Document:

EX-10.10

 Exhibit 10.10 
  

FORM OF 
 VAREX IMAGING
CORPORATION 
 MANAGEMENT INCENTIVE PLAN 

(Effective as of [        ]) 

 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1
	 	        BACKGROUND, PURPOSE AND DURATION	  	 	1	  
			
	             1.1
	 	Effective Date	  	 	1	  
			
	             1.2
	 	Purpose of the Plan	  	 	1	  
			
	 SECTION 2
	 	        DEFINITIONS	  	 	1	  
			
	             2.1
	 	“Actual Award	  	 	1	  
			
	             2.2
	 	“Affiliate	  	 	1	  
			
	             2.3
	 	“Base Salary	  	 	1	  
			
	             2.4
	 	“Board	  	 	1	  
			
	             2.5
	 	“Code	  	 	1	  
			
	             2.6
	 	“Committee	  	 	1	  
			
	             2.7
	 	“Company	  	 	2	  
			
	             2.8
	 	“Disability	  	 	2	  
			
	             2.9
	 	“EBIT	  	 	2	  
			
	             2.10
	 	“EBITDA	  	 	2	  
			
	             2.11
	 	“Earnings Per Share	  	 	2	  
			
	             2.12
	 	“Employee	  	 	2	  
			
	             2.13
	 	“Exchange Act	  	 	2	  
			
	             2.14
	 	“Fair Market Value	  	 	2	  
			
	             2.15
	 	“Fiscal Year	  	 	2	  
			
	             2.16
	 	“Maximum Award	  	 	2	  
			
	             2.17
	 	“Net Income	  	 	2	  
			
	             2.18
	 	“Net Orders	  	 	2	  
			
	             2.19
	 	“Omnibus Plan	  	 	2	  
			
	             2.20
	 	“Operating Cash Flow	  	 	2	  
			
	             2.21
	 	“Participant	  	 	3	  
			
	             2.22
	 	“Payout Formula	  	 	3	  
			
	             2.23
	 	“Performance Goals	  	 	3	  
			
	             2.24
	 	“Performance Period	  	 	3	  
			
	             2.25

 
	 	 “Plan
  
	  	   
	 3 
	    

  
 -i- 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	             2.26
	 	“Retirement	  	 	3	  
			
	             2.27
	 	“Return on Assets	  	 	3	  
			
	             2.28
	 	“Return on Equity	  	 	3	  
			
	             2.29
	 	“Return on Sales	  	 	3	  
			
	             2.30
	 	“Revenue	  	 	4	  
			
	             2.31
	 	“Shareholder Return	  	 	4	  
			
	             2.32
	 	“Shares	  	 	4	  
			
	             2.33
	 	“Target Award	  	 	4	  
			
	 SECTION 3
	 	        SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS	  	 	4	  
			
	             3.1
	 	Selection of Participants	  	 	4	  
			
	             3.2
	 	Determination of Performance Goals	  	 	4	  
			
	             3.3
	 	Determination of Target Awards	  	 	4	  
			
	             3.4
	 	Determination of Payout Formula or Formulae	  	 	4	  
			
	             3.5
	 	Determination of Actual Awards	  	 	4	  
			
	 SECTION 4
	 	        PAYMENT OF AWARDS	  	 	5	  
			
	             4.1
	 	Right to Receive Payment	  	 	5	  
			
	             4.2
	 	Timing of Payment	  	 	5	  
			
	             4.3
	 	Form of Payment	  	 	5	  
			
	             4.4
	 	Payment in the Event of Death	  	 	5	  
			
	             4.5
	 	Recoupment Policy	  	 	5	  
			
	 SECTION 5
	 	        ADMINISTRATION	  	 	6	  
			
	             5.1
	 	Committee is the Administrator	  	 	6	  
			
	             5.2
	 	Committee Authority	  	 	6	  
			
	             5.3
	 	Decisions Binding	  	 	6	  
			
	             5.4
	 	Delegation by the Committee	  	 	6	  
			
	 SECTION 6
	 	GENERAL PROVISIONS	  	 	6	  
			
	             6.1
	 	Tax Withholding	  	 	6	  
			
	             6.2

 
	 	 No Effect on Employment or Service
  
	  	   
	 6 
	    

  
 -ii- 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	             6.3
	 	Participation	  	 	7	  
			
	             6.4
	 	Indemnification	  	 	7	  
			
	             6.5
	 	Successors	  	 	7	  
			
	             6.6
	 	Beneficiary Designations	  	 	7	  
			
	             6.7
	 	Nontransferability of Awards	  	 	7	  
			
	             6.8
	 	Deferrals	  	 	7	  
			
	 SECTION 7
	 	        AMENDMENT, TERMINATION AND DURATION	  	 	7	  
			
	             7.1
	 	Amendment, Suspension or Termination	  	 	7	  
			
	             7.2
	 	Duration of the Plan	  	 	8	  
			
	 SECTION 8
	 	        LEGAL CONSTRUCTION	  	 	8	  
			
	             8.1
	 	Gender and Number	  	 	8	  
			
	             8.2
	 	Severability	  	 	8	  
			
	             8.3
	 	Requirements of Law	  	 	8	  
			
	             8.4
	 	Governing Law	  	 	8	  
			
	             8.5
	 	Captions	  	 	8	  

  
 -iii- 

 VAREX IMAGING CORPORATION 

MANAGEMENT INCENTIVE PLAN 

(Effective as of [    ]) 

SECTION 1 
 BACKGROUND,
PURPOSE AND DURATION 
 1.1 Effective Date. The Plan was adopted by the Board on
[        ], effective on the day immediately prior to the spin-off of the Company from Varian Medical Systems, Inc. (“Varian”), and approved by Varian, as the sole stockholder of the Company
on [        ]. 
 1.2 Purpose of the Plan. The Plan is intended to increase stockholder
value and the success of the Company by motivating key executives (1) to perform to the best of their abilities, and (2) to achieve the Company’s objectives. The Plan’s goals are to be achieved by providing such executives
with incentive awards based on the achievement of goals relating to the performance of the Company and its business units. The Plan is intended to permit the grant of awards that qualify as performance-based compensation under section 162(m) of
the Code. 
 SECTION 2 

DEFINITIONS 
 The following
words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 
 2.1 “Actual
Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance Period. Each Actual Award is determined by the Payout Formula for the Performance Period, subject to the Committee’s
authority under Section 3.5 to reduce the award otherwise determined by the Payout Formula. 
 2.2 “Affiliate” means
any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlling, controlled by, or under common control with the Company. 

