Document:

EX-10.2

 Exhibit 10.2 
  

					
	

	 		 	         Zimmer Pte Ltd

 
         315 Alexandra Road

        #03-03 Sime Darby Business Center

        Singapore 159944

 CORPORATE EXECUTIVE CONFIDENTIALITY, NON-COMPETITION 

AND NON-SOLICITATION AGREEMENT 

This Corporate Executive Confidentiality, Non-Competition and Non-Solicitation Agreement (“Agreement”) is made by and between Zimmer
Pte Ltd (“Zimmer”), Zimmer, Inc., Zimmer Biomet Holdings, Inc., and Yi-Sang Uk (“Employee”) (hereinafter collectively referred to as the “Parties” and each a “Party”). 

Recitals 
 A. For
purposes of this Agreement, the term “Company” means Zimmer, Inc., Zimmer Biomet Holdings, Inc., Zimmer Pte. Ltd and/or any or each of their affiliates, parents, or direct or indirect subsidiaries, as well as any successor-in-interest to
Zimmer, Inc., Zimmer Biomet Holdings, Inc., Zimmer Pte. Ltd and/or to any of their direct or indirect subsidiaries, affiliates, or parents. 

B. Employee is employed by Zimmer in an executive and/or high-level managerial capacity in which Employee will have extensive access to trade
secrets and confidential information of Company. 
 C. Company has offered Employee the grant of certain equity-based awards under an equity
incentive plan or program of Zimmer Biomet Holdings, Inc., contingent upon Employee’s entering into this Agreement. 
 Agreement

 NOW, THEREFORE, in consideration of the foregoing recitals and Company’s agreement to employ Employee in an executive and/or
high-level managerial capacity, the promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to be legally bound as follows: 

1. Acknowledgements. Employee acknowledges that Company is engaged in the highly competitive business of the development,
manufacture, distribution, and sale of orthopaedic medical, oral rehabilitation, spine and/or trauma devices, products, processes and services, among other products and services, and that Employee serves in an executive and/or high-level managerial
capacity for Company and in that capacity Employee has and/or will have access to and will gain knowledge of substantial trade secrets and confidential information of Company. 

2. Non-Disclosure and Ownership of Confidential Information. Employee acknowledges that Confidential Information is a valuable,
special, and unique asset of Company, and solely the property of Company, and agrees to the following: 
 a. Confidential Information
Defined. The term “Confidential Information” includes, but is not limited to, any and all of Company’s trade secrets, confidential and proprietary information and all other information and data of Company that is not generally
known to the public or other third parties who could derive economic value from its use or disclosure. Confidential Information includes, without limitation, confidential business methods and processes, research and development information, business
plans and strategies, marketing plans and strategies, information pertaining to current and prospective customers, information pertaining to distributors, pricing information, costing information, non-public financial information, personnel
information, and information about current and prospective products or services, whether or not reduced to writing or other tangible medium of expression, including work product created by Employee in rendering services for Company. 

 b. Non-Disclosure of Confidential Information. During Employee’s employment with
Zimmer and thereafter, Employee will not disclose, transfer, or use (or seek to induce others to disclose, transfer, or use) any Confidential Information for any purpose other than i) disclosure to authorized employees and agents of Company who are
bound to maintain the confidentiality of the Confidential Information; and/or ii) for authorized purposes during the course of Employee’s employment in furtherance of Company’s business. Employee’s non-disclosure obligations shall
continue as long as the Confidential Information remains confidential and shall not apply to information that becomes generally known to the public through no fault or action of Employee. 

c. Protection of Confidential Information. Employee will notify Company in writing of any circumstances which may constitute
unauthorized disclosure, transfer, or use of Confidential Information. Employee will use Employee’s best efforts to protect Confidential Information from unauthorized disclosure, transfer, or use. Employee will implement and abide by all
procedures adopted by Company to prevent unauthorized disclosure, transfer, or use of Confidential Information. 
 3. Ownership of
Intellectual Property. 
 a. Invention Defined. The term “Invention” includes, but is not limited to ideas,
programs, processes, systems, intellectual property, works of authorship, copyrightable materials, discoveries, and/or improvements which Employee discovers, invents, originates, develops, makes, authors, or conceives alone or in conjunction with
others during Employee’s employment with Zimmer and/or within six (6) months after Employee’s employment ends which relate to Company’s present or future business. An Invention is covered by this Agreement regardless of whether
i) Employee conceived of the Invention in the scope of Employee’s employment; ii) the Invention is patentable; or iii) Company takes any action to commercialize or develop the Invention. 

b. Ownership of Inventions. Inventions are solely the property of Zimmer or such other Company appointed by Zimmer. Employee agrees
that by operation of law and/or the effect of this Agreement Employee does not have any rights, title, or interest in any Inventions. Notwithstanding, Employee may, at the Company’s discretion, be recognized as the inventor of an Invention
without retaining any other rights associated therewith. 
 c. Disclosure and Assignment of Inventions. Employee hereby assigns to
Zimmer or such other Company appointed by Zimmer all right, title and interest Employee may have in any Inventions that are discovered, invented, originated, developed, made, authored, or conceived by Employee (whether alone or with others) during
Employee’s employment with Zimmer and/or within six (6) months after Employee’s employment ends which relate to Company’s present or future business. Employee agrees to: (i) promptly disclose all such Inventions in writing
to Zimmer or such other Company appointed by Zimmer; (ii) keep complete and accurate records of all such Inventions, which records shall be Zimmer or such other Company appointed by Zimmer property and shall be retained on the relevant Company
premises; and (iii) execute such documents and do such other acts as may be necessary in the opinion of Zimmer or such other Company appointed by Zimmer to establish and preserve its property rights in all such Inventions. This section shall
not apply to any Invention for which no equipment, supplies, facility or trade secret information of Company was used and which was developed entirely on Employee’s own time, and (1) which does not relate (a) directly to the business
of Company, or (b) to Company’s actual or demonstrably anticipated research or development, and (2) which does not result from any work performed by Employee for Zimmer. 

  
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 d. Works of Authorship. All written, graphic or recorded material and all other works of
authorship fixed in a tangible medium of expression made or created by Employee, solely or jointly with others, during Employee’s employment with Zimmer and relating to Company’s business, actual or contemplated, shall be the exclusive
property of Company (collectively “Works”). All rights, title and interests (including intellectual property rights) in and to the Works shall belong to Company and Employee hereby assigns and conveys (including by way of present
assignment of future rights) to Company all rights, title and interests (including any copyright and renewals) in the Works. 
 e.
Attribution and Use of Works and Inventions; Waiver of Assertion of “Moral” Rights in Inventions and Works. Employee agrees that Company and its licensees are not required to designate Employee as author, inventor or developer of
any Works or Inventions when distributed or otherwise. Employee hereby waives, and agrees not to assert, any “moral” rights in any Inventions and Works which Employee may have under the Singapore Copyright Act (including those rights set
out or referred to under Part IX therein) or similar legislation in any jurisdiction and any other moral rights to which Employee is or may be entitled to under any legislation now existing or in future enacted in any part of the world. Employee
agrees that Company and its licensees shall have sole discretion with regard to how and for what purposes any Inventions or Works are used or distributed. 

f. Employee Cooperation in Establishment of Company Proprietary Rights. Employee will sign documents of assignment, declarations and
other documents and take all other actions reasonably required by Company, at Company’s expense, to perfect and enforce any of its proprietary rights or give Company or its nominee the full benefit of the provisions of this Agreement. In the
event Company is unable, for any reason whatsoever, to secure Employee’s signature to any lawful or necessary documents required to apply for, prosecute, perfect, or assign any United States or foreign application for Letters Patent, trademark,
copyright registration, or other filing to protect any Invention or Work, Employee hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Employee’s agent and attorney in fact, to act for and on
Employee’s behalf, to execute and file any such application, registration or other filing, and to do all other lawfully permitted acts to further the prosecution, issuance or assignment of Letters Patent or other protections on such Inventions,
or registrations for trademark or copyright or other protections on such Works, with the same force and effect as if executed by Employee. 

4. Return of Confidential Information and Company Property. Immediately upon termination of Employee’s employment with
Zimmer, Employee shall return to Zimmer all of Company’s property relating to Company’s business, including without limitation all of Company’s property which is in the possession, custody, or control of Employee such as Confidential
Information, documents, hard copy files, copies of documents and electronic information/files. 
 5. Obligations to Other Entities or
Persons. Employee warrants that Employee is not bound by the terms of a confidentiality agreement or any other legal obligation which would either preclude or limit Employee from disclosing or using any of Employee’s ideas, inventions,
discoveries or other information or otherwise fulfilling Employee’s obligations to Company. While employed by Zimmer, Employee shall not disclose or use any confidential information belonging to another entity or other person. 

  
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 6. Conflict of Interest and Duty of Loyalty. During Employee’s employment with
Zimmer, Employee shall not engage, directly or indirectly, in any activity, employment or business venture, whether or not for remuneration, that i) is competitive with Company’s business; ii) deprives or potentially could deprive
Company of any business opportunity; iii) conflicts or potentially could conflict with Company’s business interests; or iv) is otherwise detrimental to Company, including but not limited to preparations to engage in any of the
foregoing activities. 
 7. Restrictive Covenants. Employee agrees to, and covenants to comply with, each of the following
separate and divisible restrictions: 
 a. Definitions. 

(1) “Competing Product” is defined as any product, process or service that is similar to (or would serve as a
substitute for) and competitive with any product, process or service that Company is researching, developing, manufacturing, distributing, selling and/or providing at the time of Employee’s termination of employment with Zimmer. 

(2) “Competing Entity” is defined as any entity that researches, develops, manufactures, markets, distributes and/or
sells one or more Competing Products, including but not limited to Astra Tech Dental (part of AstraZeneca Group); DePuy Orthopaedics, Inc. and DePuy Spine, Inc. (subsidiaries of Johnson & Johnson); Japan Medical Materials Corporation; Japan
Medical Dynamic Marketing, Inc.; Medtronic, Inc.; Nobel Biocare Holding AG; NuVasive, Inc.; Smith & Nephew plc; Straumann Holding AG; Stryker Corporation; Synthes, Inc.; and the subsidiaries and affiliates of each of the foregoing. A
Competing Entity is diversified if it operates multiple, independently operating business divisions, units, lines or segments some of which do not research, develop, manufacture, market, distribute and/or sell any Competing Products. 

(3) “Prohibited Capacity” is defined as (a) any same or similar capacity to that held by Employee at any time
during Employee’s last two (2) years of employment with Company; (b) any executive or managerial capacity; or (c) any capacity in which Employee may be required, or in which it may be advantageous to a person other than the
Company for the Employee to use or refer to the Employee’s knowledge of Confidential Information and/or Inventions. 

