Document:

EX-10.15

 Exhibit 10.15 

MEDTRONIC PLC 
 SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN 
 (as restated generally effective January 26, 2015) 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFERRED COMPENSATION ACCOUNT
	  	 	2	  
	 Section 1.1
	  	 Establishment of Account
	  	 	2	  
	 Section 1.2
	  	 Property of Company
	  	 	2	  
		
	 ARTICLE 2 DEFINITIONS, GENDER, AND NUMBER
	  	 	2	  
	 Section 2.1
	  	 Definitions
	  	 	2	  
	 Section 2.2
	  	 Gender and Number
	  	 	6	  
		
	 ARTICLE 3 PARTICIPATION
	  	 	6	  
	 Section 3.1
	  	 Who May Participate
	  	 	6	  
	 Section 3.2
	  	 Time and Conditions of Participation
	  	 	6	  
	 Section 3.3
	  	 Termination and Suspension of Participation
	  	 	6	  
	 Section 3.4
	  	 Missing Persons
	  	 	6	  
	 Section 3.5
	  	 Relationship to Other Plans
	  	 	6	  
		
	 ARTICLE 4 RETIREMENT PLAN SUPPLEMENTAL BENEFIT
	  	 	7	  
	 Section 4.1
	  	 Calculation of Retirement Plan Supplemental Benefit
	  	 	7	  
	 Section 4.2
	  	 Establishment of Nonqualified Retirement Plan Account
	  	 	8	  
	 Section 4.3
	  	 Interest Credited to Nonqualified Retirement Plan Account
	  	 	8	  
	 Section 4.4
	  	 Payment of Nonqualified Retirement Plan Account
	  	 	8	  
		
	 ARTICLE 5 DEFINED CONTRIBUTION SUPPLEMENTAL BENEFIT
	  	 	8	  
	 Section 5.1
	  	 Nonqualified Defined Contribution Account
	  	 	8	  
	 Section 5.2
	  	 Gains Credited to Nonqualified Defined Contribution Account
	  	 	9	  
	 Section 5.3
	  	 Payment of Nonqualified Defined Contribution Account
	  	 	9	  
		
	 ARTICLE 6 PERSONAL INVESTMENT ACCOUNT SUPPLEMENTAL BENEFIT
	  	 	9	  
	 Section 6.1
	  	 Calculation of Personal Investment Account Supplemental Benefit
	  	 	9	  
	 Section 6.2
	  	 Establishment of Nonqualified Personal Investment Account
	  	 	10	  
	 Section 6.3
	  	 Crediting Gains and Losses to Nonqualified Personal Investment Account
	  	 	10	  
	 Section 6.4
	  	 Vested Interest in Nonqualified Personal Investment Account
	  	 	10	  
	 Section 6.5
	  	 Payment of Nonqualified Personal Investment Account
	  	 	10	  
		
	 ARTICLE 7 DEATH BENEFITS
	  	 	11	  
	 Section 7.1
	  	 Form and Time of Payment
	  	 	11	  
	 Section 7.2
	  	 Beneficiary
	  	 	11	  
		
	 ARTICLE 8 CHANGE IN CONTROL PROVISIONS
	  	 	11	  
	 Section 8.1
	  	 Application of Article 8
	  	 	11	  
	 Section 8.2
	  	 Payments to and by the Trust
	  	 	11	  
	 Section 8.3
	  	 Legal Fees and Expenses
	  	 	11	  
	 Section 8.4
	  	 Late Payment and Additional Payment Provisions
	  	 	12	  

  
 i 

							
	 ARTICLE 9 FUNDING
	  	 	12	  
	 Section 9.1
	  	 Source of Benefits
	  	 	12	  
	 Section 9.2
	  	 No Claim on Specific Assets
	  	 	12	  
		
	 ARTICLE 10 ADMINISTRATION
	  	 	13	  
	 Section 10.1
	  	 Administration
	  	 	13	  
	 Section 10.2
	  	 Powers of Committee
	  	 	13	  
	 Section 10.3
	  	 Actions of the Committee
	  	 	13	  
	 Section 10.4
	  	 Delegation
	  	 	13	  
	 Section 10.5
	  	 Reports and Records
	  	 	13	  
	 Section 10.6
	  	 Claims Procedure
	  	 	13	  
		
	 ARTICLE 11 AMENDMENTS AND TERMINATION
	  	 	14	  
	 Section 11.1
	  	 Amendments
	  	 	14	  
	 Section 11.2
	  	 Termination
	  	 	14	  
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	15	  
	 Section 12.1
	  	 No Guarantee of Employment
	  	 	15	  
	 Section 12.2
	  	 Release
	  	 	15	  
	 Section 12.3
	  	 Notices
	  	 	15	  
	 Section 12.4
	  	 Nonalienation
	  	 	15	  
	 Section 12.5
	  	 Withholding
	  	 	15	  
	 Section 12.6
	  	 Captions
	  	 	15	  
	 Section 12.7
	  	 Applicable Law
	  	 	15	  
	 Section 12.8
	  	 Invalidity of Certain Provisions
	  	 	15	  
	 Section 12.9
	  	 No Other Agreements
	  	 	16	  
	 Section 12.10
	  	 Incapacity
	  	 	16	  
	 Section 12.11
	  	 Electronic Media
	  	 	16	  
	 Section 12.12
	  	 Delay of Distributions Upon Certain Events Delay in Distributions
	  	 	16	  
	 Section 12.13
	  	 Acceleration of Distributions Upon Certain Events
	  	 	17	  
		
	 SCHEDULE A
	  	 	A-1	  

  
 ii 

 MEDTRONIC PLC 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

(as restated generally effective January 26, 2015) 

Medtronic, Inc., a Minnesota corporation (“Medtronic”), previously established the Medtronic, Inc. Executive Nonqualified
Supplemental Benefit Plan (the “Plan”) for the benefit of the Eligible Employees of Medtronic and certain of its Affiliates, effective May 1, 1986. The Plan was most recently amended and restated effective January 1, 2008. On
June 15, 2014, Medtronic entered into a Transaction Agreement with Covidien plc and the other parties named therein to acquire Covidien through the formation of a new holding company incorporated in Ireland that will be renamed Medtronic plc
(the “Transaction”). In connection with the Transaction, Medtronic plc, an Irish public limited company (the “Company”) hereby adopts and amends and restates the Plan, effective January 26, 2015 (the “Restatement
Date”). 
 This restatement applies to amounts deferred under the Plan on or after the Restatement Date, and to the payment of all
amounts deferred under the Plan (whether such amounts were deferred before, on, or after the Restatement Date) that have not yet been distributed as of the Restatement Date. No amount deferred under the Plan is intended to be
“grandfathered” under Section 409A of the Code (“Section 409A”). 
 The purpose of the Plan is to provide Eligible
Employees with benefits that supplement those provided under certain of the tax-qualified plans maintained by the Company and its Affiliates. More specifically, the Plan is intended to provide certain benefits
on a nonqualified basis that are not otherwise provided under such tax-qualified plans as a result of the application of certain legal limitations on contributions, benefits and includible compensation and as a result of elections made by eligible
employees under other plans maintained by the Company and its Affiliates. 
 The Plan is intended to be (and shall be construed and
administered as) an employee benefit pension plan under the provisions of ERISA, which is unfunded and maintained primarily for the purpose of providing deferred compensation for Eligible Employees who constitute a select group of management or
highly-compensated employees, as described in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 The Plan is not intended to be qualified
under Section 401(a) of the Code. The Plan, as restated herein, is subject to, and intended to comply with, Section 409A of the Code. Notwithstanding any provision of this Plan, all benefits payable hereunder shall be deemed to be paid
solely for services to Medtronic and its subsidiaries. 
 The obligation of the Company and its Affiliates to make payments under the Plan
constitutes an unsecured (but legally enforceable) promise of the Company and its Affiliates to make such payments and no person, including any Participant or Beneficiary, shall have any lien, prior claim or other security interest in any property
of the Company or its Affiliates as a result of the Plan. 

	ARTICLE 1	DEFERRED COMPENSATION ACCOUNT 

 Section 1.1 Establishment of Account. The
Company shall establish one or more Accounts for each Participant which shall be utilized solely as a device to measure and determine the amount of deferred compensation to be paid under the Plan. 

Section 1.2 Property of Company. Any amounts set aside for benefits payable under the Plan are the property of the Company,
except, and to the extent, provided in the Trust. 
  

	ARTICLE 2	DEFINITIONS, GENDER, AND NUMBER 

 Section 2.1 Definitions. Whenever used in
the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized. 

2.1.1 “Account” means a bookkeeping account established by the Company on its books and records to record and determine the
benefits payable to a Participant or Beneficiary under the Plan. The Company shall establish a separate Account on behalf of each Participant for: 

(a) The benefit the Participant is entitled to receive pursuant to Section 4.2, if any, referred to as the
“Nonqualified Retirement Plan Account;” 
 (b) The benefit the Participant is entitled to receive pursuant to
Article 5, if any, referred to as the “Nonqualified Defined Contribution Account;” and 
 (c) The benefit the
Participant is entitled to receive pursuant to Section 6.2, if any, entitled the “Supplemental Personal Investment Account.” 

