Document:

ex10-7.htm

    
      
        

      
Exhibit 10.7

     

    AGREEMENT

     

    THIS
AGREEMENT (the “Agreement”) is made and entered into effective this 30th day of
December, 2008 (the “Effective Date”), by
and between MILLER INDUSTRIES,
INC., a Tennessee corporation (the “Company”), and J. Vincent Mish (the “Executive”).

     

    W I T N E S S E T H:

     

    WHEREAS,
the Company wishes to assure both itself and its key employees of continuity of
management and objective judgment in the event of any Change in Control (as
defined below) of the Company, and to induce its key employees to remain
employed by the Company, and the Executive is a key employee of the Company and
an integral part of its management;

     

    WHEREAS,
this Agreement is not intended to alter materially the compensation and benefits
that the Executive reasonably could expect to receive in the absence of a Change
in Control of the Company, and this Agreement accordingly will be operative only
upon circumstances relating to a Change in Control of the Company, as set forth
herein;

     

    WHEREAS,
Executive and the Company entered into an agreement (the “Original Agreement”)
during 2002, to be operative upon a Change in Control; and

     

    WHEREAS,
this Agreement amends and restates the Original Agreement as of the Effective
Date in order, inter alia, to evidence formal compliance with Section 409A of
the Internal Revenue Code of 1986, as amended, and the guidance thereunder (such
Section, referenced herein as “Section 409A”; and
such code, referenced herein as the “Code”).

     

    NOW,
THEREFORE, for and in consideration of the premises and the mutual covenants
herein contained, the parties hereby agree as follows:

     

    I.   OPERATION
OF AGREEMENT.

     

    This
Agreement supersedes the Original Agreement and is effective immediately upon
its execution by the parties hereto, but anything in this Agreement to the
contrary notwithstanding, neither this Agreement nor any provision hereof shall
be operative unless, during the term of this Agreement, there has been a Change
in Control of the Company, as defined in Article III
below.  Immediately upon such an occurrence, all of the provisions
hereof shall become operative.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    II.   TERM OF
AGREEMENT.

     

    The term
of this Agreement shall commence on the date hereof and shall end on the third
annual shareholders’ meeting at which directors are to be elected following the
Effective Date (the “Term”), provided,
however, beginning with the first annual shareholders’ meeting at which
directors are to be elected following the Effective Date and each such annual
shareholders’ meeting thereafter, Executive’s employment and the Term of this
Agreement shall be extended automatically (without further action by either the
Company or the Executive) for an additional period such that the Term of this
Agreement will end on the 3rd
anniversary of such shareholders’ meeting, unless no later than 10 days
following the date of such shareholders’ meeting, the Company provides the
Executive with written notice that the Term of this Agreement is not being
extended.  Notwithstanding the above, the Term of this Agreement shall
end on the Executive’s 65th
birthday.

     

    III.   DEFINITIONS.

     

    1.     Base Amount — The
term “Base
Amount” shall have the same meaning as ascribed to it under Section
280G(b)(3) of the Internal Revenue Code of 1986, as amended (the
“Code”).

     

    2.     Board or Board of
Directors — The Board of Directors of Miller Industries, Inc., or its
successor.

     

    3.     Cause — The Term
“Cause”
as used herein shall mean: (i) Executive’s material fraud, malfeasance, gross
negligence, or willful misconduct with respect to business affairs of the
Company which is directly or materially harmful to the business or reputation of
the Company or any subsidiary of the Company, or (ii) Executive’s
conviction of or failure to contest prosecution for a felony or a crime
involving moral turpitude.  A termination of Executive for “Cause”
based on clause (i) of the preceding sentence shall take effect thirty (30) days
after the Company gives written notice of such termination to Executive
specifying the conduct deemed to qualify as Cause, unless Executive shall,
during such 30-day period, remedy the events or circumstances constituting cause
to the reasonable satisfaction of the Company.  A termination for
Cause based on clause (ii) above shall take effect immediately upon giving of
the termination notice.

