Document:

EX-4.1

 EXHIBIT 4.1 

2006 ASHLAND INC. INCENTIVE PLAN 
  

	SECTION 1.	PURPOSE 

 The purpose of the 2006 Ashland Inc. Incentive Plan is to promote the interests of
Ashland Inc. and its shareholders by providing incentives to its directors, officers and employees. Accordingly, the Company may grant to selected officers and employees Option Awards, Stock Appreciation Rights Awards, Restricted Stock Awards,
Incentive Awards, Performance Unit Awards and Merit Awards in an effort to attract and retain in its employ qualified individuals and to provide such individuals with incentives to continue service with the Company, devote their best efforts to the
Company and improve the Company’s economic performance, thus enhancing the value of the Company for the benefit of shareholders. This Plan also provides an incentive for qualified persons, who are not officers or employees of the Company, to
serve on the Board of Directors of the Company and to continue to work for the best interests of the Company by rewarding such persons with an automatic Restricted Stock Award and with discretionary Option Awards. 

 

	SECTION 2.	DEFINITIONS 

 (A) “Agreement” shall mean a written agreement setting forth the terms
of an Award, to be entered into at the Company’s discretion. 
 (B) “Attestation” means the delivery to the Company of a
completed attestation form prescribed by the Company setting forth the whole shares of Common Stock owned by the Recipient which the Recipient wishes to utilize to pay the Exercise Price. The Common Stock listed on the attestation form must have
been owned by the Recipient six months or longer, and not have been used to effect an Option exercise within the preceding six months, unless the Committees specifically provide otherwise. 

(C) “Award” shall mean an Option Award, a Stock Appreciation Right Award, an Incentive Award, a Performance Unit Award, a Restricted
Stock Award or a Merit Award, in each case granted under this Plan. 
 (D) “Beneficiary” shall mean the person, persons, trust or
trusts designated by a Recipient or if no designation has been made, the person, persons, trust, or trusts entitled by will or the laws of descent and distribution to receive the benefits specified under this Plan in the event of a Recipient’s
death. 
 (E) “Board” shall mean the Board of Directors of the Company or its designee. 

(F) “Cashless Exercise” shall mean the procedure by which a broker provides the funds to a Recipient to effect an Option exercise.
At the direction of the Recipient, the broker will either: (i) sell all of the shares received when the Option is exercised and pay the Recipient the proceeds of the sale (minus the Exercise Price, withholding taxes and any fees due to the
broker); or (ii) sell enough of the shares received upon exercise of the Option to cover the Exercise Price, withholding taxes and any fees due the broker and deliver to the Recipient (either directly or through the Company) a stock certificate
for the remaining shares. 
 (G) “Change in Control” shall be deemed to occur (1) upon approval of the shareholders of the
Company (or if such approval is not required, upon the approval of the Board) of (A) any consolidation or merger of the Company, other than a consolidation or merger of the Company into or with a direct or indirect wholly-owned subsidiary, in
which the Company is not the continuing or surviving corporation or pursuant to which shares of Common Stock would be converted into cash, securities or other property other than a merger in which the holders of Common Stock immediately prior to the
merger will have the same proportionate ownership of common stock of the surviving corporation immediately after the merger, (B) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or
substantially all the assets of the Company, provided, however, that no sale, lease, exchange or other transfer of all or substantially all the assets of the Company shall be deemed to occur unless assets constituting 80% of the total assets of the
Company are transferred pursuant to such sale, lease, exchange or other transfer, or (C) adoption of any plan or proposal for the liquidation or dissolution of the Company, (2) when any person (as defined in Section 3(a)(9) or 13(d)
of the Exchange Act), other than the Company or any Subsidiary or employee benefit plan or trust maintained by the Company, shall become the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 15%
of the Company’s Common Stock outstanding at the time, without the approval of the Board, or (3) at any time during a period of two consecutive years, individuals who at the beginning of such period constituted the Board shall cease for
any reason to constitute at least a majority thereof, unless the election or the nomination for election by the Company’s shareholders of each new director during such two-year period was approved by a vote of at least two-thirds of the
directors then still in office who were directors at the beginning of such two-year period. 

 (H) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to
time. 
 (I) “Committees” shall refer to the P&C Committee as it relates to Awards to Participants and to the G&N
Committee as it relates to Awards to Outside Directors. 
 (J) “Common Stock” shall mean the Common Stock of the Company
($.01 par value), subject to adjustment pursuant to Section 14 hereof. 
 (K) “Company” shall mean, collectively, Ashland
Inc. and its Subsidiaries. 
 (L) “Disability” shall mean, (i) in the case of a Participant, he or she becomes unable to
perform the functions required by his or her regular job due to physical or mental illness and, in connection with the grant of an Incentive Stock Option shall be disabled if he or she falls within the meaning of that term as provided in Section
22(e)(3) of the Code and (ii) in the case of an Outside Director, when he or she is unable to attend to his or her duties and responsibilities as a member of the Board because of incapacity due to physical or mental illness. 

(M) “Exercise Price” shall mean, with respect to each share of Common Stock subject to an Option or Stock Appreciation Right,
the price fixed by the Committees at which such share may be purchased from the Company pursuant to the exercise of such Option or Stock Appreciation Right, which price at no time may be less than 100% of the Fair Market Value of the Common Stock on
the date the Option or Stock Appreciation Right is granted. 
 (N) “Exchange Act” shall mean the Securities Exchange Act of
1934, as amended. 
 (O) “Fair Market Value” shall mean the price of the Common Stock as reported on the Composite Tape of
the New York Stock Exchange on the date and at the time selected by the Committees or as otherwise provided in this Plan. 

(P) “G&N Committee” shall mean the Governance and Nominating Committee of the Board, as from time to time constituted, or
any successor committee of the Board with similar functions, or its designee. 
 (Q) “Incentive Award” shall mean an Award
made pursuant to Section 7 hereof, the payment of which is contingent upon the achievement of the Performance Goals for the particular Performance Period. 