The Committee may establish any number of sub-accounts on behalf of a Participant or Beneficiary as the Committee considers necessary or
advisable for purposes of maintaining a proper accounting of amounts to be credited under the Plan on behalf of a Participant or Beneficiary. 

2.1.2 “Affiliate” or “Affiliates” means the Company and any entity with which the Company would be
considered a single employer under Section 414(b) of the Code (employees of controlled group of corporations) and Section 414(c) of the Code (employees of partnerships, proprietorships, etc., under common control). 

2.1.3 “Beneficiary” or “Beneficiaries” means the persons or trusts designated by a Participant in writing
pursuant to Section 7.2.1 of the Plan as being entitled to receive any benefit payable under the Plan by reason of the death of a Participant, or, in the absence of such designation, the persons specified in Section 7.2.2 of the Plan. 

2.1.4 “Board” means the Board of Directors of the Company as constituted at the relevant time. 

  
 2 

 2.1.5 “Capital Accumulation Plan” means the Medtronic plc Capital Accumulation
Plan Deferral Program, as amended or restated from time to time or any successor thereto, and any predecessor or successor plan thereto. 

2.1.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time and any successor statute. References to a
Code section shall be deemed to be to that section or to any successor to that section. 
 2.1.7 “Committee” means the
Committee or individual appointed by the Compensation Committee of the Board (or any person or entity designated by the Committee) to administer the Plan pursuant to Section 10.4. 

2.1.8 “Company” means Medtronic plc and its successors and assigns, by merger, purchase or otherwise. 

2.1.9 “Defined Contribution Supplemental Benefit” means the benefit under the Predecessor Plan that was commonly referred to
as the “ESOP restoration benefit.” This benefit equals the difference between: (a) the allocation due to Medtronic contributions the Participant would have received under the ESOP prior to May, 1, 2005, but for the
Section 401(a)(17) Limitation and Section 415 Limitation; and (b) the actual allocation actually received by the Participant under the ESOP. 

2.1.10 “Domestic Relations Order” has the meaning set forth in Section 414(p)(1)(B) of the Code. 

2.1.11 “Eligible Employee” means an elected or appointed officer of the Company, or any other key employee of the Company or
an Affiliate designated by the Committee, excluding any individual who is neither a United States citizen nor a United States resident. In order to be an Eligible Employee an employee must be a member of a select group of management or highly
compensated employees within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and rules established by the Committee. The Company may make such projections or estimates as it deems desirable in applying the eligibility requirements,
and its determination shall be conclusive. 
 2.1.12 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time and any successor statute. References to an ERISA section shall be deemed to be to that section or to any successor to that section. 

2.1.13 “ESOP” means the Medtronic, Inc. Employee Stock Ownership Plan, as in effect prior to April 30, 2001. (As of
April 30, 2001, the ESOP was amended to permit elective deferrals under Section 401(k) of the Code and renamed the Medtronic, Inc. Employee Stock Ownership and Supplemental Retirement Plan. As of May 1, 2005, the Medtronic, Inc.
Employee Stock Ownership and Supplemental Retirement Plan was amended and renamed the Medtronic, Inc. Savings and Investment Plan.) As of January 26, 2015, the Medtronic, Inc. Savings and Investment Plan was amended and renamed the Medtronic
plc Savings and Investment Plan. 

  
 3 

 2.1.14 “Event” means an event of change in control of the Company, as defined in
the Trust. 
 2.1.15 “Option Replacement Plan” means the Medtronic plc Option Replacement Plan, as amended or restated from
time to time or any predecessor or successor thereto. 
 2.1.16 “Participant” means an Eligible Employee who has commenced
participation in the Plan. 
 2.1.17 “Personal Investment Account” has the same meaning as in the Savings and Investment
Plan. 
 2.1.18 “Personal Investment Account Supplemental Benefit” has the meaning set forth in Article 6. 

2.1.19 “Plan” means the “Medtronic plc Supplemental Executive Retirement Plan” as set forth herein and as amended
or restated from time to time. 
 2.1.20 “Plan Year” means the 12-month period commencing May 1 and ending the
following April 30. 
 2.1.21 “Predecessor Plan” means the Plan, as in effect prior to May 1, 2005. 

2.1.22 “Restatement Date” has the meaning set forth in the preamble. 

2.1.23 “Retirement Plan” means the Medtronic plc Retirement Plan, as amended from time to time, and any predecessor or
successor thereto. In general, the Retirement Plan includes a final average pay benefit for individuals employed by the Company or an Affiliate prior to May 1, 2005. Effective May 1, 2005, the Retirement Plan provides a personal pension
account benefit for individuals who become employed on or after May 1, 2005. Individuals participating in the Retirement Plan prior to May 1, 2005, may elect a personal pension account benefit in lieu of the final average pay benefit for
Plan Years commencing May 1, 2005. Alternatively, an individual otherwise eligible to participate in the Retirement Plan may elect not to participate in the Retirement Plan and receive a contribution to a Personal Investment Account. 

2.1.24 “Retirement Plan Supplemental Benefit” has the meaning set forth in Article 4. 

2.1.25 “Savings and Investment Plan” means the Medtronic, plc Savings and Investment Plan, as amended from time to time, and
any successor thereto. The Savings and Investment Plan includes a salary reduction benefit under Section 401(k) of the Code and a matching contribution benefit under Section 401(m) of the Code. Effective May 1, 2005, the Savings and
Investment Plan also includes a Personal Investment Account for those Participants who have elected this retirement benefit option. 

  
 4 

 2.1.26 “Section 401(a)(17) Limitation” means the limitation on the dollar amount
of compensation that may be taken into account under qualified retirement plans under Section 401(a)(17) of the Code, or any successor provision thereto. 

2.1.27 “Section 415 Limitation” means the limitation on benefits for qualified defined benefit pension plans and the
limitation on allocations for qualified defined contribution plans, which are imposed by Section 415(b) and (c), respectively, of the Code, or any successor provision thereto. 

2.1.28 “Separation from Service” or “Separate from Service,” with respect to a Participant, means the
Participant’s separation from service with all Affiliates, within the meaning of Section 409A(a)(2)(A)(i) of the Code and the regulations thereunder. Solely for this purpose, a Participant will be considered to have a Separation from
Service when the Participant dies, retires, or otherwise has a termination of employment with all Affiliates. The employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide
leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual retains a right to reemployment with the an Affiliate under an applicable statute or by contract. For purposes hereof, a leave of
absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for an Affiliate. If the period of leave exceeds six months and the individual does not retain a right to
reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any
medically determinable physical or mental impairment that can be expected to last for a continuous period of not less than six months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment
or any substantially similar position of employment, the Company may substitute a 29-month period of absence for such six-month period. 

Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the Affiliate and
the Participant reasonably anticipated that no further services will be performed after a certain date or that the level of bona fide services the Participant will perform after such date (whether as an employee or independent contractor) will
permanently decrease to no more than 40 percent of the average level of bona fide services performed (whether as an employee or independent contractor) over the immediately preceding 36-month period (or the full period of services if the Participant
has been providing services for less than 36 months). 
 Notwithstanding anything in Section 2.1.2 to the contrary, in determining
whether a Participant has had a Separation from Service with an Affiliate, an entity’s status as an “Affiliate” shall be determined substituting “50 percent” for “80 percent” each place it appears in
Section 1563(a)(1),(2), and (3) and in Treasury Regulation Section 1.414(c)-2. 

  
 5 

 The Company shall have discretion to determine whether a Participant has experienced a Separation
from Service in connection with an asset sale transaction entered into by the Company or an Affiliate, provided that such determination conforms to the requirements of Section 409A and the regulations and other guidance issued
thereunder, in which case the Company’s determination shall be binding on the Participant. 
 2.1.29 “Section 409A”
means section 409A of the Internal Revenue Code, as amended from time to time and any successor statute. 
 2.1.30 “Specified
Employee” means an employee of an Affiliate who is subject to the six-month delay rule described in Section 409A(2)(B)(i) of the Code. The Company shall establish a written policy for identifying Specified Employees in a manner
consistent with Section 409A, which policy may be amended by the Company from time to time as permitted by Section 409A. 
 2.1.31
“Stock” means the Company’s ordinary shares $.0001 par value per share (as such par value may be adjusted from time to time). 

2.1.32 “Trust” means the Medtronic plc Compensation Trust Agreement Number One, as amended from time to time. 

Section 2.2 Gender and Number. Except as otherwise indicated by context, masculine terminology used herein also includes the
feminine and neuter, and terms used in the singular may also include the plural. 
  

	ARTICLE 3	PARTICIPATION 

 Section 3.1 Who May Participate. Participation in the Plan is
limited to Eligible Employees. 
 Section 3.2 Time and Conditions of Participation. An Eligible Employee shall become a
Participant on the date on which he or she first accrues a benefit under the Plan, provided that he or she is then in compliance with such terms and conditions as the Committee may from time to time establish for the implementation of the
Plan, including, but not limited to, any condition the Committee may deem necessary or appropriate for the Company to meet its obligations under the Plan. 

