Document:

EX-10.5

 Exhibit 10.5 

FORM OF EMBECTA CORP. 

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN 
  

 Table of Contents 

 

							
	 	  	 	  	Page	 
			
	 1.
	  	Establishment and Purpose of Plan	  	 	1	 
			
	 2.
	  	Definitions and Construction	  	 	1	 
			
	 3.
	  	Severance Benefits For Qualifying Terminations	  	 	7	 
			
	 4.
	  	No Contract of Employment	  	 	10	 
			
	 5.
	  	Conflict in Benefits; Noncumulation of Benefits	  	 	11	 
			
	 6.
	  	Administration, Termination, and Amendment of Plan	  	 	11	 
			
	 7.
	  	Claims for Benefits	  	 	12	 
			
	 8.
	  	Notices	  	 	14	 
			
	 9.
	  	Certain Federal Tax Considerations	  	 	15	 
			
	 10.
	  	Additional Provisions	  	 	17	 
		
	 SCHEDULE A
	  			
		
	EXHIBITA FORM OF PARTICIPATION AGREEMENT	  	 	A-1	 

  

  
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 EMBECTA CORP. 

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN 

1. Establishment and Purpose of Plan 

1.1 Establishment. Embecta Corp., a Delaware corporation (“Embecta” or the
“Company”), has adopted this Embecta Corp. Executive Severance and Change in Control Plan (as amended from time to time, the “Plan”), effective as of ________ (the “Effective
Date”). 
 1.2 Purpose. The purpose of the Plan is to provide eligible key employees of the Company and certain
subsidiaries of the Company who experience a Qualifying Termination (defined below) with severance benefits in accordance with the terms and conditions set forth below. The Company believes that it is in the best interests of the Company’s
shareholders to provide financial assistance through severance payments and other benefits to eligible key employees who experience a Qualifying Termination as specified herein. With respect to each Participant (defined below), the Plan supersedes
all plans, agreements, or other arrangements for severance benefits or for enhanced severance payments whether or not before, on or after a Change in Control. To the extent the Plan provides deferred compensation it is an unfunded plan primarily for
the purposes of providing deferred compensation to a select group of management or highly compensated employees as described in Sections 201, 301 and 401 of ERISA. The Company reserves the right to amend, modify or terminate the Plan at any time for
any reason, subject to the limitations set forth herein. 
 2. Definitions and Construction 

2.1 Definitions. Whenever used in the Plan, the following terms shall have the meanings set forth below: 

(a) “Accrued Obligations” means the following: 

i. any earned but unpaid Base Salary (defined below) through the Participant’s Termination Date (defined below), plus any accrued
and unused paid time off (“PTO”) due to the Participant under the Company’s PTO program through the Participant’s Termination Date, which amounts shall be paid to the Participant not later than the payment date for
the payroll period next following the Participant’s Termination Date; 
 ii. reimbursements for any properly reimbursable
business expenses to which the Participant is entitled pursuant to any applicable established reimbursement policies, provided that the Participant applies for such reimbursements in accordance with the terms and procedures set forth in the
applicable established reimbursement policies, and within the period required by such procedures (but under no circumstances later than ninety (90) days after the Participant’s Termination Date); and 

iii. any other amounts or benefits required to be paid or provided or that Participant is eligible to receive under any plan, program,
policy or practice or contract or agreement of the Company and its Affiliates (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”) in accordance with the terms of the underlying plans or
agreements. 

  
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 (b) “Annualized Bonus” means the greater of (i) a
Participant’s annual Bonus (defined below) for the most recently completed Fiscal Year for which annual bonuses have been determined or (ii) a Participant’s average annual Bonus for the two most recently completed Fiscal Years for
which annual Bonuses have been determined. In the event that the Annualized Bonus cannot be determined for a Participant under (i) or (ii) above, “Annualized Bonus” with respect to such Participant means the Target Annual Bonus
(defined below). 
 (c) “Base Salary” means the annual base salary in effect immediately prior to the
Participant’s Termination Date (without giving effect to any reduction forming the basis for a termination for Good Reason). For the avoidance of doubt, Base Salary does not include any bonuses, commissions, fringe benefits, car allowances, or
other special or irregular payments. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Bonus” means any annual cash bonus payable under any bonus plan, short term incentive compensation plan or
other like benefit plan of a Group Company in which the Participant participates, whether or not awards thereunder are discretionary, including without limitation, the Company’s Annual Incentive Plan as in effect from time to time. 

(f) “Cause” means any one of the following (other than during a Change in Control Coverage Period, as
determined by the Committee in its sole discretion): 
 i. the Participant’s act of fraud, embezzlement, theft or other
intentional material violation of the law in connection with or in the course of his or her employment; 
 ii. indictment or
conviction of the Participant for a felony or crime of moral turpitude in connection with or in the course of his or her employment; 

iii. the Participant’s willful or gross misconduct that is likely to materially injure the reputation, business or a business
relationship of any Group Company; 
 iv. the Participant’s willful material violation or breach of any confidentiality, non-competition or non-solicitation obligation (contractual or otherwise) to a Group Company; 

v. the Participant’s continued and willful failure or refusal (other than as a result of incapacity due to mental or physical
impairment) to perform his or her material duties of employment or to adhere to any written policies of the Company; 
 vi. the
Participant’s sexual harassment of an employee or other third party that has been reasonably substantiated through an investigation in accordance with the Company’s standard human resources policy; or 

  
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 vii. other than in connection with or in the course of his or her employment, the
Participant’s willful conduct that endangers or compromises the health or safety of another employee or creates a hostile work environment. 
 For
purposes of this definition of “Cause,” no act, or failure to act, on the part of the Participant will be deemed “willful” if it was done or omitted to be done by the Participant in good faith or with a reasonable belief that the
act or omission was not opposed to the best interests of the Company Group. 
 If (A) a Group Company has terminated a Participant without Cause or a
Participant has resigned for Good Reason and, within six months after the Termination Date, matters constituting Cause become known to a Group Company, or (B) if a Participant resigns for Good Reason after a Group Company learns of matters
constituting Cause but before the Group Company is able to effectuate a termination for Cause, the Committee may in any such case, by written notice to a Participant, treat such termination as being for Cause; except that this provision shall not
apply following a Change in Control. 
 (g) “Change in Control” shall have the meaning set forth in the
Equity Plan. 
 (h) “Change in Control Coverage Period” means the period commencing with, and ending 24
months following, the date of a Change in Control. Notwithstanding anything in this Agreement to the contrary, if (i) a Participant experiences a Termination of Employment by the Company without Cause, (ii) the Termination Date of such
Participant’s Termination of Employment is prior to the date on which a Change in Control occurs, and (iii) it is reasonably demonstrated by such Participant that such Termination of Employment (x) was at the request of a third party
that has taken steps reasonably calculated to effect a Change in Control or (y) otherwise directly arose in connection with or anticipation of a Change in Control, then, solely with respect to such Participant, the “Change in Control
Coverage Period” shall mean the period commencing immediately prior to such Termination Date and ending on the date of the Change in Control. 

(i) “Claim” shall have the meaning set forth in Section 7.1(a) below. 

(j) “Claimant” shall have the meaning set forth in Section 7.1(a) below. 

(k) “Claims Administrator” shall have the meaning set forth in Section 6.1(d) below. 

(l) “COBRA” means the continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended. 
 (m) “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto
and any applicable regulations promulgated thereunder. 
 (n) “Committee” means the Compensation Committee of
the Board. 
 (o) “Company” means Embecta Corp., a Delaware corporation, or any successor thereto. 

  
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 (p) “Company Group” means the group consisting, from time to
time, of the Company and each direct and indirect Subsidiary of the Company. 
 (q) “Delay Period” shall have
the meaning set forth in Section 9.1(b) below. 
 (r) “Director” means a member of the Board. 

(s) “Disability” means the Participant’s disability within the meaning of the applicable long-term
disability plan in effect immediately prior to the Termination Date. 
 (t) “Eligible Employee” means an
employee of any Group Company who is designated by the Company as within one of the employee classification levels specified on Schedule A. If there is any question as to whether an Employee is deemed an Eligible Employee for purposes of the Plan,
the Committee shall make the determination. 
 (u) “Employee” means an individual who is classified as an
employee on the U.S. payroll of any Group Company, other than any individual scheduled to work fewer than 30 hours per week or any individual classified as a “foreign employee,” meaning an employee based or employed in a country that is
not the United States or paid from a non-U.S. payroll (including an employee based in the Commonwealth of Puerto Rico or paid from a payroll in the Commonwealth of Puerto Rico). 

(v) “Equity Plan” means the Embecta 2022 Employee and Director Equity-Based Compensation Plan, as it may be
amended from time to time, or any successor thereto. 
 (w) “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended, or any successor thereto and any applicable regulations promulgated thereunder. 
 (x)
“Excise Tax” shall have the meaning set forth in Section 9.2(a) below. 
 (y) “Existing
Restrictive Covenant Agreement” shall have the meaning set forth in Section 5 below. 
 (z) “Fiscal
Year” means the fiscal year of the Company. 
 (aa) “Good Reason” means any of the following
events without the Participant’s express written consent (provided that for Participants other than the CEO and the CEO’s SVP direct reports, solely during a Change in Control Coverage Period): 

i. a material reduction (other than during a period of the Participant’s mental or physical impairment) in the Participant’s
authority, duties, or responsibilities or the assignment to the Participant of duties on a continuous or regular basis that are materially inconsistent with the duties of the Participant prior to such reduction (or, for Participants other than the
CEO and the CEO’s SVP direct reports, prior to the Participant’s Change in Control Coverage Period); 

  
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 ii. a reduction in the Participant’s base compensation or a material reduction
in the Participant’s annual compensation opportunity or long-term incentive compensation opportunity; 
 iii. a change in the
primary location at which the Participant is required to perform the duties of his or her employment to a location that is more than 30 miles from the location at which his or her office is located prior to such change (or, for Participants other
than the CEO and the CEO’s SVP direct reports, prior to the Participant’s Change in Control Coverage Period), provided that such change in primary location results in a material increase (i.e., at least 30 minutes) in the
Participant’s one-way commuting time; 
 iv. a material breach by the Company of an
employment agreement or contract (including a letter agreement) with the Participant; or 
 v. the failure of a successor entity to
assume the obligations under this Plan or to provide the Participant with a plan providing substantially similar or better severance benefits; 

provided, however, in all cases, that the Participant who is asserting that an event constituting Good Reason has occurred has
provided the Company with written notice of the circumstances giving rise to the Good Reason event (a “Good Reason Notice”), in accordance with the procedures set forth in Section 8 below, within 60 days after the
initial existence of such circumstances. An event constituting Good Reason shall no longer constitute Good Reason if the circumstances described in the Good Reason Notice are cured (and notice of such cure is provided to the Participant) by the
Company Group within 30 days following its receipt of the Good Reason Notice. If the Company Group does not cure the circumstances giving rise to the Good Reason event described in the Good Reason Notice within 30 days after receipt of the Good
Reason Notice, the Participant who provided the Good Reason Notice may resign for Good Reason only by terminating employment within 30 days following the end of the Company Group’s 30-day cure period.

 (bb) “Group Company” means the Company or any other company within the Company Group. 

(cc) “Health and Welfare Severance Benefit” shall have the meaning set forth in Section 3.1(e) below. 

(dd) “Participant” means any individual who is an Eligible Employee selected by the Committee to participate in
the Plan and who executes and returns to the Company a Participation Agreement (defined below). 
 (ee) “Participation
Agreement” means an Agreement to Participate in the Plan, in substantially the form attached hereto as Exhibit A, or in such other form as the Committee may approve from time to time. 

(ff) “Prior Year Bonus Payment” shall have the meaning set forth in Section 3.1(c) below. 

  
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 (gg) “Pro-Rata Bonus
Payment” shall have the meaning set forth in Section 3.1(d) below. 
 (hh) “Qualifying
Termination” means the occurrence of either of the following events: 
 i. the involuntary termination without Cause of
a Participant’s employment with a Group Company that employs the Participant; or 
 ii. such Participant’s resignation
from such employment with the Company for Good Reason (which, for Participants other than the CEO and the CEO’s SVP direct reports, can only occur during a Change in Control Coverage Period); 

provided, however, that a Qualifying Termination shall not include any termination of a Participant’s employment which is
(A) for Cause, (B) a result of a Participant’s death or Disability, (C) a result of a Participant’s resignation other than for Good Reason, or (D) a Participant’s termination following his or her failure to accept
a continued employment at a comparable position (as determined by the Committee in its sole discretion) in connection with any sale, divestiture or outsourcing of the company or business unit in which he or she had been employed prior to his or her
termination. 
 (ii) “Separation and Release Agreement” means an agreement between the Participant and the
Company in a form that is reasonably acceptable to the Company (which shall be provided to the applicable Participant by the Company as soon as practicable following the Termination Date) that includes a full general release by the Participant in
favor of the Company Group and any of its affiliates, stockholders, Directors, officers, employees, agents, insurers, predecessors, successors and/or assigns, and other related parties (including, without limitation, fiduciaries of employee benefit
plans) releasing all claims, known or unknown (the “Release”), which at the Company’s discretion, and to the extent permitted by applicable law, may include, among other things, certain restrictive covenants applicable
to the Participant, including confidentiality, non-solicitation and non-competition provisions, provided that with respect to a Qualifying Termination during a Change in
Control Coverage, the Separation and Release Agreement shall impose no covenants on the applicable Participant other than the Release, and the Release shall be in a form not less favorable to the Participant than the Company’s standard form of
Release in effect prior to the applicable Change in Control. 
 (jj)
“Section 409A” means Section 409A of the Code and any applicable regulations (including proposed or temporary regulations) and other administrative guidance promulgated thereunder. 