(R) “Incentive Stock Option” or “ISO” shall mean an Option that is intended by the Committees to meet the
requirements of Section 422 of the Code or any successor provision. 
 (S) “ISO Award” shall mean an Award of an Incentive
Stock Option pursuant to Section 10 hereof. 
 (T) “Merit Award” shall mean an Award of Common Stock issued pursuant to
Section 9 hereof. 
 (U) “Non-Employee Director” shall mean a non-employee director within the meaning of applicable
regulatory requirements, including those promulgated under Section 16 of the Exchange Act. 
 (V) “Nonqualified Stock
Option” or “NQSO” shall mean an Option granted pursuant to this Plan which does not qualify as an Incentive Stock Option. Notwithstanding anything to the contrary contained herein, a Nonqualified Stock Option may not be coupled with a
right to defer any income attributable to an exercise thereof to a taxable year of the holder after the taxable year in which such Option was exercised. 

  
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 (W) “Notice of Grant” shall mean a written notice setting forth the terms of an
Option or SAR Award, to be entered into at the Company’s discretion. 
 (X) “Option” shall mean the right to purchase
Common Stock at a price to be specified and upon terms to be designated by the Committees or otherwise determined pursuant to this Plan. The Committees shall designate an Option as a Nonqualified Stock Option or an Incentive Stock Option. 

(Y) “Option Award” shall mean an Award of an Option pursuant to Section 10 hereof. 

(Z) “Outside Director” shall mean a director of the Company who is not also an employee of the Company as selected by the
G&N Committee to receive an Award under this Plan. 
 (AA) “P&C Committee” shall mean the Personnel and Compensation
Committee of the Board, as from time to time constituted, or any successor committee of the Board with similar functions, which shall consist of three or more members, each of whom shall be a Non-Employee Director and an outside director as defined
in the regulations issued under Section 162(m) of the Code, or its designee. 
 (BB) “Participant” shall mean a regular,
full-time or part-time employee of the Company as selected by the P&C Committee to receive an Award under this Plan. 
 (CC)
“Performance Goals” shall mean performance goals as may be established in writing by the P&C Committee which may be based on earnings, stock price, return on equity, return on investment, total return to shareholders, economic profit,
debt rating or achievement of business, financial or operational goals. Such goals may be absolute in their terms or measured against or in relation to other companies comparably or otherwise situated. Such performance goals may be particular to a
Participant or the division or other unit in which the Participant works and/or may be based on the performance of the Company generally. 

(DD) “Performance Period” shall mean the period designated by the P&C Committee during which the performance objectives shall be
measured. 
 (EE) “Performance Unit Award” shall mean an Award made pursuant to Section 8 hereof, the payment of which is
contingent upon the achievement of the Performance Goals for the particular Performance Period. 
 (FF) “Personal Representative”
shall mean the person or persons who, upon the Disability or incompetence of a Recipient, shall have acquired on behalf of the Recipient by legal proceeding or otherwise the right to receive the benefits specified in this Plan. 

(GG) “Plan” shall mean this 2006 Ashland Inc. Incentive Plan. 

(HH) “Recipients” shall mean a Participant or an Outside Director, as appropriate. 

(II) “Restricted Period” shall mean the period designated during which Restricted Stock may not be sold, assigned, transferred,
pledged, or otherwise encumbered, which period in the case of Participants shall not be less than one year from the date of grant (unless otherwise directed by the P&C Committee), and in the case of Outside Directors is the period set forth in
Section 6(B) hereof. 
 (JJ) “Restricted Stock” shall mean those shares of Common Stock issued pursuant to a Restricted Stock
Award which are subject to the restrictions, terms, and conditions set forth in the related Agreement, if any. 
 (KK) “Restricted
Stock Award” shall mean an Award of Restricted Stock pursuant to Section 6 hereof. 
 (LL) “Retained Distributions”
shall mean any securities or other property (other than regular cash dividends) distributed by the Company in respect of Restricted Stock during any Restricted Period. 

  
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 (MM) “Retirement” shall mean, (a) in the case of a Participant, retirement from
the employ of the Company at any time as described in the Ashland Inc. and Affiliates Pension Plan or in any successor pension plan, as from time to time in effect, and (b) in the case of an Outside Director, retirement from the Board at age 70
or at any other age as the Board may from time to time determine. 
 (NN) “Stock Appreciation Right” or “SAR” shall mean
the right of the holder to receive the appreciation in the Fair Market Value of shares of Common Stock upon terms to be designated by the Committees or otherwise determined pursuant to this Plan. The holder of an exercisable SAR may elect to
surrender the SAR and receive in exchange therefore an amount equal to the excess of the Fair Market Value of the Common Stock on the date the election to surrender is received by the Company over the Exercise Price specified in such SAR multiplied
by the number of shares of Common Stock covered by such SAR, or portion thereof, which is so surrendered. Such amount shall be paid to the holder in shares of Common Stock the number of which shall be determined by dividing such amount by the Fair
Market Value of the Common Stock at the close of business on the date the holder makes an effective exercise of the right to receive such amount. A SAR may be granted only singly and may not be granted in tandem with an Option. A SAR shall be
exercisable upon any additional terms and conditions which may be determined as provided in this Plan. Notwithstanding anything to the contrary contained herein, no SAR may be coupled with a right to defer any income attributable to an exercise
thereof to a taxable year of the holder after the taxable year in which the SAR was exercised. 
 (OO) “Stock Appreciation Right
Award” or “SAR Award” shall mean an Award of a Stock Appreciation Right pursuant to Section 10 hereof. 
 (PP)
“Subsidiary” shall mean any present or future subsidiary corporations, as defined in Section 424 of the Code, of the Company. 

(QQ) “Tax Date” shall mean the date the withholding tax obligation arises with respect to an Award. 