2.3 “Base Salary” means as to any Performance Period, the Participant’s annualized salary rate on the last day of the
Performance Period. Such Base Salary shall be before both (a) deductions for taxes or benefits, and (b) deferrals of compensation pursuant to Company-sponsored plans. 

2.4 “Board” means the Board of Directors of the Company. 

2.5 “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or
regulation thereunder shall include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

2.6 “Committee” means the committee appointed by the Board (pursuant to Section 5.1) to administer the Plan. 

 2.7 “Company” means Varex Imaging Corporation, a Delaware corporation, or any
successor thereto. 
 2.8 “Disability” means a permanent and total disability determined in accordance with uniform and
nondiscriminatory standards adopted by the Committee from time to time. 
 2.9 “EBIT” means as to any Performance Period,
the Company’s or a business unit’s income before reductions for interest and taxes, determined in accordance with generally accepted accounting principles. 

2.10 “EBITDA” means as to any Performance Period, the Company’s or a business unit’s income before reductions for
interest, taxes, depreciation and amortization, determined in accordance with generally accepted accounting principles. 
 2.11
“Earnings Per Share” means as to any Performance Period, the Company’s or a business unit’s Net Income, divided by a weighted average number of common shares outstanding and dilutive common equivalent shares deemed
outstanding, determined in accordance with generally accepted accounting principles. 
 2.12 “Employee” means any employee
of the Company or of an Affiliate, whether such employee is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 

2.13 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 2.14 “Fair Market Value” means the closing sales price for Shares as quoted on any established securities
market, or if there is no closing sales price for Shares on the applicable date, the closing sales price for Shares on the last preceding date for which such quotation exists. 

2.15 “Fiscal Year” means any fiscal year of the Company. 

2.16 “Maximum Award” means as to any Actual Award to any Participant for any Performance Period, $3 million. 

2.17 “Net Income” means as to any Performance Period, the Company’s or a business unit’s income after taxes,
determined in accordance with generally accepted accounting principles. 
 2.18 “Net Orders” means as to any Performance
Period, the Company’s or a business unit’s net orders calculated (and reviewed by the Company’s external independent auditors in accordance with agreed standard procedures) for and reported in the Company’s quarterly financial
earnings press release filed by the Company on a Current Report on Form 8-K. 
 2.19
“Omnibus Plan” means the Company’s 2017 Omnibus Plan, or any successor plan. 
 2.20 “Operating Cash
Flow” means as to any Performance Period, the Company’s or a business unit’s sum of Net Income plus depreciation and amortization less capital expenditures plus changes in working capital comprised of accounts receivable,
inventories, other current assets, trade accounts payable, accrued expenses, product warranty, advance payments from customers and long-term accrued expenses, determined in accordance with generally acceptable accounting principles. 

  
 2 

 2.21 “Participant” means as to any Performance Period, an Employee who has been
selected by the Committee for participation in the Plan for that Performance Period. 
 2.22 “Payout Formula” means as to
any Performance Period, the formula or payout matrix established by the Committee pursuant to Section 3.4 in order to determine the Actual Awards (if any) to be paid to Participants. The formula or matrix may differ from Participant to
Participant. 
 2.23 “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Committee (in its
discretion) to be applicable to a Participant for a Target Award for a Performance Period. As determined by the Committee, the Performance Goals for any Target Award applicable to a Participant may provide for a targeted level or levels of
achievement using one or more of the following measures: (a) EBIT, (b) EBITDA, (c) Earnings Per Share, (d) Net Income, (e) Operating Cash Flow, (f) Return on Assets, (g) Return on Equity, (h) Return on Sales,
(i) Revenue, (j) Shareholder Return, (k) orders or Net Orders, (l) expenses, (m) cost of goods sold, (n) profit/loss or profit margin, (o) working capital, (p) operating income, (q) cash flow,
(r) market share, (s) return on equity, (t) economic value add, (u) stock price of the Company’s stock, (v) price/earning ratio, (w) debt or debt-to-equity ratio, (x) accounts receivable, (y) cash,
(z) write-off, (aa) assets, (bb) liquidity, (cc) operations, (dd) intellectual property (e.g., patents), (ee) product development, (ff) regulatory activities, (gg) manufacturing, production or inventory,
(hh) mergers, acquisitions or divestitures, (ii) financings, (jj) days sales outstanding, (kk) backlog, (ll) deferred revenue, and (mm) employee headcount. The Performance Goals may differ from Participant to
Participant and from award to award. Prior to the Determination Date, the Committee shall determine whether any significant element(s) shall be included in or excluded from the calculation of any Performance Goal with respect to any
Participants. “Determination Date” means the latest possible date that will not jeopardize a Target Award’s qualification as performance-based compensation under section 162(m) of the Code. 

2.24 “Performance Period” means any fiscal period not to exceed three consecutive Fiscal Years, as determined by the
Committee in its sole discretion. 
 2.25 “Plan” means the Varex Imaging Corporation Management Incentive Plan, as set
forth in this instrument and as hereafter amended from time to time. 
 2.26 “Retirement” means, with respect to any
Participant, “Retirement” as defined by the Company’s retirement policies, as they may be established from time to time.1 

2.27 “Return on Assets” means as to any Performance Period, the percentage equal to the Company’s or a business
unit’s EBIT before incentive compensation, divided by average net Company or business unit, as applicable, assets, determined in accordance with generally accepted accounting principles. 

2.28 “Return on Equity” means as to any Performance Period, the percentage equal to the Company’s Net Income divided by
average stockholder’s equity, determined in accordance with generally accepted accounting principles. 
 2.29 “Return on
Sales” means as to any Performance Period, the percentage equal to the Company’s or a business unit’s EBIT before incentive compensation, divided by the Company’s or the business unit’s, as applicable, Revenue,
determined in accordance with generally accepted accounting principles. 
  