(4) “Restricted Geographic Area” is defined as: Australia, China, Hong Kong, India, Japan, Korea, Malaysia, New
Zealand, Singapore, Taiwan, Thailand and any other country where Zimmer has, at the relevant time, established a representative office or entity. 

Employee acknowledges that this geographic scope is reasonable given Employee’s position with Company, the international
scope of Company’s business; and the fact that Employee could compete with Company from anywhere Company does business. 

(5) “Restricted Period” is defined as the date Employee executes this Agreement throughout the time Employee is
employed by Zimmer, and a period of twelve (12) months from the date Employee’s employment with Zimmer ceases for any reason, unless otherwise extended by Employee’s breach of this Agreement. The running time on the Restricted Period
shall be suspended during any period in which Employee is in violation of any of the restrictive covenants set forth herein, and all restrictions shall automatically be extended by the period Employee was in violation of any such restrictions. 

  
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 6. “Customer” is defined as any person or entity with respect to whom,
as of the date of Employee’s separation from his employment with Company or at any time during the twelve (12) months prior to such separation, Company sold or provided any products, processes or services. 

7. “Active Prospect” is defined as any person or entity that Company individually and specifically marketed to and/or
held discussions with regarding the distribution and/or sale of any of Company’s products, processes or services at any time during the last six (6) months of Employee’s employment with Company. 

b. Restrictive Covenants. Employee agrees that during the Restricted Period, Employee is bound by each of the following independent and
divisible restrictions: 
 (1) Covenant Not to Compete. 

(a) Employee will not, directly or indirectly, within the Restricted Geographic Area, be employed by, work for, consult with,
provide services to, or lend assistance to any Competing Entity in a Prohibited Capacity. (b) Employee may be employed by, work for, consult with, provide services to, or lend assistance to a Competing Entity provided that: i) the
Competing Entity’s business is diversified; ii) the part of the Competing Entity’s business with which Employee will be affiliated would not, evaluated on a stand-alone basis, be a Competing Entity; iii) Employee’s affiliation
with the Competing Entity does not involve any Competing Products; and iv) Employee provides Company a written description of Employee’s anticipated activities on behalf of the Competing Entity which includes, without limitation, an
assurance satisfactory to Company that Employee’s affiliation with the Competing Entity does not constitute a Prohibited Capacity. 

(2) Covenant Not to Solicit Customers or Active Prospects. Employee will not i) provide, sell, or market; ii) assist in
the provision, selling or marketing of; or iii) attempt to provide, sell or market any Competing Products to any of Company’s Customers or Active Prospects located in the Restricted Geographic Area in respect of which Employee had access to
confidential information or with whose custom or business Employee was personally concerned. 
 (3) Covenant Not to
Interfere With Business Relationships. Employee will not, within the Restricted Geographic Area, urge, induce or seek to induce any of Company’s independent contractors, subcontractors, distributors, brokers, consultants, sales
representatives, customers, vendors, suppliers or any other person or entity with whom Company has a business relationship at the time of Employee’s separation from his employment with Company to terminate its or their relationship with, or
representation of, Company or to cancel, withdraw, reduce, limit or in any manner modify any such person’s or entity’s business with, or representation of, Company, provided that such business relationship is in respect of which Employee
had access to confidential information or with whose custom or business Employee was personally concerned. 

  
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 (4) Covenant Not to Solicit Company Employees. Employee will not, within
the Restricted Geographic Area, employ, solicit for employment, or advise any other person or entity to employ or solicit for employment, any individual employed by Company at the time of Employee’s separation from his employment with Company,
or otherwise directly or indirectly induce or entice any such employee to leave his/her employment with Company to work for, consult with, provide services to, or lend assistance to any Competing Entity. 

(5) Covenant Not to Disparage Company. Employee will not make or publish any disparaging or derogatory statements about
Company; about Company’s products, processes, or services; or about Company’s past, present and future officers, directors, employees, attorneys and agents. Disparaging or derogatory statements include, but are not limited to, negative
statements regarding Company’s business or other practices; provided, however, nothing herein shall prohibit Employee from providing any information as may be compelled by law or legal process. 

8. Reasonableness of Terms. Employee acknowledges and agrees that the restrictive covenants contained in this Agreement restrict
Employee from engaging in activities for a competitive purpose and are reasonably necessary to protect Company’s legitimate interests in Confidential Information, Inventions, and goodwill. Additionally, Employee acknowledges and agrees that the
restrictive covenants are reasonable in all respects, including, but not limited to, temporal duration, scope of prohibited activities and geographic area. Employee further acknowledges and agrees that the restrictive covenants set forth in this
Agreement will not pose any hardship on Employee and that Employee will reasonably be able to earn an equivalent livelihood without violating any provision of this Agreement. 

9. Non-Competition Period Payments. To the extent Employee is denied a specific employment position that would otherwise be
offered to Employee by a Competing Entity solely because of the restrictive covenant provisions of Section 7 of this Agreement, and provided Employee satisfies all conditions stated herein, then upon expiration of the period of time represented
by any severance benefits Employee was offered, Zimmer will make payments to Employee equal to Employee’s monthly base pay at the time of Employee’s separation from his employment with Company (exclusive of bonus and other extra
compensation and any other employee benefits) for each month of such unemployment through the end of the Restricted Period. 
 a.
Expiration of Severance Benefits. Severance benefits shall be deemed to have expired at the conclusion of the period of time represented by the total amount of any notice or severance benefits offered to Employee (whether or not actually paid
or given, and whether or not given, paid in a lump sum or through continuing payments). 
 b. Verification of Eligibility for
Non-Competition Period Payments. To qualify for payments under this Section 9, Employee must provide Company detailed written documentation supporting eligibility for payment, including, at a minimum, (a) the name and location of the
Competing Entity that would have employed Employee but for the provisions of Section 7 of this Agreement, (b) the title, nature, and detailed job responsibilities of the employment position with the Competing Entity that Employee was
denied, (c) the date Employee was denied the employment position, and (d) the name and contact information of a managerial employee at the Competing Entity who has sufficient authority to confirm that Employee was denied this specific
employment position with the Competing Entity solely because Employee is subject to the provisions of Section 7 of this Agreement (the “eligibility documentation”). Upon receipt of the eligibility documentation, Company will determine
eligibility for payment and, if eligibility is established, payments will commence as of the date of Company’s receipt of the eligibility documentation. 

  
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 c. Obligation to Pursue Replacement Employment and Verification of Continued Eligibility for
Non-Competition Period Payments. Employee is obligated to diligently seek and pursue replacement employment that does not violate Section 7 of this Agreement (“replacement employment”) during any period in which Employee seeks
and/or accepts payment from Company under this Section 9. After eligibility for non-competition period payments is established, Employee will, on or before the 15th day of each month of
eligibility for continued payments, submit to Company a written statement (i) identifying by name and address all prospective employers with whom Employee has applied or inquired about employment; (ii) identifying positions sought with
each listed employer and specific actions taken in seeking each position; (iii) describing all other efforts made to obtain replacement employment; and (iv) describing any offers of employment received, including the name of the employer;
the nature, title, and compensation terms of the position offered; the actual or anticipated start date if the offer has been accepted; and the reason(s) for declining if the offer was declined. 

d. Effect of Replacement Employment on Non-Competition Period Payments. If Employee is denied a specific employment position with a
Competing Entity solely because of the restrictive covenant provisions of Section 7 of this Agreement but obtains replacement employment, and the monthly compensation (including base pay, commissions, incentive compensation, bonuses and other
compensation) for the replacement employment is less than Employee’s monthly base pay at the time of Employee’s separation from employment with Company, Company agrees to pay Employee the difference for each such month through the end of
the Restricted Period, again upon expiration of any severance benefits which Employee was offered and provided Employee satisfies all conditions stated herein. Employee shall submit to Company payroll records (as well as any other records reasonably
requested by Company) showing all compensation received by Employee from the replacement employment as a condition of Company’s payment of Non-Competition Period Payments covering any period of time when Employee is working in replacement
employment. For the avoidance of doubt, in the event payment is made by Company to Employee under this Section 9(d), Employee’s entitlement to payment under Section 9(a) shall cease. 

e. Company’s Right To Provide Release of Obligations in Lieu of Non-Competition Period Payments. Notwithstanding any of the
foregoing provisions of this Section 9, Company reserves the right to release Employee from Employee’s obligations under Section 7 of this Agreement at any time during the Restricted Period, in full or in sufficient part to allow
Employee to accept employment that would otherwise be prohibited under this Agreement, at which time Company’s payment obligations under this Section 9 shall cease immediately and Employee shall not be entitled to any further such payments
or compensation. 
 10. Severability, Modification of Restrictions: The covenants and restrictions in this Agreement are
separate and divisible, and to the extent any clause, portion or section of this Agreement is determined to be unenforceable or invalid for any reason, Company and Employee acknowledge and agree that such unenforceability or invalidity shall not
affect the enforceability or validity of the remainder of the Agreement. If any particular covenant, provision or clause of this Agreement is determined to be unreasonable or unenforceable for any reason, including, without limitation, temporal
duration, scope of prohibited activity, and/or scope of geographic area, Company and Employee acknowledge and agree that such covenant, provision or clause shall automatically be deemed reformed to have the closest effect permitted by applicable law
to the original form and shall be given effect and enforced as so reformed to whatever extent would be reasonable and enforceable under applicable law. The parties agree that any court interpreting the provisions of this Agreement shall have the
authority, if necessary, to reform any such provision to make it enforceable under applicable law. 

  
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 11. Remedies. Employee acknowledges that a breach or threatened breach by Employee
of this Agreement will give rise to irreparable injury to Company and that money damages will not be adequate relief for such injury. Accordingly, Employee agrees that Company shall be entitled to obtain injunctive relief, including, but not limited
to, temporary restraining orders, preliminary injunctions and/or permanent injunctions, without having to post any bond or other security, to restrain or prohibit such breach or threatened breach, in addition to any other legal remedies which may be
available. In addition to all other relief to which it shall be entitled, Company shall be entitled to cease all payments to which Employee would otherwise be entitled under Section 9 hereto; continue to enforce this Agreement; recover from
Employee all payments made under Section 9 to the extent attributable to a time during which Employee was in violation of the covenants for which payment was made; and recover from Employee all litigation costs and attorneys’ fees incurred
by Company in any action or proceeding relating to this Agreement in which Company prevails in any respect, including, but not limited to, any action or proceeding in which Company seeks enforcement of this Agreement or seeks relief from
Employee’s violation of this Agreement. 
 12. Survival of Obligations. Employee acknowledges and agrees that
Employee’s obligations under this Agreement, including, without limitation, Employee’s non-disclosure and non-competition obligations, shall survive the termination of Employee’s employment with Company, whether such termination is
with or without cause and whether it is voluntary or involuntary. Employee acknowledges and agrees that nothing in this Agreement alters the at-will nature of Employee’s employment and that either Company or Employee may terminate the
employment relationship at any time, with or without cause or notice. Employee further acknowledges and agrees that: (a) Employee’s non-disclosure, non-disparagement, non-solicitation and non-competition covenants set forth in Sections 2
and 7 of this Agreement shall be construed as independent covenants and that no breach of any contractual or legal duty by Company shall be held sufficient to excuse or terminate Employee’s obligations or to preclude Company from obtaining
injunctive relief or other remedies for Employee’s violation or threatened violation of such covenants, and (b) the existence of any claim or cause of action by Employee against Company, whether predicated on this Agreement or otherwise,
shall not constitute a defense to Company’s enforcement of Employee’s obligations under Sections 2 and 7 of this Agreement. 

13. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of Singapore, notwithstanding any
state’s choice-of-law rules to the contrary. 
 14. Successors and Assigns. Company shall have the right to assign this
Agreement, and, accordingly, this Agreement shall inure to the benefit of, and may be enforced by, any and all successors and assigns of Company, including without limitation by asset assignment, stock sale, merger, consolidation or other corporate
reorganization, and shall be binding on Employee. The services to be provided by Employee to Company are personal to Employee, and Employee shall not have the right to assign Employee’s duties under this Agreement. 

15. Modification. This Agreement may not be amended, supplemented, or modified except by a written document signed by both
Employee and a duly authorized officer of Company. 
 16. No Waiver. The failure of Company to insist in any one or more
instances upon performance of any provision of this Agreement or to pursue its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any such rights. 

17. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which
when taken together will constitute one and the same agreement. 

  
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 18. Entire Agreement. This Agreement, including Recitals, constitutes the entire
agreement of the parties with respect to the subjects specifically addressed herein, and supersedes any prior agreements, understandings, or representations, oral or written, on the subjects addressed herein. Notwithstanding the foregoing, to the
extent the employee has an existing non-competition, confidentiality, and/or non-solicitation agreement in favor of Company and has breached or violated the terms thereof, Company may continue to enforce its rights and remedies under and pursuant to
such existing agreement. 
 19. Third Party Rights. Any person other than Company and Employee has no right under the
Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore, to enforce any term of, or enjoy any benefit under, this Agreement 
 Employee’s
signature below indicates that Employee has read the entire Agreement, understands what Employee is signing, and is signing the Agreement voluntarily. Employee agrees that Company advised Employee to consult with an attorney prior to signing the
Agreement. 
  

	
	EMPLOYEE
	
	 /s/ Yi Sang-Uk

	(Employee Signature)
	
	Printed Name: Yi Sang-Uk
	
	Date: August 18, 2015

  

			
	ZIMMER PTE. LTD.
		
	By:	 	 /s/ Benedict L.T. Seah

	Name:	 	Benedict L.T. Seah
	Title:	 	Regional Vice President, Human Resources
	
	Date: August 13, 2015
	
	ZIMMER, INC.
		
	By:	 	 /s/ Bill P. Fisher

	Name:	 	Bill P. Fisher
	Title:	 	Senior Vice President, Global Human Resources
	
	Date: August 18, 2015
	
	ZIMMER BIOMET HOLDINGS, INC.
		
	By:	 	 /s/ Bill P. Fisher

	Name:	 	Bill P. Fisher
	Title:	 	Senior Vice President, Global Human Resources
	
	Date: August 18, 2015

  
 -9-EX-10.3

 Exhibit 10.3 

ZIMMER BIOMET HOLDINGS, INC. 

2009 STOCK INCENTIVE PLAN 

(as amended May 7, 2013 

and further amended as of June 24, 2015) 

1. General: 
 (a)
Establishment of Plan; Merger of Prior Plans. The Zimmer Holdings, Inc. 2009 Stock Incentive Plan (now known as the Zimmer Biomet Holdings, Inc. 2009 Stock Incentive Plan) (the “Plan”) became effective on May 4, 2009 (the
“Effective Date”) as a successor to the Zimmer Holdings, Inc. 2006 Stock Incentive Plan and the Zimmer Holdings, Inc. TeamShare Stock Option Plan (collectively, the “Prior Plans”). The Prior Plans were merged with and into the
Plan effective as of the Effective Date, and no additional grants have been made thereafter under the Prior Plans. Outstanding grants under the Prior Plans shall continue in effect according to their terms as in effect before the Plan merger
(subject to such amendments as the Committee (defined below) determines, consistent with the Prior Plans, as applicable), and the shares with respect to outstanding grants under the Prior Plans shall be issued or transferred under this Plan. 

(b) Effective Date of Amendment. The Plan, as amended, was approved by the Board of Directors on February 22, 2013 and became
effective on May 7, 2013 (the “Amendment Effective Date”), upon the affirmative vote of the holders of a majority of the votes cast at the 2013 annual meeting of stockholders. The Plan was further amended effective as of June 24,
2015 to change the name of the Plan to the Zimmer Biomet Holdings, Inc. 2009 Stock Incentive Plan. 
 (c) Purpose. The purpose of the
Plan is to promote the success and enhance the value of the Company by linking the personal interests of employees of the Company to those of the Company’s stockholders and by providing employees with long-term incentives for outstanding
performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract and retain the services of employees who will be largely responsible for the long-term performance, growth and financial success of
the Company. 
 2. Definitions: For purposes of this Plan: 

(a) “Affiliate” means any entity in which the Issuer has, directly or indirectly, an ownership interest of at least 20%. 

(b) “Associated Option” shall have the meaning set forth in Section 7. 

(c) “Award” means an award of options, stock appreciation rights, performance shares, performance units, restricted stock or
restricted stock units granted under this Plan. 
 (d) “Board” or “Board of Directors” means the Board of Directors of
the Issuer. 
 (e) “Change in Control” shall have the meaning set forth in Section 14(d). 

(f) “Committee” shall have the meaning set forth in Section 4. 

(g) “Current Portion” shall have the meaning set forth in Section 8(a). 

(h) “Code” means the Internal Revenue Code of 1986, as amended. 

(i) “Common Stock” means the Issuer’s common stock. 

(j) “Company” means the Issuer (Zimmer Biomet Holdings, Inc.) and its Subsidiaries and Affiliates. 

(k) “Deferred Portion” shall have the meaning set forth in Section 8(a). 

 (l) “Disability” means total disability as defined by the Company’s group
long-term disability insurance policy applicable to participants. 
 (m) “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 (n) “Fair Market Value” means the average of the high and low sale prices of a share of Common Stock on the New
York Stock Exchange composite tape on the date of measurement or on any date as determined by the Committee and, if there were no trades on such date, on the day on which a trade occurred next preceding such date. 

(o) “Issuer” means Zimmer Biomet Holdings, Inc. 

(p) “Plan” means this Zimmer Biomet Holdings, Inc. 2009 Stock Incentive Plan. 

(q) “Prior Plans” means, collectively, the Zimmer Holdings, Inc. 2006 Stock Incentive Plan and the Zimmer Holdings, Inc. TeamShare
Stock Option Plan. 
 (r) “Qualifying Performance Criteria” shall have the meaning set forth in Section 6(a). 

(s) “Qualifying Termination” shall have the meaning set forth in Section 14(e). 

(t) “Regulations” shall have the meaning set forth in Section 4(c). 

(u) “Restriction Period” shall have the meaning set forth in Section 9(b)(2). 

(v) “Retirement” shall mean termination of the employment of an employee with the Company on or after (i) the employee’s
65th birthday or (ii) the employee’s 55th birthday if the employee has completed 10 years of service with the Company. For purposes of this Section 2(v) and all other purposes of this Plan, Retirement shall also mean termination of
employment of an employee with the Company for any reason (other than the employee’s death, resignation, willful misconduct or activity deemed detrimental to the interests of the Company) where, on termination, the employee’s attained age
(expressed as a whole number) plus completed years of service (expressed as a whole number) plus one (1) equals at least 70 and the employee has completed 10 years of service with the Company and, where applicable, the employee has executed a
general release, a covenant not to compete and/or a covenant not to solicit. For purposes of this Plan, an employee’s service with the Company’s former parent, Bristol-Myers Squibb Company, and its
subsidiaries and affiliates before August 6, 2001, shall be included as service with the Company, provided that the employee was employed by Bristol-Myers Squibb Company on August 5, 2001 and has been continuously employed by the Company
since August 6, 2001. 
 (w) “Subcommittee” shall have the meaning set forth in Section 4(b). 

(x) “Subsidiary” shall mean any corporation which at the time qualifies as a subsidiary of the Issuer under the definition of
“subsidiary corporation” in Section 424 of the Code. 
 (y) “Tax Date” shall have the meaning set forth in
Section 13(a). 
 (z) “Withholding Tax” shall have the meaning set forth in Section 13(c). 

3. Shares of Common Stock Subject to the Plan: 

(a) Shares Authorized; Share Counting; Fungible Share Pool. Subject to the other provisions of this Section 3, effective as of the
Amendment Effective Date, the total number of shares available for grant as Awards pursuant to this Plan shall be equal to the sum of the following: (i) 8,700,000 shares, plus (ii) the aggregate number of shares remaining available for
issuance under the Prior Plans as of the Effective Date, and (iii) the aggregate number of shares underlying outstanding awards under the Prior Plans as of the Effective Date that terminate or expire or are cancelled or forfeited during the
term of this Plan without having been exercised or fully vested. Substitute or assumed Awards made under Section 19 shall not be considered in applying this limitation. Solely for the purpose of applying the foregoing limitation and subject to
the replenishment provisions of Section 3(b) below: 
 (1) each option or stock appreciation right granted under this
Plan shall reduce the number of shares available for grant by one share for every one share granted; 

  
 2 

 (2) effective as of the Amendment Effective Date, each Award granted under this
Plan that may result in the issuance of Common Stock, other than an option or stock appreciation right, shall reduce the number of shares available for grant by two and thirty-seven hundredths (2.37) shares for every one share granted; and 

(3) if Awards are granted in tandem, so that only one of the Awards may actually be exercised, only the Award that results in
the greater reduction in the number of shares available for grant shall result in a reduction of the shares so available, and the other Award shall be disregarded. 

(b) Shares Again Available. 