     

    4.     Change in Control —
The term “Change
in Control” as used herein shall mean:

     

    (a)   the
acquisition, directly or indirectly, by any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) of
securities of the Company representing an aggregate of forty percent (40%) or
more of the combined voting power of the Company’s then outstanding securities
(excluding the acquisition by persons who own such amount of securities on the
date hereof, or acquisitions by persons who acquire such amount through
inheritance or gift); or

     

    (b)   when,
during any period of two consecutive years, individuals who at the beginning of
such period constitute the Board of Directors of the Company, cease for any
reason to constitute at least a majority thereof, provided, however, that a
director who was not a director at the beginning of such period shall be deemed
to have satisfied the two-year requirement if such director was elected by, or
on the recommendation of or with the approval of, at least three-quarters of the
directors who were directors at the beginning of such period (either actually or
by prior operation of this Section 4(b)); or

    
      
        
        

      

      
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    (c)   consummation
of (i) a merger, consolidation or other business combination of the Company with
any other “person” (as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended) or affiliate thereof, other than a merger, consolidation or business
combination which would result in the outstanding common stock of the Company
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into common stock of the surviving entity or a
parent or affiliate thereof) at least fifty percent (50%) of the outstanding
common stock of the Company (or such surviving entity or parent or affiliate
thereof) that is outstanding immediately after such merger, consolidation or
business combination, or (ii) a plan of complete liquidation of the Company or
an agreement for the sale or disposition by the Company of all or substantially
all of the Company’s assets;
or

     

    (d)   the
occurrence of any other event or circumstance which is not covered by (a)
through (c) above which the Board of the Company determines affects control of
the Company and adopts a resolution that such event or circumstance constitutes
a Change in Control for the purposes of this Agreement.

     

    5.     Disability — The term
“Disability”
shall mean the Executive’s inability as a result of physical or mental
incapacity to substantially perform his duties for the Company on a full-time
basis for a period of six (6) months.

     

    6.     Excess Severance
Payment — The term “Excess
Severance Payment” shall have the same meaning as the term “excess
parachute payment” defined in Section 280G(b)(1) of the Code.

     

    7.     Severance Payment —
The term “Severance
Payment” shall have the same meaning as the term “parachute payment”
defined in Section 280G(b)(2) of the Code.

     

    8.     Present Value — The
term “Present
Value” shall have the same meaning as provided in Section 280G(d)(4) of
the Code.

     

    9.     Reasonable
Compensation — The term “Reasonable
Compensation” shall have the same meaning as provided in Section
280G(b)(4) of the Code.

     

    IV.   BENEFITS
UPON TERMINATION FOLLOWING A CHANGE IN
CONTROL.

     

    1.     Termination — If a
Change in Control occurs during the term of this Agreement and the Executive’s
employment is terminated (i) within twenty-four (24) months following the date
of the Change in Control, or (ii) within six (6) months prior to the date of the
Change in Control and is related to such Change in Control, and in either case
(i) or (ii) such termination is a result of Involuntary Termination or Voluntary
Termination, as defined below, then the benefits described in Section 2 below
shall be paid or provided to the Executive:

    
      
        
        

      

      
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    (a)   Involuntary
Termination — For purposes hereof, “Involuntary
Termination” shall mean termination of employment that is involuntary on
the part of the Executive and that occurs for reasons other than for Cause,
Disability or death.

     

    (b)   Voluntary Termination
— For purposes hereof, “Voluntary
Termination” shall mean termination of employment that is voluntary on
the part of the Executive, and, in the judgment of the Executive, is due to (i)
a material reduction of the Executive’s authority, duties or responsibilities
resulting from a formal change in Executive’s title or status, or from the
assignment to the Executive of any authority or duties inconsistent with his
authority, duties or responsibilities in effect within the year prior to the
Change in Control; (ii) a material reduction in the Executive’s base
compensation, or (iii) a Company-required involuntary relocation of Executive’s
place of residence.  If the Executive intends to terminate his
employment as a Voluntary Termination under this Paragraph, he shall provide
written notice to the Company no more than 90 days after the occurrence of the
event or circumstance triggering Executive’s right to terminate as a Voluntary
Termination, and the Company shall have 30 days to cure such event or
circumstance.  A termination shall not be considered voluntary within
the meaning of this Agreement if such termination is the result of Cause,
Disability or death of the Executive.

     

    2.     Benefits to be
Provided — If the Executive becomes eligible for benefits under Section 1
above, the Company shall pay or provide to Executive the compensation and
benefits set forth in this Section 2; provided, however, that the
compensation and benefits to be paid or provided pursuant to paragraphs (a),
(b), (c) and (d) of this Section 2 shall be reduced to the extent that the
Executive receives or is entitled to receive upon his termination the
compensation and benefits (but only to the extent he actually receives such
compensation and benefits) described in paragraphs (a), (b), (c) and (d) of this
Section 2 pursuant to the terms of an employment agreement with the Company or
as a result of a breach by the Company of the employment
agreement.  All compensation payable under (a) through (d) below shall
be subject to the terms of Section VI.10. below, which may delay the payment of
the compensation for up to 6 months.