	1	NTD: Consider adding actual definition. 

  
 3 

 2.30 “Revenue” means as to any Performance Period, the Company’s or a
business unit’s net sales, determined in accordance with generally accepted accounting principles. 
 2.31 “Shareholder
Return” means as to any Performance Period, the total return (change in share price plus reinvestment of any dividends) of a Share. 

2.32 “Shares” means shares of the Company’s common stock. 

2.33 “Target Award” means the target award payable under the Plan to a Participant for the Performance Period, expressed as a
percentage of his or her Base Salary, as determined by the Committee in accordance with Section 3.3. 
 SECTION 3 

SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS 

3.1 Selection of Participants. The Committee, in its sole discretion, shall select the Employees of the Company who shall be
Participants for any Performance Period. Participation in the Plan is in the sole discretion of the Committee, and on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance
Period in no way is guaranteed or assured of being selected for participation in any subsequent Performance Period or Periods. 
 3.2
Determination of Performance Goals. The Committee, in its sole discretion, shall establish the Performance Goals for each Participant for the Performance Period no later than the Determination Date. Such Performance Goals shall be
set forth in writing. 
 3.3 Determination of Target Awards. The Committee, in its sole discretion, shall establish a Target
Award for each Participant. Each Participant’s Target Award shall be determined by the Committee in its sole discretion, and each Target Award shall be set forth in writing. 

3.4 Determination of Payout Formula or Formulae. On or prior to the Determination Date, the Committee, in its sole discretion,
shall establish a Payout Formula or Formulae for purposes of determining the Actual Award (if any) payable to each Participant. Each Payout Formula shall (a) be in writing, (b) be based on a comparison of actual performance to the
Performance Goals, (c) provide for the payment of a Participant’s Target Award if the Performance Goals for the Performance Period are achieved, and (d) provide for an Actual Award greater than or less than the Participant’s
Target Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals. Notwithstanding the preceding, no Participant’s Actual Award under the Plan may exceed his or her Maximum Award. 

3.5 Determination of Actual Awards. After the end of each Performance Period, the Committee shall certify in writing the extent to
which the Performance Goals applicable to each Participant for the Performance Period were achieved or exceeded. The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance which
has been certified in writing by the Committee. Notwithstanding any contrary provision of the Plan, the Committee, in its sole discretion, may (a) eliminate or reduce the Actual Award payable to any Participant below that which otherwise
would be payable under the Payout Formula, and (b) determine what Actual 

  
 4 

 
Award, if any, will be paid to a Participant if such Participant’s employment terminates prior to the end of the Performance Period, provided, however, that no Actual Award will be paid to
the Participant in such circumstances unless the Committee certifies in writing that the Performance Goals applicable to the Participant for such Performance Period were achieved. In addition, the Committee may not increase the amount of an
Actual Award otherwise payable to a Participant with respect to any Performance Period unless such Participant is not subject to the limitations of section 162(m) of the Code. The total aggregate Actual Awards under the Plan with respect to any
Performance Period shall not exceed eight percent (8%) of the Company’s EBIT (but before incentive compensation) for the most recent completed Fiscal Year. If the total aggregate Actual Awards with respect to a Performance Period would
exceed this aggregate limit, all such Actual Awards shall be pro-rated on an equal basis among all Participants according to a formula established by the Committee. Notwithstanding the foregoing, the Committee, in its sole discretion, may establish
an award that provides that a Participant shall be paid an Actual Award in the amount of his or her Target Award in the event of such Participant’s termination due to Death or Disability. 

SECTION 4 
 PAYMENT OF
AWARDS 
 4.1 Right to Receive Payment. Each Actual Award that may become payable under the Plan shall be paid solely from
the general assets of the Company. Nothing in this Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which
he or she may be entitled. 
 4.2 Timing of Payment. Except as determined by the Committee with respect to multi-fiscal year
Performance Periods, payment of each Actual Award shall be made no later than the 15th day of the third month following the end of the Performance Period during which the Actual Award was earned. 

4.3 Form of Payment. Each Actual Award normally shall be paid in cash (or its equivalent) in a single lump sum. However, the
Committee, in its sole discretion, may declare any Actual Award, in whole or in part, payable in stock granted under the Company’s Omnibus Plan. The number of Shares granted shall be determined by dividing the cash amount foregone by the
Fair Market Value of a Share on the date that the cash payment otherwise would have been made. 
 4.4 Payment in the Event of
Death. If the Committee certifies in writing that the Performance Goals for the Performance Period were achieved and a Participant dies prior to the payment of an Actual Award earned by him or her for such Performance Period, the Actual
Award shall be paid to his or her estate. 
 4.5 Recoupment Policy. All Actual Awards granted under the Plan will be subject to
recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise
required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In the event that the Company has not adopted such a policy and notwithstanding anything to the contrary set forth in the Plan or otherwise, and there
is a restatement of incorrect financial results, the Board will review the conduct of executive officers in relation to the restatement, and if the Board determines that an executive officer has engaged in misconduct or other violations of the
Company’s code of ethics in connection with the restatement, the Board would, in its discretion, take appropriate action to remedy the misconduct, including, without limitation, seeking reimbursement of any portion of performance-based or
incentive compensation paid or awarded to the executive under the Plan that is greater than would have been paid or awarded if calculated based on the restated financial results, 

  
 5 

 
to the extent not prohibited by governing law. For this purpose, the term “executive officer” means executive officers as defined by the Exchange Act. Such action by the Board
would be in addition to any other actions the Board or the Company may take under the Company’s policies, as modified from time to time, or any actions imposed by law enforcement, regulators or other authorities. No recovery of
compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company. 

SECTION 5 

ADMINISTRATION 
 5.1
Committee is the Administrator. The Plan shall be administered by the Committee. The Committee shall consist of not less than two (2) members of the Board. The members of the Committee shall be appointed from time to time
by, and serve at the pleasure of, the Board. Each member of the Committee shall qualify as an “outside director” under section 162(m) of the Code and as a “non-employee director” for purposes of Rule 16b-3 of the Exchange
Act. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be valid despite such failure to qualify. 

5.2 Committee Authority. It shall be the duty of the Committee to administer the Plan in accordance with the Plan’s
provisions. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (a) determine which Employees shall be granted awards,
(b) prescribe the terms and conditions of awards, (c) interpret the Plan and the awards, (d) adopt such procedures and subplans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals
or employed outside of the United States, (e) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (f) interpret, amend or revoke any such rules. 

