Document:

EX-10.12

 Exhibit 10.12 

CHANGE OF CONTROL EMPLOYMENT AGREEMENT 

(As Amended and Restated as of January 26, 2015) 

CHANGE OF CONTROL EMPLOYMENT AGREEMENT by and between Medtronic, Inc., a Minnesota corporation (the “Company”), and
                     (the “Executive”), amended and restated as of the      day of
                     (the “Agreement”). 

WHEREAS, the Company previously determined that it is in the best interests of the Company and its shareholders to assure that the Company
will have the Executive’s continued dedication, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) and in that regard entered into a Change of Control Employment Agreement with the Executive as of
            , 20    ; 
 WHEREAS, the Company continues to
believe that it is imperative to diminish the inevitable distraction of the Executive, by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the Executive’s full attention and
dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefits arrangements upon a Change of Control which are competitive with those of other
corporations and which ensure that the compensation and benefits expectations of the Executive will be satisfied; 
 WHEREAS, on
June 15, 2014, the Company entered into a Transaction Agreement with Covidien plc and the other parties named therein to acquire Covidien through the formation of a new holding company incorporated in Ireland that will be renamed Medtronic plc
(the “Transaction”); and 
 WHEREAS, technical changes to the Plan are required in connection with the Transaction; 

NOW, THEREFORE, the Agreement is hereby amended and restated as follows: 

1. Certain Definitions. 

(a) The “Effective Date” shall mean the first date during the Change of Control Period (as defined in Section l(b)) on which a Change
of Control occurs. Anything in this Agreement to the contrary notwithstanding, if (i) the Executive’s employment with the Company is terminated by the Company or the Executive terminates employment because the Executive ceases to be an
officer of Medtronic plc, (ii) the Date of Termination occurs prior to the date on which a Change of Control occurs, and (iii) it is reasonably demonstrated by the Executive that such termination of employment or cessation of status as an
officer (A) was at the request of a third party who has taken steps reasonably calculated to effect the Change of Control or (B) otherwise arose in connection with or anticipation of the Change of Control, then for all purposes of this
Agreement the “Effective Date” shall mean the date immediately prior to such Date of Termination. 

 (b) The “Change of Control Period” shall mean the period commencing on the date hereof
and ending on the third anniversary of such date; provided, however, that commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof shall be
hereinafter referred to as the “Renewal Date”), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate three years from such Renewal Date, unless at least 60 days prior to the Renewal
Date the Company shall give written notice to the Executive that the Change of Control Period shall not be so extended. 
 (c)
“Medtronic plc” shall mean Medtronic plc, an Irish public limited company. 
 (d) “Affiliate” shall mean any company
controlled by, controlling or under common control with the Company. 
 2. Change of Control. 

(a) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the then-outstanding ordinary shares of Medtronic plc, par
value $.0001, as such par value may be adjusted from time to time (the “Outstanding Ordinary Shares”) or (ii) the combined voting power of the then-outstanding voting securities of Medtronic plc entitled to vote generally in the
election of directors (the “Outstanding Voting Securities”); provided, however, that, for purposes of this Section 2(a), the following acquisitions shall not constitute a Change of Control: (1) any acquisition
directly from the Medtronic plc, (2) any acquisition by Medtronic plc or any of its subsidiaries, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Medtronic plc or any of its subsidiaries,
(4) any acquisition by an underwriter temporarily holding securities pursuant to an offering of such securities or (5) any acquisition pursuant to a transaction that complies with clauses (i), (ii) and (iii) of Section 2(c);
or 
 (b) Individuals who, as of the date hereof, constitute the Board of Directors of Medtronic plc (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board of Directors of Medtronic plc (the “Board”); provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by Medtronic plc’s shareholders, was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be considered as though such individual was an Incumbent Director, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;
or 
 (c) Consummation of a reorganization, merger, statutory share exchange or consolidation (or similar corporate transaction) involving
Medtronic plc or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of Medtronic plc, or the acquisition of assets or stock of another entity by Medtronic plc or any of its subsidiaries (each, a
“Business Combination”), in each case, unless, immediately following such Business 

  
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Combination, (i) substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Ordinary Shares and the Outstanding Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then-outstanding ordinary shares (or, for a non-corporate entity, equivalent securities) and the then-outstanding voting
securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of (A) the entity resulting from such Business Combination (the “Surviving
Corporation”) or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of 80% or more of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent
Corporation”), in substantially the same proportion as their ownership, immediately prior to the Business Combination, of the Outstanding Ordinary Shares and the Outstanding Voting Securities, as the case may be, (ii) no person (other than
any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 30% or more of the outstanding ordinary shares and the total
voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (iii) at least a majority of the members of the board of directors of
the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial
agreement providing for such Business Combination; or 
 (d) Approval by the shareholders of Medtronic plc of a complete liquidation or
dissolution of Medtronic plc. 
 For the avoidance of doubt, any one or more of the above events may be effected pursuant to
(A) compromise or arrangement sanctioned by the court under section 201 of the Companies Act 1963 of the Republic of Ireland or (B) section 204 of the Companies Act 1963 of the Republic of Ireland. 

3. Employment Period. The Company hereby agrees to continue the Executive in its employ, and the Executive hereby agrees to remain in
the employ of the Company, for the period commencing on the Effective Date and ending on the third anniversary of such date (the “Employment Period”), provided, that nothing stated in this Agreement shall restrict the right of the
Company or the Executive at any time to terminate the Executive’s employment with the Company, subject to the obligations of the Company provided for in this Agreement in the event of such terminations. The Employment Period shall terminate
upon the Executive’s termination of employment for any reason. 
 4. Terms of Employment. 

(a) Position and Duties. 
 (i)
During the Employment Period, (A) the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respects with the most
significant of those held, exercised and assigned at any time during the 90-day period immediately preceding the Effective Date; and (B) the Executive’s services shall be performed at the location where the Executive was employed
immediately preceding the Effective Date or any office or location less than 50 miles from such location. 

  
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 (ii) Except as otherwise expressly provided in this Agreement, during the Employment Period, and
excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to
discharge the responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period, it shall not be a violation of this
Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as
such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such
activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed
to interfere with the performance of the Executive’s responsibilities to the Company. 
 (b) Compensation. 

(i) Base Salary. During the Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”) at an
annual rate at least equal to 12 times the highest monthly base salary paid or payable, including any base salary that has been earned but deferred, to the Executive by the Company and its Affiliates in respect of the 12-month period immediately
preceding the month in which the Effective Date occurs. The Annual Base Salary shall be paid at such intervals as the Company pays executive salaries generally. During the Employment Period, the Annual Base Salary shall be reviewed at least annually
and shall be increased at any time and from time to time as shall be substantially consistent with increases in base salary generally awarded in the ordinary course of business to other peer executives of the Company and its Affiliates. Any increase
in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term “Annual Base Salary” as utilized in this
Agreement shall refer to Annual Base Salary as so increased. 
 (ii) Annual Incentive Payments. In addition to Annual Base Salary,
the Executive shall be paid, for each fiscal year ending during the Employment Period, an annual bonus (“Annual Bonus”) in cash at least equal to the Executive’s average annual or annualized (for any fiscal year consisting of less
than 12 full months or with respect to which the Executive has been employed by the Company for less than 12 full months) award earned by the Executive, including any award earned but deferred, under the Company’s Executive Incentive Plan, as
amended from time to time prior to the Effective Date (or under any predecessor, successor or replacement annual incentive plan of the Company or its Affiliates), for the last three fiscal years immediately preceding the fiscal year in which the
Effective Date occurs (the “Three-Year Average Bonus”). If the Executive has not been eligible to earn, or has not been employed, for each of the last three fiscal years immediately preceding the fiscal year during which the

  
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Effective Date occurs but has earned a bonus for at least one fiscal year during the last three fiscal years immediately preceding the fiscal year during which the Effective Date occurs, the
“Three-Year Average Bonus” shall mean the average of any annual or annualized bonus actually earned over any such years. If the Executive has not been eligible to earn, or has not received, such a bonus for any fiscal year prior to the
Effective Date, the “Three-Year Average Bonus” shall mean the Executive’s Target Annual Bonus for the year during which the Effective Date occurs. Each such Annual Bonus shall be paid no later than two and a half months after the end
of the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”). 
 (iii) Long-Term Cash and Equity Incentives, Savings Plans and Retirement Plans. During the
Employment Period, the Executive shall be entitled to participate in all long-term cash incentive, equity incentive, savings and retirement plans, practices, policies and programs (any such arrangement a “Plan” for purposes of this
Agreement) applicable generally to other peer executives of the Company and its Affiliates, but in no event shall such Plans provide the Executive with incentive opportunities (measured with respect to both regular and special incentive
opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its
Affiliates for the Executive under such Plans as in effect at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other
peer executives of the Company and its Affiliates. 
 (iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or
the Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit Plans provided by the Company and its Affiliates (including, without limitation, medical, prescription,
dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance Plans) to the extent applicable generally to other peer executives of the Company and its Affiliates, but in no event shall such Plans
provide the Executive with benefits which are less favorable, in the aggregate, than the most favorable of such Plans in effect for the Executive at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to
the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its Affiliates. 

(v) Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and its Affiliates in effect for the Executive at any time during the 90-day period immediately preceding the Effective Date or, if
more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliates. 

(vi) Business Allowance. During the Employment Period, the Executive shall be entitled to a business allowance in accordance with the
most favorable Plans of the Company and its Affiliates in effect for the Executive at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter
with respect to other peer executives of the Company and its Affiliates. 

  
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 (vii) Office and Support Staff. During the Employment Period, the Executive shall be
entitled to an office or offices of a size and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the Company and
its Affiliates at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of the Company and its
Affiliates. 
 (viii) Vacation. During the Employment Period, the Executive shall be entitled to paid vacations in accordance with
the most favorable Plans of the Company and its Affiliates as in effect for the Executive at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time
thereafter with respect to other peer executives of the Company and its Affiliates. 
 5. Termination of Employment. 

(a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the
Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in
accordance with Section 12(b) of this Agreement of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate on the 30th day after receipt of such notice by the
Executive (the “Disability Effective Date”), provided, that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this
Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company and its Affiliates on a full-time basis for 180 consecutive days as a result of incapacity due to mental or physical illness
which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be unreasonably withheld).