(1) In the event all or any portion of an Award terminates or expires or is cancelled or forfeited during the term of this Plan
without being exercised or fully vested or is settled for cash (collectively, “cancelled awards”), then (A) with respect to options and stock appreciation rights, the shares underlying such cancelled award shall be restored to the
Plan on a one-for-one basis and may again be used for Awards under the Plan; and (B) with respect to each Award granted under this Plan that may result in the issuance of Common Stock, other than an option or stock appreciation right, effective
as of the Amendment Effective Date, shares underlying such cancelled awards (whether such Awards were granted before or after the Amendment Effective Date) shall be restored to the Plan at a rate of two and thirty-seven hundredths (2.37) shares
for each cancelled share and may again be used for Awards under the Plan. 
 (2) Notwithstanding anything to the contrary
contained herein: 
 (A) shares that participants tender during the term of this Plan to pay the purchase price of options in
accordance with Section 7(b)(5) shall not be added to the aggregate Plan limit described above; 
 (B) shares that the
Company retains or causes participants to surrender to satisfy Withholding Tax requirements in accordance with Section 13 shall not be added to the aggregate Plan limit described above; 

(C) shares that are repurchased by the Company using option exercise proceeds shall not be added to the aggregate Plan limit
described above; 
 (D) if a stock appreciation right included in an option in accordance with Section 7(b)(12) is
exercised, the number of shares covered by the option or portion thereof which is surrendered on exercise of the stock appreciation right shall be considered issued pursuant to the Plan and shall count against the aggregate Plan limit described
above, regardless of whether or not any shares are actually issued to the participant upon exercise of the stock appreciation right; and 

(E) shares covered by any stock appreciation right granted in accordance with Section 18, to the extent that it is
exercised and settled in Common Stock, and whether or not shares are actually issued to the participant upon exercise of the right, shall be considered issued pursuant to the Plan and shall count against the aggregate Plan limit described above.

 (c) Individual Limitation. No individual participant may be granted, in any single calendar year during the term of this Plan,
stock options and/or stock appreciation rights to purchase more than 500,000 shares of Common Stock. No individual participant may be granted, in any single calendar year during the term of this Plan, restricted stock, restricted stock units,
performance units and/or performance shares representing more than 250,000 shares of Common Stock. Substitute or assumed Awards made under Section 19 shall not be included in applying these limitations. 

  
 3 

 (d) Maximum Number of Incentive Stock Options. The number of shares of Common Stock with
respect to which incentive stock options may be granted shall not exceed 1,000,000 shares during the term of this Plan. 
 (e)
Adjustment. The limitations under Sections 3(a), (c) and (d) are subject to adjustment in number and kind pursuant to Section 12. 

(f) Treasury or Market Purchased Shares. Common Stock issued hereunder may be authorized and unissued shares or issued shares acquired
by the Company on the market or otherwise. 
 (g) Effect of Plans Operated by Acquired Companies. If a company acquired by the
Company or with which the Company combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such
pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of
the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of Common Stock authorized for grant under the Plan. Awards using such available shares shall not be made after the date
awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employees of the Company prior to such acquisition or combination. 

4. Administration: The Plan shall be administered under the supervision of the Board of Directors, which may exercise its powers, to
the extent herein provided, through the agency of its Compensation and Management Development Committee (the “Committee”), which shall be appointed by the Board of Directors. 

(a) Composition of Committee. The Committee shall consist of not less than two (2) members of the Board who are intended to meet
the definition of “outside director” under the provisions of Section 162(m) of the Code and the definition of “non-employee directors” under the provisions of the Exchange Act or rules or regulations promulgated thereunder.

 (b) Delegation and Administration. The Committee may delegate to one or more separate committees (any such committee a
“Subcommittee”) composed of one or more directors of the Issuer (who may, but need not be, members of the Committee) the ability to grant Awards with respect to participants who are not executive officers of the Company under the
provisions of the Exchange Act or rules or regulations promulgated thereunder, and such actions shall be treated for all purposes as if taken by the Committee. Any action by any such Subcommittee within the scope of such delegation shall be deemed
for all purposes to have been taken by the Committee and references in this Plan to the Committee shall include any such Subcommittee. The Committee may delegate the administration of the Plan to an officer or officers of the Issuer, and such
administrator(s) may have the authority to execute and distribute agreements or other documents evidencing or relating to Awards granted by the Committee under this Plan, to maintain records relating to the grant, vesting, exercise, forfeiture or
expiration of Awards, to process or oversee the issuance of shares of Common Stock upon the exercise, vesting and/or settlement of an Award, to interpret the terms of Awards and to take such other actions as the Committee may specify, provided that
in no case shall any such administrator be authorized to grant Awards under the Plan. Any action by any such administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and references in this
Plan to the Committee shall include any such administrator, provided that the actions and interpretations of any such administrator shall be subject to review and approval, disapproval or modification by the Committee. 

(c) Regulations. The Committee, from time to time, may adopt rules and regulations (“Regulations”) for carrying out the
provisions and purposes of the Plan and make such other determinations, not inconsistent with the terms of the Plan, as the Committee shall deem appropriate. The interpretation and construction of any provision of the Plan by the Committee shall,
unless otherwise determined by the Board of Directors, be final and conclusive. 
 (d) Records and Actions. The Committee shall
maintain a written record of its proceedings. A majority of the Committee shall constitute a quorum, and the acts of a majority of the members present at any meeting at which a quorum is present, or acts unanimously approved in writing, shall be the
acts of the Committee. 

  
 4 

 5. Eligibility: Awards may be granted only to employees of the Company, including
Subsidiaries and Affiliates which become such after the Effective Date. Any director who is not an employee of the Company shall be ineligible to receive an Award under the Plan. The adoption of this Plan shall not be deemed to give any employee any
right to an Award, except to the extent and upon such terms and conditions as may be determined by the Committee. 
 6. Qualifying
Performance Criteria: Awards under Section 8 of this Plan shall be, and any other type of Award (other than incentive stock options) in the discretion of the Committee may be, contingent upon achievement of Qualifying Performance Criteria.

 (a) Available Criteria. For purposes of this Plan, the term “Qualifying Performance Criteria” shall mean any one or more
of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit, Affiliate or Subsidiary, either individually, alternatively or in any combination, and
measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case
as specified by the Committee in the Award: 
  

	 	(1)	net sales, 

  

	 	(2)	revenue, 

  

	 	(3)	gross profit, 

  

	 	(4)	operating profit, 

  

	 	(5)	net earnings, 

  

	 	(6)	earnings per share, 

  

	 	(7)	profit margin (gross, operating or net), 

  

	 	(8)	cash flow, net cash flow or free cash flow, 

  

	 	(9)	acquisition integration synergies (measurable savings and efficiencies resulting from integration), 

  

	 	(10)	acquisition integration milestone achievements, 

  

	 	(11)	stock price performance, 

  

	 	(12)	total shareholder return, 

  

	 	(13)	internal total shareholder return (derived from operating profit growth and free cash flow yield) 

  

	 	(14)	expense reduction, 

  

	 	(15)	debt or net debt reduction, and 

  

	 	(16)	financial return ratios (including return on equity, return on assets or net assets, return on capital or invested capital and return on operating profit). 

  
 5 

 (b) Adjustments. The Committee may adjust any evaluation of performance under a Qualifying
Performance Criteria to exclude the effects of any of the following items or events that occurs or otherwise impacts reported results during a performance period: (1) asset write-downs,
(2) litigation or claim judgments or settlements, (3) changes in tax law, accounting principles or other such laws or provisions affecting reported results, (4) accruals and expenses associated with reorganization, restructuring
and/or transformation programs, (5) acquisition and integration expenses and purchase accounting, (6) share-based payments, and (7) any extraordinary non-recurring items as described in
Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Issuer’s annual report to stockholders for the applicable year.
Notwithstanding satisfaction or completion of any Qualifying Performance Criteria, to the extent specified at the time of grant of an Award, the number of shares, stock options, stock appreciation rights, performance shares, performance units,
restricted stock, or restricted stock units or other benefits granted, issued, retainable and/or vested under an Award on account of satisfaction of such Qualifying Performance Criteria may be reduced by the Committee on the basis of such further
considerations as the Committee in its sole discretion shall determine. 
 (c) Establishment and Achievement of Targets. The
Committee shall establish the specific targets for the selected Qualified Performance Criteria. For Awards that are intended to qualify for exemption from the limitation on deductibility imposed by Section 162(m) of the Code or any successor
provision, the targets shall be established within the required time period. These targets may be set at a specific level or may be expressed as relative to the comparable measure at comparison companies or a defined index. In cases where Qualifying
Performance Criteria are established, the Committee shall determine the extent to which the criteria have been achieved and the corresponding level to which vesting requirements have been satisfied or other restrictions are to be removed from the
Award or the extent to which a participant’s right to receive an Award should lapse in cases where the Qualifying Performance Criteria have not been met, and shall certify these determinations in writing. The Committee may provide for the
determination of the attainment of such targets in installments where it deems appropriate. 
 7. Stock Options: Stock options under
the Plan shall consist of incentive stock options under Section 422 of the Code or nonqualified stock options (options not intended to qualify as incentive stock options), as the Committee shall determine. In addition, the Committee may grant
stock appreciation rights in conjunction with an option, as set forth in Section 7(b)(12), or may grant an option in conjunction with an award of performance units or performance shares, as set forth in Section 7(b)(11) (an
“Associated Option”). 
 Each option shall be subject to the following terms and conditions: 

(a) Grant of Options. The Committee shall (1) select the employees of the Company to whom options may from time to time be
granted, (2) determine whether incentive stock options or nonqualified stock options are to be granted, (3) determine the number of shares to be covered by each option so granted, (4) determine the terms and conditions (not
inconsistent with the Plan) of any option granted hereunder (including but not limited to restrictions upon the options, conditions of their exercise (including as to nonqualified stock options, subject to any Qualifying Performance Criteria), or
restrictions on the shares of Common Stock issuable upon exercise thereof), (5) determine whether nonqualified stock options or incentive stock options granted under the Plan shall include stock appreciation rights and, if so, the Committee
shall determine the terms and conditions thereof in accordance with Section 7(b)(12) hereof, (6) determine whether any nonqualified stock options granted under the Plan shall be Associated Options, and (7) prescribe the form of the
instruments necessary or advisable in the administration of options. 
 (b) Terms and Conditions of Option. Any option granted under
the Plan shall be evidenced by a Stock Option Agreement entered into by the Company and the optionee, in such form as the Committee shall approve, which agreement shall be subject to the following terms and conditions and shall contain such
additional terms and conditions not inconsistent with the Plan, and in the case of an incentive stock option not inconsistent with the provisions of the Code applicable to incentive stock options, as the Committee shall prescribe: 

(1) Number of Shares Subject to an Option. The Stock Option Agreement shall specify the number of shares of Common Stock
subject to the Agreement. If the option is an Associated Option, the number of shares of Common Stock subject to such Associated Option shall initially be equal to the number of performance units or performance shares subject to the Award, but one
share of Common Stock shall be canceled for each performance unit or performance share paid out under the Award. 