5.3 Decisions Binding. All determinations and decisions made by the Committee, the Board, and any delegate of the Committee
pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 

5.4 Delegation by the Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide, may
delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company; provided, however, that the Committee may delegate its authority and powers only with respect to awards that are not intended to
qualify as performance-based compensation under section 162(m) of the Code. 
 SECTION 6 

GENERAL PROVISIONS 
 6.1
Tax Withholding. The Company shall withhold all applicable taxes from any Actual Award, including any federal, state and local taxes (including the Participant’s FICA obligation). 

6.2 No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of the Company to
terminate any Participant’s employment or service at any time, with or without cause. For purposes of the Plan, transfer of employment of a Participant between the Company and any one of its Affiliates (or between Affiliates) shall not be
deemed a Termination of Service. Employment with the Company and its Affiliates is on an at-will basis only. The Company expressly reserves the right, which may be exercised at any time and without regard to when during a Performance
Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect which such treatment might have upon him or her as a Participant. 

  
 6 

 6.3 Participation. No Employee shall have the right to be selected to receive an
award under this Plan, or, having been so selected, to be selected to receive a future award. 
 6.4 Indemnification. Each
person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him
or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from
any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give
the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them
harmless. 
 6.5 Successors. All obligations of the Company under the Plan, with respect to awards granted hereunder, shall be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company. 

6.6 Beneficiary Designations. If permitted by the Committee, a Participant under the Plan may name a beneficiary or beneficiaries
to whom any vested but unpaid award shall be paid in the event of the Participant’s death. Each such designation shall revoke all prior designations by the Participant and shall be effective only if given in a form and manner acceptable to
the Committee. In the absence of any such designation, any vested benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 

6.7 Nontransferability of Awards. No award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 6.6. All rights with respect to an award granted to a Participant shall be available during his or her
lifetime only to the Participant. 
 6.8 Deferrals. The Committee, in its sole discretion, may permit a Participant to defer
receipt of the payment of cash that would otherwise be delivered to a Participant under the Plan. Any such deferral elections shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion. 

SECTION 7 
 AMENDMENT,
TERMINATION AND DURATION 
 7.1 Amendment, Suspension or Termination. The Board, in its sole discretion, may amend or
terminate the Plan, or any part thereof, at any time and for any reason. The amendment, suspension or termination of the Plan shall not, without the consent of the Participant, alter or impair any rights or obligations under any Target Award
theretofore granted to such Participant. No award may be granted during any period of suspension or after termination of the Plan. 

  
 7 

 7.2 Duration of the Plan. The Plan shall commence on the date specified herein, and
subject to Section 7.1 (regarding the Board’s right to amend or terminate the Plan), shall remain in effect thereafter. 

SECTION 8 
 LEGAL
CONSTRUCTION 
 8.1 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. 
 8.2
Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the
illegal or invalid provision had not been included. 
 8.3 Requirements of Law. The granting of awards under the Plan 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. 

8.4 Governing Law. The Plan and all awards shall be construed in accordance with and governed by the laws of the State of
Delaware, but without regard to its conflict of law provisions. 
 8.5 Captions. Captions are provided herein for convenience
only, and shall not serve as a basis for interpretation or construction of the Plan. 
 EXECUTION 

IN WITNESS WHEREOF, Varex Imaging Corporation, by its duly authorized officer, has executed the Plan on the date indicated below. 

 

							
		 		 	VAREX IMAGING CORPORATION
				
	Dated:	 		 	 By:  
	 	  

  
 8EX-10.11

 Exhibit 10.11 

CHANGE IN CONTROL AGREEMENT 

FOR [INSERT TITLE] 

FORM OF CHANGE IN CONTROL AGREEMENT 

THIS CHANGE IN CONTROL AGREEMENT (“Agreement”) is entered into effective as of the date that the spin-off of Varex Imaging
Corporation, a Delaware corporation, (the “Company”) from Varian Medical Systems, Inc. (“Varian”) is completed (the “Effective Date”), by and between the Company1,
and                         , an employee of the Company (“Employee”). 

The Company’s Board of Directors (the “Board”) has determined that it is in the best interest of the Company and its
stockholders for the Company to agree to pay Employee termination compensation in the event Employee should leave the employ of the Company under the circumstances described below. The Board recognizes that the possibility of a proposal from a third
person, whether or not solicited by the Company, concerning a possible “Change in Control” of the Company (as such language is defined in Section 3(d)) will be unsettling to Employee. Therefore, the arrangements set forth in this Agreement
are being made to help assure a continuing dedication by Employee to Employee’s duties to the Company notwithstanding the proposal or occurrence of a Change in Control. The Board believes it imperative, should the Company receive any proposal
from a third party, that Employee, without being influenced by the uncertainties of Employee’s own situation, be able to assess and advise the Board whether such proposals are in the best interest of the Company and its stockholders, and to
enable Employee to take action regarding such proposals as the Board might determine to be appropriate. The Board also wishes to demonstrate to key personnel that the Company desires to enhance management relations and its ability to retain and, if
needed, to attract new management, and intends to ensure that loyal and dedicated management personnel are treated fairly. 
 In view of the
foregoing, the Company and Employee agree as follows: 
  

	1.	EFFECTIVE DATE AND TERM OF AGREEMENT. 

 This Agreement is effective and binding on the
Company and Employee as of the date described above; provided, however, that, subject to Section 2(d), the provisions of Sections 3 and 4 shall become operative only upon the Change in Control Date. 

 

	1 	“Company” shall include the Company, any successor to the Company’s business and/or assets, and any party which executes and delivers the agreement required by Section 6(e) or which otherwise becomes
bound by the terms and conditions of this Agreement by operation of law or otherwise. 

  
 1 

	2.	EMPLOYMENT OF EMPLOYEE. 

 (a) Except as provided in Sections 2(b), 2(c) and 2(d), nothing
in this Agreement shall affect any right which Employee may otherwise have to terminate Employee’s employment, nor shall anything in this Agreement affect any right which the Company may have to terminate Employee’s employment at any time
in any lawful manner. 
 (b) In the event of a Potential Change in Control, to be eligible to receive the benefits provided by this
Agreement, Employee will not voluntarily leave the employ of the Company, and will continue to perform Employee’s regular duties and the services specified in the recitals of this Agreement until the Change in Control Date. Should Employee
voluntarily terminate employment prior to the Change in Control Date, this Agreement shall lapse upon such termination and be of no further force or effect. 

