Document:

EX-10.5

 Exhibit 10.5 

KNOWLES CORPORATION 

2014 EQUITY AND CASH INCENTIVE PLAN 

(Effective as of     , 2014) 

A. PURPOSE AND SCOPE OF THE PLAN 
 1.
Purposes. The 2014 Equity and Cash Incentive Plan is intended to promote the long-term success of Knowles Corporation by providing salaried officers and other key employees of Knowles Corporation and its Affiliates, on whom major
responsibility for the present and future success of Knowles Corporation rests, with long-range and medium-range inducement to remain with the organization and to encourage them to increase their efforts to make Knowles Corporation successful. The
Plan is also intended to attract and retain individuals of outstanding ability to serve as non-employee directors of Knowles Corporation by providing them the opportunity to acquire a proprietary interest, or to increase their proprietary interest,
in Knowles Corporation. In addition, in accordance with Article V of the Employee Matters Agreement, dated as of [            ], by and between Dover Corporation and Knowles Corporation
(the “Employee Matters Agreement”), the Plan permits the issuance of Awards to employees of Knowles Corporation and its Affiliates in substitution for outstanding awards made to such employees under the Predecessor Plans that covered
shares of the common stock of Dover Corporation immediately prior to the spin-off of Knowles Corporation by Dover Corporation. 
 2. Definitions.

 “Affiliate” shall mean any Subsidiary or any corporation, trade or business (including without limitation, a partnership or
limited liability company) that is directly or indirectly controlled (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) by the Corporation or one of its Affiliates, and any other entity in which the
Corporation or any of its Affiliates has a material equity interest and that is designated as an Affiliate by the Committee. 

“Award” shall mean any award under this Plan of any Option, SSAR, Cash Performance Award, Restricted Stock, Restricted Stock Unit,
Performance Shares, Deferred Stock Unit, or Directors’ Shares. With respect to Replacement Awards, the term also includes any memorandum or summary of terms that may be specified by the Committee, together with any award agreement under any
Predecessor Plan that may be referred to therein. 
 “Award Agreement” shall mean, with respect to each Award, a written or
electronic agreement or communication between the Corporation and a Participant setting forth the terms and conditions of the Award. An Award Agreement may be required, as a condition of its effectiveness, to be executed by the Participant,
including by electronic signature or other electronic indication of acceptance. 
 “Board” shall mean the Board of Directors of
the Corporation as in office from time to time. 

  
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 “Cash Performance Award” shall mean an Award of the right to receive cash at the end of
a Performance Period subject to the achievement, or the level of performance, of one or more Performance Targets within such Performance Period, as provided in Paragraph 20. 

“Cause” shall mean a Participant (a) engages in conduct that constitutes willful misconduct, dishonesty, or gross negligence in
the performance of his or her duties and results in material detriment to the Corporation or an Affiliate; (b) breaches his or her fiduciary duties to the Corporation or an Affiliate; (c) willfully fails to carry out the lawful and ethical
directions of the person(s) to whom he or she reports, which failure is not promptly corrected after notification; (d) engages in conduct that is demonstrably and materially injurious to the Corporation or an Affiliate, or that materially harms
the reputation, good will, or business of the Corporation or an Affiliate; (e) engages in conduct that is reported in the general or trade press or otherwise achieves general notoriety and that is scandalous, immoral or illegal and materially
harms the reputation, good will, or business of the Corporation or an Affiliate; (f) is convicted of, or enters a plea of guilty or nolo contendere (or similar plea) to, a crime that constitutes a felony, or a crime that constitutes a
misdemeanor involving moral turpitude, dishonesty or fraud; (g) is found liable in any Securities and Exchange Commission or other civil or criminal securities law action, or any cease and desist order applicable to him or her is entered
(regardless of whether or not the Participant admits or denies liability); (h) uses, without authorization, confidential or proprietary information of the Corporation or an Affiliate or information which the Corporation or Affiliate is
obligated not to use or disclose, or discloses such information without authorization and such disclosure results in material detriment to the Corporation or an Affiliate; (i) breaches any written or electronic agreement with the Corporation or
an Affiliate not to disclose any information pertaining to the Corporation or an Affiliate or their customers, suppliers and businesses and such breach results in material detriment to the Corporation or an Affiliate; (j) materially breaches
any agreement relating to non-solicitation, non-competition, or the ownership or protection of the intellectual property of the Corporation or an Affiliate; or (k) breaches any of the Corporation’s or an Affiliate’s policies
applicable to him or her, whether currently in effect or adopted after the Effective Date of the Plan, and such breach, in the Committee’s judgment, could result in material detriment to the Corporation or an Affiliate. 

“CEO” shall mean the Chief Executive Officer of the Corporation. 

“Change of Control” shall mean Change of Control as defined in Paragraph 37. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall
also be deemed to include a reference to any successor provisions thereto and the Treasury regulations and any guidance promulgated thereunder. 

“Committee” shall mean the Compensation Committee of the Board or other committee of the Board duly appointed to administer the Plan
and having such powers as shall be specified by the Board. If no committee of the Board has been appointed to 

  
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administer the Plan, the members of the Board that meet the qualifications below for membership on the Committee shall exercise all of the powers of the Committee granted herein, and, in any
event, such members of the Board may in their discretion exercise any or all of such powers. All members of the Committee administering the Plan shall comply in all respects with any qualifications required by law, including specifically being a
“non-employee director” for purposes of the rules promulgated under the Exchange Act, and an “outside director” for purposes of Section 162(m) of the Code, and satisfying any other independence requirement under applicable
exchange rules, law or regulations. 
 “Common Stock” shall mean the common stock of the Corporation, par value $0.010000 per
share. 
 “Corporation” shall mean Knowles Corporation, a Delaware corporation, or any successor corporation. 

“Covered Executive” shall mean any individual who is, or could be, a “covered employee” of the Corporation for purposes of
Section 162(m) of the Code, as determined by the Committee. 
 “Deferred Stock Unit” shall mean a bookkeeping entry
representing a right granted to a Non-Employee Director pursuant to Paragraph 35 of the Plan to receive a deferred payment of Directors’ Shares to be issued and delivered at the end of the deferral period elected by the Non-Employee
Director. 
 “Directors’ Shares” shall mean the shares of Common Stock issuable to each eligible Non-Employee Director as
provided in Paragraph 34. 
 “Disability” or “Disabled” shall mean the permanent and total Disability of the Participant
within the meaning of Section 22(e)(3) and 409A(a)(2)(c)(i) of the Code, except as otherwise determined by the Committee from time to time or as provided in an Award Agreement. The determination of a Participant’s Disability shall be made
by the Committee in its sole discretion. 
 “Dividend Equivalents” shall mean a credit to a bookkeeping account established in the
name of a Participant, made at the discretion of the Committee or as otherwise provided by the Plan, representing the right of a Participant to receive an amount equal to the cash dividends paid on one share of Common Stock for each share of Common
Stock represented by an Award held by such Participant. 
 Dividend Equivalents (i) may only be awarded in connection with an Award
other than an Option, SSAR or Cash Performance Award, (ii) shall be accumulated and become payable only if, and to the extent, the Award vests, and (iii) shall be paid at or after the vesting date of the Award. 

“Effective Date” shall mean the Effective Date of the Plan as specified in Paragraph 55. 

  
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 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time. 
 “Fair Market Value” with respect to any share of Common Stock as of any date of reference, shall be determined in good
faith by the Committee on the basis of such considerations as the Committee deems appropriate from time to time, including, but not limited to, such factors as the closing price for a share of Common Stock on such day (or, if such day is not a
trading day, on the next trading day) on the principal United States exchange on which the Common Stock then regularly trades, the average of the closing bid and asked prices for a share of Common Stock on such exchange on the date of reference, or
the average of the high and low sales price of a share of Common Stock on such exchange on the date of reference. In the case of an Award subject to Section 409A of the Code, “Fair Market Value” shall be determined in accordance with
Section 409A of the Code. 
 “ISO” shall mean any Option intended to be, and designated as, an incentive stock option within
the meaning of Section 422 of the Code. 
 “Normal Retirement” shall mean (i) the termination of a Participant’s
employment with the Corporation and its Affiliates if, at the time of such termination of employment, the Participant has attained age sixty two (62) and completed five (5) years of service with the Corporation and its Affiliates or with
Dover Corporation and its Affiliates, and (ii) the Participant complies with the non-competition restrictions in Paragraph 43. In the event that the stock or assets of a business unit of the Corporation or an Affiliate that employs a
Participant is sold, a Participant who has attained age 62 and completed five (5) years of service with the Corporation and its Affiliates or with Dover Corporation and its Affiliates and remains employed by such business unit in good standing
through the date of such sale, shall be treated as having terminated employment with the Corporation and its Affiliates in a Normal Retirement on the date of such sale, provided that the Participant complies with the non-compete restrictions in
Paragraph 43. 
 “Non-Employee Director” shall mean a member of the Board who is not an employee of the Corporation or an
Affiliate. 
 “Non-Qualified Stock Option” shall mean any Option that is not an ISO. 

“Option” shall mean a right granted to a Participant to purchase Common Stock pursuant to Paragraph 6. An Option may be either an
ISO or a Non-Qualified Stock Option. 
 “Participant” shall mean any employee of the Corporation or an Affiliate who is a salaried
officer or other key employee, including salaried officers who are also members of the Board, and a Non-Employee Director. 

“Performance Criteria” shall mean the business criteria listed on Exhibit A hereto on which Performance Targets shall be
established. 

  
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 “Performance Period” shall mean the period established by the Committee for measuring
whether and to what extent any Performance Targets established in connection with an Award have been met. With respect to a Cash Performance Award and a Performance Share Award, a Performance Period shall be not less than three (3) full fiscal
years of the Corporation, including the year in which an Award is made and may be shorter in the case of other Awards but not less than one full fiscal year. 

“Performance Targets” shall mean the performance targets established by the Committee in connection with any Award based on one or
more of the Performance Criteria that must be met in order for payment to be made with respect to such Award. 
 “Performance
Share” shall mean a bookkeeping entry representing a right granted to a Participant pursuant to an Award made under Paragraph 24 of the Plan to receive shares of Common Stock to be issued and delivered at the end of a Performance Period,
subject to the achievement, or the level of performance, of one or more Performance Targets within such period. 
 “Plan” shall
mean the Knowles Corporation 2014 Equity and Cash Incentive Plan, as set forth herein, and as amended from time to time. 

“Predecessor Plans” shall mean the Dover Corporation 2012 Equity and Cash Incentive Plan and the Dover Corporation 2005 Equity and
Cash Incentive Plan. 
 “Replacement Awards” shall mean Awards to employees of the Corporation or any Affiliate that are issued
under the Plan in accordance with the terms of Article V of the Employee Matters Agreement in substitution of an Option, SSAR, Restricted Stock, Restricted Stock Unit, or Performance Share that was granted by Dover Corporation to such employees
under a Predecessor Plan prior to the spin-off of the Corporation by Dover Corporation. 
 “Restricted Period” shall mean the
period of time during which the Restricted Stock or Restricted Stock Units are subject to Restrictions pursuant to Paragraph 14. 

“Restricted Stock” shall mean shares of Common Stock that are subject to an Award to a Participant under Paragraph 13 and may be
subject to certain Restrictions or risks of forfeiture specified in the Award. 
 “Restricted Stock Unit” shall mean a bookkeeping
entry representing a right granted to a Participant pursuant to an Award made under Paragraph 13 of the Plan to receive shares of Common Stock to be issued and delivered at the end of a specified period subject to any Restrictions or risks of
forfeiture specified in the Award. 
 “Restrictions” shall mean the restrictions to which Restricted Stock or Restricted Stock
Units are subject under the provisions of Paragraph 14, including any Performance Targets established by the Committee. 
 “Section 16
Person” shall mean those officers, directors, or other persons subject to Section 16 of the Exchange Act. 

  
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 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time.

 “SSAR” shall mean the right granted to a Participant under Paragraph 6 to be paid an amount measured by the appreciation in the
Fair Market Value of Common Stock from the date of grant to the date of surrender of the Award, with payment to be made solely in shares of Common Stock as specified in the Award Agreement or as determined by the Committee. 

“Subsidiary” shall mean any present or future corporation that is or would be a “subsidiary corporation” with respect to
the Corporation as defined in Section 424 of the Code. 
 3. Dover Replacement Awards. The Corporation is authorized to issue Replacement Awards
to Participants in the Predecessor Plans in connection with the adjustment and replacement by the Corporation of certain Options, SSARs, Restricted Stock, Restricted Stock Units, or Performance Shares previously granted by Dover Corporation under
the Predecessor Plans. Notwithstanding any other provision of the Plan to the contrary, the number of shares of Common Stock subject to a Replacement Award and the other terms and conditions of each Replacement Award, including the Option exercise
or SSAR base price, shall be determined in accordance with the terms of Article V of the Employee Matters Agreement. 
 4. Administration. 

(a) Administration by Committee. The Plan shall be administered and interpreted by the Committee. 

(b) Powers. The Committee will have sole and complete authority and discretion to administer all aspects of the Plan, including
but not limited to: (i) selecting the Participants to whom Awards may be granted under the Plan and the time or times at which such Awards shall be made; (ii) granting Awards; (iii) determining the type and number of shares of Common
Stock to which an Award may relate and the amount of cash to be subject to Cash Performance Awards; (iv) determining the terms and conditions pursuant to which Awards will be made (which need not be identical), including, without limitation,
the exercise or base price of an Option or SSAR Award, Performance Targets, Performance Periods, forfeiture restrictions, exercisability conditions, and all other matters to be determined in connection with an Award; (v) determining whether and
to what extent Performance Targets or other objectives or conditions applicable to Awards have been met; (vi) prescribing the form of Award Agreements, which need not be identical; (vii) determining whether and under what circumstances and
in what form an Award may be settled; (viii) determining whether an Award is intended to satisfy Section 162(m) of the Code; and (ix) making all other decisions and determinations as may be required or appropriate under the terms of
the Plan or an Award Agreement as the Committee may deem necessary or advisable for the administration of the Plan.  

  
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 (c) Authority. The Committee shall have the discretionary authority to adopt, alter,
repeal and interpret and construe such administrative rules, guidelines and practices governing this Plan, Awards and the Award Agreements, to make Replacement Awards, and perform all acts, including the delegation of its administrative
responsibilities, as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of this Plan and any Award issued under this Plan and any Award Agreements relating thereto; to resolve any doubtful or disputed
terms; and to otherwise supervise the administration of this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Award Agreement relating thereto in the manner and to the extent it
shall deem necessary to effectuate the purposes and intent of this Plan. The Committee may adopt sub-plans or supplements to, or alternative versions of, the Plan, Awards, or Award Agreements, or alternative forms of payment or settlement, as the
Committee deems necessary or desirable to comply with the laws of, or to accommodate the laws, regulations, tax or accounting effectiveness, accounting principles, foreign exchange rules, or customs of, foreign jurisdictions whose citizens or
residents may be granted Awards. The Committee may impose any limitations and restrictions that it deems necessary to comply with the laws of such foreign jurisdictions and modify the terms and conditions of any Award granted to Participants outside
the United States. 
 (d) Effect of Actions. Any decision, interpretation or other action made or taken in good faith by or at the
direction of the Corporation, the Board or the Committee (or any of its members) arising out of or in connection with this Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding and
conclusive on the Corporation and all employees and Participants and their respective heirs, executors, administrators, successors and assigns and any persons claiming rights under this Plan or an Award. A Participant or other person claiming rights
under this Plan may contest a decision or action by the Committee with respect to an Award or such other person only on the ground that such decision or action was arbitrary, capricious, or unlawful, and any review of such decision or action by the
Board or otherwise shall be limited to determining whether the Committee’s decision or action was arbitrary, capricious or unlawful. 