  
 6 

 (2) Option Price. The purchase price per share of Common Stock purchasable
under an option will be determined by the Committee but will be not less than the Fair Market Value of a share of Common Stock on the date of the grant of the option, except as provided in Section 19 relating to assumed or substitute Awards.

 (3) Option Period. The period of each option shall be fixed by the Committee, but no option shall be exercisable
after the expiration of ten years from the date the option is granted. 
 (4) Consideration. Unless the Committee
determines otherwise, each optionee, as consideration for the grant of an option, shall remain in the continuous employ of the Company for at least one year from the date of the granting of such option, and no option shall be exercisable until after
the completion of such one year period of employment by the optionee. 
 (5) Exercise of Option. The Committee shall
determine the time or times at which an option may be exercised in whole or in part during the option period. An option will be deemed exercised when the Company receives written or electronic notice of exercise (in accordance with the Stock Option
Agreement) from the person entitled to exercise the option and payment in full of the purchase price and Withholding Taxes (as defined in Section 13 hereof). Payment in full may be made (i) by certified or bank check, (ii) by wire
transfer, (iii) by payment through a broker under a cashless exercise program implemented by the Company in connection with the Plan, (iv) in shares of Common Stock owned by the optionee having a Fair Market Value at the date of exercise
equal to such purchase price, provided that payment in shares of Common Stock will not be permitted unless at least 100 shares of Common Stock are required and delivered for such purpose, (v) in any combination of the foregoing, or (vi) by
any other method that the Committee approves. At its discretion, the Committee may modify or suspend any method for the exercise of stock options, including any of the methods specified in the previous sentence. Delivery of shares for exercising an
option shall be made either through the physical delivery of shares or through an appropriate certification or attestation of valid ownership. Shares of Common Stock used to exercise an option shall have been held by the optionee for the requisite
period of time to avoid adverse accounting consequences to the Company with respect to the option. No shares shall be issued until full payment therefor has been made. An optionee shall have the rights of a stockholder only with respect to shares of
stock that have been recorded on the Company’s books on behalf of the optionee or for which certificates have been issued to the optionee. 

Notwithstanding anything in the Plan to the contrary, the Committee may, in its sole discretion, allow the exercise of a lapsed
grant if the Committee determines that: (i) the lapse was solely the result of the Company’s inability to execute the exercise of an option Award due to conditions beyond the Company’s control and (ii) the optionee made valid and
reasonable efforts to exercise the Award. In the event the Committee makes such a determination, the Company shall allow the exercise to occur as promptly as possible following its receipt of exercise instructions subsequent to such determination.

 (6) Nontransferability of Options. An option or stock appreciation right granted under the Plan may not be sold,
pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the optionee’s lifetime, only by the optionee; provided that the Board may
permit further transferability, on a general or specific basis, and may impose conditions and limitations on any permitted transferability. 

Notwithstanding the foregoing, the Committee may set forth in a Stock Option Agreement at the time of grant or thereafter, that
the options (other than incentive stock options) may be transferred to members of the optionee’s immediate family, to one or more trusts solely for the benefit of such immediate family members and to partnerships in which such family members or
trusts are the only partners. For this purpose, immediate family means the optionee’s spouse, parents, children, stepchildren, grandchildren and legal dependants. Any transfer of options under this provision will not be effective until notice
of such transfer is delivered to the Company. 

  
 7 

 (7) Termination of Employment Other than by Retirement or Death. If an
optionee shall cease to be employed by the Company for any reason (other than termination of employment by reason of Retirement or death) after the optionee shall have been continuously so employed for one year after the granting of the option, or
as otherwise determined by the Committee, the option shall be exercisable only to the extent that the optionee was otherwise entitled to exercise it at the time of such cessation of employment with the Company, unless otherwise determined by the
Committee. The option shall remain exercisable for three months after such cessation of employment (or, if earlier, the end of the option period), unless the Committee determines otherwise. The Plan does not confer upon any optionee any right with
respect to continuation of employment by the Company. 
 (8) Retirement of Optionee. If an optionee shall cease to be
employed by the Company by reason of Retirement after the optionee shall have been continuously employed by the Company for a period of at least one year after the granting of the option, or as otherwise determined by the Committee, all remaining
unexercised portion(s) of the option shall immediately vest and become exercisable by the optionee and shall remain exercisable for the remainder of the option period set forth therein, except that, in the case of an incentive stock option, the
option shall remain exercisable for three months following Retirement (or, if earlier, the end of the option period). 
 (9)
Death of Optionee. Except as otherwise provided in Section 7(b)(14), in the event of the optionee’s death (i) while in the employ of the Company or (ii) after cessation of employment due to Retirement, the option shall be
fully exercisable by the executors, administrators, legatees or distributees of the optionee’s estate, as the case may be, at any time following such death. In the event of the optionee’s death after cessation of employment for any reason
other than Retirement, the option shall be exercisable by the executors, administrators, legatees or distributees of the optionee’s estate, as the case may be, at any time during the twelve month period following such death. Notwithstanding the
foregoing, unless the Committee determines otherwise, in no event shall an option be exercisable unless the optionee shall have been continuously employed by the Company for a period of at least one year after the option grant, and no option shall
be exercisable after the expiration of the option period set forth in the Stock Option Agreement. In the event any option is exercised by the executors, administrators, legatees or distributees of the estate of a deceased optionee, the Company shall
be under no obligation to issue stock thereunder unless and until the Company is satisfied that the person or persons exercising the option are the duly appointed legal representatives of the deceased optionee’s estate or the proper legatees or
distributees thereof. 
 (10) No Deferral Feature. No option or stock appreciation right granted under this Plan shall
include any feature for the deferral of compensation other than, in the case of an option, the deferral of recognition of income until the later of exercise or disposition of the option under Section 83 of the Code, or the time the stock
acquired pursuant to the exercise of the option first becomes substantially vested (as defined in regulations interpreting Section 83 of the Code), or, in the case of a stock appreciation right, the deferral of recognition of income until the
exercise of the stock appreciation right. 
 (11) Long-Term Performance Awards. The Committee may from time to time
grant nonqualified stock options under the Plan in conjunction with and related to an award of performance units or performance shares made under a Long-Term Performance Award as set forth in Section 8(b)(11). In such event, notwithstanding any
other provision hereof, (i) the number of shares to which the Associated Option applies shall initially be equal to the number of performance units or performance shares granted by the Award, but such number of shares shall be reduced on a
one-share-for-one unit or share basis to the extent that the Committee determines, pursuant to the terms of the Award, to pay to the optionee or the optionee’s beneficiary the performance units or performance shares granted pursuant to such
Award, and (ii) such Associated Option shall be cancelable in the discretion of the Committee, without the consent of the optionee, under the conditions and to the extent specified in the Award. 

(12) Stock Appreciation Rights. In the case of any option granted under the Plan, either at the time of grant or by
amendment of such option at any time after such grant, there may be included a stock appreciation right which shall be subject to such terms and conditions, not inconsistent with the Plan, as the Committee shall impose, including the following: 

(A) A stock appreciation right shall be exercisable to the extent, and only to the extent, that the option in which it is
included is at the time exercisable, and may be exercised within such period only at such time or times as may be determined by the Committee (and in no event after expiration of ten years from the date the option was granted); 

  
 8 

 (B) A stock appreciation right shall entitle the optionee (or any person entitled
to act under the provisions of Section 7(b)(9)) to surrender unexercised the option in which the stock appreciation right is included (or any portion of such option) to the Company and to receive from the Company in exchange therefor that
number of shares having an aggregate value equal to (or, in the discretion of the Committee, less than) the excess of the value of one share (provided such value does not exceed such multiple of the option price per share as may be specified by the
Committee) over the option price per share specified in such option (as determined by the Committee in accordance with Section 7(b)(2)) times the number of shares called for by the option, or portion thereof, which is so surrendered. The
Committee shall be entitled to cause the Company to settle its obligation, arising out of the exercise of a stock appreciation right, by the payment of cash equal to the aggregate value of the shares the Company would otherwise be obligated to
deliver or partly by the payment of cash and partly by the delivery of shares. Any such election shall be made within 30 business days after the receipt by the Committee of written or electronic notice of the exercise of the stock appreciation
right. The value of a share for this purpose shall be the Fair Market Value thereof on the last business day preceding the date of the election to exercise the stock appreciation right; 

(C) No fractional shares shall be delivered under this Section 7(b)(12) but in lieu thereof a cash adjustment shall be
made; 
 (D) If a stock appreciation right included in an option is exercised, such option shall be deemed to have been
exercised to the extent of the number of shares called for by the option or portion thereof which is surrendered on exercise of the stock appreciation right and no new option may be granted covering such shares under this Plan; and 

(E) If an option which includes a stock appreciation right is exercised, such stock appreciation right shall be deemed to have
been canceled to the extent of the number of shares called for by the option or portion thereof is exercised and no new stock appreciation rights may be granted covering such shares under this Plan. 

(13) Incentive Stock Options. Incentive stock options may only be granted to employees of the Issuer and its
Subsidiaries and parent corporations, as defined in Section 424 of the Code. In the case of any incentive stock option granted under the Plan, the aggregate Fair Market Value of the shares of Common Stock (determined at the time of grant of
each option) with respect to which incentive stock options granted under the Plan and any other plan of the Issuer or its parent or a Subsidiary which are exercisable for the first time by an employee during any calendar year shall not exceed
$100,000 or such other amount as may be required by the Code. 
 (14) Rights of Transferee. Notwithstanding anything
to the contrary herein, if an option has been transferred in accordance with Section 7(b)(6), the option shall be exercisable solely by the transferee. The option shall remain subject to the provisions of the Plan, including that it will be
exercisable only to the extent that the optionee or optionee’s estate would have been entitled to exercise it if the optionee had not transferred the option. In the event of the death of the optionee prior to the expiration of the right to
exercise the transferred option, the period during which the option shall be exercisable will terminate on the date one year following the date of the optionee’s death. In the event of the death of the transferee prior to the expiration of the
right to exercise the option, the period during which the option shall be exercisable by the executors, administrators, legatees and distributees of the transferee’s estate, as the case may be, will terminate on the date one year following the
date of the transferee’s death. In no event will the option be exercisable after the expiration of the option period set forth in the Stock Option Agreement. The option shall be subject to such other rules as the Committee shall determine. 

(15) No Reload. Options shall not be granted under this Plan in consideration for and shall not be conditioned upon the
delivery of shares of Common Stock in payment of the option price and/or tax withholding obligation under any other employee stock option. 