(c) If Employee’s employment terminates on or after the Change in Control Date as provided under Sections 3 and 4, the Company will
provide to Employee the payments and benefits as provided in Sections 3 and 4. 
 (d) If Employee’s employment is terminated by the
Company without Cause within sixty (60) days prior to and including the Change in Control Date but on or after a Potential Change in Control Date, subject to Section 4(d), then the Company will provide to Employee the payments and benefits described
in Sections 3 and 4 unless the Company reasonably demonstrates that Employee’s termination of employment neither (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control nor (ii) arose in
connection with or in anticipation of a Change in Control. Such payments and benefits will be paid within five (5) business days following the 60th day after the Employee’s Separation from Service except that the stock option and restricted
stock acceleration benefits described in Section 4(a)(iii) shall be provided on the Change in Control Date and accelerated restricted stock units outstanding as of
[                    ], shall be settled on their originally scheduled vesting dates. In the event that a Change in Control is not consummated,
Employee shall not be entitled to any payments or benefits on account of Employee’s termination described in this Section 2(d). 
  

	3.	TERMINATION FOLLOWING CHANGE IN CONTROL. 

 (a) If a Change in Control shall have
occurred, Employee shall be entitled to the benefits provided in Section 4 upon the subsequent termination of Employee’s employment within the applicable period set forth in Section 4 unless such termination is due to Employee’s death,
Retirement or Disability or is for Cause or is effected by Employee other than for Good Reason (as such terms are defined in Section 3(d)). 

(b) If within eighteen (18) months after a Change in Control, Employee incurs a Separation from Service by reason of Employee’s death or
Disability, Employee (or, if applicable, his or her estate) shall be entitled to death or long-term disability benefits 

  
 2 

 
from the Company no less favorable than the most favorable benefits to which Employee would have been entitled had the death or Disability occurred at any time during the period commencing one
(1) year prior to the Change in Control under the plans of the Company or Varian. To the extent such benefits are taxable to Employee, the benefits provided during the calendar year shall not affect the benefits to be provided in any other calendar
year and the benefits shall not be subject to liquidation or exchange for another benefit. 
 (c) If Employee’s employment shall be
terminated by the Company for Cause or by Employee other than for Good Reason during the term of this Agreement, the Company shall pay Employee’s base salary through the date of termination at the rate in effect at the time notice of
termination is given, and the Company shall have no further obligations to Employee under this Agreement. 
 (d) For purposes of this
Agreement: 
 “Base Salary” shall mean the annual base salary paid to Employee immediately prior to a Change in Control, provided
that such amount shall in no event be less than the annual base salary paid to Employee during the one (1) year period immediately prior to the Change in Control by the Company or Varian. 

A “Change in Control” shall be deemed to have occurred if: 

(i) Any individual or group constituting a “person”, as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act (other
than (A) the Company or any of its subsidiaries or (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of any of its subsidiaries), is or becomes the beneficial owner, directly or indirectly, of
securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s outstanding securities then entitled ordinarily (and apart from rights accruing under special circumstances) to vote for the
election of directors; or 
 (ii) Continuing Directors cease to constitute at least a majority of the Board; or 

(iii) there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”),
in each case with respect to which the stockholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50% of the combined voting power of the Company or other corporation resulting from
such Transaction; or 
 (iv) all or substantially all of the assets of the Company are sold, liquidated or distributed; 

  
 3 

 provided, however, that a “Change in Control” shall not be deemed to have occurred under this
Agreement if, prior to the occurrence of a specified event that would otherwise constitute a Change in Control hereunder, the disinterested Continuing Directors then in office, by a majority vote thereof, determine that the occurrence of such
specified event shall not be deemed to be a Change in Control with respect to Employee hereunder if the Change in Control results from actions or events in which Employee is a participant in a capacity other than solely as an officer, employee or
director of the Company; it being understood, for the avoidance of doubt, that the spin-off of the Company from Varian shall not constitute a Change in Control. 

“Change in Control Date” shall mean the date on which a Change in Control occurs. 

“Cause” shall mean: 

(i) The continued willful failure of Employee to perform Employee’s duties to the Company (other than any such failure resulting from
Employee’s incapacity due to physical or mental illness) after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to Employee by the Board or
a committee thereof; or 
 (ii) The willful commission by Employee of a wrongful act that caused or was reasonably likely to cause
substantial damage to the Company, or an act of fraud in the performance of Employee’s duties on behalf of the Company; or 
 (iii) The
conviction of, or plea of nolo contendere by, Employee for commission of a felony in connection with the performance of Employee’s duties on behalf of the Company; or 

(iv) The order of a federal or state regulatory authority having jurisdiction over the Company or its operations or by a court of competent
jurisdiction requiring the termination of Employee’s employment by the Company. 
 “Continuing Directors” shall mean the
directors of the Company in office on the Effective Date and any successor to any such director who was nominated or selected by a majority of the Continuing Directors in office at the time of the director’s nomination or selection and who is
not an “affiliate” or “associate” (as defined in Regulation 12B under the Exchange Act) of any person who is the beneficial owner, directly or indirectly, of securities representing ten percent (10%) or more of the combined
voting power of the Company’s outstanding securities then entitled ordinarily to vote for the election of directors. 

“Disability” shall mean Employee’s incapacity due to physical or mental illness such that Employee shall have become qualified
to receive benefits under the Company’s long-term disability plan as in effect on the date of the Change in Control. 