(e) Legal Counsel. The Corporation, the Board or the Committee may consult with legal counsel, who may be counsel for the Corporation or
other counsel, with respect to its obligations or duties hereunder, or with respect to any action or proceeding or any question of law, and shall not be liable with respect to any action taken or omitted by it in good faith pursuant to the advice of
such counsel. 
 (f) Delegation to CEO and President. The Committee may delegate all or a portion of its authority, power and
functions (other than the power to grant awards to Section 16 Persons or Covered Executives) to the CEO to the extent permitted under Delaware corporate law. To the extent and within the guidelines established by the Committee, the CEO shall
have the authority to exercise all of the authority and powers granted to the Committee under this Paragraph 4, including the authority to grant Awards, without the further approval of the Committee. The CEO may delegate all or a portion of the
authority delegated to him or her hereunder to the President of the Corporation to the extent permitted under Delaware law. 

  
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 (g) Indemnification. The Committee, its members, the CEO, and any employee of the
Corporation or an Affiliate to whom authority or administrative responsibilities has been delegated shall not be liable for any action or determination made in good faith with respect to this Plan. To the maximum extent permitted by applicable law,
no officer of the Corporation or Affiliate or member or former member of the Committee shall be liable for any action or determination made in good faith with respect to this Plan or any Award granted under it. To the maximum extent permitted by
applicable law or the Certificate of Incorporation or By-Laws of the Corporation (or if applicable, of an Affiliate), each officer and Committee member or former officer or member of the Committee shall be indemnified and held harmless by the
Corporation (or if applicable, an Affiliate) against any cost or expense (including reasonable fees of counsel reasonably acceptable to the Corporation) or liability (including any sum paid in settlement of a claim with the approval of the
Corporation), and shall be advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with this Plan, except to the extent arising out of such
Committee member’s, officer’s, or former member’s or former officer’s own fraud or bad faith. Such indemnification shall be in addition to any rights of indemnification the officers, directors or Committee members or former
officers, directors or Committee members may have under applicable law or under the Certificate of Incorporation or By-Laws of the Corporation or any Affiliate.  

5. Shares. 
 (a)
Shares Available for Grant. An aggregate maximum of 12,000,000 shares of Common Stock will be reserved for issuance upon exercise of Options to purchase Common Stock granted under the Plan, the exercise of SSARs granted under the Plan,
and for Awards of Restricted Stock, Restricted Stock Units, Performance Shares, Directors’ Shares, and Deferred Stock Units. This maximum share reserve is subject to appropriate adjustment resulting from future stock splits, stock dividends,
recapitalizations, reorganizations, and other similar changes to be computed in the same manner as that provided for in Paragraph 5(b) below. The number of shares of Common Stock available for issuance under the Plan shall be reduced (i) by one
share for each share of Common Stock issued pursuant to Options or SSARs, and (ii) by three (3) shares for each share of Common Stock issued pursuant to Restricted Stock, Restricted Stock Unit, Performance Share, Directors’ Shares,
and Deferred Stock Unit Awards. If any Option or SSAR granted under the Plan expires, terminates, or is canceled for any reason without having been exercised in full, or if any Award of Restricted Stock, Restricted Stock Unit, Performance Shares,
Directors’ Shares, or Deferred Stock Unit is forfeited or canceled for any reason, the number of shares underlying such unexercised Option or SSAR and the number of forfeited or canceled shares under such other Awards will again be available
under the Plan in an amount corresponding to the reduction in such share reserve previously made in accordance with the rules described above in this Paragraph 5(a). However, the total original number of shares subject to any Option, SSAR, Award of
Restricted Stock,  

  
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Restricted Stock Unit, Performance Shares, Directors’ Shares, or Deferred Stock Unit granted under the Plan that is exercised, vests or held until payout shall continue to be counted against
the aggregate maximum number of shares reserved for issuance under the Plan in an amount corresponding to the reduction in such share reserve as set forth above, even if such grant is settled in whole or in part other than by the delivery of Common
Stock to a Participant (including, without limitation, any net share exercise, tender of shares to the Corporation to pay the exercise price, attestation to the ownership of shares owned by the Participant, or withholding of any shares to satisfy
tax withholding obligations). The shares of Common Stock available under this Plan may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury of the Corporation. 

(b) Effect of Stock Dividends, Merger, Recapitalization or Reorganization or Similar Events. In the event of any change in the
Common Stock through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares or similar
change in the capital structure of the Corporation, if all or substantially all the assets of the Corporation are transferred to any other corporation in a reorganization, or in the event of payment of a dividend or distribution to the stockholders
of the Corporation in a form other than Common Stock (excepting normal cash dividends) that has a material effect on the Fair Market Value of shares of Common Stock, appropriate adjustments shall be made by the Committee in the number and class of
shares subject to the Plan, in the ISO Share Limit set forth in Paragraph 6(e), the Award limits set forth in Paragraph 5(c), the number of shares subject to any outstanding Awards, and in the exercise or base price per share under any outstanding
Option or SSAR. The adjustments to be made pursuant to this Paragraph 5(b) shall meet the requirements of Section 409A of the Code and the regulations thereunder.  

(c) Section 162(m) Award Limitation. The maximum number of shares of Common Stock subject to any Award intended to comply
with Section 162(m) of the Code that may be granted under this Plan during any fiscal year of the Corporation to any Participant shall be 2,000,000 Options or SSARs, 500,000 shares of Restricted Stock, and 500,000 Restricted Stock Units. No
employee shall be granted any Performance Share Award intended to comply with Section 162(m) of the Code that could result in the Participant receiving more than 500,000 shares of Common Stock for any Performance Period. No employee shall be
granted a Cash Performance Award intended to comply with Section 162(m) of the Code that could result in a Participant receiving a payment of more than $10,000,000 for any Performance Period. The share limits in this Paragraph 5(c) shall be
subject to adjustment pursuant to Paragraph 5(b).  
 B. OPTION AND SSAR GRANTS 

6. Stock Options and SSARs. Options to purchase shares of Common Stock may be granted under the terms of the Plan and shall be designated as either
Non-Qualified Stock Options or ISOs. SSARs may also be granted under the terms of the Plan. SSARs shall be granted separately from Options and the exercise of an SSAR shall not be linked in any way to the exercise of an Option and shall not affect
any Option Award then outstanding. Option grants and SSARs shall contain such terms and conditions as the Committee may from time to time determine, subject to the following limitations: 

  
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 (a) Exercise Price. The price at which shares of Common Stock may be purchased upon
exercise of an Option shall be fixed by the Committee and may be equal to or more than (but not less than) the Fair Market Value of a share of the Common Stock as of the date the Option is granted; provided that this sentence shall not apply to
Replacement Awards. 
 (b) Base Price. The base price of an SSAR shall be fixed by the Committee and may be equal to or more than (but
not less than) the Fair Market Value of a share of the Common Stock as of the date the SSAR is granted; provided that this sentence shall not apply to Replacement Awards. 

(c) Term. The term of each Option or SSAR will be for such period as the Committee shall determine as set forth in the Option or
SSAR Award Agreement, but in no event shall the term of an Option or SSAR be greater than ten (10) years from the date of grant.  

(d) Rights of Participant. A recipient of an Option or SSAR Award shall have no rights as a shareholder with respect to any
shares issuable or transferable upon exercise thereof until the date of issuance of such shares. Except as specifically set forth in Paragraph 5(b) above, no adjustment shall be made for dividends or other distributions of cash or other property on
or with respect to shares of Common Stock covered by Options or SSARs paid or payable to Participants of record prior to such issuance.  

(e) ISO Limits. The aggregate Fair Market Value (determined on the date of grant) of Common Stock with respect to which a
Participant is granted ISOs (including ISOs granted under the Predecessor Plan) which first become exercisable during any given calendar year shall not exceed $100,000. In no event shall more than 1,000,000 shares of Common Stock be available for
issuance pursuant to the exercise of ISOs granted under the Plan.  
 7. Exercise. An Option or SSAR Award granted under the Plan shall be
exercisable during the term of the Option or SSAR subject to such terms and conditions as the Committee shall determine and are specified in the Award Agreement, not inconsistent with the terms of the Plan. Except as otherwise provided herein, no
Option or SSAR may be exercised prior to the third anniversary of the date of grant. The Committee may adopt alternative vesting and exercise rules to comply with the provisions of foreign laws and for other reasons as it may determine in its
discretion. In addition, the Committee may condition the exercise of an Option or SSAR upon the attainment by the Corporation or any Affiliate, business unit or division or by the Participant of any Performance Targets set by the Committee. 

(a) Option. To exercise an Option, the Participant must give notice to the Corporation of the number of shares to be purchased
accompanied by payment of the full purchase price of such shares as set forth in Paragraph 8, pursuant to such electronic or 

  
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other procedures as may be specified by the Corporation or its plan administrator from time to time. The date when the Corporation has actually received both such notice and payment shall be
deemed the date of exercise of the Option with respect to the shares being purchased and the shares shall be issued as soon as practicable thereafter. 

(b) SSAR. To exercise a SSAR, the SSAR Participant must give notice to the Corporation of the number of SSARs being exercised as
provided in the SSAR Award Agreement pursuant to such electronic or other procedures as may be specified by the Corporation or its plan administrator from time to time. No payment shall be required to exercise an SSAR. The date of actual receipt by
the Corporation of such notice shall be deemed to be the date of exercise of the SSAR and the shares issued in settlement of such exercise therefor shall be issued as soon as practicable thereafter. Upon the exercise of an SSAR, the SSAR Participant
shall be entitled to receive from the Corporation for each SSAR being exercised that number of whole shares of Common Stock having a Fair Market Value on the date of exercise of the SSAR equal in value to the excess of (A) the Fair Market Value
of a share of Common Stock on the exercise date over (B) the sum of (i) the base price of the SSAR being exercised, plus (ii) unless the Participant elects to pay such tax in cash, any amount of tax that must be withheld in connection
with such exercise. Fractional shares of Common Stock shall be disregarded upon exercise of an SSAR unless otherwise determined by the Committee. The Committee may provide for SSARs to be settled in cash to the extent the Committee determines to be
advisable or appropriate under foreign laws or customs.  
 (c) Automatic Exercise/Surrender. The Corporation may, in
its discretion, provide in an Option or SSAR Award or adopt procedures that an Option or SSAR outstanding on the last business day of the term of such Option or SSAR (“Automatic Exercise Date”) that has a “Specified Minimum
Value” shall be automatically and without further action by the Participant (or in the event of the Participant’s death, the Participant’s personal representative or estate), be exercised on the Automatic Exercise Date. Payment of the
grant price of such Option may be made pursuant to such procedures as may be approved by the Corporation from time to time and the Corporation shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in
accordance with Paragraph 39. For purposes of this Paragraph 7(c), the term “Specified Minimum Value” means that the Fair Market Value per share of Common Stock exceeds the grant price of a share subject to an expiring Option or SSAR by at
least $0.50 cents per share or such other amount as the Corporation shall determine from time to time. The Corporation may elect to discontinue the automatic exercise of Options and SSARs pursuant to this Paragraph 7(c) at any time upon notice to a
Participant or to apply the automatic exercise feature only to certain groups of Participants. The automatic exercise of an Option or SSAR pursuant to this Paragraph 7(c) shall apply only to an Option or SSAR Award that has been timely accepted by a
Participant under procedures specified by the Corporation from time to time. 
 8. Payment of Exercise Price. Payment of the Option exercise
price must be made in full pursuant to any of the following procedures or such other electronic or other procedures as may be specified by the Committee or its plan administrator from time to time: (i) in cash, by check or cash equivalent,
(ii) by delivery to the Corporation of 

  
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unencumbered shares of Common Stock owned by the Participant having a Fair Market Value not less than the exercise price, (iii) by attestation to the Corporation by the Participant of
ownership of shares of Common Stock having a Fair Market Value not less than the exercise price accompanied by a request and authorization to the Corporation to deliver to the Participant upon exercise only the number of whole shares by which the
number of shares covered by the Option being exercised exceeds the number of shares stated in such attestation; (iv) by delivery to the Corporation by a broker of cash equal to the exercise price of the Option upon an undertaking by the
Participant to cause the Corporation to deliver to the broker some or all of the shares being acquired upon the exercise of the Option (a “Cashless Exercise”), (v) by a “net exercise” arrangement pursuant to which the
Corporation will reduce the number of shares of Common Stock issued upon exercise of the Option by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price and the Participant shall deliver to the
Corporation a cash or other payment to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued; (vi) by such other consideration as may be approved by the
Committee from time to time to the extent permitted by applicable law, or (vii) by any combination of the foregoing. The Committee may at any time or from time to time grant Options which permit only some of the foregoing forms of consideration
to be used in payment of the exercise price or which otherwise restrict the use of one or more forms of consideration. Any shares transferred to the Corporation will be added to the Corporation’s treasury shares or canceled and become
authorized and unissued shares of Common Stock but such shares shall not increase the shares reserved for issuance under the Plan in Paragraph 5(a) above. The number of shares of Common Stock covered by, and available for exercise under, a
Participant’s Options shall be reduced by (A) shares covered by an attestation used for netting in accordance with clause (iii) above; (B) shares used to pay the exercise price pursuant to a “net exercise” in accordance
with clause (v) above; (C) shares delivered to the Participant as a result of any exercise, and (D) shares withheld to satisfy tax withholding obligations. 

9. Transfers. The Options and SSARs granted under the Plan may not be sold, transferred, hypothecated, pledged, or otherwise disposed of by any
Participant except by will or by the laws of descent and distribution, or as otherwise provided herein. The Option or SSARs of any person to acquire stock and all rights thereunder shall terminate immediately if the Participant attempts to or does
sell, assign, transfer, pledge, hypothecate or otherwise dispose of the Option or SSAR or any rights thereunder to any other person except as permitted herein. Notwithstanding the foregoing, a Participant may transfer any Non-Qualified Stock Option
(but not ISOs or SSARs) granted under this Plan to members of the Participant’s immediate family (defined as a spouse, children and/or grandchildren), or to one or more trusts for the benefit of such family members if the instrument evidencing
such Option expressly so provides and the Participant does not receive any consideration for the transfer; provided that any such transferred Option shall continue to be subject to the same terms and conditions that were applicable to such Option
immediately prior to its transfer (except that such transferred Option shall not be further transferred by the transferee during the transferee’s lifetime). 

  
 12 

 10. Effect of Death, Disability or Retirement. If a Participant dies or becomes Disabled while employed by
the Corporation, all Options or SSARs held by such Participant shall become immediately exercisable and the Participant or such Participant’s estate or the legatees or distributees of such Participant’s estate or of the Options or SSARs,
as the case may be, shall have the right, on or before the earlier of the respective expiration date of an Option and SSAR or sixty (60) months following the date of such death or Disability, to exercise any or all Options or SSARs held by such
Participant as of such date of death or Disability. If a Participant’s employment terminates as the result of a Normal Retirement, the Participant shall have the right, on or before the earlier of the expiration date of the Option or SSAR and
sixty (60) months following the date of such Normal Retirement, to purchase or acquire shares under any Options or SSARs which at the date of his or her Normal Retirement are, or within sixty (60) months following the date of Normal
Retirement become, exercisable. 
 11. Voluntary or Involuntary Termination. If a Participant’s employment with the Corporation is voluntarily
or involuntarily terminated for any reason, other than for reasons or in circumstances specified in Paragraph 10 above or for Cause, the Participant shall have the right at any time on or before the earlier of the expiration date of the Option
or SSAR or three (3) months following the effective date of such termination of employment, to exercise, and acquire shares under, any Options or SSARs which at such termination are exercisable. 

12. Termination for Cause. If a Participant’s employment with the Corporation is terminated for Cause, the Option or SSAR shall be canceled and
the Participant shall have no further rights to exercise any such Option or SSAR and all of such Participant’s rights thereunder shall terminate as of the effective date of such termination of employment. 

C. RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS 

13. Grant. Subject to the provisions and as part of the Plan, the Committee shall have the discretion and authority to make Restricted Stock Awards and
Restricted Stock Unit Awards to Participants at such times, and in such amounts, as the Committee may determine in its discretion. Subject to the provisions of the Plan, grants of Restricted Stock and Restricted Stock Units shall contain such terms
and conditions as the Committee may determine at the time of Award. 
 14. Restrictions; Restricted Period. At the time of each grant, the Committee
may adopt such time based vesting schedules, not less than one (1) year and not longer than five (5) years from the date of the Award, and such other forfeiture conditions and Restrictions, as it may deem appropriate with respect to Awards
of Restricted Stock and Restricted Stock Units, to apply during a Restricted Period as may be specified by the Committee. The Committee may in its discretion condition the vesting of Restricted Stock Awards and Restricted Stock Units upon the
attainment of Performance Targets established by the Committee. No more than 5% of the aggregate number of the shares reserved for issuance under the Plan (as adjusted pursuant to Paragraph 5(b)) may be awarded as Restricted Stock Awards or
Restricted Stock Unit Awards having a vesting period more rapid than annual pro rata vesting over a period of three (3) years. 

  
 13 

 15. Issuance of Shares. 

(a) Restricted Stock. Shares in respect of Restricted Stock Awards shall be registered in the name of the Participant and, in the
discretion of the Committee, held either in book entry form or in certificate form and deposited with the Secretary of the Corporation. A Participant shall be required to have delivered a stock power endorsed by the Participant in blank relating to
the Restricted Stock covered by an Award. Upon lapse of the applicable Restrictions, as determined by the Committee, the Corporation shall deliver such shares of Common Stock to the Participant in settlement of the Restricted Stock Award. To the
extent that the shares of Restricted Stock are forfeited, such shares automatically shall be transferred back to the Corporation. The Corporation will stamp any stock certificates delivered to the Participant with an appropriate legend or notations
if the shares are not registered under the Securities Act, or are otherwise not free to be transferred by the Participant and will issue appropriate stop-order instructions to the transfer agent for the Common Stock, if and to the extent such
stamping or instructions may then be required by the Securities Act or by any rule or regulation of the Securities and Exchange Commission issued pursuant to the Securities Act.  

(b) Restricted Stock Units. Restricted Stock Units shall be credited as a bookkeeping entry in the name of the Participant to an
account maintained by the Corporation. No shares of Common Stock will be issued to the Participant in respect of Restricted Stock Units on the date of an Award. Shares of Common Stock shall be issuable to the Participant only upon the lapse of such
Restrictions as determined by the Committee. Upon such lapse and determination, the Corporation shall deliver such shares of Common Stock to the Participant in settlement of the Restricted Stock Unit Award. To the extent that a Restricted Stock Unit
Award is forfeited, no shares of Common Stock shall be issued to a Participant.  
 16. Dividend Equivalents and Voting Rights. Dividend
Equivalents shall not be paid on a Restricted Stock Award or Restricted Stock Unit Award during the Restricted Period. In the discretion of the Committee, Dividend Equivalents may be credited to a bookkeeping account for a Participant for
distribution to Participant on or after a Restricted Stock Award or Restricted Stock Unit Award vests (such Dividend Equivalents shall be payable upon fixed dates or events in accordance with the requirements of Section 409A of the Code). An
employee who receives an award of Restricted Stock shall not be entitled, during the Restricted Period, to exercise voting rights with respect to such Restricted Stock. 

17. Nontransferability. Shares of Restricted Stock or Restricted Stock Units may not be sold, assigned, transferred, pledged or otherwise encumbered
and shall not be subject to execution, attachment, garnishment or other similar legal process, except as otherwise provided in the applicable Award Agreement. Upon any attempt to sell, transfer, assign, pledge, or otherwise encumber or dispose of
the Restricted Stock or Restricted Stock Units contrary to the provisions of the Award Agreement or the Plan, the Restricted Stock or Restricted Stock Unit and any related Dividend Equivalents shall immediately be forfeited to the Corporation. 

  
 14 

 18. Termination of Employment. In the case of a Participant’s Disability, death or special
circumstances, as determined by the Committee, any purely temporal restrictions remaining with respect to Restricted Stock or Restricted Stock Unit Awards as of the date of such Disability, death or such special circumstances, shall lapse and, if
any Performance Targets are applicable, the Restricted Stock or Restricted Stock Unit Awards shall continue to vest as if the Participant’s employment had not terminated until the prescribed time for determining attainment of Performance
Targets has passed and the appropriate determination of attainment of Performance Targets has been made. If the Participant’s employment with the Corporation is terminated as a result of Normal Retirement, subject to compliance with the
non-competition provisions of Paragraph 43 below in the case of Normal Retirement, then the Restricted Stock and Restricted Stock Unit Awards shall continue to vest as if the Participant’s employment had not terminated until such time as the
remaining temporal restrictions lapse and, if any Performance Targets are applicable, the prescribed time for determining attainment of Performance Targets has passed and the appropriate determination of attainment of Performance Targets has been
made. If a Participant’s employment with the Corporation voluntarily or involuntarily terminates for any other reason during the Restricted Period, the Restricted Stock and Restricted Stock Unit Awards shall be forfeited on the date of such
termination of employment. Except as provided in Paragraphs 31-32, payment of Restricted Stock and Restricted Stock Units that are subject to Performance Targets shall be subject to satisfaction of applicable Performance Targets and
certification by the Committee of the attainment of such targets and the amount of the payment. 
 19. Cancellation. The Committee may at any time,
with due consideration to the effect on the Participant of Section 409A of the Code, require the cancellation of any Award of Restricted Stock or Restricted Stock Units in consideration of a cash payment or alternative Award under the Plan
equal to the Fair Market Value of the canceled Award of Restricted Stock or Restricted Stock Units. 
 D. CASH PERFORMANCE AWARDS 

20. Awards and Period of Contingency. The Committee may, concurrently with, or independently of, the granting of another Award under the Plan, in its
sole discretion, grant to a Participant the opportunity to earn a Cash Performance Award payment, conditional upon the satisfaction of objective pre-established Performance Targets with respect to Performance Criteria as set forth in Paragraphs
29-32 below during a specified Performance Period. The Performance Period shall be not less than three (3) fiscal years of the Corporation, including the year in which the Cash Performance Award is made.

  
 15 

 
The Corporation shall make a payment in respect of any Cash Performance Award only if the Committee shall have certified that the applicable Performance Targets have been satisfied for a
Performance Period except as provided in Paragraphs 31-32. The aggregate maximum cash payout for any business unit within the Corporation or an Affiliate or the Corporation as a whole shall not exceed a fixed percentage of the value created at the
relevant business unit during the Performance Period, determined using such criteria as may be specified by the Committee, such percentages and dollar amounts to be determined by the Committee annually when Performance Targets and Performance
Criteria are established. Cash Performance Awards shall be paid within two and one-half months following the year in which the relevant Performance Period ends. Cash Performance Awards may not be transferred by a Participant except by will or the
laws of descent and distribution. 
 21. Effect of Death or Disability. If a Participant dies or becomes Disabled while employed by the Corporation,
then, the Participant (or the Participant’s estate or the legatees or distributees of the Participant’s estate, as the case may be) shall be entitled to receive on the payment date following the end of the Performance Period, the cash
payment that the Participant would have earned had the Participant then been an employee of the Corporation, multiplied by a fraction, the numerator of which is the number of months the Participant was employed by the Corporation during the
Performance Period and the denominator of which is the number of months of the Performance Period (treating fractional months as whole months in each case). Except as provided in Paragraphs 31-32, such payment shall be subject to satisfaction of the
applicable Performance Targets and certification by the Committee of the attainment of such Performance Targets. 
 22. Effect of Normal Retirement.
If, before the date of payment, the Participant’s employment terminates pursuant to a Normal Retirement, the Participant shall be entitled to receive on the regular payment date for the Cash Performance Award the same amount of cash that the
Participant would have earned had such Participant been an employee of the Corporation as of such date, subject to the satisfaction of the applicable Performance Targets and certification by the Committee of the attainment of such Performance
Targets and the amount of the payment to the extent required by Paragraphs 31-32, and subject to compliance with Paragraph 43 of the Plan. 
 23.
Effect of Other Terminations of Employment. 
 (a) General Termination. If a Participant’s employment with the
Corporation is terminated for any other reason, whether voluntary, involuntary, or for Cause other than a termination described in Paragraphs 21-22 above or in Paragraph 23(b) below, then his or her outstanding Cash Performance Awards shall be
canceled and all of the Participant’s rights under any such award shall terminate as of the effective date of the termination of such employment.  

(b) Pre-Payment Termination. If, after the end of a Performance Period and before the date of payment of any final Cash Performance
Award, a Participant’s employment is terminated, whether voluntarily or involuntarily for any reason other than 

  
 16 

 
for Cause, the Participant shall be entitled to receive on the payment date the cash payment that the Participant would have earned had the Participant continued to be an employee of the
Corporation as of the payment date, subject to the satisfaction of the applicable Performance Targets and certification by the Committee of the attainment of such Performance Targets and the amount of the payment. 

E. PERFORMANCE SHARE AWARDS 
 24.
Awards and Period of Contingency. The Committee may, concurrently with, or independently of, the granting of another Award under the Plan, in its sole discretion, grant to a Participant a Performance Share Award conditional upon the
satisfaction of objective pre-established Performance Targets with respect to Performance Criteria as set forth in Paragraphs 29-32 below during a Performance Period of not less than three (3) fiscal years of the Corporation, including the year
in which the conditional award is made. Any such grant may set a specific number of Performance Shares that may be earned, or a range of Performance Shares that may be earned, depending on the degree of achievement of Performance Targets
pre-established by the Committee. Performance Share Awards shall be paid within two and one-half months following the year in which the relevant Performance Period ends. Except as provided in Paragraphs 31-32, the Corporation shall issue Common
Stock in payment of Performance Share Awards only if the Committee shall have certified that the applicable Performance Targets have been satisfied at the end of a Performance Period. Prior to the issuance of shares of Common Stock at the end of a
Performance Period, a Performance Share Award shall be credited as a bookkeeping entry in the name of the Participant in an account maintained by the Corporation. No shares of Common Stock will be issued to the Participant in respect of a
Performance Share Award on the date of an Award. A Participant shall not be the legal or beneficial owner of shares subject to a Performance Share Award and shall not have any voting rights or rights to distributions with respect to such shares
prior to the issuance of shares at the end of the Performance Period, provided that the Committee may specify that the Participant is entitled to receive Dividend Equivalents. A Participant may not transfer a Performance Share Award except by will
or the laws of descent and distribution. The Committee may, in its discretion, credit a Participant with Dividend Equivalents with respect to a Performance Share Award. 

25. Effect of Death or Disability. If a Participant in the Plan holding a Performance Share Award dies or becomes Disabled while employed by the
Corporation, then the Participant (or the Participant’s estate or the legatees or distributes of the Participant’s estate, as the case may be) shall be entitled to receive on the payment date at the end of the Performance Period, that
number of shares of Common Stock that the Participant would have earned had the Participant then been an employee of the Corporation, multiplied by a fraction, the numerator of which is the number of months the Participant was employed by the
Corporation during the Performance Period and the denominator of which is the number of months of the Performance Period (treating fractional months as whole months in each case). Except as provided in Paragraphs 31-32, such payment shall be subject
to satisfaction of the applicable Performance Targets and certification by the Committee of the attainment of such Performance Targets and the amount of payment. 

  
 17 

 26. Effect of Normal Retirement. If, before the date of payment of a Performance Share Award, the
Participant’s employment terminates due to a Normal Retirement, the Participant shall be entitled to receive on the payment date for the Performance Period the same number of shares that the Participant would have earned had such Participant
then been an employee of the Corporation as of such date, subject to the satisfaction of the applicable Performance Targets and certification by the Committee of the attainment of such Performance Targets and the amount of the payment to the extent
required by Paragraphs 31-32, and subject to compliance with Paragraph 43 of the Plan. 
 27. Effect of Other Terminations of Employment. 

(a) General Termination. If a Participant’s employment with the Corporation is terminated for any reason, whether voluntary,
involuntary, or for Cause, other than those terminations described in Paragraphs 25-26 above or in Paragraph 27(b) below, then his or her outstanding Performance Share Awards shall be canceled and all of the Participant’s rights under any such
award shall terminate as of the effective date of the termination of such employment.  
 (b) Pre-Payment Termination. If,
after the end of a Performance Period and before the date of payment of any final award, a Participant’s employment is terminated, whether voluntarily or involuntarily for any reason other than for Cause, the Participant shall be entitled to
receive on the payment date the payment that the Participant would have earned had the Participant continued to be an employee of the Corporation as of the payment date, subject to the satisfaction of the applicable Performance Targets and
certification by the Committee of the attainment of such performance targets and the amount of the payment to the extent required by Paragraphs 31-32. 

F. PERFORMANCE CRITERIA 
 28.
Section 162(m) Awards. The Committee may, but is not required to, designate Awards to Covered Executives as subject to the requirements of Code Section 162(m), in which case the provisions of such Awards shall be intended to conform
with all provisions of Code Section 162(m) to the extent necessary to allow the Corporation to claim a Federal income tax deduction for the Awards as “qualified performance based compensation.” The Committee retains the sole
discretion to grant Awards to Covered Executives and other Participants that do not so qualify and to determine the terms and conditions of such Awards, including any performance-based vesting conditions, that shall apply to such Awards. 

29. Establishment of Performance Targets. The Committee may, in its sole discretion, grant an Award under the Plan conditional upon the satisfaction of
objective pre-established Performance Targets based on specified Performance Criteria during a Performance Period. The Performance Period for Cash Performance Awards and Performance Shares shall be not less than three (3) full fiscal years of
the Corporation, including the year in which an Award is made and may be shorter in the case of other Awards but not less than one full fiscal year. Any Performance Targets established by the Committee shall include one or more objective formulas or
standards for determining the 

  
 18 

 
level or levels of achievement of the Performance Targets that must be achieved in order for payment to be made with respect to an Award (and any related Dividend Equivalents), and the amount of
the Award (and any Dividend Equivalents) payable to a Participant if the Performance Targets are satisfied in whole or in part or exceeded. The Performance Targets may be fixed by the Committee for the Corporation as a whole or for a subsidiary,
division, Affiliate, business segment, or business unit, depending on the Committee’s judgment as to what is appropriate, and shall be set by the Committee not later than the earlier of the 90th day after the commencement of the period of
services to which the Performance Period relates or by the time 25% of such period of services has elapsed, in either case, provided that the outcome of the Performance Targets is substantially uncertain at the time the Performance Targets are
established. The Performance Targets with respect to a Performance Period need not be the same for all Participants. Performance measures and Performance Targets may differ from Participant to Participant and from Award to Award. 

30. Performance Criteria. Performance Targets shall be based on at least one or more of the Performance Criteria listed on Exhibit A hereto that the
Committee deems appropriate, as they apply to the Corporation as a whole or to a subsidiary, a division, Affiliate, business segment, or business unit thereof. The Committee may adjust, upward or downward, to the extent permitted by
Section 162(m), the Performance Targets to reflect (i) a change in accounting standards or principles, (ii) a significant acquisition or divestiture, (iii) a significant capital transaction, or (iv) any other unusual,
nonrecurring items which are separately identified and quantified in the Corporation’s audited financial statements, so long as such accounting change is required or such transaction or nonrecurring item occurs after the goals for the fiscal
year are established, and such adjustments are stated at the time that the Performance Targets are determined. The Committee may also adjust, upward or downward, as applicable, the Performance Targets to reflect any other extraordinary item or
event, so long as any such item or event is separately identified as an item or event requiring adjustment of such targets at the time the Performance Targets are determined, and such item or event occurs after the goals for the fiscal year are
established. 
 31. Approval and Certification. Promptly after the close of a Performance Period, the Committee shall certify in writing the extent
to which the Performance Targets have been met and shall determine on that basis the amount payable to Participant in respect of an Award. The Committee shall have the discretion to approve proportional or adjusted Awards under the Plan to address
situations where a Participant who is a Covered Executive joined the Corporation or an Affiliate, or transferred or is promoted within the Corporation or an Affiliate, during a Performance Period, but only to the extent that such discretion would
not cause an Award intended to qualify as “qualified performance based compensation” to fail to so qualify. The Committee may, in its sole discretion, elect to make a payment under an Award to a Disabled Participant or to the
Participant’s estate (or to legatees or distributees, as the case may be, of the Participant’s estate) in the case of death or upon a Change in Control, without regard to actual attainment of the Performance Targets (or the
Committee’s certification thereof), but only to the extent that such discretion would not cause another Award intended to qualify as “qualified performance based compensation” to fail to so qualify. 

