earned or be forfeited as follows:

 

(a)         
    if the Employee’s employment terminates due to death, Disability
or Retirement, then at the end of the Measurement Period the number of Units that then become earned Units will be equal to
the product (rounded down to the nearest whole Unit) of (i) the number of Full Period Units, and (ii) a fraction,
the numerator of which is the number of full weeks in the Measurement Period during which the Employee was employed by the
Company or a Subsidiary, and the denominator of which is 156;

 

(b)    
        if the Employee’s employment terminates
due to involuntary termination without Cause, then at the end of the Measurement Period the number of Units that then become
earned Units will be equal to the product (rounded down to the nearest whole Unit) of (i) the number of Full Period
Units, and (ii) a fraction, the numerator of which is the number of full weeks in the Measurement Period during which
the Employee was employed by the Company or a Subsidiary, and the denominator of which is 156;

 

(c)         
    if the Employee, at termination of employment, is a party to a written
employment agreement with the Company or a Subsidiary that provides for the voluntary termination of employment by the
Employee for Good Reason, and if the Employee terminates employment voluntarily for Good Reason, then at the end of the
Measurement Period the number of Units that then become earned Units will be the same portion of the Full Period Units as if
the Employee’s employment had been involuntarily terminated without Cause, as determined under subparagraph (b) of
this Paragraph; and

 

(d)      
       upon termination of the Employee’s employment
for any reason other than those described in subparagraphs (a), (b), or (c) of this Paragraph, all of the Units will be
forfeited immediately upon the termination of the Employee’s employment.

 

9.          Change
in Control. Except as otherwise required under the terms and conditions of any applicable change in control agreement between
the Employee and the Company or a Subsidiary, upon the occurrence of a Change in Control during the Measurement Period, then the
Units shall vest in full (without pro-ration) on the date of the Change in Control, with the number of Units that become earned
Units based on the greater of: (a) an assumed achievement of the Shareholder Value Delivered as a percentage of Shareholder
Value Expected at its “target” level (i.e., an assumed multiplier of 1.0), or (b) the actual level of Shareholder
Value Delivered as a percentage of Shareholder Value Expected through the date immediately prior to the Change in Control (or as
close to such date as administratively practicable).

 

    -5-

     

    

 

10.          Forfeiture;
Potential Repayment Obligation.

 

(a)            The
Employee’s Units, any Common Stock acquired under the Plan, and any proceeds from the sale of any of the foregoing are required
to be forfeited by the Employee, including after vesting or delivery, if the Employee breaches any restrictive covenant contained
in any employment, severance, or other agreement with the Company or the Employer or in any applicable Company or Employer policy,
and the Company may direct the Stock Plan Provider (as defined below) to deliver to the Company such Units, Common Stock, or proceeds
from the sale of any of the foregoing, to the extent held in an account with such Stock Plan Provider.

 

(b)           This
Paragraph 10(b) is applicable only if the Employee holds the office of Vice President, or a higher office, with the Company
or one of its significant Subsidiaries as of the effective date of this Agreement. Notwithstanding any other provision of this
Agreement to the contrary, any Units granted or shares of Common Stock issued in connection with this Agreement, and/or any amount
received with respect to any sale of any such shares, shall be subject to potential cancellation, recoupment, rescission, payback,
or other action in accordance with the terms of the Company’s clawback policy, as it may be amended from time to time (the
 “Policy”). The Employee agrees and consents to the Company’s application, implementation, and enforcement of
(a) the Policy or any similar policy established by the Company or its Subsidiaries that may apply to the Employee, and (b) any
provision of applicable law relating to cancellation, rescission, payback, or recoupment of compensation, and expressly agrees
that the Company may take such actions as are necessary to effectuate the Policy, any similar policy (as applicable to the Employee)
or applicable law without further consent or action being required by the Employee. To the extent that the terms of this Agreement
and the Policy or any similar policy conflict, the terms of such policy shall prevail.

 

11.         Withholding.
At the time of the settlement of Units by distribution of any shares of Common Stock pursuant to Paragraph 7 of this Agreement,
the Company has the right and power to deduct or withhold, or require the Employee to remit to the Company, an amount sufficient
to satisfy all applicable tax withholding requirements with respect to such distributed shares. The Company may permit or require
the Employee to satisfy all or part of the tax withholding obligations in connection with this Agreement by (a) having the
Company withhold otherwise distributable shares, or (b) delivering to the Company shares of Company Common Stock already owned
for a period of at least six months (or such longer or shorter period as may be required to avoid a charge to earnings for financial
accounting purposes), in each case having a value equal to the amount to be withheld, which shall not exceed the amount determined
by the maximum statutory tax withholding rate in the Employee’s applicable jurisdictions, including of employment and residence.
For these purposes, the value of the shares of Common Stock to be withheld or delivered will be equal to the Fair Market Value
as of the date that the taxes are required to be withheld.