  
 4 

 “Dispute” shall mean, in the case of termination of Employee’s employment for
Disability or Cause, that Employee challenges the existence of Disability or Cause, and in the case of termination of Employee’s employment for Good Reason, that the Company challenges the existence of Good Reason for termination of
Employee’s employment. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

[FOR CFO/General Counsel: “Equivalent Position” shall mean an employment position that: 

(i) requires that Employee serve in a role and perform duties that are functionally equivalent in all material respects to (or broader than)
the role and duties performed by Employee for the Company prior to the Change in Control; 
 (ii) is the [principal [financial] OR
[legal] officer] of the combined or acquiring entity; 
 (iii) does not constitute a material, adverse change in Employee’s
responsibilities or duties or authority, when compared to Employee’s responsibilities or duties or authority with the Company prior to the Change in Control; 

[(iv) requires that Employee be deemed an executive officer (for purposes of the rules promulgated under Section 16 of the Securities Exchange
Act of 1934) of a publicly-traded successor entity to the extent that the Employee was an executive officer under Section 16 of the Securities Exchange Act of 1934 prior to the Change in Control;] and 

(v) has Employee reporting directly to the Chief Executive Officer of the combined or acquiring company to the extent that the Employee was
reporting directly to the Chief Executive Officer of the Company prior to the Change in Control.] 
 “Good Reason” shall mean:

 (i) [FOR CEO: The failure to appoint Employee as Chief Executive Officer (or principal executive officer) of the combined or acquiring
entity, reporting to its Board of Directors] [FOR CFO/General Counsel: The assignment to Employee of a position, responsibilities or duties such that he no longer holds an Equivalent Position] [FOR KEY EMPLOYEES: The assignment of Employee to duties
which are materially different from Employee’s duties immediately prior to the Change in Control and which result in a material reduction in Employee’s authority and responsibility]; or 

(ii) A material reduction of Employee’s total cash and equity compensation, evaluated in the aggregate, as the same may have been
increased from time to time after the Change in Control Date other than a reduction implemented with the consent of Employee; or 

  
 5 

 (iii) The relocation of the office of the Company where Employee is providing Employee’s
services to the Company immediately prior to the Change in Control Date (the “CIC Location”) to a location which is more than 50 miles away from the CIC Location or the Company’s requiring Employee to be based more than 50 miles away
from the CIC Location (except for required travel on the Company’s business to an extent substantially consistent with Employee’s customary business travel obligations in the ordinary course of business prior to the Change in Control
Date); or 
 (iv) A material breach of this Agreement. 

Notwithstanding anything in this Agreement to the contrary, a termination for “Good Reason” shall not occur unless the Employee has provided written
notice to the Company of the Employee’s intention to terminate employment and the specific reason(s) for such “Good Reason”. Following receipt of such notice, the Company shall have the right, within thirty (30) days of receiving
such written notice, to cure the circumstances giving rise to such “Good Reason”.
 “Potential Change in Control” shall
mean the earliest to occur of (a) the execution of an agreement or letter of intent, the consummation of the transactions described in which would result in a Change in Control, (b) the approval by the Board of a transaction or series of
transactions, the consummation of which would result in a Change in Control, or (c) the public announcement of a tender offer for the Company’s voting stock, the completion of which would result in a Change in Control; provided, that no
such event shall be a “Potential Change in Control” unless (i) in the case of any agreement or letter of intent described in clause (a), the transaction described therein is subsequently consummated by the Company and the other party or
parties to such agreement or letter of intent and thereupon constitutes a “Change in Control”, (ii) in the case of any Board-approved transaction described in clause (b), the transaction so approved is subsequently consummated and
thereupon constitutes a “Change in Control” or (iii) in the case of any tender offer described in clause (c), such tender offer is subsequently completed and such completion thereupon constitutes a “Change in Control”. 

“Potential Change in Control Date” shall mean the date on which a Potential Change in Control occurs. 

“Retirement” shall mean Employee’s actual retirement after reaching the normal or early retirement date provided for in the
Company’s Retirement and Profit-Sharing Program as in effect on the date of Employee’s termination of employment. 

“Separation from Service” shall have the meaning set forth in Section 409A of the Code. 

(e) Any termination of employment by the Company or by Employee shall be communicated by written notice, specify the date of termination,
state the specific basis 

  
 6 

 
for termination and set forth in reasonable detail the facts and circumstances of the termination in order to provide a basis for determining the entitlement to any payments under this Agreement.

 (f) If within thirty (30) days after notice of termination is given, the party to whom the notice was given notifies the other party that
a Dispute exists, the parties will promptly pursue resolution of such Dispute with reasonable diligence; provided, however, that pending resolution of any such Dispute, the Company shall pay 75% of any amounts which would otherwise be due
Employee pursuant to Section 4 if such Dispute did not exist into escrow pending resolution of such Dispute and pay 25% of such amounts to Employee. Employee agrees to return to the Company any such amounts to which it is ultimately determined that
he is not entitled. If, following a final, nonappealable determination that Employee is not entitled to retain all or any portion of this amount, Employee fails to return such excess amount, then Employee shall be required to pay the full costs of
recovering such amount. Any escrowed amounts that are released shall otherwise be paid as required under this Agreement and, in no case, later than the end of the calendar year in which the Company and Employee enter into a legally binding
settlement of such dispute, the Company concedes the amount is payable, or the Company is required to make such payment pursuant to a final and nonappealable judgment or other binding decision. 

 

	4.	PAYMENTS AND BENEFITS UPON TERMINATION. 

 (a) If within eighteen (18) months after a
Change in Control, the Company terminates Employee’s employment other than by reason of Employee’s death, Disability, Retirement or for Cause, or if Employee terminates Employee’s employment for Good Reason, then the Employee shall be
entitled to the following payments and benefits following Employee’s Separation from Service: 
 (i) The Company shall pay to Employee
as compensation for services rendered, no later than five (5) business days following the Release Deadline, a lump sum severance payment equal to [INSERT MULTIPLE] multiplied by the sum of: (A) Employee’s Base Salary; and (B) the greater of (x)
the Employee’s most recently established target annual bonus under the Company’s annual incentive plan (the “AIP”) and (y) the average annual bonus that was paid to Employee in the three (3) fiscal years ending prior to the date
of termination under the AIP or the Varian Management Incentive Plan. Notwithstanding the foregoing, if Employee has not completed at least three (3) full fiscal years of service with the Company prior to Employee’s termination date, then the
amount determined in (y) above, shall be based on the average annual bonus for the number of full fiscal years Employee has completed. 

(ii) The Company shall pay to Employee as compensation for services rendered, no later than five (5) business days following the Release
Deadline, a lump sum payment equal to a pro rata portion (based on the number of days elapsed during the fiscal year and/or other bonus performance period in which the termination occurs) of Employee’s target bonus under the AIP for the fiscal
year and for any other partially completed bonus performance period in which the termination occurs. 