  
 19 

 32. Committee Discretion. 

(a) Negative Discretion. The Committee shall have the discretion to decrease the amount payable under any Award made under the
Plan upon attainment of a Performance Target. The Committee shall also have the discretion to decrease or increase the amount payable upon attainment of the Performance Target to take into account the effect on an Award of any unusual, non-recurring
circumstance, extraordinary items, change in accounting methods, or other factors to the extent provided in Exhibit A hereto, but only to the extent that such discretion would not cause an Award intended to qualify as “qualified performance
based compensation” to fail to so qualify.  
 (b) Certification. Except as provided in Paragraph 32(a),
(i) the Committee shall make a payment in respect of an Award intended to qualify as “qualified performance-based compensation” under Section 162(m) only if the Committee shall have certified in writing that the applicable
performance targets have been satisfied, and (ii) the Committee shall not increase the amount payable to a Covered Executive under any Award intended to meet the requirements of Section 162(m) of the Code. The exercise of discretion by the
Committee to decrease any Award payable to a Participant shall not result in an increase in the amount payable to a Covered Executive under any Award intended to meet the requirements of Section 162(m) of the Code.  

(c) Awards to Non-Covered Executives. In its discretion, the Committee may, either at the time it grants an Award or at any time
thereafter, provide for the positive adjustment of the formula applicable to an Award granted to a Participant who is not a Covered Executive or an Award to a Covered Executive that is not intended to qualify as “qualified performance based
compensation” to reflect such Participant’s individual performance in his or her position with the Corporation or an Affiliate or such other factors as the Committee may determine.  

G. NON-EMPLOYEE DIRECTORS 
 33.
Non-Employee Director Compensation. The Board shall determine from time to time the amount and form of compensation to be paid to Non-Employee Directors for serving as a member of the Board. The percentage of Non-Employee Directors’
compensation to be paid in cash, Directors’ Shares, or in other forms of compensation shall be determined by the Board from time to time. The number of shares of Common Stock that may be granted to any Non-Employee Director each year shall not
exceed 20,000 shares of Common Stock. In addition to the annual compensation of Non-Employee Directors, the Board may also authorize one-time grants of Directors’ Shares to Non-Employee Directors, or to an individual upon joining the Board, on
such terms as it shall deem appropriate. 
 34. Directors’ Shares. Except as otherwise provided in Paragraph 35, each Director who is a
Non-Employee Director on November 15 of each calendar year shall be issued on November 15 of that year (or the first trading day thereafter if November 15 is not a trading day on the principal exchange on which the Common Stock then
regularly trades) that number of Directors’ Shares as shall have been determined by the Board for that year. The number of shares of Common Stock to be awarded to a Non-Employee Director shall be determined by dividing the dollar amount of
annual compensation to be 

  
 20 

 
paid in shares by the Fair Market Value of the Common Stock on the date of grant. Any individual who serves as a Non-Employee Director during a calendar year but ceases to be a Director prior to
November 15 of such year shall be issued a pro rata number of Directors’ Shares based on the number of full and partial months that the individual served as a Director for that year and the amount of compensation to be paid in Directors
Shares as determined by the Board for that year, with such shares to be issued as of, and the number of such shares to be determined on the basis of the Fair Market Value of the Common Stock on, the date he or she ceases to be a Director (or if such
date is not a trading date, the next such trading day on the principal exchange on which the Common Stock then regularly trades); provided that the Board may determine that any Non-Employee Director removed for cause (as determined by the Board) at
any time during any calendar year shall forfeit the right to receive Directors’ Shares for that year. 
 35. Deferred Stock Units. A
Non-Employee Director may elect to defer receipt of his or her Directors’ Shares in accordance with such procedures as may from time to time be prescribed by the Committee. A deferral election shall be valid only if it is delivered prior to the
first day of the calendar year in which the services giving rise to the Directors’ Shares are to be performed (or such other date as the Committee may determine for the year in which an individual first becomes a Non-Employee Director). A
Participant’s deferral election shall become irrevocable as of the last date the deferral could be delivered or such earlier date as may be established by the Committee. A Non-Employee Director may revoke or change a deferral election at any
time prior to the date the election becomes irrevocable, subject to such restrictions as the Committee may establish from time to time. Any such revocation or change shall be in a form and manner determined by the Committee. A Non-Employee
Director’s deferral election shall remain in effect and will apply to Directors’ Shares in subsequent years unless and until the Director timely revokes the deferral election in accordance with such procedures as the Committee shall
determine. The Committee may adopt procedures for the extension of any deferral period. If a valid deferral election is filed by a Non-Employee Director, Deferred Stock Units shall be credited as a bookkeeping entry in the name of the Non-Employee
Director to an account maintained by the Corporation on the basis of one Deferred Stock Unit for each Directors’ Share deferred. No shares of Common Stock shall be issued to the Non-Employee Director in respect of Deferred Stock Units at the
time such shares would be issued absent such deferral. Shares of Common Stock shall be issuable to the Non-Employee Director in a lump sum upon the termination of services as a Non-Employee Director (but only if such termination constitutes a
separation from service within the meaning of Code Section 409A, if applicable) or, if earlier, a specified date elected by the Non-Employee Director at the time of the deferral election. Dividend Equivalents shall be credited on Deferred Stock
Units and distributed at the same time that shares of Common Stock are delivered to a Non-Employee Director in settlement of the Deferred Stock Units. 

36. Delivery of Shares. Shares of Common Stock shall be issued to a Non-Employee Director at the time Directors’ Shares are paid or Deferred Stock
Units are settled by a issuing a stock certificate, or making an appropriate entry in the Corporation’s shareholder records, in the name of the Non-Employee Director, evidencing such share payment. Each stock certificate will bear an
appropriate legend with respect to any 

  
 21 

 
restrictions on transferability, if applicable. A Non-Employee Director shall not have any rights of a stockholder with respect to Directors’ Shares or Deferred Stock Units until such shares
of Common Stock are issued and then only from the date of issuance of such shares. No adjustments shall be made for dividends, distributions or other rights for which the record date is prior to the date of issuance of the shares. No fractional
shares shall be issued as Directors’ Shares. The Committee may round the number of shares of Common Stock to be delivered to the nearest whole share. 

H. CHANGE IN CONTROL 
 37. Change in
Control. Each Participant who is an employee of the Corporation or an Affiliate, upon acceptance of an Award under the Plan, and as a condition to such Award, shall be deemed to have agreed that, in the event any “Person” (as defined
below) begins a tender or exchange offer, circulates a proxy to shareholders, or takes other steps seeking to effect a “Change in Control” of the Corporation (as defined below), such Participant will not voluntarily terminate his or her
employment with the Corporation or with an Affiliate of the Corporation, as the case may be, and, unless terminated by the Corporation or such Affiliate, will continue to render services to the Corporation or such Affiliate until such Person has
abandoned, terminated or succeeded in such efforts to effect a Change in Control. 
 (a) In the event a Change in Control occurs and, within
eighteen (18) months following the date of the Change in Control, (i) a Participant experiences an involuntary termination of employment (other than for Cause, death or Disability) such that he or she is no longer in the employ of the
Corporation or an Affiliate, or (ii) an event or condition that constitutes “Good Reason” occurs and the Participant subsequently resigns for Good Reason within the time limits set forth in Paragraph 37(h)(iv) below pursuant to a
resignation that meets the requirements set forth in Paragraph 37(h)(iv) below: 
 (i) all Options and SSARs to purchase or acquire shares of
Common Stock of the Corporation shall immediately vest on the date of such termination of employment and become exercisable in accordance with the terms of the appropriate Option or SSAR Award Agreement; 

(ii) all outstanding Restrictions, including any Performance Targets, with respect to any Restricted Stock or Restricted Stock Unit Award or
any other Award shall immediately vest or expire on the date of such termination of employment and be deemed to have been satisfied or earned “at target” as if the Performance Targets (if any) have been achieved, and such Award shall
become immediately due and payable on the date of such termination of employment; and 
 (iii) all Cash Performance Awards and Performance
Share Awards outstanding shall be deemed to have been earned at “target” as if the Performance Targets have been achieved, and such Awards shall immediately vest and become immediately due and payable on the date of such termination of
employment. 

  
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 (b) In the event a Change in Control occurs and a Participant’s outstanding Awards are
(i) impaired in value or rights, as determined solely in the discretionary judgment of the “Continuing Directors” (as defined below), (ii) not assumed by a successor corporation or an affiliate thereof or, (iii) not replaced
with an award or grant that, solely in the discretionary judgment of the Continuing Directors, preserves the existing value of the outstanding Awards at the time of the Change of Control: 

(i) all Options and SSARs to purchase or acquire shares of Common Stock of the Corporation shall immediately vest on the date of such Change in
Control and become exercisable in accordance with the terms of the appropriate Option or SSAR Award Agreement; 
 (ii) all outstanding
Restrictions, including any Performance Targets, with respect to any Options, SSARs, Restricted Stock or Restricted Stock Unit Awards shall immediately vest or expire on the date of such Change in Control and be deemed to have been satisfied or
earned “at target” as if the Performance Targets (if any) have been achieved, and such Award shall become immediately due and payable on the date of such Change in Control; 

(iii) Cash Performance Awards and Performance Share Awards outstanding shall immediately vest and become immediately due and payable on the
date of such Change in Control as follows: 
 (A) the Performance Period of all Cash Performance Awards and Performance Share Awards
outstanding shall terminate on the last day of the month prior to the month in which the Change in Control occurs; 
 (B) the Participant
shall be entitled to a cash or stock payment the amount of which shall be determined in accordance with the terms and conditions of the Plan and the appropriate Cash Performance Award Agreement and Performance Share Award Agreement, which amount
shall be multiplied by a fraction, the numerator of which is the number of months in the Performance Period that has passed prior to the Change in Control (as determined in accordance with clause (iii)(A) above) and the denominator of which is the
total number of months in the original Performance Period; and 
 (C) the Continuing Directors shall promptly determine whether the
Participant is entitled to any Cash Performance Award or Performance Share Award, and any such Award payable shall be paid to the Participant promptly but in no event more than five (5) days after a Change in Control; 

(c) The Continuing Directors shall have the sole and complete authority and discretion to decide any questions concerning the application,
interpretation or scope of any of the terms and conditions of any Award or participation under the Plan in connection with a Change in Control, and their decisions shall be binding and conclusive upon all interested parties; and 

  
 23 

 (d) Other than as set forth above, the terms and conditions of all Awards shall remain unchanged.

 (e) Notwithstanding the provisions of this Paragraph 37, the Committee may, in its discretion, take such other action with respect to
Awards in connection with a Change in Control as it shall determine to be appropriate. 
 (f) If 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 occurs (as defined in Section 409A of the Code), Deferred Stock Units shall be settled on the date of such Change in Control by the
delivery of shares of Common Stock. 
 (g) A “Change in Control” shall be deemed to have taken place upon the occurrence of any of
the following events (capitalized terms are defined below): 
 (i) any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Corporation (not including in the securities beneficially owned by such Person any securities acquired directly from the Corporation or its Affiliates) representing 20% or more of either the then outstanding shares of Common Stock
of the Corporation or the combined voting power of the Corporation’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph
(iii) below; or 
 (ii) the following individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, on the date of the spin-off of the Corporation by Dover Corporation, constituted the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation) whose appointment or election by the Board or nomination for election by the Corporation’s shareholders was approved or
recommended by a vote of at least two-thirds (2/3) of the directors in office at the time of such approval or recommendation who either were directors on the date of the spin-off of the Corporation by Dover Corporation or whose appointment,
election or nomination for election was previously so approved or recommended; or 
 (iii) there is consummated a merger or consolidation of
the Corporation or any direct or indirect subsidiary of the Corporation with any other corporation, other than (A) any such merger or consolidation after the consummation of which the voting securities of the Corporation outstanding immediately
prior to such merger or consolidation continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the voting
securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) any such merger or consolidation effected to implement a recapitalization of the Corporation (or
similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities Beneficially Owned by such Person any securities acquired directly from the
Corporation or its Affiliates) representing 20% or more of either the then outstanding shares of Common Stock of the Corporation or the combined voting power of the Corporation’s then outstanding securities; or 

  
 24 

 (iv) the shareholders of the Corporation approve a plan of complete liquidation or dissolution of
the Corporation or there is consummated an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets, other than a sale or disposition by the Corporation of all or substantially all of the
Corporation’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately
prior to such transaction or series of transactions. 
 (v) Notwithstanding the foregoing, with respect to an Award that is determined to be
deferred compensation subject to the requirements of Section 409A of the Code, the Corporation will not make a payment upon the happening of a Change in Control unless the Corporation is deemed to have undergone 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 (as such terms are defined in Section 409A of the Code). 

(h) For purposes of this Paragraph 37, the following terms shall have the meanings indicated: 

(i) “Affiliate” shall have the meaning set forth in Rule 12b-2 under Section 12 of the Exchange Act. 

(ii) “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act, except that a Person shall not be
deemed to be the Beneficial Owner of any securities that are properly filed on a Form 13-F. 
 (iii) “Continuing Directors” shall
have the meaning ascribed to it in Article Fourteenth of the Corporation’s Certificate of Incorporation. 
 (iv) “Good Reason”
shall mean “Good Reason” due to any one or more of the following events that occur following a Change in Control, unless the Participant has consented to such action in writing: (a) a material diminution of the responsibilities,
position and/or title of the Participant compared with the responsibilities, position and title, respectively, of the Participant prior to the Change in Control; (b) a relocation of the Participant’s principal business location to an area
outside a 25 mile radius of its location preceding the Change in Control and that requires that the Participant commute an additional distance of at least 20 miles more than such Participant was required to commute immediately prior to the Change in
Control; or (c) a material reduction in the Participant’s base salary or bonus opportunities; provided, however, that (i) Good Reason shall not be deemed to exist unless written notice of termination on account thereof is given by the
Participant to the Corporation no later than sixty (60) days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or arises; and (ii) if there exists (without regard to this clause

  
 25 

 
(ii)) an event or condition that constitutes Good Reason, the Corporation shall have thirty (30) days from the date notice of such a termination is given to cure such event or condition and,
if the Corporation does so, such event or condition shall not constitute Good Reason hereunder. The Participant’s right to resign from employment for a Good Reason event or condition shall be waived if the Participant fails to resign within
sixty (60) days following the last day of the Corporation’s cure period. Notwithstanding the foregoing, if a Participant and the Corporation (or any of its Affiliates) have entered into an employment agreement or other similar agreement
that specifically defines “Good Reason,” then with respect to such Participant, “Good Reason” shall have the meaning defined in that employment agreement or other agreement. 