(kk) “Section 409A Change in Control” shall have the meaning set forth in
Section 9.1(f) below. 
 (ll) “Severance Conditions” means that (i) solely outside of a Change in
Control Coverage Period, the Participant continues to comply with any restrictive covenants applicable to the Participant by Company policy or by specific written agreement and (ii) no later than the 60th day following the applicable Termination Date, the Participant has delivered to the Company an executed Separation and Release Agreement and such Separation and Release Agreement has become
effective, enforceable and irrevocable in accordance with its terms. 

  
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 (mm) “Severance Payments” shall have the meaning set forth in
Section 3.1(a) below. 
 (nn) “Specified Employee” means a specified employee within the meaning of that
term under Section 409A(a)(2)(B)(i) of the Code. 
 (oo) “Subsidiary,” with respect to the Company,
means any entity in which the Company owns or otherwise controls, directly or indirectly, stock or other ownership interests having the voting power to elect a majority of the board of directors, or other governing group having functions similar to
a board of directors, as determined by the Committee. 
 (pp) “Target Annual Bonus” means the
Participant’s target annual cash bonus opportunity, determined based on the target percentage ascribed to the Participant, as in effect immediately prior to any termination of employment (without giving effect to any reduction forming the
basis, in whole or in part, for a termination for Good Reason). 
 (qq) “Termination Date” means the
effective date of the Participant’s Termination of Employment. 
 (rr) “Termination of Employment”
means, in respect of a Participant, a termination of employment with the Company Group as determined by the Committee; provided, however, that with respect to payment of deferred compensation subject to Section 409A,
“Termination of Employment” means “separation from service” within the meaning of Section 409A. 
 2.2
Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural
and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

3. Severance Benefits For Qualifying Terminations 

3.1 Benefits for a Qualifying Termination Outside of a Change in Control Coverage Period. If a Participant experiences a
Qualifying Termination at any time other than during a Change in Control Coverage Period, such Participant shall receive any Accrued Obligations to which he or she is entitled, and subject to satisfaction of, and compliance with, the Severance
Conditions, such Participant shall also be eligible to receive the following benefits set forth in Sections 3.1(a) through (f) below, less applicable taxes, withholdings and deductions. 

(a) The Severance Payments. The Participant shall be paid an amount determined in accordance with the chart set forth on
Schedule A (the “Severance Payment”). The Severance Payment shall be paid in equal installments in accordance with the Company’s then current payroll practices and shall, subject to Section 9.1, begin as soon as
practicable following the Termination Date, provided that the first such payment date shall not be less than five days following the date that the Participant’s Separation and Release Agreement has become effective and irrevocable. Any
severance payments that are delayed as a result of the execution of the Separation and Release Agreement will be paid as part of the first installment of the Severance Payment. 

  
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 (b) Prior Year Bonus Payment. If a Participant’s Termination Date is
after the end of the immediately preceding annual Bonus period (i.e., after the end of the last Fiscal Year) but before the Bonus for that year has been paid to the Participant, the Participant shall be paid an annual cash Bonus for the completed
bonus year immediately preceding the Participant’s Termination Date (the “Prior Year Bonus Payment”) in the amount determined under the terms of the applicable Bonus plan notwithstanding any provision of the Bonus plan
that requires continued employment after the end of the immediately preceding annual Bonus period but subject to all other provisions of the Bonus plan. To the extent that a Participant is entitled to receive the Prior Year Bonus Payment for any
Fiscal Year under this Section 3.1(b), such Participant shall not also be entitled to any Bonus payment for such Fiscal Year under the terms of the applicable Bonus plan. Amounts payable under this Section 3.1(b) will be deemed payments
attributable to the Participant’s employment prior to or on the Termination Date and not as severance. The Prior Year Bonus Payment shall be paid in a lump sum to the Participant in accordance with the timing of the payments of bonus payments
to other executives for the same bonus year. 
 (c) Pro-Rata Bonus Payment. The
Participant shall be paid a pro-rata portion of the annual cash Bonus for the Fiscal Year in which the Termination Date occurs based on achievement of target performance for such year (determined by
multiplying the amount of the Target Annual Bonus for the full Fiscal Year by a fraction, the numerator of which is the number of months during the Fiscal Year in which the Termination Date occurs that the Participant had been employed by the
Company Group, and the denominator of which is 12) (the “Pro-Rata Bonus Payment”) notwithstanding any provision of the Bonus plan that requires continued employment through the end of
the annual Bonus period or beyond but subject to all other provisions of the Bonus plan. For purposes of such calculation, if the Termination Date is on or before the 15th day of the month, the Participant will get credit for one-half month; and if the Termination Date is after the 15th day of the month, the Participant will get credit for the full month. To the extent that a Participant is entitled to receive the Pro-Rata Bonus Payment for any Fiscal Year under this Section 3.1(c), such Participant shall not also be entitled to any Bonus payment for such Fiscal Year under the terms of the applicable Bonus plan. Amounts
payable under this Section 3.1(c) will be deemed payments attributable to the Participant’s employment prior to or on the Termination Date and not as severance. The Pro-Rata Bonus Payment shall be
paid in a lump sum to the Participant in accordance with the timing of the payments of bonus payments to other executives for the same bonus year. 

(d) Health and Welfare Severance Benefit. The Company shall pay the Participant an amount equal to the excess of (i) the
monthly cost of COBRA coverage for the Participant’s elected coverage under the Company Group’s group health plan (including medical and dental coverages) as in effect on the day prior to the Participant’s Termination Date over
(ii) the portion of such cost that would be paid by an active employee based on the rate in effect on such day, for the period specified in Schedule A (the “Health and Welfare Severance Benefit”). 

  
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 The Health and Welfare Severance Benefit shall, subject to Section 9.1, be paid in a lump sum to the
Participant as soon as administratively practicable following the date the Participant’s Separation and Release Agreement has become effective and irrevocable. The Health and Welfare Severance Benefit described above will be paid regardless of
whether or not the Participant and/or the Participant’s enrolled spouse and/or dependents elect to continue their group health plan coverage pursuant to COBRA or otherwise. Any such election will be the sole responsibility of the Participant
and/or his or her spouse and/or dependents. 
 (e) Outplacement Services. During the
12-month period following a Participant’s Termination Date, the Participant will be entitled, at the Company’s cost, to outplacement services provided by a firm selected by the Company. A Participant
entitled to outplacement services hereunder must notify the Company of his or her desire to utilize such services within 20 days following his or her Termination Date. 

(f) Treatment of Outstanding Equity Awards. Subject to the terms of the Equity Plan and Section 409A, the Committee may in
its discretion accelerate the vesting of, or waive or modify performance requirements of, any equity awards granted under the Equity Plan in the event of a termination of the Participant’s employment for any reason other than Cause. 

3.2 Benefits for a Qualifying Termination During a Change in Control Coverage Period. If a Participant experiences a Qualifying
Termination at any time during a Change in Control Coverage Period, such Participant shall receive any Accrued Obligations to which he or she is entitled, and subject to satisfaction of, and compliance with, the Severance Conditions, such
Participant shall be eligible to receive the benefits set forth in Sections 3.2(a) through (f) below (but none of the benefits under Section 3.1 above), less applicable taxes, withholdings and deductions. If a Participant has received any
benefits under Section 3.1 and then subsequently becomes entitled to benefits under this Section 3.2, then the benefits payable under Section 3.2 shall be offset by the amount of benefits previously received by the Participant under
Section 3.1 (and thereupon the Participant will no longer be entitled to receive any additional benefits under Section 3.1). Subject to potential delay or reduction pursuant to the terms of Sections 9.1 or 9.2 below, all cash payments to
which a Participant is entitled to receive under Section 3.2 shall be made in a single lump sum as soon as administratively practicable following the Termination Date, provided that the first such payment date shall not be less than five days
following the date that the Participant’s Separation and Release Agreement has become effective and irrevocable. 
 (a) The
CIC Severance Payment. The Participant shall be paid a lump sum amount to be determined in accordance with the chart set forth on Schedule A; provided that in the event of a Qualifying Termination during a Change in Control Coverage Period that
occurs prior to the applicable Change in Control or with respect to which the applicable Change in Control is not a “a change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets
of the corporation” within the meaning of Section 409A(a)(2)(A)(v) of the Code, a portion of the Severance Payment equal to the amount that would have been due under a Qualifying Termination governed by Section 3.1(a)
of this Plan shall be paid on the schedule contemplated by Section 3.1(a). 

  
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 (b) Prior Year Bonus Payment. The Participant shall be paid the Prior Year
Bonus Payment, as defined in Section 3.1(b) above, in a lump sum and in accordance with the terms and conditions set forth in Section 3.1(b) above. 

(c) Pro-Rata Bonus Payment. The Participant shall be paid the Pro-Rata Bonus Payment as defined in Section 3.1(c) above, in a lump sum and in accordance with the terms and conditions set forth in Section 3.1(c) above. 

(d) CIC Continuation Benefit. The Company shall pay the Participant a lump sum amount calculated in the same manner as the
Health and Welfare Severance Benefit described in Section 3.1(e) above, and in accordance with the terms and conditions set forth in Section 3.1(d) above; provided, however, that under this Section 3.2(d) the relevant period
shall be the period specified in Schedule A. 
 (e) Outplacement Services. During the
12-month period following a Participant’s Termination Date, the Participant will be entitled, at the Company’s cost, to outplacement services provided by a firm selected by the Company. A Participant
entitled to outplacement services hereunder must notify the Company of his or her desire to utilize such services within twenty (20) days following his or her Termination Date. 

(f) Treatment of Outstanding Equity Awards. Subject to Section 409A (if applicable) regarding the time of payment of an
award under the Equity Plan, (i) any and all non-performance-based awards and performance-based awards granted under the Equity Plan will become fully vested as of the Termination Date and (ii) in
the case of performance-based awards, such full vesting will occur on the basis that performance had been achieved at the “target” level specified in the award except where a higher level would be deemed achieved under the terms of the
applicable award agreement. 
 3.3 Other Terminations. If a Participant’s termination of employment results from any
reason other than a Qualifying Termination, such Participant shall be eligible only to receive his or her Accrued Obligations. 
 4.
No Contract of Employment 
 Neither the establishment of the Plan, nor any amendment thereto, nor the payment or provision of
any benefits pursuant to the Plan shall be construed as giving any person the right to be employed by any member of the Company Group. The employment relationship between each Participant and any member of the Company Group is an “at-will” relationship. Accordingly, either the Participant or any member of the Company Group that employs the Participant may terminate the relationship at any time. Effective upon a Participant’s
Termination of Employment for any reason, the Participant shall hold no further office, directorship or other position with the Company Group and will be deemed to have resigned from any and all such positions. 

  
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 5. Conflict in Benefits; Noncumulation of Benefits 

The terms of the Plan, when accepted by a Participant pursuant to an executed Participation Agreement, shall supersede all prior agreements
and arrangements, whether written or oral, and understandings regarding the subject matter of the Plan (including, but not limited to any severance provisions under any employment agreement entered into prior to the effective date of his or her
Participation Agreement), and shall be the exclusive terms for the determination of any severance payments and benefits due to such Participant. To the extent that a Participant accepts payments made pursuant to the Plan, such Participant shall be
deemed to have waived his or her right to receive a corresponding amount of future severance payments or other severance benefits under any other plan or agreement of the Company Group. Payments and benefits provided under the Plan shall be in lieu
of any termination or severance payments or benefits for which the Participant may be eligible under any of the plans or policy of the Company Group or under the Worker Adjustment Retraining Notification Act of 1988 or any similar statute or
regulation. The foregoing notwithstanding, the terms of the Plan do not supersede or take priority over the terms or conditions of any agreement between a Participant and a Group Company relating to maintaining the confidentiality of information,
the assignment of inventions, non-competition, and/or nonsolicitation of Company Group employees, or any other agreements containing restrictive covenants intended to protect the business and goodwill of the
Company Group (any such agreements, collectively, the “Existing Restrictive Covenant Agreements”). This Plan and any Existing Restrictive Covenant Agreement shall be treated and interpreted as complementary, and in the event
of any conflict between certain provision(s) in the Plan and certain provision(s) in an Existing Restrictive Covenant Agreement, the provision(s) of the document which is regarded as most beneficial to the Company’s interests, as determined in
the Committee’s sole discretion, is the provision(s) that shall be applicable and applied. 
 6. Administration, Termination, and
Amendment of Plan 
 6.1 Administration. The Committee shall act as the plan administrator of the Plan. The Committee
has the sole discretion and authority to administer the Plan, including the sole discretion and authority to: 
 (a) adopt such rules
as it deems advisable in connection with the administration of the Plan, and to construe, interpret, apply and enforce the Plan and any such rules and to remedy ambiguities, errors or omissions in the Plan; 

(b) determine questions of eligibility and entitlement to benefits and interpret the terms and provisions of the Plan; 

(c) act under the Plan on a case-by-case basis; the
Committee’s decisions under the Plan need not be uniform with respect to similarly situated Participants; and 
 (d) delegate
its authority under the Plan to any Director, officer, employee, or group of Directors, officers and/or employees of the Company; provided that if any person with administrative authority becomes eligible or makes a claim for Plan benefits,
that person will have no authority with respect to any matter specifically affecting his or her individual interest under the Plan, and the Committee will designate another person to exercise such authority. The Committee has delegated its day-to-day ministerial responsibility under the Plan to the Company’s Human Resources Department under the supervision of the Company’s highest level officer in
charge of Human Resources or such other person or persons as the Committee may designate (the “Claims Administrator”). 

  
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 Other than during a Change in Control Coverage Period, any determination of the Committee shall be final and
conclusive, and shall bind and may be relied upon by the Company Group, each of the Participants and all other parties in interest. 