 

12.         Deferral
of Distribution; Code Section 409A Compliance. If permitted by the Committee, and to the extent that the Employee is a
U.S. tax resident, the Employee may make a one-time, irrevocable election to defer distribution of shares of Common Stock issued
in settlement of earned Units by completing and submitting a written election to the Company on such forms and following such procedures
as are required by the Company for effecting such elections. To be effective, the election must be delivered to the Company by
the date that is six months before the last day of the Measurement Period and must specify an event or date for distribution of
shares of Common Stock from among the following: (a) separation of service, (b) Disability, (c) death, (d) a
fixed date, or (e) a Change in Control. The Employee’s right to defer, as well as all other provisions of this Agreement,
shall be interpreted and applied in a manner consistent with the applicable standards for nonqualified deferred compensation plans
established by Code Section 409A and its interpretive regulations and other regulatory guidance. To the extent that any terms
of this Agreement would subject the Employee to gross income inclusion, interest, or additional tax pursuant to Code Section 409A,
those terms are to that extent superseded by, and shall be adjusted to the minimum extent necessary to satisfy, the applicable
Code Section 409A standards.

 

    -6-

     

    

 

13.        Notices.
All notices and other communications required or permitted under this Agreement shall be written and delivered personally or sent
by registered or certified first-class mail, postage prepaid and return receipt required, addressed as follows: if to the Company,
to the Company’s executive offices in Batesville, Indiana, and if to the Employee or his or her successor, to the address
last furnished by the Employee to the Company. The Company may, however, authorize notice by any other means it deems desirable
or efficient at a given time, such as notice by facsimile or electronic mail.

 

14.        No
Employment Rights. Neither the Plan nor this Agreement confers upon the Employee any right to continue in the employ of the
Employer or limits in any way the right of the Employer to terminate the Employee’s employment at any time. The Employee
shall have no rights as a shareholder of the Company with respect to any shares of Common Stock issuable upon the earning of the
Units until the date of issuance of such shares of Common Stock in settlement of the award.

 

15.        Plan
Controlling. The terms and conditions set forth in this Agreement are subject in all respects to the terms and conditions of
the Plan, which are controlling. All determinations and interpretations of the Company or the Committee are binding and conclusive
upon the Employee and his or her legal representatives. The Employee agrees to be bound by the terms and provisions of the Plan.

 

16.         Discretionary
Nature of Grant; No Vested Rights. The Employee acknowledges and agrees that the Plan is discretionary in nature and may be
amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of the Units under the Plan is
a one-time benefit and does not create any contractual or other right to receive a grant of Units or benefits in lieu of Units
in the future. Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the form and
timing of any grant, the number of shares of Common Stock subject to the grant, and the vesting provisions. Any amendment, modification,
or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Employee’s employment
with the Employer. Neither the Company nor the Employer shall be liable for any change in value of the Award, the amount realized
upon settlement of the Award or the amount realized upon a subsequent sale of any shares of Common Stock acquired upon settlement
of the Award resulting from any fluctuation of the United States Dollar/local currency foreign exchange rate. The Employee’s
participation in the Plan is voluntary. The value of the Award and any other awards granted under the Plan is an extraordinary
item of compensation outside the scope of the Employee’s employment (and the Employee’s employment contract, if any).
Any grant under the Plan, including the grant of the Award, is not part of normal or expected compensation for purposes of calculating
any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or
similar payments.

 

    -7-

     

    

 

17.        Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the Units or other awards granted
to the Employee under the Plan by electronic means. The Employee 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.

 

18.        Additional
Requirements. The Company reserves the right to impose other requirements on the Units, any shares of Common Stock acquired
pursuant to the Units, and the Employee’s participation in the Plan, to the extent the Company determines, in its sole discretion,
that such other requirements are necessary or advisable in order to comply with local law or to facilitate the administration of
the Plan. Such requirements may include (but are not limited to) requiring the Employee to sign any agreements or undertakings
that may be necessary to accomplish the foregoing.

 

19.        Defined
Terms. For purposes of this Agreement, the following terms have the meanings provided in this Paragraph. The terms included
in the Award Information section of this Agreement have the values specified in that section.

 

(a)           “Adjusted
NOPAT” means adjusted net operating profit after tax calculated in a manner generally consistent with the calculation in
use as of the date of this Award for “adjusted net income attributable to Hillenbrand” as externally reported by the
Company (or such substantially similar metric as is otherwise defined by the Company), adjusted for the following items (net of
tax where applicable):

 

(i)            Income
attributable to non-controlling interests, which shall be included;

 

(ii)           Interest
income, losses, or impairments on corporate investments and interest expense on corporate debt, which shall be excluded;

 

(iii)          Changes
in tax law or regulation or accounting pronouncements in United States GAAP or applicable international standards that cause an
inconsistency in computation as originally designed, which shall be excluded;

 

(iv)          The
effect of acquisitions during the Measurement Period, which shall be excluded for the duration of the Measurement Period; and

 

(v)          Other
items to be included or excluded as approved by the Compensation and Management Development Committee of the Board of Directors.