Section 3.3 Termination and Suspension of Participation. Once an individual has become a Participant, participation shall continue
until payment in full of all benefits to which the Participant or Beneficiary is entitled under the Plan. 
 Section 3.4 Missing
Persons. Each Participant and Beneficiary entitled to receive benefits under the Plan shall be obligated to keep the Company informed of his or her current address until all Plan benefits that are due to be paid to the Participant or Beneficiary
have been paid to him or her. If, after having made reasonable efforts to do so, the Company is unable to locate the Participant or Beneficiary for purposes of making a distribution, the Participant’s or Beneficiary’s Plan benefit will be
forfeited. In no event will a Participant’s or Beneficiary’s benefit be paid to him or her later than the date otherwise required by the Plan. 

Section 3.5 Relationship to Other Plans. Participation in the Plan shall not preclude participation of the Participant in any
other fringe benefit program or plan sponsored by an 

  
 6 

 
Affiliate for which the Participant would otherwise be eligible. Notwithstanding anything in the Plan to the contrary, to the extent permitted by Section 409A, the Committee, or anyone to
whom the Committee has delegated this authority pursuant to Section 10.4, may reduce the benefits payable to a Participant under the Plan if, and to the extent that, benefits are payable to the Participant under another similar plan or
arrangement maintained by the Company or an Affiliate. The Committee (or its delegate) shall have complete and absolute discretion to determine whether another benefit plan or arrangement maintained by the Company or an Affiliate is similar to the
Plan, whether the benefit under the Plan can be reduced in a manner that does not cause a violation of Section 409A, and the amount of the reduction to be applied. 
  

	ARTICLE 4	RETIREMENT PLAN SUPPLEMENTAL BENEFIT 

 Section 4.1 Calculation of Retirement Plan
Supplemental Benefit. An Eligible Employee shall earn a Retirement Plan Supplemental Benefit as of any determination date in an amount equal to the lump sum actuarial equivalent value of his or her Unrestricted Retirement Plan Benefit less the
lump sum actuarial equivalent value of his or her Actual Retirement Plan Benefit, determined as of the determination date. For purposes hereof, the determination date is the first day of the month. The lump sum actuarial equivalent value shall be
determined in each case by use of the otherwise applicable interest rates and other assumptions under the Retirement Plan in determining actuarially equivalent benefits. 

For purposes hereof, an Eligible Employee’s Unrestricted Retirement Plan Benefit as of any determination date equals the vested benefit
that such individual would have accrued under the Retirement Plan as of such date under the otherwise applicable provisions of the Retirement Plan, but determined for periods from and after May 1, 1986, without application of the
Section 415 Limitation or the Section 401(a)(17) Limitation and based upon the compensation that would have been paid to the Eligible Employee during the year but for his or her election to reduce his or her compensation under the Capital
Accumulation Plan or the Option Replacement Plan. 
 For purposes hereof, compensation that is reduced pursuant to such an election shall be
taken into account for the Plan Year during which such compensation would have been paid to the Eligible Employee but for such election and only to the extent that such compensation would otherwise be taken into account under the Retirement Plan in
calculating benefits thereunder had such compensation otherwise been paid directly to the Eligible Employee (but without regard to application of the Section 401(a)(17) Limitation). 

For purposes hereof, an Eligible Employee’s Actual Retirement Plan Benefit as of any determination date equals the vested benefit that
the individual has actually accrued as of such date under the provisions of the Retirement Plan, after taking into account all applicable limitations on contributions, benefits and compensation. 

An Eligible Employee’s Unrestricted Retirement Plan Benefit and Actual Retirement Plan Benefit shall be determined after giving effect to
the election a Participant makes under Section 3.2 of the Retirement Plan (i.e., the election to receive a contribution to a Personal Investment Account under the Savings and Investment Plan, the final average pay benefit under the Retirement
Plan or the personal pension account benefit under the Retirement Plan) for benefits accruing under the Retirement Plan on or after May 1, 2005. 

  
 7 

 Section 4.2 Establishment of Nonqualified Retirement Plan Account. A
Participant’s Retirement Plan Supplemental Benefit shall be determined as of the first day of the month following the month in which the Participant has a Separation from Service, and the lump sum value of such Retirement Plan Supplemental
Benefit shall be credited as of such date to a bookkeeping account established for the Participant on the books and records of the Company, referred to as the “Nonqualified Retirement Plan Account.” 

In the event a Participant terminates employment as a result of death, the value of the benefits, if any, to be credited to his or her
Nonqualified Retirement Account shall be based upon the lump sum actuarial equivalent value of the death benefits that would be paid under the Retirement Plan under the same assumptions as used under Section 4.1 hereof in determining the
Participant’s Unrestricted Retirement Plan Benefit (that is, without regard to the Section 415 Limitation and the Section 401(a)(17) Limitation and without regard to any election the Participant may have made under the Capital
Accumulation Plan or the Option Replacement Plan to reduce his or her compensation) less the lump sum actuarial equivalent value of death benefits actually payable with respect to such Participant under the Retirement Plan, if any, taking into
account all applicable limitations on contributions, benefits and compensation. 
 Section 4.3 Interest Credited to Nonqualified
Retirement Plan Account. All amounts credited to the Nonqualified Retirement Plan Account from time to time shall be credited with interest at a rate that is equal to the pre-retirement interest rate or rates used by the Retirement Plan during
the period for which interest is to be so credited for purposes of determining actuarially equivalent benefits under the Retirement Plan. Interest as so determined shall be compounded monthly during the Plan Year. 

Section 4.4 Payment of Nonqualified Retirement Plan Account. Payment to a Participant of his or her Nonqualified Retirement Plan
Account shall commence within 90 days following the six month anniversary of his or her Separation from Service. All distributions of the Nonqualified Retirement Account will be made in cash. If the value of the Participant’s Nonqualified
Retirement Account, determined as of the date on which such Account is established, is greater than $100,000, the Account together with interest thereon shall be paid to the Participant on a monthly basis over a 15-year period in 180 equal monthly
installments. If the value of the Participant’s Nonqualified Retirement Account, determined as of the date on which such Account is established, is $100,000 or less, the Account together with interest thereon shall be paid to the Participant in
a lump sum. 
  

	ARTICLE 5	DEFINED CONTRIBUTION SUPPLEMENTAL BENEFIT 

 Section 5.1 Nonqualified Defined
Contribution Account. The Company previously established an Account on behalf of each Participant entitled to a Defined Contribution Supplemental Benefit (as defined in the Predecessor Plan and commonly referred to as the “ESOP restoration
benefit”) referred to as the “Nonqualified Defined Contribution Account.” All contributions to the Nonqualified Defined Contribution Account ceased effective April 30, 2005. A Participant’s Nonqualified Defined Contribution
Account, if any, will continue to vest according to the terms of the Predecessor Plan. 

  
 8 

 Section 5.2 Gains Credited to Nonqualified Defined Contribution Account. A
Participant’s Defined Contribution Supplemental Benefit is expressed in the form of the right to receive Stock. Because of this, the Nonqualified Defined Contribution Account is adjusted to reflect Stock splits, Stock dividends and
recapitalizations in such manner as may be determined by the Committee. The Committee may also, in its discretion, adjust the Nonqualified Defined Contribution Account to reflect dividends payable with respect to the Stock from time to time in such
manner as it deems appropriate. 
 Section 5.3 Payment of Nonqualified Defined Contribution Account. Payment to a Participant of
his or her Nonqualified Defined Contribution Account shall be made within 90 days following the end of the Plan Year in which the Participant’s Separation from Service occurs. Payment shall be made in Stock in the form of a lump sum. 

 

	ARTICLE 6	PERSONAL INVESTMENT ACCOUNT SUPPLEMENTAL BENEFIT 

 Section 6.1 Calculation of
Personal Investment Account Supplemental Benefit. An Eligible Employee who, pursuant to Section 3.2 of the Retirement Plan, elects to participate in the Personal Investment Account Benefit under the Savings and Investment Plan, shall be
credited with a Personal Investment Account Supplemental Benefit as of the end of each Plan Year commencing May 1, 2005, in an amount equal to his or her Unrestricted Personal Investment Account Allocation for such year less his or her Actual
Personal Investment Account Allocation for such year; provided, however, that for the year in which the Participant has a Separation from Service, the Participant’s Personal Investment Account Supplemental Benefit for such year
shall be determined as of the end of the month in which the Separation from Service occurs. 
 An Eligible Employee’s Unrestricted
Personal Investment Account Allocation for a year equals the dollar amount that would have been allocated by the Company to his or her Personal Investment Account for the year, but without application of the Section 415 Limitation or the
Section 401(a)(17) Limitation and based upon the compensation that would have been paid to the Eligible Employee during the year but for his or her election to reduce his or her compensation under the Capital Accumulation Plan or the Option
Replacement Plan. For purposes hereof, compensation that is reduced pursuant to such an election shall be taken into account for the Plan Year during which such compensation would have been paid to the Eligible Employee but for such election and
only to the extent that such compensation would otherwise be taken into account under the Savings and Investment Plan in calculating benefits thereunder had such compensation otherwise been paid directly to the Eligible Employee (but without regard
to application of the Section 401(a)(17) Limitation). 
 An Eligible Employee’s Actual Personal Investment Account Allocation for
a year equals the dollar amount that the Company actually allocates as a contribution to the Eligible Employee’s Personal Investment Account for such year. 