6.2 Amendment and Termination of the Plan. Subject to compliance with the requirements of Section 409A, the Committee may
amend or terminate the Plan in any respect (including any change to the severance benefits) at any time; provided, however, that any amendment that would materially adversely affect Participants, any removal of a Participant from
coverage hereunder, or any termination of the Plan shall be effective only with one year’s prior written notice to affected Participant(s); and, provided further, that no action that adversely affects a Participant may be adopted
or become effective during a Change in Control Coverage Period. 
 7. Claims for Benefits 

7.1 Claims for Benefits. 

(a) No claim shall be required for benefits due under the Plan. Any individual eligible for benefits under this Plan who believes he or
she is entitled to additional benefits or who desires to clarify his or her right to future benefits under the Plan (a “Claimant”) may submit his or her application for benefits (“Claim”) to the Claims
Administrator, with a copy to the Company’s General Counsel; provided, that in the event that the Claimant seeking benefits would otherwise be the Claims Administrator, then the Company’s Chief Executive Officer (or his or her
designee) shall act as the Claims Administrator. All Claims under the Plan must be properly submitted not later than one year after the Termination Date. 

(b) When a Claim has been filed properly, it shall be evaluated subject to a full and fair review and the Claimant or his or her duly
authorized representative shall be notified of the approval or the denial of the Claim within 90 days after the receipt of such Claim. If special circumstances require an extension of time for processing a Claim, a written notice of the extension
shall be furnished to the Claimant before the end of the initial 90-day period. In no event shall such extension exceed 90 days. The notice of extension shall explain the standards on which entitlement to a
benefit is based, the unresolved issues that prevent a decision on the Claim, and the additional information needed to resolve those issues. A Claimant or representative will have at least 45 days to provide the specified information. If a Claim for
benefits is denied, in whole or in part, the notice shall be written in a manner calculated to be understood by the Claimant and shall include: 

i. The specific reason or reasons for the denial; 

ii. References to the specific Plan provisions on which the denial is based; 

iii. A description of any additional material or information necessary for the applicant to perfect the Claim and an explanation of
why such material or information is necessary; and 

  
 12 

 iv. A description of the Plan’s Claims review procedures and the time limits
applicable to such procedures, and a statement of Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review. 

7.2 Appeal of Denial of Claim. 

(a) If a Claim is denied, in whole or in part, or if a Claim is neither approved nor denied within the period specified in
Section 7.2(b) or, if applicable, Section 7.2(c) (i.e., is deemed “denied”), Claimant may appeal the denial to the Committee within 60 days after receipt of such denial (or after such Claim is deemed denied). In pursuing such
appeal, Claimant or his or her duly authorized representative: 
 i. may request in writing that the Committee review the denial;

 ii. may receive, upon request and free of charge, reasonable access to documents, records and other information relevant to the
Claim for benefits; and 
 iii. may submit documents, records and comments and other information in writing. 

(b) Upon receipt of a request for review from a Claimant, the Committee shall make a full and fair evaluation. The decision on review
shall be made by the Committee within 60 days of receipt of the request for review. If the Committee determines that special circumstances require an extension of time for processing the Claim, the Claimant or representative will receive a written
notice of the extension before the end of the initial 60-day period. The extension notice shall indicate the special circumstances requiring the extension and the date by which the Plan expects to render the
determination on review. The decision on review shall be made in writing, shall be written in a manner calculated to be understood by Claimant, and, if the decision on review is a denial of the Claim for benefits, shall include: 

i. The specific reason or reasons for the denial; 

ii. References to the specific Plan provisions on which the denial is based; 

iii. A statement that Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant to Claimant’s Claim for benefits; and 
 iv. A statement of Claimant’s
right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination. 
 (c) For these purposes,
a document, record or other information is “relevant” to the Claim if it: 
 i. was relied upon the Claims Administrator
in making a decision on the Claim; 

  
 13 

 ii. was submitted, considered or generated in the course of the Claims
Administrator’s making a decision on the Claim without regard to whether the Claims Administrator relied upon it in making that decision; or 

iii. complies with administrative processes and safeguards which are designed to ensure and to verify that decisions on Claims are
made in accordance with governing Plan documents, whose provisions are applied consistently with respect to similarly situated Claimants. 

(d) The Claimant or representative will receive, free of charge, as soon as possible and sufficiently in advance of the date on which a
notice of adverse benefit determination on review is required to be provided, any new or additional evidence considered, relied upon or generated in connection with the Claim, and any new or additional rationales forming the basis of the
Committee’s determination of the Claim. 
 7.3 Finality. Other than during a Change in Control Protection Period, all
interpretations, determinations and decisions with respect to any Claim, including the appeal of any Claim, and any matter relating to the Plan will be made by the Committee, in its sole discretion, based on the Plan and comments, documents, records
and other information presented to it, and will be final, conclusive and binding on all persons. During a Change in Control Protection Period, all such interpretations, determinations and decisions will be subject to de novo review. 

7.4 Exhaustion and Time Limit. A Claimant shall have no right to seek review of a denial of benefits, or to bring any action in
any court to enforce a Claim, before filing a Claim and exhausting his or her rights to review under Sections 7.2 and 7.3 above. All actions regarding a denial of benefits or a Claim under the Plan must be filed not later than one year after the
date on which the Committee issues its adverse benefit determination. Venue for any such action shall be as provided in Section 10.2. 

8. Notices 

8.1 General. For purposes of the Plan, notices and all other communications provided for herein shall be in writing and shall be
deemed to have been duly given when personally delivered or when mailed by United States certified mail, return receipt requested, or by overnight courier, postage prepaid, as follows: 

(a) If to the Committee or the Company: 

Embecta Corp. 
 1 Becton Drive

 Franklin Lakes, New Jersey 07417 

Attention: Jeff Mann 
 Senior
Vice President, General Counsel, 
 Head of Corporate Development and Corporate Secretary 

E-mail: jeff.mann@bd.com; jeff.mann@embecta.com 

(b) If to a Participant, at the home address which such Participant most recently communicated to the Company in writing. 

8.2 Notice of Change of Address. The Company may provide Participants with notice of a change of address, and a Participant may
provide the Company with notice of a change of address, pursuant to this Section 8. 

  
 14 

 8.3 Participant Information. Each Participant shall notify the Committee of
his or her home address and each change of home address. Each Participant shall also furnish the Committee with any other information and data that the Committee considers necessary for the proper administration of the Plan. The information provided
by the Participant under this Section shall be binding on the Participant and his or her dependents, beneficiaries, heirs and estate for all purposes of the Plan and the Committee shall be entitled to rely on any representations regarding personal
facts made by a Participant unless such representations are known to be false. 
 8.4 Electronic Media. Under procedures
authorized or approved by the Committee, any form for any notice, election, designation, or similar communication required or permitted to be given to or received from a Participant under this Plan may be communicated or made available to the
Company or a Participant in an electronic medium (including computer network, e-mail or voice response system) and any such communication to or from a Participant through such electronic media shall be fully
effective under this Plan for such purposes as such procedures shall prescribe. Any record of such communication retrieved from such electronic medium under its normal storage and retrieval parameters shall be effective as a fully authentic executed
writing for all purposes of this Plan absent manifest error in the storage or retrieval process. 
 9. Certain Federal Tax
Considerations 
 9.1 Internal Revenue Code Section 409A. 

(a) The amounts payable under the Plan are intended to comply with or, to the maximum extent possible, be exempt from
Section 409A, and all provisions of the Plan shall be interpreted and construed in a manner that establishes an exemption from or compliance with the requirements for avoiding additional taxes or interest under Section 409A(a)(1)(B) of the
Code. In no event whatsoever will the Company Group, or any Board member, officer or employee of any Group Company acting on behalf of the Company Group, be liable for any additional tax, interest or penalties that may be imposed on a Participant
under Section 409A or any damages for failing to comply with Section 409A. Notwithstanding anything in this Plan to the contrary, the Board, the Committee and the Company Group do not guarantee the tax treatment of any payments or benefits
under this Plan, whether pursuant to the Code, federal, state or local tax laws or regulations. 
 (b) A Termination of Employment
shall not be deemed to have occurred for purposes of any provision of the Plan providing for the payment of any amounts or benefits subject to Section 409A upon or following a Termination of Employment unless such termination is also a
“separation from service” within the meaning of Section 409A and, for purposes of any such provision of the Plan, references to a “termination,” “termination of employment” or like terms shall mean “separation
from service.” If a Participant is deemed on his or her Termination Date to be a Specified Employee, then with regard to any payment or the provision of any benefit that is considered deferred compensation under Section 409A payable on
account of a “separation from service,” such payment or benefit shall be made or provided on the date which is the earlier of: (i) the first day of the seventh month following the date of such “separation from service” of
such Participant, and (ii) the date of such Participant’s death (the “Delay Period”). Upon the expiration of the Delay Period, all of the payments of a Participant delayed pursuant to this Section 9.1(b)

  
 15 

 
(whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to such Participant in a lump sum, without interest, and any
remaining payments and benefits due such Participant under the Plan shall be paid or provided in accordance with the payment dates specified herein for such payments or benefits. 

(c) All reimbursements of expenses provided for herein shall be payable in accordance with the Company’s expense reimbursement
policies in effect from time to time, but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Participant seeking reimbursement. No such reimbursement or
expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year. The right to reimbursement or in-kind benefits shall not be
subject to liquidation or exchanged for another benefit. 
 (d) For purposes of Section 409A, a Participant’s right to
receive any installment payments pursuant to the Plan shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under the Plan specifies a payment period with reference to a number of days (e.g.,
“payment shall be made within 60 days following the Termination Date”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

(e) To the extent any payment or benefit which constitutes Section 409A deferred compensation is contingent upon the execution and
non-revocation of a Release, then such payment or benefit shall not be made until the latest of: (i) the first payroll date occurring on or after the period for revocation of a Release has expired; and
(iii) the set payment date otherwise established for commencing the payments and/or benefits. Further, if the full period given to a Participant to consider such Release plus any revocation period provided for in such Release begins in one
calendar year and ends in the subsequent calendar year, then any payment or benefit which constitutes Section 409A deferred compensation shall not be made until the subsequent calendar year. 

(f) Notwithstanding any provision of the Plan to the contrary, to the extent that any amount constituting Section 409A deferred
compensation would become payable in a lump sum rather than installments under the Plan by reason of a Change in Control, such amount shall become payable in a lump sum only if the event constituting a Change in Control would also constitute a
change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A (a “Section 409A Change in
Control”). The portion of any payment or benefit which constitutes Section 409A deferred compensation and which would otherwise be payable in a lump sum pursuant to Section 3.2 upon a Change in Control that does not qualify as
a Section 409A Change in Control shall be paid based upon the time and form of payment set forth in Section 3.2, and with respect to other awards or programs in accordance with the plan or other documents governing such award. 

  
 16 

 9.2 Internal Revenue Code Section 280G Contingent Cutback.

 (a) If any payment(s) or benefit(s) that a Participant would receive pursuant to the Plan and/or pursuant to any other agreement,
plan, policy or arrangement would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and applicable regulations, and (ii) but for this Section 9.2 or any reduction provided by reason of
Section 280G of the Code in any such other agreement, plan, policy or arrangement, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Participant shall be entitled
to receive either (A) the full amount of the parachute payments, or (B) the maximum amount that may be provided to such Participant without resulting in any portion of such parachute payments being subject to the Excise Tax, whichever of
clauses (A) and (B), after taking into account applicable federal, state, and local income and employment taxes and the Excise Tax, results in the receipt by such Participant, on an after-tax basis, of
the greatest portion of the parachute payments. Any reduction for purposes of clause (B) shall be made in the following order: (i) cash severance payments that are exempt from Section 409A shall be reduced; (ii) other cash
payments and benefits that are exempt from Section 409A, but excluding any payments attributable to an acceleration of vesting or payments with respect to equity-based compensation that are exempt from Section 409A, shall be reduced;
(iii) any other payments or benefits, but excluding any payments attributable to an acceleration of vesting and payments with respect to equity-based compensation that are exempt from Section 409A, shall be reduced on a pro-rata basis or in such other manner that complies with Section 409A; (iv) any payments attributable to an acceleration of vesting or payments with respect to equity-based compensation that are exempt
from Section 409A shall be reduced, in each case beginning with payments that would otherwise be made last in time; and (v) to the extent any of such payments or benefits are Section 409A deferred compensation, such payments shall be
reduced, in each case beginning with payments that would otherwise be made last in time but without changing any payment date. 
 (b)
Unless the Company and a Participant otherwise agree in writing, any determination required under Section 9.2(a) shall be made in writing by the Company’s independent public accountants, whose determination shall be conclusive and binding
upon such Participant and the Company for all purposes. For purposes of making the calculations required by Section 9.2(a), the Company’s independent public accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and such Participant shall furnish to the Company’s independent public accountants such
information and documents as the accountants may reasonably request in order to make a determination under Section 9.2(a). In connection with making determinations under this Section 9.2, the accountants shall take into account the value
of any reasonable compensation for services to be rendered by the applicable Participant before or after the Change in Control, including any noncompetition provisions that may apply to the Participant, and the Company shall cooperate in the
valuation of any such services, including any noncompetition provisions. The Company shall bear all costs the accountants may reasonably incur in connection with any calculations contemplated by this provision. 

10. Additional Provisions 

10.1 Records. The records of a Group Company with respect to a Participant’s length of employment, employment history,
reason for employment termination, base pay, absences, and all other relevant matters may be conclusively relied on by the Committee. 