  
 9 

 8. Long-term Performance Awards: Long-term
performance awards under the Plan shall consist of the conditional grant of a specified number of performance units or performance shares. The conditional grant of a performance unit to a participant will entitle the participant to receive a
specified dollar value, variable under conditions specified in the Award, if the Qualifying Performance Criteria specified in the Award are achieved and the other terms and conditions thereof are satisfied. The conditional grant of a performance
share to a participant will entitle the participant to receive a specified number of shares of Common Stock, or the equivalent cash value, as determined by the Committee, if the Qualifying Performance Criteria specified in the Award are achieved and
the other terms and conditions thereof are satisfied. Each Award shall be subject to the following terms and conditions: 
 (a) Grant of
Awards. The Committee shall (1) select the employees of the Company to whom Awards under this Section 8 may from time to time be granted, (2) determine the number of performance units or performance shares covered by each Award,
(3) determine the terms and conditions of each performance unit or performance share awarded and the award period and performance objectives with respect to each Award, (4) determine the extent to which a participant may elect to defer
payment of a percentage of an Award (the “Deferred Portion”) pursuant to the terms of a deferred compensation plan of the Company, (5) determine whether payment with respect to the portion of an Award which has not been deferred (the
“Current Portion”) and the payment with respect to the Deferred Portion of an Award shall be made entirely in cash, entirely in Common Stock or partially in cash and partially in Common Stock, (6) determine whether the Award is to be
made independently of or in conjunction with a nonqualified stock option granted under the Plan, and (7) prescribe the form of the instruments necessary or advisable in the administration of the Awards. 

(b) Terms and Conditions of Award. Any Award conditionally granting performance units or performance shares to a participant shall be
evidenced by a Performance Unit Agreement or Performance Share Agreement, as applicable, executed by the Company and the participant, in such form as the Committee shall approve, which agreement shall contain in substance the following terms and
conditions applicable to the Award and such additional terms and conditions as the Committee shall prescribe: 
 (1)
Number and Value of Performance Units. The Performance Unit Agreement shall specify the number of performance units conditionally granted to the participant. If the Award has been made in conjunction with the grant of an Associated Option,
the number of performance units granted shall initially be equal to the number of shares which the participant is granted the right to purchase pursuant to the Associated Option, but one performance unit shall be canceled for each share of the
Issuer’s Common Stock purchased upon exercise of the Associated Option or for each stock appreciation right included in such option that has been exercised. The Performance Unit Agreement shall specify the threshold, target and maximum dollar
values of each performance unit and corresponding performance objectives as provided under Section 8(b)(5). 
 (2)
Number and Value of Performance Shares. The Performance Share Agreement shall specify the number of performance shares conditionally granted to the participant. If the Award has been made in conjunction with the grant of an Associated Option,
the number of performance shares granted shall initially be equal to the number of shares which the participant is granted the right to purchase pursuant to the Associated Option, but one performance share shall be canceled for each share of the
Issuer’s Common Stock purchased upon exercise of the Associated Option or for each stock appreciation right included in such option that has been exercised. The Performance Share Agreement shall specify that each Performance Share will have a
value equal to one (1) share of Common Stock. 
 (3) Award Periods. For each Award, the Committee shall designate
an award period with a duration to be determined by the Committee in its discretion, but in no event less than three calendar years, within which specified performance objectives are to be attained. There may be several award periods in existence at
any one time and the duration of performance objectives may differ from each other. 

  
 10 

 (4) Consideration. Each participant, as consideration for the award of
performance units or performance shares, shall remain in the continuous employ of the Company for at least one year after the date of the making of such Award, and no Award shall be payable until after the completion of such one year of employment
by the participant, except as otherwise determined by the Committee. 
 (5) Performance Objectives. The Committee
shall select the Qualifying Performance Criteria and specific targets for each award period. 
 (6) Determination and
Payment of Performance Units or Performance Shares Earned. As soon as practicable after the end of an award period, the Committee shall determine the extent to which Awards have been earned on the basis of actual performance in relation to the
Qualifying Performance Criteria as set forth in the Performance Unit Agreement or Performance Share Agreement and certify these results in writing. The Performance Unit Agreement or Performance Share Agreement shall specify that as soon as
practicable after the end of each award period, the Committee shall determine whether the conditions of Sections 8(b)(4) and 8(b)(5) hereof have been met and, if so, shall ascertain the amount payable or shares which should be distributed to the
participant in respect of the performance units or performance shares. As promptly as practicable after it has determined that an amount is payable or should be distributed in respect of an Award, and within 90 days after the end of the award
period, the Committee shall cause the Current Portion of such Award to be paid or distributed to the participant or the participant’s beneficiaries, as the case may be, in the Committee’s discretion, either entirely in cash, entirely in
Common Stock or partially in cash and partially in Common Stock. Payment of any Deferred Portion of an Award shall be determined by the terms of the Company deferred compensation plan under which the deferral was elected. 

In making payment in the form of Common Stock hereunder, the cash equivalent of such Common Stock shall be determined by the
Fair Market Value of the Common Stock on the day the Committee designates the performance units shall be payable. 
 (7)
Nontransferability of Awards and Designation of Beneficiaries. No Award under this Section of the Plan shall be transferable by the participant other than by will or by the laws of descent and distribution, except that a participant may
designate a beneficiary pursuant to the provisions hereof. If any participant or the participant’s beneficiary shall attempt to assign the participant’s rights under the Plan in violation of the provisions thereof, the Company’s
obligation to make any further payments to such participant or the participant’s beneficiaries shall forthwith terminate. 

A participant may name one or more beneficiaries to receive any payment of an Award to which the participant may be entitled
under the Plan in the event of the participant’s death, on a form to be provided by the Committee. A participant may change the participant’s beneficiary designation from time to time in the same manner. If no designated beneficiary is
living on the date on which any payment becomes payable to a participant’s beneficiary, or if no beneficiary has been specified by the participant, such payment will be payable to the participant’s estate. 

(8) Retirement and Termination of Employment Other Than by Death. In the event of the Retirement prior to the end of an
award period of a participant who has satisfied the one year employment requirement of Section 8(b)(4) with respect to an Award prior to Retirement, or as otherwise determined by the Committee, the participant, or his estate, shall be entitled
to a payment of such Award at the end of the award period, pursuant to the terms of the Plan and the participant’s Performance Unit Agreement or Performance Share Agreement, provided, however, that the participant shall be deemed to have earned
that proportion (to the nearest whole unit or share) of the value of the performance units or performance shares granted to the participant under such Award as the number of months of the award period which have elapsed since the first day of the
calendar year in which the Award was made to the end of the month in which the participant’s Retirement occurs, bears to the total number of months in the award period, subject to the attainment of performance objectives associated with the
Award as certified by the Committee. The participant’s right to receive any remaining performance units or performance shares shall be canceled and forfeited. 

  
 11 

 Subject to Section 8(b)(6) hereof, the Performance Unit Agreement or
Performance Share Agreement shall specify that the right to receive the performance units or performance shares granted to such participant shall be conditional and shall be canceled, forfeited and surrendered if the participant’s continuous
employment with the Company shall terminate for any reason, other than the participant’s death or Retirement, prior to the end of the award period, or as otherwise determined by the Committee. 

(9) Reserved. 

(10) Death of Participant. In the event of the death prior to the end of an award period of a participant who has
satisfied the one year employment requirement with respect to an Award under this Section 8 prior to the date of death, or as otherwise determined by the Committee, the participant’s beneficiaries or estate, as the case may be, shall be
entitled to a payment of such Award upon the end of the award period, pursuant to the terms of the Plan and the participant’s Performance Unit Agreement or Performance Share Agreement, provided, however, that the participant shall be deemed to
have earned that proportion (to the nearest whole unit or share) of the value of the performance units or performance shares granted to the participant under such Award as the number of months of the award period which have elapsed since the first
day of the calendar year in which the Award was made to the end of the month in which the participant’s death occurs, bears to the total number of months in the award period. The participant’s right to receive any remaining performance
units or performance shares shall be canceled and forfeited. 
 The Committee may, in its discretion, waive, in whole or in
part, such cancellation and forfeiture of any performance units or performance shares. 
 (11) Grant of Associated
Option. If the Committee determines that the conditional grant of performance units or performance shares under the Plan is to be made to a participant in conjunction with the grant of a nonqualified stock option under the Plan, the Committee
shall grant the participant an Associated Option under the Plan subject to the terms and conditions of this Section 8(b)(11). In such event, such Award shall be contingent upon the participant’s being granted such an Associated Option
pursuant to which: (i) the number of shares the optionee may purchase shall initially be equal to the number of performance units or performance shares conditionally granted by the Award, (ii) such number of shares shall be reduced on a
one-share-for-one-unit or share basis to the extent that the Committee determines, pursuant to Section 8(b)(6) hereof, to pay to the participant or the participant’s beneficiaries the performance units or performance shares conditionally
granted pursuant to the Award, and (iii) the Associated Option shall be cancelable in the discretion of the Committee, without the consent of the participant, under the conditions and to the extent specified herein and in Section 8(b)(6)
hereof. 
 If no amount is payable in respect of the conditionally granted performance units or performance shares, the Award
and such performance units or performance shares shall be deemed to have been canceled, forfeited and surrendered, and the Associated Option, if any, shall continue in effect in accordance with its terms. If any amount is payable in respect of the
performance units or performance shares and such units or shares were granted in conjunction with an Associated Option, the Committee shall, within 30 days after the determination of the Committee referred to in the first sentence of
Section 8(b)(6), determine, in its sole discretion, either: 
 (A) to cancel in full the Associated Option, in which
event the value of the performance units or performance shares payable pursuant to Sections 8(b)(5) and (6) shall be paid or the performance shares shall be distributed; 

(B) to cancel in full the performance units or performance shares, in which event no amount shall be paid to the participant in
respect thereof and no shares shall be distributed but the Associated Option shall continue in effect in accordance with its terms; or 

(C) to cancel some, but not all, of the performance units or performance shares, in which event the value of the performance
units payable pursuant to Sections 8(b)(5) and (6) which have not been canceled shall be paid or the performance shares shall be distributed and the Associated Option shall be canceled with respect to that number of shares equal to the
number of conditionally granted performance units or performance shares that remain payable. 

  
 12 

 Any action taken by the Committee pursuant to the preceding sentence shall be
uniform with respect to all Awards having the same award period. If the Committee takes no such action, it shall be deemed to have determined to cancel in full the Award in accordance with clause (B) above. 

