Document:

Deed of Novation and Amendment

 Exhibit 10(iii) 
  
 DATED MARCH 31, 2005 
  
 BARING ASSET MANAGEMENT HOLDINGS LIMITED

  
 - and - 
  
 ING BANK N.V. 
  
 - and - 
  
 THE NORTHERN TRUST INTERNATIONAL BANKING
CORPORATION 
  
 - and - 
  
 THE NORTHERN TRUST
COMPANY 
  
 - and - 
  
 NORTHERN TRUST GFS HOLDINGS
LIMITED 
  
 DEED
OF NOVATION AND AMENDMENT TO 
  
 SALE AND PURCHASE AGREEMENT 
  
 - relating to - 
  
 THE SALE AND PURCHASE OF THE ENTIRE SHARE CAPITAL
OF 
  
 FINANCIAL
SERVICES GROUP LIMITED 
  
 NOTE: Portions of this exhibit have been omitted pursuant to a request for confidential treatment. Such omissions are indicated by the phrase “[*confidential treatment requested/material filed separately*].” 

 CONTENTS 
  

					
	 	 	 	  	Page

	1.	 	INTERPRETATION	  	1
			
	2.	 	NOVATION OF THE SALE AND PURCHASE AGREEMENT	  	2
			
	3.	 	AMENDMENT OF SALE AND PURCHASE AGREEMENT	  	2
			
	4.	 	DEFINITIONS	  	2
			
	5.	 	CONDITION 2	  	3
			
	6.	 	CONSIDERATION	  	3
			
	7.	 	PRE-COMPLETION COVENANTS	  	4
			
	8.	 	FIXED ASSETS	  	5
			
	9.	 	ADMINISTRATION SERVICES AGREEMENTS	  	5
			
	10.	 	GUERNSEY LICENCE AGREEMENT	  	5
			
	11.	 	NET ASSET CALCULATION	  	5
			
	12.	 	SCHEDULE 11	  	6
			
	13.	 	PENSIONS	  	6
			
	14.	 	GUARANTEES	  	6
			
	15.	 	FSG IT CONTRACTS	  	6
			
	16.	 	PURCHASER BANK ACCOUNT	  	7
			
	17.	 	RETENTION AND ACCESS TO BOOKS AND RECORDS	  	7
			
	18.	 	IRISH FUNDS INDEMNITY	  	7
			
	19.	 	SCHEDULE 8	  	7
			
	20.	 	GENERAL	  	7
			
	21.	 	GOVERNING LAW AND JURISDICTION	  	7
		
	SCHEDULE 1	  	8
		
	SCHEDULE 2	  	9
		
	SCHEDULE 3	  	10
		
	SCHEDULE 4	  	11

 THIS DEED is made on the 31st day of March 2005 
  
 BETWEEN 
  

	(1)	Baring Asset Management Holdings Limited, a company registered in England and Wales, under number 1131971, whose registered office is at 155 Bishopsgate, London EC2M 3XY (the
“Seller”); 

  

	(2)	ING Bank N.V., a company incorporated in the Netherlands, whose registered office is at Amstelveensweg 500, 1081 LK, Amsterdam, The Netherlands (the “Seller’s
Guarantor”); 

  

	(3)	The Northern Trust International Banking Corporation, a company incorporated in the United States whose head office is at 40 Broad Street, New York, New York 10004, USA
(“Original Purchaser”); 

  

	(4)	The Northern Trust Company, a company incorporated in the United States whose head office is at 50 South La Salle Street, Chicago, Illinois 60675, USA (the
“Purchaser’s Guarantor”); and 

  

	(5)	Northern Trust GFS Holdings Limited, a company incorporated in Guernsey (registered number 42674) whose registered office is at Coutts House, Le Truchot, St Peter Port,
Guernsey GY1 1WD (the “New Purchaser”). 

  
 WHEREAS: 
  

	(A)	The Seller, the Seller’s Guarantor, the Original Purchaser and the Purchaser’s Guarantor entered into a sale and purchase agreement on 22 November 2004 relating to the
sale and purchase of the entire issued share capital of Financial Services Group Limited (“FSG”) (the “Sale and Purchase Agreement”). 

  

	(B)	The Seller, the Seller’s Guarantor, the Original Purchaser and the Purchaser’s Guarantor wish to amend the Sale and Purchase Agreement in accordance with the terms of this
Deed and the Original Purchaser wishes to novate the Sale and Purchase Agreement in accordance with the terms of this Deed. 

  
 IT IS AGREED: 
  
 1. INTERPRETATION 
  

	1.1	Unless the context otherwise requires, the words and expressions defined in the Sale and Purchase Agreement have the same meaning in this Deed and its Recitals.

  

	1.2	The Recitals to this Deed form part of it. 

  

	1.3	Any reference in this Deed to a document being “in the agreed terms” is to a document in the terms agreed between the parties for identification purposes only signed or
initialled by them or on their behalf on or before the date of this Deed. 