     

    (a)   Salary — The
Executive will continue to receive his current salary (subject to withholding of
all applicable taxes and any amounts referred to in Section 2(c) below) for a
period of thirty-six (36) months from his date of termination, payable in normal
payroll periods, in the same manner as it was being paid as of the date of
termination, and no less frequently than monthly.  For purposes
hereof, the Executive’s “current salary” shall be the highest rate in effect
during the twelve-month period prior to the Executive’s
termination.

     

    (b)   Bonuses and
Incentives — The Executive shall be paid bonus payments from the Company
in each of the thirty-six (36) months following the month in which his
employment is terminated in an amount for each month equal to one-twelfth of the
average (“Average
Bonus”) of the bonuses paid to him for the three calendar years
immediately preceding the year in which such termination occurs.  Any
bonus amounts that the Executive had previously earned from the Company but
which may not yet have been paid as of the date of termination shall not be
affected by this provision.  Executive shall also receive, within 60
days after the date of his termination (subject to delay under Section VI.10.
below), a prorated bonus for any uncompleted fiscal year at the date of
termination equal to the Average Bonus multiplied by the number of days he
worked in such year divided by 365 days.

    
      
        
        

      

      
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    (c)   Health and Life Insurance
Coverage.  The Company shall provide Executive (and any spouse
or dependents covered at the time of the Executive’s termination) with medical,
dental, life insurance and other health benefits (pursuant to the same Company
Plans that are medical, dental, life insurance and other health benefit plans
and that are in effect for active employees of the Company), for thirty-six (36)
months following the date of Executive’s termination of
employment.  The coverages provided for in this paragraph shall be
applied against and reduce the period for which COBRA will be
provided.

     

    (1)   To the extent that
such medical, dental or other health benefit plan coverage is provided under a
self-insured plan maintained by the Company (within the meaning of Section
105(h) of the Code):

     

    (A)           the
charge to Executive for each month of coverage will equal the monthly COBRA
charge established by the Company for such coverage in which the Executive or
the Executive’s spouse or dependents (as applicable) are enrolled from time to
time, based on the coverage generally provided to salaried employees (less the
amount of any administrative charge typically assessed by the Company as part of
its COBRA charge), and Executive will be required to pay such monthly charge in
accordance with the Company’s standard COBRA premium payment requirements;
and

     

    (B)           on
the date of Executive’s termination of employment (subject to delay under
Section VI.10. below), the Company will pay Executive a lump sum in cash equal,
in the aggregate, to the monthly COBRA charge established by the Company for the
coverage being provided on Executive’s termination date to the Executive and, if
applicable, his spouse and dependents for each month of coverage in the 36-month
period. For this purpose, the Company’s monthly COBRA charge will be increased
by 10% on each January in the projected payment period and such increased amount
shall apply to each successive month in the calendar year in which the increase
became applicable.

     

    (2)   To the extent that
such medical, dental or other health benefit plan coverage is provided under a
fully-insured medical reimbursement plan (within the meaning of Section 105(h)
of the Code), there will be no charge to Executive for such
coverage.

     

    (d)   Stock Options and Other
Equity Awards.  As of Executive’s date of termination, all
outstanding stock options, stock appreciation rights, restricted stock units,
and other equity awards granted to Executive under the Stock Option and
Incentive Plan and any other Company stock plans (the “Stock Option Plans”)
shall become 100% vested and immediately exercisable.  To the extent
necessary, the provisions of this Section 2(d) shall constitute an amendment of
the Executive’s stock option or other equity compensation agreements under the
Stock Option Plans.

    
      
        
        

      

      
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    (e)   Lump Sum Payment under
Certain Circumstances.  If Executive’s date of termination
occurs on or within two (2) years following an event that constitutes a change
in the ownership or effective control of the Company or in the ownership of a
substantial portion of the assets of the Company within the meaning of Section
409A(a)(2)(a)(vi) of the Code, except as delayed as set forth in Section VI.10.
below, the salary continuation payments provided for in Section 2(a) above and
the monthly bonus payments provided for in Section 2(b) above will be paid in a
lump sum no later than thirty (30) days after Executive’s termination of
employment.   The amount of such lump sum payment shall be
determined by taking the salary payments and bonus payments to be made and
discounting them to their Present Value (as defined in Section III.8) on the
date Executive’s employment is terminated.  If a lump sum payment is
made, the lump sum payment shall not alter the amounts Executive is entitled to
receive under the benefit plans described in (c) above.  Benefits
under such plans shall be determined as if Executive had remained employed and
received such payments without reduction for their Present Value over a period
of thirty-six (36) months.

