Document:

Board of Directors of Avon Products

 Exhibit 10.6 

 
  
  

 
  
  

 
  
  

 
  
  

BOARD OF DIRECTORS 

OF 
 AVON
PRODUCTS, INC. 
 DEFERRED COMPENSATION PLAN 

(As Amended and Restated Effective as of May 6, 2010) 

 BOARD OF DIRECTORS 

OF 

AVON PRODUCTS, INC. 

DEFERRED COMPENSATION PLAN 
  

	 ELIGIBILITY 
	Any member of the Board of Directors of Avon Products, Inc. (the “Company”) who is not also an employee of the Company or its subsidiaries (a “Non-Employee Director”) may
participate in this Plan. 

  

	 ELECTION TO DEFER 
	Each Non-Employee Director may elect to defer all or part of his or her cash compensation under Article II of the Avon Products, Inc. Compensation Plan for Non-Employee Directors payable for the
succeeding calendar year of service. This election must be in writing and must be made no later than December 31st of the year before the year in which the compensation to be deferred is earned. This election will be made via election forms
provided by the Company. To the extent that a Non-Employee Director makes this election prior to the applicable December 31st, then that election may be changed or revoked by the Non-Employee Director in writing before or on the
December 31st of the year before the year in which the compensation to be deferred is earned. Such change or revocation shall be made in accordance with procedures established by the Company from time to time. Thereafter, any deferral election
will be irrevocable. Any Non-Employee Director who elects to defer compensation in accordance with this Plan is hereinafter referred to as a “Participant.” 

As part of this election, a Participant must choose between crediting deferred amounts to the “Deferred Cash Fund” or the
“Deferred Stock Fund” (collectively, the “Account”). A Participant may choose to allocate deferred amounts within his or her Account in whole percentages. 

 

	 PAYMENT ELECTION 
	At the time a Participant makes his or her first deferral election under this Plan, a Participant must make a one-time election in writing as to whether he or she wishes to receive payment of
his or her Account in a single lump-sum or in annual installments, ranging from two to fifteen installments, pursuant to the “Payment of Account Balances” section below. This election will apply to all amounts deferred by a Participant
under this Plan. This election will be made via election forms provided by the Company. Notwithstanding the foregoing, certain Participants made this payment election prior to January 1, 2008 in accordance with transition rules issued under
Section 409A of the Internal Revenue Code. Those elections remain valid and are applicable to all amounts deferred by such Participants. 

	 BENEFICIARY DESIGNATION 
	Upon first becoming a Participant, and/or from time to time thereafter, a Participant may designate a beneficiary who shall be entitled to receive payment under this Plan in the event of the
Participant’s death. Beneficiary designations will be made in writing via forms provided by the Company. In the event that no beneficiary designation is made, or the Participant is not survived by a designated beneficiary, payment of any
Account balance under this Plan will be made to the Participant’s surviving spouse, if any, otherwise to the Participant’s estate. 

CREDITING OF DEFERRED 

	 AMOUNTS 
	The Company shall establish and maintain an individual Account in the name of each Participant. Compensation deferred during any calendar quarter will be credited to the applicable Account on
the last day of the calendar quarter in which the compensation otherwise would have been paid but for the election to defer. 

  

	 DEFERRED CASH FUND 
	All deferred compensation, including any accumulated interest, credited to a Participant’s Deferred Cash Fund as of the end of any calendar quarter will be credited with additional interest
for such calendar quarter at a rate that shall be the prime rate charged by JPMorgan Chase Bank, N.A. in effect on the last business day of such calendar quarter. Compensation that is deferred during any calendar quarter will commence accumulating
interest as of the beginning of the calendar quarter following the calendar quarter in which the compensation otherwise would have been paid but for the election to defer. 

 

	 DEFERRED STOCK FUND 
	The total dollar amount credited to a Participant’s Deferred Stock Fund for any calendar quarter will be converted into a number of shares of Stock equivalents, including fractions
(“Stock Units”). The number of Stock Units so credited to such fund will be equal to the number of shares of Stock, including fractions, that could have been purchased with the amount of compensation deferred for the calendar quarter at
the closing price of a share of such Stock on the New York Stock Exchange averaged over the last ten trading days of the applicable calendar quarter. 