  
 9 

 Section 6.2 Establishment of Nonqualified Personal Investment Account. The Personal
Investment Account Supplemental Benefit to be credited to a Participant for a Plan Year under Section 6.1 shall be credited as of the last day of such year (except for the Plan Year in which a Participant has a Separation from Service, in which
case it shall be credited as of the last day of the month in which the Separation from Service occurs) to an account established on the books and records of the Company, referred to as the “Nonqualified Personal Investment Account.” 

Section 6.3 Crediting Gains and Losses to Nonqualified Personal Investment Account. The Committee shall designate the manner in
which a Participant’s Nonqualified Personal Investment Account is to be credited with gains and losses as described on Schedule A hereto, which Schedule may be amended from time to time in the Committee’s discretion. If the Committee
designates specific investment funds to serve as an index for crediting gains and losses to a Participant’s Nonqualified Personal Investment Account: (a) the Participant shall be entitled to designate which such fund or funds shall be used
to measure gains and losses on his or her Nonqualified Personal Investment Account and to change such designation in accordance with rules established by the Committee; (b) the Participant’s Nonqualified Personal Investment Account will be
credited with gains and losses as if invested in such fund or funds in accordance with the Participant’s designation and the rules established by the Committee; and (c) the Committee may, in its sole discretion, eliminate any investment
fund or funds previously designated by it, substitute a new investment fund or funds therefore, or add investment fund or funds, at any time. If the Committee makes any such investment funds available for this purpose, the Company shall have no
obligation to actually invest any amounts in any such investment funds. Unless the Committee adopts a different rule, investment designations may be changed, generally, on a daily basis. 

Section 6.4 Vested Interest in Nonqualified Personal Investment Account. A Participant’s vested interest in his or her
Nonqualified Personal Investment Account shall be determined in the same manner as the Participant’s vested interest in his or her Personal Investment Account, and the Company may forfeit the non-vested portion of the Participant’s
Nonqualified Personal Investment Account under the same rules and subject to the same limitations as provided for the Personal Investment Account under the Savings and Investment Plan. Notwithstanding the preceding sentence, a Participant shall not
earn a fully-vested interest in his or her Nonqualified Personal Investment Account as a result of the termination or partial termination of the Plan in those situations where the Participant is not otherwise fully vested in such Account. 

Section 6.5 Payment of Nonqualified Personal Investment Account. Payment to a Participant of his or her Nonqualified Personal
Investment Account shall commence within 90 days following the six month anniversary of his or her Separation from Service. All distributions of the Nonqualified Personal Investment Account will be paid in the form of cash. If the value of the
Participant’s Nonqualified Personal Investment Account, determined as of the date on which the Participant’s Separation from Service occurs, is greater than $100,000, the Account shall be paid to the Participant on a monthly basis over a
fifteen-year period in 180 equal monthly installments. Gains and losses pursuant to Section 6.3 shall continue to be credited on the declining balance of the Account during the payout period. If the value of the Participant’s Nonqualified
Personal Investment Account, determined as of the date on which the Participant’s Separation from Service occurs, is $100,000 or less, the Account shall be paid to the Participant in a lump sum. 

  
 10 

	ARTICLE 7	DEATH BENEFITS 

 Section 7.1 Form and Time of Payment. If a Participant dies
before all amounts in an Account have been distributed to him or her (whether the Participant’s death occurs before or after distributions have commenced to the Participant), the Account balance, to the extent then vested, shall be paid to the
Participant’s Beneficiary in a lump sum within 90 days after the Participant’s death. 
 Section 7.2 Beneficiary. 

7.2.1 Designation of Beneficiary. Each Participant has the right to designate primary and contingent Beneficiaries for death benefits
payable under the Plan. Such Beneficiaries may be individuals or trusts for the benefit of individuals. A Beneficiary designation by a Participant shall be in writing on a form acceptable to the Committee and shall only be effective upon delivery to
the Company. A Beneficiary designation may be revoked by a Participant at any time by delivering to the Company either written notice of revocation or a new Beneficiary designation form. The Beneficiary designation form last delivered to the Company
prior to the death of a Participant shall control. 
 7.2.2 Failure to Designate Beneficiary. In the event there is no Beneficiary
designation on file with the Company at the Participant’s death, or if all Beneficiaries designated by a Participant have predeceased the Participant, any benefits payable pursuant to this Article 7 will be paid to the Participant’s
surviving spouse, if living; or if the Participant does not leave a surviving spouse, to the Participant’s surviving issue by right of representation; or, if there are no such surviving issue, to the Participant’s estate. 

 

	ARTICLE 8	CHANGE IN CONTROL PROVISIONS 

 Section 8.1 Application of Article 8. To the
extent applicable, the provisions of this Article 8 relating to an Event of change in control of the Company shall control, notwithstanding any other provisions of the Plan to the contrary, and shall supersede any other provisions of the Plan to the
extent inconsistent with the provisions of this Article 8. 
 Section 8.2 Payments to and by the Trust. Pursuant to the terms of
the Trust, the Company is required to make certain payments to the Trust if an Event occurs or if the Company determines that it is probable that an Event may occur. The obligation of the Company to make such payments shall be considered an
obligation under the Plan; provided, however, that such obligation shall at all times be and remain subject to the terms of the Trust as in effect from time to time. 

Section 8.3 Legal Fees and Expenses. The Company shall reimburse a Participant or his or her Beneficiary for all reasonable legal
fees and expenses incurred by such Participant or Beneficiary after the date of an Event in seeking to obtain any right or benefit provided by the Plan; provided however, that: (a) any such reimbursement shall be made during a
period not to exceed 20 years following the date of the Event; (b) the amount eligible for reimbursement 

  
 11 

 
during a taxable year of the Participant or Beneficiary shall not affect the amount eligible for reimbursement in any other taxable year; (c) the reimbursement is made on or before the last
day of the Participant’s or Beneficiary’s taxable year following the taxable year in which the legal fees and expenses are incurred; and (d) the right to reimbursement is not subject to liquidation or exchange for another benefit.

 Section 8.4 Late Payment and Additional Payment Provisions. If after the date of an Event the Company delays a payment
required to be made under the Plan past the final date that the payment was due to be made, the amount of each such delayed payment shall be credited with interest at the rate of five percent per year, compounded quarterly, from the date on which
the distribution was required to be made under the terms of the Plan until the actual date of the distribution. In the event that this interest is to be credited for some period less than a full calendar quarter, the interest shall be determined and
compounded for the fractional quarter. This interest represents a late payment penalty for the delay in payment and is intended to supplement any other interest or gains credited to a Participant’s Account under the Plan. 

Any benefit payments made by the Company after the date on which a benefit distribution was required to be made under the terms of the Plan
shall be applied first against the first due of such benefit distributions (with application first against any applicable late payment penalty and next against the benefit amount itself) until fully paid, and next against the next due of such
payments in the same manner, and so forth, for purposes of calculating the late payment penalties hereunder. 
 In the event that payment of
benefits has commenced to a Participant or Beneficiary prior to the date of an Event, then the date on which distribution was required to be made under the terms of the Plan shall be determined with reference to the payment provision that was in
effect prior to the date of the Event. No adjustment may be made to any payment form which was in effect prior to the date of an Event with respect to any Account which would have the effect of delaying payments otherwise to be made under the
payment form or otherwise increasing the period of time over which payments are to be made. 
 Participants and their Beneficiaries shall be
entitled to benefit payment under the Plan plus the late payment penalty referred to hereinabove first from the Trust and secondarily from the Company, as otherwise provided in Section 8.2. 

 

	ARTICLE 9	FUNDING 

 Section 9.1 Source of Benefits. All benefits under the Plan shall
be paid when due by the Company out of its assets or from the Trust. 
 Section 9.2 No Claim on Specific Assets. No Participant
shall be deemed to have, by virtue of being a Participant in the Plan, any claim on any specific assets of the Company such that the Participant would be subject to income taxation on his or her benefits under the Plan prior to distribution and the
rights of Participants and Beneficiaries to benefits to which they are otherwise entitled under the Plan shall be those of an unsecured general creditor of the Company. 

  
 12 

	ARTICLE 10	ADMINISTRATION 

 Section 10.1 Administration. The Plan shall be administered
by the Committee. The Company shall bear all administrative costs of the Plan other than those specifically charged to a Participant or Beneficiary. 