(v) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof, except that such term shall not include (i) the Corporation or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any of its Affiliates,
(iii) an underwriter temporarily holding securities pursuant to an offering of such securities or (iv) a corporation owned, directly or indirectly, by the shareholders of the Corporation in substantially the same proportions as their
ownership of stock of the Corporation. 
 I. GENERAL PROVISIONS 

38. Legal Compliance. 
 (a)
Section 16(b) of the Exchange Act. All elections and transactions under this Plan by persons subject to Section 16 of the Exchange Act involving shares of Common Stock are intended to comply with any applicable exemptive condition
under Rule 16b-3 and the Committee shall interpret and administer these guidelines in a manner consistent therewith. The Committee may establish and adopt electronic or other administrative guidelines, designed to facilitate compliance with
Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and operation of this Plan and the transaction of business hereunder. If an officer or Director (as defined in Rule 16a-1) is designated by the
Committee to receive an Award, any such Award shall be deemed approved by the Committee and shall be deemed an exempt purchase under Rule 16b-3. Any provisions in this Plan or an Award Agreement inconsistent with Rule 16b-3 shall be inoperative and
shall not affect the validity of this Paragraph 38(a). Notwithstanding anything herein to the contrary, if the grant of any Award or the payment of a share of Common Stock with respect to an Award or any election with regard thereto results or would
result in a violation of Section 16(b) of the Exchange Act, any such grant, payment or election shall be deemed to be amended to comply therewith, and to the extent such grant, payment or election cannot be amended to comply therewith, such
grant, payment or election shall be immediately canceled and the Participant shall not have any rights thereto.  
 (b)
Section 162(m). If it is the intent of the Corporation that any compensation income realized in connection with any grant or Award under the Plan constitutes “qualified performance-based compensation” within the meaning of
Section 162(m) of 

  
 26 

 
the Code, the Corporation does not intend to be subject to the deduction limitations of Section 162(m) of the Code. Accordingly, if any provision of the Plan or any such Award Agreement under the
Plan does not comply with the requirements of Section 162(m) of the Code, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements, or to eliminate such deductibility limitation, and the
Participant shall be deemed to have consented to such construction or amendment. 
 (c) Securities Laws. The grant of Awards
and the issuance of shares of Common Stock pursuant to any Award shall be subject to compliance with all applicable requirements of federal, state, and foreign law with respect to such securities and the requirements of any stock exchange or market
system upon which the Common Stock may then be listed. In addition, no Award may be exercised or shares issued pursuant to an Award unless (i) a registration statement under the Securities Act shall at the time of such exercise or issuance be
in effect with respect to the shares issuable pursuant to the Award or (ii) in the opinion of legal counsel to the Corporation, the shares issuable pursuant to the Award may be issued in accordance with the terms of an applicable exemption from
the registration requirements of the Securities Act. The inability of the Corporation to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Corporation’s legal counsel to be necessary to the lawful issuance
and sale of any shares hereunder shall relieve the Corporation of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition to issuance of any Common Stock,
the Corporation may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be
requested by the Corporation.  
 (d) Registration. The Corporation will stamp stock certificates delivered to the
shareholder with an appropriate legend if the shares of Common Stock are not registered under the Securities Act, or are otherwise not free to be transferred by the Participant and will issue appropriate stop-order instructions to the transfer agent
for the Common Stock, if and to the extent such stamping or instructions may then be required by the Securities Act or by any rule or regulation of the Securities and Exchange Commission issued pursuant to the Securities Act.  

(e) Blackout Period. Options and SSARs may not be exercised during any period prohibited by the Corporation’s stock trading
policies or applicable securities laws. A Participant may not sell any shares acquired under the Plan during any period prohibited by the Corporation’s stock trading policies. The Committee may, in its discretion, extend the term of an Award
that would otherwise expire during a blackout period for the length of the blackout period plus ten (10) trading days after the expiration of the blackout period so that a Participant does not lose the benefit of the Award as the result of the
restrictions on exercise or sales of Shares during the blackout period. 

  
 27 

 39. Withholding Taxes. The Corporation and its Affiliates shall make arrangements for the collection of
any minimum Federal, State, foreign, or local taxes of any kind required to be withheld with respect to any transactions effected under the Plan. The obligations of the Corporation under the Plan shall be conditional on satisfaction of such
withholding obligations. The Corporation shall have no obligation to deliver shares of Common Stock, to release shares of Common Stock from an escrow established pursuant to an Award Agreement, or to make any payment in cash under the Plan until the
Corporation’s or its Affiliate’s tax withholding obligations have been satisfied by the Participant. The Corporation, to the extent permitted by law, shall have the right to deduct from any payment of any kind otherwise due to or with
respect to a Participant through payroll withholding, cash payment or otherwise, including by means of a cashless exercise of an Option, the minimum amount of such taxes as may be determined by the Corporation to be required to be withheld by law.
The Corporation may, in its discretion require that all or a portion of such shares be sold to satisfy the Corporation’s withholding obligations under the Plan. The Corporation shall have the right, but not the obligation, to deduct from the
shares of Common Stock issuable to a Participant upon the exercise or settlement of an Award, or to accept from the Participant the tender of, a number of whole shares of Common Stock having a Fair Market Value, as determined by the Corporation,
equal to all or any part of the tax withholding obligations of the Corporation or any Affiliate. 
 40. Effect of Recapitalization or Reorganization.
The obligations of the Corporation with respect to any grant or Award under the Plan shall be binding upon the Corporation, its successors or assigns, including any successor or resulting corporation either in liquidation or merger of the
Corporation into another corporation owning all the outstanding voting stock of the Corporation or in any other transaction whether by merger, consolidation or otherwise under which such succeeding or resulting corporation acquires all or
substantially all the assets of the Corporation and assumes all or substantially all its obligations, unless Awards are terminated in accordance with Paragraph 37. 

41. Employment Rights and Obligations. Neither the making of any grant or Award under the Plan, nor the provisions related to a Change in Control of
the Corporation or a Person seeking to effect a change in control of the Corporation, shall alter or otherwise affect the rights of the Corporation to change any and all the terms and conditions of employment of any Participant including, but not
limited to, the right to terminate such Participant’s employment. Neither this Plan nor the grant of any Award hereunder shall give any Participant any right with respect to continuance of employment by the Corporation or any Affiliate, nor
shall they be a limitation in any way on the right of the Corporation or any Affiliate by which an employee is employed to terminate his or her employment at any time. The provisions of Awards need not be the same with respect to each Participant,
and such Awards to individual Participants need not be the same in subsequent years. 
 42. Rights as a Stockholder. A Participant shall have no
rights as a stockholder with respect to any shares of Common Stock covered by an Award until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the
Corporation). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided with respect to Dividend Equivalents or as provided in the Plan or an
Award Agreement. 

  
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 43. Non-compete. 

(a) Non-Competition. The enhanced benefits of any Normal Retirement or Early Retirement (the Early Retirement Provisions of this
Paragraph 43 are applicable only to Replacement Awards as set forth in Exhibit B to the Plan) provided to a Participant, unless such benefits are waived in writing by the Participant, shall be subject to the provisions of this Paragraph 43. Any
Participant who is the beneficiary of any such Normal Retirement or Early Retirement shall be deemed to have expressly agreed not to engage, directly or indirectly in any capacity, in any business in which the Corporation or any Affiliate at which
such Participant was employed at any time in the three (3) years immediately prior to termination of employment was engaged, as the case may be, in the geographic area in which the Corporation or such Affiliate actively carried on business at
the end of the Participant’s employment there, for the period with respect to which such Normal Retirement or Early Retirement affords the Participant enhanced benefits, which period shall be, (a) with respect to Options or SSARs, the
additional period allowed the Participant for the vesting and exercise of Options or SSARs outstanding at termination of employment, (b) with respect to Restricted Stock or Restricted Stock Unit Awards, the period remaining after the
Participant’s termination of employment until the end of the original Restricted Period for such Award, and (c) with respect to Cash Performance Awards and Performance Shares Awards granted under the Plan, the period until the payment date
following the end of the last applicable Performance Period.  
 (b) Breach. In the event that a Participant shall fail to
comply with the provisions of this Paragraph 43, the Normal Retirement or Early Retirement shall be automatically rescinded and the Participant shall forfeit the enhanced benefits referred to above and shall return to the Corporation the economic
value theretofore realized by reason of such benefits as determined by the Committee. If the provisions of this Paragraph 43 or the corresponding provisions of an Award shall be unenforceable as to any Participant, the Committee may rescind the
benefits of any such Early Retirement with respect to such Participant. 
 (c) Other Termination. The Committee may, in its
discretion, adopt such other non-competition restrictions applicable to Awards as it deems appropriate from time to time. 
 (d)
Revision. If any provision of this Paragraph 43 or the corresponding provisions of an Award is determined by a court to be unenforceable because of its scope in terms of geographic area or duration in time or otherwise, the Corporation and
the Participant agree that the court making such determination is specifically authorized to reduce the duration and/or geographical area and/or other scope of such provision and, in its reduced form, such provision shall then be enforceable; and in
every case the remainder of this Paragraph 43, or the corresponding provisions of an Award, shall not be affected thereby and shall remain valid and enforceable, as if such affected provision were not contained herein or therein. 

  
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 44. Clawback. Awards shall be subject to such clawback requirements and policies as may be required by
applicable laws or Knowles policies as in effect from time to time. 
 45. Amendment. Except as expressly provided in the next sentence and Paragraph
46, the Board may amend the Plan in any manner it deems necessary or appropriate (including any of the terms, conditions or definitions contained herein), or terminate the Plan at any time; provided, however, that any such termination will not
affect the validity of any Awards previously made under the Plan. Without the approval of the Corporation’s shareholders, the Board cannot: (a) increase the maximum number of shares covered by the Plan or change the class of employees
eligible to receive any Awards; (b) extend beyond 120 months from the date of the grant the period within which an Option or SSAR may be exercised; (c) make any other amendment to the Plan that would constitute a modification, revision or
amendment requiring shareholder approval pursuant to any applicable law or regulation or rule of the principal exchange on which the Corporation’s shares are traded, or (d) change the class of persons eligible to receive ISOs. 

46. No Repricing Without Shareholder Approval. Without the approval of the Corporation’s shareholders, the Board cannot approve either
(i) the cancellation of outstanding Options or SSARs in exchange for cash or the grant in substitution therefor of new Awards having a lower exercise or base price or (ii) the amendment of outstanding Options or SSARs to reduce the
exercise price or base price thereof, except as provided in Paragraph 37 with respect to a Change in Control. This limitation shall not be construed to apply to “issuing or assuming an Option in a transaction to which Section 424(a)
applies,” within the meaning of Section 424 of the Code. 
 47. Unfunded Plan. This Plan is intended to constitute an “unfunded”
plan for incentive and deferred compensation. With respect to any payments as to which a Participant has a fixed and vested interest but that are not yet made to a Participant by the Corporation, nothing contained herein shall give any such
Participant any rights that are greater than those of a general unsecured creditor of the Corporation. 
 48. Other Plans. Nothing contained in this
Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.

 49. Other Benefits. No Award payment under this Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of
the Corporation or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation. 

50. Death/Disability. Subject to local laws and procedures, the Committee may request appropriate written documentation from a trustee or other legal
representative, court, or similar legal body, regarding any benefit under the Plan to which the Participant is entitled in the event of such Participant’s death before such representative shall be entitled to act on behalf of the Participant
and before a beneficiary receives any or all of such benefit. The Committee may also require any person seeking payment of benefits upon a Participant’s Disability to furnish proof of such Disability. 

  
 30 

 51. Successors and Assigns. This Plan shall be binding on all successors and permitted assigns of a
Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate. 
 52. Headings and
Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan. 

53. Section 409A. 
 (a)
General. To the extent that the Committee determines that any Award granted under the Plan is, or may reasonably be, subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and
conditions necessary to avoid the adverse consequences described in Section 409A(a)(1) of the Code (or any similar provision). To the extent applicable and permitted by law, the Plan and Award Agreements shall be interpreted in accordance with
Section 409A and other interpretive guidance issued thereunder, including without limitation any other guidance that may be issued or amended after the date of grant of any Award hereunder. Notwithstanding any provision of the Plan to the
contrary, in the event that the Committee determines that any Award is, or may reasonably be, subject to Section 409A and related Department of Treasury guidance (including such Department of Treasury guidance issued from time to time), the
Committee may, without the Participant’s consent, adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any
other actions, that the Committee determines are necessary or appropriate to (A) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (B) comply with the
requirements of Section 409A and related Department of Treasury guidance. Where applicable, the requirement that Awards constituting deferred compensation under Section 409A that are payable upon termination of a Participant’s
employment or services as a Director not be paid prior to the Participant’s “separation from service” within the meaning of Section 409A are incorporated herein.  

(b) Specified Employees. In addition, and except as otherwise set forth in the applicable Award Agreement, if the Corporation
determines that any Award granted under this Plan constitutes, or may reasonably constitute, “deferred compensation” under Section 409A and the Participant is a “specified employee” of the Corporation at the relevant date,
as such term is defined in Section 409A(a)(2)(B)(i), then any payment or benefit resulting from such Award will be delayed until the first day of the seventh month following the Participant’s “separation from service” with the
Corporation or its Affiliates within the meaning of Section 409A (or following the date of Participant’s death if earlier), with all payments or benefits due thereafter occurring in accordance with the original schedule.  

  
 31 

 (c) No Liability. Notwithstanding anything to the contrary contained herein,
neither the Corporation nor any of its Affiliates shall be responsible for, or required to reimburse or otherwise make any Participant whole for, any tax or penalty imposed on, or losses incurred by, any Participant that arises in connection with
the potential or actual application of Section 409A to any Award granted hereunder.  
 54. Governing Law. The Plan and all Awards made
hereunder shall be governed by and interpreted in accordance with the laws of the State of Illinois (regardless of the law that might otherwise govern under applicable Illinois principles of conflict of laws). 

55. Effective Date and Termination Date of Plan. This Plan was adopted by the Board of Directors of Knowles Corporation on
        , 2014 and approved by the Board of Directors of Dover Corporation on November 7, 2013 and became effective on         , 2014. The Plan will terminate on
        , 2024. No Award shall be granted pursuant to this Plan on or after         , 2024, but Awards granted prior to such date may extend beyond that date. 

  
 32 

 Exhibit A to the Knowles 2014 Corporation Equity and Cash Incentive Plan 

Performance Criteria 
 Any
Performance Targets established for purposes of conditioning the grant of an Award based on performance or the vesting of performance-based Awards, and that are intended to comply with Section 162(m) of the Code, shall be based on one or more
of the following Performance Criteria either individually, alternatively, or in any combination applied either to the Corporation, as a whole or to a subsidiary, a division, Affiliate, business segment, or any business unit thereof, individually,
alternatively, or in any combination, and measured either annually or cumulatively over a period of years, or on an absolute basis or relative to previous year’s results or to a designated comparison group, in either case as specified by the
Committee in the Award: (i) the attainment of certain target levels of, or a specified percentage increase in, revenues, income before income taxes and extraordinary items, income or net income, earnings before income tax, earnings before
interest, taxes, depreciation and amortization, or a combination of any or all of the foregoing; (ii) the attainment of certain target levels of, or a percentage increase in, after-tax or pre-tax profits including, without limitation, that
attributable to continuing and/or other operations; (iii) the attainment of certain target levels of, or a specified increase in, operational cash flow; (iv) the achievement of a certain level of, reduction of, or other specified
objectives with regard to limiting the level of increase in, all or a portion of the Corporation’s or an Affiliate’s bank debt or other long-term or short-term public or private debt or other similar financial obligations of the
Corporation or Affiliate, which may be calculated net of such cash balances and/or other offsets and adjustments as may be established by the Committee; (v) the attainment of a specified percentage increase in earnings per share or earnings per
share from continuing operations; (vi) the attainment of certain target levels of, or a specified increase in, return on capital employed or return on invested capital or operating revenue or return on invested cash; (vii) the attainment
of certain target levels of, or a percentage increase in, after-tax or pre-tax return on stockholders’ equity; (viii) the attainment of certain target levels of, or a specified increase in, economic value added targets based on a cash flow
return on investment formula; (ix) the attainment of certain target levels in the fair market value of the shares of the Corporation’s Common Stock; (x) market segment share; (xi) product release schedules; (xii) new product
innovation; (xiii) product or other cost reductions; (xiv) brand recognition or acceptance; (xv) product ship targets; (xvi) customer satisfaction; (xvii) total shareholder return; (xviii) return on assets or net
assets; (xix) assets, operating margin or profit margin; and (xx) the growth in the value of an investment in the Corporation’s Common Stock assuming the reinvestment of dividends. 