  
 17 

 10.2 Choice of Law and Dispute Resolution. This Plan is an employee pension
benefit plan that is regulated by ERISA, a federal law. Except to the extent pre-empted by ERISA or other federal law, the Plan shall be governed by and construed in accordance with the laws of the State of
New Jersey, without regard to its conflict of law provisions. The Company and each Participant agree that the state courts of New Jersey and, if the jurisdictional prerequisites exist at the time, the federal courts in the State of New Jersey, shall
have sole and exclusive jurisdiction to hear and determine any dispute or controversy arising under or relating to this Plan. The Company and each Participant irrevocably (i) consents to the exclusive jurisdiction and venue of the courts of New
Jersey and federal courts in the State of New Jersey, in any and all actions arising under or relating to this Plan, and (ii) waives any jurisdictional defenses (including personal jurisdiction and venue) to any such action. Other than during a
Change in Control Coverage Period, the Committee’s interpretation of Plan provisions, and any findings of fact, including eligibility to participate and eligibility for benefits, are final, shall be given deference by any court of law and will
not be subject to “de novo” review unless shown to be arbitrary and capricious. The Company and the Participant will each separately pay its counsel fees and expenses unless otherwise determined by a court of competent jurisdiction,
provided that with respect to any dispute arising hereunder during a Change in Control Coverage Period, the Company will reimburse the Participant (within ten days of receipt of invoice) for any reasonable legal fees and expenses incurred by a
Participant, unless the position of the Participant is finally determined by a court of competent jurisdiction to have been frivolous or advanced in bad faith. 

10.3 No Mitigation. No Participant shall have any duty to mitigate the amounts payable under this Plan by seeking or accepting
new employment or self-employment following termination. Except as specifically otherwise provided in this Plan, all amounts payable pursuant to this Plan shall be paid without reduction regardless of any amounts of salary, compensation or other
amounts that may be paid or payable to the Participant as the result of the Participant’s employment by another employer or self-employment. 

10.4 Unfunded Obligation. All amounts payable to Participants pursuant to the Plan are unfunded obligations of the Company. The
Company shall not be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. Payments under the Plan shall be made, as due, from the general funds of the
Company. The Plan shall constitute solely an unsecured promise by the Company Group to make such payments to the extent provided herein. 

10.5 Recoupment and Offset. The Company has the unilateral right, in its sole discretion, and to the extent permitted by
applicable law, to offset the payment of benefits under the Plan against amounts due from a Participant under the Company’s clawback/recoupment policy as in effect from time to time (including, without limitation, any clawback, recovery or
recoupment policy which the Company may be required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law and the rules and regulations of the U.S. Securities and Exchange Commission
thereunder or the requirements of any national securities exchange on which the Company’s common stock may be listed) and against any other amounts owed to the Company Group by a Participant. 

  
 18 

 10.6 Overpayments. If any overpayment is made to a Participant under the Plan
for any reason, the Company will have the right to recover the overpayment. The Participant and his successors shall cooperate fully with the Company and return any overpayment. The Company also has the right to offset an overpayment from any other
payment of compensation made to or on behalf of the Participant. 
 10.7 Limitation of Liability; Indemnification. 

(a) The members of the Board, the Committee and the Claims Administrator shall have no liability with respect to any action or omission
made by them in good faith or from any action made in reliance on (i) the advice or opinion of any accountant, legal counsel, medical adviser or other professional consultant or (ii) any resolutions of the Board certified by the secretary
or assistant secretary of the Company. Each member of the Board, the Committee, the Claims Administrator and each employee to whom are delegated duties, responsibilities and authority with respect to the Plan shall be indemnified, defended, and held
harmless by the Company and its successors against all claims, liabilities, fines and penalties and all expenses (including but not limited to attorneys’ fees) reasonably incurred by or imposed on such member of the Board, the Committee, the
Claims Administrator and each employee to whom such duties, responsibilities and authorities are delegated that arise as a result of his, her or its actions or failure to act in connection with the operation and administration of the Plan, to the
extent lawfully allowable and to the extent that such claim, liability, fine, penalty or expense is not paid for by liability insurance purchased by or paid for by the Company (or any of the other companies in the Company Group). Notwithstanding the
foregoing, the Company shall not indemnify any person for any such amount incurred through any settlement or compromise of any action unless the Company consents in writing to such settlement or compromise. 

(b) To the extent applicable, the Company will continue to cover each Participant under its directors’ and officers’
insurance policy following the applicable Termination Date for a period of time equal to the applicable statute of limitations. The Company shall indemnify and hold each Participant harmless to the fullest extent legally permitted or authorized by
the Company’s by-laws or by applicable law, in respect of any liability, damage, cost or expense (including reasonable attorneys’ fees) actually and reasonably incurred in connection with the defense
of any claim, action, suit or proceeding to which the Participant is a party by reason of the Participant’s being or having been an officer or director of the Company or any subsidiary or affiliate, or the Participant’s serving or having
served at the request of such other entity as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, business organization, enterprise or other entity, including service with respect to employee
benefit plans. Without limiting the generality of the foregoing, the Company shall pay the expenses (including reasonable attorneys’ fees) actually and reasonably incurred in defending any such claim, action, suit or proceeding in advance of
its final disposition, upon receipt of the Participant’s undertaking to repay all amounts advanced unless it is ultimately determined that the Participant is entitled to be indemnified under this Section. 

10.8 No Representations. By executing a Participation Agreement, a Participant acknowledges that in becoming a
“Participant” in the Plan, such Participant is not relying and has not relied on any promise, representation or statement made by or on behalf of the Company Group which is not set forth explicitly in the Plan. 

  
 19 

 10.9 Waiver. No waiver by a Participant or the Company Group of any breach of,
or of any lack of compliance with, any condition or provision of the Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

10.10 Validity and Severability. The invalidity or unenforceability of any provision of the Plan shall not affect the validity
or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 10.11 Benefits Not Assignable. Except as otherwise required by law, no right or interest of any Participant under the Plan
shall be assignable or transferable, in whole or in part, either directly or otherwise, including, without limitation, by execution, levy, garnishment, attachment, pledge or in any other manner, and no attempted transfer or assignment thereof shall
be effective. 
 10.12 Tax Withholding. All payments made pursuant to the Plan will be subject to withholding of applicable
income and employment taxes. 
 10.13 Further Assurances. From time to time, at the Company’s request and without further
consideration, a Participant shall execute and deliver such additional documents and take all such further action as reasonably requested by the Company to be necessary or desirable to make effective, in the most expeditious manner possible, the
terms of the Plan, such Participant’s Participation Agreement, and/or such Participant’s Separation and Release Agreement. 

10.14 Successors. This Plan shall inure to the benefit of and be binding upon the Company, each company with the Company Group,
and their respective successors and assigns. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of any Group Company to assume
expressly and agree to comply with this Plan in the same manner and to the same extent that such Group Company would be required to comply with it if no such succession had taken place. Failure to require such assumption will be a material breach of
this Plan. Any successor to the business or assets of any Group Company that assumes or agrees to perform this Plan by operation of law, contract, or otherwise shall be jointly and severally liable with the Company Group under this Plan as if such
successor were the employer. 
 10.15 Payments to Beneficiary. If a Participant dies after becoming entitled to payments under
this Plan but before receiving all amounts to which he or she is entitled under this Plan, then such remaining amounts shall be paid to his or her estate notwithstanding his or her marital status. 

  
 20 

 Schedule A 

Eligible Employees and Severance Schedule 
  

									
	 Job Level/Title
	  	 Severance

Formula
 (Outside of

CIC Coverage

Period)
	  	 Health &

Welfare
 Severance

Benefit Period
	  	 CIC Severance

Formula
 (During CIC

Coverage

Period)
	  	 Health &

Welfare
 Severance

Benefit During
 CIC
Coverage
 Period

	CEO	  	24 months of Base Salary plus 2x Target Annual Bonus	  	24 months	  	3x sum of (i) Base Salary as of the Termination Date plus (ii) greater of (a) Target Annual Bonus or (b) Annualized Bonus	  	36 months
	CEO SVP Direct Reports	  	12 months of Base Salary plus 1x Target Annual Bonus	  	12 months	  	2x sum of (i) Base Salary as of the Termination Date plus (ii) greater of (a) Target Annual Bonus or (b) Annualized Bonus	  	24 months
	VPs as Designated by the Committee	  	9 months of Base Salary	  	9 months	  	1x sum (i) of Base Salary as of the Termination Date plus (ii) greater of (a) Target Annual Bonus or (b) Annualized Bonus	  	12 months

  
 Schedule A 

 EXHIBIT A 

FORM OF AGREEMENT TO PARTICIPATE IN THE EMBECTA EXECUTIVE SEVERANCE AND 

CHANGE IN CONTROL PLAN 
 [EMBECTA LETTERHEAD] 

[DATE], 20         

AGREEMENT TO PARTICIPATE IN THE EMBECTA CORP.  

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN 

Dear [INSERT PARTICIPANT NAME], 
 As a critical employee of
Embecta Corp. (the “Company” and, together with its direct and indirect subsidiaries, the “Company Group”) or another member of the Company Group, you are eligible to participate in the Company’s newly adopted Executive
Severance and Change in Control Plan (as amended from time to time, the “Plan”). A copy of the Plan is enclosed with this Agreement to Participate in the Embecta Executive Severance and Change in Control Plan (the “Participation
Agreement”). Capitalized terms used in this Participation Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Plan. 

The Company considers the severance benefits offered under the Plan to be an important part of our overall executive compensation program and consistent with
competitive market practice. We believe that providing appropriate severance benefits helps to attract and retain highly qualified executives by providing income continuity in the event of an involuntary termination of employment. These arrangements
also allow the Company Group to protect its interests through corresponding confidentiality, non-solicitation, noncompetition and other restrictive covenants, which are among the provisions that will be
incorporated into a Separation and Release Agreement that the Participant in the Plan must execute and return (and not thereafter revoke) in order to be eligible to receive the severance benefits set forth in the Plan. You are hereby notified in
accordance with the Defend Trade Secrets Act of 2016 that you will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is
filed under seal in a lawsuit or other proceeding. You are further notified that if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the Company’s trade secrets to your attorney and
use the trade secret information in the court proceeding if you: (a) file any document containing the trade secret under seal; and (b) do not disclose the trade secret, except pursuant to court order. 

By accepting this Participation Agreement, you hereby acknowledge, agree and confirm that: 

1. You have received a copy of the Plan and have read, understand and are familiar with the terms and provisions of the Plan; 

  
 A-1 

 2. The Plan supersedes and replaces the severance provisions of any existing severance
arrangement (or other agreement providing for severance benefits), whether written or unwritten, to which you are a party[, including but not limited to the [INSERT NAME(S) OF EXISTING AGREEMENT(S) PROVIDING SEVERANCE BENEFITS], dated [INSERT DATE]]
(each, a “Prior Severance Agreement”). You agree that each Prior Severance Agreement is hereby rendered null and void and no longer in effect. You further agree that in no circumstances are you or will you be eligible to receive severance
benefits of any kind under a Prior Severance Agreement. 
 3. The employment relationship between yourself and the Company (or any Group
Company that employs you) is an “at-will” relationship; 
 4. In order to obtain certain
of the severance benefits provided for in the Plan, you will be required to execute, deliver, and not thereafter revoke, a Separation and Release Agreement, which will contain, among other things, certain restrictive covenants to which you will be
subject; 
 5. Disputes and disagreements regarding your right to severance benefits under the Plan are governed by a claims procedure set
forth in Section 7 of the Plan, which you must follow; and 
 6. The Company has the unilateral right, in its sole discretion, to
offset the payment of benefits to you under the Plan against amounts due from you under the Company’s clawback/recoupment policy as in effect from time to time and against any other amounts that you owe to the Company Group. 

You acknowledge that: (i) the Plan confers significant legal rights and obligations; (ii) the Company has encouraged you to consult with legal and
financial advisors as appropriate; and (iii) you have had adequate time to consult with such advisors before executing this Participant Agreement. 

Please indicate your acceptance and agreement to the Plan and this Participation Agreement by signing in the space indicated below and returning the agreement
to the Company by no later than [INSERT]. Upon your acceptance, you shall be deemed a “Participant” of the Executive Severance Plan as of the date your duly signed Participation Agreement is received by the Company. 

 

			
	Sincerely,
	
	EMBECTA CORP.

			
		
	By:	 	 

			
		
	Name:	 	 

			
		
	Title:	 	 

  
 A- 2 

 AGREED AND ACCEPTED BY THE UNDERSIGNED ON THIS
         DAY OF        , 20    . 
  