 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period with or without Cause. For
purposes of this Agreement, “Cause” shall mean (A) repeated violations by the Executive of the Executive’s obligations under Section 4(a) of this Agreement (other than as a result of incapacity due to physical or mental
illness) which are demonstrably willful and deliberate on the Executive’s part, which are not remedied in a reasonable period of time after receipt of written notice from the Company specifying such violations or (B) the conviction of the
Executive of a felony involving moral turpitude. 
 (i) For purposes of Section 5(b)(i)(A) of this Agreement, no act, or failure to
act, on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests of
the Company. Any act, or failure to act, based upon (A) authority given pursuant to a resolution duly adopted by the Board, or if the 

  
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Company is not the ultimate parent corporation of its Affiliates and is not publicly traded, the board of directors of the Parent Corporation (the “Applicable Board”), (B) the
instructions of the Chief Executive Officer of the Company or the Parent Corporation or a senior officer of the Company or the Parent Corporation or (C) the advice of counsel for the Company or the Parent Corporation shall be conclusively
presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to
the Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Applicable Board (excluding the Executive, if the Executive is a member of the Applicable Board) at a meeting
of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive, to be heard before the Applicable Board), finding
that, in the good faith opinion of the Applicable Board, the Executive is guilty of the conduct described in Section 5(b)(i)(A) of this Agreement, and specifying the particulars thereof in detail. 

(c) Good Reason. The Executive’s employment may be terminated by the Executive for Good Reason or by the Executive voluntarily
without Good Reason. For purposes of this Agreement, “Good Reason” shall mean: 
 (i) the assignment to the Executive of any
duties inconsistent in any respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 4(a) of this Agreement, or any diminution in
such position, authority, duties or responsibilities (whether or not occurring solely as a result of Medtronic plc ceasing to be a publicly traded entity or becoming a subsidiary), excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive; 

(ii) any failure by the Company to comply with any of the provisions of Section 4(b) of this Agreement, other than an isolated,
insubstantial and inadvertent failure not occurring in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive; 

(iii) the Company’s requiring the Executive to be based at any office or location other than that described in Section 4(a)(i)(B) of
this Agreement or the Company’s requiring the Executive to be based at a location other than the principal executive offices of the Company (if the Executive were employed at such location immediately preceding the Effective Date) or the
Company’s requiring the Executive to travel on Company business to a substantially greater extent than required immediately prior to the Effective Date; 

(iv) any purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement; or

 (v) any failure by the Company to comply with and satisfy Section 11(c) of this Agreement. 

  
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 For purposes of this Section 5(c) of this Agreement, any good faith determination of “Good Reason”
made by the Executive shall be conclusive. The Executive’s mental or physical incapacity following the occurrence of an event described above in clauses (i) through (v) shall not affect the Executive’s ability to terminate
employment for Good Reason. 
 (d) Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good
Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 12(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which
(i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated and (iii) if the Date of Termination (as defined herein) is other than the date of receipt of such notice, specifies the Date of Termination (which Date of Termination shall be not more than 30 days
after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause, respectively, shall not waive any right of the
Executive or the Company, respectively, hereunder or preclude the Executive or the Company from asserting such fact or circumstance in enforcing the Executive’s or the Company’s respective rights hereunder. 

(e) Date of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the Company
for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified in the Notice of Termination, as the case may be, (ii) if the Executive’s employment is terminated by the Company
other than for Cause or Disability or death, the Date of Termination shall be the date on which the Company notifies the Executive of such termination, (iii) if the Executive resigns without Good Reason, the date on which the Executive notifies
the Company of such termination and (iv) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may
be. Notwithstanding the foregoing, in no event shall the Date of Termination occur until the Executive experiences a “separation from service” within the meaning of Section 409A of the Code, and the date on which such separation from
service takes place shall be the “Date of Termination.” 
 6. Obligations of the Company upon Termination. 

(a) Good Reason; Other Than for Cause, Death or Disability. If, during the Employment Period, the Company terminates the
Executive’s employment other than for Cause or Disability or the Executive terminates employment for Good Reason, in lieu of further payments pursuant to Section 4(b) of this Agreement with respect to periods following the Date of
Termination: 
 (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination the aggregate
of the following amounts: 

                (A) the sum of (1) the
Executive’s Annual Base Salary through the Date of Termination, and (2) any accrued vacation pay, in each case, to the extent not theretofore paid (the sum of the amounts described in subclauses (1) and (2), the “Accrued
Obligations”); 

  
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                (B) an amount equal to the
product of (1) the higher of (I) the Three-Year Average Bonus and (II) the Annual Bonus paid or payable, including any portion thereof that has been earned but deferred (and annualized for any fiscal year consisting of less than 12 full
months or during which the Executive has been employed for less than 12 full months), for the most recently completed fiscal year during the Employment Period, if any (such higher amount, the “Highest Annual Bonus”), and (2) a
fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365, in lieu of any amounts otherwise payable pursuant to the Executive Incentive Plan solely with
respect to the year in which the Date of Termination occurs (the “Pro-Rata Incentive Payment”); and 

                (C) the amount equal to the
product of (1) three, and (2) the sum of (x) the Executive’s Annual Base Salary, and (y) the Highest Annual Bonus; and 

(ii) the Executive’s benefits under the Company’s tax qualified retirement plan (the “Retirement Plan”) and any excess or
supplemental retirement plan in which the Executive participates as of the Effective Date (or if more favorable to the Executive, as of the Date of Termination) (collectively, the “SERP”) shall be calculated assuming that the
Executive’s employment continued for the remainder of the Employment Period and that during such period the Executive received service credit for all purposes under such plans and the Executive’s age increased by the number of years that
the Executive is deemed to be so employed; provided, however; that in no event shall the Executive be entitled to age or service credit, as a result of the application of this Section 6(a)(ii), beyond the maximum age or maximum
number of years of service credit, as applicable, permitted under the Retirement Plan or the SERP; and 
 (iii) for the remainder of the
Employment Period, or such longer period as any plan, program, practice or policy may provide (the “Benefit Continuation Period”), the Company shall provide health care and life insurance benefits to the Executive and/or the
Executive’s family at least equal to, and at the same after-tax cost to the Executive and/or the Executive’s family (taking into account any applicable required employee contributions), as those which would have been provided to them in
accordance with the Plans providing health care and life insurance benefits and at the benefit level described in Section 4(b)(iv) of this Agreement if the Executive’s employment had not been terminated; provided, however,
that the health care benefits provided during the Benefit Continuation Period shall be provided in such a manner that such benefits (and the costs and premiums thereof) are excluded from the Executive’s income for federal income tax purposes
and, if the Company reasonably determines that providing continued coverage under one or more of its health care benefit plans contemplated herein could be taxable to the Executive, the Company shall provide such benefits at the level required
hereby through the purchase of individual insurance coverage; provided, further, that if the Executive becomes re-employed with another employer and is eligible to receive health care and life insurance benefits under another
employer-provided plan, the health care and life benefits provided hereunder shall be secondary to those provided under such other plan during such applicable period of eligibility. Following the end of the Benefit Continuation

  
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Period, the Executive shall be eligible for continued health coverage as required by Section 4980B of the Code or other applicable law (“COBRA Coverage”), as if the
Executive’s employment with the Company had terminated as of the end of such period, and the Company shall take such actions as are necessary to cause such COBRA Coverage not to be offset by the provision of benefits under this
Section 6(a)(iii) and to cause the period of COBRA Coverage to commence at the end of the Benefit Continuation Period. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree welfare
benefits pursuant to the retiree welfare benefit Plans, the Executive shall be considered to have remained employed until the end of the Employment Period and to have retired on the last day of such period, and the Company shall cause the Executive
to be eligible to commence in the applicable retiree welfare benefit Plans as of the applicable benefit commencement date; and 
 (iv)
except as otherwise set forth in the last sentence of Section 7, to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits that the Executive is otherwise entitled to
receive under any other plan, program, practice, policy, contract, arrangement or agreement of the Company or its Affiliates (such other amounts and benefits, the “Other Benefits”). 

Notwithstanding the foregoing provisions of Section 6(a)(i), in the event that the Executive is a “specified employee” within the meaning of
Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the Date of Termination) (a “Specified Employee”), amounts that would otherwise be payable under
Section 6(a)(i) during the six-month period immediately following the Date of Termination (other than the Accrued Obligations) shall instead be paid, with interest on any delayed payment at the applicable federal rate provided for in
Section 7872(f)(2)(A) of the Code (“Interest”), on the first business day after the date that is six months following the Executive’s “separation from service” within the meaning of Section 409A of the Code (the
“409A Payment Date”). 
 (b) Death. If the Executive’s employment is terminated by reason of the Executive’s
death during the Employment Period, the Company shall provide the Executive’s estate or beneficiaries with the Accrued Obligations, the Pro-Rata Incentive Payment and the timely payment or delivery of the Other Benefits, and shall have no other
severance obligations under this Agreement. The Accrued Obligations shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. With respect to the provision of the
Other Benefits, the term “Other Benefits” as used in this Section 6(b) shall include, without limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable
benefits provided by the Company and its Affiliates to the estates and beneficiaries of peer executives of the Company and its Affiliates under such Plans relating to death benefits, if any, as in effect with respect to other peer executives and
their beneficiaries at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect on the date of the Executive’s death
with respect to other peer executives of the Company and its Affiliates and their beneficiaries. 
 (c) Disability. If the
Executive’s employment is terminated by reason of the Executive’s Disability during the Employment Period, the Company shall provide the Executive with the Accrued Obligations and the Pro-Rata Incentive Payment the timely payment or
delivery of the 

  
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Other Benefits in accordance with the terms of the underlying plans or agreements, and shall have no other severance obligations under this Agreement. The Accrued Obligations and the Pro-Rata
Incentive Payment shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination, provided, that in the event that the Executive is a Specified Employee, the Pro-Rata Incentive Payment shall be paid, with
Interest, to the Executive on the 409A Payment Date. With respect to the provision of the Other Benefits, the term “Other Benefits” as used in this Section 6(c) shall include, and the Executive shall be entitled after the Disability
Effective Date to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and its Affiliates to disabled executives and/or their families in accordance with such Plans relating to
disability, if any, as in effect generally with respect to other peer executives and their families at any time during the 90-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or the Executive’s
family, as in effect at any time thereafter generally with respect to other disabled peer executives of the Company and its Affiliates and their families. 

(d) Cause; Other Than for Good Reason. If the Executive’s employment is terminated for Cause during the Employment Period, the
Company shall provide to the Executive (i) the Accrued Obligations and (ii) the Other Benefits, in each case to the extent theretofore unpaid, and shall have no other severance obligations under this Agreement. If the Executive voluntarily
terminates employment during the Employment Period, excluding a termination for Good Reason, the Company shall provide to the Executive the Accrued Obligations and the Pro-Rata Incentive Payment and the timely payment or delivery of the Other
Benefits, and shall have no other severance obligations under this Agreement. In such case, the Accrued Obligations and the Pro-Rata Incentive Payment shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination,
provided, that in the event that the Executive is a Specified Employee, the Pro-Rata Incentive Payment shall be paid, with Interest, to the Executive on the 409A Payment Date. 

7. Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation
in any plan, program, policy or practice provided by the Company or any of its Affiliates (other than participation in any severance plan upon the Executive’s termination of employment during the Employment Period) and for which the Executive
may qualify, nor, subject to Section 12(f) of this Agreement, shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its Affiliates. Amounts which are
vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its Affiliates at or subsequent to the Date of Termination shall be
payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement. Without limiting the generality of the foregoing, the Executive’s resignation under this Agreement with
or without Good Reason, shall in no way affect the Executive’s ability to terminate employment by reason of the Executive’s “retirement” under any compensation and benefits plans, programs or arrangements of its Affiliates,
including without limitation any retirement or pension plans or arrangements or to be eligible to receive benefits under any compensation or benefit plans, programs or arrangements of its Affiliates, including without limitation any retirement or
pension plan or arrangement of its Affiliates or substitute plans adopted by the Company or its successors, and any termination which otherwise qualifies as Good Reason shall be treated as 

  
 11 

 
such even if it is also a “retirement” for purposes of any such plan. Notwithstanding the foregoing, if the Executive receives payments and benefits pursuant to Section 6(a) of
this Agreement, the Executive shall not be entitled to any other severance pay or benefits under any severance plan, program or policy of the Company or its Affiliates, unless expressly provided therein in a specific reference to this Agreement.

 8. Full Settlement; Legal Fees. The Company’s obligation to make the payments provided for in this Agreement and otherwise to
perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others. In no event shall the Executive be obligated to
seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment.
The Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from the Executive) at any time from the Effective Date of this Agreement through the Executive’s remaining lifetime (or, if longer,
through the 20th anniversary of the Effective Date), to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the
Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to
this Agreement), plus, in each case, Interest, provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees
and expenses were incurred. The amount of such legal fees and expenses that the Company is obligated to pay in any given calendar year shall not affect the legal fees and expenses that the Company is obligated to pay in any other calendar year. 

9. Reduction of Payments in Certain Circumstances. 

(a) Anything in this Agreement to the contrary notwithstanding, in the event PricewaterhouseCoopers or such other nationally recognized
certified public accounting firm as may be designated by the Company (the “Accounting Firm”) shall determine that receipt of all payments or distributions by the Company or its Affiliates in the nature of compensation to or for the
Executive’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”) would subject the Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to
reduce any of the Payments paid or payable pursuant to this Agreement (the “Agreement Payments”) to the Reduced Amount (as defined below). The Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines
that the Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Executive’s Agreement Payments were reduced to the Reduced Amount. If the Accounting Firm determines that the Executive would not have
a greater Net After-Tax Receipt of aggregate Payments if the Executive’s Agreement Payments were so reduced, the Executive shall receive all Agreement Payments to which the Executive is entitled under this Agreement. For purposes of this
Section 9, (i) “Reduced Amount” shall mean the greatest amount of Agreement Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines
to reduce Agreement Payments pursuant to Section 9(a); and (ii) “Net After-Tax Receipt” shall 

  
 12 

 
mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto under
Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the
immediately preceding taxable year, or such other rate(s) as the Accounting Firm determined to be likely to apply to the Executive in the relevant tax year(s). 

(b) If the Accounting Firm determines that aggregate Agreement Payments should be reduced to the Reduced Amount, the Company shall promptly
give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 9 shall be binding upon the Company and the Executive and shall be made as soon as
reasonably practicable and in no event later than fifteen (15) days following the Date of Termination. For purposes of reducing the Agreement Payments to the Reduced Amount, only amounts payable under this Agreement (and no other Payments)
shall be reduced. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order: (i) Section 6(a)(1)(C),
(ii) Section 6(a)(1)(B), (iii) Section 6(a)(iii) and (iv) Section 6(a)(ii). All fees and expenses of the Accounting Firm shall be borne solely by the Company. 

(c) As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so paid or distributed (“Overpayment”) or
that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement could have been so paid or distributed (“Underpayment”), in each case, consistent with
the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or the Executive which the Accounting Firm believes has a
high probability of success determines that an Overpayment has been made, the Executive shall pay any such Overpayment to the Company together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code;
provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment would not either reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999
of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no
event later than 60 days following the date on which the Underpayment is determined) by the Company to or for the benefit of the Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.

 10. Confidential Information. The Executive shall comply with any and all confidentiality agreements with the Company and its
Affiliates to which the Executive is, or shall be, a party. 

  
 13 

 11. Successors. 

(a) This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive
other than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as provided in
Section 11(c) of this Agreement, this Agreement shall not be assignable by the Company. 
 (c) The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which
assumes and agrees to perform this Agreement by operation of law or otherwise. 
 12. Miscellaneous. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without reference to principles of
conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their
respective successors and legal representatives. 
 (b) All notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Executive: 
 At
the most recent address on file at the Company. 
 If to the Company: 

Medtronic, Inc. 
 Legal Dept.
LC400 
 710 Medtronic Parkway 

Minneapolis, MN 55432-5604 Attention: General Counsel 

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notices and communications shall be effective
when actually received by the addressee. 
 (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement. 

  
 14 

 (d) The Company may withhold from any amounts payable under this Agreement such United States
federal, state, or local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (e) The
Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the
Executive to terminate employment for Good Reason pursuant to Sections 5(c)(i) through 5(c)(v) of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

(f) The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the
Executive and the Company, the employment of the Executive by the Company may be terminated by either the Executive or the Company at any time prior to the Effective Date or, subject to the obligations of the Company provided for in this Agreement
in the event of a termination after the Effective Date, at any time on or after the Effective Date. Moreover, if prior to the Effective Date, (i) the Executive’s employment with the Company terminates or (ii) the Executive ceases to
be an officer of Medtronic plc, then the Executive shall have no further rights under this Agreement. From and after the Effective Date, except with respect to the agreements described in Section 10 hereof, this Agreement shall supersede any
other agreement between the parties with respect to the subject matter hereof in effect immediately prior to the execution of this Agreement. 

(g) The Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and,
with respect to amounts that are subject to Section 409A of the Code, shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment for purposes
of Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. If the Executive dies following the Date of Termination and prior to the payment of
any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Executive’s estate within 30 days after the date of the Executive’s death. All reimbursements and in-kind
benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without
limitation, that (i) in no event shall reimbursements by the Company under this Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided,
that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind
benefits that the Company is obligated to pay or provide in any given calendar year shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) the Executive’s right to have the
Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits
apply later than the Executive’s remaining lifetime (or if longer, through the 20th anniversary of the Effective Date). Prior to the Effective Date but within the time period permitted by the applicable Treasury

  
 15 

 
Regulations (or such later time as may be permitted under Section 409A or any IRS or Department of Treasury rules or other guidance issued thereunder), the Company may, in consultation with
the Executive, modify the Agreement, in the least restrictive manner necessary and without any diminution in the value of the payments to the Executive, in order to cause the provisions of the Agreement to comply with the requirements of
Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive pursuant to Section 409A of the Code. 

  
 16 

 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

									
	EXECUTIVE	 		 	MEDTRONIC, INC.
					
	By:	 	  
	 		 	By:	 	  

	[Title]	 		 		 	[Title]	 	

  
 17EX-10.13

 Exhibit 10.13 

MEDTRONIC PLC 
 CAPITAL
ACCUMULATION PLAN 
 DEFERRAL PROGRAM 

(as restated generally effective January 26, 2015) 

 TABLE OF CONTENTS 
  

											
	 	  	Page	 
		
	ARTICLE 1 DEFERRED COMPENSATION ACCOUNT	  	 	1	  
	 Section
	 	 	1.1	  	  	Establishment of Account	  	 	1	  
	 Section
	 	 	1.2	  	  	Property of Company	  	 	1	  
		
	ARTICLE 2 DEFINITIONS, GENDER, AND NUMBER	  	 	2	  
	 Section
	 	 	2.1	  	  	Definitions	  	 	2	  
	 Section
	 	 	2.2	  	  	Gender and Number	  	 	7	  
		
	ARTICLE 3 PARTICIPATION	  	 	7	  
	 Section
	 	 	3.1	  	  	Who May Participate	  	 	7	  
	 Section
	 	 	3.2	  	  	Time and Conditions of Participation	  	 	7	  
	 Section
	 	 	3.3	  	  	Termination and Suspension of Participation	  	 	7	  
	 Section
	 	 	3.4	  	  	Missing Persons	  	 	7	  
	 Section
	 	 	3.5	  	  	Relationship to Other Plans	  	 	7	  
		
	ARTICLE 4 ENTRIES TO ACCOUNT	  	 	7	  
	 Section
	 	 	4.1	  	  	Contributions	  	 	7	  
	 Section
	 	 	4.2	  	  	Crediting Rate	  	 	10	  
	 Section
	 	 	4.3	  	  	Vesting	  	 	10	  
		
	ARTICLE 5 DISTRIBUTION OF ACCOUNTS	  	 	11	  
	 Section
	 	 	5.1	  	  	Distribution of Elective Deferrals Accounts	  	 	11	  
	 Section
	 	 	5.2	  	  	Distribution of Company Contribution Account	  	 	11	  
	 Section
	 	 	5.3	  	  	Subsequent Election to Change Payment Terms	  	 	11	  
	 Section
	 	 	5.4	  	  	Exception to Payment Terms	  	 	12	  
	 Section
	 	 	5.5	  	  	Determination of Amount of Installment Payment	  	 	15	  
		
	ARTICLE 6 SPECIAL RULES FOR DEFERRED STOCK UNIT ACCOUNTS	  	 	15	  
		
	ARTICLE 7 CHANGE IN CONTROL PROVISIONS	  	 	16	  
	 Section
	 	 	7.1	  	  	Application of Article 7	  	 	16	  
	 Section
	 	 	7.2	  	  	Payments to and by the Trust	  	 	16	  
	 Section
	 	 	7.3	  	  	Legal Fees and Expenses	  	 	16	  
	 Section
	 	 	7.4	  	  	Late Payment and Additional Payment Provisions	  	 	16	  
		
	ARTICLE 8 FUNDING	  	 	17	  
	 Section
	 	 	8.1	  	  	Source of Benefits	  	 	17	  
	 Section
	 	 	8.2	  	  	No Claim on Specific Assets	  	 	17	  
		