As of the date any dividend is paid to shareholders of Stock, the Participant’s Deferred Stock Fund shall also be credited with
additional Stock Units equal to the number of shares of Stock (including fractions of a share) that could have been purchased at the closing price of Stock on such date with the dividends paid on the number of shares of Stock to which the
Participant’s Stock Units are then equivalent. 
 As of the end of the calendar year in which the Participant, for any
reason, ceases to be a member of the Board of Directors, the total number of his or her Stock Units, including fractions, will be converted to a cash value amount. In determining such amount, each Stock Unit will be deemed to have a value equal to
the closing price of a share of Stock on the New York Stock Exchange averaged over the last ten trading days of such calendar year. The resulting cash value will then be transferred into a Deferred Cash Fund that is maintained for that Participant.

  

 2 

 If at any time the number of the Company’s outstanding shares of Stock shall be
adjusted in accordance with the terms of the Company’s equity incentive plan, then the number of Stock Units to which such Stock is equivalent will be adjusted in the same proportion. 

The term “Stock” shall have the meaning set forth in the Company’s stock incentive plan that is in effect from time to
time. 
  

	 VALUATION OF ACCOUNTS 
	The cash value of a Participant’s Account, including any accumulated interest and Stock Units, will be determined each December 31st (a “Valuation Date”). For years in which
the Participant continues to be a member of the Board of Directors on the last day of such year, Stock Units will be valued for this purpose based on the closing price of a share of Stock on the New York Stock Exchange on the last trading day of
such year. 

  

	 PAYMENT OF ACCOUNT BALANCES 
	The value of a Participant’s Account shall be payable in cash in a single payment in January of the year following the year in which such Participant ceases to be a member of the Board of
Directors (to the extent such cessation constitutes a “Separation from Service” under Section 409A of the Internal Revenue Code). However, if otherwise previously elected by the Participant in accordance with this Plan, such value may
be paid out in consecutive annual installments up to a maximum of fifteen annual installments. All installment payments will be made in each January commencing with the year following the year in which such Participant ceases to be a member of the
Board of Directors (to the extent such cessation constitutes a “Separation from Service” under Section 409A of the Internal Revenue Code). 

Should a Participant elect installment payments, the amount of the first installment payment will be a fraction of the value of such
Participant’s Account on the preceding Valuation Date, the numerator of which is one and the denominator of which is the total number of annual installments elected. Thereafter, the amount of each subsequent payment will be a fraction of the
remaining value of such Participant’s Account on the Valuation Date preceding each subsequent installment payment, the numerator of which is one and the denominator of which is the total number of installments elected minus the number of
installments previously paid. Interest shall continue to accrue on the unpaid balance of the Account, credited annually in accordance with the “Deferred Cash Fund” section above. 

 

	 DEATH OF A DIRECTOR 
	Notwithstanding anything to the contrary in this Plan or any election by a Participant to receive installment payments, in the event of a Participant’s death any time prior to complete
distribution of all amounts payable under this Plan, the unpaid balance of such Participant’s Account, including any unpaid installments, will be determined as of the Valuation Date at the end of the calendar year in which the death occurs, and
will be paid in a single lump sum in the January immediately following such Valuation Date. All Stock Units credited to a Deferred Stock Fund will be converted to a cash value as described in the “Deferred Stock Fund” section above.
Payment will be made to the Participant’s beneficiary in accordance with this Plan. 

  

 3 

	 ADMINISTRATION 
	This Plan shall be administered by the Secretary of the Company, who shall have the power to interpret this Plan and delegate administrative duties under this Plan to others. The right to
receive compensation under this Plan may not be transferred, assigned, or subject to attachment or other legal process. 

AMENDMENT, SUSPENSION, 

	 AND TERMINATION 
	This Plan may be amended at any time by action of the Board of Directors, provided that no amendment may adversely affect rights to compensation deferred prior to the effective date of such
amendment. This Plan may be suspended or terminated at any time by action of the Board of Directors, provided that all amounts deferred under this Plan will continue to be payable in accordance with the terms of this Plan in effect at the time of
such suspension or termination unless the Board of Directors provides otherwise. 

  

	 SECTION 409A 
	This Plan will be interpreted in a manner to comply with the requirements of Section 409A of the Internal Revenue Code. 