     

    V.   TAX
EQUALIZATION PAYMENT.

     

    If all or
any portion of the compensation or benefits provided to Executive under this
Agreement are treated as Excess Severance Payments (whether by action of the
Internal Revenue Service or otherwise), the Company shall protect Executive from
depletion of the amount of such compensation and benefits by payment of a tax
equalization payment in accordance with this subsection.  In
connection with any Internal Revenue Service examination, audit or other
inquiry, the Company and Executive agree to take actions to provide and to
cooperate in providing evidence to the Internal Revenue Service (and, if
applicable, the State of the Executive’s residence) that the compensation and
benefits provided under this Agreement do not result in the payment of Excess
Severance Payments.  The tax equalization payment shall be an amount
which when added to the other amounts payable, or to be provided, to Executive
under this Agreement will place Executive in the same position as if the excise
tax penalty of Code Section 4999 (and any state tax statute), or any successor
statute of similar import, did not apply to any of the compensation or benefits
provided under this Agreement.  The amount of this tax equalization
payment shall be determined by the Company’s independent accountants and shall
be paid to Executive, or remitted by the Company to the appropriate tax
authorities to the extent subject to withholding on the date any excise tax
under Code Section 4999 is due to be paid by Executive (through withholding or
otherwise), but subject to any six-month delay that is applicable in accordance
with Section VI.10. below.

    
      
        
        

      

      
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    VI.   MISCELLANEOUS.

     

    1.     Notices — Any notice
or other communication required or permitted under this Agreement shall be
effective only if it is in writing and shall be deemed to have been duly given
when delivered personally or seven days after mailing if mailed first class by
registered or certified mail, postage prepaid, addressed as
follows:

     

    If to the
Company:       Miller Industries,
Inc.

    P.O. Box
120

    8503
Hilltop Drive

    Ooltewah,
Tennessee 37363

    Attention:  Co-Chief
Executive Officer

     

    If to the
Executive:       J. Vincent Mish

    407
Gentlemen’s Ridge

    Signal
Mountain, Tennessee  37377

     

    or to
such other address as any party may designate by notice to the
others.

     

    2.     Assignment — This
Agreement shall inure to the benefit of and shall be binding upon the parties
hereto and their respective executors, administrators, heirs, personal
representatives and successors, but, except as hereinafter provided, neither
this Agreement nor any right hereunder may be assigned or transferred by either
party thereto, or by any beneficiary or any other person, nor be subject to
alienation, anticipation, sale, pledge, encumbrance, execution, levy or other
legal process of any kind against the Executive, his beneficiary or any other
person.  Notwithstanding the foregoing, any person or business entity
succeeding to substantially all of the business of the Company by purchase,
merger, consolidation, sale of assets or otherwise, shall be bound by and shall
adopt and assume this Agreement and the Company shall obtain the assumption of
this Agreement by such successor.  If Executive shall die while any
amount would still be payable to Executive hereunder (other than amounts which,
by their terms, terminate upon the death of Executive) if Executive had
continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of Executive’s estate.

     

    3.     No Obligation to Fund
— The agreement of the Company (or its successor) to make payments to the
Executive hereunder shall represent solely the unsecured obligation of the
Company (and its successor), except to the extent the Company (or its
successors) in its sole discretion elects in whole or in part to fund its
obligations under this Agreement pursuant to a trust arrangement or
otherwise.

     

    4.     Applicable Law — This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of Tennessee.

    
      
        
        

      

      
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    5.     Claims; Expenses —
All claims by Executive for compensation and benefits under this Agreement shall
be directed to and determined by the Board and shall be in
writing.  Any denial by the Board of a claim for benefits under this
Agreement shall be delivered to Executive in writing and shall set forth the
specific reasons for the denial and the specific provisions of this Agreement
relied upon.  The Board shall afford a reasonable opportunity to
Executive for a review of a decision denying a claim and shall further allow
Executive to appeal to the Board a decision of the Board within sixty (60) days
after notification by the Board that Executive’s claim has been
denied.  In the event the Executive incurs legal fees and other
expenses in seeking to obtain or to enforce any rights or benefits provided by
this Agreement and is successful, in whole or in part, in obtaining or enforcing
any such rights or benefits through settlement or otherwise, the Company shall
promptly pay Executive’s reasonable legal fees and expenses incurred in
enforcing this Agreement.  Except to the extent provided in the
preceding sentence, each party shall pay its own legal fees and other expenses
associated with any dispute.