 2. NOVATION OF THE SALE AND
PURCHASE AGREEMENT 
  
 On and with effect from the date of this Deed: 
  

	 	(a)	the Original Purchaser on the one part and the Seller and the Seller’s Guarantor on the other part hereby irrevocably and unconditionally release and discharge each other from
any and all obligations and liabilities under the Sale and Purchase Agreement and the Seller and the Seller’s Guarantor accept the liability of the New Purchaser under the Sale and Purchase Agreement in place of the liability of the Original
Purchaser and the Seller and the Seller’s Guarantor agree that the New Purchaser has the rights of the Original Purchaser under the Sale and Purchase Agreement (including, for the avoidance of doubt, the guarantee and indemnity given in clause
14 of the Sale and Purchase Agreement in respect of the Seller’s obligations) in each case from the date of the Sale and Purchase Agreement as if the New Purchaser were and at all times had been an original party to the Sale and Purchase
Agreement in place of the Original Purchaser; 

  

	 	(b)	the New Purchaser agrees to be bound by the terms of the Sale and Purchase Agreement and to perform the obligations of the Original Purchaser thereunder in every way as if it were
an original party to the Sale and Purchase Agreement in place of the Original Purchaser; and 

  

	 	(c)	the Purchaser’s Guarantor agrees that the guarantee and indemnity given in clause 14 of the Sale and Purchase Agreement in respect of the Original Purchaser’s obligations
shall be given in respect of the obligations of the New Purchaser and the Seller and the Seller’s Guarantor hereby irrevocably and unconditionally release and discharge the Purchaser’s Guarantor from any and all obligations and liabilities
under the Sale and Purchase Agreement in respect of the Original Purchaser’s obligation. 

  
 3. AMENDMENT OF SALE AND PURCHASE AGREEMENT 
  
 On and with effect from the date of this Deed the parties hereby agree that
the Sale and Purchase Agreement shall be amended as set out in clauses 4 to 18 of this Deed. 
  
 4. DEFINITIONS 
  

	4.1	The following definitions shall be inserted into clause 1.1 of the Sale and Purchase Agreement in alphabetical order: 

  

	 	(a)	“Asset Transfer Agreement” means the asset transfer agreement entered into between BISL and International Fund Mangers UK Limited on or about the date hereof;

  

	 	(b)	“BAML ASA” means the administration services agreement between Baring Asset Management Limited (“BAML”), International Fund Managers UK Limited and
Ravensbourne Registration Services Limited to be entered into on Completion in the agreed terms; 

  

	 	(c)	“Baring Toshin Fund ASA” means the administration services agreement between Baring Mutual Fund Management (Ireland) Limited, IFMI and BIL to be entered into on
Completion in the agreed terms; 

  

 - 2 - 

	 	(d)	“Baring Global Investment Umbrella Fund ASA” means the administration services agreement between The Baring Global Investment Umbrella Fund (No.1) PLC, BIFMI and
IFMI to be entered into on Completion in the agreed terms; 

  

	 	(e)	“BFM ASA” means the administration services agreement between Baring Fund Managers Limited, International Fund Managers UK Limited and Ravensbourne Registration
Services Limited to be entered into on Completion in the agreed terms; 

  

	 	(f)	“BIFMI ASA” means the administration services agreement between BIFMI, IFMI and BIL to be entered into on Completion in the agreed terms; 

 

	 	(g)	“Baring Multi-Manager Funds ASA” means the administration services agreement between Baring Multi-Manager Funds plc, BIFMI and IFMI to be entered into on Completion
in the agreed terms; 

  

	 	(h)	“Prospectuses” means the supplemental prospectuses in the agreed terms in respect of each of the Irish Funds; and 

  

	 	(i)	“Trust Deeds” means the supplemental trust deeds in agreed terms in respect of each of the Irish Funds. 

  

	4.2	The definition of Administration Services Agreements in clause 1.1 of the Sale and Purchase Agreement shall be deleted and replaced with the following: 

  
 “Administration Services Agreements” means (i) the BFM ASA,
(ii) the BAML ASA; (iii) the Baring Toshin Fund ASA; (iv) the Baring Global Investment Umbrella Fund ASA; (v) the Baring Multi-manager Funds ASA; and (vi) the BIFMI ASA together with the service level agreements where relevant each in the agreed
terms (subject in each case to any changes to be made as required by IFSRA or as otherwise agreed). 
  
 5. CONDITION 2 
  

	5.1	The second sentence of clause 3.2 of the Sale and Purchase Agreement shall be deleted and the following sentence substituted therefore: 

  
 “For the purposes only of determining whether Condition 2 is satisfied,
on or before the date which is three Business Days before the Completion Date, the Seller shall deliver to the Purchaser a draft Run Rate Revenue Statement showing run rate revenues as at the month end prior to Completion”. 
  

	5.2	And Condition 2 in Schedule 2 shall be deleted and the following words substituted therefore: 

  

	 	“2.	The run rate revenues of the Group for the period February 2005 multiplied by 12 being no less than 70% of the Initial Run Rate Revenues”. 

  
 6. CONSIDERATION 
  
 Clause 3.11 of the Sale and Purchase Agreement shall be deleted and the
following clause 3.11 substituted therefore: 
  
 “Any amount
to be paid to the Seller pursuant to this Agreement shall be paid by telegraphic transfer into the account details of which are as follows: [*confidential treatment requested/material filed separately*]. 
  