 

	 GOVERNING LAW 
	This Plan shall be governed by and subject to the laws of the State of New York and applicable Federal laws. 

The Company has caused this Plan to be amended and restated as of May 6, 2010. 

 

			
	AVON PRODUCTS, INC.
		
	By:	 	/s/ Kim K.W. Rucker
		 	Name: Kim K.W. Rucker
		 	 Title: Senior Vice President, General Counsel

          & Corporate Secretary

 

 4Orthofix International N.V. Amended and Restated Stock Purchase Plan

 Exhibit 10.1 

ORTHOFIX INTERNATIONAL N.V. 

AMENDED AND RESTATED 

STOCK PURCHASE PLAN, AS AMENDED 

(showing changes through Amendment No. 3) 
  

 
 The Orthofix Inc. Employee Stock
Purchase Plan is hereby amended, restated and renamed the “Orthofix International N.V. Amended and Restated Stock Purchase Plan,” and adopted by the Company, effective as of the Effective Date. 

 

	 	1.	Purpose 

 The purpose of
the Plan is to encourage eligible employees and directors to become owners of common stock of Orthofix International N.V., thereby giving them a greater interest in the growth and success of its business. 

 

	 	2.	Definitions 

 The
following definitions are used throughout the Plan: 
 (a) “Board of Directors” means the Board of
Directors of the Company. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Committee” means the Compensation Committee of the Board of Directors. If, at any time, there is no acting
Compensation Committee of the Board of Directors, the term “Committee” shall mean the Board of Directors. 

(d) “Company” means Orthofix International N.V., or any successor to substantially all of its business. 

(e) “Director” means a member of the Board of Directors who is not also an employee of the Company or of a
Subsidiary and is not an Employee for purposes of this Plan. 
 (f) “Effective Date” means the date
determined in accordance with Section 11. 
 (g) “Employee” means a full-time or part-time employee
of the Company or of a Subsidiary that has been designated as a participating employer under the Plan. Notwithstanding the foregoing, unless otherwise prohibited by the laws of the local jurisdiction, “Employee” shall not mean a
temporary employee. 
 (h) “Fair Market Value” means, as of any date that requires the determination of
the Fair Market Value of Orthofix Stock under this Plan, the value of a share of Orthofix Stock on such date of determination, calculated as follows: 

(i) If shares of Orthofix Stock are then listed or admitted to trading on a Nasdaq market system or a stock exchange which reports
closing sale prices, the Fair Market Value shall be the closing sale price on such date on such Nasdaq market system or principal stock exchange on which the share is then listed or admitted to trading, or, if no closing sale price is quoted on such
day, then the Fair Market Value shall be the closing sale price of the share on such Nasdaq market system or such exchange on the next preceding day on which a closing sale price is reported; 

(ii) If shares of Orthofix Stock are not then listed or admitted to trading on a Nasdaq market system or a stock exchange which
reports closing sale prices, the Fair Market Value shall be the average of the closing bid and asked prices of the share in the over-the-counter market on such date, or, if no closing bid and asked prices are reported on such day, then the Fair
Market Value shall be the average of the closing bid and asked prices 

 
of the share in the over-the-counter market on the next preceding day on which closing bid and asked prices are reported; or 

(iii) If neither (i) nor (ii) is applicable as of such date, then the Fair Market Value shall be determined by the
Committee in good faith using any reasonable method of evaluation, which determination shall be conclusive and binding on all interested parties. 

(i) “Orthofix Stock” means the Common Stock of the Company, $.10 par value. Unless the context indicates
otherwise, the terms “share” or “shares” shall refer to a share or shares of Orthofix Stock. 

(j) “Participant” means an Employee or Director who elects to participate in the Plan. 

(k) “Plan” means the Orthofix International N.V. Amended and Restated Stock Purchase Plan, as further amended from
time to time. 
 (l) “Plan Year” means the 12-month period beginning on January 1 and ending on
December 31. 
 (m) “Subsidiary” means (i) a domestic or foreign corporation, limited liability
company, partnership or other entity with respect to which the Company, directly or indirectly, has the power, whether through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such
entity’s board of directors or analogous governing body or (ii) any other domestic or foreign corporation, limited liability company, partnership or other entity in which the Company, directly or indirectly, has an equity or similar
interest and which the Committee designates as a Subsidiary for purposes of the Plan. 
  