     

    6.     Conversion To Employment
Agreement — The Company reserves the right at any time in its sole
discretion to convert all or any part of its obligations under this Agreement
and restate them in an employment agreement with the Executive, provided that
such employment agreement provides compensation and benefits to the Executive
upon the basis and for the reasons stated in this Agreement that are
substantially identical to the compensation and benefits provided under this
Agreement.

     

    7.     Amendment — This
Agreement may only be amended by a written instrument signed by the parties
hereto, which makes specific reference to this Agreement.

     

    8.     Severability — If any
provision of this Agreement shall be held invalid or unenforceable by any court
of competent jurisdiction, such holding shall not invalidate or render
unenforceable any other provisions hereof.

     

    9.     Other Benefits —
Nothing in this Agreement shall limit or replace the compensation or benefits
payable to Executive, or otherwise adversely affect Executive’s rights, under
any other benefit plan, program or agreement to which Executive is a
party.

     

    10.    Section
409A.

     

    (a)   Meaning of
Termination of Employment.  Solely as necessary
to comply with Section 409A, for
purposes of Article IV, “termination of employment” or “employment termination”
or similar terms shall have the same meaning as “separation from service” under
Section 409A(a)(2)(A)(i) of the Code.

     

    (b)   Installment
Payments.  For purposes of Section IV.2. with respect to
amounts payable in the event of an Involuntary Termination or a Voluntary
Termination, each such payment is a separate payment within the meaning of the
final regulations under Section 409A.  Each such payment that is made
within 2-1/2 months following the end of the year that contains the date of
Executive’s termination of employment is intended to be exempt from Section 409A
as a short-term deferral within the meaning of the final regulations under
Section 409A, each such payment that is made later than 2-1/2 months following
the end of the year that contains the date of Executive’s termination of
employment is intended to be exempt under the two-times separation pay exception
of Treasury Reg. § 1.409A-1(b)(9)(iii) up to the limitation on the availability
of such exception specified in such regulation, and each such payment that is
made after the two-times separation pay exception ceases to be available shall
be subject to delay in accordance with (c) below.

    
      
        
        

      

      
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    (c)   Six Month
Delay.  This Agreement will be construed and administered to
preserve the exemption from Section 409A of payments that qualify as a
short-term deferral or that qualify for the two-times separation pay
exception.  With respect to other amounts that are subject to Section
409A, it is intended, and this Agreement will be so construed, that any such
amounts payable under this Agreement and the Company’s and Executive’s exercise
of authority or discretion hereunder shall comply with the provisions of Section
409A and the treasury regulations relating thereto so as not to subject
Executive to the payment of interest and additional tax that may be imposed
under Section 409A.  As a result, in the event Executive is a
“specified employee” on the date of Executive’s termination of employment (with
such status determined by the Company in accordance with rules established by
the Company in writing in advance of the “specified employee identification
date” that relates to the date of Executive’s termination of employment, or in
the absence of such rules established by the Company, under the default rules for identifying specified employees
under Section 409A), any payment that is subject to Section 409A, that is
payable to Executive in connection with Executive’s termination of employment,
shall not be paid earlier than six months after such termination of employment
(if Executive dies after the date of Executive’s termination of employment but
before any payment has been made, such remaining payments that were or could
have been delayed will be paid to Executive’s estate without regard to such
six-month delay).

     

    (d)   Expense
Reimbursements.  To the extent that any expense reimbursement
provided for by this Agreement does not qualify for exclusion from Federal
income taxation, the Company will make the reimbursement only if Executive
incurs the corresponding expense during the term of this Agreement or the period
of two years thereafter and submits the request for reimbursement no later than
two months prior to the last day of the calendar year following the calendar
year in which the expense was incurred so that the Company can make the
reimbursement on or before the last day of the calendar year following the
calendar year in which the expense was incurred; the amount of expenses eligible
for such reimbursement during a calendar year will not affect the amount of
expenses eligible for such reimbursement in another calendar year, and the right
to such reimbursement is not subject to liquidation or exchange for another
benefit from the Company.

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed on its
behalf by its duly authorized officers and the Executive has hereunder set his
hand, as of the date first above written.

    
      
        
          
            
              
                	 
      	 
      	 
      	 
      
	 
      	
                        MILLER
      INDUSTRIES, INC.