 - 3 - 

 7. PRE-COMPLETION COVENANTS 
  

	7.1	Clause 5.11 of the Sale and Purchase Agreement shall be deleted and replaced with the following: 

  
 “The Seller shall use its reasonable endeavours to procure that Barings Isle of Man (“BIOM”) by
Completion has in place all outstanding know your client documentation and information and changes its know your client procedures so that they satisfy in all material respects the relevant regulatory requirements.” 
  

	7.2	The parties agree that, in respect of clause 5.2 (s) of the Sale and Purchase Agreement the process for obtaining the consent of the Purchaser shall be as follows:

  

	 	(a)	for exposures from £500,000 to £5,000,000 and periods up to a maximum of one month which constitute either: 

  

	 	(i)	accommodations with Approved Collateral (as defined in Appendix C of the Seller’s Guarantor Delegated Authorities attached in Schedule 1) held by Barings (Guernsey) Limited but
not formally charged; and 

  

	 	(ii)	accommodations to mutual funds where assets are held with Barings (Guernsey) Limited but are not formally charged and exposures do not exceed 10% of the net asset value of the
mutual fund, 

  
 consent shall be deemed to have
been obtained if approval has been received from the Barings Guernsey Credit Committee, which at least one representative of the Purchaser shall be entitled to attend; and 
  

	 	(b)	for exposures in excess of £5,000,000 the Purchaser’s express written consent shall be required, not to be unreasonably withheld or delayed. 

  

	7.3	The parties agree that in respect of clause 5.2(s) of the Sale and Purchase Agreement indicative terms sheets will continue to be sent to a representative of the Purchaser and the
Purchaser’s Guarantor for consideration and agreement before they are sent to clients. 

  

	7.4	The parties agree that the process for obtaining the consent of the Purchaser set out in clauses 7.2 and 7.3 of this Deed shall be deemed to have had effect from 13 December 2004.

  

	7.5	The Seller confirms to the Purchaser that, as at the date of this Deed, all contracts with private clients of Barings (Guernsey) Limited have either been novated to Baring Asset
Management (C.I.) Limited or been terminated. 

  

 - 4 - 

 8. FIXED ASSETS 
  

	8.1	Clause 5.5(a) of the Sale and Purchase Agreement shall be deleted and replaced with the following: 

  

	 	“(a)	the IT fixed assets held by BISL which relate to the business of the Group as referred to in the Fixed Asset Memorandum will be transferred to the Group at book value of
£360,008 as at September 2004 and the fit out and tenants fixtures relating to the 5th Floor, 155 Bishopsgate, having a book value of £1,918,549 as at 30 September 2004 (referred to in the Fixed Assets Memorandum) shall be sold to the
Group for £1,918,549; and” 

  

	8.2	Clause 11.3 of the Sale and Purchase Agreement shall be deleted and replaced with the following: 

  
 “At the expiry or sooner determination of the Term the Purchaser shall procure that the Group shall transfer to the
Seller or a Seller Group Company the fit out and other items in the nature of tenant’s fixtures in 5th Floor Bishopsgate transferred to the Group under Clause 5.5(a) for the aggregate consideration of £501,530 and otherwise on the same
terms as those contained in the Asset Transfer Agreement in respect of those items.” 
  

	8.3	The parties agree that the information contained in Schedule 2 of this Deed shall be the Fixed Assets Memorandum in the agreed terms in place of the Fixed Assets Memorandum
initialled on 22 November 2004. 

  
 9.
ADMINISTRATION SERVICES AGREEMENTS 
  

	9.1	The words set out in clause 5.9 of the Sale and Purchase Agreement shall be deleted and the words “intentionally left blank” substituted therefor.

  

	9.2	Clause 6.3(a) of the Sale and Purchase Agreement shall be deleted and replaced with the following: 

  

	 	“(a)	evidence in a form reasonably satisfactory to the Purchaser of the completion of the Pre-Completion Reorganisation pursuant to clause 6.2;”. 

  

	9.3	The following shall be inserted into the Sale and Purchase Agreement as an additional clause 6.3(K): 

  

	 	“(K)	each of the Trust Deeds duly executed by the parties thereto.” 

  

	9.4	Paragraph 8 of Schedule 2 of the Sale and Purchase Agreement shall be deleted. 

  

10. GUERNSEY LICENCE AGREEMENT 
  

	10.1	Clause 6.3(j) of the Sale and Purchase Agreement shall be deleted. 

  
 11. NET ASSET CALCULATION 
  

	11.1	Paragraph 3.14 of Schedule 9 of the Sale and Purchase Agreement shall be deleted and replaced with the following: 

  
 “For the avoidance of doubt to the extent that any payments are made by
any member of the Group to any Seller Group Company or any provisions made in respect of the guarantees referred to in clause 8.3(b) between the date hereof and the Completion Date such payments or provisions shall not be taken into account for the
purpose of preparing the Net Asset Statement and no provisions shall be made in the Net Asset Statement in respect of the guarantees referred to in clause 8.3(b).” 
  