	 	3.	Shares Subject to the Plan 

(a) The total number of shares of Orthofix Stock reserved and available for issuance pursuant to the Plan shall not exceed 1,850,000
shares. The shares of Orthofix Stock purchasable pursuant to the Plan may be authorized but previously unissued shares of Orthofix Stock or shares of Orthofix Stock held in treasury or purchased in the open market or in privately negotiated
transactions. The Company shall bear all costs in connection with issuance or transfer of any shares and all commissions, fees and other charges incurred in purchasing shares for distribution pursuant to the Plan. 

(b) A Participant shall have no rights as a shareholder with respect to shares of Orthofix Stock purchasable pursuant to the Plan
until the date the Participant or his nominee becomes the holder of record of such shares. No adjustment shall be made for dividends or other rights for which the record date is prior to such date. 

(c) If the Committee determines that the total number of shares of Orthofix Stock to be purchased pursuant to the Plan on any
particular date exceeds the number of shares then available for issuance under the Plan, the Committee shall make a pro rata allocation of the available shares on a uniform and non-discriminatory basis, and the payroll and other deductions of each
Participant, to the extent in excess of the aggregate purchase price payable for the Orthofix Stock pro-rated to such individual, shall be refunded pursuant to Section 6. 

 

	 	4.	Eligibility 

 Each
Employee and Director (subject to Section 5(b) hereof) shall be eligible to participate in the Plan on the first day of any Plan Year, provided that he or she is actively employed or is a Director of the Company on such day. 

 

	 	5.	Participation 

(a) An eligible Employee shall become a Participant for any Plan Year by electing to contribute to the Plan, through payroll
deductions, either a fixed amount or a percentage of his or her compensation for the Plan Year; provided, however, that such fixed amount or percentage shall not be less than 1% nor more than 25% (or such other percentage as the Committee may
determine) of his or her compensation for the Plan Year. For purposes of the Plan, an Employee’s compensation shall mean (i) for non-commissioned employees, his or her regular salary

 
or straight-time wages, overtime, bonuses, and all other forms of compensation, excluding any car allowance or relocation expense reimbursements; and (ii) for commissioned employees, his or
her commissions, guaranteed payments, overtime, bonuses, and all other forms of compensation, excluding any car allowance or relocation expense reimbursements. An Employee’s election to participate in the Plan for any Plan Year shall be
made prior to the beginning of such Plan Year on an authorized form and shall be made in accordance with procedures established by the Committee from time to time. 