 

	SECTION 3.	STOCK SUBJECT TO THIS PLAN 

 There will be reserved for issuance under this Plan an aggregate of
4,000,000 shares of Common Stock, par value $.01 per share; provided, however, that of such shares only 1,000,000 shares in the aggregate shall be available for Restricted Stock Awards, Merit Awards, ISO Awards and Performance Unit Awards. Such
shares shall be authorized but unissued shares of Common Stock. If any Award under this Plan shall expire or terminate for any reason without having been earned or vested in full, or if any Award shall be forfeited or deferred, the shares subject to
the unearned, forfeited or deferred portion of such Award shall again be available for the purposes of this Plan. No Participant shall be granted more than a total of 250,000 Option or SAR Awards annually and no Outside Director shall be granted
more than a total of 10,000 Option or SAR Awards annually. 
  

	SECTION 4.	ADMINISTRATION 

 The P&C Committee shall have the exclusive authority to administer this
Plan for Participants. The G&N Committee shall have the exclusive authority to administer this Plan for Outside Directors. 
 In
addition to any implied powers and duties that may be needed to carry out the provisions hereof, the Committees, acting individually, shall have all the powers vested in them by the terms hereof, including exclusive authority to select the
Recipients, to determine the type, size and terms of the Awards to be made to each Recipient, to determine the time when Awards will be granted, and to prescribe the form of the Agreement or Notice of Grant embodying Awards made under this Plan. The
Committees shall be authorized to interpret this Plan and the Awards granted under this Plan, to establish, amend and rescind any rules and regulations relating to this Plan, to make any other determinations which they believe necessary or advisable
for the administration hereof, and to correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and to the extent the Committees deem desirable to carry it into effect. Any decision of the
Committees in the administration of this Plan, as described herein, shall be final and conclusive. 

  
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 It is intended that this Plan, Awards granted hereunder, and the administration of this Plan
comply with the provisions of Section 409A of the Code, and all provisions of this Plan and Awards granted hereunder shall be construed and interpreted in a manner consistent with Section 409A of the Code. 

 

	SECTION 5.	ELIGIBILITY 

 Awards may only be granted (i) to regular full-time or part-time employees of
the Company, or (ii) as expressly provided in Sections 6(B) and 10 hereof, to Outside Directors of the Company. 
  

	SECTION 6.	RESTRICTED STOCK AWARDS 

  

	(A)	Awards to Employees 

 The P&C Committee may make a Restricted Stock Award to selected
Participants, which Restricted Stock Awards may, at the Company’s discretion and as directed by the P&C Committee, be evidenced by an Agreement which shall contain such terms and conditions as the P&C Committee, in its sole discretion,
may determine. The amount of each Restricted Stock Award and the respective terms and conditions of such Award (which terms and conditions need not be the same in each case) shall be determined by the P&C Committee in its sole discretion;
provided, however, that a Restricted Stock Award may not be coupled with an arrangement to defer the recognition of income attributable to such Award beyond the taxable year of the Participant in which such Restricted Stock Award becomes vested or
is otherwise no longer subject to a substantial risk of forfeiture, unless permitted under Section 409A of the Code. Subject to the terms and conditions of each Restricted Stock Award, the Participant, as the owner of the Common Stock issued as
Restricted Stock, shall have all rights of a shareholder including, but not limited to, voting rights as to such Common Stock and the right to receive dividends thereon when, as and if paid. 

Unless otherwise determined and directed by the P&C Committee, in the event that a Restricted Stock Award has been made to a Participant
whose employment or service is subsequently terminated for any reason prior to the lapse of all restrictions thereon, such Restricted Stock will be forfeited in its entirety by such Participant. 

 

	(B)	Awards to Outside Directors 

 During the term of this Plan, each person who is hereafter duly
appointed or elected as an Outside Director shall be granted, effective on the date of his or her appointment or election to the Board, a Restricted Stock Award of 1,000 shares. All Awards under this subsection (B) are subject to the limitation
on the number of shares of Common Stock available pursuant to Section 3 hereof and to the terms and conditions set forth in this subsection (B) and subsection (C) below. 

Upon the granting of the Restricted Stock Award, such Outside Director shall be entitled to all rights incident to ownership of Common Stock
of the Company with respect to his or her Restricted Stock, including, but not limited to, the right to vote such shares of Restricted Stock and to receive dividends thereon when, as and if paid; provided, however, that subject to subsection
(C) hereof, in no case may any shares of Restricted Stock granted to an Outside Director be sold, assigned, transferred, pledged, or otherwise encumbered during the Restricted Period which shall not lapse until the earlier to occur of the
following: (i) Retirement, (ii) the death or Disability of such Outside Director, (iii) a 50% change in the beneficial ownership of the Company as defined in Rule 13d-3 under the Exchange Act, or (iv) voluntary early retirement
to take a position in governmental service. No Restricted Stock Award hereunder may include an arrangement that would defer the recognition of income attributable to such Award beyond the taxable year in which the Restricted Period lapses and the
Restricted Stock Award is no longer subject to a substantial risk of forfeiture, unless permitted under Section 409A of the Code. Unless otherwise determined and directed by the G&N Committee, in the case of voluntary resignation or other
termination of service of an Outside Director prior to the occurrence of any of the events described in the preceding sentence, any Restricted Stock Award made pursuant to this subsection will be forfeited by such Outside Director. 

  
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	(C)	Transferability 

 Subject to Section 16(B) hereof, Restricted Stock may not be sold, assigned,
transferred, pledged, or otherwise encumbered during a Restricted Period, which, in the case of Participants, shall be determined by the P&C Committee and, unless otherwise determined by the P&C Committee, shall not be less than one year
from the date of the Restricted Stock Award, and, in the case of Outside Directors, shall be determined in accordance with subsection (B) of this Section. The P&C Committee may, at any time, reduce the Restricted Period with respect to any
outstanding shares of a Restricted Stock Award, but, unless otherwise determined by the P&C Committee, such Restricted Period shall not be less than one year. 