                      	 
      
	 
      	 
      	 
      
	 
      	
                        By:

                      	
                          
      /s/ Jeffrey I. Badgley

                      	 
      
	 
      	 
      	
                        Jeffrey
      I. Badgley

                      	 
      
	 
      	 
      	
                        President
      and Co-Chief Executive Officer

                      
	 
      	 
      	 
      	 
      
	 
      	
                        EXECUTIVE

                      	 
      
	 
      	 
      	 
      
	 
      	
                        /s/
      J. Vincent Mish

                      	 
      
	 
      	
                        J.
      Vincent Mish

                      	 
      

              

            

          

           

           

          -10-Exhibit 10.1

 Exhibit 10.1 
 DANAHER CORPORATION 
 2007 STOCK INCENTIVE PLAN 
 As Amended 
  

	1.	Purpose of the Plan. Danaher Corporation, a Delaware corporation, wishes to recruit and retain key Employees and outside Directors. To further these objectives, the Company
established the Danaher Corporation 2007 Stock Incentive Plan. Under the Plan, the Company may make grants of Options, Stock Appreciation Rights, Restricted Stock Units, and Other Stock-Based Awards. The Company may also make direct grants of Common
Stock in the form of Restricted Stock Grants to Participants as a bonus or other incentive or grant such stock in lieu of Company obligations to pay cash under other plans or compensatory arrangements, including any deferred compensation plans.

  

	2.	Definitions. As used herein, the following definitions shall apply: 

 “Administrator” means the Board or the Compensation Committee of the Board, unless the Board specifies another committee. 
 “Applicable Period” with respect to any Performance Period for an Award means a period beginning on or before the first day of the Performance Period and ending no later than the earlier of (i) the 90th
day of the Performance Period or (ii) the date on which 25% of the Performance Period has been completed. 
 “Award” means an
award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, or Other Stock-Based Awards (each as defined below). 
 “Award Certificate” means a certificate setting forth the terms and conditions of an Award. 
 “Board” means the
Board of Directors of the Company. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time and the
regulations issued with respect thereof. 
 “Committee” means the Compensation Committee of the Board in accordance with
Section 4(a) of the Plan. 
 “Common Stock” means the common stock of the Company. 
 “Company” means Danaher Corporation, a Delaware corporation. 
 “Consultant” means any person engaged as a consultant or advisor of the Company or an Eligible Subsidiary for whom a Form S-8 Registration Statement is available for the issuance of securities. 

“Covered Employees” means any person who is a “covered employee” within the meaning of Code Section 162(m). 
 “Date of Grant” will be the date as of which the Administrator grants an Award to a person. 
 “Disability” means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve months. 
 “Early Retirement” means an employee voluntarily ceases to be an Employee and both (i) the employment termination occurs before the Employee reaches age sixty-five (65) and (ii) the
Administrator determines that the cessation constitutes Retirement for purposes of this Plan. In deciding whether a termination of employment is an Early Retirement, the Administrator need not consider the definition under any other Company benefit
plan. 
 “Eligible Director” (or “Director”) means a non-employee director of the Company or one of its Eligible
Subsidiaries. 
 “Eligible Subsidiary” means each of the Company’s Subsidiaries, except as the Administrator otherwise
specifies. 
  

 1 

 “Employee” means any person employed as an employee of the Company or an Eligible Subsidiary.

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 “Exercise Price” means, in the case of an Option, the value of the consideration that an Optionee must provide in exchange for one share of
Common Stock. In the case of a SAR, “Exercise Price,” means an amount which is subtracted from the Fair Market Value in determining the amount payable upon exercise of such SAR. 
 “Fair Market Value” means, as of any date, the fair market value of a share of Common Stock for purposes of the Plan which will be determined as
follows: 
  

	 	(i)	If the Common Stock is traded on the New York Stock Exchange or other national securities exchange, the closing sale price on that date; 

  

	 	(ii)	If the Common Stock is not traded on any such exchange, the closing sale price as reported by the National Association of Securities Dealers, Inc. Automated Quotation System
(“Nasdaq”) for such date; if no such closing sale price information is available, the average of the closing bid and asked prices as reported by Nasdaq for such date; or if there are no such closing bid and asked prices, the average of the
closing bid and asked prices as reported by any other commercial service for such date. 

  

	 	(iii)	In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator and in compliance with Code
Section 409A. 

 For any date that is not a trading day, the Fair Market Value of a share of Common Stock for such date
shall be determined by using the closing sale price or the average of the closing bid and asked prices, as appropriate, for the immediately preceding trading day. 
 “Gross Misconduct” means the Participant has: 
  

	 	(i)	Committed fraud, misappropriation, embezzlement, willful misconduct or gross negligence with respect to the Company or any Subsidiary thereof, or any other action in willful
disregard of the interests of the Company or any Subsidiary thereof; 

  

	 	(ii)	Been convicted of, or pled guilty or no contest to, (i) a felony, (ii) any misdemeanor (other than a traffic violation) with respect to his/her employment, or
(iii) any other crime or activity that would impair his/her ability to perform his/her duties or impair the business reputation of the Company or any Subsidiary thereof; 

  

	 	(iii)	Refused or willfully failed to adequately perform any duties assigned to him/her; or 

  

	 	(iv)	Refused or willfully failed to comply with standards, policies or procedures of the Company or any Subsidiary thereof, including without limitation the Company’s Standards of
Conduct as amended from time to time. 