(b) An eligible Director shall become a Participant for any Plan Year by electing to contribute to the Plan, through a deduction of
his or her annual director or other compensation paid in cash, either a fixed amount or a percentage of such director compensation for the Plan Year. A Director’s election to participate in the Plan for any Plan Year shall be made
prior to the beginning of such Plan Year or, if later, within 30 days after the date on which such individual first becomes an eligible Director, on an authorized form and shall be made in accordance with procedures established by the Committee from
time to time. Notwithstanding the foregoing, a Director’s election to participate in the Plan for the Plan Year in which he or she first becomes eligible to participate may be made within 30 days after the date on which such individual
first becomes eligible to participate; provided, however, such election shall apply only to an amount of his or her annual or other director compensation paid in cash for such Plan Year equal to the total amount of the Director’s annual or
other compensation paid in cash for such Plan Year multiplied by the ratio of the number of days remaining in the Plan Year after such election is made over the total number of days in the Plan Year for which such Director receives annual director
or other compensation. 
 (c) A Participant must complete a new election with respect to each Plan Year in order to
participate in the Plan for such Plan Year. 
 (d) Participant contributions (i) in the case of Employees, shall be
deposited as soon as practicable following each payday, and (ii) in the case of Directors, shall be deposited as soon as practicable following the Company’s deduction of all or a portion of the Director’s annual or other compensation,
each in one or more separate interest-bearing accounts at a bank or other financial institution. Each such account shall be maintained in the name of the Plan for the benefit of Participants, and the balance of each such account shall remain
the property of the Participants until transferred to the Company pursuant to Section 6. After the close of each Plan Year, the balance of the account will be transferred to the Company to purchase Orthofix Stock for distribution to
Participants and to pay cash in lieu of fractional shares as provided in Section 6. 
 (e) A Participant may elect to
withdraw from the Plan by providing notice to the Committee before the last day of the Plan Year. Upon withdrawal from the Plan, all payroll and other deductions under the Plan shall immediately cease, and a Participant shall receive, in lieu
of any other benefits under the Plan, the following: (i) a refund of his or her contributions as soon as practicable following the date of withdrawal from the Plan, and in any event no later than the date that is two and one-half months
following the last day of the Plan Year in which such Participant withdrew from the Plan, and (ii) a refund of the interest accrued through the date of payment at the rate in effect at the bank or other financial institution holding Participant
contributions, which refund of accrued interest shall be paid immediately following the end of the Plan Year in which such Participant withdrew from the Plan, and in any event no later than the date that is two and one-half months following the last
day of such Plan Year. 
 (f) An Employee’s participation in the Plan shall terminate upon his or her termination of
employment. An Employee’s participation in the Plan shall, unless otherwise required by applicable law, terminate upon his or her leave of absence or absence from active employment for any other reason only if such Employee does not
continue to make contributions to the Plan during such leave in accordance with procedures established by the Committee. An Employee whose participation in the Plan has terminated pursuant to this Section 5(f) shall be deemed to have
withdrawn from the Plan for purposes of this Section 5. 
 (g) A Director’s participation in the Plan shall
terminate if, during any Plan Year, such Director ceases to be a member of the Board of Directors for any reason. A Director whose participation in the Plan has terminated pursuant to this Section 5(g) shall be deemed to have withdrawn
from the Plan for purposes of this Section 5. 

 (h) A Participant who withdraws his or her contributions or otherwise ceases
participation before the last day of the Plan Year may again participate in the Plan for any subsequent Plan Year, provided he or she satisfies the eligibility requirements of Section 4 and makes a timely election to contribute for such Plan
Year. 
 (i) If any law, rule, or regulation applicable to an eligible Employee or Director prohibits the use of payroll or
other deductions for purposes of the Plan, or if such deductions impair or hinder the operation of the Plan or affect the composition of the Board of Directors or any committee thereof, an alternative method of payment approved by the Committee may
be substituted for such eligible Employee or Director, as applicable; provided, however, that if any law, rule or regulation relating to a Director participating in the Plan, in the sole discretion of the Board of Directors, would affect the
composition of the Board of Directors or any committee thereof, the Board of Directors may terminate such Director’s participation in the Plan. 
  

	 	6.	Distribution of Common Stock 

(a) As soon as practicable following the last day of each Plan Year, but in any event no later than the date that is two and
one-half months following the last day of such Plan Year, the Committee shall distribute to each Employee and Director who was a Participant for the entire Plan Year (or, in the event of the death of an Employee or Director prior to such
distribution, to the Employee’s or Director’s beneficiary, as applicable) a certificate or certificates representing the number of whole shares of Orthofix Stock determined by dividing (i) the amount of the Participant’s
contributions for the Plan Year plus interest on such contributions through the end of the Plan Year by (ii) 85% of the Fair Market Value of the Orthofix Stock on the first day of the Plan Year or, if lower, on the last day of the Plan Year.
Cash in the amount of any fractional share shall be paid to the Participant by check as soon as practicable following the last day of each Plan Year, but in any event, no later than the date that is two and one-half months following the last day of
such Plan Year. 
 (b) The Committee may, in its discretion, require a Participant to pay to the Company or its Subsidiary,
as appropriate, prior to the distribution of the Orthofix Stock, the amount that the Committee deems necessary to satisfy the Company’s obligation to withhold applicable taxes, at the minimum statutory rate, that the Participant incurs as a
result of the Participant’s participation in the Plan. To satisfy the minimum statutory tax withholding requirements, a Participant may (i) deliver to the Company or its Subsidiary, as appropriate, sufficient shares of Orthofix Stock
(based upon the Fair Market Value of the Orthofix Stock at the date of withholding) to satisfy the Company’s tax withholding obligations, (ii) deliver sufficient cash to the Company or its Subsidiary, as appropriate, to satisfy tax
withholding obligations, or (iii) irrevocably elect for the Company or its Subsidiary, as appropriate, to withhold from the shares of Orthofix Stock to be distributed to the Participant the number of shares necessary (based upon the Fair Market
Value of the Orthofix Stock at the date of withholding) to satisfy the Company’s tax withholding obligations. In the event the Committee subsequently determines that the aggregate Fair Market Value (on the date of withholding) of shares of
Orthofix Stock withheld as payment of any tax withholding obligation is insufficient to discharge that tax withholding obligation, then the Participant shall pay to the Company, or its Subsidiary, as appropriate, immediately upon the
Committee’s request, the amount of that deficiency. The Company or its Subsidiary, as appropriate, shall also have the right to deduct from all cash payments made to a Participant (whether or not such payment is made in connection with the
Plan) any applicable taxes required to be withheld with respect to such payments. 
  