 - 5 - 

 12. SCHEDULE 11 
  
 The first paragraph of paragraph 4(b) of Schedule 11 of the Sale and Purchase Agreement shall be deleted and replaced with
the following: 
  
 “for all Existing Clients who have
changed the nature of their customer relationship with the Group within the three month or four month period (as the case may be) prior to the Relevant Date then, in the case of withdrawals of assets, revenues will be adjusted (in line with existing
management practice) as if such withdrawals had taken place at the beginning of the relevant three (or four) month period prior to the Relevant Date by deducting the amount set out in the row headed “[*confidential treatment requested/material
filed separately*]” in the relevant Run Rate Revenues Statement and the resulting amount shall be multiplied by four (or three), and in the case of increases in mandates revenues will be adjusted (in line with existing management practice) as
if such increases in mandates had taken place at the beginning of the relevant three month or four month period prior to the Relevant Date adding the amount set out in the row headed “[*confidential treatment requested/material filed
separately*]” in the relevant Run Rate Revenues Statement and the resulting amount shall be multiplied by four (or three) in line with existing management practices for estimating Recurring Revenues in accordance with paragraph 5.”; and

  
 the second paragraph of paragraph 4(b) of Schedule II shall
be amended by the deletion of the words “paragraph 4(b)” and the substitution therefore of the words “paragraph 7”. 
  
 13. PENSIONS 
  

	13.1	Schedule 7 Part B of the Sale and Purchase Agreement shall be deleted and replaced with the following: 

  
 “Part B - Guernsey 
  

	 	4.	It is hereby acknowledged and agreed that the following members of the Guernsey Scheme, [*confidential treatment requested/material filed separately*] shall cease to be in
pensionable service under that scheme with effect on and from the Completion Date [*confidential treatment requested/material filed separately*]. 

  

14. GUARANTEES 
  

	14.1	The information contained in Schedule 16 of the Sale and Purchase Agreement shall be deleted and replaced with the information contained in Schedule 3 of this Deed.

  
 15. FSG IT CONTRACTS

  
 Schedule 14 Part 1 of the Sale and Purchase Agreement shall
be deleted and replaced with Schedule 4 of this Deed. 
  

 - 6 - 

 16. PURCHASER BANK ACCOUNT 
  
 Clause 3.10 of the Sale and Purchase Agreement shall be deleted and replaced
with the following: 
  
 “Any payment to be paid to the
Purchaser pursuant to this Agreement shall be paid by telegraphic transfer into the account details of which are as follows: [*confidential treatment requested/material filed separately*]. 
  
 17. RETENTION AND ACCESS TO
BOOKS AND RECORDS 
  

	17.1	There shall be inserted, as a new clause 24.5 of the Sale and Purchase Agreement, the following: 

  

	 	“24.5	The Seller and the Purchaser shall retain and preserve, or procure that there are retained and preserved, all such books and records of each Group member relating to the business of
the Group (in relation to customers or otherwise), in a manner consistent with prior practice, and in accordance with applicable legal and regulatory requirements in any relevant jurisdiction, and each shall permit the other and its agents to have
access to and copies of such books and records to the extent reasonably requested by, and at the expense of, the other.” 

  

	17.2	The Seller confirms to the Purchaser that the correspondence relating to the assignment or transfer of the FSG IT Contracts and the Service Contracts is in the possession of BISL.

  
 18. IRISH FUNDS
INDEMNITY 
  
 Clause 17.4(i) of
the Sale and Purchase Agreement shall be deleted and replaced with the following: 
  
 “any claim by [*confidential treatment requested/material filed separately*].” 
  
 19. SCHEDULE 8 
  
 The reference to “Legal Lending Limit guarantees provided by London Branch” in column 2 of the table set out in Schedule 8 shall be deleted and
the words “Credit facilities guaranteed by Barings (Guernsey) Limited” substituted therefore. 
  
 20. GENERAL 
  

	20.1	Save as expressly amended by this Deed, the Sale and Purchase Agreement shall remain in full force and effect. 

  
 21. GOVERNING LAW AND
JURISDICTION 
  

	21.1	This Deed shall be governed by, construed and take effect in accordance with English law. 

  

	21.2	The courts of England shall have exclusive jurisdiction to settle any claim, dispute or matter of difference which may arise out of or in connection with this Deed (including,
without limitation, claims for set-off or counterclaim) or the legal relationship established by this Deed. 

  

	21.3	Nothing in this Deed confers any rights on any person (other than the parties hereto) pursuant to the Contracts (Rights of Third Parties) Act 1999. 

  

 - 7 - 

 SCHEDULE 1 
  
 APPENDIX C 
  
 ING DELEGATED AUTHORITIES — OMITTED 
  

 - 8 - 

 SCHEDULE 2 
  
 FIXED ASSET MEMORANDUM 
  
 CHARTS OMITTED 
  

 - 9 - 

 SCHEDULE 3 
  
 GUARANTEES 
  
 CHART OMITTED 
  

 - 10 - 

 SCHEDULE 4 
  
 PART 1 
  
 FSG IT CONTRACTS 
  
 PART 2 
  
 GUERNSEY AND DUBLIN IT CONTRACTS 
  
 PART 3 
  
 SHARED CONTRACTS 
  
 CHARTS OMITTED 
  

 - 11 - 

 IN WITNESS whereof this Deed has been duly executed and delivered on the date set out above. 