	ARTICLE 9 ADMINISTRATION	  	 	17	  
	 Section
	 	 	9.1	  	  	Administration	  	 	17	  
	 Section
	 	 	9.2	  	  	Powers of Committee	  	 	17	  
	 Section
	 	 	9.3	  	  	Actions of the Committee	  	 	17	  
	 Section
	 	 	9.4	  	  	Delegation	  	 	18	  
	 Section
	 	 	9.5	  	  	Reports and Records	  	 	18	  
	 Section
	 	 	9.6	  	  	Claims Procedure	  	 	18	  

  
 i 

									
	ARTICLE 10 AMENDMENTS AND TERMINATION	  	 	19	  
	 Section
	 	10.1	  	Amendments	  	 	19	  
	 Section
	 	10.2	  	Termination	  	 	19	  
		
	ARTICLE 11 MISCELLANEOUS	  	 	19	  
	 Section
	 	11.1	  	No Guarantee of Employment or Contract to Perform Services	  	 	19	  
	 Section
	 	11.2	  	Release	  	 	19	  
	 Section
	 	11.3	  	Notices	  	 	19	  
	 Section
	 	11.4	  	Nonalienation	  	 	19	  
	 Section
	 	11.5	  	Withholding	  	 	20	  
	 Section
	 	11.6	  	Captions	  	 	20	  
	 Section
	 	11.7	  	Applicable Law	  	 	20	  
	 Section
	 	11.8	  	Invalidity of Certain Provisions	  	 	20	  
	 Section
	 	11.9	  	No Other Agreements	  	 	20	  
	 Section
	 	11.10	  	        Incapacity	  	 	20	  
	 Section
	 	11.11	  	        Electronic Media	  	 	20	  
	 Section
	 	11.12	  	        USERRA Compliance	  	 	20	  
		
	SCHEDULE A	  	 	A-1	  
		
	SCHEDULE B	  	 	B-1	  

  
 ii 

 MEDTRONIC PLC 

CAPITAL ACCUMULATION PLAN 
 DEFERRAL
PROGRAM 
 (as restated generally effective January 26, 2015) 

Medtronic, Inc., a Minnesota corporation (“Medtronic”), previously established the Medtronic, Inc. Capital Accumulation Plan
Deferral Program (the “Plan”) for the benefit of the Eligible Employees of Medtronic and certain of its Affiliates, effective May 1, 1986. The Plan was most recently amended and restated effective January 1, 2008. On
June 15, 2014, Medtronic entered into a Transaction Agreement with Covidien plc and the other parties named therein to acquire Covidien through the formation of a new holding company incorporated in Ireland that will be renamed Medtronic plc
(the “Transaction”). In connection with the Transaction, Medtronic plc, an Irish public limited company (the “Company”) hereby adopts and amends and restates the Plan, effective January 26, 2015 (the “Restatement
Date”). 
 This restatement applies, generally, to amounts deferred under the Plan on or after the Restatement Date, and to the payment
of all amounts deferred under the Plan (whether such amounts were deferred before, on, or after the Restatement Date that have not yet been distributed as of the Restatement Date. Except as set forth in Article 6, no amount deferred under the Plan
is intended to be “grandfathered” under Section 409A. 
 In the case of Participants who are employees, the Plan is intended
to be (and shall be construed and administered as) an employee benefit pension plan under the provisions of ERISA, which is unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or
highly compensated employees, as described in Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 The Plan is not intended to be qualified
under Section 401(a) of the Code. The Plan, as restated herein, is subject to, and intended to comply with, Section 409A of the Code. 

The obligation of the Company to make payments under the Plan constitutes an unsecured (but legally enforceable) promise of the Company to
make such payments and no person, including any Participant or Beneficiary, shall have any lien, prior claim or other security interest in any property of the Company as a result of the Plan. 

 

	ARTICLE 1    DEFERRED	COMPENSATION ACCOUNT 

 Section 1.1 Establishment of Account. The Company
shall establish one or more Accounts for each Participant which shall be utilized solely as a device to measure and determine the amount of deferred compensation to be paid under the Plan. 

Section 1.2 Property of Company. Any amounts set aside for benefits payable under the Plan are the property of the Company,
except, and to the extent, provided in the Trust. 

	ARTICLE 2	    DEFINITIONS, GENDER, AND NUMBER 

 Section 2.1
Definitions. Whenever used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized. 

2.1.1 “Account” means a bookkeeping account established by the Company on its books and records to record and determine the
benefits payable to a Participant or Beneficiary under the Plan. The Company shall establish a separate Account on behalf of a Participant for: 

(a) Each Deferral Election Agreement entered into by the Participant pursuant to Section 4.1.1, termed an “Elective
Deferral Account;” 
 (b) Each Company Contribution made on the Participant’s behalf pursuant to
Section 4.1.2, termed a “Company Contribution Account;” and 
 (c) Each deferral of Stock Units made by the
Participant under the Plan as in effect prior to January 1, 2005, as described in Article 6 herein, termed a “Deferred Stock Unit Account.” 

The Committee may establish any number of sub-accounts on behalf of a Participant or Beneficiary as the Committee considers necessary or
advisable for purposes of maintaining a proper accounting of amounts to be credited under the Plan on behalf of a Participant or Beneficiary. 

2.1.2 “Affiliate” or “Affiliates” means the Company and any entity with which the Company would be
considered a single employer under Section 414(b) of the Code (employees of controlled group of corporations) and Section 414(c) of the Code (employees of partnerships, proprietorships, etc., under common control). 

2.1.3 “Base Salary,” of a Participant for any period, means the Participant’s total salary and wages from all Affiliates
for such period, including any amount that would be included in the definition of Base Salary but for the individual’s election to defer some of his or her salary pursuant to the Plan or any other deferred compensation plan established by an
Affiliate; but excluding disability pay and any other remuneration paid by Affiliates, such as overtime, incentive compensation, stock options, distributions of compensation previously deferred, restricted stock, allowances for expenses (including
moving, travel expenses, and automobile allowances), and fringe benefits whether payable in cash or in a form other than cash. In the case of an individual who is a participant in a plan sponsored by an Affiliate that is described in
Section 401(k), 125 or 132(f) of the Code, the term Base Salary shall include any amount that would be included in the definition of Base Salary but for the individual’s election to reduce his or her salary and have the amount of the
reduction contributed to or used to purchase benefits under such plan. In the case of a Director, the term “Base Salary” shall mean the Director’s annual retainer, meeting fees, and any other amounts payable to the Director by the
Company and its Affiliates for services performed as a Director, excluding any amounts distributable under the Plan or amounts not paid in cash. 

  
 2 

 2.1.4 “Beneficiary” or “Beneficiaries” means the persons or
trusts designated by a Participant in writing pursuant to Section 5.4.1(b) of the Plan as being entitled to receive any benefit payable under the Plan by reason of the death of a Participant, or, in the absence of such designation, the persons
specified in Section 5.4.1(c) of the Plan. 
 2.1.5 “Board” means the Board of Directors of the Company as constituted
at the relevant time. 
 2.1.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time and any
successor statute. References to a Code section shall be deemed to be to that section or to any successor to that section. 
 2.1.7
“Committee” means the Committee or individual appointed by the Compensation Committee of the Board (or any person or entity designated by the Committee) to administer the Plan pursuant to Section 9.4. 

2.1.8 “Company” has the meaning set forth in the preamble. 

2.1.9 “Compensation,” with respect to a Participant, for any period means the sum of such Participant’s Base Salary and
Incentive Compensation for such period; provided, however, that no such amount shall be treated as Compensation if it is paid or payable in respect of services to any “non-qualified entity” within the meaning of Section 457A of the
Code. 
 2.1.10 “Deferral Election Agreement” means the agreement described in Section 4.1.1 in which the Participant
designates the amount of his or her Compensation, if any, that he or she wishes to contribute to the Plan and acknowledges and agrees to the terms of the Plan. 

2.1.11 “Director” means a member of the Board who is not an employee of the Company. 

2.1.12 “Domestic Relations Order” has the meaning set forth in Section 414(p)(1)(B) of the Code. 

2.1.13 “Elective Deferral” means a contribution to the Plan made by a Participant pursuant to a Deferral Election Agreement
that the Participant enters into with the Company. Elective Deferrals shall be made according to the terms of the Plan set forth in Section 4.1.1. 

2.1.14 “Eligible Employee” means any United States employee who is: (a) an Officer or a Vice President of the Company or
an Affiliate; (b) a member of the Sales Force of a Participating Affiliate whose Compensation for the Participating Affiliate’s fiscal year ending immediately prior to the date on which he or she first enters into a Deferral Election
Agreement equals or exceeds the dollar amount set forth on Schedule A, hereto, which schedule may be revised from time to time by the Company’s Chief Executive Officer in his or her discretion; or (c) any individual designated as eligible
to participate in the Plan by the Company’s Chief Executive Officer. Notwithstanding the preceding sentence, in order for an employee to be an “Eligible Employee,” he or she must be considered to be a member of a select group of
management or highly compensated employees, within the meaning of Sections 201(2), 301(3), and 401(a)(1) of ERISA and rules established by the Committee. The Company may make such projections or estimates as it deems desirable in applying the
eligibility requirements, and its determination shall be conclusive. 

  
 3 

 2.1.15 “Enrollment Period” means the period designated by the Company during
which a Deferral Election Agreement may be entered into with respect to an Eligible Employee’s Compensation as described in Section 4.1.1. Generally, the Enrollment Period must end no later than the end of the calendar year before the
calendar year (or in the case of a Director, the Company’s fiscal year) in which the services giving rise to the Compensation to be deferred are performed. As described in Section 4.1.1, an exception may be made to this requirement for
individuals who first become eligible to participate in the Plan, and may be made in the case of Elective Deferrals from certain types of Incentive Compensation considered to be Performance-Based Compensation, as determined by the Committee from
time to time. In addition, other exceptions may be made by the Company from time to time consistent with the requirements of Section 409A. 

2.1.16 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time and any successor
statute. References to an ERISA section shall be deemed to be to that section or to any successor to that section. 
 2.1.17
“Event” means an event of change in control of the Company, as defined in the Trust. 
 2.1.18 “Incentive
Compensation,” of a Participant for any period, means the total remuneration of the Participant from all Affiliates for the period under the various incentive compensation programs maintained by Affiliates, including, but not limited to,
commissions, the cash portion of the Medtronic, plc 2003 Long-Term Incentive Plan (or any successor thereto) and any amount that would be included in the definition of Incentive Compensation but for the individual’s election to defer some or
all of his or her Incentive Compensation pursuant to the Plan or any other deferred compensation plan established by an Affiliate, but excluding any other type of remuneration paid by Affiliates, such as Base Salary, overtime, stock options,
distributions of compensation previously deferred, restricted stock, allowances for expenses (including moving expenses, travel expenses, and automobile allowances), and fringe benefits whether payable in cash or in a form other than cash. In the
case of an individual who is a participant in a plan sponsored by an Affiliate that is described in Section 401(k), 125 or 132(f) of the Code, the term Incentive Compensation shall include any amount that would be included in the definition of
Incentive Compensation but for the individual’s election to reduce his or her Incentive Compensation and have the amount of the reduction contributed to or used to purchase benefits under such plan. The Committee shall designate from time to
time those items of a Participant’s Compensation deemed to be Incentive Compensation. 
 2.1.19 “Officer or Vice
President” means an employee who is either elected by the Board or appointed by the Company’s Chief Executive Officer to such position. 