During the Restricted Period, certificates representing the Restricted Stock and any Retained Distributions shall be registered in the
Recipient’s name and bear a restrictive legend to the effect that ownership of such Restricted Stock (and any such Retained Distributions), and the enjoyment of all rights appurtenant thereto are subject to the restrictions, terms, and
conditions provided in this Plan and the applicable Agreement, if any. Such certificates shall be deposited by the Recipient with the Company, together with stock powers or other instruments of assignment, each endorsed in blank, which will permit
transfer to the Company of all or any portion of the Restricted Stock and any securities constituting Retained Distributions which shall be forfeited in accordance with this Plan and the applicable Agreement, if any. Restricted Stock shall
constitute issued and outstanding shares of Common Stock for all corporate purposes, with the exception that: (i) the Recipient will not be entitled to delivery of the stock certificates representing such Restricted Stock until the restrictions
applicable thereto shall have expired; (ii) the Company will retain custody of all Retained Distributions made or declared with respect to the Restricted Stock (and such Retained Distributions will be subject to the same restrictions, terms and
conditions as are applicable to the Restricted Stock) until such time, if ever, as the Restricted Stock with respect to which such Retained Distributions shall have been made, paid, or declared shall have become vested, and such Retained
Distributions shall not bear interest or be segregated in separate accounts; (iii) subject to Section 16(B) hereof, the Recipient may not sell, assign, transfer, pledge, exchange, encumber, or dispose of the Restricted Stock or any
Retained Distributions during the Restricted Period; and (iv) unless otherwise determined and directed by the Committees, a breach of any restrictions, terms, or conditions provided in this Plan or established by the Committees with respect to
any Restricted Stock or Retained Distributions will cause a forfeiture of such Restricted Stock and any Retained Distributions with respect thereto. 
  

	SECTION 7.	INCENTIVE AWARDS 

 (A) Any Participant may receive one or more Incentive Awards, as the
P&C Committee shall from time to time determine. 
 (B) No later than 120 days (90 days for those Participants subject to the
limitations of Code Section 162(m)) after the commencement of each Performance Period, the P&C Committee shall establish in writing one or more Performance Goals that must be reached by a Participant in order to receive an Incentive Award for
such Performance Period. Except with respect to Participants subject to the limitations of Code Section 162(m), the P&C Committee shall have the discretion to later revise the Performance Goals and the amount to be paid out upon the
attainment of these goals for any reason including the reflection of promotions, transfers or other changes in a Participant’s employment so long as such changes are consistent with the Performance Goals established for other Participants in
the same or similar positions. Performance Goals established for Participants subject to Code Section 162(m) may only be adjusted to reduce or eliminate the amount of compensation otherwise payable upon attainment of the Performance Goals. 

(C) The target Incentive Award is a fixed percentage of the Participant’s Base Salary paid during the year. The maximum Incentive
Award is 150% of the target Incentive Award. No Incentive Award shall exceed three million dollars ($3,000,000). 
 (D) Payment of
Incentive Awards shall be made on a date or dates fixed by the P&C Committee. Payment may be made in one or more installments and may be made wholly in cash, wholly in shares of Common Stock or a combination thereof as determined by the P&C
Committee. Payments shall in all events not be made later than seventy-five days after the later of (i) the end of the tax year of the Participant in which the Performance Period ends; and (ii) the end of the tax year of the Company in
which the Performance Period ends. 

  
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 If payment of an Incentive Award shall be made all or partially in shares of Common Stock, the
number of shares of Common Stock to be delivered to a Participant on any payment date shall be determined by dividing (x) the original dollar amount to be paid on the payment date (or the part thereof determined by the P&C Committee to be
delivered in shares of such Incentive Award) by (y) the Fair Market Value on the date the Board approves the P&C Committee’s decision to pay an Incentive Award or such other date as the Board shall determine. 

(E) Unless otherwise determined and directed by the P&C Committee, an Incentive Award shall terminate if the Participant does not remain
continuously employed and in good standing with the Company until the date of payment of such Award. Unless otherwise determined and directed by the P&C Committee, in the event a Participant’s employment is terminated because of death,
Disability or Retirement, the Participant (or his or her beneficiaries or estate) shall receive the prorated portion of the payment of an Incentive Award for which the Participant would have otherwise been eligible based upon the portion of the
Performance Period during which he or she was so employed so long as the Performance Goals are subsequently achieved. 
  

	SECTION 8.	PERFORMANCE UNIT AWARDS 

 (A) Any Participant may receive one or more Performance Unit
Awards, as the P&C Committee shall from time to time determine. 
 (B) The Performance Goals and Performance Period applicable to a
Performance Unit Award shall be set forth in writing by the P&C Committee no later than 120 days (90 days for those Participants subject to the limitations imposed by Section 162(m) of the Code) after the commencement of the Performance
Period. Except with respect to Participants subject to the limitations of Section 162(m) of the Code, the P&C Committee shall have the discretion to later revise the Performance Goals and the amount to be paid out upon the attainment of
these goals for any reason including the reflection of promotions, transfers or other changes in a Participant’s employment so long as such changes are consistent with the Performance Goals established for other Participants in the same or
similar positions. Goals established for Participants subject to Section 162(m) of the Code may only be adjusted to reduce or eliminate the amount of compensation otherwise payable upon attainment of the Performance Goals. 

(C) Each Performance Unit Award shall be established in dollars or shares of Common Stock, or a combination of both, as determined by the
P&C Committee. The original amount of any Performance Unit Award shall not exceed 400% of the Participant’s then annual base salary and the original amount of any Performance Unit Award shall not exceed five million dollars ($5,000,000). In
determining the amount of any Performance Unit Award made, in whole or in part, in shares of Common Stock, the value thereof shall be based on the Fair Market Value on the first day of the Performance Period or on such other date as the Board shall
determine. 
 (D) Unless otherwise determined and directed by the P&C Committee, a Performance Unit Award shall terminate for all
purposes if the Participant does not remain continuously employed and in good standing with the Company until payment of such Performance Unit Award. Unless otherwise determined and directed by the P&C Committee, a Participant (or his or her
beneficiaries or estate) whose employment was terminated because of death, Disability or Retirement will receive a prorated portion of the payment of his or her Award based upon the portion of the Performance Period during which he or she was so
employed so long as the Performance Goals are subsequently achieved. 
 (E) Payment with respect to Performance Unit Awards will be
made to Participants on a date or dates fixed by the P&C Committee. The amount of such payment shall be determined by the P&C Committee and shall be based on the original amount of such Performance Unit Award adjusted to reflect the
attainment of the Performance Goals during the Performance Period. Payment may be made in one or more installments and may be made wholly in cash, wholly in shares of Common Stock or a combination thereof as determined by the P&C Committee.
Payments shall in all events not be made later than seventy-five days after the later of (i) the end of the tax year of the Participant in which the Performance Period ends; and (ii) the end of the tax year of the Company in which the
Performance Period ends. 
 If payment of a Performance Unit Award established in dollars is to be made in shares of Common Stock or partly
in such shares, the number of shares of Common Stock to be delivered to a Participant on any payment date 