To the extent permitted under Code Section 162(m), but only to the extent permitted under Code Section 162(m) (including, without
limitation, compliance with any requirements for stockholder approval), the Committee may provide that, in measuring achievement of Performance Targets, adjustments shall be made for the following: 

 

	 	(i)	to exclude restructuring and/or other nonrecurring charges; 

  
 33 

	 	(ii)	to exclude exchange rate effects, as applicable, for non-US. dollar denominated net sales and operating earnings; 

  

	 	(iii)	to exclude the effects of changes to generally accepted accounting principles required by the Financial Accounting Standards Board; 

  

	 	(iv)	to exclude the effects of any statutory adjustments to corporate tax rates; 

  

	 	(v)	to exclude the effects of any “extraordinary items” as determined under generally accepted accounting principles or any acquisition or divestiture; 

 

	 	(vi)	to exclude any other unusual, non-recurring gain or loss or other extraordinary item; 

  

	 	(vii)	to respond to, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development; 

  

	 	(viii)	to respond to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions; 

  

	 	(ix)	to exclude the dilutive effects of acquisitions or joint ventures; 

  

	 	(x)	to assume that any business divested by the Corporation achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; 

 

	 	(xi)	to exclude the effect of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or
exchange of shares or other similar corporate change, or any distributions to common shareholders other than regular cash dividends; 

  

	 	(xii)	to reflect a corporate transaction, such as a merger, consolidation, separation (including a spinoff or other distribution of stock or property by a corporation), or reorganization (whether or not such reorganization
comes within the definition of such term in Section 368 of the Code); and 

  

	 	(xiii)	to reflect any partial or complete corporate liquidation. 

  
 34 

 Exhibit B to the Knowles 2014 Corporation Equity and Cash Incentive Plan 

Early Retirement Provisions for Replacement Awards 

The Replacement Awards issued under the Plan contain provisions with respect to Early Retirement, which Early Retirement provisions are not
applicable to other Awards issued under the Plan. The following sets forth the special provisions of the Replacement Awards with respect to Early Retirement. The provisions of this Exhibit B shall not apply to Awards that are not Replacement Awards.

 1. Definitions. 

“Early Retirement I” shall mean the termination of a Participant’s employment with the Corporation and its Affiliates if, at
the time of such termination of employment, (i) the Participant has at least ten (10) years of service with the Corporation and its Affiliates (service with an Affiliate shall be credited only for the period an Affiliate is owned by the
Corporation; service with Dover Corporation and its Affiliates shall be credited for the period prior to the spin-off of Knowles Corporation to the extent provided by the Predecessor Plans), (ii) the sum of the Participant’s years of
service plus his or her age on the date of such termination equals at least sixty five (65), (iii) the Participant satisfies the notice requirements set forth in the Plan, and (iv) the Participant complies with the non-competition
restrictions in Paragraph 43 of the Plan. In order to be eligible for Early Retirement I or II, a Participant must give six (6) months advance notice of retirement and must continue to be employed by the Corporation (or any Affiliate provided
such Affiliate continues to be owned by the Corporation throughout the notice period) and perform his or her duties throughout such notice period. Failure to satisfy the notice requirement will render the Participant ineligible for Early Retirement
I and II notwithstanding the satisfaction by the Participant of all other applicable requirements. Knowles’s CEO shall have the authority to reduce or waive the notice requirement. 

“Early Retirement II” shall mean the termination of a Participant’s employment with the Corporation and its Affiliates if, at
the time of such termination of employment, (i) the Participant has at least fifteen (15) years of service with the Corporation and its Affiliates (service with an Affiliate shall be credited only for the period an Affiliate is owned by
the Corporation; service with Dover Corporation and its Affiliates shall be credited for the period prior to the spin-off of Knowles Corporation to the extent provided by the Predecessor Plans), (ii) the sum of the Participant’s years of
service plus his or her age on the date of such termination equals at least seventy (70), (iii) the Participant satisfies the notice requirements set forth in the Plan, and (iv) the Participant complies with the non-competition
restrictions in Paragraph 43 of the Plan. In order to be eligible for Early Retirement II, a Participant must provide advance notice of such Early Retirement, continue to provide services, and perform his or her duties throughout such notice period
as set forth in the definition of Early Retirement I above. Knowles’s CEO shall have the authority to reduce or waive the notice requirement. 

  
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 “Early Retirement III” shall mean (i) the termination of a Participant’s
employment with the Corporation and its Affiliates due to the sale of stock or assets of the business unit by which the Participant is employed, (ii) the Participant is so employed in good standing by the business unit through the date of such
sale, and (iii) the Participant complies with the non-competition restrictions in Paragraph 43 of the Plan. 
 2. Options and
SSARs. 
 If a Participant’s employment terminates as the result of Early Retirement I, the Participant shall have the right, on or
before the earlier of the expiration date of the Option or SSAR or twenty-four (24) months following the date of such Early Retirement I, to exercise, and acquire shares under, any Option or SSAR which at the date of Early Retirement I are, or
within twenty-four (24) months following such termination become, exercisable. If a Participant’s employment terminates as the result of Early Retirement II, the Participant shall have the right, on or before the earlier of the expiration
date of the Option or SSAR or thirty-six (36) months following the date of such Early Retirement II, to exercise, and acquire shares under, any Option or SSAR which at the date of Early Retirement II are, or within thirty-six (36) months
following such termination become, exercisable. If a Participant’s employment terminates as the result of Early Retirement III, the Participant shall have the right, on or before the earlier of the expiration date of the Option or SSAR or
twelve (12) months following the date of such Early Retirement III, to exercise, and acquire shares under, any Option or SSAR which at the date of Early Retirement III are, or within twelve (12) months following such termination become,
exercisable. Notwithstanding the above, if a Participant eligible for Early Retirement III would also qualify for Early Retirement I or II excluding the notice requirement, the Participant shall be entitled to the benefits of Early Retirement I or
II, as appropriate. 
 3. Restricted Stock and Restricted Stock Units 

If the Participant’s employment with the Corporation is terminated as a result of an Early Retirement, then, the Restricted Stock and
Restricted Stock Unit Awards shall continue to vest as if the Participant’s employment had not terminated until such time as the remaining temporal restrictions lapse and, if any Performance Targets are applicable, the prescribed time for
determining attainment of Performance Targets has passed and the appropriate determination of attainment of Performance Targets has been made. 

4. Performance Shares 

If the Participant’s employment terminates pursuant to Early Retirement I or Early Retirement II and on the date of such Early Retirement
the Participant holds one or more outstanding Performance Share Awards, the Committee, or if the Committee delegates to the CEO such authority, the CEO, shall determine in its sole discretion whether the Participant shall receive any payment and, if
so, the amount thereof, in which event such payment shall be made on the date or dates following the date of the Participant’s Early Retirement on which the Corporation pays Performance Share Awards for the Performance Period relating to any
such outstanding Performance Share Award held by such Participant. Except as provided in Paragraphs 31-32 of the Plan, any such payment to the Participant shall be subject to the satisfaction of the applicable Performance Targets, and certification
by the Committee of such satisfaction and 

  
 36 

 
determination by the Committee of the amount of payment, and may not exceed the number of shares that the Participant would have been entitled to receive had the Participant been an employee of
the Corporation on such payment date. Except as provided in this Paragraph 25(b) and in Paragraph 27(b) of the Plan, if the Participant is the subject of Early Retirement I or II, all Performance Share Awards held by such Participant shall be
canceled, and all of the Participant’s Awards thereunder shall terminate as of the effective date of such Early Retirement. If the Participant in the Plan is the subject of Early Retirement III, all Performance Share Awards held by such
Participant shall be canceled and all of the Participant’s rights thereunder shall terminate as of the effective date of such Early Retirement III, except as provided in Paragraph 27(b) of the Plan. Notwithstanding the above, if a Participant
eligible for Early Retirement III would also qualify for Early Retirement I or II excluding the notice requirement, the Participant shall be entitled to the benefits of Early Retirement I or II, as appropriate. 

  
 37EX-10.6

 Exhibit 10.6 

KNOWLES CORPORATION 

EXECUTIVE DEFERRED COMPENSATION PLAN 

(Amended and Restated Effective as of January 1, 2014) 

Section 1. PURPOSE. 
 The Plan
was established to administer the non-qualified deferred compensation liabilities with respect to certain employees of Knowles Corporation and its Affiliates under the Dover Corporation Pension Replacement Plan (as amended and restated as of
January 1, 2010) (“Pension Replacement Plan”), the Dover Corporation Deferred Compensation Plan (as amended and restated as of January 1, 2009) (“Dover Deferred Compensation Plan”), and the Dover Technologies
International, Inc. Supplemental Executive Retirement Plan (“DTI SERP”). Knowles Corporation assumed such non-qualified deferred compensation liabilities in connection with the spin-off of Knowles Corporation by Dover Corporation. The
assumption of such non-qualified deferred compensation liabilities by Knowles Corporation shall be determined in accordance with the terms of Article III of the Employee Matters Agreement dated as of
[            ] by and between Dover Corporation and Knowles Corporation (“Employee Matters Agreement”). 

Only those employees of Knowles Corporation and its Affiliates, with respect to which Knowles Corporation assumed liabilities under the
Pension Replacement Plan, the Dover Deferred Compensation Plan, and the DTI SERP pursuant to the Employee Matters Agreement, shall become Participants in this Plan. No other employees of Knowles Corporation and its Affiliates shall become
Participants in the Plan on or after the Effective Date. 
 Participants in the Plan shall not defer any additional compensation under the
Plan and their Accrued Benefits under the Pension Replacement Plan shall be frozen as of December 31,2013. Instead, a Participant’s Deferred Compensation Plan Account shall be credited with interest, or earnings or losses, as set forth in
the Plan. 
 The Plan was amended and restated on January     , 2014 by the Dover Corporation Benefits Committee
effective as of January 1, 2014. 
 Section 2. DEFINITIONS. 

Unless the context requires otherwise, the following words, as used in the Plan, shall have the meanings ascribed to each below: 

“Account” shall mean a Participant’s Deferred Compensation Plan Account and DTI SERP Account. 

“Accrued Benefit” shall mean a Participant’s “Retirement Benefit” under the Pension Replacement Plan as of
December 31, 2013. Each such Participant’s “Additional Years of Service”, “Applicable Percentage”, “Final Average Compensation”, “Compensation”, “Social Security Integration Level”, and
“Years of Service” (as those terms are defined in the Pension Replacement Plan) shall be frozen as of December 31, 2013 and each such Participant’s “Retirement Benefit” under the Pension Replacement Plan shall be
determined as of December 31, 2013. The Retirement Benefit so determined shall be a Participant’s Accrued Benefit under this Plan. The Accrued Benefit for all such Participants shall be 100% nonforfeitable, subject to forfeiture in the
event of termination for Cause as provided in Section 5.1(e). 
 “Affiliate” shall have the same meaning as in the
Knowles Corporation 2014 Equity and Cash Incentive Plan. 

  
 1 

 “Beneficiary” shall mean the person or persons designated by a Participant to
receive any payments which may be required to be paid pursuant to the Plan following his or her death, or in the absence of any such designated person, the Participant’s estate; provided, however, that a married Participant’s Beneficiary
shall be his or her spouse unless the spouse consents in writing to the designation of a different Beneficiary. For purposes hereof, Beneficiary may be a natural person or an estate or trust. 

Upon the acceptance by the Committee (or a designee of the Committee) of a new Beneficiary designation, all Beneficiary designations previously
filed shall be canceled. A Participant’s designation of a Beneficiary (or any election to revoke or change a prior Beneficiary designation) must be made and filed with the Committee (or a designee of the Committee), in writing, on such form(s)
and in such manner prescribed by the Committee (or a designee of the Committee). The Committee (or a designee of the Committee) shall be entitled to rely on the last Beneficiary designation filed by the Participant and accepted by the Committee (or
a designee of the Committee) prior to his or her death. 
 “Cause” shall mean a Participant is convicted of, or enters a
plea of nolo contendere or similar plea to, a felony under applicable law, and the action constituting the felony has placed, or can reasonably be expected to place, the Corporation or an Affiliate or its employees at substantial legal or
other risk or has caused or can reasonably be expected to cause, substantial harm, monetarily or otherwise, to the business, reputation or affairs of the Corporation or an Affiliate or its relations with employees, suppliers, distributors, or a
customer. 
 “Change in Control” shall have the same meaning as in the Corporation’s 2014 Equity and Cash Incentive
Plan. 
 “Committee” shall mean the Benefits Committee of the Corporation. 

“Code” shall mean the Internal Revenue Code of 1986, as amended and as hereafter amended from time to time, and any
regulations promulgated thereunder. 
 “Corporation” shall mean Knowles Corporation, a Delaware corporation, and any
successor corporation by merger, consolidation or transfer of all or substantially all of its assets. 
 “Deferred Compensation Plan
Account” shall mean the book entry-account under this Plan which shall be credited with (i) a Participant’s account balance under the Dover Deferred Compensation Plan as of December 31, 2013, including any bonus deferrals in
respect of the 2013 Plan Year or deferrals in respect of long-term cash-based long-term incentive awards for performance periods ending in 2013 which are credited to a Participant’s account under the Dover Deferred Compensation Plan during
2014, and (ii) Earnings credited thereon, as provided in the Plan. 
 “DTI SERP Account” shall mean the book
entry-account under this Plan which shall be credited with (i) a Participant’s account balance under the Dover Technologies International, Inc. Supplemental Executive Retirement Plan as of December 31, 2013, and (ii) Earnings credited thereon,
as provided in the Plan. 
 “Disability” with respect to a Participant’s Deferred Compensation Plan Account, means a
disability which causes a Participant who has not met the requirements for Retirement to be eligible to receive disability benefits under his or her employer’s long-term disability benefits program, provided that any such disability meets the
criteria specified in Section 1.409A-3(i)(4) of the Treasury Regulations, or, in the case of a Participant who does not meet the criteria specified above, a disability which would cause the Participant to be determined to be totally disabled by
the Social Security Administration and eligible for social security disability benefits. A Participant’s Disability shall be deemed to have ended on the last day of the last month with respect to which he or she receives benefits described in
the preceding sentence. 
 “Earnings” With respect to a Participant’s Deferred Compensation Plan Account or DTI SERP
Account, Earnings shall mean earnings and or losses on amounts credited to such account in accordance with Section 5 hereof. 

“Effective Date” shall mean January 1, 2014. 

  
 2 

 “Grandfathered Benefit” means the portion of a Participant’s
Deferred Compensation Plan Account, if any, that is attributable to amounts credited to a Participant’s account under the Dover Deferred Compensation Plan as of December 31, 2004, plus or minus Earnings credited on such amount thereafter. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

“Hardship” means one or more of the following events which causes an unforeseen financial
hardship to the Participant or his or her family: 
  

	 	(1)	A serious illness or accident of the Participant or a dependent (as defined in Section 152(a) of the Code) of the Participant; 

  

	 	(2)	A loss of the Participant’s primary residence due to casualty; or 

  

	 	(3)	Other similar circumstances arising out of events substantially beyond the control of the Participant, as determined by the Committee. 

“Non-Grandfathered Benefit” means the portion of a Participant’s Deferred Compensation Plan Account that
is attributable to amounts credited to a Participant’s account under the Dover Deferred Compensation Plan after December 31, 2004, plus or minus Earnings credited on such amount thereafter. 

“Participant” shall mean only those employees of Knowles Corporation and its Affiliates, with respect to which Knowles
Corporation assumed liabilities under the Dover Corporation Pension Replacement Plan, the Dover Corporation Deferred Compensation Plan, and the Dover Technologies International, Inc. Supplemental Executive Retirement Plan pursuant to the Employee
Matters Agreement. No other employees of Knowles Corporation and its Affiliates shall become Participants in the Plan on or after the Effective Date. 