2.1.20 “Participant” means an individual who is eligible to participate in the Plan and who has satisfied the requirements
set forth in Section 3.2. 

  
 4 

 2.1.21 “Participating Affiliate” or “Participating Affiliates”
means the Company and such Affiliates as may be designated by the Chief Executive Officer of the Company, or his designee, from time to time. 

2.1.22 “Performance-Based Compensation,” of a Participant for a period, means the Incentive Compensation of the Participant
for such period where the amount of, or entitlement to, the Incentive Compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive
months. Organizational or individual performance criteria are considered pre-established if established in writing by not later than 90 days after the commencement period of service to which the criteria relate, provided that the outcome is
substantially uncertain at the time the criteria are established. Performance-based compensation may include payment based on performance criteria that are not approved by the Board or the Compensation Committee of the Board or by the stockholders
of the Company. Performance-Based Compensation does not include any amount or portion of any amount that will be paid either regardless of performance, or based upon a level of performance that is substantially certain to be met at the time the
criteria are established. 
 2.1.23 “Plan” means the “Medtronic plc Capital Accumulation Plan Deferral Program,”
as set forth herein and as amended or restated from time to time. 
 2.1.24 “Plan Year” means the 12-month period
commencing each January 1 and ending the following December 31. 
 2.1.25 “Restatement Date” means
January 26, 2015, the effective date of this restatement. 
 2.1.26 “Retirement,” of a Participant who is an Eligible
Employee, means the Participant’s Separation from Service on or after the last day of the calendar month in which he or she attains age 55. In the case of a Director, “Retirement” shall mean the Participant’s Separation from
Service for any reason. 
 2.1.27 “Sales Force” means employees of Participating Affiliates whose primary employment
responsibilities involve selling the products manufactured by Participating Affiliates. 
 2.1.28 “Separation from Service”
or “Separate from Service,” with respect to a Participant, means the Participant’s separation from service with all Affiliates, within the meaning of Section 409A(a)(2)(A)(i) of the Code and the regulations under such
section. Solely for this purpose, a Participant who is an Eligible Employee will be considered to have a Separation from Service when the Participant dies, retires, or otherwise has a termination of employment with all Affiliates. The employment
relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual retains a right
to reemployment with an Affiliate under an applicable statute or by contract. For purposes hereof, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform
services for an Affiliate. If the period of 

  
 5 

 
leave exceeds six months and the individual does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first
date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to last for a continuous period of not less than six
months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, the Company may substitute a 29-month period of absence for such six-month
period. 
 Whether a termination of employment has occurred is determined based on whether the facts and circumstances indicate that the
Affiliate and the Participant reasonably anticipated that no further services will be performed after a certain date or that the level of bona fide services the Participant will perform after such date (whether as an employee or independent
contractor) will permanently decrease to no more than 40 percent of the average level of bona fide services performed (whether as an employee or independent contractor) over the immediately preceding 36-month period (or the full period of services
if the Participant has been providing services for less than 36 months). 
 Notwithstanding anything in Section 2.1.2 to the contrary,
in determining whether a Participant has had a Separation from Service with an Affiliate, an entity’s status as an “Affiliate” shall be determined substituting “50 percent” for “80 percent” each place it appears in
Section 1563(a)(1),(2), and (3) and in Treasury Regulation Section 1.414(c)-2. 
 The Company shall have discretion to
determine whether a Participant has experienced a Separation from Service in connection with an asset sale transaction entered into by the Company or an Affiliate, provided that such determination conforms to the requirements of
Section 409A and the regulations and other guidance issued under such section, in which case the Company’s determination shall be binding on the Participant. 

A Director is considered to have a Separation from Service when he or she ceases to perform services as a Director and the Company does not
then anticipate that the Director will continue to perform services for any Affiliate. Notwithstanding the foregoing, if a Participant provides services both as a Director and an employee, the services provided as a Director are not taken into
account in determining whether the Participant has a Separation from Service as an employee for purposes of the Plan contributions made with respect to services performed as an employee, and the services provided as an employee are not taken into
account for purposes of determining whether the Participant has had a Separation from Service for purposes of Plan contributions made with respect to services performed as a Director. 

2.1.29 “Section 409A” means section 409A of the Internal Revenue Code, as amended from time to time and any successor
statute. 
 2.1.30 “Specified Employee” means an employee of an Affiliate who is subject to the six-month delay rule
described in Section 409A(2)(B)(i) of the Code. The Company shall establish a written policy for identifying Specified Employees in a manner consistent with Section 409A, which policy may be amended by the Company from time to time as
permitted by Section 409A. 

  
 6 

 2.1.31 “Stock” means the Company’s common stock $.10 par value per share
(as such par value may be adjusted from time to time). 
 2.1.32 “Stock Unit” means a notational unit representing the
right to receive a share of Stock. 
 2.1.33 “Trust” means the Medtronic plc Compensation Trust Agreement Number One, as
may be amended from time to time. 
 Section 2.2 Gender and Number. Except as otherwise indicated by context, masculine
terminology used herein also includes the feminine and neuter, and terms used in the singular may also include the plural. 
  

	ARTICLE 3    PARTICIPATION	

 Section 3.1 Who May Participate. Participation in the Plan is limited to Eligible
Employees and Directors. 
 Section 3.2 Time and Conditions of Participation. An Eligible Employee or Director shall become a
Participant only upon his or her compliance with such terms and conditions as the Committee may from time to time establish for the implementation of the Plan, including, but not limited to, any condition the Committee may deem necessary or
appropriate for the Company to meet its obligations under the Plan. 
 Section 3.3 Termination and Suspension of Participation.
Once an individual has become a Participant, participation shall continue until payment in full of all benefits to which the Participant or Beneficiary is entitled under the Plan. 

Section 3.4 Missing Persons. Each Participant and Beneficiary entitled to receive benefits under the Plan shall be obligated to
keep the Company informed of his or her current address until all Plan benefits that are due to be paid to the Participant or Beneficiary have been paid to him or her. If, after having made reasonable efforts to do so, the Company is unable to
locate the Participant or Beneficiary for purposes of making a distribution, the Participant’s or Beneficiary’s Plan benefit will be forfeited. In no event will a Participant’s or Beneficiary’s benefit be paid to him or her later
than the date otherwise required by the Plan. 
 Section 3.5 Relationship to Other Plans. Participation in the Plan shall not
preclude participation of the Participant in any other fringe benefit program or plan sponsored by an Affiliate for which such Participant would otherwise be eligible. 
  

	ARTICLE 4    ENTRIES TO ACCOUNT	

 Section 4.1 Contributions. 

4.1.1 Deferrals. A Participant may elect to reduce his or her Compensation for a Plan Year and have the amount of the reduction
contributed to the Plan on the Participant’s behalf as an Elective Deferral. A Participant wishing to make an Elective Deferral under the Plan for a Plan Year shall enter into a Deferral Election Agreement during the Enrollment Period

  
 7 

 
immediately preceding the Plan Year. A separate Deferral Election Agreement must be entered into for each Plan Year that a Participant wishes to make Elective Deferrals under the Plan. The
Committee may require that a Participant enter into a separate Deferral Election Agreement for Base Compensation and Incentive Compensation that he or she wishes to defer and, if the Participant is eligible to receive more than one type of Incentive
Compensation, that he or she enter into a separate Deferral Election Agreement for each type of Incentive Compensation he or she is eligible to receive. In order to be effective, the Deferral Election Agreement must be completed and submitted to the
Company at the time and in the manner specified by the Committee, which may be no later than the last day of the Enrollment Period. The Company shall not accept Deferral Election Agreements entered into after the end of the Enrollment Period.
Notwithstanding anything in this paragraph to the contrary, in the case of a Director, the Deferral Election Agreement will apply to the Company’s fiscal year that begins in the Plan Year immediately following the Enrollment Period. 

For the Plan Year in which an individual first becomes eligible to participate in the Plan, the Committee may, in its discretion, allow the
individual to enter into a Deferral Election Agreement within 30 days after he or she first becomes eligible. In order to be effective, the Deferral Election Agreement must be completed and submitted to the Committee on or before the 30-day period
has elapsed. The Committee will not accept Deferral Election Agreements entered into after the 30-day period has elapsed. If the eligible individual fails to complete a Deferral Election Agreement by such time, he or she may enter into a Deferral
Election Agreement during any succeeding Enrollment Period in accordance with the rules described in the preceding paragraph. For Compensation that is earned based upon a specified performance period (for example an annual bonus) where a Deferral
Election Agreement is entered into in the first year of eligibility but after the beginning of the performance period, the Deferral Election Agreement must apply to Compensation paid for services performed after the Deferral Election Agreement is
entered into. For this purpose, a Deferral Election Agreement will be deemed to apply to Compensation paid for services performed after the Deferral Election Agreement is entered into if the Deferral Election Agreement applies to no more than an
amount equal to the total amount of the Compensation for the performance period multiplied by the ratio of the number of days remaining in the performance period after the Deferral Election Agreement is entered into over the total number of days in
the performance period. The term “Plan,” for purposes of this paragraph, means the Plan and any other plan required to be aggregated with the Plan pursuant to Section 409A and the regulations and other guidance under such section.

 Except as otherwise specified in this Section 4.1.1, a Deferral Election Agreement will be effective to defer Compensation earned
after the Deferral Election Agreement is entered into, and not before. 
 Deferral Election Agreements for Base Salary and Incentive
Compensation other than Performance-Based Compensation must be completed and submitted to the Company at the time described above that is ordinarily applicable to Deferral Election Agreements (subject to the exception for individuals who are newly
eligible to participate). Deferral Election Agreements for Incentive Compensation that is Performance-Based Compensation must be completed and submitted to the Company no later than six months before the end of the performance period for the
Incentive Compensation; provided, however, that in order for such an election to be valid the Participant must perform services continuously from the beginning of the performance period (or

  
 8 

 
the date the performance criteria are established, if later) through the date the Deferral Election Agreement is entered into, and provided, further, that in no event may a Deferral
Election Agreement be effective to defer Incentive Compensation after the Incentive Compensation has become reasonably ascertainable. For purposes hereof, if Incentive Compensation is a specific or calculable amount, the Incentive Compensation is
readily ascertainable if and when the amount is first substantially certain to be paid. If the Incentive Compensation is not a specific or calculable amount (for example, the amount may vary based upon the level of performance) the Incentive
Compensation, or any portion thereof, is readily ascertainable when the amount is both calculable and substantially certain to be paid. Accordingly, in general, any minimum amount that is both calculable and substantially certain to be paid will be
treated as readily ascertainable. The Committee shall determine from time to time whether an item of Incentive Compensation is considered Performance-Based Compensation for these purposes. 