  
 7 

 (iii) All waiting periods for the exercise of any stock options granted to Employee and all
conditions or restrictions of any restricted stock granted to Employee shall terminate, and all such options shall be exercisable in full according to their terms, and the restricted stock shall be transferred to Employee as soon as reasonably
practicable thereafter. In addition, all conditions or restrictions of any restricted stock units granted to Employee shall terminate, and the stock underlying such units shall be transferred to Employee (x) within five (5) business days following
the Release Deadline with respect to awards granted after [                    ], or (y) on the originally scheduled vesting dates for awards first
outstanding as of [                    ]. 

(iv) If Employee is eligible and has made the necessary elections for continuation coverage pursuant to COBRA under a health, dental, or
vision plan sponsored by the Company, the Company will pay, as and when due directly to the COBRA carrier, the COBRA premiums necessary to continue the COBRA coverage for Employee and his or her eligible dependents from the date of Employee’s
termination until the earliest of (i) the end of 18 months or (ii) the expiration of Employee’s eligibility for the continuation coverage under COBRA. 

Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums is likely
to result in a violation of the nondiscrimination rules of Section 105(h) of the Code or any other statute or regulation (including, without limitation, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and
Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Employee, no later than five (5) business days following the Release Deadline, a fully taxable cash payment equal to eighteen (18) months of
COBRA premiums for Employee and his or her eligible dependents, subject to applicable tax withholdings and deductions. Any insurance premiums that are paid by the Company will not include any amounts payable by Employee under a health care
reimbursement plan that qualifies under Section 125 of the Code, which amounts, if any, are the sole responsibility of Employee. 
 (vi) All
payments and benefits provided under this Agreement shall be subject to applicable tax withholding. 
 (b) Following Employee’s
termination of employment for any reason, the Company shall have the unconditional right to reduce any payments owed to Employee hereunder by the amount of any due and unpaid principal and interest on any loans by the Company to Employee and
Employee hereby agrees and consents to such right on the part of the Company. Any loan offset made under this Section 4(b) shall be made at the same time the payments reduced hereunder would have otherwise been made and

  
 8 

 
otherwise in a manner that would not result in the imposition of taxes to Employee under Section 409A of the Code. If it is not possible to make such offset without the imposition of taxes to
Employee under Section 409A of the Code, such offset shall not be made. 
 (c) In the event this Agreement or any compensation or benefit
paid to Employee hereunder is deemed to be subject to Section 409A of the Code, Employee and the Company agree to negotiate in good faith to adopt such amendments that are necessary to comply with Section 409A of the Code or to exempt such
compensation or benefits from Section 409A. In addition, to the extent (i) any compensation or benefits to which Employee becomes entitled under this agreement, or any agreement or plan referenced herein, in connection with Employee’s
termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Employee is deemed at the time of such termination of employment to be a “specified” employee under Section 409A of
the Code, then such compensation or benefits shall not be made or commence until the earliest of (i) the expiration of the six (6)-month period measured from the date of Employee’s “separation from service” (as such term is at the
time defined in Treasury Regulations under Section 409A of the Code with the Company; or (ii) the date of Employee’s death following such separation from service; provided, however, that such deferral shall only be effected to the extent
required to avoid adverse tax treatment to Employee, including (without limitation) the additional twenty percent (20%) tax for which Employee would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. During
any period compensation or benefits to Employee are deferred pursuant to the foregoing, Employee shall be entitled to interest on such deferral at a per annum rate equal to the highest rate of interest applicable to six (6)-month money market
accounts offered by the following institutions: Citibank N.A., Wells Fargo Bank, N.A. or Bank of America, on the date of such “separation from service.” Upon the expiration of the applicable deferral period, any compensation or benefits
which would have otherwise been paid during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Employee or Employee’s beneficiary in one lump sum and any amounts not subject to such
deferral shall be paid at their regularly scheduled time. 
 (d) Any payment pursuant to this Section 4 shall be conditioned upon the
Employee signing and not revoking a release in a form reasonably acceptable to the Company (the “Release”) not later than 60 days after the Employee’s Separation from Service (such 60th day, the “Release Deadline”). The
Employee shall not be entitled to such payment, and no payment shall be made to the Employee, until after the Release Deadline and subject to the Release having become effective on or prior to the Release Deadline. The Company shall furnish such
Release to the Employee in connection with the Employee’s Separation from Service. If the Employee has signed the Release prior to the time the Company so furnishes such Release to the Employee, the Employee will be required to again sign and
not revoke the Release in connection with the Employee’s Separation from Service in order to receive payments hereunder (as described above), and the prior signed Release shall be null and void. 

  
 9 

	5.	LIMITATION ON PAYMENTS. 

 In the event that the payments and other benefits provided
for in this Agreement or otherwise payable to Employee (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) would be subject to the excise
tax imposed by Section 4999 of the Code (the “Excise Tax”), then Employee’s payments and benefits under this Agreement or otherwise payable to Employee shall be either delivered in full (without the Company paying any portion of the
Excise Tax), or delivered as to such lesser extent which would result in no portion of such payments and benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and
local income taxes and the Excise Tax, results in the receipt by Employee on an after-tax basis of the greatest amount of payments and benefits, notwithstanding that all or some portion of such payments and benefits may subject to the Excise Tax.
Unless the Company and Employee otherwise agree in writing, any determination required under this Section 5 shall be made in writing by a nationally-recognized independent public accounting firm designated by
agreement between Employee and Company (the “Accountants”), whose determination shall be conclusive and binding upon Employee and the Company for all purposes. For purposes of making the calculations required by this Section
5, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code. The Company and Employee
shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 5. 