Section 10.2 Powers of Committee. In addition to the other powers granted under the Plan, the Committee shall have all powers
necessary to administer the Plan, including, without limitation, powers to: 
 (a) interpret the provisions of the Plan; 

(b) establish and revise the method of accounting for the Plan and to maintain the Accounts; and 

(c) establish rules for the administration of the Plan and to prescribe any forms required to administer the Plan. 

Section 10.3 Actions of the Committee. Except as modified by the Board, the Committee (including any person or entity to whom the
Committee has delegated duties, responsibilities or authority, to the extent of such delegation) has total and complete discretionary authority to determine conclusively for all parties all questions arising in the administration of the Plan, to
interpret and construe the terms of the Plan, and to determine all questions of eligibility and status of employees, Participants and Beneficiaries under the Plan and their respective interests. Subject to the claims procedures of Section 10.6,
all determinations, interpretations, rules and decisions of the Committee (including those made or established by any person or entity to whom the Committee has delegated duties, responsibilities or authority, if made or established pursuant to such
delegation) are conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. 

Section 10.4 Delegation. The Committee, or any officer designated by the Committee, shall have the power to delegate specific
duties and responsibilities to officers or other employees of the Company or other individuals or entities. Any delegation may be rescinded by the Committee at any time. Each person or entity to whom a duty or responsibility has been delegated shall
be responsible for the exercise of such duty or responsibility and shall not be responsible for any act or failure to act of any other person or entity. 

Section 10.5 Reports and Records. The Committee, and those to whom the Committee has delegated duties under the Plan, shall keep
records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for compliance with applicable law. 

Section 10.6 Claims Procedure. The Committee shall notify a Participant in writing within 90 days of the Participant’s
written application for benefits of his or her eligibility or non-eligibility for benefits under the Plan. If the Committee determines that a Participant is not eligible for benefits or full benefits, the notice shall set forth: (a) the
specific reasons for such denial; (b) a specific reference to the provision of the Plan on which the denial is based; (c) a description of any additional information or material necessary for the claimant to perfect his or

  
 13 

 
her claim, and a description of why it is needed; and (d) an explanation of the Plan’s claims review procedure and other appropriate information as to the steps to be taken if the
Participant wishes to have his or her claim reviewed. If the Committee determines that there are special circumstances requiring additional time to make a decision, the Committee shall notify the Participant of the special circumstances and the date
by which a decision is expected to be made, and may extend the time for up to an additional 90-day period. If a Participant is determined by the Committee to be not eligible for benefits, or if the Participant believes that he or she is entitled to
greater or different benefits, the Participant shall have the opportunity to have his or her claim reviewed by the Committee by filing a petition for review with the Committee within 60 days after receipt by the Participant of the notice issued by
the Committee. If a Participant does not appeal on time, the Participant will lose the right to appeal the denial and the right to file suit under ERISA, and the Participant will have failed to exhaust the Plan’s internal administrative appeal
process, which is generally a prerequisite to bringing suit. Said petition shall state the specific reasons the Participant believes he or she is entitled to benefits or greater or different benefits. Within 60 days after receipt by the Committee of
said petition, the Committee shall afford the Participant (and his or her counsel, if any) an opportunity to present the Participant’s position to the Committee orally or in writing, and the Participant (or his or her counsel) shall have the
right to review the pertinent documents, and the Committee shall notify the Participant of its decision in writing within said 60-day period, stating specifically the basis of the decision written in a manner calculated to be understood by the
Participant and the specific provisions of the Plan on which the decision is based. If, because of the need for a hearing, the 60-day period is not sufficient, the decision may be deferred for up to another 60-day period at the election of the
Committee, but notice of this deferral shall be given to the Participant. In the event an appeal of a denial of a claim for benefits is denied, any lawsuit to challenge the denial of such claim must be brought within one year of the date the
Committee has rendered a final decision on the appeal. 
  

	ARTICLE 11	AMENDMENTS AND TERMINATION 

 Section 11.1 Amendments. The Company, by action
of the Compensation Committee of the Board, or the Chief Executive Officer of the Company or the Senior Vice President of Human Resources, to the extent authorized by the Compensation Committee of the Board, may amend the Plan, in whole or in part,
at any time and from time to time. Any such amendment shall be filed with the Plan documents. No amendment, however, may be effective to reduce the vested amounts credited to a Participant’s Account (or that would be so credited with respect to
a Participant who is actively employed immediately prior to the date of amendment had the Participant had a Separation from Service and had his or her Account been established immediately prior to such date), as determined immediately prior to such
amendment, except that the Company may change the investment funds or funds that it may make available for crediting gains and losses pursuant to Section 6.3 at any time in its discretion. 

Section 11.2 Termination. The Company reserves the right to terminate the Plan at any time by action of the Compensation Committee
of the Board. Upon termination of the Plan, all accruals and contributions shall immediately cease. Termination of the Plan shall not be effective to reduce the vested amounts credited to a Participant’s Account (or that would be so credited
with respect to a Participant who is actively employed immediately prior to the date of such termination had the Participant had a Separation from Service and had his or her Account been 

  
 14 

 
established immediately prior to such date). If the Plan is terminated, payments from the Accounts of all Participants and Beneficiaries shall be made at the time and in the manner otherwise
specified in the Plan, except as otherwise determined by the Company at the time of termination, subject to Article 8. 
  

	ARTICLE 12	MISCELLANEOUS 

 Section 12.1 No Guarantee of Employment. Neither the adoption nor
the maintenance of the Plan shall be deemed to be a contract of employment between any Affiliate and any Participant. Nothing contained herein shall give any Participant the right to be retained in the employ of an Affiliate or to perform services
for an Affiliate, or to interfere with the right of an Affiliate to discharge any Participant at any time; nor shall it give an Affiliate the right to require any Participant to remain in its employ or to perform services for it or to interfere with
the Participant’s right to terminate his or her employment or performance of services at any time. 
 Section 12.2 Release.
Any payment of benefits to or for the benefit of a Participant or a Participant’s Beneficiary that is made in good faith by the Company in accordance with the Company’s interpretation of its obligations under the Plan shall be in full
satisfaction of all claims against the Company for benefits under the Plan to the extent of such payment. 
 Section 12.3
Notices. Any notice permitted or required under the Plan shall be in writing and shall be hand-delivered or sent, postage prepaid, by first class mail, or by certified or registered mail with return receipt requested, to the principal office
of the Company, if to the Company, or to the address last shown on the records of the Company, if to a Participant or Beneficiary. Any such notice shall be effective as of the date of hand-delivery or mailing. 

Section 12.4 Nonalienation. No benefit payable at any time under the Plan shall be subject in any manner to alienation, sale,
transfer, assignment, pledge, levy, attachment, or encumbrance of any kind by any Participant or Beneficiary, except with respect to a Domestic Relations Order. 

Section 12.5 Withholding. The Company may withhold from any payment of benefits or other compensation payable to a Participant or
Beneficiary, or the Company may direct the trustee of the Trust to withhold from any payment of benefits to a Participant or Beneficiary, such amounts as the Company determines are reasonably necessary to pay any taxes or other amounts required to
be withheld under applicable law. 
 Section 12.6 Captions. Article and section headings and captions are provided for purposes
of reference and convenience only and shall not be relied upon in any way to construe, define, modify, limit, or extend the scope of any provision of the Plan. 

Section 12.7 Applicable Law. The Plan and all rights hereunder shall be governed by and construed according to the laws of the
State of Minnesota, except to the extent such laws are preempted by the laws of the United States of America. 
 Section 12.8
Invalidity of Certain Provisions; Sections 409A and 457A. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of the Plan and the Plan shall be construed and
enforced as if such 

  
 15 

 
provision had not been included. The Plan is intended to comply in form and operation with Section 409A, and shall be construed accordingly. If any provision of the Plan does not conform to
the requirements of Section 409A or Section 457A of the Code, the Plan shall be construed and enforced as if such provision had not been included. Without limiting the generality of the foregoing, no compensation may be deferred under the
Plan if such deferral would violate the provisions of Section 457A of the Code by virtue of being paid or payable in respect of services to any “non-qualified entity” within the meaning of Section 457A of the Code. 

Section 12.9 No Other Agreements. The terms and conditions set forth herein constitute the entire understanding of the Company and
the Participants with respect to the matters addressed herein. 
 Section 12.10 Incapacity. In the event that any Participant is
unable to care for his or her affairs because of illness or accident, any payment due may be paid to the Participant’s spouse, parent, brother, sister or other person deemed by the Committee to have incurred expenses for the care of such
Participant, unless a duly qualified guardian or other legal representative has been appointed. 
 Section 12.11 Electronic
Media. Notwithstanding anything in the Plan to the contrary, but subject to the requirements of ERISA, the Code, or other applicable law, any action or communication otherwise required to be taken or made in writing by a Participant or
Beneficiary or by the Company or Committee shall be effective if accomplished by another method or methods required or made available by the Company or Committee, or their agent, with respect to that action or communication, including e-mail,
telephone response systems, intranet systems, or the Internet. 
 Section 12.12 Delay of Distributions Upon Certain Events Delay in
Distributions. 
 (a) Except as set forth in Section 12.13, if a Participant is a Specified Employee as of the date
of his or her Separation from Service, any distributions that under the terms of the Plan are to commence to the Participant on his or her Separation from Service (“separation distributions”) shall commence within 90 days after the
Participant’s “delayed distribution date” (as defined below). In this case, the Company shall, in its discretion, determine whether the first separation distribution to the Participant shall include the aggregate amount of any
separation distributions that, but for this paragraph (a), would have been paid to the Participant from the date of his or her Separation from Service until the delayed distribution date, or whether each separation distribution shall be delayed for
six months. For purposes of this paragraph (a), a Specified Employee’s “delayed distribution date” is the first day of the seventh month following the Participant’s Separation from Service, or if earlier, the date of the
Participant’s death. 