“Pension Replacement Plan Account” shall mean the book entry-account under this Plan based on the Participant’s frozen
December 31, 2013 Accrued Benefit. 
 “Plan” shall mean the Knowles Corporation Executive Deferred Compensation Plan,
as amended from time to time. 
 “Plan Year” shall mean the calendar year. 

“Retirement” with respect to a Participant’s Deferred Compensation Plan Account, means the Participant’s
termination of employment on or after (a) his or her 65th birthday, (b) his or her completion of ten (10) “years of service” and attainment of age 55, or (c) with respect to a Participant’s Grandfathered Benefit,
completion of such other time as the Committee, in its sole discretion, determines is sufficient to grant a Participant an approved early retirement date. For purposes hereof, a year of service means each period of twelve (12) months of
completed employment with the Corporation or an Affiliate or with Dover Corporation or an affiliate thereof. 

“Scheduled In-Service Withdrawal Date” means the date or dates elected by a Participant under the
Dover Deferred Compensation Plan for the early distribution of benefits, as provided in Section 5.2. A Participant shall not be permitted to elect a Scheduled In-Service Withdrawal Date after December 31, 2013. 

“Specified Employee” shall mean an Employee within the meaning of Section 409A(a)(2)(B)(i) of the Code and any
applicable regulations or other pronouncements issued by the Internal Revenue Service with respect thereto. The determination of who the Specified Employees are as of any time shall be made by the Committee. 

“Termination of Employment” shall mean a separation from the employment of the Corporation and its Affiliates for any reason,
including, but not limited to, retirement, death, disability, resignation, dismissal, or the cessation of an entity as an Affiliate. Notwithstanding the foregoing, a Participant shall not be considered to have had a Termination of Employment if, for
purposes of Section 409A of the Code, the Participant would not be considered to have had a “separation from service.” 
 Section 3.
DEFERRAL OF COMPENSATION. 
 (a) Participants in the Plan shall not defer any additional compensation under the Plan. The Accrued
Benefits under the Pension Replacement Plan shall be frozen as of December 31,2013, as adjusted under Section 5.1(a) for Termination of Employment. Instead, a Participant’s Deferred Compensation Plan Account shall be credited with
interest, or earnings or losses, as set forth in the Plan. Effective December 31, 2013, no additional “Employer Contributions” (as defined in the DTI SERP) shall be credited to a Participant’s DTI SERP Account. Instead, a
Participant’s DTI SERP Account shall be credited with Earnings as set forth in the Plan. 
 (b) a Participant’s Deferred
Compensation Plan Account and DTI SERP Account shall be 100% vested at all times, including Earnings thereon. 
 Section 4. MEASUREMENT OF
EARNINGS. 
 (a) The measuring alternatives used for the measurement of Earnings on the amounts in a Participant’s Deferred
Compensation Plan Account and shall be selected by the Participant in writing or electronically pursuant to such procedures as shall be prescribed by the Committee from among the various measuring alternatives offered under the Plan from time to
time, unless the Committee decides in its sole discretion to designate the measuring alternative(s) used to determine Earnings. 

  
 3 

 (b) In the event that various measuring alternatives are made available to Participants, each
Participant may change the selection of his or her measuring alternatives as of the beginning of any Plan Year (or at such other times and in such manner as prescribed by the Committee (or its designee), in its sole discretion), subject to such
notice and other administrative procedures established by the Committee(or a designee of the Committee). 
 (c) The Committee may, in its
sole discretion, establish rules and procedures for the crediting of Earnings and the election of measuring alternatives pursuant to this Section 5. 

(d) The Committee shall, in its discretion, establish such Earnings rate or rates to be credited on or after December 31, 2013 to a
Participant’s DTI SERP Account from time to time. Earnings shall not be credited to a Participant’s DTI SERP Account after Termination of Employment. 

Section 5. DISTRIBUTION OF BENEFITS. 

5.1 Pension Replacement Plan Account. 

(a) As of the date of a Participant’s Termination of Employment, the Participant’s Accrued Benefit shall (i) be adjusted by
multiplying the Accrued Benefit by a fraction, the numerator of which is the “Applicable Percentage” (as defined in the Pension Replacement Plan) that would have been in effect under the Pension Replacement Plan as of the date of
Termination of Employment, and the denominator of which is the Applicable Percentage in effect under the Pension Replacement Plan as of December 31, 2013, and then (ii) the adjusted Accrued Benefit shall be converted into a single lump sum
amount as of the date of Termination of Employment using the annuity conversion and other applicable factors as in effect on the date of the Participant’s Termination of Employment. The lump sum shall be based on the methodology provided in the
Dover Pension Plan, Program SI as of December 31, 2013. 
 (b) If the lump sum value of a Participant’s Accrued Benefit,
determined as set forth in Section 5.1(a), is $500,000 or less, the entire lump sum amount shall be paid out in a single payment as soon as practicable after the date of Termination of Employment but in no event later than ninety (90) days
after the date of Termination of Employment. 
 (c) If the lump sum value of a Participant’s Accrued Benefit, determined as set forth
in Section 5.1(a), exceeds $500,000, 75% of the lump-sum value of such amount shall be paid out in a lump sum as soon as practicable after his or her Termination Date, but in no event later than ninety (90) days after his or her
Termination Date, and 20% of the remaining lump-sum value shall be paid on or about each of the next subsequent five anniversary dates of the date as of which the initial lump-sum payment was made or, if the initial payment was subject to the six
month payment delay in this Section 5.1, the anniversary of the date on which the initial payment would have been made if the six month payment delay were not applicable, but in no event later than ninety (90) days after the applicable
anniversary date. 
 (d) Notwithstanding the foregoing, the Accrued Benefit of a Participant who on the date of his or her Termination of
Employment is a Specified Employee shall be converted to a lump sum as of the date of Termination of Employment as provided in Section 5.1(a) and then increased with interest at the “First Segment Rate” (within the meaning of
Section 430(h)(2)(C)(i) of the Code) as such rate is in effect on the date as of which the benefit is to be paid (or commence to be paid), and (iii) paid (or commence to be paid) as of the first day of the month coincident with or next
following six months after his or her Termination Date, but in no event later than ninety (90) days after such date. 
 (e)
Notwithstanding any provision in the Plan to the contrary, If the Committee determines, whether prior to or after Termination of Employment, that a Participant has engaged in conduct that constitutes Cause (including conviction of, or plea to, a
felony), the Committee shall revoke that Participant’s status as a Participant in this Plan and if the Participant is still employed, his or her Accrued Benefit, as adjusted under Section 5.1(a), shall be forfeited in its entirety and he
or she shall cease to be a Participant in the Plan. If the Committee determines, after a Participant’s Termination of 

  
 4 

 
Employment, that the participant has engaged in conduct that constitutes Cause (including conviction of, or plea to, a felony), the Participant’s Accrued Benefit, as adjusted in
Section 5.1(a), shall be forfeited in its entirety and the Participant shall be required to repay any portion of the Accrued Benefit that has already been distributed to him or her. If the Committee reasonably believes that a Participant has
engaged in conduct that could provide the basis for a conviction of, or plea to, a felony and thus constitute Cause, the Committee may withhold any or all payments of the Accrued Benefit, as adjusted in Section 5.1(a), to that Participant until
the Committee reasonably concludes that such conduct will not result in a conviction of, or plea to, a felony by that participant. 
 5.2
Deferred Compensation Plan Account. 
 (a) Upon a Participant’s Retirement or Disability, his or her Deferred
Compensation Plan Account shall be payable over a period of five (5), ten (10) or fifteen (15) years, or in a single lump sum payment, as elected by the Participant in his or her deferred compensation election pursuant to the provisions of
the Dover Corporation Deferred Compensation Plan. If a Participant has failed to make a valid distribution election, the distribution shall be made in annual installments over a ten (10) year period. Notwithstanding the above, distributions as
a result of Retirement may be deferred as elected by a Participant; provided, however, in no event may any distribution commence later than the last day of the first calendar quarter of the year following the year in which the
Participant attains age seventy (70), regardless of whether the Participant has terminated employment with the Corporation. A Participant may change the method of distribution on account of Retirement or Disability (from lump sum to installments or
vice versa or to change the date on which a distribution would be made or commence to be made or the period over which the installments would be made) by giving at least twelve (12) months’ notice to the Committee by following such procedures
as may be established by the committee prior to his or her Retirement or attainment of age seventy (70), if applicable and, if such election is on account of Retirement or Disability, the election shall not take effect until at least 12 months after
the date on which the election is made; provided further, however, that the distribution, or commencement of the distribution, of any Non-Grandfathered Benefit on account of Retirement is extended for at least five (5) years beyond the
prior time as of which the distribution was to have been made or commence to have been made. If, prior to distribution of the Participant’s Deferred Compensation Plan Account, a Participant who had incurred a Disability no longer meets the
definition of Disability and returns to work with the Corporation, no payment of a Grandfathered Benefit shall be made from the Plan on account of the prior Disability, and distribution of the Participant’s Deferred Compensation Plan Account
shall be made as otherwise provided in this Section 5.2(a). 
 (b) In the event a Participant dies prior to the distribution of the
Participant’s entire Deferred Compensation Plan Account, distribution of the Participant’s Deferred Compensation Plan Account (or the remaining balance thereof) shall be made in a single lump sum payment on such date as the Committee shall
determine; provided, however, that such date shall be within ninety (90) days following the Participant’s death or such later date as shall meet the requirements of Section 409A of the Treasury Regulations. 

(c) If a Participant incurs a Termination of Service, voluntarily or involuntarily, for reasons other than Retirement, death or Disability,
the value of the Participant’s Deferred Compensation Plan Account balance shall be paid in a single lump sum payment. 
 (d) All
distributions from the Deferred Compensation Plan Account (other than distributions on account of death, Unforeseeable Emergency or Hardship) shall be made in accordance with the following procedure: the Participant’s Deferred Compensation Plan
Account shall be valued as of the January 31st of the Plan Year next following the Plan Year in which the Participant’s Retirement, Disability, death, Termination of Employment or other “distributable event” occurs. If the
distribution is to be made in a single lump sum payment, the lump sum shall be paid as soon as administratively practicable following the January 31st as of which the valuation described above is made, but in no event later than the
March 31st following such valuation. If the distribution is to be made in installments, the same January 31st valuation described above shall be made and then divided by the number of years over which the installment payments are to be
made. Such amount shall be paid as soon as administratively practicable after the determination is made, but in no event later than the March 31st following such January 31st valuation. A new valuation and annual installment amount (based
on the number of remaining annual installments to be made) shall be determined as of each subsequent January 31st during which installment payments are to be made and such payments shall be made no later than the March 31st following each
such determination. As used herein, “distributable event” shall mean the date of a Participant’s Retirement, Disability, death or Termination of Service; provided, however, that if a Participant has elected to have a
payment deferred for a specified period following Retirement, “distributable event” with respect to such payment shall mean the year to which the payment is deferred. All distributions shall be made in cash. 

  
 5 

 (e) Notwithstanding the foregoing, if the Deferred Compensation Plan Account from which all
initial installment payments which begin to be made during a year is $50,000 or less as of the applicable January 31st valuation described above, the entire amount remaining in such Deferred Compensation Plan Account shall be distributed in a
single lump sum payment as soon as administratively practicable following such January 31st valuation, but in no event later than the March 31st following such January 31st valuation. 

(f) This Section 5.2(g) applies to a Participant who has elected, prior to December 31, 2013 a Scheduled In-Service Withdrawal Date in
accordance with the Dover Corporation Deferred Compensation Plan applicable to all or a portion of his or her Deferred Compensation Plan Account. Such election shall specify the portion or amount of the Participant’s Deferred Compensation Plan
Account to be distributed. A Participant may elect to extend to a later date a Scheduled In-Service Withdrawal Date by filing a written request to do so with the Committee at least twelve (12) months prior to such date (such election not taking
effect until at least 12 months after the date on which the election is made). A Participant shall be granted no more than two (2) such extensions with respect to any initial Scheduled In-Service Withdrawal Date. The minimum period of extension (i)
with respect to a Participant’s Grandfathered Benefit is two (2) years from the original Scheduled In-Service Withdrawal Date with respect to the first extension and two (2) years from the extended date of distribution with respect to the
second extension and (ii) with respect to the Participant’s Non-Grandfathered Benefit is five (5) years beyond the prior time as of which the distribution was to have been made or commence to have been made with respect to the first extension
and five (5) years from the extended date of distribution with respect to the second extension. 
 (g) The distribution of the
Scheduled In-Service Withdrawal elected amount or portion of the Participant’s Deferred Compensation Plan Account must commence no later than the last day of the first calendar quarter of the year following the year in which the Participant
attains age seventy (70), regardless of whether the Participant has terminated employment with the Corporation. 
 (h) A Participant may
elect to receive the distribution of the Schedule In-Service Withdrawal amount in a single lump sum payment or annual installments over two (2), three (3), four (4) or five (5) years. The form of distribution may be amended by the Participant up to
twelve (12) months prior to any elected Scheduled In-Service Withdrawal Date by giving prior written notice to the Committee (such election not taking effect until at least 12 months after the date on which the election is made); provided, however,
that the time of distribution of Non Grandfathered Benefits whose form of distribution is amended shall be extended for a period of not less than 5 (years) beyond the prior time as of which the distribution was to have been made or commence to have
been made. All distributions subject to this Section 5.2 shall be determined and paid pursuant to, and shall otherwise be subject to, the provisions of Sections 5.2(d) and (e). 

(i) If a Participant incurs a Termination of Service by reason of Retirement or Disability prior to a Scheduled In-Service Withdrawal Date,
the amount of the distribution shall be distributed as the Participant elected for Retirement or Disability, as the case may be. If the Participant incurs a Termination of Employment for any other reason, the distribution will be in the form of a
single lump sum payment. If a Participant incurs a Termination of Employment by reason of Retirement or Disability while he or she is receiving scheduled in-service installment distributions, the balance of the Participant’s Deferred
Compensation Plan Account shall be distributed to the Participant as elected for Retirement or Disability, as the case may be. If the Participant incurs a Termination of Employment for any other reason, the remaining installments will be distributed
in a single lump sum payment. 
 (j) Notwithstanding any other provision of this Section 5.2, in the event that a Participant is a
“covered employee” as defined in Section 162(m)(3) of the Code and any applicable regulations or other pronouncements issued by the Internal Revenue Service with respect thereto, or would be a covered employee if the benefits were
distributed in accordance with his or her distribution election or withdrawal request, the maximum amount which may be distributed from the Deferred Compensation Plan Account in any Plan Year, shall not exceed one million dollars ($1,000,000) less
the amount of compensation paid to the Participant in such Plan Year which is not “performance-based” (as defined in Section 162(m)(4)(C) of the Code), which amount shall be reasonably determined by the Corporation at the time of the
proposed distribution. Any amount which is not distributed to the Participant in a Plan Year as a result of the limitation set forth in this Section 5.2 shall be distributed to the Participant in the first Plan Year in which distribution of such
amount is in compliance with the foregoing limitation set forth in this Section 5.2 and with the limitations on distributions to Specified Employees; provided, however, that the Corporation also delays the payment of all other amounts that are not
deductible in accordance with Section 162(m) of the Code which are scheduled to be distributed to such Participant for that year and to any other similarly situated “covered employees.” 

5.3 DTI SERP Account. 

Distribution of the Participant’s DTI SERP Account shall be made in a single lump sum payment within ninety (90) days following the (1)
the date of a Participant’s Termination of Employment, or, the Participant’s 65th birthday, whichever is the last to occur, or (2) the Participant’s death. 