 

(b)           “Adjusted
Cash Flows” means, with respect to each fiscal year in the Measurement Period, net cash provided by operating activities
(whether positive or negative) less capital expenditures net of proceeds on the disposal of property, all as shown on audited financial
statements for the fiscal year, as adjusted (net of tax where applicable) to exclude the effects of the following items:

 

    -8-

     

    

 

(i)            Cash
receipts or disbursements from investments;

 

(ii)           Interest
income on corporate investments and interest expense on corporate debt;

 

(iii)          The
difference between the cash pension payment for an active defined benefit plan actually made and the pension expense recorded;

 

(iv)          Changes
in tax law or regulation or accounting pronouncements in United States GAAP or applicable international standards that cause an
inconsistency in computation as originally designed;

 

(v)            The
effect of acquisitions during the Measurement Period, which shall be excluded for the duration of the Measurement Period;

 

(vi)         All
other externally reported adjustments to GAAP net income, consistent with “adjusted net income attributable to Hillenbrand”
as externally reported by the Company (or such substantially similar metric as is otherwise defined by the Company), resulting
in cash inflow or outflow impacting net cash provided by operating activities, to be included or excluded as applicable; and

 

(vii)         Other
items to be included or excluded as approved by the Compensation and Management Development Committee of the Board of Directors.

 

(c)            “Cause”
means:

 

(i)            if
the Employee is a party to a written employment agreement with the Company or a Subsidiary that defines “cause” or
a comparable term, the definition in that employment agreement, and

 

(ii)           if
not, the Company’s good faith determination that the Employee has:

 

(1)            failed
or refused to comply fully and timely with any reasonable instruction or order of the Company or applicable Subsidiary, provided
that such noncompliance is not based primarily on the Employee’s compliance with applicable legal or ethical standards;

 

(2)           acquiesced
or participated in any conduct that is dishonest, fraudulent, illegal (at the felony level), unethical, involves moral turpitude,
or is otherwise illegal and involves conduct that has the potential to cause the Company or a Subsidiary or any of their respective
officers or directors embarrassment or ridicule;

 

    -9-

     

    

 

(3)           violated
any applicable Company or Subsidiary policy or procedure, including the Company’s Code of Ethical Business Conduct; or

 

(4)            engaged
in any act that is contrary to the best interests of or would expose the Company, a Subsidiary, their related businesses, or any
of their respective officers or directors to probable civil or criminal liability, excluding the Employee’s actions in accordance
with applicable legal or ethical standards.

 

(d)            “Disability”
means:

 

(i)            if
the Employee, at termination of employment, is a party to a written employment agreement with the Company or a Subsidiary that
defines “disability” or a comparable term, the definition in such employment agreement, and

 

(ii)           if
not, the Company’s good faith determination that the Employee is eligible (except for the waiting period) for permanent disability
benefits under Title II of the Federal Social Security Act or, as it relates to Employees residing outside the United States, applicable
local law.

 

(e)            “Good
Reason” means, if the Employee, at termination of employment, is a party to a written employment agreement with the Company
or a Subsidiary, the definition given to that term or a comparable term in that agreement, if any.

 

(f)            “Hurdle
Rate” means the measure established by the Committee with respect to the Company or a business unit, as applicable, for purposes
of calculating an expected rate of return, which reflects an appropriate weighted average cost of capital and targeted capital
structure.

 

(g)            “Retirement”
means termination of employment, other than upon death or discharge by the Company or any Subsidiary for Cause, after having:

 

(i)            completed
at least five years of service in the aggregate with the Company or any of its Subsidiaries, and

 

(ii)           reached
age fifty-five (55).

 

20.           Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America, and
grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the Company’s
grant of the Award under the Plan 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 Award, the Employee expressly and explicitly
consents to the personal data activities as described herein.

 

(a)            Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information about
the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth, date of
hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title, any
shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested or outstanding in the Employee’s favor (“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 Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

    -10-

     

    

 

(b)            Stock
Plan Providers. The Company and the Employer transfer the Employee’s 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 Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

(c)            International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is the Employee’s
consent.

 

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

 

(e)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Award 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 Employee’s 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.

 

    -11-

     

    

 

(f)    
        Data Subject Rights. The Employee understands
that the Employee may have the right under applicable law to (i) access or copy the Employee’s Data that the
Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete the Employee’s Data,
(iv) restrict processing of the Employee’s Data, and (v) lodge complaints with the competent supervisory
authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources
representative.

 

Please note that you must accept the Award
set forth in this Agreement online in accordance with the procedures established by the Company and the Stock Plan Provider no
later than the date set forth in the online materials or this Agreement may be cancelled by the Company, in its sole discretion.
The terms and conditions of the Plan and this Agreement constitute a legal contract that will bind both you and the Company as
soon as you accept the Award.

 

[Remainder of page intentionally
left blank]

 

    -12-

     

    

 

 

APPENDIX
A

 

HILLENBRAND, INC.