 “Incentive Stock Option” or “ISO” means a stock option intended to
qualify as an incentive stock option within the meaning of Code Section 422. 
 “Normal Retirement” means an employee
voluntarily ceases to be an Employee at or after reaching age sixty-five (65). 
 “Option” means a stock option granted pursuant to
the Plan that is not an ISO, entitling the Optionee to purchase Shares. 
 “Optionee” means an Employee, Consultant, or Director who
has been granted an Option under this Plan or, where appropriate, a person authorized to exercise an Option in place of the intended original Optionee. 
 “Other Stock-Based Awards” are Awards (other than Options, SARs, RSUs and Restricted Stock Grants) that are denominated in, valued in whole or in part by reference to, or otherwise based on or related to,
Common Stock. 
  

 2 

 “Participant” means Optionees and Recipients, collectively. The term “Participant”
also includes, where appropriate, a person authorized to exercise an Option or hold or receive another Award in place of the intended original Optionee or Recipient. 
 “Performance Objectives” means one or more objective, measurable performance factors as determined by the Committee (as described in Section 4(b) of the Plan) with respect to each Performance Period
based upon one or more of the factors set forth in Section 14 of the Plan. 
 “Performance Period” means a period for which
Performance Objectives are set and during which performance is to be measured to determine whether a Participant is entitled to payment of an Award under the Plan. A Performance Period may coincide with one or more complete or partial calendar or
fiscal years of the Company. Unless otherwise designated by the Committee, the Performance Period will be based on the calendar year. 
 “Plan” means this 2007 Stock Incentive Plan, as amended from time to time. 
 “Recipient” means an Employee,
Consultant, or Director who has been granted an Award other than an Option under this Plan or, where appropriate, a person authorized to hold or receive such an Award in place of the intended original Recipient. 
 “Restricted Stock Grant” means a direct grant of Common Stock, as awarded under Section 8 of the Plan. 
 “Restricted Stock Unit” or “RSU” means a bookkeeping entry representing an unfunded right to receive (if conditions are met) one share
of Common Stock, as awarded under Section 9 of the Plan. 
 “Retirement” means both Early Retirement and Normal Retirement, as
defined herein. 
 “Section 16 Persons” means those officers, directors or other persons who are subject to Section 16 of the
Exchange Act. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Stock Appreciation Right” or “SAR” means any right granted under Section 7 of the Plan. 
 “Subsidiary” means any corporation, limited liability company, partnership or other entity (other than the Company) in an unbroken chain
beginning with the Company if, at the time an Award is granted to a Participant under the Plan, each of such entities (other than the last entity in the unbroken chain) owns stock or other equity possessing twenty percent (20%) or more of the
total combined voting power of all classes of stock or equity in one of the other entities in such chain. 
 “1998 Plan” means the
Amended and Restated Danaher Corporation 1998 Stock Option Plan, as amended. 
  

	3.	Eligibility. All Employees, Consultants, and Directors are eligible for Awards under this Plan. Eligible Employees, Consultants, and Directors become Optionees or Recipients
when the Administrator grants them, respectively, an Option or one of the other Awards under this Plan. 

  

	4.	Administration of the Plan. 

  

	 	(a)	The Administrator. The Administrator of the Plan will be the Compensation Committee of the Board, unless the Board specifies another committee. The Board may also act under
the Plan as though it were the Committee. The Administrator is responsible for the general operation and administration of the Plan and for carrying out its provisions and has full discretion in interpreting and administering the provisions of the
Plan. Subject to the express provisions of the Plan, the Administrator may exercise such powers and authority of the Board as the Administrator may find necessary or appropriate to carry out its functions. The Administrator may delegate its
functions to Employees (other than the power to grant awards to Eligible Directors), to the extent permitted under applicable Delaware corporate law. 

  

	 	(b)	 Code Section 162(m) and Rule 16b-3 Compliance. The Administrator may, but is not required to, grant Awards that are intended to qualify as performance
based compensation exempt from the deductibility limitations of Code Section 162(m). However, grants of Awards to Covered Employees intended to 

  

 3 

	 	 
qualify as performance based compensation under Code Section 162(m) shall be made and certified only by a Committee (or a subcommittee of the Committee)
consisting solely of two or more “outside directors” (as such term is defined under Code Section 162(m)). Awards to Section 16 Persons shall be made only by a Committee (or a subcommittee of the Committee) consisting solely of
two or more non-employee Directors in accordance with Rule 16b-3. 