  
 16 

 (b) A payment under the Plan may be delayed by the Company under any of the
following circumstances so long as all payments to similarly situated Participants are treated on a reasonably consistent basis: 

(i) The Company reasonably anticipates that if such payment were made as scheduled, the Company’s deduction with respect
to such payment would not be permitted under Section 162(m) of the Code, provided that the payment is made either during the first Plan Year in which the Company reasonably anticipates, or should reasonably anticipate, that if the
payment is made during such year, the deduction of such payment will not be barred by application of Section 162(m) or during the period beginning with the date of the Participant’s Separation from Service and ending on the later of the
last day of the Company’s fiscal year in which the Participant has a Separation from Service or the 15th day of the third month following the Separation from Service. 

(ii) The Company reasonably anticipates that the making of the payment will violate Federal securities laws or other
applicable law, provided that the payment is made at the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation. 

(iii) Upon such other events as determined by the Company and according to such terms as are consistent with Section 409A
or are prescribed by the Commissioner of Internal Revenue. 
 Section 12.13 Acceleration of Distributions Upon Certain Events.
The Company may, in its discretion, distribute all or a portion of a Participant’s Accounts at an earlier time and in a different form than specified above in this Article 5 under the circumstances described below: 

(a) As may be necessary to fulfill a Domestic Relations Order. Distributions pursuant to a Domestic Relations Order shall be
made according to administrative procedures established by the Company. 
 (b) To the extent reasonably necessary to avoid
the violation of ethics laws or conflict of interest laws pursuant to Section 1.409A-3(j)(ii) of the Treasury regulations. 

(c) To pay FICA on amounts deferred under the Plan and the income tax resulting from such payment. 

(d) To pay the amount required to be included in income as a result of the Plan’s failure to comply with
Section 409A. 
 (e) If the Company determines, in its discretion, that it is advisable to liquidate the Plan in
connection with a termination of the Plan pursuant to Section 11.2, subject to Article 8. 
 (f) As satisfaction of a
debt of the Participant to an Affiliate, where such debt is incurred in the ordinary course of the service relationship between the Affiliate and the Participant, the entire amount of the reduction in any Plan Year does not exceed $5,000, and the
reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 

  
 17 

 Notwithstanding anything in this Section 12.13 to the contrary, the Company shall not
provide the Participant with discretion or a direct or indirect election regarding whether a payment is accelerated pursuant to this Section 12.13. 

  
 18 

 SCHEDULE A 

Manner of Crediting Gains and Losses to Personal Investment Account 

Pursuant to Section 6.3 
 The
Personal Investment Accounts of Participants shall be credited with gains and losses as if invested in one or more of the investments funds listed below that are selected by the Company and communicated to the Participants from time to time, in the
proportions designated by the Participant on an investment election form submitted to the Company by the Participant. The investment election form shall be submitted to the Company in the form and manner specified by the Committee, which may be
electronically pursuant to Section 12.11. Until and unless changed by the Committee, Participants shall be permitted to change investment elections, generally, on a daily basis. 

Medtronic Interest Income Fund 

Vanguard Total Bond Market Index Fund 

Vanguard Wellington Fund 
 Vanguard
500 Index Fund 
 Vanguard Windsor II Fund 

Vanguard Morgan Growth Fund 

Vanguard PRIMECAP Fund 
 Vanguard
Extended Market Index Fund 
 Vanguard Explorer Fund 

Vanguard International Growth Fund 

Medtronic plc Stock Fund 

  
 A-1Exhibit 10.1

 

SUTOR TECHNOLOGY GROUP LIMITED

INDEPENDENT DIRECTOR’S CONTRACT

 

 

THIS INDEPENDENT DIRECTOR’S
CONTRACT (the “Agreement”) is made as of the 26th day of January, 2015 and is by and between Sutor Technology
Group Limited, a Nevada corporation (hereinafter referred to as the “Company”), and Lin Yang (hereinafter referred
to as the “Director”).

 

BACKGROUND

 

The Company desires
to retain the Director for the duties of Independent Director and the Director desires to be retained for such position and to
perform the duties required of such position in accordance with the terms and conditions of this Agreement.

 

AGREEMENT

 

In consideration for
the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged,
the Company and the Director hereby agree as follows:

 

1.DUTIES. The Company
requires that the Director be available to perform the duties of an independent director customarily related to this function as
may be determined and assigned by the Board of Directors and as may be required by the Company’s constituent instruments,
including its Articles of Incorporation, Bylaws and its corporate governance and board committee charters, each as amended or modified
from time to time, and by applicable law, including the Nevada Revised Statutes. The Director agrees to devote as much time as
is necessary to perform completely the duties as the Director of the Company, including duties as the chairman of the Audit Committee
and a member of Compensation Committee, Governance and Nominating Committee and such other committees as the Director may hereafter
be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors
arising under Chapter 78 of the Nevada Revised Statutes.

 

2.TERM. The term
of this Agreement shall commence as of the date hereof and shall continue until the Director’s removal, resignation or the
one-year anniversary of the date hereof, whichever is earlier. This 12-month period ending on the anniversary date of the Director’s
appointment is a “Service Year.”

 

3.COMPENSATION.
For all services to be rendered by Director in any capacity hereunder, the Company agrees to pay Director a fee of RMB 200,000
in cash during this Service Year.

 

4.EXPENSES. In
addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable
business related expenses incurred in good faith in the performance of the Director’s duties for the Company. Such payments
shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement
shall be accompanied by sufficient documentary matter to support the expenditures.

 

5.CONFIDENTIALITY.
The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished,
the Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affairs,
including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets
of the Company (“Confidential Information”). The Director covenants not to, either directly or indirectly, in
any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.

 

    	 

    	 

    

 

6.NON-COMPETE.
During the term of this Agreement and for a period of twelve (12) months following the termination of this agreement (the “Restricted
Period”), the Director shall not, directly or indirectly, (a) in any manner whatsoever engage in any capacity with any
business competitive with the Company’s current lines of business or any business then engaged in by the Company, any of
its subsidiaries or any of its affiliates (the “Company’s Business”) for the Director’s own benefit
or for the benefit of any person or entity other than the Company or any subsidiary or affiliate; or (b) have any interest as owner,
sole proprietor, stockholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business
competitive with the Company’s Business; provided, however, that the Director may hold, directly or indirectly,
solely as an investment, not more than one percent (1%) of the outstanding securities of any person or entity which is listed on
any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person or
entity is engaged in a business competitive with the Company’s Business. In addition, during the Restricted Period, the Director
shall not develop any property for use in the Company’s Business on behalf of any person or entity other than the Company,
its subsidiaries and affiliates.

 

7.TERMINATION.
With or without cause, the Company and the Director may each terminate this Agreement at any time upon ten (10) days written notice,
and the Company shall be obligated to pay to the Director the compensation and expenses due up to the date of the termination.
Nothing contained herein or omitted herefrom shall prevent the stockholder(s) of the Company from removing the Director with immediate
effect at any time for any reason.

 

8.INDEMNIFICATION.
The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the State of Nevada,
and as provided by, or granted pursuant to, any charter provision, Bylaw provision, agreement (including, without limitation, the
Indemnification Agreement executed herewith), vote of stockholders or disinterested directors or otherwise, both as to action in
the Director’s official capacity and as to action in another capacity while holding such office.

 

9.EFFECT OF WAIVER.
The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of
any subsequent breach thereof.

 

10.NOTICE. Any
and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page
hereto or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities
and Exchange Commission and if by fax, to 0086-512-52687706

 

11.GOVERNING LAW.
This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of
the State of Nevada without reference to that state’s conflicts of laws principles.

 

12.ASSIGNMENT.
The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder
shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of the
Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without
the prior written consent of the Company.

 

13.MISCELLANEOUS.
If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such
invalidity or illegality, the remaining terms and provisions of this Agreement shall remain in full force and effect in the same
manner as if the invalid or illegal provision had not been contained herein.

 

    	-2-

    	 

    

 

14.ARTICLE HEADINGS.
The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

15.COUNTERPARTS.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile
execution and delivery of this Agreement is legal, valid and binding for all purposes.