Each Deferral Election Agreement shall specify the amount of Compensation the Participant wishes to have deducted from his or her Compensation
and contributed to the Plan by type and percentage or dollar amount, subject to the following rules: 
 (a) Base
Compensation. Each Participant may elect to make an Elective Deferral under the Plan for each Plan Year (fiscal year of the Company, in the case of a Director) in an amount equal to any whole percentage or dollar amount not in excess of 50%
(100% in the case of a Director) of his or her Base Compensation (determined on a pay period basis). 
 (b) Incentive
Compensation. Each Participant may elect to make an Elective Deferral under the Plan for each Plan Year in an amount equal to any whole percentage or dollar amount not in excess of 100% of his or her Incentive Compensation. 

(c) Minimum Elective Deferral. The Committee may from time to time establish a minimum amount that may be deferred by a
Participant pursuant to this Section 4.1.1 for any Plan Year. 
 The Company shall establish an Elective Deferral Account for each
Elective Deferral Agreement entered into by a Participant, and if more than one type of Compensation is deferred under a Deferral Election Agreement, for each separate type of Compensation deferred. Elective Deferrals made under the Elective
Deferral Agreement shall be credited to the Account as soon as administratively reasonable after the Compensation would have been paid to the Participant had the Participant not elected to defer it under the Plan. 

In general, a Deferral Election Agreement shall become irrevocable as of the last day of the Enrollment Period applicable to it. However, if a
Participant incurs an “unforeseeable emergency,” as defined in Section 5.4.5(g), or becomes entitled to receive a hardship distribution pursuant to Treas. Reg. Sec. 1.401(k)-1(d)(3) after the Deferral Election Agreement otherwise
becomes irrevocable, the Deferral Election Agreement shall be cancelled as of the date on which the Participant is determined to have incurred the unforeseeable emergency or becomes eligible to receive the hardship distribution and no further
Elective Deferrals will be made under it. In addition, if a Participant becomes “disabled” (as defined below), the Company may, in its discretion, cancel the Participant’s Deferral Election Agreement then in effect, provided
that 

  
 9 

 
such cancellation is made no later than end of the Plan Year, or if later, the 15th day of the third month following the date on which the Participant becomes disabled, and provided,
further that the Company does not allow the Participant a direct or indirect election regarding the cancellation. For purposes of the preceding sentence, “disability” means any medically determinable physical or mental impairment
resulting in the Participant’s inability to perform the duties of his or her position or any substantially similar position, where such impairment can be expected to result in death or can be expected to last for a continuous period of not less
than six months. 
 At the time a Participant enters into a Deferral Election Agreement, the Participant shall, as part of such agreement,
elect the time, and if applicable the form, of distribution of the Elective Deferral Account or Accounts corresponding to the Deferral Election Agreement in accordance with Section 5.1. 

Notwithstanding any other provision of the Plan, no amount may be deferred under the Plan if such deferral would violate the provisions of
Section 457A of the Code by virtue of being paid or payable in respect of services to any “non-qualified entity” within the meaning of Section 457A of the Code. 

4.1.2 Company Contributions. The Company may make a contribution to an Account under the Plan on behalf of one or more Eligible
Employees or Directors in such amount and at such time and based upon such criteria as the Company, in its sole and absolute discretion, deems appropriate or desirable. The Company shall establish a separate Company Contribution Account for each
Participant for each contribution made by the Company on the Participant’s behalf pursuant to this Section 4.1.2. The Company Contribution shall be credited to this Account at the time and in the manner specified by the Committee. At the
time a Company Contributions Account is established, the Company shall specify the time and manner in which it will be distributed to the Participant. 

Section 4.2 Crediting Rate. The Committee shall designate the manner in which a Participant’s Elective Deferral Accounts and
Company Contribution Accounts are to be credited with gains and losses as described on Schedule B hereto, which Schedule may be amended from time to time in the Committee’s discretion. If the Committee designates specific investment funds to
serve as an index for crediting gains and losses to such Accounts: (a) the Participant shall be entitled to designate which such fund or funds shall be used to measure gains and losses on such Accounts and to change such designation in
accordance with rules established by the Committee (in which case, such change shall be effective prospectively); (b) the Accounts will be credited with gains and losses as if invested in such fund or funds in accordance with the
Participant’s designation and the rules established by the Committee; and (c) the Committee may, in its sole discretion, eliminate any investment fund or funds previously designated by it, substitute a new investment fund or funds
therefore, or add an investment fund or funds, at any time. If the Committee makes any such investment funds available for this purpose, the Company shall have no obligation to actually invest any amounts in any such investment funds. 

Section 4.3 Vesting. Each Elective Deferral Account will be fully vested immediately. Each Company Contribution Account will vest
in the manner specified by the Company at the time the Company Contribution Account is established. 

  
 10 

	ARTICLE 5    DISTRIBUTION OF ACCOUNTS	

 Section 5.1 Distribution of Elective Deferrals Accounts. 

5.1.1 Time of Distribution. A Participant shall be entitled to elect whether distribution of an Elective Deferral Account shall begin
at: (a) a specified future date, which must be at least five years after the first day of the Plan Year (or in the case of a Director, the first day of the Company’s fiscal year, and in the case of a deferral of Performance-Based
Compensation, the first day of the last year of a performance cycle) to which the Deferral Election Agreement applies; or (b) the Participant’s Retirement. If the Participant elects to have distribution commence at a specified future date,
the distribution commencement date must be specified in his or her Deferral Election Agreement in which case distribution will commence to the Participant no later than the end of the Plan Year, or if later, the 15th day of the third calendar month,
following the specified date. If the Participant elects to have distributions commence at his or her Retirement, distribution will commence to the Participant within 90 days after his or her Retirement. If the Participant does not specify the
distribution commencement date of an Elective Deferral Account, the Participant will be deemed to have elected to have distribution of the Elective Deferral Account commence at his or her Retirement. 

5.1.2 Form of Distribution. If a Participant elects to have distribution of an Elective Deferral Account commence at a specified date,
the Elective Deferral Account will be distributed to the Participant in a lump sum. If the Participant elects to have distribution of an Elective Deferral Account commence at Retirement, the Participant shall elect the form of distribution from
those specified below: 
  

	 	(a)	lump sum; or 

  

	 	(b)	monthly installments over five, ten or 15 years. 

 Section 5.2 Distribution of Company
Contribution Account. Distribution to a Participant of a Company Contribution Account shall be made at the time and in the manner specified by the Company at the time the Participant first has a legally binding right to the amounts credited to
the Account, subject to Sections 5.3 and 5.4. 
 Section 5.3 Subsequent Election to Change Payment Terms. A Participant may
modify a Deferral Election Agreement, and the distribution terms specified by the Company with respect to a Company Contribution Account, to postpone the distribution commencement date of the Account to a later date and, in the case of an Account
whose distribution is scheduled to commence at Retirement, change the form of distribution to another form permitted under Section 5.1.2. In order to be effective, the requested modification must: (a) be in writing and be submitted to the
Company at the time and in the manner specified by the Committee; (b) not take effect for at least 12 months from the date on which it is submitted to the Company; (c) in the case of an Account whose distribution is scheduled to commence
at a specified date pursuant to clause (a) of Section 5.1.1, be submitted to the Company at least 12 months prior to the specified date; and (d) specify a new distribution commencement date that is no earlier than five years after the
date distribution would otherwise have commenced. For purposes hereof, if the “specified date” referred to in clause (a) of Section 5.1.1 is a Plan Year rather than a specified date within a Plan Year, the “specified
date” shall be deemed to be the first day of the Plan Year. 

  
 11 

 Section 5.4 Exception to Payment Terms. Notwithstanding anything in this Article 5 or
a Participant’s Deferral Election Agreement to the contrary, the following terms, if applicable, shall apply to the payment of a Participant’s Elective Deferral Accounts and Company Contribution Accounts. 

5.4.1 Death. 

(a) Time and Form of Payment. In the event a Participant dies while there are amounts remaining in an Account, the
Account (or the remaining balance of the Account if distributions have commenced) shall be paid to the Participant’s Beneficiary in a lump sum within 90 days after the Participant’s death. 

(b) Designation by Participant. Each Participant has the right to designate primary and contingent Beneficiaries for
death benefits payable under the Plan. Such Beneficiaries may be individuals or trusts for the benefit of individuals. A Beneficiary designation by a Participant shall be in writing on a form acceptable to the Committee and shall only be effective
upon delivery to the Company. A Beneficiary designation may be revoked by a Participant at any time by delivering to the Company either written notice of revocation or a new Beneficiary designation form. The Beneficiary designation form last
delivered to the Company prior to the death of a Participant shall control. 
 (c) Failure to Designate Beneficiary.
In the event there is no Beneficiary designation on file with the Company at the Participant’s death, or if all Beneficiaries designated by a Participant have predeceased the Participant, any benefits payable pursuant to this Section 5.4.1
will be paid to the Participant’s surviving spouse, if living; or if the Participant does not leave a surviving spouse, to the Participant’s surviving issue by right of representation; or, if there are no such surviving issue, to the
Participant’s estate. 
 5.4.2 Separation from Service. If a Participant has a Separation from Service other than due to
Retirement or death, the Participant shall receive the balance in each of his or her Accounts in the form of monthly installments over a five-year period, regardless of any payment election the Participant may have made under the Plan. Payments
pursuant to this Section 5.4.2 shall commence within 90 days after the Participant’s Separation from Service. 
 5.4.3 Small
Account Balances. If at any time the present value of any benefit under the Plan that would be considered a “single plan” under Treasury Regulation Section 1.409A-1(c)(2) together with the present value of any benefit required to
be aggregated with such benefit under Treasury Regulation Section 1.409A-1(c)(2), is less than the dollar limit set forth in Section 402(g) of the Code, the Company may, in its discretion, distribute such benefit (or benefits) to the
Participant in the form of a lump sum, provided that the payment results in the liquidation of the entirety of the Participant’s interest under the “single plan,” including all benefits required to be aggregated as part of the
“single plan” under Treasury Regulation Section 1.409A-1(c)(2). 