	
	 PARTICIPANT

	
	 [INSERT PARTICIPANT NAME]

	 Signature

	
	 
	 Name Printed

	
	 
	 Address

  
 A- 3EX-10.6

 Exhibit 10.6 

FORM OF EMBECTA DEFERRED COMPENSATION PLAN 

Effective [            ], 2022 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	FOREWORD	  	 	3	 
		
	ARTICLE I Definitions	  	 	4	 
	 Section 1.1
	 	“401(k) Plan”	  	 	4	 
	 Section 1.2
	 	“401(k) Plan Non-Elective Contributions”	  	 	4	 
	 Section 1.3
	 	“Account” or “Accounts”	  	 	4	 
	 Section 1.4
	 	“Agreement”	  	 	4	 
	 Section 1.5
	 	“Annual Open Enrollment Period”	  	 	4	 
	 Section 1.6
	 	“Base Salary”	  	 	4	 
	 Section 1.7
	 	“Beneficiary” or “Beneficiaries”	  	 	4	 
	 Section 1.8
	 	“Board of Directors”	  	 	4	 
	 Section 1.9
	 	“Bonus”	  	 	5	 
	 Section 1.10
	 	“Code”	  	 	5	 
	 Section 1.11
	 	“Committee”	  	 	5	 
	 Section 1.12
	 	“Company”	  	 	5	 
	 Section 1.13
	 	“Company Discretionary Credits”	  	 	5	 
	 Section 1.14
	 	“Company Discretionary Credit Account”	  	 	5	 
	 Section 1.15
	 	“Company Matching Credits”	  	 	5	 
	 Section 1.16
	 	“Company Matching Credit Account”	  	 	5	 
	 Section 1.17
	 	“Company Non-Elective Credits”	  	 	5	 
	 Section 1.18
	 	“Company Non-Elective Credit Account”	  	 	5	 
	 Section 1.19
	 	“Deferral Election”	  	 	5	 
	 Section 1.20
	 	“Deferred Bonus”	  	 	5	 
	 Section 1.21
	 	“Deferred Bonus Account”	  	 	6	 
	 Section 1.22
	 	“Deferred Bonus Election”	  	 	6	 
	 Section 1.23
	 	“Deferred Salary”	  	 	6	 
	 Section 1.24
	 	“Deferred Salary Account”	  	 	6	 
	 Section 1.25
	 	“Deferred Salary Election”	  	 	6	 
	 Section 1.26
	 	“Disability” or “Disabled”	  	 	6	 
	 Section 1.27
	 	“ERISA”	  	 	6	 
	 Section 1.28
	 	“Fiscal Year”	  	 	6	 
	 Section 1.29
	 	“Group”	  	 	6	 
	 Section 1.30
	 	“Investment Election”	  	 	6	 
	 Section 1.31
	 	“Investment Options”	  	 	6	 
	 Section 1.32
	 	“Participant”	  	 	7	 
	 Section 1.33
	 	“Plan”	  	 	7	 
	 Section 1.34
	 	“Plan Year”	  	 	7	 
	 Section 1.35
	 	“Separation from Service”	  	 	7	 
	 Section 1.36
	 	“Specified Employee”	  	 	7	 
	 Section 1.37
	 	“Spouse”	  	 	7	 
	 Section 1.38
	 	“Total Eligible Compensation”	  	  
	 7
	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE II Eligibility and Participation	  	 	8	 
	 Section 2.1
	 	 Eligibility
	  	 	8	 
	 Section 2.2
	 	 Participation
	  	 	9	 
		
	ARTICLE III Deferral Elections and Deferral Periods	  	 	11	 
	 Section 3.1
	 	 Deferred Salary Election
	  	 	11	 
	 Section 3.2
	 	 Deferred Bonus Election
	  	 	11	 
	 Section 3.3
	 	 Company Matching Credits
	  	 	12	 
	 Section 3.4
	 	 Company Discretionary Credits
	  	 	13	 
	 Section 3.5
	 	 Company Non-Elective Credits
	  	 	13	 
	 Section 3.6
	 	 Deferral Period
	  	 	13	 
	 Section 3.7
	 	 Modification of Deferral Period
	  	 	14	 
		
	ARTICLE IV Participants’ Accounts	  	 	15	 
	 Section 4.1
	 	 Crediting of Employee Deferrals and Company Matching, Discretionary and Non-Elective Credits
	  	 	15	 
	 Section 4.2
	 	 Investment Election
	  	 	15	 
	 Section 4.3
	 	 Hypothetical Earnings
	  	 	15	 
	 Section 4.4
	 	 Vesting
	  	 	16	 
	 Section 4.5
	 	 Account Statements
	  	 	16	 
		
	ARTICLE V Distributions and Withdrawals	  	 	17	 
	 Section 5.1
	 	 Timing of Distributions
	  	 	17	 
	 Section 5.2
	 	 Form of Distribution
	  	 	20	 
		
	ARTICLE VI General Provisions	  	 	21	 
	 Section 6.1
	 	 Unsecured Promise to Pay
	  	 	21	 
	 Section 6.2
	 	 Plan Unfunded
	  	 	22	 
	 Section 6.3
	 	 Designation of Beneficiary
	  	 	22	 
	 Section 6.4
	 	 Expenses
	  	 	22	 
	 Section 6.5
	 	 Non-Assignability
	  	 	22	 
	 Section 6.6
	 	 Employment/Participation Rights
	  	 	22	 
	 Section 6.7
	 	 Severability
	  	 	23	 
	 Section 6.8
	 	 No Individual Liability
	  	 	23	 
	 Section 6.9
	 	 Tax and Other Withholding
	  	 	23	 
	 Section 6.10
	 	 Applicable Law
	  	 	24	 
	 Section 6.11
	 	 Incompetency
	  	 	24	 
	 Section 6.12
	 	 Notice of Address
	  	 	24	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE VII Administration	  	 	25	 
	 Section 7.1
	 	 Committee
	  	 	25	 
	 Section 7.2
	 	 Claims Procedure
	  	 	25	 
	 Section 7.3
	 	 Plan to Comply With Code Section 409A
	  	 	26	 
		
	ARTICLE VIII Amendment, Termination and Effective Date	  	 	27	 
	 Section 8.1
	 	 Amendment of the Plan
	  	 	27	 
	 Section 8.2
	 	 Termination of the Plan
	  	 	27	 
	 Section 8.3
	 	 No Impairment of Benefits
	  	 	27	 
	 Section 8.4
	 	 Effective Date
	  	 	27	 

  
 -iii- 

 EMBECTA DEFERRED COMPENSATION PLAN 

Effective as of [____], 2022 

FOREWORD 
 On [____], 2022 Becton Dickinson
Corporation (“BD”) entered into a transaction whereby the public shareholders of BD would be issued stock dividends consisting of the common stock of Embecta Corp. (“Embecta”) as of [____], 2022 separation date, as
described in the Form 10 filed by Embecta with the SEC on [____], 2022 (the transaction, the “Separation”). BD and Embecta entered into a Separation and Distribution Agreement, a form of which is attached as Exhibit 2.1 to the Form
10 filed by Embecta on [____], 2022 (the “Separation Agreement”) to effect the Separation. 
 As a result of the Separation, BD and Embecta
are no longer members of the same controlled group of corporations. 
 BD adopted the BD Deferred Compensation and Retirement Benefit Restoration Plan (the
“BD Plan”), effective August 1, 1994 and thereafter amended from time to time, to allow a select group of key management or other highly compensated employees of the BD and its affiliates and subsidiaries to defer a portion of
the salaries, bonuses and other remuneration (including certain equity-based compensation) otherwise payable to them. 
 On [____], 2022 (the
“Effective Date”), Embecta adopted this Embecta Deferred Compensation Plan (the “Plan”) for the benefit of certain employees to (i) accept the liabilities of Participants and Beneficiaries of the BD Plan spun-off to Embecta as set forth on Exhibit A and (ii) to provide benefits to Participants as set forth herein. The purpose of the Plan is to permit those employees of the Company who are part of a
select group of management or highly compensated employees to defer, pursuant to the provisions of the Plan, a portion of the salaries, bonuses and other remuneration otherwise payable to them. The Plan is intended to be an unfunded plan of deferred
compensation primarily for the benefit of a select group of management and highly compensated employees. 
 In accordance with the Separation Agreement and
immediately after the Separation, BD spun-off a portion of the BD Plan to Embecta designated by BD which represents the assets and liabilities of Participants and Beneficiaries related to the BD Plan under the
Plan as set forth on Exhibit A (the “Transferred Amounts”) which, for the avoidance of doubt, shall not include any assets and liabilities relating to the Restoration Plan Benefit (as defined in the BD Plan). 

All Transferred Amounts will be subject to the terms of the Plan. Specifically, the Plan shall apply as follows: 

 

	 	•	 	 Pre-Separation Deferrals. Transferred Amounts related to deferrals
made prior to the Separation, and earnings thereon, shall continue to be administered in accordance with the terms of the BD Plan, as amended and restated effective January 1, 2022 (attached as Exhibit B) and with any elections made
thereunder; provided that the BD Plan shall be subject to Amendment 2022-1 attached hereto as Exhibit C. 

  
 -3- 

	 	•	 	 Post-Separation Deferrals. The provisions of this Plan shall apply to deferrals made on or following the
Separation, and earnings thereon. 

 ARTICLE I 

Definitions 
  

			
	Section 1.1	  	“401(k) Plan” means the Embecta 401(k) Plan.
		
	Section 1.2	  	“401(k) Plan Non-Elective Contributions”means Company Non-Elective Contributions (as defined in the 401(k) Plan), which shall include
Temporary Supplemental Non-Elective Contributions (as defined in the 401(k) Plan), as applicable.
		
	Section 1.3	  	“Account” or “Accounts” means the bookkeeping account or accounts established under the Plan, if any, on behalf of a Participant and includes earnings credited thereon or losses charged
thereto.
		
	Section 1.4	  	“Agreement”means an agreement entered into between an Eligible Employee and the Company, as agreed to by the Compensation and Benefits Committee of the Board of Directors of the Company (or any committee successor
thereto), to participate in the provisions of this Plan related to Restoration Plan benefits and delineating certain terms and conditions with respect to such participation including (but not limited to) the benefits (if any) that are to be provided
to the Eligible Employee in lieu of or in addition to the benefits described under the terms of this Plan.
		
	Section 1.5	  	“Annual Open Enrollment Period” means the annual period designated by the Committee, which ends not later than the December 31 of a Plan Year, during which a Participant may make or change deferral and/or
distribution elections under this Plan.
		
	Section 1.6	  	“Base Salary” means the base salary or wages otherwise taken into account under the 401(k) Plan, determined in accordance with the provisions of such plan, but without regard to the limitation on compensation
otherwise required under Code Section 401(a)(17), and without regard to any deferrals of the foregoing of compensation under this or any other plan of deferred compensation maintained by the Company.
		
	Section 1.7	  	“Beneficiary” or “Beneficiaries”means the beneficiary or beneficiaries who, pursuant to the provisions of this Plan, is or are to receive the amount, if any, payable under this Plan upon the death
of a Participant.
		
	Section 1.8	  	“Board of Directors” means the Board of Directors of the Company.
		
	Section 1.9	  	“Bonus” means the annual bonus payable under the Company’s Performance Incentive Plan, or any successor thereto.

  
 -4- 

			
	Section 1.10	  	“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute.
		
	Section 1.11	  	“Committee” means the Plan Administrative Committee, which is responsible for administering the Plan. The Committee shall consist of three or more employees of the Company as determined by, and appointed by, the
Board of Directors. The Committee may delegate pursuant to a written authorization (including, by way of illustration, through a contract, memorandum, or other written delegation document) any or all of its responsibilities involving ongoing day-to-day administration or ministerial acts, as set forth in this Plan to one or more individuals or service-providers. In any case where this Plan refers to the Committee,
such reference is deemed to be a reference to any delegate of the Committee appointed for such purpose.
		
	Section 1.12	  	“Company” means Embecta and any successor to such corporation by merger, purchase or otherwise.
		
	Section 1.13	  	“Company Discretionary Credits” means the amounts credited to a Participant’s Company Discretionary Credit Account, if any, pursuant to Section 3.4.
		
	Section 1.14	  	“Company Discretionary Credit Account” means the bookkeeping account established under Section 3.4, if any, on behalf of a Participant and includes any earnings credited thereon or losses charged thereto
pursuant to Article V.
		
	Section 1.15	  	“Company Matching Credits” means the amounts credited to a Participant’s Company Matching Credit Account, if any, pursuant to Section 3.3.
		
	Section 1.16	  	“Company Matching Credit Account” means the bookkeeping account established under Section 3.3, if any, on behalf of a Participant and includes any earnings credited thereon or losses charged thereto pursuant to
Article V.
		
	Section 1.17	  	“Company Non-Elective Credits” means the amounts credited to a Participant’s Company Non-Elective Credit Account, if any, pursuant
to Section 3.5.
		
	Section 1.18	  	“Company Non-Elective Credit Account” means the bookkeeping account established under Section 3.5, if any, on behalf of a Participant and includes any earnings credited
thereon or losses charged thereto pursuant to Article IV.
		
	Section 1.19	  	“Deferral Election” means the Participant’s election to participate in this Plan and defer amounts eligible for deferral in accordance with the Plan terms. Except as the context otherwise requires, references
herein to Deferral Elections include any subsequent modifications of a prior Deferral Election.
		
	Section 1.20	  	“Deferred Bonus” means the amount of a Participant’s Bonus that such Participant has elected to defer until a later year pursuant to an election under Section 3.2.

  
 -5- 

			
	Section 1.21	  	“Deferred Bonus Account” means the bookkeeping account established under Section 3.2 on behalf of a Participant, and includes any earnings credited thereon or losses charged thereto pursuant to Article
IV.
		
	Section 1.22	  	“Deferred Bonus Election” means the election by a Participant under Section 3.2 to defer a portion of the Participant’s Bonus until a later year.
		
	Section 1.23	  	“Deferred Salary” means the amount of a Participant’s Base Salary that such Participant has elected to defer until a later year pursuant to an election under Section 3.1.
		
	Section 1.24	  	“Deferred Salary Account” means the bookkeeping account established under Section 3.1 on behalf of a Participant, and includes any earnings credited thereon or losses charged thereto pursuant to Article
V.
		
	Section 1.25	  	“Deferred Salary Election” means the election by a Participant under Section 3.1 to defer until a later year a portion of his or her Base Salary.
		
	Section 1.26	  	“Disability” or “Disabled” means a Participant’s disability as determined in accordance with a disability insurance program maintained by the Company.
		
	Section 1.27	  	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.
		
	Section 1.28	  	“Fiscal Year” means the fiscal year of the Company, which currently is the twelve-month period commencing on the first day of October and ending on the last day of September of the following calendar year.
		
	Section 1.29	  	“Group” means the Company and any other company which is related to the Company as a member of a controlled group of corporations in accordance with Section 414(b) of the Code, as a trade or business under
common control in accordance with Section 414(c) of the Code or any other entity to the extent it is required to be treated as part of the Group in accordance with Section 414(o) of the Code and any regulations thereunder, or any
organization which is part of an affiliated service group in accordance with Section 414(m) of the Code. For the purposes under the Plan of determining whether or not a person is a Participant and the period of employment of such person, each
such company shall be included in the “Group” only for such period or periods during which such other company is a member of the controlled group or under common control.
		