 

					
	Executed as a Deed	  	 	  	 
	by Baring Asset Management	  	 	  	 
	Holdings Limited acting by	  	 	  	 
	 	  	  

	  	 
	 	  	  

	  	 
			
	Executed as a Deed	  	 	  	 
	by ING Bank N.V. acting by	  	 	  	 
	 	  	  

	  	 
	 	  	  

	  	 
			
	Executed as a Deed	  	 	  	 
	by The Northern Trust International Banking Corporation	  	 
	acting by	  	 	  	 
	 	  	  

	  	 
	 	  	  

	  	 
			
	Executed as a Deed	  	 	  	 
	by The Northern Trust Company	  	 	  	 
	acting by	  	 	  	 
	 	  	  

	  	 
	 	  	  

	  	 

  

 - 12 - 

					
	Executed as a Deed	  	 	  	 
	by Northern Trust GFS Holdings Limited	  	 
	acting by	  	 	  	 
	 	  	  

	  	 
	 	  	  

	  	 

  

 - 13 -Amended and Restated as of April 20, 2005

 C. R. BARD, INC. MANAGEMENT STOCK PURCHASE PROGRAM 
  
 Amended and Restated as of April 20, 2005 
  
 This document constitutes part of a prospectus covering securities that
have been 
 registered under the Securities Act of 1933, as amended. 
  
 Article 1. Establishment and Objectives 
  
 1.1 Establishment of the Program. C. R. Bard, Inc., a New Jersey corporation, has established, effective December 10, 2003, this Management
Stock Purchase Program (the “Program”) under the terms of the Corporation’s 2003 Long-Term Incentive Program (the “LTIP”). The Program provides a mechanism for deferral of the receipt of certain bonuses through mandatory and
voluntary purchases of restricted stock units that are payable in stock. 
  
 Awards granted to participants under this Program will be made under the LTIP and will be made subject to the terms of that plan. In the event of any conflict between the terms of this Program and the terms of the
LTIP, the terms of the LTIP shall govern. 
  
 1.2
Objectives of the Program. The objectives of the Program are to link the interests of Participants to those of the Corporation’s stockholders; to allow Participants to share in the success of the Corporation; and to assist in fulfilling the
Corporation stock ownership requirements of Participants. 
  
 Article 2.
Definitions 
  
 Whenever used in the Program, the following
capitalized terms shall have the meanings set forth below, and all other capitalized terms shall have the meanings given in the LTIP: 
  
 “Applicable Fair Market Value” means the lower of (a) the Fair Market Value on the first business day in July of the calendar year
preceding the date the bonus otherwise would have been payable; or (b) the Fair Market Value on the date the bonus otherwise would have been payable. 
  
 “Board” means the Board of Directors of the Corporation. 
  
 “Bonus Plan” means the Executive Bonus Plan, the Executive Incentive Plan, or any other bonus plan or
arrangement of the Corporation designated by the Committee. 
  
 “Change of Control” of the Corporation means a change of control of the nature that would be required to be reported in response to Item 1(a) of the Current Report on Form 8-K as in effect on April 16, 2003, pursuant to
Section 13 or 15(d) of the Act (other than such a change of control involving a Permitted Holder); provided, that, without limitation, a Change of Control shall be deemed to have occurred if: 
  
 (i) any “person” (other than a Permitted Holder)
shall become the “beneficial owner”, as those terms are defined below, of capital stock of the Corporation, the voting power of which constitutes 20% or more of the general voting power of all of the Corporation’s outstanding capital
stock; or 
  
 (ii) individuals who, as of April
16, 2003, constituted the Board (the “Incumbent Board”) cease for any reasons to constitute at least a majority of the Board; provided, that any person becoming a Director subsequent to April 16, 2003, whose election, or nomination for
election by the Corporation’s shareholders, was approved by a vote of at least three quarters of the Directors comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of the Directors of the Corporation, which is or would be subject to Rule 14a-11 of the Regulation 14A promulgated under the Act) shall be, for purposes of the Plan,
considered as though such person were a member of the Incumbent Board. 
  
 For purposes of the definition of Change of Control, the following definitions shall be applicable: 
  
 (1) The term “person” shall mean any individual, group, corporation or other entity. 

 (2) For purposes of this definition only, any person shall be deemed to be the
“beneficial owner” of any shares of capital stock of the Corporation: 
  
 (i) which that person owns directly, whether or not of record, or 
  
 (ii) which that person has the right to acquire pursuant to any agreement or understanding or upon exercise
of conversion rights, warrants, or options or otherwise, or 
  
 (iii) which are beneficially owned, directly or indirectly (including shares deemed owned through application of clause (ii) above), by an “affiliate” or “associate” (as defined in the rules of the
Securities and Exchange Commission under the Securities Act of 1933, as amended) of that person, or 
  
 (iv) which are beneficially owned, directly or indirectly (including shares deemed owned through application of clause (ii) above), by any
other person with which that person or such person’s “affiliate” or “associate” (defined as aforesaid) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of capital
stock of the Corporation. 
  