  
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shall be determined by dividing (x) the amount payable by (y) the Fair Market Value on the date the Board approves the P&C Committee’s decision to pay the Performance Unit
Award or on such other date as the Board shall determine. 
 If payment of a Performance Unit Award established in shares of Common Stock is
to be made in cash or partly in cash, the amount of cash to be paid to a Participant on any payment date shall be determined by multiplying (x) the number of shares of Common Stock to be paid in cash on such payment date with respect to such
Performance Unit Award, by (y) the Fair Market Value on the date the Board approves the P&C Committee’s decision to pay the Performance Unit Award or on such other date as the Board shall determine. Any payment may be subject to such
restrictions and conditions as the P&C Committee may determine. 
  

	SECTION 9.	MERIT AWARDS 

 Any Participant may receive a Merit Award of Common Stock under this Plan for
such reasons and in such amounts as the P&C Committee may from time to time determine A Merit Award of Common Stock for any calendar year may not be distributed later than seventy-five days after the end of such calendar year. 

 

	SECTION 10.	OPTION AND SAR AWARDS 

 (A) Any Recipient may receive one or more Option or SAR Awards, as
the Committees shall from time to time determine. 
 (B) Designation and Price 

(1) Any Option granted under this Plan may be granted as an Incentive Stock Option or as, a Nonqualified Stock Option as shall be designated
by the Committees at the time of the grant of such Option. Only Participants may be granted ISOs. Each Option and SAR shall, at the discretion of the Company and as directed by the Committees, be evidenced by a Notice of Grant, which Notice of Grant
shall specify the designation of the Option as an ISO or a NQSO, as the case may be, and shall contain such terms and conditions as the Committees, in their sole discretion, may determine in accordance with this Plan. 

(2) Every ISO shall provide for a fixed expiration date of not later than ten years from the date such ISO is granted. Every NQSO and SAR
shall provide for a fixed expiration date of not later than ten years and one month from the date such NQSO or SAR is granted. 

(3) The Exercise Price of Common Stock issued pursuant to each Option or SAR shall be fixed by the Committees at the time of the granting
of the Option or SAR; provided, however, that such Exercise Price shall in no event ever be less than 100% of the Fair Market Value of the Common Stock on the date such Option is granted, subject to adjustment as provided in Section 14. 

(C) Exercise 
 The
Committees may, in their sole discretion, provide for Options or SARs granted under this Plan to be exercisable in whole or in part; provided, however, that no Option or SAR shall be exercisable prior to the first anniversary of the date of its
grant, except as provided in Section 12 hereof or as the Committees otherwise determine in accordance with this Plan, and in no case may an Option or SAR be exercised at any time for fewer than 50 shares (or the total remaining shares covered
by the Option or SAR if fewer than 50 shares) during the term of the Option or SAR. The specified number of shares will be issued upon receipt by the Company of (i) notice from the holder thereof of the exercise of an Option or SAR, and
(ii) payment to the Company (as provided in subsection (D) of this Section), of the Exercise Price for the number of shares with respect to which the Option is exercised. Each such notice and payment shall be delivered or mailed to the
Company at such place and in such manner as the Company may designate from time to time. 

  
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 (D) Payment for Shares 

Except as otherwise provided in this Section, the Exercise Price for the Common Stock shall be paid in full when the Option is exercised.
Subject to such rules as the Committees may impose, the Exercise Price may be paid in whole or in part: (i) in cash; (ii) in whole shares of Common Stock owned by the Recipient and evidenced by negotiable certificates, valued at their Fair
Market Value (which shares of Common Stock must have been owned by the Recipient six months or longer, and not used to effect an Option exercise within the preceding six months, unless the Committees specifically provide otherwise); (iii) by
Attestation; (iv) by a combination of such methods of payment; or (v) by such other consideration as shall constitute lawful consideration for the issuance of Common Stock and be approved by the Committees (including, without limitation,
effecting a Cashless Exercise of the Option with a broker). 
 (E) Continued Employment, Agreement to Serve and Exercise Period 

(1) Participants 

(a) Subject to the provisions of Section 12(D) hereof, every Option and SAR shall provide that it may not be exercised in whole or in
part for a period of one year after the date of granting such Option or SAR (unless otherwise determined by the P&C Committee) and if the employment of the Participant shall terminate prior to the end of such one year period (or such other
period determined by the P&C Committee), the Option or SAR granted to such Participant shall immediately terminate. 
 (b) Every Option
and SAR shall provide that in the event the Participant dies (i) while employed by the Company, (ii) during the periods in which Options or SARs may be exercised by a Participant determined to be Disabled, or (iii) after Retirement,
such Option or SAR shall be exercisable, at any time or from time to time, prior to the fixed termination date set forth in the Option or SAR, by the Beneficiaries of the decedent for the number of shares which the Participant could have acquired
under the Option or SAR immediately prior to the Participant’s death. 
 (c) Every Option and SAR shall provide that in the event
the employment of any Participant shall cease by reason of Disability, as determined by the P&C Committee at any time during the term of the Option or SAR, such Option or SAR shall be exercisable, at any time or from time to time prior to the
fixed termination date set forth in the Option or SAR by such Participant for the number of shares which the Participant could have acquired under the Option or SAR immediately prior to the Participant’s Disability. The determination by the
P&C Committee of any question involving Disability of a Participant shall be conclusive and binding. 
 (d) Every Option and SAR
shall provide that in the event the employment of any Participant shall cease by reason of Retirement, such Option or SAR may be exercised at any time or from time to time, prior to the fixed termination date set forth in the Option or SAR for the
number of shares which the Participant could have acquired under the Option or SAR immediately prior to such Retirement. 