PERFORMANCE BASED UNIT AWARD AGREEMENT

 

Additional Provisions Applicable Outside
of the United States of America

 

To the extent that
the Employee is employed outside of the United States of America, the following provisions are considered part of, and modify,
as applicable, the Terms and Conditions of the Agreement:

 

1.            The
following paragraph is added to the end of Paragraph 7:

 

Notwithstanding
anything in the Agreement to the contrary, the Company may, in its sole discretion, settle the Units (and any Dividend Shares)
in the form of a cash payment to the extent settlement in shares of Common Stock is prohibited under local law or would require
the Employee, the Company and/or the Employer to obtain the approval of any governmental and/or regulatory body in the Employee’s
country of residence (and country of employment, if different). Alternatively, the Company may, in its sole discretion, settle
the Units (and any Dividend Shares) in the form of shares of Common Stock but require an immediate sale of such shares (in which
case, the Employee hereby expressly authorizes the Company to issue sales instructions in relation to such shares of Common Stock
on the Employee’s behalf).

 

2.            The
following subparagraphs (e) and (f) are added to the end of Paragraph 8:

 

(e)            if
the Employee is a resident or employed outside of the United States, the Employee’s employment will be considered terminated
(for any reason whatsoever, whether or not later found to be invalid or unlawful for any reason or in breach of employment laws
in the jurisdiction where the Employee is employed or the terms of the Employee's employment agreement, if any) as of the date
that is the earliest of (i) the date on which notice of termination is provided to the Employee, (ii) the last day of
the Employee’s active service with the Company or one of its Subsidiaries, or (iii) the last day on which the Employee
is an “employee” of the Company or one of its Subsidiaries, as determined in each case without including any required
advance notice period and irrespective of the status of the termination under local labor or employment laws; and

 

(f)            if
the Employee is a resident or employed in a country that is a member of the European Union, the grant of the Units and this Agreement
is intended to comply with the age discrimination provisions of the EU Equal Treatment Framework Directive, as implemented into
local law (the “Age Discrimination Rules”). To the extent that a court or tribunal of competent jurisdiction determines
that any provision of this Agreement is invalid or unenforceable, in whole or in part, under the Age Discrimination Rules, the
Company, in its sole discretion, shall have the power and authority to revise or strike such provision to the minimum extent necessary
to make it valid and enforceable to the full extent permitted under local law.

 

    		PBU SVD | Revised February 2021	A-1

     

    

 

3.            Paragraph
11 is deleted in its entirety and replaced with the following:

 

11.            Tax
and Social Insurance Contributions Withholding.

 

(a)            Regardless
of any action the Company and/or the Employer take with respect to any or all income tax (including U.S. federal, state, and local
taxes and/or non-U.S. taxes), social insurance, payroll tax, payment on account, or other tax-related withholding (“Tax-Related
Items”), the Employee acknowledges that the ultimate liability for all Tax-Related Items legally due by the Employee is
and remains the Employee’s responsibility and that the Company and the Employer (i) make no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award,
the vesting and settlement of the Award, and the subsequent sale of any shares of Common Stock acquired pursuant to the Award
and the receipt of any dividends; and (ii) do not commit to structure the terms of the grant or any aspect of the Award to
reduce or eliminate the Employee’s liability for Tax-Related Items.

 

(a)            Prior
to the delivery of shares of Common Stock upon vesting of the Award, if the Employee’s country of residence (and/or the
Employee’s country of employment, if different) requires withholding of Tax-Related Items, the Company shall withhold a
sufficient number of whole shares of Common Stock otherwise issuable upon vesting of the Award that have an aggregate Fair Market
Value sufficient to pay the Tax-Related Items required to be withheld with respect to the shares of Common Stock. The cash equivalent
of the shares of Common Stock withheld will be used to settle the obligation to withhold the Tax-Related Items. In the event that
the withholding of shares of Common Stock may trigger adverse consequences to the Company or the Employer, the Company or the
Employer may withhold the Tax-Related Items required to be withheld with respect to the shares of Common Stock in cash from the
Employee’s regular salary and/or wages or other amounts payable to the Employee, or may require the Employee to personally
make payment of the Tax-Related Items required to be withheld. In the event the withholding requirements are not satisfied through
the withholding of shares of Common Stock by the Company or through withholding from the Employee’s regular salary and/or
wages or any other amounts payable to the Employee, no shares of Common Stock will be issued to the Employee (or the Employee’s
estate) upon vesting of the Award unless and until satisfactory arrangements (as determined by the Committee) have been made by
the Employee with respect to the payment of any Tax-Related Items which the Company and the Employer determine, each in its sole
discretion, must be withheld or collected with respect to such Award. By accepting the Award, the Employee expressly consents
to the withholding of shares of Common Stock and/or cash as provided for hereunder. All other Tax-Related Items related to the
Award and any shares of Common Stock delivered in settlement thereof are the Employee’s sole responsibility. If the obligation
for the Employee’s Tax-Related Items is satisfied by withholding a number of shares of Common Stock as described herein,
the Employee shall be deemed to have been issued the full number of shares of Common Stock issuable upon vesting, notwithstanding
that a number of the shares of Common Stock is held back solely for the purpose of paying the Tax-Related Items due as a result
of the vesting or any other aspect of the Award.