	 	7.	Administration of the Plan 

(a) The Committee shall administer the Plan and shall keep a written record of its actions and proceedings regarding the Plan and
all dates, records and documents relating to its administration of the Plan. The Committee is authorized to interpret the Plan, to make, amend and rescind such rules as it deems necessary for the proper administration of the Plan, to make all other
determinations necessary or advisable for the administration of the Plan and to correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent that the Committee deems desirable to carry the Plan
into effect. The powers and duties of the Committee shall include, without limitation, the following: 
 (i) Determining
the amount of benefits payable to Participants and authorizing and directing the Company with respect to the payment of benefits under the Plan; 

 (ii) Construing and interpreting the Plan in its sole discretion whenever necessary to
carry out its intention and purpose and making and publishing such rules for the regulation of the Plan as are not inconsistent with the terms of the Plan; 

(iii) Compiling and maintaining all records it determines to be necessary, appropriate or convenient in connection with the
administration of the Plan; and 
 (iv) Administering the Plan as necessary to take account of tax, securities law and
other regulatory requirements of foreign jurisdictions. 
 (b) Any action taken or determination made by the Committee
shall, except as otherwise provided in Section 8 below, be conclusive on all parties. No member of the Committee shall vote on any matter relating specifically to such member. In the event that a majority of the members of the Committee would
be specifically affected by any action proposed to be taken (as opposed to being affected in the same manner as each other Participant in the Plan), such action shall be taken by the Board of Directors. 

(c) The Committee may designate one or more of its members or the Chief Executive Officer or the Chief Financial Officer to carry
out its responsibilities under such conditions or limitations as it may set, except that the Committee may not delegate its authority with regard to participation in the Plan by eligible Directors or by eligible Employees who are officers for
purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended. 
 (d) No member of the Board of
Directors or the Committee, the Chief Executive Officer, the Chief Financial Officer, or any other officer or employee of the Company or any of its Subsidiaries to whom any duties or responsibilities are delegated hereunder shall be liable for any
action or determination made in connection with the operation, administration or interpretation of the Plan, and the Company shall indemnify, defend and hold harmless each such person from any liability arising from or in connection with the Plan,
except where such liability results directly from such person’s fraud, willful misconduct or failure to act in good faith. In the performance of its responsibilities with respect to the Plan, the Committee shall be entitled to rely upon
information and advice furnished by the Company’s officers, the Company’s accountants, the Company’s counsel and any other person the Committee deems necessary, and no member of the Committee shall be liable for any action taken or
not taken in reliance upon any such advice. 
 (e) Anything in the Plan to the contrary notwithstanding, any authority or
responsibility that, under the terms of the Plan, may be exercised by the Committee may alternatively be exercised by the Board of Directors. 
  

	 	8.	Claims Procedure 

(a) If a Participant does not receive the timely payment of the benefits which the Participant believes are due under the Plan, the
Participant may make a claim for benefits in the manner hereinafter provided. 
 All claims for benefits under the Plan shall be
made in writing and shall be signed by the Participant. Claims shall be submitted to the Committee, or to a representative designated by the Committee. If the Participant does not furnish sufficient information with the claim for the Committee to
determine the validity of the claim the Committee shall indicate to the Participant any additional information which is necessary for the Committee to determine the validity of the claim. 