9. Restricted Stock and Restricted Stock Units: An Award of restricted stock under the Plan shall consist of a grant of shares of
Common Stock of the Issuer, the grant, issuance, retention and/or vesting of which is subject to the terms and conditions hereinafter provided. An Award of a restricted stock unit to a participant will entitle the participant to receive a specified
number of shares of Common Stock or cash, as determined by the Committee, if the objectives specified in the Award, if any, are achieved and the other terms and conditions thereof are satisfied. Each Award shall be subject to the following terms and
conditions: 
 (a) Grant of Awards: The Committee shall (i) select the employees to whom restricted stock or restricted stock
units may from time to time be granted, (ii) determine the number of shares to be covered by each Award granted, (iii) determine the terms and conditions (not inconsistent with the Plan) of any Award granted hereunder, and
(iv) prescribe the form of the agreement, legend or other instrument necessary or advisable in the administration of Awards under the Plan. 

(b) Terms and Conditions of Awards: Any Award granted under this Section 9 shall be evidenced by a Restricted Stock Agreement or
Restricted Stock Unit Agreement entered into by the Issuer and the participant, in such form as the Committee shall approve, which agreement shall be subject to the following terms and conditions and shall contain such additional terms and
conditions not inconsistent with the Plan as the Committee shall prescribe: 
 (1) Number of Shares Subject to an
Award: The agreement shall specify the number of shares of Common Stock or the number of restricted stock units subject to the Award. 

(2) Restriction Period: The period of restriction applicable to each Award (the “Restriction Period”) shall be
established by the Committee but may not be less than one year, unless the Committee determines otherwise. The Restriction Period applicable to each Award shall commence on the award date. 

(3) Consideration: Each participant, as consideration for the grant of an Award, shall remain in the continuous employ
of the Company for at least one year from the date of the granting of such Award, or as otherwise determined by the Committee, and the participant’s right to any shares of restricted stock or restricted stock units covered by such an Award
shall be forfeited if the participant does not remain in the continuous employ of the Company for at least one year from the date of the granting of the Award, except as otherwise determined by the Committee. 

(4) Restriction Criteria: The Committee shall establish the criteria upon which the Restriction Period shall be based.
Restrictions shall be based upon either or both of (i) the continued employment of the participant or (ii) the attainment of one or more Qualifying Performance Criteria. 

(c) Terms and Conditions of Restrictions and Forfeitures: The restricted stock or restricted stock units awarded pursuant to the Plan
shall be subject to the following restrictions and conditions: 
 (1) During the Restriction Period, the participant will not
be permitted to sell, transfer, pledge or assign the Award made under this Section 9. 
 (2) Except as provided in
Section 9(c)(1), or as the Committee may otherwise determine, a participant holding restricted stock shall have all of the rights of a stockholder of the Issuer, including the right to vote the shares and receive dividends and other
distributions, provided that cash dividends paid with respect to restricted stock that is subject to the satisfaction of targets for Qualifying Performance Criteria shall be retained by the Company during the Restriction Period and shall be subject
to the same 

  
 13 

 
restrictions as the underlying restricted stock. In addition, distributions in the form of stock shall be subject to the same restrictions as the underlying restricted stock. A participant
holding restricted stock units shall have none of the rights of a stockholder of the Issuer during the Restriction Period. 

(3) Unless the Committee shall expressly otherwise provide in the agreement relating to an Award made under this
Section 9, in the event of a participant’s Retirement or death prior to the end of the Restriction Period for a participant who has satisfied the one year employment requirement of Section 9(b)(3), all time-based restrictions imposed
under such Award shall immediately lapse, but such Award shall continue to be subject to the satisfaction of any targets for Qualifying Performance Criteria set forth in the agreement relating to such Award. 

(4) Unless the Committee shall expressly otherwise provide in the agreement relating to an Award made under this
Section 9, if during the Restriction Period a participant terminates employment with the Company for any reason other than Retirement or death, the shares covered by a restricted stock Award that are not already vested shall be canceled and
forfeited and will be deemed to be reacquired by the Issuer and any restricted stock units still subject to restriction shall be forfeited by the participant. 

(5) In cases of special circumstances as determined by the Committee, the Committee may, in its sole discretion when it finds
that such an action would be in the best interests of the Company, accelerate or waive in whole or in part any or all remaining time-based restrictions with respect to all or part of a participant’s restricted stock or restricted stock units.

 (6) In the event that the participant fails promptly to pay or make satisfactory arrangements as to the Withholding Taxes
as provided in Section 13, (i) all shares of restricted stock still subject to restriction shall be forfeited by the participant and will be deemed to be reacquired by the Company; and (ii) all restricted stock units still subject to
restriction shall be forfeited by the participant. 
 (7) A participant may, at any time prior to the expiration of the
Restriction Period, waive all rights to receive all or some of the shares covered by or corresponding to an Award by delivering to the Company a written or electronic notice of such waiver. 

(8) Notwithstanding the other provisions of this Section 9, the Committee may adopt rules which would permit a gift by a
participant holding restricted stock or the benefits of a restricted stock unit, to members of the participant’s immediate family (spouse, parents, children, stepchildren, grandchildren or legal dependants) or to a trust whose beneficiary or
beneficiaries shall be either such a person or persons or the participant. 
 (9) Any attempt to dispose of an Award under
this Section 9 in a manner contrary to the restrictions shall be ineffective. 
 10. Forfeiture of Awards; Recapture of
Benefits:  
 (a) Breach of Restrictive Covenants. The Committee may, in its discretion, provide in an agreement
evidencing any Award that, in the event that the participant engages, within a specified period after termination of employment, in certain activity specified by the Committee that is deemed detrimental to the interests of the Company (including,
but not limited to, the breach of any non-solicitation and/or non-compete agreements with the Company), the Committee may require the participant to forfeit his or her right to any unvested portion of the Award and, to the extent that any portion of
the Award has previously vested, the Committee may require the participant to return to the Company the shares of Common Stock covered by the Award or any cash proceeds the participant received upon the sale of such shares or, in the case of stock
appreciation rights, performance units or restricted stock units that are settled in cash, an amount of cash, equal to the amount of any gain realized upon the exercise of or lapsing of restrictions on any Award that occurred within a specified time
period. 
 (b) Other Bases for Forfeiture, Recovery or Other Actions. Awards and any compensation or benefits associated
therewith shall be subject to repayment or forfeiture as may be required to comply with (i) any applicable 

  
 14 

 
listing standards of a national securities exchange adopted in accordance with Section 10D of the Exchange Act (regarding recovery of erroneously awarded compensation) and any implementing
rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder; (ii) similar rules under the laws of any other jurisdiction; and (iii) any policies adopted by the Company to implement such requirements, all to the
extent determined by the Company in its discretion to be applicable to a participant. Any agreement evidencing an Award may be unilaterally amended by the Committee to comply with any such compensation recovery policy. 

11. Determination of Breach of Conditions: The determination of the Committee as to whether an event has occurred resulting in a
forfeiture or a termination of an Award or any reduction of the Company’s obligations in accordance with the provisions of the Plan shall be conclusive. 

12. Adjustment of and Changes in the Common Stock: 

(a) Effect of Outstanding Awards. The existence of outstanding Awards shall not affect in any way the right or power of the Company or
its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, exchanges, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company or any issuance of
Common Stock or other securities or subscription rights thereto, or any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or any sale or transfer of all or any part of its assets or business,
or any other corporate act or proceeding, whether of a similar character or otherwise. Further, except as expressly provided herein or by the Committee, (i) the issuance by the Company of Common Stock or any class of securities convertible into
shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations to the Company convertible into such shares or other
securities, (ii) the payment of a dividend in property other than shares of Common Stock, or (iii) the occurrence of any similar transaction, and in any case whether or not for fair value, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number of shares of Common Stock subject to stock options or other Awards theretofore granted or the purchase price per share, unless the Committee shall determine, in its sole discretion, that an
adjustment is necessary or appropriate. 
 (b) Adjustments. If the outstanding Common Stock or other securities of the Company, or
both, for which an Award is then exercisable or as to which an Award is to be settled shall at any time be changed or exchanged by declaration of a stock dividend, stock split, combination of shares, extraordinary dividend of cash and/or assets,
recapitalization, reorganization, corporate separation or division (including, but not limited to, a split-up, spin-off,
split-off or distribution to Company stockholders other than a normal cash dividend) or any similar event affecting the Common Stock or other securities of the Company, the Committee shall appropriately and
equitably adjust the number and kind of shares or other securities which are subject to this Plan or subject to any Awards theretofore granted, and the exercise or settlement prices of such Awards, so as to maintain the proportionate number of
shares of Common Stock or other securities without changing the aggregate exercise or settlement price. 
 (c) Fractional Shares. No
right to purchase fractional shares shall result from any adjustment in stock options or stock appreciation rights pursuant to this Section 12. In case of any such adjustment, the shares subject to the stock option or stock appreciation right
shall be rounded down to the nearest whole share. 
 (d) Assumption of Awards. Any other provision hereof to the contrary
notwithstanding (except for Section 12(a)), in the event the Company is a party to a merger or other reorganization, outstanding Awards shall be subject to the agreement of merger or reorganization. Such agreement may provide, without
limitation, for the assumption of outstanding Awards by the surviving corporation or its parent, for their continuation by the Company (if it is the surviving corporation), for accelerated vesting and accelerated expiration, or for settlement in
cash. 
 13. Taxes: 

(a) Each participant shall, no later than the Tax Date (as defined below), pay to the Company, or make arrangements satisfactory to the
Committee regarding payment of, any Withholding Tax (as defined below) with respect to an Award, and the Company shall, to the extent permitted by law, have the right to deduct such amount from any payment of any kind otherwise due to the
participant. The Company shall also have the right to retain or 

  
 15 

 
sell without notice, or to demand surrender of, shares of Common Stock in value sufficient to cover the amount of any Withholding Tax, and to make payment (or to reimburse itself for payment
made) to the appropriate taxing authority of an amount in cash equal to the amount of such Withholding Tax, remitting any balance to the participant. For purposes of this paragraph, the value of shares of Common Stock so retained or surrendered
shall be the average of the high and low sales prices per share on the New York Stock Exchange composite tape on the date that the amount of the Withholding Tax is to be determined (the “Tax Date”) and the value of shares of Common Stock
so sold shall be the actual net sales price per share (after deduction of commissions) received by the Company. 
 (b) Notwithstanding the
foregoing, if the stock options have been transferred, the optionee shall provide the Company with funds sufficient to pay such Withholding Tax. If such optionee does not satisfy the optionee’s tax payment obligation and the stock options have
been transferred, the transferee may provide the funds sufficient to enable the Company to pay such taxes. However, if the stock options have been transferred, the Company shall have no right to retain or sell without notice, or to demand surrender
from the transferee of, shares of Common Stock in order to pay such Withholding Tax. 
 (c) The term “Withholding Tax” means the
minimum required withholding amount applicable to the participant, including federal, state and local income taxes, Federal Insurance Contribution Act taxes, social insurance contributions, payroll tax, payment on account and any other governmental
impost or levy. 
 (d) The participant shall be entitled to satisfy the obligation to pay any Withholding Tax, in whole or in part, by
providing the Company with funds sufficient to enable the Company to pay such Withholding Tax or, unless the Committee determines otherwise, by requiring the Company to retain or to accept upon delivery thereof by the participant shares of Common
Stock held by the participant having a Fair Market Value sufficient to cover the amount of such Withholding Tax. Each election by a participant to have shares retained or to deliver shares for this purpose shall be subject to the following
restrictions: (i) the election must be in writing and be made on or prior to the Tax Date; (ii) the election must be irrevocable; and (iii) the election shall be subject to the disapproval of the Committee. 