 (3) The outstanding
shares of capital stock of the Corporation shall include shares deemed owned through application of clauses (2)(ii), (iii) and (iv), above, but shall not include any other shares which may be issuable pursuant to any agreement or upon exercise of
conversion rights, warrants or options, or otherwise, but which are not actually outstanding. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time (or any successor statute thereto). 
  
 “Corporation” means C. R. Bard, Inc., a New Jersey corporation, and any successor thereto. 
  
 “Deferral Account” means an account on the books of the
Corporation to which Elective Shares and Premium Shares are credited during the Deferral Period. 
  
 “Deferral Election” means the election form filed by a Participant with the Committee under Section 4.2. 
  
 “Deferral Period” means the period during which Elective
Shares and Premium Shares are credited to a Participant’s Deferral Account, commencing on the date on which a Participant’s deferred bonus compensation would otherwise be paid and ending on the date determined in Section 4.4. 

 
 “Deferred Delivery Election” means an election by a
Participant to defer delivery of Elective Shares and Premium Shares credited to his Deferral Account to the date he terminates employment with the Corporation and all Subsidiaries. The Committee shall establish rules and procedures as it deems
appropriate for Deferred Delivery Elections. 
  
 “Director” means any individual who is a member of the Board. 
  
 “Disability” shall mean the inability of a Participant to perform in all material respects his duties and responsibilities to the Corporation, or any Subsidiary of the Corporation, by reason of a
physical or mental disability or infirmity which inability is reasonably expected to be permanent and has continued (i) for a period of six consecutive months or (ii) such shorter period as the Committee may reasonably determine in good faith. The
Disability determination shall be in the sole discretion of the Committee. 
  
 “Elective Shares” means Units credited to a Participant’s Deferral Account based on the amount deferred by the Participant under Section 4.1 and the Applicable Fair Market Value, which are not
subject to forfeiture as provided in Section 6.2 or Section 6.3. 
  
 “Eligible Employee” means each participant in the Executive Bonus Plan, the Executive Incentive Plan, or any other bonus plan or arrangement of the Corporation designated by the Committee. 
  

 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time
(or any successor act thereto). 
  
 “Executive Bonus
Plan” means the C. R. Bard, Inc. 1994 Executive Bonus Plan, as amended. 
  
 “Executive Incentive Plan” means the C. R. Bard, Inc. Executive Incentive Plan, as amended. 
  
 “Fair Market Value” means, on a given date, (i) if there should be a public market for the Shares on such date, the arithmetic mean of
the high and low prices of the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if the Shares are not listed or admitted on any national
securities exchange, the arithmetic mean of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices
are regularly quoted) (the “NASDAQ”), or, if no sale of Shares shall have been reported on the Composite Tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of
the Shares have been so reported or quoted shall be used, and (ii) if there should not be a public market for the Shares on such date, the Fair Market Value shall be the value established by the Committee in good faith. 
  
 “Participant” means an Eligible Employee who has deferred
bonus compensation under Section 4.1(a) or (b). 
  
 “Premium Shares” means Units credited to a Participant’s Deferral Account as calculated under Section 4.3(b), which are initially subject to forfeiture as provided in Section 6.2 or Section 6.3. 
  
 “Program Effective Date” means December 10, 2003.

  
 “Retirement” means normal or early retirement
under the terms of any pension plan of the Corporation in which the applicable employee participates or other voluntary termination of employment; provided, that in the case of such a voluntary termination, the Committee must have given its prior
consent to treat such termination as a Retirement. 
  
 “Shares” means the shares of common stock of the Corporation. 
  
 “Subsidiary” means a subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section thereto). 
  
 “Units” means phantom share units, each of which has a notional value equal to one Share. 
  
 Article 3. Administration 
  
 3.1 Authority of the Committee. Except as limited by law and
subject to the provisions herein, the Committee shall have full power to construe and interpret the Program and any agreement or instrument entered into under the Program, and establish, amend or waive rules and regulations for the Program’s
administration. Further, the Committee shall make all other determinations which may be necessary or advisable for the administration of the Program. The Committee may delegate its authority to the extent permitted by law and consistent with the
LTIP. 
  
 3.3 Decisions Binding. All determinations
and decisions made by the Committee pursuant to the provisions of the Program shall be final, conclusive and binding on all persons, including the Corporation, its stockholders, the Board, all Subsidiaries, employees, Participants and their estates
and beneficiaries. 
  

 3 

 Article 4. Automatic and Elective Deferrals 
  
 4.1 Deferral of Bonus Compensation 
  
 (a) 25% of each bonus payable to an Eligible Employee under any Bonus Plan for each year commencing on or
after the Program Effective Date shall be automatically deferred under the Program unless the Eligible Employee has satisfied the Share ownership requirements established for him by the Board and notified the Committee in accordance with Section
4.2. 
  
 (b) Subject to the terms and provisions
of the Program, an Eligible Employee may elect to defer the payment of all or any portion of the remaining bonus payable to him under any Bonus Plan for any year commencing on or after the Program Effective Date. 
  