  
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 5.4.4 Delay in Distributions. 

(a) Except as set forth in Section 5.4.5, if a Participant is a Specified Employee as of the date of his or her Separation
from Service, any distributions that under the terms of the Plan are to commence to the Participant on his or her Separation from Service (“separation distributions”) shall commence within 90 days after the Participant’s “delayed
distribution date” (as defined below). In this case, the Company shall, in its discretion, determine whether the first separation distribution to the Participant shall include the aggregate amount of any separation distributions that, but for
this paragraph (a), would have been paid to the Participant from the date of his or her Separation from Service until the delayed distribution date, or whether each separation distribution shall be delayed for six months. For purposes of this
paragraph (a), a Specified Employee’s “delayed distribution date” is the first day of the seventh month following the Participant’s Separation from Service, or if earlier, the date of the Participant’s death. 

(b) A payment under the Plan may be delayed by the Company under any of the following circumstances so long as all payments to
similarly situated Participants are treated on a reasonably consistent basis: 
 (i) The Company reasonably anticipates that
if such payment were made as scheduled, the Company’s deduction with respect to such payment would not be permitted under Section 162(m) of the Code, provided that the payment is made either during the first Plan Year in which the
Company reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred by application of Section 162(m) or during the period beginning with the date of the
Participant’s Separation from Service and ending on the later of the last day of the Company’s fiscal year in which the Participant has a Separation from Service or the 15th day of the third month following the Separation from Service.

 (ii) The Company reasonably anticipates that the making of the payment will violate Federal securities laws or other
applicable law, provided that the payment is made at the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation. 

(iii) Upon such other events as determined by the Company and according to such terms as are consistent with Section 409A
or are prescribed by the Commissioner of Internal Revenue. 

  
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 5.4.5 Acceleration of Distributions. The Company may, in its discretion, distribute all or
a portion of a Participant’s Accounts at an earlier time and in a different form than specified above in this Article 5 under the circumstances described below: 

(a) As may be necessary to fulfill a Domestic Relations Order. Distributions pursuant to a Domestic Relations Order shall be
made according to administrative procedures established by the Company. 
 (b) To the extent reasonably necessary to avoid
the violation of ethics laws or conflict of interest laws pursuant to Section 1.409A-3(j)(ii) of the Treasury regulations. 

(c) To pay FICA on amounts deferred under the Plan and the income tax resulting from such payment. 

(d) To pay the amount required to be included in income as a result of the Plan’s failure to comply with
Section 409A. 
 (e) If the Company determines, in its discretion, that it is advisable to liquidate the Plan in
connection with a termination of the Plan pursuant to Section 10.2, subject to Article 7. 
 (f) As satisfaction of a
debt of the Participant to an Affiliate, where such debt is incurred in the ordinary course of the service relationship between the Affiliate and the Participant, the entire amount of the reduction in any Plan Year does not exceed $5,000, and the
reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 

(g) If the Participant has an unforeseeable emergency. For these purposes an “unforeseeable emergency” is a severe
financial hardship to the Participant, resulting from an illness or accident of the Participant, the Participant’s spouse, the Beneficiary, or the Participant’s dependent (as defined in Section 152, without regard to
Section 152(b)(1), (b)(2), and (d)(1)(B) of the Code); loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of
a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. For example, the imminent foreclosure of or eviction from the Participant’s primary
residence may constitute an unforeseeable emergency. In addition, the need to pay for medical expenses, including non-refundable deductibles, as well as for the cost of prescription drug medication, may constitute an unforeseeable emergency.
Finally, the need to pay for funeral expenses of a spouse, Beneficiary, or a dependent (as defined in Section 152, without regard to 152(b)(1), (b)(2), and (d)(1)(B) of the Code) may also constitute an unforeseeable emergency. Except as
otherwise provided in this paragraph (g), the purchase of a home and the payment of college tuition are not unforeseeable emergencies. Whether a Participant or Beneficiary is faced with an unforeseeable emergency permitting a distribution under this
paragraph (g) is to be determined based on the relevant facts and circumstances of each case, but, in any case a distribution on account of an unforeseeable emergency may not be made to the extent that such emergency is or may be relieved
through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by

  
 14 

 
cessation of Elective Deferrals. Distributions because of an unforeseeable emergency must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts
necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution). A determination of the amounts reasonably necessary to satisfy the emergency need must take into account any
additional compensation that is available due to cancellation of the Participant’s Deferral Election Agreement pursuant to Section 4.1.1 as a result of this paragraph (g). 

Notwithstanding anything in this Section 5.4.5 to the contrary, except for a Participant’s election to request a distribution due to
an unforeseeable emergency under paragraph (g), above (which the Participant, in his or her discretion, may elect to make or not make), the Company shall not provide the Participant with discretion or a direct or indirect election regarding whether
a payment is accelerated pursuant to this Section 5.4.5. 
 Section 5.5 Determination of Amount of Installment Payment. An
Account to be distributed in the form of installments will be credited with gains and losses pursuant to Section 4.2 during the payout period. The dollar amount of each installment payment will be determined as follows. For the first Plan Year
in which installment payments are to be made, the Account balance will be determined as of the distribution commencement date (taking into account any Elective Deferrals, vested Company contributions and gains and losses credited to the Account
pursuant to Section 4.2 as of such date). For this year, the amount of each installment payment will be determined by dividing the Account balance, as so determined, by the total number of months that installment payments are required to be
made to exhaust the Account. For each Plan Year thereafter, the dollar amount of each installment payment to be paid during the Plan Year will be determined once during the year, at the beginning of the Plan Year (the “Valuation Date”), by
dividing the Account balance, determined as of the Valuation Date (taking into account gains and losses credited to the Account pursuant to Section 4.2 and payments that have been made from the Account as of such Valuation Date), by the total
number of months remaining, determined as of such Valuation Date, that installment payments are required to be made to exhaust the Account. 
  

	ARTICLE 6	    SPECIAL RULES FOR DEFERRED STOCK UNIT ACCOUNTS 

 Article 5 of the
Plan, as in effect prior to January 1, 2005, permitted certain Participants to defer the gain they otherwise would have realized on the exercise of stock options granted to them by Medtronic and to convert that gain to the right to receive
Stock at a future date, expressed in terms of Stock Units. Each deferral of Stock Units by a Participant was credited to a separate Deferred Stock Unit Account maintained by Medtronic on the Participant’s behalf under the Plan, which Account is
credited with dividend equivalents in the manner determined by the Committee and distributed to the Participant at the time and manner elected by the Participant, subject to the terms of the Plan. Effective December 31, 2004, all deferrals of
stock option gains ceased and no new Deferred Stock Unit Accounts were permitted to be established under the Plan. The Company shall continue to maintain and administer the Deferred Stock Unit Accounts established prior to January 1, 2005,
according to Article 5 of the Plan as in effect immediately prior to January 1, 2005. The Deferred Stock Unit Accounts shall be treated as grandfathered under, and therefore not subject to, Section 409A of the Code. 

  
 15 

	ARTICLE 7	    CHANGE IN CONTROL PROVISIONS 

 Section 7.1 Application of
Article 7. To the extent applicable, the provisions of this Article 7 relating to an Event of change in control of the Company shall control, notwithstanding any other provision of the Plan to the contrary, and shall supersede any other
provision of the Plan to the extent inconsistent with the provisions of this Article 7. 
 Section 7.2 Payments to and by the
Trust. Pursuant to the terms of the Trust, the Company is required to make certain payments to the Trust if an Event occurs or if the Company determines that it is probable that an Event may occur. The obligation of the Company to make such
payments shall be considered an obligation under the Plan; provided, however, that such obligation shall at all times be and remain subject to the terms of the Trust as in effect from time to time. 

Section 7.3 Legal Fees and Expenses. The Company shall reimburse a Participant or his or her Beneficiary for all reasonable legal
fees and expenses incurred by such Participant or Beneficiary after the date of an Event in seeking to obtain any right or benefit provided by the Plan; provided, however, that: (a) any such reimbursement shall be made during a
period not to exceed 20 years following the date of the Event; (b) the amount eligible for reimbursement during a taxable year of the Participant or Beneficiary shall not affect the amount eligible for reimbursement in any other taxable year;
(c) the reimbursement is made on or before the last day of the Participant’s or Beneficiary’s taxable year following the taxable year in which the legal fees and expenses are incurred; and (d) the right to reimbursement is not
subject to liquidation or exchange for another benefit. 
 Section 7.4 Late Payment and Additional Payment Provisions. If, after
the date of an Event, the Company delays a payment required to be made under the Plan past the final date that the payment was due to be made, the amount of each such delayed payment shall be credited with interest at the rate of five percent per
year, compounded quarterly, from the date on which the distribution was required to be made under the terms of the Plan until the actual date of the distribution. In the event that this interest is to be credited for some period less than a full
calendar quarter, the interest shall be determined and compounded for the fractional quarter. This interest represents a late payment penalty for the delay in payment and is intended to supplement any other interest or gains credited to a
Participant’s Account under the Plan. 
 Any benefit payments made by the Company after the date on which a benefit distribution was
required to be made under the terms of the Plan shall be applied first against the first due of such benefit distributions (with application first against any applicable late payment penalty and next against the benefit amount itself) until fully
paid, and next against the next due of such payments in the same manner, and so forth, for purposes of calculating the late payment penalties hereunder. 

In the event that payment of benefits has commenced to a Participant or Beneficiary prior to the date of an Event, then the date on which
distribution was required to be made under the terms of the Plan shall be determined with reference to the payment provision that was in effect prior to the date of the Event. No adjustment may be made to any payment form which was in effect prior
to the date of an Event with respect to any Account which would have the effect of delaying payments otherwise to be made under the payment form or otherwise increasing the period of time over which payments are to be made, except as elected by the
Participant pursuant to the Plan. 

  
 16 

 Participants and their Beneficiaries shall be entitled to benefit payments under the Plan plus
the late payment penalty referred to hereinabove first from the Trust and secondarily from the Company, as otherwise provided in Section 7.2. 
  

	ARTICLE 8	    FUNDING 

 Section 8.1 Source of Benefits. All
benefits under the Plan shall be paid when due by the Company out of its assets or from the Trust. 
 Section 8.2 No Claim on
Specific Assets. No Participant shall be deemed to have, by virtue of being a Participant in the Plan, any claim on any specific assets of the Company such that the Participant would be subject to income taxation on his or her benefits under the
Plan prior to distribution and the rights of Participants and Beneficiaries to benefits to which they are otherwise entitled under the Plan shall be those of an unsecured general creditor of the Company. 