 

    		PBU SVD | Revised February 2021	A-2

     

    

 

(b)            To
the extent the Company or the Employer pays any Tax-Related Items that are the Employee’s responsibility (“Advanced
Tax Payments”), the Company or the Employer shall be entitled to recover such Advanced Tax Payments from the Employee in
any and all manner that the Company determines appropriate in its sole discretion. For purposes of the foregoing, the manner of
recovery of the Advanced Tax Payments shall include (but is not limited to) offsetting the Advanced Tax Payments against any and
all amounts that may be otherwise owed to the Employee by the Company or the Employer (including regular salary/wages, bonuses,
incentive payments and shares of Common Stock acquired by the Employee pursuant to any equity compensation plan that are otherwise
held by the Company for the Employee’s benefit).

 

(c)            If
the Employee is subject to taxation in more than one jurisdiction, the Employee acknowledges that the Company or the Employer
may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Employee hereby consents to any
action reasonably taken by the Company and the Employer to meet the Employee’s obligation for Tax-Related Items. By accepting
the Award, the Employee expressly consents to the withholding of shares of Common Stock and/or withholding from the Employee’s
regular salary and/or wages or other amounts payable to the Employee as provided for hereunder. All other Tax-Related Items related
to the Award and any shares of Common Stock delivered in payment thereof are the Employee’s sole responsibility.

 

4.            Paragraph
20 is deleted in its entirety and replaced with the following:

 

20.            Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America, and
grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the Company’s
grant of the Award under the Plan 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 Award, the Employee expressly and
explicitly consents to the personal data activities as described herein.

 

(g)            Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information
about the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth,
date of hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title,
any shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested, or outstanding in the Employee’s favor (“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 Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

    		PBU SVD | Revised February 2021	A-3

     

    

 

(h)           Stock
Plan Provider. The Company and the Employer transfer the Employee’s 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 Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

(i)             International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is the
Employee’s consent.

 

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

 

(k)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s 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 Employee’s 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.

 

(l)            Data
Subject Rights. The Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, (vi) lodge complaints with the competent
supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights or to exercise
these rights, the Employee understands that the Employee can contact his or her Employer’s human resources representative.

 

    		PBU SVD | Revised February 2021	A-4

     

    

 

5.            The
following Paragraphs 21 through 26 are added to the end of the Terms and Conditions of the Agreement:

 

21.            Termination
Indemnities. The Employee’s participation in the Plan is voluntary. The value of the Units and any other awards granted
under the Plan is an extraordinary item of compensation outside the scope of the Employee’s employment (and the Employee’s
employment contract, if any). Any grant under the Plan, including the grant of the Units, is not part of normal or expected compensation
for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension
or retirement benefits, or similar payments.

 

22.            No
Public Offering of Securities. The grant of the Units is not intended to be a public offering of securities in the Employee’s
country of residence (and country of employment, if different). The Company has not submitted any registration statement, prospectus,
or other filings with the local securities authorities (unless otherwise required under local law).

 

23.            English
Language. If the Employee is a resident outside of the United States, the Employee acknowledges and agrees that it is the
Employee’s express intent that this Agreement, the Plan, and all other documents, notices, and legal proceedings entered
into, given, or instituted pursuant to the Units, be drawn up in English. If the Employee has received this Agreement, the Plan,
or any other documents related to the Units translated into a language other than English, and if the meaning of the translated
version is different than the English version, the English version will control.

 

24.            Addendum.
Notwithstanding any provisions of this Agreement to the contrary, the Award shall be subject to any special terms and conditions
for the Employee’s country of residence (and country of employment, if different), as are set forth in the applicable Addendum
to this Agreement. Further, if the Employee transfers the Employee’s residence and/or employment to another country reflected
in the Addenda to this Agreement, the special terms and conditions for such country will apply to the Employee to the extent the
Company determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable (or the
Company may establish such alternative terms and conditions that may be necessary or advisable to accommodate the Employee’s
transfer). Any applicable Addendum shall constitute part of this Agreement.

 

    		PBU SVD | Revised February 2021	A-5

     

    

 

25.            Insider
Trading Restrictions/Market Abuse Laws. The Employee may be subject to insider trading restrictions and/or market abuse laws
based on the exchange on which the shares of Common Stock are listed and in applicable jurisdictions including the United States
and the Employee's country of residence (and country of employment, if different) or the country of operation of the Employee's
broker, if different, which may affect the Employee's ability to accept, acquire, sell or otherwise dispose of shares of Common
Stock, rights to shares of Common Stock (e.g., Units) or rights linked to the value of shares of Common Stock during such
times as the Employee is considered to have “inside information” regarding the Company (as defined by the laws
in the applicable jurisdictions).  Local insider trading laws and regulations may prohibit the cancellation or amendment
of orders the Employee places before he or she possessed inside information. Furthermore the Employee could be prohibited from
(i) disclosing the inside information to any third party, which may include fellow employees (other than on a “need
to know” basis) and (ii) “tipping” third parties or causing them otherwise to buy or sell securities.
Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under
any applicable Company insider trading policy.  The Employee personally is responsible for ensuring compliance with any applicable
restrictions and should seek appropriate advice from his or her personal legal advisor.