Each claim hereunder shall be acted on and approved or disapproved by the Committee within 90 days following the receipt by the Committee
of the information necessary to process the claim. 
 In the event the Committee denies a claim for benefits in whole or in
part, the Committee shall notify the Participant in writing of the denial of the claim and notify the Participant of his or her right to a review of the Committee’s decision. Such notice by the Committee shall also set forth, in a manner
calculated to be understood by the Participant, the specific reason for such denial, the specific provisions of the Plan on which the denial is based and a description of any additional material or information necessary to perfect the claim with an
explanation of the Plan’s appeals procedure as set forth in this Section. 

 If no action is taken by the Committee on a Participant’s claim within 90 days after
receipt by the Committee, such claim shall be deemed to be denied for purposes of the following appeals procedure. 

(b) Any Participant whose claim for benefits is denied in whole or in part may appeal for a review of the decision by the full
Committee. Such appeal must be made within three months after the Participant has received actual or constructive notice of the denial as provided above. An appeal must be submitted in writing within such period and must: 

(i) request a review by the full Committee of the claim for benefits under the Plan; 

(ii) set forth all of the grounds upon which the Participant’s request for review is based and any facts in support thereof;
and 
 (iii) set forth any issues or comments which the Participant deems pertinent to the appeal. 

The Committee shall regularly review appeals by Participants. The Committee shall act upon each appeal within 60 days after receipt
thereof unless special circumstances require an extension of the time for processing, in which case a decision shall be rendered by the Committee as soon as possible but not later than 120 days after the appeal is received by the Committee.

 The Committee shall make a full and fair review of each appeal and any written materials submitted by the Participant in
connection therewith. The Committee may require the Participant to submit such additional facts, documents or other evidence as the Committee in its discretion deems necessary or advisable in making its review. The Participant shall be given the
opportunity to review pertinent documents or materials upon submission of a written request to the Committee, provided the Committee finds the requested documents or materials are pertinent to the appeal. 

On the basis of its review, the Committee shall make an independent determination of the Participant’s eligibility for benefits
under the Plan. The decision of the Committee on any claim for benefits shall be final and conclusive upon all parties thereto. 

In the event the Committee denies an appeal in whole or in part, the Committee shall give written notice of the decision to the
Participant, which notice shall set forth, in a manner calculated to be understood by the Participant, the specific reasons for such denial and which shall make specific reference to the pertinent provisions of the Plan on which the Committee’s
decision is based. 
  

	 	9.	Amendment and Termination 

(a) The Plan may be amended or terminated by the Board of Directors at any time, provided that no such action shall have the effect
of decreasing a Participant’s accrued benefits as of the effective date of such action. Upon termination of the Plan, each Participant shall receive a refund of his or her contributions for the Plan Year plus interest accrued through the date
of termination. 
 (b) Without shareholder consent and without regard to whether any Participant rights may be considered
to have been “decreased,” the Committee shall be entitled to establish the exchange ratio applicable to payroll and other deductions, in a currency other than United States Dollars, permit payroll and other deductions in excess of the
amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed payroll and other deduction elections, establish reasonable waiting and adjustment periods and/or accounting and
crediting procedures to ensure that amounts applied toward the purchase of shares of Orthofix Stock for each Participant properly correspond with amounts deducted from the Participant’s compensation, and establish such other limitations or
procedures as the Committee determines in its sole discretion advisable which are consistent with the Plan. 

	 	10.	Beneficiary Designation 

A Participant may file a written designation of a beneficiary who is to receive any Orthofix Stock or cash under the Plan in the event of
such Participant’s death prior to delivery to such Participant of such Orthofix Stock or cash. If a Participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be
effective to the extent required by applicable law. Such beneficiary designation may be changed by the Participant at any time by written notice to the Committee. All beneficiary designations shall be made in such form and manner as the
Committee may prescribe from time to time. 
  

	 	11.	Effective Date 

 The
Plan, as amended and restated herein, shall become effective on the first day of the Plan Year following the date it is approved by the shareholders of the Company; provided, however, that the shares available for issuance in Section 3(a)
hereof shall be available for issuance on and after the date the Plan, as amended and restated herein, is approved by the shareholders of the Company. Notwithstanding the foregoing, if the Plan is not approved by the shareholders upon
submission to them for approval, the Plan shall be void ab initio and of no further force and effect. 
  