 4.2 Deferral Election. An Eligible Employee who elects a
voluntary deferral of bonus compensation pursuant to Section 4.1(b) for a given year shall file with the Committee a Deferral Election that shall specify the amount of deferral for that year. An Eligible Employee who has satisfied his Share
ownership requirements and who declines participation in the Program for a given year shall notify the Committee in his Deferral Election for that year. The Committee shall establish rules and procedures as it deems appropriate for Deferral
Elections. 
  
 4.3 Deferral Accounts. The
Corporation shall establish a Deferral Account for each Participant. A Participant’s Deferral Account shall be credited as of the date the bonus otherwise would have been payable with: 
  
 (a) a number of Elective Shares (rounded up to the next
whole Elective Share) equal to the amount deferred under Section 4.1 divided by the Applicable Fair Market Value on that date; plus 
  
 (b) a number of Premium Shares determined as follows: 
  

			
	 Step 1:
	 	Determine the Applicable Fair Market Value as of the date the bonus otherwise would have been paid.
		
	 Step 2:
	 	Multiply such Applicable Fair Market Value by 70%.
		
	 Step 3:
	 	Divide the total dollar amount deferred under Section 4.1 by the result in Step 2; round up to the next whole number.
		
	 Step 4:
	 	Subtract the number of Elective Shares determined in Section 4.3(a) from the result in Step 3.

  
 Elective Shares and
Premium Shares credited to a Participant’s Deferral Account shall be distributed to the Participant (or, if applicable, the Participant’s beneficiary) at the end of the applicable Deferral Period and otherwise in accordance with Article 6.

  
 4.4 Deferral Period. Subject to Article 6, the
Deferral Period for Elective Shares and Premium Shares shall end on the later of (a) the fourth anniversary of the date Elective Shares and Premium Shares are credited to the Participant’s Deferral Account, or (b) if the Participant has made a
Deferred Delivery Election and has not terminated employment with the Corporation and all Subsidiaries on such anniversary, the date he terminates employment with the Corporation and all Subsidiaries. 
  
 Notwithstanding anything to the contrary in the Program, upon the occurrence
of a Change in Control, unless otherwise specifically prohibited under applicable laws, or by the rules and regulations of any governing governmental agencies or national securities exchanges, the Deferral Period for all Elective Shares and Premium
Shares credited to a Participant’s Account shall end. 
  
 Subject to Article 6, during the Deferral Period, Elective Shares and Premium Shares credited to a Participant’s Deferral Account may not be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws
of descent and distribution. 
  

 4 

 Article 5. Dividends 
  
 Each Participant whose Deferral Account is credited with Elective Shares and Premium Shares shall have the right to receive cash in an amount equal to all
cash dividends that would be payable on such Shares if such Shares were actually held by such Participant. The Company shall pay such cash to each such Participant as soon as administratively practicable following the related dividend payment date.

  
 Article 6. Timing and Form of Payout 
  
 6.1 In General. Except as otherwise provided in this Article
6, a Participant shall be entitled to receive Shares equal to the number of Elective Shares and Premium Shares credited to his Deferral Account at the end of the applicable Deferral Period as described in Section 4.4, above. Delivery of such Shares
shall be made after the end of the applicable Deferral Period as soon as administratively feasible following the Participant’s request. Notwithstanding anything herein to the contrary, the Committee may defer delivery of any Shares in respect
of Elective Shares and Premium Shares credited to a Participant’s Deferral Account if the delivery of such Shares would constitute compensation to the Participant that is not deductible by the Corporation or a Subsidiary due to the application
of Code Section 162(m); provided, that any such Shares deferred under this sentence shall in any event be delivered to the Participant on or before the January 15 of the first full year in which the Participant is no longer a “covered
employee” of the Corporation (within the meaning of Code Section 162(m)) following the end of the Deferral Period. 
  
 6.2 Termination of Employment Due to Death, Retirement or Disability. If the Participant terminates employment with the Corporation and all
Subsidiaries before the end of the Deferral Period by reason of death, Retirement or Disability, the Participant (or in the case of the Participant’s death, the Participant’s beneficiary) shall be entitled to receive a distribution of
Shares equal to the following: 
  
 (a) all
Elective Shares credited to his Deferral Account; plus 
  
 (b) any Premium Shares credited to his Deferral Account for four years or more; plus 
  
 (c) a prorated number (rounded up to the next whole Share) of any Premium Shares credited to his Deferral Account not included in clause
(b) of this section determined as follows: (i) the product of the number of such Premium Shares which have been credited to the Participant’s Deferral Account for 12 months or more but less than two years multiplied by 1/4; plus (ii) the
product of the number of such Premium Shares which have been credited to the Participant’s Deferral Account for two years or more but less than three years multiplied by 1/2; plus (iii) the product of the number of such Premium Shares which
have been credited to the Participant’s Deferral Account for three years or more but less than four years multiplied by 3/4. 
  