(e) Notwithstanding any provision of this Plan to the contrary, any Option or SAR, may, in the discretion of the P&C Committee or as
provided in the relevant Notice of Grant (if any), become exercisable, at any time or from time to time, prior to the fixed termination date set forth in the Option or SAR for the full number of awarded shares or any part thereof, less such number
as may have been theretofore acquired under the Option or SAR from and after the time the Participant ceases to be an employee of the Company as a result of the sale or other disposition by the Company of assets or property (including shares of any
Subsidiary) in respect of which such Participant had theretofore been employed or as a result of which such Participant’s continued employment with the Company is no longer required. 

(f) Except as provided in sub-subsections (b), (c), (d), (e) and (g) of this Section 10(E) and Section 12(D) hereof,
every Option and SAR shall provide that it shall terminate on the earlier to occur of the fixed termination date set forth in the Option or SAR or thirty (30) days after cessation of the Participant’s employment for any cause in respect of
the number of shares which the Participant could have acquired under the Option or SAR immediately prior to such cessation of employment; provided, however, that no Option or SAR may be exercised after the fixed termination date set forth in the
Option or SAR. 

  
 9 

 (g) Notwithstanding any provision of this Section to the contrary, in the event the P&C
Committee determines, in its sole and absolute discretion, that the employment of any Participant has terminated for a reason or in a manner adversely affecting the Company (which may include, without limitation, taking other employment or rendering
service to others without the consent of the Company), then the P&C Committee may direct that such Participant forfeit any and all Options or SARs that he or she could otherwise have exercised pursuant to the terms of this Plan. 

(h) Each Participant granted an Award under this Plan shall agree by his or her acceptance of such Award to remain in the service of the
Company for a period of at least one year from the date of the Notice of Grant respecting the Award (or, if no Notice of Grant is given, at least one year from the date of the Award). Such service shall, subject to the terms of any contract between
the Company and such Participant, be at the pleasure of the Company and at such compensation as the Company shall reasonably determine from time to time. Nothing in this Plan, or in any Award granted pursuant to this Plan, shall confer on any
individual any right to continue in the employment of or service to the Company or interfere in any way with the right of the Company to terminate the Participant’s employment at any time. 

(i) Notwithstanding anything to the contrary herein, any Option that is an ISO shall be exercisable not later than three (3) months
following the date that the employment of a Participant terminated. 
 (2) Outside Directors 

If an Outside Director’s service on the Board terminates by reason of (i) Retirement, (ii) the death or Disability of such
Outside Director, (iii) a 50% change in the beneficial ownership of the Company as defined in Rule 13d-3 under the Exchange Act, or (iv) voluntary early retirement to take a position in governmental service, any Option or SAR held by such
Outside Director may thereafter be exercised by the Outside Director, or in the event of death, by his or her Beneficiary to the extent it was vested and exercisable at the time of such termination (i) for a period equal to the number of years
of completed Board service as of the date of such termination of the Outside Director on whose behalf the Option or SAR is exercised, or (ii) until the expiration of the stated term of such Option or SAR, whichever period is the shorter. In the
event of termination for any reason other than those set forth above, any Option or SAR held by such Outside Director may thereafter be exercised by the Outside Director to the extent it was vested and exercisable at the time of termination
(i) for a period of one year from the date of such termination or (ii) until the expiration of the stated term of such Option or SAR, whichever period is the shorter, unless otherwise determined by the G&N Committee. 

 

	SECTION 11.	CONTINUED EMPLOYMENT 

 Nothing in this Plan, or in any Award granted pursuant to this Plan,
shall confer on any individual any right to continue in the employment of, or service to, the Company or interfere in any way with the right of the Company to terminate the Participant’s employment at any time. 

 

	SECTION 12.	CHANGE IN CONTROL 

 (A) Upon a Change in Control, any Restricted Stock Award shall be free
of all restrictions for the full number of awarded shares less such number as may have been theretofore acquired under the Restricted Stock Award. 

(B) Upon a Change in Control, there shall be an acceleration of any Performance Period relating to any Incentive Award, and payment of
any Incentive Award shall be made in cash as soon as practicable after such Change in Control (and in no event later than seventy-five days from the last day of the Company’s fiscal year in which the Change in Control occurs) based upon
achievement of the Performance Goals applicable to such Award up to the date of the Change in Control. Further, the Company’s obligation with respect to such Incentive Award shall be assumed, or new obligations substituted therefor, by the
acquiring or surviving corporation after such Change in Control. In addition, prior to the date of such Change in Control, the P&C Committee, in its sole judgment, may make adjustments to any Incentive Award as may be appropriate to reflect such
Change in Control. 

  
 10 

 (C) Upon a Change in Control, there shall be an acceleration of any Performance Period
relating to any Performance Unit Award, and payment of any Performance Unit Award shall be made in cash as soon as practicable after such Change in Control (and in no event later than seventy-five days from the last day of the Company’s fiscal
year in which the Change in Control occurs) based upon achievement of the Performance Goals applicable to such Performance Unit Award up to the date of the Change in Control. If such Performance Unit Award was established in shares of Common Stock,
the amount of cash to be paid to a Participant with respect to the Performance Unit Award shall be determined by multiplying (x) the number of shares of Common Stock relating to such Performance Unit Award, by (y) the Fair Market Value on
the date of the Change in Control. Further, the Company’s obligation with respect to such Performance Unit Award shall be assumed, or new obligations substituted therefor, by the acquiring or surviving corporation after such Change in Control.
In addition, prior to the date of such Change in Control, the P&C Committee, in its sole judgment, may make adjustments to any Performance Unit Award as may be appropriate to reflect such Change in Control. 