	 	12.	Participants in Non-U.S. Jurisdictions 

(a) To the extent that Participants are domiciled or resident outside of the U.S. or are domiciled or resident in the U.S. but are
subject to the tax laws of a jurisdiction outside of the U.S., the Committee shall have the authority and discretion to adopt such modifications and procedures as it shall deem necessary or desirable to comply with the provisions of the laws of such
non-U.S. jurisdictions in order to assure the viability of the benefits paid to such Participants. The authority granted under the previous sentence shall include the discretion for the Committee to adopt, on behalf of the Company, one or more
sub-plans applicable to separate classes of eligible Employees and Directors who are subject to the laws of jurisdictions outside of the U.S. 

(b) Notwithstanding any other provision of the Plan to the contrary, to the extent the Company is required to comply with the EU
Prospectus Directive in any jurisdiction with respect to awards made to eligible Employees or Directors in such jurisdiction, the Committee may suspend the right of all eligible Employees and Directors in such jurisdiction to participate in the
Plan. 
  

	 	13.	Miscellaneous 

(a) Nothing in the Plan shall confer upon a Participant the right to continue in the employ or continue to be a Director of the
Company or a Subsidiary or shall limit or restrict the right of the Company or a Subsidiary to terminate the employment of a Participant at any time with or without cause. 

(b) No right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge such right or benefit shall be void. No such right or benefit shall in any manner be liable for or subject to the debts, liabilities or torts of a
Participant. 
 (c) Neither the Company nor any Subsidiary shall be under any obligation to issue or deliver certificates
for shares of Orthofix Stock pursuant to the Plan if such issuance or delivery would, in the opinion of the Committee, cause the Company to violate any provision of applicable law. The Company and its subsidiaries will use their best efforts to
comply with applicable laws but will not be liable for any failure to comply. 
 (d) If any provision in the Plan is held
by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way. 

(e) The Plan shall be construed and governed in accordance with the law of the State of New York and without giving effect to
principles of conflicts of laws. 

 (f) All notices or other communications by a Participant to the Committee, the Company,
or any Subsidiary under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Committee at the location, or by the person, designated by the Committee for the receipt thereof. 

(g) Notwithstanding anything to the contrary contained in the Plan, notices and other elections under this Plan may be delivered or
made electronically, in the discretion of the Committee. In addition, in the discretion of the Committee, shares otherwise deliverable under the Plan may be delivered or otherwise evidenced through book entry or other electronic format without the
need to deliver an actual share certificate; provided, however, an actual share certificate shall be delivered if requested by the Participant. 

(h) The Board of Directors or the Committee may extend or terminate the benefits of the Plan to any Subsidiary at any time without
the approval of the shareholders of the Company. 
 (i) The proceeds received by the Company from the sale of Orthofix
Stock pursuant to the Plan shall be used for general corporate purposes. 
 (j) No shares of Orthofix Stock may be issued
under this Plan unless the issuance of such shares has been registered under the Securities Act of 1933, as amended, and qualified under applicable state “blue sky” laws and any applicable non-U.S. securities laws, or the Company has
determined that an exemption from registration and from qualification under such state “blue sky” laws and applicable non-U.S. securities laws is available. The Committee may require each Participant purchasing shares under the Plan to
represent to and agree with the Company in writing that such eligible Employee or Director, as applicable, is acquiring the shares for investment purposes and not with a view to the distribution thereof. All certificates for shares delivered under
the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any exchange upon which the shares are
then listed, and any applicable securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

 

	 	14.	Compliance with Code Section 409A 

The Plan and any options granted hereunder are intended to meet the short term deferral exemption from Code Section 409A and shall
be interpreted and construed consistent with this intent. Notwithstanding any provision of the Plan to the contrary, in the event that the Board of Directors determines that the Plan or any option granted hereunder may be subject to Code
Section 409A, the Board of Directors may, without the consent of Participants, including the affected Participant, adopt such amendments to the Plan or adopt other policies and procedures (including amendments, policies and procedures with
retroactive effect), or take any other actions, that the Board of Directors determines are necessary or appropriate to (i) exempt the Plan or any option granted hereunder from Code Section 409A or (ii) comply with the requirements of
Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding the foregoing, the Company shall not be required to assume any increased economic burden in connection therewith.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]