 

16. ENTIRE AGREEMENT.
Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject
matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether
oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.

 

 

[Signature Page Follows]

 

    	-3-

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Independent Director’s Contract to be duly executed and signed as of the day and year
first above written.

 

 

	 	SUTOR TECHNOLOGY GROUP LIMITED
	 	 
	 	BY: 	/s/ Lifang Chen
	 	Name:

Title:	Lifang Chen
Chief Executive
Officer

 

	 	INDEPENDENT
DIRECTOR
	 	 
	 	BY: 	/s/ Lin Yang
	 	Name:	Lin Yang
	 	
Address:

 

 

    	 

    	 

    

 

EXHIBIT A

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (this “Agreement”), dated as of the 26th day of January, 2015 is made by and between SUTOR TECHNOLOGY
GROUP LIMITED., a Nevada corporation (the “Company”), and Lin Yang, a director of the Company (the “Indemnitee”).

 

RECITALS

 

A.The Company and the Indemnitee
recognize that the present state of the law is too uncertain to provide the Company’s officers and directors with adequate
and reliable advance knowledge or guidance with respect to the legal risks and potential liabilities to which they may become personally
exposed as a result of performing their duties for the Company;

 

B.The Company and the Indemnitee
are aware of the substantial growth in the number of lawsuits filed against corporate officers and directors in connection with
their activities in such capacities and by reason of their status as such;

 

C.The Company and the Indemnitee
recognize that the cost of defending against such lawsuits, whether or not meritorious, is typically beyond the financial resources
of most officers and directors of the Company;

 

D.The Company and the Indemnitee
recognize that the legal risks and potential liabilities, and the threat thereof, associated with proceedings filed against the
officers and directors of the Company bear no reasonable relationship to the amount of compensation received by the Company’s
officers and directors;

 

E.The Company, after reasonable
investigation prior to the date hereof, has determined that the liability insurance coverage available to the Company as of the
date hereof is inadequate, unreasonably expensive or both. The Company believes, therefore, that the interest of the Company and
its current and future stockholders would be best served by a combination of (i) such insurance as the Company may obtain pursuant
to the Company’s obligations hereunder and (ii) a contract with its officers and directors, including the Indemnitee, to
indemnify them to the fullest extent permitted by law (as in effect on the date hereof, or, to the extent any amendment may expand
such permitted indemnification, as hereafter in effect) against personal liability for actions taken in the performance of their
duties to the Company;

 

F.Section 78.7502 of the Nevada
Revised Statutes empowers Nevada corporations to indemnify their officers and directors and further states that the indemnification
provided by Section 78.7502 shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled
under the articles of incorporation or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both
as to action in an official capacity and as to action in another capacity while holding such office; thus, Section 78.7502 does
not by itself limit the extent to which the Company may indemnify persons serving as its officers and directors;

 

G.The Company’s Articles
of Incorporation and Bylaws authorize the indemnification of the officers and directors of the Company in excess of that expressly
permitted by Section 78.7502;

 

H.The Board of Directors of the
Company has concluded that, to retain and attract talented and experienced individuals to serve as officers and directors of the
Company and to encourage such individuals to take the business risks necessary for the success of the Company, it is necessary
for the Company to contractually indemnify its officers and directors, and to assume for itself liability for expenses and damages
in connection with claims against such officers and directors in connection with their service to the Company, and has further
concluded that the failure to provide such contractual indemnification could result in great harm to the Company and its stockholders;

 

    	 

    	 

    

 

I.The Company desires and has requested
the Indemnitee to serve or continue to serve as a director or officer of the Company, free from undue concern for the risks and
potential liabilities associated with such services to the Company; and

 

J.The Indemnitee is willing to
serve, or continue to serve, the Company, provided, and on the expressed condition, that the Indemnitee is furnished with the indemnification
provided for herein.

 

AGREEMENT

 

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

 

1.DEFINITIONS.

 

(a)“EXPENSES” means,
for the purposes of this Agreement, all direct and indirect costs of any type or nature whatsoever (including, without limitation,
any fees and disbursements of Indemnitee’s counsel, accountants and other experts and other out-of-pocket costs) actually
and reasonably incurred by the Indemnitee in connection with the investigation, preparation, defense or appeal of a Proceeding;
provided, however, that Expenses shall not include judgments, fines, penalties or amounts paid in settlement of a Proceeding.

 

(b)“PROCEEDING” means,
for the purposes of this Agreement, any threatened, pending or completed action or proceeding, whether civil, criminal, administrative
or investigative (including an action brought by or in the right of the Company) in which Indemnitee may be or may have been involved
as a party or otherwise, by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action taken by Indemnitee or of any inaction on his or her part while acting as such director or officer or by reason of the fact
that he or she is or was serving at the request of the Company as a director, officer, employee or agent of another foreign or
domestic corporation, partnership, joint venture, trust or other enterprise, or was a director or officer of the foreign or domestic
corporation which was a predecessor corporation to the Company or of another enterprise at the request of such predecessor corporation,
whether or not he or she is serving in such capacity at the time any liability or expense is incurred for which indemnification
or reimbursement can be provided under this Agreement.

 

2.AGREEMENT TO SERVE.

 

Indemnitee agrees to
serve or continue to serve as a director or officer of the Company to the best of his or her abilities at the will of the Company
or under separate contract, if such contract exists, for so long as Indemnitee is duly elected or appointed and qualified or until
such time as the Indemnitee tenders his or her resignation in writing. Nothing contained in this Agreement is intended to create
in Indemnitee any right to continued employment.

 

3.INDEMNIFICATION.

 

(a)THIRD PARTY PROCEEDINGS. The
Company shall indemnify Indemnitee against Expenses, judgments, fines, penalties or amounts paid in settlement (if the settlement
is approved in advance by the Company) actually and reasonably incurred by Indemnitee in connection with a Proceeding (other than
a Proceeding by or in the right of the Company) if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to
believe Indemnitee’s conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction,
or upon a plea of NOLO CONTENDERE or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in
good faith and in a manner which Indemnitee reasonably believed to be in the best interests of the Company, or, with respect to
any criminal Proceeding, had no reasonable cause to believe that Indemnitee's conduct was unlawful.

 

    	 

    	 

    

 

(b)PROCEEDINGS BY OR IN THE RIGHT
OF THE COMPANY. To the fullest extent permitted by law, the Company shall indemnify Indemnitee against Expenses and amounts paid
in settlement, actually and reasonably incurred by Indemnitee in connection with a Proceeding by or in the right of the Company
to procure a judgment in its favor if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the
best interests of the Company and its stockholders. Notwithstanding the foregoing, no indemnification shall be made in respect
of any claim, issue or matter as to which Indemnitee shall have been adjudged liable to the Company in the performance of Indemnitee’s
duty to the Company and its stockholders unless and only to the extent that the court in which such action or Proceeding is or
was pending shall determine upon application that, in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnity for Expenses and then only to the extent that the court shall determine.

 

(c)SCOPE. Notwithstanding any other
provision of this Agreement but subject to Section 14(b), the Company shall indemnify the Indemnitee to the fullest extent permitted
by law, notwithstanding that such indemnification is not specifically authorized by other provisions of this Agreement, the Company’s
Articles of Incorporation, the Company’s Bylaws or by statute.

 

4.LIMITATIONS ON INDEMNIFICATION.

 

Any other provision
herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(a)EXCLUDED ACTS. To indemnify
Indemnitee for any acts or omissions or transactions from which a director may not be relieved of liability under applicable law;

 

(b)EXCLUDED INDEMNIFICATION PAYMENTS.
To indemnify or advance Expenses in violation of any prohibition or limitation on indemnification under the statutes, regulations
or rules promulgated by any state or federal regulatory agency having jurisdiction over the Company.

 

(c)CLAIMS INITIATED BY INDEMNITEE.
To indemnify or advance Expenses to Indemnitee with respect to Proceedings or claims initiated or brought voluntarily by Indemnitee
and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other statute or law or otherwise as required under Section 78.7502 of the Nevada Revised Statutes, but such
indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors has approved
the initiation or bringing of such suit;

 

(d)LACK OF GOOD FAITH. To indemnify
Indemnitee for any Expenses incurred by the Indemnitee with respect to any Proceeding instituted by Indemnitee to enforce or interpret
this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by the Indemnitee in
such Proceeding was not made in good faith or was frivolous;

 

    	 

    	 

    

 

(e)INSURED CLAIMS. To indemnify
Indemnitee for Expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes
or penalties, and amounts paid in settlement) which have been paid directly to or on behalf of Indemnitee by an insurance carrier
under a policy of directors’ and officers’ liability insurance maintained by the Company or any other policy of insurance
maintained by the Company or Indemnitee; or

 

(f)CLAIMS UNDER SECTION 16(b).
To indemnify Indemnitee for Expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities
in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute.

 

5.DETERMINATION OF RIGHT TO INDEMNIFICATION.