(D) Upon a Change in Control, any Option Award or SAR Award shall become immediately exercisable for the full number of awarded shares or
any part thereof, less such numbers as may have been theretofore acquired under the Option Award or SAR Award from and after the date of such Change in Control, unless otherwise provided in the Notice of Grant. 

 

	SECTION 13.	WITHHOLDING TAXES 

 Federal, state or local law may require the withholding of taxes applicable
to gains resulting from the payment or vesting of an Award. Unless otherwise prohibited by the P&C Committee, each Participant may satisfy any such tax withholding obligation by any of the following means, or by a combination of such means:
(i) a cash payment; (ii) authorizing the Company to withhold from the shares of Common Stock otherwise issuable to the Participant pursuant to the vesting of an Award a number of shares having a Fair Market Value, as of the Tax Date, which
will satisfy the amount of the withholding tax obligation; or (iii) by delivery to the Company of a number of shares of Common Stock having a Fair Market Value as of the Tax Date which will satisfy the amount of the withholding tax obligation
arising from the vesting of an Award. A Participant’s election to pay the withholding tax obligation by (ii) or (iii) above must be made on or before the Tax Date, is irrevocable, is subject to such rules as the P&C Committee may
adopt, and may be disapproved by the P&C Committee. If the amount requested is not paid, the P&C Committee may refuse to issue Common Stock under this Plan. 
  

	SECTION 14.	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION 

 In the event of any change in the outstanding
Common Stock of the Company by reason of any stock split, stock dividend, recapitalization, merger, consolidation, reorganization, combination, or exchange of shares, split-up, split-off, spin-off, liquidation or other similar change in
capitalization, or any distribution to common stockholders other than cash dividends, the number or kind of shares that may be issued under this Plan pursuant to Section 3 hereof and the number or kind of shares subject to, or the price per
share under any outstanding Award shall be automatically adjusted so that the proportionate interest of the Recipient shall be maintained as before the occurrence of such event. Such adjustment shall be conclusive and binding for all purposes
hereof. In adjusting Awards pursuant to this Section 14, the Committees shall take all reasonable steps to ensure that any adjustment of Options and SARs complies with the requirements of Section 409A of the Code and, as applicable,
Section 424 of the Code. 
  

	SECTION 15.	AMENDMENT AND TERMINATIONS 

 The Committees may amend, alter or terminate this Plan at any time
without the prior approval of the Board; provided, however, that: (i) the Committees may not, without approval by the Board and the shareholders, (a) materially increase the benefits provided to Recipients under this Plan or (b) provide
for the re-pricing of Options; and (ii) any amendment with respect to Restricted Stock granted to Outside Directors must be approved by the full Board. Notwithstanding anything to the contrary herein, the Company may make necessary amendments
to this Plan and, any Award granted hereunder to avoid imposition of penalties and additional taxes under Code Section 409A(except to the extent an outstanding award agreement restricts the ability to amend the agreement and/or the Plan in a way
adverse to the Participant) 

  
 11 

 Termination of this Plan shall not affect any Awards made hereunder which are outstanding on the
date of termination and such Awards shall continue to be subject to the terms of this Plan notwithstanding its termination. 
  

	SECTION 16.	MISCELLANEOUS PROVISIONS 

 (A) Except as to Awards of Restricted Stock to Outside
Directors, no Participant or other person shall have any claim or right to be granted an Award under this Plan. 
 (B) A
Recipient’s rights and interest under this Plan may not be assigned or transferred in whole or in part, either directly or by operation of law or otherwise (except in the event of a Recipient’s death, by will or the laws of descent and
distribution), including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner, and no such right or interest of any Recipient in this Plan shall be subject to any obligation or liability
of such individual; provided, however, that a Recipient’s rights and interest under this Plan may, subject to the discretion and direction of the Committees, be made transferable by such Recipient during his or her lifetime. Except as specified
in Section 6 hereof, the holder of an Award shall have none of the rights of a shareholder until the shares subject thereto shall have been registered in the name of the person receiving or person or persons exercising the Award on the transfer
books of the Company. 
 (C) No Common Stock shall be issued hereunder unless counsel for the Company shall be satisfied that such
issuance will be in compliance with applicable Federal, state, and other securities laws. 
 (D) The expenses of this Plan shall be
borne by the Company. 
 (E) By accepting any Award under this Plan, each Recipient and each Personal Representative or Beneficiary
claiming under or through him or her shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under this Plan by the Company, the Board, and the Committees. 

(F) Awards granted under this Plan shall be binding upon the Company, its successors, and assigns. 

(G) Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to
shareholder approval if such approval is required. 
 (H) Each Recipient shall be deemed to have been granted any Award on the date the
Committees took action to grant such Award under this Plan or such date as the Committees in their sole discretion shall determine at the time such grant is authorized. 
  

	SECTION 17.	EFFECTIVENESS OF THIS PLAN 

 This Plan shall be submitted to the shareholders of the Company for
their approval and adoption on January 26, 2006, or such other date fixed for the next meeting of shareholders or any adjournment or postponement thereof. No Awards shall be made under the Plan unless and until the Plan has been approved and
adopted at a meeting of the Company’s shareholders. 
 SECTION 18. GOVERNING LAW 

The provisions of this Plan shall be interpreted and construed in accordance with the laws of the Commonwealth of Kentucky. 

  
 12EX-10.1

 Exhibit 10.1 

JUNIPER NETWORKS, INC. 

SEVERANCE AGREEMENT 
 This
Severance Agreement (this “Agreement”) is made and entered into by and between
                                     (the
“Employee”) and Juniper Networks, Inc., a Delaware corporation (the “Company”), effective on the last date signed below. 

RECITALS 
 The
Compensation Committee of the Board of Directors of the Company believes that it is imperative to provide the Employee with certain severance benefits upon certain terminations of employment. These benefits will provide the Employee with enhanced
financial security and incentive and encouragement to remain with the Company. 
 Certain capitalized terms used in this Agreement are
defined below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 

1. Term of Agreement. This Agreement shall terminate upon the later of (i) January 1, 2019 or (ii) if Employee is
terminated involuntarily by Company without Cause prior to January 1, 2019, the date that all of the obligations of the parties hereto with respect to this Agreement have been satisfied. 