 6.3 Termination of Employment for Any Other Reason. If the Participant terminates employment with the Corporation and all Subsidiaries
before the end of the Deferral Period for any reason other than those described in Section 6.2, the Participant shall be entitled to receive a distribution of Shares equal to the following: 
  
 (a) all Elective Shares credited to his Deferral Account;
plus 
  
 (b) any Premium Shares credited to his
Deferral Account for four years or more. 
  
 6.4
Forfeiture of Unvested Shares. Any Premium Shares credited to a Participant’s Deferral Account which are not distributed to the Participant in accordance with this article shall be forfeited. 
  
 Article 7. Beneficiary Designation 
  
 Each Participant may, from time to time, name any beneficiary or
beneficiaries (who may be named contingently or successively) to whom any payment under the Program is to be paid in case of the death of the Participant. Each such designation shall revoke all prior designations by the same Participant, shall be in
a form 

  

 5 

 
prescribed by the Committee and shall be delivered to the Committee during the Participant’s lifetime. If the Participant’s designated beneficiary
predeceases the Participant or no beneficiary has been designated, the Participant’s beneficiary shall be deemed to be the Participant’s spouse or if none, the Participant’s estate. 
  
 Article 8. Amendment, Modification and Termination 
  
 The Committee may, at any time and from time to time, alter, amend, modify
or terminate the Program in whole or in part; provided that no termination, amendment or modification of the Program shall adversely affect in any material way any deferral previously made under the Program. 
  
 Article 9. Withholding 
  
 9.1 Tax Withholding. The Corporation shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Corporation, an amount (either in cash or Shares) sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a
result of this Program. 
  
 9.2 Share Withholding.
With respect to withholding required upon the delivery of Shares in satisfaction of Elective Shares and Premium Shares previously credited to a Participant’s Deferral Account, or upon any other taxable event arising hereunder, the Corporation
may satisfy the minimum withholding requirement for supplemental wages, in whole or in part, by withholding Shares having a Fair Market Value (determined on the date the Participant recognizes taxable income) equal to the withholding tax required to
be collected on the transaction. The Participant may elect, subject to the approval of the Committee, to deliver the necessary funds to satisfy the withholding obligation to the Corporation, in which case there will be no reduction in the Shares
otherwise distributable to the Participant. 
  
 Article 10. Indemnification

  
 Each person who is or has been a member of the Committee,
or of the Board, shall be indemnified and held harmless by the Corporation against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such person in connection with or resulting from any claim, action,
suit, or proceeding to which such person may be a party or in which such person may be involved by reason of any action taken or failure to act under the Program and against and from any and all amounts paid by such person in a settlement approved
by the Corporation, or paid by such person in satisfaction of any judgment in any such action, suit, or proceeding against such person, provided such person shall give the Corporation an opportunity, at its own expense, to handle and defend the same
before such person undertakes to handle and defend it. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Corporation’s Articles of Incorporation
or By-Laws, as a matter of law, or otherwise, or any power that the Corporation may have to indemnify them or hold them harmless. 
  
 Article 11. Successors 
  
 All obligations of the Corporation under the Program or any Deferral Election or Deferred Delivery Election shall be binding on any successor to the
Corporation, whether the existence of such successor is the result of a direct or indirect purchase of all or substantially all of the business and/or assets of the Corporation, or a merger, consolidation, or otherwise. 
  
 Article 12. Miscellaneous 
  
 12.1 Employment. Nothing in the Program shall interfere with
or limit in any way the right of the Corporation or any Subsidiary to terminate any Participant’s employment at any time, or confer upon any Participant any right to continue in the employ of the Corporation or any Subsidiary or to receive a
bonus under a Bonus Plan. 
  

 6 

 12.2 Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 
  
 12.3 Severability. In the event any provision of the Program shall be held illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining parts of the Program, and the Program shall be construed and enforced as if the illegal or invalid provision had not been included. 
  
 12.4 Requirements of Law. The issuance of Shares under the Program shall be subject to all applicable laws,
rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
  
 12.5 Securities Law Compliance. With respect to any individual who is, on the relevant date, an officer, director or ten percent beneficial
owner of any class of the Corporation’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act, transactions under the Program are intended to comply with all
applicable conditions of Rule 16b-3 under the Exchange Act, or any successor rule. To the extent any provision of the Program or action by the Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed
advisable by the Committee. 
  
 12.6 Restrictions on
Share Transferability. The Committee may impose such restrictions on any Shares acquired under this Program as it deems necessary or advisable, including, without limitation, restrictions under applicable federal securities laws, under the
requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares. 
  
 12.7 Awards to Foreign Nationals and Employees Outside the United States. To the extent the Committee deems it
necessary, appropriate or desirable to comply with foreign law or practice and to further the purposes of this Program, the Committee may, without amending the Program, establish rules applicable to Eligible Employees who are foreign nationals, are
employed outside the United States, or both, including rules that differ from those set forth in this Program. 
  
 12.8 Unfunded Status of the Program. The Program is intended to constitute an “unfunded” Program for deferred compensation. With
respect to any Elective Shares or Premium Shares credited to a Participant’s Deferral Account and not yet paid or delivered to the Participant, nothing contained herein shall give any rights that are greater than those of a general creditor of
the Corporation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Program to deliver Shares hereunder consistent with the foregoing. 
  

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]