	Section 1.30	  	“Investment Election” means the Participant’s election to have deferred amounts credited with hypothetical earnings credits (or losses) that track the investment performance of the Investment Options in
accordance with Article IV.
		
	Section 1.31	  	“Investment Options” means those hypothetical targeted investment options designated by the Committee as measurements of the rate of return to be credited to (or charged against) amounts deferred to
Participants’ Accounts.

  
 -6- 

			
	Section 1.32	  	“Participant” means a common law employee of the Company who meets the eligibility and participation requirements set forth in Article II.
		
	Section 1.33	  	“Plan” means the Embecta Deferred Compensation Plan as from time to time in effect.
		
	Section 1.34	  	“Plan Year” means the calendar year.
		
	Section 1.35	  	“Separation from Service” means a termination of employment or other separation from service from the Company as described in Code Section 409A and the regulations thereunder.
		
	Section 1.36	  	“Specified Employee” means a person identified in accordance with procedures adopted by the Committee that reflect the requirements of Code Section 409A(a)(2)(B)(i) and applicable guidance thereunder.
		
	Section 1.37	  	“Spouse” means the individual to whom the Participant is legally married on the date of death or other benefit commencement.
		
	Section 1.38	  	“Total Eligible Compensation” means the base salary or wages and bonus otherwise taken into account under the 401(k) Plan, determined in accordance with the provisions of such plan, but without regard to the
limitation on compensation otherwise required under Code Section 401(a)(17), and without regard to any deferrals of the foregoing of compensation under this or any other plan of deferred compensation maintained by the Company; provided,
however, that Total Eligible Compensation for a Plan Year shall not exceed three (3) times the dollar limit otherwise in effect for such Plan Year under Code Section 401(a)(17).

  
 -7- 

 ARTICLE II 

Eligibility and Participation 

Section 2.1 Eligibility. 
  

	 	(a)	 Only “Eligible Employees” who meet the conditions of this Article II shall be eligible to become a
Participant in this Plan. 

  

	 	(b)	 An “Eligible Employee” is an individual who meets the following requirements:

  

	 	(i)	 the individual is a common law employee of a unit of the Company (or of one of its subsidiaries) to which the
Plan has been adopted pursuant to a decision by, or with the approval of, the Board of Directors; 

  

	 	(ii)	 the individual is not a nonresident alien of the United States receiving no United States source income within
the meaning of Sections 861(a)(3) or 911(d)(2) of the Code; and 

  

	 	(iii)	 (A) the employee has annualized Base Salary of $235,000 or more (indexed annually by the same amount as the
compensation limit under Code Section 401(a)(17) beginning on November 1, 2022) as of November 1 of the calendar year prior to the calendar year in which the Deferral Election takes effect; provided, however, that a new hire
employee’s annual Base Salary for purposes of this Section 2.1(c)(iii) is determined as of his or her date of hire. For purposes of clarity, if the Deferral Election takes effect as of January 1, 2022, the employee must have an annual
Base Salary of $235,000 as of November 1, 2021 or (B) the employee is allocated a Non-Elective Credit under the Plan respect to a calendar year pursuant to Section 3.5. 

 

	 	(c)	 The Committee shall have the ability to adjust, prospectively for any Plan Year, the dollar limitation in
Section 2.1(b)(iii). The Committee may also: 

  

	 	(i)	 designate as ineligible particular individuals, groups of individuals or employees of business units who
otherwise would be eligible under Section 2.1(b); or 

  

	 	(ii)	 designate as eligible particular individuals, groups of individuals or employees of business units who
otherwise would be ineligible under Section 2.1(b); 

 provided, however, that any such designations shall be made in
a manner consistent with the requirements of Code Section 409A and the regulations and other guidance thereunder to avoid adverse tax consequences to affected Participants. 

  
 -8- 

	 	(d)	 An employee who, at any time, ceases to meet the foregoing eligibility requirements, as determined in the sole
discretion of the Committee, shall thereafter cease to be a Participant eligible to continue making deferrals under the Plan, effective as of the first day of the Plan Year coincident with or next following the date of such cessation of eligibility
in a manner consistent with the requirements of Code Section 409A and the regulations and other guidance issued thereunder to avoid adverse tax consequences to affected Participants, and any deferral elections then in effect shall cease to be
effective as of the first day of such Plan Year. In such case, the individual may remain a Participant in the Plan with respect to amounts already deferred prior to the date such individual ceased to be an active Participant. 

Section 2.2 Participation. 
  

	 	(a)	 General Rule. An Eligible Employee shall become an active Participant in the Plan at the earliest time
that the Eligible Employee: (i) makes a timely Deferral Election pursuant to Subsections (b) and (c) herein; or (ii) meets the requirements under Subsection (d) with respect to eligibility for a Company Non-Elective Credit. 

  

	 	(b)	 Deferral Election. Subject to Section Section 2.2(d), as soon as practicable after the Committee
determines that an individual is an Eligible Employee, the Committee shall provide the Eligible Employee with the appropriate election forms with which to make a Deferral Election. The Eligible Employee shall make the Deferral Election in the manner
set forth in Subsection (c) herein and within the time periods set forth in Article III. In the case of an employee who first becomes an Eligible Employee under this Plan (and is not eligible for any other plan with which this Plan is
aggregated for purposes of Code Section 409A) during a Plan Year, such Deferral Election may be made within the first thirty (30) days of eligibility with respect to any Base Salary to be earned thereafter for the remainder of the Plan
Year. If the Participant does not return the completed forms to the Committee at such time as required by the Committee, the Participant will not be allowed to participate in the Plan until the next Annual Open Enrollment Period. All Deferral
Elections hereunder (including any modifications of prior Deferral Elections otherwise permitted under the Plan) may be made in accordance with written, electronic or telephonic procedures prescribed by the Committee. 

Notwithstanding the foregoing, the earliest an individual hired in November or December of a Plan Year shall first become an Eligible Employee
under this Plan is as of January 1 of the Plan Year immediately following his or her date of hire.     

  
 -9- 

	 	(c)	 Contents of Deferral Election. A Participant’s Deferral Election must be made in the manner
designated by the Committee and must be accompanied by: 

  

	 	(i)	 any election to defer Base Salary and/or Bonus; 

 

	 	(ii)	 any election to defer payment of any Company Discretionary Credits and a separate deferral period election with
respect to each such separate category of deferral; 

  

	 	(iii)	 an Investment Election in accordance with the provisions of Article IV; 

 

	 	(iv)	 a designation of a Beneficiary or Beneficiaries to receive any deferred amounts owed upon the
Participant’s death; 

  

	 	(v)	 a designation as to the form of distribution for each separate year’s deferral and each separate category
of deferral (Company Matching Credit deferrals will be subject to the Participant’s distribution option elections with respect to Base Salary; provided, however, that if the Participant does not make a Base Salary election but does make a Bonus
deferral election, then the Participant’s Company Matching Credit deferrals will be subject to the Participant’s distribution option elections with respect to Bonus); provided, however, that if no specific election is made with respect to
any deferred amount, the Participant will be deemed to have elected to receive such amounts in the form of a lump sum distribution in cash; and 

  

	 	(vi)	 such additional information as the Committee deems necessary or appropriate. 

 

	 	(d)	 Unless the Committee determines otherwise or unless otherwise provided in an Agreement, if any, an Eligible
Employee shall automatically become a Participant in this Plan upon an allocation of Company Non-Elective Credits under Section 3.5 to his or her Company
Non-Elective Credit Account, but such Participant shall not be permitted to make a Deferral Election unless such Participant otherwise meets the eligibility requirements set forth in
Section 2.1(b)(iii)(A). 

  

	 	(e)	 The participation of any Participant may be suspended or terminated by the Committee at any time, but no such
suspension or termination shall operate to reduce any benefits accrued by the Participant under the Plan prior to the date of suspension or termination and, further, any such suspension or termination may only be done in a manner consistent with the
requirements of Code Section 409A and the regulations and other guidance issued thereunder to avoid adverse tax consequences to affected Participants. 

  
 -10- 

 ARTICLE III 

Deferral Elections and Deferral Periods 

Section 3.1 Deferred Salary Election. 
  

	 	(a)	 Each Participant who has elected to defer the maximum pre-tax elective
deferral that is permitted for a calendar year under the 401(k) Plan and under Code Section 402(g) may make a Deferred Salary Election with respect to Base Salary otherwise to be paid in such calendar year. A Participant may elect to defer from
1% to 75% of the Participant’s Base Salary (in increments of 1%). Notwithstanding the foregoing, any Deferred Salary Election must be made in a manner that will ensure that the Participant is paid a sufficient amount of Base Salary that will
allow adequate amounts available for (i) any pre-tax elective deferrals under the 401(k) Plan, and (ii) any amounts to be deferred by the Participant in order to participate in any other benefit
programs maintained by the Company. 

  

	 	(b)	 Except with respect to Deferred Salary Elections made by Participants who first become eligible to participate
during a Plan Year (which elections must be made as specified in Section 2.2(b)), a Deferred Salary Election with respect to Base Salary for a particular calendar year must be made during the time period specified by the Committee, but in no
event later than the December 31 preceding the commencement of that calendar year or at such earlier time as determined by the Committee. Once a Deferred Salary Election is made, it shall be irrevocable after the final deadline established by
the Committee for making the election. Such Deferred Salary shall be credited to the Participant’s Deferred Salary Account as of the first business day after the last day of each payroll period. 

Section 3.2 Deferred Bonus Election. 
  

	 	(a)	 Each Participant who agrees to defer the maximum pre-tax elective
deferral that is permitted for a calendar year under the 401(k) Plan and under Code Section 402(g) may elect to make a Deferred Bonus Election with respect to a Bonus otherwise to be paid in the calendar year immediately following (or, in the
discretion of the Committee, in a later year following) the year of the Participant’s Deferred Bonus Election. A Participant may elect to defer from 1% to 100% of the Participant’s Bonus (in increments of 1%); provided, however, that the
Participant’s Deferred Bonus Election must result in a deferral of at least $5,000. In the event that Participant’s Deferred Bonus Election does not result in a deferral of at least $5,000 but the Participant’s Bonus is at least
$5,000, such Participant’s Deferred Bonus Election shall be automatically increased to the percentage that results in a deferral of $5,000. In the event that the Participant’s Bonus is less than $5,000, such Participant’s Deferred
Bonus Election shall be void. 

  
 -11- 

	 	(b)	 A Deferred Bonus Election with respect to any Bonus to be earned during a Fiscal Year must be made no later
than the date that is six months before the end of the performance period (which performance period shall not be less than twelve months) or such other earlier date designated by the Committee. Once made, a Deferred Bonus Election cannot be changed
or revoked after the final deadline established by the Committee for making the election, except as provided herein. Such Deferred Bonus shall be credited to the Participant’s Deferred Bonus Account as of the first business day in January of
the year that the Bonus otherwise would have been paid to the Participant in the absence of any deferral hereunder. 

 Section
3.3 Company Matching Credits. 
  

	 	(a)	 If a Participant has made a Deferred Salary Election in accordance with Section 3.1 or a Deferred Bonus
Election in accordance with Section 3.2, then the Participant shall be eligible to have Company Matching Credits credited to the Participant’s Company Matching Credit Account in accordance with Section 3.4(b). The maximum potential
Company Matching Credits for a Participant under this Plan for a Plan Year shall equal the difference between 4.5% of Total Eligible Compensation minus the maximum Company matching contribution available to the Participant under the 401(k) Plan.
That potential maximum amount shall be credited to a Participant’s Company Matching Credit Account only if the Participant has deferred at least 6% of Total Eligible Compensation, taking into account deferrals under this Plan and pre-tax elective deferrals under the 401(k) Plan (other than catch-up contributions). If a Participant has deferred less than 6% of Total Eligible Compensation, taking into
account deferrals under this Plan and pre-tax elective deferrals under the 401(k) Plan (other than catch-up contributions), then the actual Company Matching Credits to
be credited to a Participant’s Company Matching Credit Account shall equal 75% of the total of the Participant’s Deferred Salary and Deferred Bonus under this Plan plus the Participant’s pre-tax
elective deferrals under the 401(k) Plan (other than catch-up contributions), less the matching contribution to which the Participant is entitled under the 401(k) Plan. 

 

	 	(b)	 Company Matching Credits under Section 3.3(a) shall be credited to the Participant’s Company Matching
Credit Account as soon as practicable as determined by the Committee after such deferral is credited to the Participant’s Deferred Salary Account and/or Deferred Bonus Account, but in no event less frequently than on an annual basis, and shall
be subject to the overall Plan Year limit on such amounts described in Section 3.3(a) and the vesting schedule described in Article IV. 

  
 -12- 

 Section 3.4 Company Discretionary Credits. 

 

	 	(a)	 The Company may, in its sole discretion, provide for additional credits to all or some Participants’
Accounts at any time. Such amounts shall be credited to the Participant’s Company Discretionary Credit Account and shall be subject to the vesting schedule established by the Company at the time such amounts are credited. 

Section 3.5 Company Non-Elective Credits. 

 

	 	(a)	 Each Eligible Employee shall receive a Company Non-Elective Credit
credited to the Participant’s Company Non-Elective Credit Account for each Plan Year if the Eligible Employee is employed by a Participating Employer on the Company’s last business day of such Plan
Year, unless not employed on such date due to death, Disability, or retirement from active employment (within the meaning of Section 5.1(a)(i) and (ii)). 

 

	 	(b)	 The Company Non-Elective Credit shall equal: 

 

	 	(i)	 The total amount of the Participant’s 401(k) Plan Non-Elective
Contributions for the applicable Plan Year (including any Temporary Supplemental Non-Elective Contributions, if applicable) that would have been credited to such Participant if such Non-Elective Contributions had not been reduced due to the limitations set forth in the Code; minus 

  

	 	(ii)	 The amount of the Participant’s 401(k) Plan Non-Elective
Contributions for such Plan Year. 