 

	ARTICLE 9	    ADMINISTRATION 

 Section 9.1 Administration. The Plan
shall be administered by the Committee. The Company shall bear all administrative costs of the Plan other than those specifically charged to a Participant or Beneficiary. 

Section 9.2 Powers of Committee. In addition to the other powers granted under the Plan, the Committee shall have all powers
necessary to administer the Plan, including, without limitation, powers to: 
 (a) interpret the provisions of the Plan; 

(b) establish and revise the method of accounting for the Plan and to maintain the Accounts; and 

(c) establish rules for the administration of the Plan and to prescribe any forms required to administer the Plan. 

Section 9.3 Actions of the Committee. Except as modified by the Board, the Committee (including any person or entity to whom the
Committee has delegated duties, responsibilities or authority, to the extent of such delegation) has total and complete discretionary authority to determine conclusively for all parties all questions arising in the administration of the Plan, to
interpret and construe the terms of the Plan, and to determine all questions of eligibility and status of employees, Participants and Beneficiaries under the Plan and their respective interests. Subject to the claims procedures of Section 9.6,
all determinations, interpretations, rules and decisions of the Committee (including those made or established by any person or entity to whom the Committee has delegated duties, responsibilities or authority, if made or established pursuant to such
delegation) are conclusive and binding upon all persons having or claiming to have any interest or right under the Plan. 

  
 17 

 Section 9.4 Delegation. The Committee, or any officer designated by the Committee,
shall have the power to delegate specific duties and responsibilities to officers or other employees of the Company or other individuals or entities. Any delegation may be rescinded by the Committee at any time. Each person or entity to which a duty
or responsibility has been delegated shall be responsible for the exercise of such duty or responsibility and shall not be responsible for any act or failure to act of any other person or entity. 

Section 9.5 Reports and Records. The Committee, and those to whom the Committee has delegated duties under the Plan, shall keep
records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for compliance with applicable law. 

Section 9.6 Claims Procedure. The Committee shall notify a Participant in writing within 90 days of the Participant’s written
application for benefits of his or her eligibility or non-eligibility for benefits under the Plan. If the Committee determines that a Participant is not eligible for benefits or full benefits, the notice shall set forth: (a) the specific
reasons for such denial; (b) a specific reference to the provision of the Plan on which the denial is based; (c) a description of any additional information or material necessary for the claimant to perfect his or her claim, and a
description of why it is needed; and (d) an explanation of the Plan’s claims review procedure and other appropriate information as to the steps to be taken if the Participant wishes to have his or her claim reviewed. If the Committee
determines that there are special circumstances requiring additional time to make a decision, the Committee shall notify the Participant of the special circumstances and the date by which a decision is expected to be made, and may extend the time
for up to an additional 90-day period. If a Participant is determined by the Committee to be not eligible for benefits, or if the Participant believes that he or she is entitled to greater or different benefits, the Participant shall have the
opportunity to have his or her claim reviewed by the Committee by filing a petition for review with the Committee within 60 days after receipt by the Participant of the notice issued by the Committee. If a Participant does not appeal on time, the
Participant will lose the right to appeal the denial and the right to file suit under ERISA, and the Participant will have failed to exhaust the Plan’s internal administrative appeal process, which is generally a prerequisite to bringing suit.
Said petition shall state the specific reasons the Participant believes he or she is entitled to benefits or greater or different benefits. Within 60 days after receipt by the Committee of said petition, the Committee shall afford the Participant
(and his or her counsel, if any) an opportunity to present the Participant’s position to the Committee orally or in writing, and the Participant (or his or her counsel) shall have the right to review the pertinent documents, and the Committee
shall notify the Participant of its decision in writing within said 60-day period, stating specifically the basis of the decision written in a manner calculated to be understood by the Participant and the specific provisions of the Plan on which the
decision is based. If, because of the need for a hearing, the 60-day period is not sufficient, the decision may be deferred for up to another 60-day period at the election of the Committee, but notice of this deferral shall be given to the
Participant. In the event an appeal of a denial of a claim for benefits is denied, any lawsuit to challenge the denial of such claim must be brought within one year of the date the Committee has rendered a final decision on the appeal. 

  
 18 

	ARTICLE 10	    AMENDMENTS AND TERMINATION 

 Section 10.1 Amendments.
The Company, by action of the Compensation Committee of the Board, or the Chief Executive Officer or the Senior Vice President of Human Resources of the Company, to the extent authorized by the Compensation Committee of the Board, may amend the
Plan, in whole or in part, at any time and from time to time. Any such amendment shall be filed with the Plan documents. No amendment, however, may be effective to reduce a Participant’s vested Account balances immediately before the date of
such amendment, except that the Company may change investment funds pursuant to Section 4.2. 
 Section 10.2 Termination.
The Company reserves the right to terminate the Plan at any time by action of the Compensation Committee of the Board. Upon termination of the Plan, all Elective Deferrals and Company contributions will cease and no future Elective Deferrals or
Company contributions will be made. Termination of the Plan shall not operate to eliminate or reduce a Participant’s vested Account balances. 

If the Plan is terminated, payments from the Accounts of all Participants and Beneficiaries shall be made at the time and in the manner
specified in Articles 5 and 6, except as otherwise determined by the Company at the time of termination, subject to Article 7 and to the requirements of Section 409A. 
  

	ARTICLE 11	    MISCELLANEOUS 

 Section 11.1 No Guarantee of Employment
or Contract to Perform Services. Neither the adoption and maintenance of the Plan nor the execution by the Company of a Deferral Election Agreement with any Participant shall be deemed to be a contract of employment or for the performance of
services between an Affiliate and any Participant. Nothing contained herein shall give any Participant the right to be retained in the employ of an Affiliate or to perform services for an Affiliate, or to interfere with the right of an Affiliate to
discharge any Participant at any time; nor shall it give an Affiliate the right to require any Participant to remain in its employ or to perform services for it or to interfere with the Participant’s right to terminate his or her employment or
performance of services at any time. 
 Section 11.2 Release. Any payment of benefits to or for the benefit of a Participant or
a Participant’s Beneficiary that is made in good faith by the Company in accordance with the Company’s interpretation of its obligations under the Plan shall be in full satisfaction of all claims against the Company for benefits under the
Plan to the extent of such payment. 
 Section 11.3 Notices. Any notice permitted or required under the Plan shall be in writing
and shall be hand-delivered or sent, postage prepaid, by first class mail, or by certified or registered mail with return receipt requested, to the principal office of the Company, if to the Company, or to the address last shown on the records of
the Company, if to a Participant or Beneficiary. Any such notice shall be effective as of the date of hand-delivery or mailing. 

Section 11.4 Nonalienation. No benefit payable at any time under the Plan shall be subject in any manner to alienation, sale,
transfer, assignment, pledge, levy, attachment, or encumbrance of any kind by any Participant or Beneficiary, except with respect to a Domestic Relations Order. 

  
 19 

 Section 11.5 Withholding. The Company may withhold from any payment of benefits or
other compensation payable to a Participant or Beneficiary, or the Company may direct the trustee of the Trust to withhold from any payment of benefits to a Participant or Beneficiary, such amounts as the Company determines are reasonably necessary
to pay any taxes or other amounts required to be withheld under applicable law. 
 Section 11.6 Captions. Article and section
headings and captions are provided for purposes of reference and convenience only and shall not be relied upon in any way to construe, define, modify, limit, or extend the scope of any provision of the Plan. 

Section 11.7 Applicable Law. The Plan and all rights under the Plan shall be governed by and construed according to the laws of
the State of Minnesota, except to the extent such laws are preempted by the laws of the United States of America. 
 Section 11.8
Invalidity of Certain Provisions. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of the Plan and the Plan shall be construed and enforced as if such
provision had not been included. The Plan is intended to comply in form and operation with Sections 409A and 457A of the Code, and shall be construed accordingly. If any provision of the Plan does not conform to the requirements of Sections 409A and
457A of the Code, the Plan shall be construed and enforced as if such provision had not been included. 
 Section 11.9 No Other
Agreements. The terms and conditions set forth herein constitute the entire understanding of the Company and the Participants with respect to the matters addressed herein. 

Section 11.10 Incapacity. In the event that any Participant is unable to care for his or her affairs because of illness or
accident, any payment due may be paid to the Participant’s spouse, parent, brother, sister or other person deemed by the Committee to have incurred expenses for the care of such Participant, unless a duly qualified guardian or other legal
representative has been appointed. 
 Section 11.11 Electronic Media. Notwithstanding anything in the Plan to the contrary, but
subject to the requirements of ERISA, the Code, or other applicable law, any action or communication otherwise required to be taken or made in writing by a Participant or Beneficiary or by the Company or Committee shall be effective if accomplished
by another method or methods required or made available by the Company or Committee, or their agent, with respect to that action or communication, including e-mail, telephone response systems, intranet systems, or the Internet. 

Section 11.12 USERRA Compliance. The Participant and Company deferral and payment election requirements set forth in the Plan are
deemed met to the extent a deferral election or payment election is provided to satisfy the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. 

  
 20 

 SCHEDULE A 

Minimum Compensation Level of Sales Force Members Considered to be 

“Eligible Employees” Under the Plan 

The minimum compensation level is the annual limit on compensation that can be taken into account for purposes of qualified retirement plans
under Section 401(a)(17) of the Internal Revenue Code (as may be adjusted from time to time for cost of living pursuant to Section 401(a)(17)(B) of the Internal Revenue Code). 

  
 A-1 

 SCHEDULE B 

Manner of Crediting Gains and Losses to Elective Deferral Accounts and 

Company Contribution Accounts Pursuant to Section 4.2 

The Accounts of all Participants shall be credited with gains and losses as if invested in one or more of the investments funds listed below
that are selected by the Company and communicated to the Participants from time to time, in the proportions designated by a Participant on an investment election form submitted to the Company by the Participant. The investment election form shall be
submitted to the Company in the form and manner specified by the Committee, which may be electronically pursuant to Section 11.11. Until and unless changed by the Committee, Participants shall be permitted to change investment elections,
generally, on a daily basis. 
 Medtronic Interest Income Fund 

Vanguard Total Bond Market Index Fund 

Vanguard Wellington Fund 
 Vanguard
500 Index Fund 
 Vanguard Windsor II Fund 

Vanguard U.S. Growth Fund 
 Vanguard
PRIMECAP Fund 
 Vanguard Extended Market Index Fund 

Vanguard Explorer Fund 
 Vanguard
International Growth Fund 
 Medtronic plc Stock Fund 

Notwithstanding anything in this Schedule B to the contrary, the Accounts of Participants who have commenced distributions prior to
January 1, 2006, shall continue to be credited with interest in the manner set forth in the Plan, as in effective prior to the Restatement Date. 

  
 B-1

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