14. Change in Control. 

(a) Unless the Committee shall otherwise expressly provide in the agreement relating to an Award, in the event a participant’s employment
with the Company terminates pursuant to a Qualifying Termination (as defined below) during the three (3) year period following a Change in Control of the Issuer (as defined below): 

(1) all outstanding options shall become immediately fully vested and exercisable (to the extent not yet vested and exercisable
as of the date of the Qualifying Termination); and 
 (2) all time-based restrictions imposed under all outstanding Awards of
restricted stock and restricted stock units shall immediately lapse. 
 (b) Unless the Committee shall otherwise expressly provide in the
agreement relating to an Award, if the Company undergoes a Change in Control during the award period applicable to an Award that is subject to the satisfaction of any targets for Qualifying Performance Criteria, the number of shares or units deemed
earned shall be the greater of (i) the target number of shares or units specified in the participant’s Award agreement or (ii) the number of shares or units that would have been earned by applying the Qualifying Performance Criteria
specified in the Award agreement to the Company’s actual performance from the beginning of the applicable award period to the date of the Change in Control. 

(c) In addition, in the event of a Change in Control of the Issuer, the Committee may: 

(1) determine that outstanding options shall be assumed by, or replaced with comparable options by, the surviving corporation
(or a parent or subsidiary of the surviving corporation) and that outstanding Awards shall be converted to similar awards of the surviving corporation (or a parent or subsidiary of the surviving corporation), or 

(2) take such other actions with respect to outstanding options and other Awards as the Committee deems appropriate; provided,
however, that such actions are compliant with Section 409A of the Code, to the extent applicable. 

  
 16 

 (d) For purposes of this Plan, a Change in Control shall be deemed to have occurred on the
earliest of the following dates: 
 (1) The date any person (as defined in Section 14(d)(3) of the Exchange Act) shall
have become the direct or indirect beneficial owner of twenty percent (20%) or more of the then outstanding common shares of the Issuer; 

(2) The date a merger or consolidation of the Issuer with any other corporation is consummated, other than (i) a merger or
consolidation which would result in the voting securities of the Issuer outstanding immediately prior thereto continuing to represent at least 75% of the combined voting power of the voting securities of the Issuer or the surviving entity
outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Issuer in which no Person acquires more than 50% of the combined voting power of the Issuer’s
then outstanding securities; 
 (3) The date the stockholders of the Issuer approve a plan of complete liquidation of the
Issuer or an agreement for the sale or disposition by the Issuer of all or substantially all of the Issuer’s assets; or 

(4) The date there shall have been a change in a majority of the Board of Directors within a two (2) year period beginning
after the effective date of the Plan, unless the nomination for election by the Issuer’s stockholders of each new director was approved by the vote of two-thirds of the directors then still in office who were in office at the beginning of the
two (2) year period. 
 (e) For purposes of this Plan provision, a Qualifying Termination shall be deemed to have occurred under the
following circumstances: 
 (1) A Company-initiated termination for reasons other than the employee’s death, Disability,
resignation without good cause, willful misconduct or activity deemed detrimental to the interests of the Company, provided the participant executes a general release and, where applicable, a non-solicitation and/or non-compete agreement with the
Company; 
 (2) The participant resigns with good cause, which includes (i) a substantial adverse alteration in the
nature or status of the participant’s responsibilities, (ii) a reduction in the participant’s base salary or levels of entitlement or participation under any incentive plan, award program or employee benefit program without the
substitution or implementation of an alternative arrangement of substantially equal value, or (iii) the Company requiring the participant to relocate to a work location more than fifty (50) miles from the participant’s work location
prior to the Change in Control. 
 15. Amendment of the Plan: The Board of Directors may amend or suspend this Plan at any time and
from time to time; provided, however, that, except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination or exchange of shares), the terms of outstanding awards may not be amended to reduce the exercise price of outstanding stock options or stock appreciation rights or cancel outstanding stock
options or stock appreciation rights in exchange for cash, other awards or stock options or stock appreciation rights with an exercise price that is less than the exercise price of the original stock options or stock appreciation rights without
stockholder approval; and provided, further, that the Board of Directors shall submit for stockholder approval any amendment (other than an amendment pursuant to the adjustment provisions of Section 12) required to be submitted for stockholder
approval by law, regulation or applicable stock exchange requirements or that otherwise would: 
 (a) increase the limitations in
Section 3; 

  
 17 

 (b) reduce the price at which stock options may be granted to below Fair Market Value on the date
of grant; 
 (c) extend the term of this Plan; or 

(d) change the class of persons eligible to be participants. 

In addition, no such amendment or alteration shall be made which would impair the rights of any participant, without such participant’s consent, under
any Award theretofore granted, provided that no such consent shall be required with respect to any amendment or alteration if the Committee determines in its sole discretion that such amendment or alteration either (i) is required or advisable
in order for the Company, the Plan or the Award to satisfy any law or regulation or to meet the requirements of any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under such Award, or that
any such diminishment has been adequately compensated. 
 16. Miscellaneous: 

(a) By accepting any benefits under the Plan, each participant and each person claiming under or through such participant shall be
conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken or to be taken or made under the Plan by the Company, the Board, the Committee or any other committee appointed by the Board. 

(b) No participant or any person claiming under or through him shall have any right or interest, whether vested or otherwise, in the Plan or
in any Award, contingent or otherwise, unless and until all of the terms, conditions and provisions of the Plan and the Agreement that affect such participant or such other person shall have been complied with. 

(c) Neither the adoption of the Plan nor its operation shall in any way affect the rights and powers of the Company to dismiss or discharge
any employee at any time. 
 17. Term of the Plan: The Plan shall expire on May 31, 2020, unless suspended or discontinued
earlier by action of the Board of Directors. The expiration of the Plan, however, shall not affect the rights of participants under Awards theretofore granted to them, and all Awards shall continue in force and operation after termination of the
Plan except as they may lapse or be terminated by their own terms and conditions. 
 18. Employees Based Outside of the United States:
Notwithstanding any provision of the Plan to the contrary, in order to foster and promote achievement of the purposes of the Plan or to comply with provisions of laws in other countries in which the Company operates or has employees, the
Committee, in its sole discretion, shall have the power and authority to (i) determine which employees employed outside the United States are eligible to participate in the Plan, (ii) modify the terms and conditions of Awards granted to
employees who are employed outside the United States, (iii) establish subplans, modified option exercise procedures and other terms and procedures to the extent such actions may be necessary or advisable, and (iv) grant to employees
employed in countries wherein the granting of stock options is impossible or impracticable, as determined by the Committee, stock appreciation rights with terms and conditions that, to the fullest extent possible, are substantially identical to the
stock options granted hereunder; provided, however, that in no event shall the exercise price of an option or stock appreciation right be less than the Fair Market Value of a share of Common Stock on the date of grant and provided, further, that in
no event shall an option or stock appreciation right be exercisable after the expiration of ten years from the date of grant thereof. 

19. Grants in Connection with Corporate Transactions and Otherwise: Nothing contained in this Plan shall be construed to (i) limit
the right of the Committee to assume the equity-based awards or make substitute Awards under this Plan to an employee of another corporation who becomes an employee of the Company by reason of a corporate
merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company in substitution for an award granted by such corporation, or (ii) limit the right of the Company to grant options or make other awards
outside of this Plan. The terms and conditions of any substitute or assumed Awards may vary from the terms and conditions required by the Plan. Any substitute or assumed Awards that are made pursuant to this Section 19 shall not count against
the limitations provided under Section 3. 

  
 18 

 20. Governing Law: The validity, construction, interpretation and effect of the Plan and
agreements issued under the Plan shall be governed and construed by and determined in accordance with the laws of the State of Indiana, without giving effect to the conflict of laws provisions thereof. The Committee may provide that any dispute as
to any Award shall be presented and determined in such forum as the Committee may specify, including through binding arbitration. 
 21.
Unfunded Plan: Insofar as it provides for Awards, the Plan shall be unfunded. Although bookkeeping accounts may be established with respect to participants who are granted Awards under this Plan, any such accounts will be used merely as a
bookkeeping convenience. The Company shall not be required to segregate or earmark any cash or other property which may at any time be represented by Awards, nor shall this Plan be construed as providing for such segregation or earmarking, nor shall
the Company or the Committee be deemed to be a trustee of stock or cash to be awarded under the Plan. 
 22. Compliance with Other Laws
and Regulations: This Plan, the grant and exercise of Awards hereunder, and the obligation of the Issuer to sell, issue or deliver shares of Common Stock under such Awards, shall be subject to all applicable federal, state and local laws, rules
and regulations and to such approvals by any governmental or regulatory agency as may be required. The Issuer shall not be required to register in a participant’s name or deliver any shares of Common Stock prior to the completion of any
registration or qualification of such shares under any federal, state or local law or any ruling or regulation of any government body which the Committee shall determine to be necessary or advisable. To the extent the Issuer is unable to or the
Committee deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Issuer’s counsel to be necessary to the lawful issuance and sale of any shares of Common Stock hereunder, the
Issuer shall be relieved of any liability with respect to the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. No stock option shall be exercisable and no shares of Common Stock shall be issued
and/or transferable under any other Award unless a registration statement with respect to the shares underlying such stock option is effective and current or the Issuer has determined that such registration is unnecessary. 

23. Liability of Issuer: The Issuer shall not be liable to a participant or other persons as to (a) the non-issuance or sale of
shares of Common Stock as to which the Issuer has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Issuer’s counsel to be necessary to the lawful issuance and sale of any shares hereunder; and
(b) any tax consequence expected, but not realized, by any participant or other person due to the receipt, exercise or settlement of any Award granted hereunder. 

24. Compliance with Section 409A of the Code: Notwithstanding any provision of the Plan to the contrary, in the event any Award
constitutes or provides for a deferral of compensation within the meaning of Section 409A of the Code, the Award shall comply in all respects with the applicable requirements of Section 409A of the Code; the agreement evidencing the Award
shall include all provisions required for the Award to comply with the applicable requirements of Section 409A of the Code; and those provisions of such agreement shall be deemed to constitute provisions of the Plan. 

  
 19

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