  

	 	(c)	 Company Non-Elective Credits under Section 3.5(a) shall be
credited to the Participant’s Company Non-Elective Credit Account as soon as practicable after the end of the Plan Year to which the Company Non-Elective Credit
relates, and shall be subject to the vesting schedule described in Article IV. 

 Section 3.6 Deferral Period. 

 

	 	(a)	 In accordance with Section 2.2(b), and subject to the limitation of Section 3.6(b), each Participant
must elect the deferral period for each separate category of deferral. Subject to the additional deferral provisions of Section 3.7 and the acceleration provisions of Article V, a Participant’s deferral period with respect to amounts
deferred other than those described in Section 3.6(b) may be for a specified number of years or until a specified date, subject to any limitations that the Committee in its discretion may choose to apply (which limitations shall comply with the
requirements for tax deferral under Code Section 409A), provided that, in all events, a deferral period must be for at least two (2) years from the first day of the Plan Year in which the deferred amounts would otherwise be payable (or, in
the case of amounts described in Section 3.3, credited to the Participant’s Account). However, notwithstanding the deferral period otherwise specified, payments shall be paid or begin to be paid under the Plan in accordance with the
mandatory distribution provisions in Article V and any election which would otherwise result in a deferral beyond any applicable mandatory distribution age is invalid. 

  
 -13- 

	 	(b)	 Notwithstanding the provisions of Section 3.6(a) and Section 2.2(b), and subject to
Section 5.1(e), all Company Matching Credits credited to a Participant’s Company Matching Credit Account pursuant to Section 3.3 shall be deferred until the Participant’s Separation from Service and may not be deferred to a
specified date prior to such Participant’s Separation from Service. The foregoing notwithstanding, in any case where the Participant is a Specified Employee, payment of the amounts under this Section 3.6(b) on account of the
Participant’s Separation from Service shall be deferred until as soon as practicable after the earlier of (i) the first day of the seventh month following the Participant’s Separation from Service (without regard to whether the
Participant is reemployed on that date), or (ii) the date of the Participant’s death, subject to any permitted further deferral election on account of a change in form of payment. 

Section 3.7 Modification of Deferral Period. 
  

	 	(a)	 With respect to any deferred amounts credited to a Participant’s Accounts an additional deferral election
may be made, provided that such election shall not be effective unless the following requirements are met: 

  

	 	(i)	 the election will not take effect until at least twelve months after the date on which the election is made and
will not be recognized with respect to payments that would otherwise have commenced during such twelve-month period; 

  

	 	(ii)	 except for payments made on account of a Participant’s death or financial hardship under
Section 5.1(e), the first payment with respect to which such election is made shall be deferred for a period of not less than five years from the date such payment would otherwise have been made; 

 

	 	(iii)	 any election related to payments that would otherwise have commenced as of a specified time, as opposed to the
Participant’s Separation from Service, may not be made less than twelve months prior to the date on which such payments would otherwise have commenced; and 

 

	 	(iv)	 any such additional deferral election shall not be effective if it would otherwise result in deferring amounts
later than the mandatory distribution age provisions of Article V. 

  
 -14- 

 ARTICLE IV 

Participants’ Accounts 
  

	Section	 4.1 Crediting of Employee Deferrals and Company Matching, Discretionary and
Non-Elective Credits. 

  

	 	(a)	 Deferrals to this Plan that are made under Article III shall be credited to the Participant’s Accounts in
accordance with such rules established by the Committee from time to time. Each Participant’s Accounts shall be administered in a way to permit separate Deferral Elections, deferral periods, and Investment Elections with respect to various Plan
Year deferrals and compensation types as the Committee determines, in its sole discretion, are necessary or appropriate. 

  

	Section	 4.2 Investment Election. 

 

	 	(a)	 Participants’ Investment Elections with respect to deferred amounts hereunder shall be made pursuant to
the written, telephonic or electronic methods prescribed by the Committee and subject to such rules on Investment Elections and Investment Options as established by the Committee from time to time. Upon receipt by the Committee, and in accordance
with rules established by the Committee, an Investment Election shall be effective as soon as practicable after receipt and processing of the election by the Committee. Investment Elections will continue in effect until changed by the Participant.
An eligible Participant may change a prior Investment Election (or default Investment Election) with respect to deferred amounts on a daily basis, by notifying the Committee, at such time and in such manner as approved by the Committee. Any such
changed Investment Election may result in amending Investment Elections for prior deferrals or for future deferrals or both. 

  

	 	(b)	 For purposes of Company Non-Elective Credits, the most recent
Investment Elections in effect for a Participant’s Company Matching Credits (if any) that relate to the same Plan Year as the Company Non-Elective Credits as of the date the Company Non-Elective Credits are made will be used for such Company Non-Elective Credits and, in the absence of any Investment Elections, the Plan’s default Investment Elections
will be used for the Company Non-Elective Credits. 

  

	Section	 4.3 Hypothetical Earnings. 

 

	 	(a)	 Subject to Section 4.2, except as otherwise provided herein, additional hypothetical bookkeeping amounts
shall be credited to (or deducted from) a Participant’s Accounts to reflect the earnings (or losses) that would have been experienced had the deferred amounts been invested in the Investment Options selected by the Participant as targeted rates
of return, net of all fees and expenses otherwise associated with the Investment Options. The 

  
 -15- 

	 	
Committee may add or delete Investment Options, on a prospective basis, by notifying all Participants whose Accounts are hypothetically invested in such Investment Options, in advance, and
soliciting elections to transfer deferred amounts so that they track investments in other Investment Options then available. 

Section 4.4 Vesting. 
  

	 	(a)	 At all times a Participant shall be fully vested in his Deferred Salary and Deferred Bonus Accounts hereunder
(including any earnings or losses thereon). A Participant shall become vested in any Company Matching Credits and Company Non-Elective Credits in the same manner and to the same extent as the Participant is
vested in matching contributions otherwise credited to the Participant under the 401(k) Plan. A Participant shall become vested in any Company Discretionary Credits pursuant to the vesting schedule established by the Company at the time such
Credits, if any, are made. Except as otherwise provided in Section 5.1(b) (death) or Section 5.1(c) (disability), if a Participant incurs a Separation from Service at any time prior to becoming fully vested in amounts credited to the
Participant’s Accounts hereunder, the nonvested amounts credited to the Participant’s Accounts shall be immediately forfeited and the Participant shall have no right or interest in such nonvested deferred amounts. 

Section 4.5 Account Statements. 
  

	 	(a)	 Within 60 days following the end of each Plan Year (or at such more frequent times determined by the
Committee), the Committee shall furnish each Participant with a statement of Account which shall set forth the balances of the individual’s Accounts as of the end of such Plan Year (or as of such time determined by the Committee), inclusive of
tracked earnings (or losses). In addition, the Committee shall maintain records reflecting each year’s deferrals separately by type of compensation. 

  
 -16- 

 ARTICLE V 

Distributions and Withdrawals 

Section 5.1 Timing of Distributions. 
  

	 	(a)	 Timing of Distribution – Distributions of Vested Accounts Other than Death, Disability, or Scheduled
Distributions. Except as otherwise provided herein, in the case of a Participant who incurs a Separation from Service before retirement from active employment (as defined below), a Participant’s vested Accounts shall be paid or commence to
be paid, in the form of distribution elected in a particular Deferral Election (subject to Section 5.2), as soon as practicable (as determined by the Committee) after the Participant’s Separation from Service. Notwithstanding the
foregoing, in the case of a Participant who incurs a Separation from Service with vested Company Non-Elective Credits, such vested Company Non-Elective Credits shall be
paid in the form of a single lump sum distribution as soon as practicable after such Separation from Service for any reason (subject to the delay requirements described below that are applicable to Specified Employees). In the case of a Participant
who retires from active employment hereunder (as defined below), and subject to Section 5.1(e), a Participant’s vested Accounts shall be paid or commence to be paid, in the form of distribution elected in a particular Deferral Election
(subject to Section 5.2), as soon as practicable (as determined by the Committee) following the later of: (I) the date the Participant retires from active employment, or (II) the date otherwise specified in the Participant’s
Deferral Election. For purposes of this Section 5.1(a), a Participant “retires from active employment” if: 

  

	 	(i)	 the Participant Separates from Service with the Company or an affiliate after having attained age 65; or

  

	 	(ii)	 the Participant Separates from Service after having attained age 55 with ten years of service (as would be
determined under the 401(k) Plan) or an affiliate. 

 The foregoing notwithstanding, in any case where the Participant is a
Specified Employee, payment of amounts in the Participant’s vested Accounts under this Section 5.1(a) on account of the Specified Employee’s Separation from Service shall be deferred until the earlier of (x) first day of the
seventh month following the Participant’s Separation from Service (without regard to whether the Participant is reemployed on that date), or (y) the date of the Participant’s death, subject to any additional deferral of such payments
as provided for in the Plan. 

  
 -17- 

	 	(b)	 Timing of Distributions – Participant’s Death. 

 

	 	(i)	 If a Participant dies before the full distribution of the Participant’s Accounts under this Article V, any
deferred amounts that are not vested and have not previously been forfeited shall become 100% vested. Unless the Participant had commenced receiving installment payments, as soon as practicable after the Participant’s death, all remaining
amounts credited to the Participant’s Accounts shall be paid in a single lump sum payment to the Participant’s named Beneficiary (or Beneficiaries). In the absence of any Beneficiary designation, payment shall be made to the personal
representative, executor or administrator of the Participant’s estate. Beneficiary designations may be changed by a Participant at any time without the consent of the Participant’s Spouse or any prior Beneficiary. 

 

	 	(ii)	 If a Participant dies after having commenced to receive installment payments pursuant to a scheduled
distribution election, the Participant’s Beneficiary shall receive the remaining installment payments as said payments become due under the scheduled distribution option elected by the Participant. 

 

	 	(c)	 Timing of Distributions – Participant’s Disability. Notwithstanding anything in
the Plan to the contrary, if a Participant becomes Disabled, any deferred amounts that are not vested and have not previously been forfeited shall become 100% vested. Notwithstanding anything in a Participant’s Deferral Election to the contrary
with respect to payment commencement, as soon as practicable after the Participant becomes Disabled, all remaining amounts credited to the Participant’s Accounts shall be paid or commence to be paid to the Participant in the form of
distribution elected by the Participant in the Participant’s Deferral Election. Such distribution shall be made only if the Committee, taking into account the type of factors taken into account in the event of a hardship under
Section 5.1(e), in its sole discretion, approves such request 

  

	 	(d)	 Scheduled Distribution. As a part of the Participant’s Deferral Election with respect to scheduled
distributions, a Participant may elect to receive a lump sum distribution or annual installments (over 2, 3, 4 or 5 years, as elected by the Participant) equal to all or any part of the vested balance of the Participant’s Accounts to be paid
(or commence to be paid) at a scheduled distribution date, subject to the timing requirements in Section 5.1(a) and the limitations of Section 3.7. For these purposes, the amount of each installment payment shall be determined by
multiplying the value of the Participant’s remaining vested Accounts subject to the scheduled distribution election by a fraction, the numerator of which is one (1) and the denominator of which is the number of calendar years remaining in
the installment period. These scheduled distributions are generally available only for distributions that are scheduled to commence to be paid while a Participant is employed by the Company. If a Participant incurs a

  
 -18- 

	 	
Separation from Service before commencing receipt of scheduled distributions, the timing requirements of Section 5.1(a) shall apply (which requirements provide for payment upon Separation
from Service, unless the Participant has attained retirement age, in which case a later distribution date may apply). If a Participant Separates from Service while receiving scheduled installment payments, such installment payments shall continue to
be paid in the same form of distribution, subject to the Participant’s right to accelerate the remaining payments in accordance with Section 5.1(e). 

  

	 	(e)	 Hardship Distribution. At any time prior to the time an amount is otherwise payable hereunder, an active
Participant may request a distribution of all or a portion of any vested amounts credited to the Participant’s Accounts on account of the Participant’s financial hardship, subject to the following requirements: 

 

	 	(i)	 Such distribution shall be made, in the sole discretion of the Committee, if the Participant has incurred an
unforeseeable emergency. The Committee shall consider any requests for payment under this Section 5.1(e) in accordance with the standards of interpretation described in Code Section 409A and the regulations and other guidance thereunder.

  

	 	(ii)	 For purposes of this Plan, an “unforeseeable emergency” shall be limited to a severe financial
hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s Spouse, the Participant’s Beneficiary, or of a Participant’s dependent (as defined in Code Section 152, without regard to
Code Sections 152(b)(1), (b)(2), and (d)(1)(B)); loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural
disaster); the need to pay for the funeral expenses of the Participant’s Spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2),
and (d)(1)(B)); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Whether a Participant is faced with an unforeseeable emergency will be determined based on the
relevant facts and circumstances of each case and be based on the information supplied by the Participant, in writing, pursuant to the procedure prescribed by the Committee. In addition to the foregoing, distributions under this subsection shall not
be allowed for purposes of sending a child to college or the Participant’s desire to purchase a home or other residence. In all events, distributions made on account of an unforeseeable emergency are limited to the extent reasonably needed to
satisfy the emergency need (which may include amounts necessary to pay any federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution). 

  
 -19- 

	 	(iii)	 Notwithstanding the foregoing, distribution on account of an unforeseeable emergency under this subsection may
not be made to the extent that such emergency is or may be relieved: 

  

	 	(A)	 through reimbursement or compensation by insurance or otherwise, 

 

	 	(B)	 by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself
cause severe financial hardship, or 

  

	 	(C)	 by cessation of deferrals under the Plan. 

 

	 	(iv)	 All distributions under this subsection shall be made in cash as soon as practicable after the Committee has
approved the distribution and that the requirements of this subsection have been met. 