Any reduction in payments and/or benefits required by this Section 5 shall occur in the following order as reasonably determined by the
Accountants: (1) reduction of vesting acceleration of “out-of-the-money” stock options or stock appreciation rights, (2) reduction of cash payments; (3) reduction of non-cash/non-equity-based payments or benefits and (4) reduction of
vesting acceleration of equity-based awards (other than “out-of-the-money” stock options or stock appreciation rights); provided, however, that any non-taxable payments or benefits shall be reduced last in accordance with the same
categorical ordering rule. In the event items described in (2) or (3) are to be reduced, reduction shall occur in reverse chronological order such that the payment or benefit owed on the latest date following the occurrence of the event
triggering the Excise Tax will be the first payment to be reduced (with reductions made pro-rata in the event payments are owed at the same time). In the event that acceleration of vesting of equity-based awards is to be reduced, such
acceleration of vesting shall be cancelled in a manner such as to obtain the best economic benefit for Employee (with reductions made pro-rata if economically equivalent), as determined by the Accountants. In no event will Employee exercise any
discretion with respect to the ordering of any reduction of payments or benefits pursuant to this Section 5. 
  

	6.	GENERAL. 

 (a) Employee shall retain in confidence under the conditions of the
Company’s confidentiality agreement with Employee any proprietary or other 

  
 10 

 
confidential information known to Employee concerning the Company and its business so long as such information is not publicly disclosed and disclosure is not required by an order of any
governmental body or court. If required, Employee shall return to the Company any memoranda, documents or other materials proprietary to the Company. 

(b) While employed by the Company and following the termination of such employment after a Change in Control for a period of twelve (12)
months, Employee shall not: 
 (i) whether for Employee’s own account or for the account of any other individual, partnership, firm,
corporation or other business organization, intentionally solicit, endeavor to entice away from the Company or a subsidiary of the Company (each, a “Protected Party”), or otherwise interfere with the relationship of a Protected Party with,
any person who is employed by a Protected Party or any person or entity who is, or was within the then most recent twelve (12) month period, a customer or client of a Protected Party; or 

(ii) without the prior written consent of the Protected Party, in any geographic area in which the Protected Party is then conducting
business, directly or indirectly own an interest in, manage, operate, join, control, lend money or render financial or other assistance to or participate in or be connected with, as an officer, employee, partner, stockholder, consultant or
otherwise, any individual, partnership, firm, corporation or other business organization or entity that is engaged in any business in which the Protected Party is actively engaged at the time; provided, however, that the restrictions in this
Section 6(b)(ii) shall not apply to (A) any non-employee directorships held by Employee as of the date hereof or (B) ownership by Employee for personal investment purposes only of not in excess of 1% of the voting stock of any publicly held
corporation. 
 Employee acknowledges that a breach of any of the covenants contained in this Section 6(b) may result in material
irreparable injury to the Company for which there is no adequate remedy at law, that it may not be possible to measure damages for such injuries precisely and that, in the event of such a breach, any payments remaining under the terms of this
Agreement shall cease and the Company may be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction restraining Employee from engaging in activities prohibited by this Section 6(b) or such other relief as may
be required to specifically enforce any of the covenants in this Section 6(b). Employee agrees to and hereby does submit to in personam jurisdiction before each and every such court in the State of
[                    ], County of
[                    ], for that purpose. This Section 6(b) shall survive any termination of this Agreement. 

(c) If litigation is brought by Employee to enforce or interpret any provision contained in this Agreement, the Company shall indemnify
Employee for Employee’s reasonable attorney’s fees and disbursements incurred in such litigation and pay prejudgment interest on any money judgment obtained by Employee calculated at the prime rate of interest in effect from time to time
at the Bank of America, San Francisco, 

  
 11 

 
from the date that payment should have been made under the Agreement, provided that Employee shall not have been found by the court in which such litigation is pending to have had no cause in
bringing the action, or to have acted in bad faith, which finding must be final with the time to appeal therefrom having expired and no appeal having been taken. Any payment made pursuant to this Section 6(c) shall be made promptly and no later than
the end of the calendar year in which such fees or disbursements were incurred or in which such judgment was obtained, as applicable. 
 (d)
Except as provided in Section 4, the Company’s obligation to pay to Employee the compensation and to make the arrangements provided in this Agreement shall be absolute and unconditional and shall not be affected by any circumstance, including,
without limitation, any setoff, counterclaim, recoupment, defense or other right which the Company may have against Employee or anyone else. All amounts payable by the Company hereunder shall be paid without notice or demand. Subject to Section
4(a)(iv), Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment. 

(e) The Company shall require any successor, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all of the business and/or assets of the Company, by written agreement to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. 
 (f) This Agreement shall inure to the benefit of and be enforceable by Employee’s heirs, successors and
assigns. If Employee should die while any amounts would still be payable to Employee hereunder if Employee had continued to live, all such amounts shall be paid in accordance with the terms of this Agreement to Employee’s heirs, successors and
assigns. 
 (g) For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed as follows: 
  

					
	 If to Employee:
	 		  	 If to the Company:

			
	  
	 		  	 Varex Imaging Corporation

	  
	 		  	 1678 S. Pioneer Road

	  
	 		  	 Salt Lake City, UT 84104

		 		  	 Attn: Chief Human Resource Officer

 or to such other address as either party furnishes to the other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt. 
 (h) This Agreement shall constitute the entire agreement between Employee and the
Company concerning the subject matter of this Agreement. 

  
 12 

 (i) The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of                      without giving effect to the provisions, principles or policies thereof relating to choice
or conflict of laws. The invalidity or unenforceability of any provision of this Agreement in any circumstance shall not affect the validity or enforceability of such provision in any other circumstance or the validity or enforceability of any other
provision of this Agreement, and, except to the extent such provision is invalid or unenforceable, this Agreement shall remain in full force and effect. Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof in such jurisdiction, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Section 6(i) shall survive any termination of this Agreement. 

(j) This Agreement may be amended or terminated by the Company pursuant to a resolution adopted by the Board at any time prior to a Potential
Change in Control Date. After a Change in Control Date or a Potential Change in Control Date, this Agreement may only be amended or terminated in writing with the consent of Employee. 

(k) No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by
either party which are not expressly set forth in this Agreement and this Agreement shall supersede all prior agreements, negotiations, correspondence, undertakings and communications of the parties, oral or written, with respect to the subject
matter hereof. 
 IN WITNESS WHEREOF, the parties acknowledge that they have read and understand the terms of this Agreement and have
executed this Agreement to be effective as of                      . 
  

							
	VAREX IMAGING CORPORATION	  		  	EMPLOYEE
			
	  
	  		  	  

	By:	  		  		  	
	Title:	  		  		  	

  
 13

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