 

26.            Foreign
Asset/Account, Tax Reporting Information. The Employee's country of residence may have certain foreign asset and/or account
reporting requirements which may affect his or her ability to acquire or hold shares of Common Stock under the Plan or cash received
from participating in the Plan (including from any dividends received, or sale proceeds arising from the sale of shares of Common
Stock) in a brokerage or bank account outside of the Employee's country of residence. The Employee may be required to report such
accounts, assets or transactions to the tax or other authorities in his or her country. The Employee also may be required to repatriate
sale proceeds or other funds received as a result of participating in the Plan to his or her country within a certain time after
receipt. The Employee personally is responsible for ensuring compliance with such regulations, and should seek appropriate advice
from his or her personal legal advisor.

 

    		PBU SVD | Revised February 2021	A-6

     

    

 

HILLENBRAND, INC.

 

ADDENDUM
TO

PERFORMANCE BASED UNIT AWARD AGREEMENT

 

In addition to the
terms of the Plan, the Agreement and Appendix A, the Award is subject to the following additional terms and conditions.
All defined terms as contained in this Addendum shall have the same meaning as set forth in the Plan, the Agreement, and Appendix
A. Pursuant to Paragraph 24 of the Agreement (as reflected in Appendix A), if the Employee transfers residence and/or
employment to another country reflected in an Addendum, the special terms and conditions for such country will apply to the Employee
to the extent the Company determines, in its sole discretion, that the application of such terms and conditions is necessary or
advisable in order to comply with local laws, rules, and regulations, or to facilitate the operation and administration of the
Award and the Plan (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate
the Employee’s transfer).

 

EUROPEAN
UNION (“EU”) / EUROPEAN ECONOMIC AREA (“EEA”) / SWITZERLAND / THE UNITED KINGDOM

 

1.            Data
Privacy. If the Employee resides and/or is employed in the EU/EEA, Switzerland or the United Kingdom, the following provisions
replace Paragraph 20 of the Agreement:

 

Data
Privacy. The Company is located at One Batesville Boulevard, Batesville, Indiana 47006, United States of America,
and grants Units under the Plan to employees of the Company and its Subsidiaries in its sole discretion. In conjunction with the
Company’s grant of the Award under the Plan and its ongoing administration of such award, the Company is providing the following
information about its data collection, processing and transfer practices, which the Employee should carefully review.

 

(a)            Data
Collection, Processing and Usage. The Company and the Employer will collect, process and use certain personal information
about the Employee, specifically, the Employee’s name, home address, email address and telephone number, date of birth,
date of hire, social security or insurance number, passport number or other identification numbers, salary, nationality, job title,
any shares of Common Stock or directorships held in the Company, details of all Units or any other entitlement to shares of Common
Stock awarded, canceled, exercised, vested, unvested or outstanding in the Employee’s favor (“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 Employee’s Data is the Employee’s consent. The Employee’s Data also may be disclosed to certain
securities or other regulatory authorities where the Company’s securities are listed or traded or regulatory filings are
made. The Company’s legal basis for such disclosure of the Employee’s Data is to comply with applicable laws, rules and
regulations.

 

(b)            Stock
Plan Providers. The Company and the Employer transfer the Employee’s 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 Employee’s Data with another company that serves in a similar manner.
The Stock Plan Provider will open an account for the Employee to receive and trade shares of Common Stock acquired under the Plan.
The Employee will be asked to agree to separate terms and data processing practices with the Stock Plan Provider, which is a condition
of the Employee’s ability to participate in the Plan.

 

    		PBU SVD | Revised February 2021	A-7

     

    

 

(c)            International
Data Transfers. The Company and the Stock Plan Provider are based in the United States of America. The Employee should note
that the Employee’s country of residence may have enacted data privacy laws that are different from the United States of
America. The Company’s legal basis for the transfer of the Employee’s Data to the United States of America is to satisfy
its contractual obligations under the terms and conditions of this Agreement.

 

(d)            Data
Retention. The Employee understands that the Employee’s Data will be held only as long as is necessary to implement,
administer and manage the Employee’s Award 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 Employee’s 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 Employee understands that the Employee may have the right under applicable law to (i) access or copy
the Employee’s Data that the Company possesses, (ii) rectify incorrect Data concerning the Employee, (iii) delete
the Employee’s Data, (iv) restrict processing of the Employee’s Data, and (v) lodge complaints with the
competent supervisory authorities in the Employee’s country of residence. To receive clarification regarding these rights
or to exercise these rights, the Employee understands that the Employee can contact his or her Employer’s human resources
representative.

 

Canada

 

1.            Settlement
in Shares. Notwithstanding anything to the contrary in the Agreement or the Plan, the Award shall be settled only in shares
of Common Stock (and may not be settled in cash).