2. At-Will Employment. The Company and the Employee acknowledge that the Employee’s employment is and shall continue to be
at-will, as defined under applicable law, except as may otherwise be specifically provided by applicable law or under the terms of any written formal employment agreement or offer letter between the Company and the Employee (an “Employment
Agreement”). This Agreement does not constitute an agreement to employ Employee for any specific time. 

  
 1 

 3. Severance Benefits. 

(a) In the event the Employee is terminated involuntarily by Company without Cause, as defined below, and provided the Employee executes
and does not revoke a full release of claims with the Company (in a form satisfactory to the Company) (the “Release”), the Employee will be entitled to receive the severance benefits set out in subsections (i) and (ii). For
purposes of this Agreement, “Cause” is defined as: (i) willfully engaging in gross misconduct that is demonstrably injurious to Company; (ii) willful act or acts of dishonesty or malfeasance undertaken by the individual;
(iii) conviction of or a plea of nolo contendere to a felony; or (iv) willful and continued refusal or failure to substantially perform duties with Company (other than incapacity due to physical or mental illness); provided that the action
or conduct described in clause (iv) above will constitute “Cause” only if such failure continues after the Company’s CEO, COO or Board of Directors has provided the individual with a written demand for substantial performance
setting forth in detail the specific respects in which it believes the individual has willfully and not substantially performed the individual’s duties thereof and has been provided a reasonable opportunity (to be not less than 30 days) to
cure the same. 
 (i) A cash payment in a lump sum (less any withholding taxes) equal to [12 months for Grade 15][15 months
for Grade 16][16.5 months for Grade 17] of base salary (as in effect immediately prior to the termination). 
 (ii) In
lieu of continuation of benefits, Employee shall receive $18,000 (whether or not Employee elects COBRA). 
 (b) Release
Effectiveness. The receipt of any severance pursuant to Section 3(a) will be subject to Employee signing and not revoking the Release and further subject to the Release becoming effective within fifty-two (52) days following
Employee’s termination of employment. 
 (c) Timing of Severance Payments. Any cash severance payment to which Employee is
entitled shall be paid by the Company to Employee in a single lump sum in cash on the fifty-third (53rd) day after Employee’s termination of employment. 

(d) Change of Control Benefits. In the event the Employee receives severance and other benefits pursuant to a change in control
agreement that are greater than or equal to the amounts payable hereunder, then the Employee shall not be entitled to receive severance or any other benefits under this Agreement. 

  
 2 

 (e) Section 409A. 

(i) Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified employee” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the final regulations and any guidance promulgated thereunder (“Section 409A”) at the time of Employee’s termination (other than
due to death) or resignation, then the severance payable to Employee, if any, pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under
Section 409A (together, the “Deferred Compensation Separation Benefits”) that are payable within the first six (6) months following Employee’s termination of employment, will become payable on or within ten days
following the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Employee’s termination of employment. All subsequent Deferred Compensation Separation Benefits, if any, will be
payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following his termination but prior to the six (6) month anniversary of his termination,
then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred Compensation Separation Benefits will be payable in
accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury
Regulations. 
 (ii) Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule
set forth in Section 1.409A-1(b)(4) of the Treasury Regulations shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. 

(iii) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service
pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that do not exceed the Section 409A Limit shall not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. “Section 409A
Limit” will mean the lesser of two (2) times: (i) Employee’s annualized compensation based upon the annual rate of pay paid to Employee during the Employee’s taxable year preceding the Employee’s taxable year of
Employee’s termination of employment as determined under, and with such adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the
maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Employee’s employment is terminated. 

(iv) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments
and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Employee agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Employee under Section 409A. 

  
 3 

 4. Successors. 

(a) The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same
manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business
and/or assets which executes and delivers the assumption agreement described in this Section 4(a) or which becomes bound by the terms of this Agreement by operation of law. The term “Company” shall also include any direct or
indirect subsidiary or entity that is majority owned by Juniper Networks, Inc. 
 (b) The Employee’s Successors. The terms
of this Agreement and all rights of the Employee hereunder shall inure to the benefit of, and be enforceable by, the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and
legatees. 
 5. Notice. All notices and other communications required or permitted hereunder shall be in writing, shall be
effective when given, and shall in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by first class mail, postage
prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid or (d) one (1) business day after the
business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (i) if to Employee, at his or her last known residential address and (ii) if to the
Company, at the address of its principal corporate offices (attention: Corporate Secretary), or in any such case at such other address as a party may designate by ten (10) days’ advance written notice to the other party pursuant
to the provisions above. 
 6. Miscellaneous Provisions. 

(a) No Duty to Mitigate. The Employee shall not be required to mitigate the amount of any payment contemplated by this Agreement,
nor shall any such payment be reduced by any earnings that the Employee may receive from any other source. 
 (b) Waiver. No
provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Employee and by an authorized officer of the Company (other than the Employee). No waiver by
either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

  
 4 

 (c) Headings. All captions and section headings used in this Agreement are for
convenient reference only and do not form a part of this Agreement. 
 (d) Entire Agreement. This Agreement constitutes the
entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied, including any previously executed severance
agreements) of the parties with respect to the subject matter hereof. 
 (e) Choice of Law. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of California. The Superior Court of Santa Clara County and/or the United States District Court for the Northern District of California shall have exclusive
jurisdiction and venue over all controversies in connection with this Agreement. 
 (f) Severability. The invalidity or
unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(g) Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income and employment
taxes. 
 (h) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which together will constitute one and the same instrument. 
 [Remainder of Page Intentionally Blank] 

  
 5 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company
by its duly authorized officer, as of the day and year set forth below. 
  

							
	COMPANY	 		 	JUNIPER NETWORKS, INC.
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 
				
		 		 	Date:	 	 
				
	EMPLOYEE	 		 		 	
				
		 		 	Name:	 	 
				
		 		 	Date:	 	 

  
 6

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