  

	 	(v)	 The minimum permitted hardship distribution shall be $3,000. 

Section 5.2 Form of Distribution. 
  

	 	(a)	 General. Except as otherwise provided in this Article VI, all amounts payable from a Participant’s
Accounts shall be paid in one of the forms of distribution described in this Section 5.2, as elected by the Participant in a Deferral Election or as modified by the Participant in accordance with Section 5.2(d) below. Notwithstanding the
foregoing, a Participant who is eligible to receive Company Non-Elective Credits hereunder shall receive such amounts in the form of a single lump sum distribution in cash; no other forms of distribution are
available for receiving such amounts. Any Participant who fails to elect a form of distribution with respect to any deferral amount (or any compensation type) shall be deemed to have elected to receive such amounts in the form of a single lump sum
distribution in cash. 

  

	 	(b)	 Lump Sum Distribution. A Participant may elect, in accordance with such procedures established by the
Committee, to have any vested deferral amounts credited to his Accounts paid in the form of a single lump sum distribution at the time otherwise required or permitted under the Plan. 

 

	 	(c)	 Annual Installment Distributions. A Participant may elect, in accordance with such procedures
established by the Committee, to have any vested deferral amounts credited to his Accounts paid at the time otherwise required or permitted in the form of annual installments over a 5 or 10-year period
commencing at the time otherwise required or permitted under the Plan and paid annually thereafter for the remainder of the installment 

  
 -20- 

	 	
period. For these purposes, the amount of each installment payment shall be determined by multiplying the value of the Participant’s remaining vested Accounts by a fraction, the numerator of
which is one (1) and the denominator of which is the number of calendar years remaining in the installment period. 

  

	 	(d)	 Change in Form. In any case where a Participant wishes to change a form of distribution from what was
previously in effect with respect to any deferred amounts credited to a Participant’s Accounts, in addition to the limitations under Section 3.7, the following requirements must be met:  

 

	 	(i)	 The election will not take effect until at least twelve months after the date on which the election is made and
will not be recognized with respect to payments that would otherwise have commenced during such twelve-month period; 

  

	 	(ii)	 Except for payments made on account of a Participant’s death or financial hardship under
Section 5.1(e), the payment with respect to which such election is made (or the first payment, in the case of installment payments) shall be deferred for a period of not less than five years from the date such payment would otherwise have been
made; 

  

	 	(iii)	 Any election related to payments that would otherwise have commenced as of a specified time, as opposed to the
Participant’s Separation from Service, may not be made less than twelve months prior to the date on which such payments would otherwise have commenced; and 

 

	 	(iv)	 The election will not take effect if the payment (or the first payment, in the case of installment payments)
would be scheduled to commence after the later of the date the Participant reaches age 70 or the date the Participant retires from active employment. 

ARTICLE VI 
 General
Provisions 
 Section 6.1 Unsecured Promise to Pay. 
  

	 	(a)	 The Company shall make no provision for the funding of any amounts payable hereunder that (i) would cause
the Plan to be a funded plan for purposes of Section 404(a)(5) of the Code, or Title I of ERISA, or (ii) would cause the Plan to be other than an “unfunded and unsecured promise to pay money or other property in the future” under
Treasury Regulations § 1.83-3(e); and the Company shall have no obligation to make any arrangement for the accumulation of funds to pay any amounts under this Plan. Subject to the restrictions of the
preceding sentence, the Company, in its sole discretion, may establish one or more grantor trusts described in Treasury 

  
 -21- 

	 	
Regulations § 1.677(a)-1(d) to accumulate funds to pay amounts under this Plan, provided that the assets of such trust(s) shall be required to be used
to satisfy the claims of the Company’s general creditors in the event of the Company’s bankruptcy or insolvency. 

 Section 6.2
Plan Unfunded. 
  

	 	(a)	 In the event that the Company (or one of its subsidiaries) shall decide to establish an advance accrual reserve
on its books against the future expense of payments hereunder, such reserve shall not under any circumstances be deemed to be an asset of this Plan but, at all times, shall remain a part of the general assets of the Company (or such subsidiary),
subject to claims of the Company’s (or such subsidiary’s) creditors. A person entitled to any amount under this Plan shall be a general unsecured creditor of the Company (or the Participant’s employer subsidiary) with respect to such
amount. Furthermore, a person entitled to a payment or distribution with respect to any amounts credited to Participant Accounts shall have a claim upon the Company (or the Participant’s employer subsidiary) only to the extent of the vested
balance(s) credited to such Accounts. 

 Section 6.3 Designation of Beneficiary. 

 

	 	(a)	 The Participant’s Beneficiary under this Plan with respect to amounts credited to the Participant’s
Accounts hereunder shall be the person designated to receive benefits on account of the Participant’s death on a form provided by the Committee. 

Section 6.4 Expenses. 
  

	 	(a)	 All commissions, fees and expenses that may be incurred in operating the Plan and any related trust(s)
established in accordance with the Plan will be paid by the Company. 

 Section 6.5
Non-Assignability. 
  

	 	(a)	 Participants, their legal representatives and their Beneficiaries shall have no right to anticipate, alienate,
sell, assign, transfer, pledge or encumber their interests in the Plan, nor shall such interests be subject to attachment, garnishment, levy or execution by or on behalf of creditors of the Participants or of their Beneficiaries.

 Section 6.6 Employment/Participation Rights. 
  

	 	(a)	 Nothing in the Plan shall interfere with or limit in any way the right of the Company to terminate any
Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Company. 

  
 -22- 

	 	(b)	 Nothing in the Plan shall be construed to be evidence of any agreement or understanding, express or implied,
that the Company will continue to employ a Participant in any particular position or at any particular rate of remuneration. 

  

	 	(c)	 No employee shall have a right to be selected as a Participant, or, having been so selected, to be continued as
a Participant. 

  

	 	(d)	 Nothing in this Plan shall affect the right of a recipient to participate in and receive benefits under and in
accordance with any pension, profit-sharing, deferred compensation or other benefit plan or program of the Company. 

 Section 6.7
Severability. 
  

	 	(a)	 If any particular provision of the Plan shall be found to be illegal or unenforceable for any reason, the
illegality or lack of enforceability of such provision shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or unenforceable provision had not been included. 

Section 6.8 No Individual Liability. 
  

	 	(a)	 It is declared to be the express purpose and intention of the Plan that no liability whatsoever shall attach to
or be incurred by the shareholders, officers, or directors of the Company (or any affiliate) or any representative appointed hereunder by the Company (or any affiliate), under or by reason of any of the terms or conditions of the Plan.

 Section 6.9 Tax and Other Withholding. 
  

	 	(a)	 The Company shall have the right to deduct from any payment made under the Plan any amount required by federal,
state, local, or foreign law to be withheld with respect to such payment. The Company shall also have the right to withhold from other current salary or wages any amount required by federal, state, local, or foreign law to be withheld with respect
to compensation deferred under the Plan at any time prior to payment of such deferred compensation, or if such other current salary or wages are insufficient to satisfy such withholding requirement, to require the Participant to pay the Company such
amount required to be withheld to the extent such requirement cannot be satisfied through withholding on other current salary or wages. Additionally, should deferrals under this Plan cause there to be insufficient current salary or wages for
purposes of withholding taxes or other amounts required by federal, state, local, or foreign law to be withheld from current salary or wages, the Company shall require the Participant to pay the Company such amount required to be withheld to the
extent such requirement cannot be satisfied through withholding on other current salary or wages. 

  
 -23- 

 Section 6.10 Applicable Law. 

 

	 	(a)	 This Plan shall be governed by and construed in accordance with the laws of the State of New Jersey except to
the extent governed by applicable federal law. 

 Section 6.11 Incompetency. 

 

	 	(a)	 Any person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally
competent and of age until the Committee receives written notice, in a form and manner acceptable to it, that such person is incompetent or a minor, and that a guardian, conservator, or other person legally vested with the care of his estate has
been appointed. If the Committee finds that any person to whom a benefit is payable under the Plan is unable to properly care for his or her affairs, or is a minor, then any payment due (unless a prior claim therefor shall have been made by a duly
appointed legal representative) may be paid to the Spouse, a child, a parent, or a brother or sister, or to any person deemed by the Committee to have incurred expense for the care of such person otherwise entitled to payment. If a guardian or
conservator of the estate of any person receiving or claiming benefits under the Plan shall be appointed by a court of competent jurisdiction, payments shall be made to such guardian or conservator provided that proper proof of appointment is
furnished in a form and manner suitable to the Committee. Any payment made under the provisions of this Section shall be a complete discharge of liability therefor under the Plan. 

Section 6.12 Notice of Address. 
  

	 	(a)	 Any payment made to a Participant or a designated Beneficiary at the last known post office address of the
distributee on file with the Committee, shall constitute a complete acquittance and discharge of any obligations of the Company under this Plan, unless the Committee shall have received prior written notice of any change in the condition or status
of the distributee. Neither the Committee, the Company nor any director, officer, or employee of the Company shall have any duty or obligation to search for or ascertain the whereabouts of a Participant or a designated Beneficiary.

  
 -24- 

 ARTICLE VII 

Administration 
 Section 7.1
Committee. 
  

	 	(a)	 The Plan shall be administered by the Committee. The Committee shall have the exclusive right to interpret the
Plan (including questions of construction and interpretation) and the decisions, actions and records of the Committee shall be conclusive and binding upon the Company and all persons having or claiming to have any right or interest in or under the
Plan. The Committee may delegate to such officers, employees or departments of the Company, or to service-providers or other persons, such authority, duties, and responsibilities of the Committee as it, in its sole discretion, considers necessary or
appropriate for the proper and efficient operation of the Plan, including, without limitation, (i) interpretation of the Plan, (ii) approval and payment of claims, and (iii) establishment of procedures for administration of the Plan.

 Section 7.2 Claims Procedure. 
  

	 	(a)	 Filing of Claim. Any Participant or beneficiary under the Plan may file a written claim for a Plan
benefit with the Committee or with a person named by the Committee to receive claims under the Plan. 

  

	 	(b)	 Notice of Denial of Claim. In the event of a denial or limitation of any benefit or payment due to or
requested by any Participant or beneficiary under the Plan (“claimant”), the claimant shall be given a written notification, including electronic communication, containing specific reasons for the denial or limitation of the benefit. The
written notification shall contain specific reference to the pertinent Plan provisions on which the denial or limitation of the benefit is based. In addition, it shall contain a description of any other material or information necessary for the
claimant to perfect a claim, and an explanation of why such material or information is necessary. The notification shall further provide appropriate information as to the steps to be taken if the claimant wishes to appeal the denial or limitation of
benefit and submit a claim for review. This written notification shall be given to a claimant within ninety (90) days after receipt of the claim by the Committee, provided that where special circumstances require an extension of time for
processing the decision, it may be postponed on written notice to the claimant (prior to the expiration of the initial ninety (90)-day period) for an additional ninety (90) days, but in no event shall the
decision be rendered more than one hundred eighty (180) days after the receipt of such request for review, and such notice shall indicate the special circumstances which make the postponement appropriate. 

  
 -25- 

	 	(c)	 Right of Review. In the event of a denial or limitation of the claimant’s benefit, the claimant or
the claimant’s duly authorized representative shall be permitted to review pertinent documents free of charge upon request and to submit to the Committee issues and comments in writing. In addition, the claimant or the claimant’s duly
authorized representative may make a written request for a full and fair review of the claim and its denial by the Committee; provided, however, that such written request must be received by the Committee within sixty (60) days after receipt by
the claimant of written notification of the denial or limitation of the claim. 

  

	 	(d)	 Decision of Review. A decision shall be rendered by the Committee within sixty (60) days after the
receipt of the request for review, provided that where special circumstances require an extension of time for processing the decision, it may be postponed on written notice to the claimant (prior to the expiration of the initial sixty (60)-day period) for an additional sixty (60) days, but in no event shall the decision be rendered more than one hundred twenty (120) days after the receipt of such request for review, and such notice
shall indicate the special circumstances which make the postponement appropriate. Any decision by the Committee shall be furnished to the claimant in writing and shall set forth the specific reasons for the decision, the specific plan provisions on
which the decision is based, a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relating to his or her claim for benefits, and a
statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA. 

 Section 7.3 Plan to Comply
With Code Section 409A. 
  

	 	(a)	 Notwithstanding any provision to the contrary in this Plan, each provision in this Plan shall be interpreted to
permit the deferral of compensation in accordance with Code Section 409A and any provision that would conflict with such requirements shall not be valid or enforceable. 

  
 -26- 

 ARTICLE VIII 

Amendment, Termination and Effective Date 

Section 8.1 Amendment of the Plan. 
  

	 	(a)	 Subject to Section 8.3, the Plan may be wholly or partially amended or otherwise modified at any time by
written action of the Board of Directors. Notwithstanding the foregoing, the Board of Directors hereby grants to the Committee the authority to approve and adopt amendments to the Plan, provided that such amendments will not materially increase the
Company’s costs related to providing benefits under the Plan or materially affect the benefits of participants in the Plan. 

Section 8.2 Termination of the Plan. 
  

	 	(a)	 Subject to the provisions of Section 8.3, the Plan may be terminated at any time by written action of the
Board of Directors. 

 Section 8.3 No Impairment of Benefits. 

 

	 	(a)	 Notwithstanding the provisions of Sections 8.1 and 8.2, no amendment to or termination of the Plan shall reduce
the amount credited to any Participant’s Accounts hereunder. 

 Section 8.4 Effective Date. 

 

	 	(a)	 The Plan is effective as of [____], 2022. 

*        *        * 

Embecta hereby adopts this Embecta Deferred Compensation Plan, effective as of [____], 2022. 

IN WITNESS WHEREOF, this Plan has been executed this [__] day of [____], 2022. 

 

			
	
	 
	[____]
	[_____]

  
 -27-

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