 

The following provisions shall apply
to the Employee if he or she is a resident of Québec:

 

2.            Data
Privacy. The following provision shall supplement Paragraph 20 of the Agreement:

 

The Employee authorizes the Company and
the Company’s representative to discuss with and obtain all relevant information from all personnel, professional or non-professional,
involved in the administration of the Employee’s Award granted under the Plan. The Employee further authorizes the Company,
the Employer, any broker or any stock plan service provider as may be selected by the Company from time to time to assist with
the Plan, to disclose and discuss the Employee’s participation in the Plan with their advisors. The Employee also authorizes
the Company and the Employer to record such information related to the Employee’s participation in the Plan and to keep
such information in the Employee’s employment file.

 

    		PBU SVD | Revised February 2021	A-8

     

    

 

3.            English
Language. If the Employee is a resident of Québec, the Employee acknowledges and agrees that it is the Employee’s
express intent that the Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Award, be drawn up in English. If the Employee has received the Agreement, the Plan, or any other documents related
to the Award translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

Langue
Anglaise. Si le Salarié est un résident du Québec,
il reconnaît et accepte avoir expressément exigé la rédaction an anglais du présent Contrat,
du Plan et de tous autres documents exécutés, avis donnés et procédures judiciaires intentées
en vertu de l’Attribution. Si le Salarié a reçu le présent Contrat, le Plan ou tout autre document
relatif à l'Attribution traduit dans une langue autre que l’anglais, et si la signification de la version traduite
est différente de celle de la version anglaise, la version anglaise prévaudra.

 

China

 

1.            Award
Conditioned on Satisfaction of Regulatory Obligations. If the Employee is a national of the People’s Republic of China
(“PRC”), the grant of the Award is conditioned upon the Company securing all necessary approvals from the PRC State
Administration of Foreign Exchange to permit the operation of the Plan and the participation of PRC nationals employed by the
Employer, as determined by the Company in its sole discretion.

 

2.            Sale
of Shares. Notwithstanding anything to the contrary in the Plan, upon any termination of employment with the Employer, the
Employee may be required to sell all shares of Common Stock acquired under the Plan within such time period as may be established
by the PRC State Administration of Foreign Exchange.

 

3.            Exchange
Control Restrictions. The Employee understands and agrees that, if the Employee is subject to exchange control laws in China,
the Employee will be required to repatriate immediately to China the proceeds from the sale of any shares of Common Stock acquired
under the Plan. The Employee further understands that such repatriation of sale proceeds must be effected through a special bank
account established by the Company with a financial institution in China and the Employee hereby consents and agrees that proceeds
from the sale of shares of Common Stock acquired under the Plan may be transferred to such account by the Company on the Employee’s
behalf prior to being delivered to the Employee and that no interest shall be paid with respect to funds held in such account.
Sale proceeds may be paid to the Employee in U.S. dollars or local currency at the Company’s discretion. If the sale proceeds
are paid to the Employee in U.S. dollars, the Employee understands that the Employee must establish and maintain a U.S. dollar
bank account in China so that the proceeds may be deposited into such account. If the sale proceeds are paid to the Employee in
local currency, the Employee acknowledges that the Company is under no obligation to secure any particular exchange conversion
rate and that the Company may face delays in converting the sale proceeds to local currency due to exchange control restrictions.
The Employee agrees to bear any currency fluctuation risk between the time the shares of Common Stock are sold and the net proceeds
are converted into local currency and distributed to the Employee. The Employee further agrees to comply with any other requirements
that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China.

 

    		PBU SVD | Revised February 2021	A-9

     

    

 

4.            Administration.
The Company shall not be liable for any costs, fees, lost interest or dividends or other losses the Employee may incur or suffer
resulting from the enforcement of the terms of this section or otherwise from the Company’s operation and enforcement of
the terms of the Plan, the Agreement and this Addendum, and the Award in accordance with Chinese law including, without limitation,
any applicable rules, regulations, requirements and approvals issued by the State Administration of Foreign Exchange.

 

Denmark

 

1.           Treatment
of Units Upon Termination of Employment. Notwithstanding any provision in the Agreement or the Plan to the contrary, the treatment
of the Award upon the Employee’s termination of employment shall be governed by the Danish Act on the Usage of Rights to
Purchase or Subscribe for Shares etc. in Employment Relationships (the “Stock Option Act”), as in effect at the time
of the Employee’s termination of employment (as determined by the Company, in its sole discretion, in consultation with
legal counsel). The Employee acknowledges having received an “Employer Statement” in Danish, which is being provided
in conjunction with the Award to comply with the Stock Option Act.

 

France

 

1.            English
Language. If the Employee is a resident of France, the Employee acknowledges and agrees that it is the Employee’s express
intent that the Agreement, the Plan, and all other documents, notices, and legal proceedings entered into, given, or instituted
pursuant to the Award, be drawn up in English. If the Employee has received the Agreement, the Plan, or any other documents related
to the Award translated into a language other than English, and if the meaning of the translated version is different than the
English version, the English version will control.