5.4 SECTION 409A. 

(a) It is intended that (a) this Plan and all benefits payable thereunder (other than Non-Grandfathered Benefits) shall comply in all
material respects with the applicable provisions of Section 409A of the Code; (b) to the maximum extent possible each such provision of the Plan, and any actions taken pursuant to the Plan, shall be interpreted so that any such provision
or action shall be deemed to be in compliance with Section 409A of the Code; and (c) no election made by a Participant hereunder, and no change made by a Participant to a previous election with respect to a Non-Grandfathered Benefit shall
be accepted if the Committee determines that acceptance of such election or change could violate any of the requirements of Section 409A of the Code, resulting in early taxation and penalties. Neither the Corporation nor its current employees,
officers, directors, representatives or agents shall have any liability to any current or former Participant with respect to any accelerated taxation, additional taxes, penalties or interest for which any current or former Participant may become
liable in the event that any amounts payable under the Plan are determined to violate Section 409A of the Code. 
 (b) Notwithstanding
any provision of the Plan to the contrary, no distribution of the Deferred Compensation Plan Account or DTI SERP Account to a Specified Employee following his or her Termination of Employment (other than as the result of the Specified
Employee’s death) shall be made (or commence to be made) earlier than the first day of the month coincident with or next following six months after his or her Termination of Employment. Any distribution subject to this provision shall be
delayed until the end of the six-month period, and any payment due within the six-month period shall be paid at the beginning of the seventh month following the date of the Specified Employee’s Termination of Employment. 

(c) The entitlement to a series of installment payments under the Plan shall be treated as a single payment for purposes of Section 409A,
including for purposes of the subsequent changes in the time or form of payment as provided in Treasury Regulation Section 1.409A-2(b)(2). 

(d) Although it is intended that payments scheduled to be made under the Plan shall be made as provided herein, in no event shall any such
payment be made later than the end of the calendar year in which the scheduled payment was to have been made, or, if later, prior to the 15th day of the third month following the date as of which the scheduled payment was to have been made;
provided, however, that the Participant shall not have any direct or indirect discretion to designate the taxable year in which such payment is to be made. For purposes hereof, the scheduled payment date of a payment that is scheduled to be made
during a 90-day period shall be the first day of the 90-day period. 
 Section 6. HARDSHIP WITHDRAWALS. 

(a) Upon the request of a Participant, the Committee, in its sole discretion, may approve, due to the Participant’s “Unforeseeable
Emergency,” an immediate lump sum distribution to the Participant of all or a portion of a Participant’s unpaid Non-Grandfathered Benefit Deferred Compensation Plan Account. For the purposes of this Section 6, a Participant shall
experience a “Unforeseeable Emergency” if, and only if, such Participant experiences a severe financial hardship as defined in Section 409A of the Code. Withdrawals on account of Unforeseeable Emergency or Hardship shall not be
permitted from the Pension Replacement Plan Account. 
 (b) The amount to be paid pursuant to Section 6.1 of the Plan shall not exceed
the amount necessary to satisfy the applicable Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the payment, after taking into account the extent to which such hardship is or may be relieved through
reimbursement or compensation by insurance other otherwise or by liquidation of the Participant’s assets (to the extent such assets would not itself cause severe hardship). 

(c) This Section 6(c) is applicable with respect to a Participant’s Grandfathered Benefit. In the event that the Committee, upon
written petition of a Participant determines in its sole discretion that the Participant has suffered a Hardship, the Committee shall distribute to the Participant 

  
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or Beneficiary as soon as reasonably practicable following such determination, an amount, not in excess of the value of the Participant’s Grandfathered Benefit, necessary to alleviate the
Hardship. A Participant or Beneficiary claiming Hardship will be required to submit such documentation of the Hardship and proof that the loss is not covered by other means as the Committee shall request. 

(d) Distributions from a Participant’s Deferred Compensation Plan Account on account of Hardship or an Unforeseeable Emergency shall be
made as soon as administratively practicable (and in the case of an Unforeseeable Emergency, no later than 90 days) following, if applicable, approval of such distributions by the Committee. 

Section 7. CHANGE IN CONTROL 

In the event of a Change of Control, a Participant’s Accrued Benefit shall be paid to the Participant in a single lump sum payment within
60 days after the Change of Control. Notwithstanding any other provision of the Plan to the contrary, upon a Change in Control, the Committee may, in its discretion, terminate the remaining provisions of the Plan pursuant to the procedures in
Section 1.409A-3(j)(4)(ix)(B) or (C) (if applicable) and a Participant’s Deferred Compensation Plan Account shall be paid to him or her in a lump sum as soon as administratively practicable after the Change in Control to the extent permissible
under the foregoing provisions of the Section 409A regulations. An event shall not be considered to be a “Change in Control” if, for purposes of Section 409A of the Code, such event would not be considered to be a change in control. A
payment of a Non-Grandfathered Benefit made pursuant to this Section 7 to a Participant who is a Specified Employee may be delayed, in the discretion of the Committee, until the earlier of the first day of the month coincident with or next following
six months after his or her Termination of Employment or Change of Control to the extent necessary to avoid a violation of Section 409A of the Code. 

Section 8. CLAIMS PROCEDURES. 

(a) Initial Claim. 

(i) Any claim by an Employee, Participant or Beneficiary (“Claimant”) with respect to eligibility, participation benefits or other
aspects of the operation of the Plan shall be made in writing to the Committee. The Committee shall provide the Claimant with the necessary forms and make all determinations as to the right of any person to a disputed benefit. If a Claimant is
denied benefits under the Plan, the Committee or its designee shall notify the Claimant in writing of the denial of the claim within ninety (90) days after the Committee or its designee receives the claim, provided that in the event of special
circumstances such period may be extended. 
 (ii) In the event of special circumstances, the ninety (90) day period may be extended
for a period of up to ninety (90) days (for a total of one hundred eighty (180) days). If the initial ninety (90) day period is extended, the Committee or its designee shall notify the Claimant in writing within ninety (90) days
of receipt of the claim. The written notice of extension shall indicate the special circumstances requiring the extension of time and provide the date by which the Committee expects to make a determination with respect to the claim. If the extension
is required due to the Claimant’s failure to submit information necessary to decide the claim, the period for making the determination shall be tolled from the date on which the extension notice is sent to the Claimant until the earlier of
(i) the date on which the Claimant responds to the Committee’s request for information, or (ii) expiration of the forty-five (45) day period commencing on the date that the Claimant is notified that the requested additional
information must be provided. 
 (iii) If notice of the denial of a claim is not furnished within the required time period described herein,
the claim shall be deemed denied as of the last day of such period. 
 (iv) If a claim is wholly or partially denied, the notice to the
Claimant shall set forth: 
 (A) The specific reason or reasons for the denial; 

(B) Specific reference to pertinent Plan provisions upon which the denial is based; 

(C) A description of any additional material or information necessary for the Claimant to complete the claim request and an explanation of why
such material or information is necessary; 
 (D) Appropriate information as to the steps to be taken and the applicable time limits if the
Claimant wishes to submit the adverse determination for review; and 
 (E) A statement of the Claimant’s right to bring a civil action
under Section 502(a) of ERISA following an adverse determination on review. 

  
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 (b) Claim Denial Review.  

(i) If a claim has been wholly or partially denied, the Claimant may submit the claim for review by the Committee. Any request for review of a
claim must be made in writing to the Committee no later than sixty (60) days after the Claimant receives notification of denial or, if no notification was provided, the date the claim is deemed denied. The Claimant or his or her duly authorized
representative may: 
 (A) Upon request and free of charge, be provided with reasonable access to, and copies of, relevant documents,
records, and other information relevant to the Claimant’s claim; and 
 (B) Submit written comments, documents, records, and other
information relating to the claim. The review of the claim determination shall take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was
submitted or considered in the initial claim determination. 
 (ii) The decision of the Committee upon review shall be made within sixty
(60) days after receipt of the Claimant’s request for review, unless special circumstances (including, without limitation, the need to hold a hearing) require an extension. In the event of special circumstances, the sixty (60) day
period may be extended for a period of up to one hundred twenty (120) days. 
 (iii) If notice of the decision upon review is not
furnished within the required time period described herein, the claim on review shall be deemed denied as of the last day of such period. 

(iv) The Committee, in its sole discretion, may hold a hearing regarding the claim and request that the Claimant attend. If a hearing is held,
the Claimant shall be entitled to be represented by counsel. 
 (v) The Committee’s decision upon review on the Claimant’s claim
shall be communicated to the Claimant in writing. If the claim upon review is denied, the notice to the Claimant shall set forth: 
 (A) The
specific reason or reasons for the decision, with references to the specific Plan provisions on which the determination is based; 
 (B) 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 relevant to the claim; and 

(C) A statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA. 

(c) All interpretations, determinations and decisions of the Committee with respect to any claim, including without limitation the appeal of
any claim, shall be made by the Committee, in its sole discretion, based on the Plan and comments, documents, records, and other information presented to it, and shall be final, conclusive and binding. 

  
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 The claims procedures set forth in this Section are intended to comply with United States
Department of Labor Regulation § 2560.503-1 and should be construed in accordance with such regulation. In no event shall it be interpreted as expanding the rights of Claimants beyond what is required by United States Department of Labor
Regulation § 2560.503-1. 
 Section 9. NO FUNDING OBLIGATION. 

(a) The Plan shall not be construed to require the Corporation to fund any of the benefits payable under the Plan or to set aside or earmark
any monies or other assets specifically for payments under the Plan. Each participating company shall pay its share of the expenses of the Plan as the Corporation may determine from time to time in the manner specified herein. Each participating
company shall be liable for and shall pay its fair share of the expenses of operating the Plan. The amount of such charges to each employer shall be determined by the Corporation, in its sole discretion. 

(b) This Plan is “unfunded”; benefits payable hereunder shall be paid by the Corporation out of its general assets. Participants and
their Beneficiaries shall not have any interest in any specific asset of the Corporation as a result of this Plan. Nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a
trust of any kind, or a fiduciary relationship amongst the Corporation, any employer, the Committee, and the Participants, their Beneficiaries or any other person. Any funds which may be invested under the provisions of this Plan shall continue for
all purposes to be part of the general funds of the Corporation and no person other than the Corporation shall by virtue of the provisions of this Plan have any interest in such funds. To the extent that any person acquires a right to receive
payments from the Corporation under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Corporation. 

Section 10. NON-TRANSFERABILITY OF RIGHTS UNDER THE PLAN. 

The benefits payable or other rights under the Plan shall not be subject to alienation, transfer, assignment, garnishment, execution, or levy
of any kind, and any attempt to be so subjected shall not be recognized. 
 Section 11. MINORS AND INCOMPETENTS. 

(a) In the event that the Committee finds that a Participant is unable to care for his or her affairs because of illness or accident, then
benefits payable hereunder, unless claim has been made therefor by a duly appointed guardian, committee, or other legal representative, may be paid in such manner as the Committee shall determine, and the application thereof shall be a complete
discharge of all liability for any payments or benefits to which such Participant was or would have been otherwise entitled under this Plan. 

(b) Any payments to a minor from this Plan may be paid by the Committee in its sole and absolute discretion (a) directly to such minor;
(b) to the legal or natural guardian of such minor; or (c) to any other person, whether or not appointed guardian of the minor, who shall have the care and custody of such minor. The receipt by such individual shall be a complete discharge
of all liability under the Plan therefor. 
 Section 12. ASSIGNMENT. 

The Plan shall be binding upon and inure to the benefit of the Corporation, its successors and assigns and the Participants and their heirs,
executors, administrators and legal representatives. In the event that the Corporation sells all or substantially all of the assets of its business and the acquiror of such assets assumes the obligations hereunder, the Corporation shall be released
from any liability imposed herein and shall have no obligation to provide any benefits payable hereunder. 

  
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 Section 13. LIMITATION OF RIGHTS. 

Nothing contained herein shall be construed as conferring upon an Employee the right to continue in the employ of the Corporation or its
Affiliate’s as an executive or in any other capacity or to interfere with the right of the Corporation or its Affiliate to discharge him or her at any time for any reason whatsoever. 

Section 14. ADMINISTRATION. 

(a) On behalf of the Corporation, the Plan shall be administered by the Committee or, to the extent specifically permitted under the terms of
the Plan, a designee of the Committee; provided that, if any authority to administer is delegated by the Committee, such administration shall be subject to the oversight of the Committee. The Committee (or its designee) shall have the exclusive
right, power, and authority, in its sole and absolute discretion, to administer, apply and interpret the Plan and any other Plan documents and to decide all matters arising in connection with the operation or administration of the Plan. Without
limiting the generality of the foregoing, the Committee shall have the sole and absolute discretionary authority: (a) to take all actions and make all decisions with respect to the eligibility for, and the amount of, benefits payable under the
Plan; (b) to formulate, interpret and apply rules, regulations and policies necessary to administer the Plan in accordance with its terms; (c) to decide questions, including legal or factual questions, relating to the calculation and
payment of benefits under the Plan; (d) to resolve and/or clarify any ambiguities, inconsistencies and omissions arising under the Plan or other Plan documents; and (e) to process and approve or deny benefit claims and rule on any benefit
exclusions. All determinations made by the Committee (or any designee) with respect to any matter arising under the Plan and any other Plan documents including, without limitation, any question concerning eligibility and the interpretation and
administration of the Plan shall be final, binding and conclusive on all parties. To the extent that a form prescribed by the Committee to be used in the operation and administration of the Plan does not conflict with the terms and provisions of the
Plan document, such form shall be evidence of (i) the Committee’s interpretation, construction and administration of this Plan and (ii) decisions or rules made by the Committee pursuant to the authority granted to the Committee under
the Plan. 
 (b) Decisions of the Committee shall be made by a majority of its members attending a meeting at which a quorum is present
(which meeting may be held telephonically), or by written action in accordance with applicable law. 
 Section 15. AMENDMENT OR TERMINATION OF
PLAN. 
 On behalf of the Corporation, the Committee may, in its sole and absolute discretion, amend the Plan from time to time and
at any time in such manner as it deems appropriate or desirable, and the Committee may, in its sole and absolute discretion, terminate the Plan for any reason from time to time and at any time in such manner as it deems appropriate or desirable.

 Section 16. SEVERABILITY OF PROVISIONS. 

In case any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other
provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 

  
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 Section 17. ENTIRE AGREEMENT. 

This Plan, along with the Participant’s elections hereunder, constitutes the entire agreement between the Corporation and the Participant
pertaining to the subject matter herein and supersedes any other plan or agreement, whether written or oral, pertaining to the subject matter herein. No agreements or representations, other than as set forth herein, have been made by the Corporation
with respect to the subject matter herein. 
 Section 18. HEADINGS AND CAPTIONS. 

The headings and captions herein are provided for reference and convenience only. They shall not be considered part of the Plan and shall not
be employed in the construction of the Plan. 
 Section 19. NON-EMPLOYMENT. 

The Plan is not an agreement of employment and it shall not grant an employee any rights of employment. 

Section 20. PAYMENT NOT SALARY. 

Except to the extent a plan otherwise provides, any Benefits payable under this Plan shall not be deemed salary or other compensation to the
Participant or Beneficiary for the purposes of computing benefits to which he or she may be entitled under any pension plan or other arrangement of the Corporation. 

Section 21. GENDER AND NUMBER. 

Wherever used in this Plan, the masculine shall be deemed to include the feminine and the singular shall be deemed to include the plural,
unless the context clearly indicates otherwise. 
 Section 22. WITHHOLDING. 

The Corporation shall have the right to deduct (or cause to be deducted) from any amounts otherwise payable to the Participant or other payee,
whether pursuant to the Plan or otherwise, or otherwise to collect from the Participant or other payee, any required withholding taxes with respect to benefits under the Plan. 

Section 23. CONTROLLING LAW. 

The Plan is established in order to provide deferred compensation to a select group of management and highly compensated employees within the
meanings of Sections 201(2) and 301(a)(3) of ERISA. The Plan is intended to comply with the requirements imposed under Section 409A of the Code and the provisions of the Plan shall be construed in a manner consistent with the requirements of
such section of the Code. To the extent legally required, the Code and ERISA shall govern the Plan and, if any provision hereof is in violation of any applicable requirement thereof, the Corporation reserves the right to retroactively amend the Plan
to comply therewith. To the extent not governed by the Code and ERISA, the Plan shall be governed by the laws of the State of Illinois without giving effect to conflict of law provisions. 

  
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