 

Upon receipt of a written
claim addressed to the Board of Directors for indemnification pursuant to Section 3, the Company shall determine by any of the
methods set forth in Section 78.751 of the Nevada Revised Statutes whether Indemnitee has met the applicable standards of conduct
which makes it permissible under applicable law to indemnify Indemnitee. If a claim under Section 3 is not paid in full by the
Company within ninety (90) days after such written claim has been received by the Company, the Indemnitee may at any time thereafter
bring suit against the Company to recover the unpaid amount of the claim and, unless such action is dismissed by the court as frivolous
or brought in bad faith, the Indemnitee shall be entitled to be paid also the expense of prosecuting such claim. The court in which
such action is brought shall determine whether Indemnitee or the Company shall have the burden of proof concerning whether Indemnitee
has or has not met the applicable standard of conduct.

 

6.ADVANCEMENT AND REPAYMENT OF
EXPENSES.

 

Subject to Section
4 hereof, the Expenses incurred by Indemnitee in defending and investigating any Proceeding shall be paid by the Company in advance
of the final disposition of such Proceeding within 30 days after receiving from Indemnitee the copies of invoices presented to
Indemnitee for such Expenses, if Indemnitee shall provide an undertaking to the Company to repay such amount to the extent it is
ultimately determined that Indemnitee is not entitled to indemnification. In determining whether or not to make an advance hereunder,
the ability of Indemnitee to repay shall not be a factor. Notwithstanding the foregoing, in a proceeding brought by the Company
directly, in its own right (as distinguished from an action bought derivatively or by any receiver or trustee), the Company shall
not be required to make the advances called for hereby if the Board of Directors determines, in its sole discretion, that it does
not appear that Indemnitee has met the standards of conduct which make it permissible under applicable law to indemnify Indemnitee
and the advancement of Expenses would not be in the best interests of the Company and its stockholders.

 

7.PARTIAL INDEMNIFICATION.

 

If the Indemnitee is
entitled under any provision of this Agreement to indemnification or advancement by the Company of some or a portion of any Expenses
or liabilities of any type whatsoever (including, but not limited to, judgments, fines, penalties, and amounts paid in settlement)
incurred by him in the investigation, defense, settlement or appeal of a Proceeding, but is not entitled to indemnification or
advancement of the total amount thereof, the Company shall nevertheless indemnify or pay advancements to the Indemnitee for the
portion of such Expenses or liabilities to which the Indemnitee is entitled.

 

    	 

    	 

    

 

8.NOTICE TO COMPANY BY INDEMNITEE.

 

Indemnitee shall notify
the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification hereunder as soon as reasonably
practicable following the receipt by Indemnitee of written notice thereof; provided, however, that any delay in so notifying the
Company shall not constitute a waiver by Indemnitee of her rights hereunder. The written notification to the Company shall be addressed
to the Board of Directors and shall include a description of the nature of the Proceeding and the facts underlying the Proceeding
and be accompanied by copies of any documents filed with the court in which the Proceeding is pending. In addition, Indemnitee
shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s
power.

 

9.MAINTENANCE OF LIABILITY INSURANCE.

 

(a)Subject to Section 4 hereof,
the Company hereby agrees that so long as Indemnitee shall continue to serve as a director or officer of the Company and thereafter
so long as Indemnitee shall be subject to any possible Proceeding, the Company, subject to Section 9(b), shall use reasonable commercial
efforts to obtain and maintain in full force and effect directors’ and officers’ liability insurance (“D&O
Insurance”) which provides Indemnitee the same rights and benefits as are accorded to the most favorably insured of the
Company’ directors, if Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a director of the
Company but is an officer.

 

(b)Notwithstanding the foregoing,
the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that such
insurance is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage provided,
the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or the Indemnitee is
covered by similar insurance maintained by a subsidiary or parent of the Company.

 

(c)If, at the time of the receipt
of a notice of a claim pursuant to Section 8 hereof, the Company has D&O Insurance in effect, the Company shall give prompt
notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

10.DEFENSE OF CLAIM.

 

In the event that the
Company shall be obligated under Section 6 hereof to pay the Expenses of any Proceeding against Indemnitee, the Company, if appropriate,
shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, which approval shall not be unreasonably
withheld, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of
such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under
this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, provided that (i)
Indemnitee shall have the right to employ counsel in any such Proceeding at Indemnitee’s expense; and (ii) if (A) the employment
of counsel by Indemnitee has been previously authorized by the Company, or (B) Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Company and the Indemnitee in the conduct of such defense or (C) the Company shall
not, in fact, have employed counsel to assume the defense of such Proceeding, then the fees and expenses of Indemnitee’s
counsel shall be at the expense of the Company.

 

    	 

    	 

    

 

11.ATTORNEYS' FEES.

 

In the event that Indemnitee
or the Company institutes an action to enforce or interpret any terms of this Agreement, the Company shall reimburse Indemnitee
for all of the Indemnitee’s reasonable fees and expenses in bringing and pursuing such action or defense, unless as part
of such action or defense, a court of competent jurisdiction determines that the material assertions made by Indemnitee as a basis
for such action or defense were not made in good faith or were frivolous.

 

12.CONTINUATION OF OBLIGATIONS.

 

All agreements and
obligations of the Company contained herein shall continue during the period the Indemnitee is a director or officer of the Company,
or is or was serving at the request of the Company as a director, officer, fiduciary, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, and shall continue thereafter so long as the Indemnitee shall be subject
to any possible proceeding by reason of the fact that Indemnitee served in any capacity referred to herein.

 

13.SUCCESSORS AND ASSIGNS.

 

This Agreement establishes
contract rights that shall be binding upon, and shall inure to the benefit of, the successors, assigns, heirs and legal representatives
of the parties hereto.

 

14.NON-EXCLUSIVITY.

 

(a)The provisions for indemnification
and advancement of expenses set forth in this Agreement shall not be deemed to be exclusive of any other rights that the Indemnitee
may have under any provision of law, the Company’s Articles of Incorporation or Bylaws, the vote of the Company’s stockholders
or disinterested directors, other agreements or otherwise, both as to action in the Indemnitee’s official capacity and action
in another capacity while occupying the Indemnitee’s position as a director or officer of the Company.

 

(b)In the event of any changes,
after the date of this Agreement, in any applicable law, statute, or rule which expand the right of a Nevada corporation to indemnify
its officers and directors, the Indemnitee's rights and the Company’s obligations under this Agreement shall be expanded
to the full extent permitted by such changes. In the event of any changes in any applicable law, statute or rule, which narrow
the right of a Nevada corporation to indemnify a director or officer, such changes, to the extent not otherwise required by such
law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations
hereunder.

 

15.EFFECTIVENESS OF AGREEMENT.

 

To the extent that
the indemnification permitted under the terms of certain provisions of this Agreement exceeds the scope of the indemnification
provided for in the Nevada Revised Statutes, such provisions shall not be effective unless and until the Company’s Articles
of Incorporation authorize such additional rights of indemnification. In all other respects, the balance of this Agreement shall
be effective as of the date set forth on the first page and may apply to acts of omissions of Indemnitee which occurred prior to
such date if Indemnitee was an officer, director, employee or other agent of the Company, or was serving at the request of the
Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise,
at the time such act or omission occurred.

 

    	 

    	 

    

 

16.SEVERABILITY.

 

Nothing in this Agreement
is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law.
The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a
breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 16. If this Agreement
or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless
indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated,
and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

 

17. GOVERNING LAW.

 

This Agreement shall
be interpreted and enforced in accordance with the laws of the State of Nevada, without reference to its conflict of law principals.
To the extent permitted by applicable law, the parties hereby waive any provisions of law which render any provision of this Agreement
unenforceable in any respect.

 

18.NOTICE.

 

All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand
and receipted for by the party addressee or (ii) if mailed by certified or registered mail with postage prepaid, on the third business
day after the mailing date. Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently
modified by written notice.

 

19.MUTUAL ACKNOWLEDGMENT.

 

Both the Company and
Indemnitee acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from indemnifying
its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken
or may be required in the future to undertake with the appropriate state or federal regulatory agency to submit for approval any
request for indemnification, and has undertaken or may be required in the future to undertake with the Securities and Exchange
Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s
right under public policy to indemnify Indemnitee.

 

20.COUNTERPARTS.

 

This Agreement may
be executed in one or more counterparts, each of which shall constitute an original.

 

21.AMENDMENT AND TERMINATION.

 

No amendment, modification,
termination or cancellation of this Agreement shall be effective unless in writing signed by both parties hereto.

 

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the day and year set forth above.

 

	COMPANY:	 	INDEMNITEE:
	 	 	 	 	 
	SUTOR TECHNOLOGY GROUP LIMITED	 	 	 
	 	 	 	 	 
	Name: Lifang Chen	 	Name: Lin Yang
	 	 	 
	By: /s/ Lifang Chen 	 	By: /s/ Lin Yang
	   Title: CEO& President	 	 
	 	 	 

 

	Address:	No.
        8 Huaye Road	 	Address:	 
	 	Dongbang Industrial
        Park	 	 	 
	 	Changshu,
        China 215534

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