 

Langue
Anglaise. Si le Salarié est un résident de la France, il reconnaît et accepte avoir expressément
exigé la rédaction en anglais du présent Contrat, du Plan et de tous autres documents exécutés,
avis donnés et procédures judiciaires intentées en vertu de l’Attribution. Si le Salarié a reçu
le présent Contrat, le plan ou tout autre document relatif à l'Attribution traduit dans une langue autre que l’anglais,
et si la signification de la version traduite est différente de celle de la version anglaise, la version anglaise prévaudra.

 

Germany

 

No country-specific provisions.

 

    		PBU SVD | Revised February 2021	A-10

     

    

 

Mexico

 

1.            Commercial
Relationship. The Employee expressly recognizes that the Employee’s participation in the Plan and the Company’s
grant of the Award does not create an employment relationship between the Employee and the Company. The Company has granted the
Employee the Award as a consequence of the commercial relationship between the Company and the Company’s Subsidiary in Mexico
that employs the Employee (i.e., the Employer), and the Company’s Subsidiary in Mexico is the Employee’s sole employer.
Based on the foregoing, (a) the Employee expressly recognizes the Plan and the benefits the Employee may derive from the
Employee’s participation in the Plan does not establish any rights between the Employee and the Employer, (b) the Plan
and the benefits the Employee may derive from the Employee’s participation in the Plan are not part of the employment conditions
and/or benefits provided by the Employer, and (c) any modifications or amendments of the Plan by the Company, or a termination
of the Plan by the Company, shall not constitute a change or impairment of the terms and conditions of the Employee’s employment
with the Employer.

 

Singapore

 

1.            Qualifying
Person Exemption. The grant of the Award under the Plan is being made pursuant to the “Qualifying Person” exemption
under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (the “SFA”). The Plan has not
been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any
financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation
to the content of prospectuses would not apply. The Employee should note that, as a result, the Award are subject to section 257
of the SFA and the Employee will be unable to make: (a) any subsequent sale of the shares of Common Stock underlying
the Award in Singapore; or (b) any offer of such subsequent sale of the shares of Common Stock subject to the Award in
Singapore, unless such sale or offer is made pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other
than section 280) of the SFA.

 

Sweden

 

1.            Withholding
of Tax-Related Items from Cash Payments. The following provision shall supplement Paragraph 11 of the Agreement (as reflected
in Appendix A):

 

Notwithstanding anything in Paragraph
11 of the Agreement to the contrary, if the Employee is a local national of Sweden, any Tax-Related Items shall be withheld only
in cash from the Employee’s regular salary/wages or other amounts payable to the Employee in cash, or such other withholding
methods as may be permitted under the Plan and allowed under local law.

 

Switzerland

 

1.            Securities
Law Notice. Neither the Agreement, this Addendum nor any other materials relating to the Award (a) constitutes a prospectus
according to article 35 et seq. of the Swiss Federal Act on Financial Services (“FinSA”), (b) may be publicly
distributed nor otherwise made publicly available in Switzerland to any person other than an employee of the Company or a Subsidiary,
or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 of FinSA
or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority (FINMA).

 

    		PBU SVD | Revised February 2021	A-11

     

    

 

United Kingdom

 

1.            Income
Tax and Social Insurance Contribution Withholding. The following provision shall supplement Paragraph 11 of the Agreement
(as reflected in Appendix A):

 

Without limitation to Paragraph 11 of
the Agreement, the Employee hereby agrees that the Employee is liable for all Tax-Related Items and hereby consents to pay all
such Tax-Related Items, as and when requested by the Company, the Employer or by HM Revenue & Customs (“HMRC”)
(or any other tax authority or any other relevant authority). The Employee hereby agrees to indemnify and keep indemnified the
Company and the Employer against any Tax-Related Items that they are required to pay or withhold on the Employee’s behalf
or have paid or will pay to HMRC (or any other tax authority or any other relevant authority).

 

Notwithstanding the foregoing, if the
Employee is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange
Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that the Employee
is a director or executive officer and income tax due is not collected from or paid by the Employee within ninety (90) days after
the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax
may constitute a benefit to the Employee on which additional income tax and national insurance contributions may be payable. The
Employee acknowledges that the Employee ultimately will be responsible for reporting and paying any income tax due on this additional
benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer (as applicable) for
the value of any employee national insurance contributions due on this additional benefit, which the Company and/or the Employer
may recover from the Employee at any time thereafter by any of the means referred to in Paragraph 11 of the Agreement.

 

2.            Exclusion
of Claim. The Employee acknowledges and agrees that the Employee will have no entitlement to compensation or damages in consequence
of the termination of the Employee’s employment with the Employer for any reason whatsoever and whether or not in breach
of contract, insofar as such entitlement arises or may arise from the Employee’s ceasing to have rights under or to be entitled
to exercise the Award as a result of such termination, or from the loss or diminution in value of the Award. Upon the grant of
the Award, the Employee shall be deemed irrevocably to have waived any such entitlement.

 

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

 

    		PBU SVD | Revised February 2021	A-12

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