  

	 	(c)	Powers of the Administrator. The Administrator’s powers will include, but not be limited to, the power to: construe and interpret the terms of the Plan and Awards
granted pursuant to the Plan (including the power to remedy any ambiguity, inconsistency, or omission); amend, waive, or extend any provision or limitation of any Award (except as limited by the terms of the Plan); in order to fulfill the purposes
of the Plan and without amending the Plan, to modify Awards to Participants who are foreign nationals or employed outside of the United States in order to recognize differences in local law, tax policies or customs; and, to adopt such procedures as
are necessary or appropriate to carryout the foregoing. 

  

	 	(d)	Granting of Awards. Subject to the terms of the Plan, the Administrator will, in its sole discretion, determine: 

  

	 	(i)	Optionees and the Recipients of other Awards; 

  

	 	(ii)	the terms of such Awards; 

  

	 	(iii)	the schedule for exercisability and nonforfeitability (including any requirements that the Participant or the Company satisfy performance criteria or Performance Objectives and the
acceleration of the exercisability or nonforfeitability of the Awards); 

  

	 	(iv)	the time and conditions for expiration of the Awards, and 

  

	 	(v)	the form of payment due upon exercise or grant of Awards. 

  

	 	(e)	Substitutions. The Administrator may also grant Awards in substitution for options or other equity interests held by individuals who become Employees of the Company or of an
Eligible Subsidiary as a result of the Company’s acquiring or merging with the individual’s employer. If necessary to conform the Awards to the interests for which they are substitutes, the Administrator may grant substitute Awards under
terms and conditions that vary from those the Plan otherwise requires. Notwithstanding anything in the foregoing to the contrary, any Award to any Participant who is a U.S. taxpayer will be adjusted appropriately pursuant to Code Section 409A.

  

	 	(f)	Effect of Administrator’s Decision. The Administrator’s determinations under the Plan need not be uniform and need not consider whether actual or potential
Participants are similarly situated. All decisions, determinations and interpretations of the Administrator shall be final and binding on all holders of any Award. 

  

	5.	Stock Subject to the Plan. 

  

	 	(a)	 Share Limits; Shares Available. Except as adjusted below in the event of a Substantial Corporate Change (as defined in Section 16(a) of the Plan) or as
provided under Section 15, the aggregate number of shares of Common Stock that may be issued under the Awards may not exceed nineteen million (19,000,000) shares, of which no more than six million (6,000,000) shares may be available
for Awards granted in any form other than Options or SARs. The Common Stock may come from treasury shares, authorized but unissued shares, or previously issued shares that the Company reacquires, including shares it purchases on the open market. If
any Award expires, is canceled, or terminates for any other reason, the shares of Common Stock available under that Award will again be available for the granting of new Awards. Any such returning shares of Common Stock shall be credited to the
applicable sub-limit set forth above on the same basis as the original Award was debited. Any shares of Common Stock surrendered for the payment of the Exercise Price or withholding taxes under Options or SARs and shares of Common Stock repurchased
in the open market with the proceeds of an Option exercise, may not again be made available for issuance under the Plan. Shares of Common Stock issued to convert, replace or adjust outstanding options or other equity-compensation awards in
connection with 

  

 4 

	 	 
a merger or acquisition, as permitted by NYSE Listed Company Manual Section 303A.08 or any successor provision, shall not reduce the number of shares
available for issuance under the Plan. 

  

	 	(b)	Code Section 162(m) Limitations on Awards. Subject to the provisions of Section 15 relating to capitalization adjustments, in the case of any Award intended to
comply with Code Section 162(m), no Employee or Director shall be eligible to be granted in any calendar year (i) one or more Options or Stock Appreciation Rights which in the aggregate cover more than ten million (10,000,000) shares
of Common Stock or (ii) one or more Restricted Stock Grants or awards of Restricted Stock Units which in the aggregate cover the cash value equivalent of more than ten million (10,000,000) shares of Common Stock, measured as of the
Date of Grant, less $0.01 par value per share of Common Stock. To the extent required by Code Section 162(m), in applying the foregoing limitation with respect to an Employee or Director, if any Option, Stock Appreciation Right, Restricted
Stock Grant or Restricted Stock Unit (in each case which is intended to comply with Code Section 162(m)) is canceled, the canceled Award shall continue to count against the maximum number of shares of Common Stock, or the value thereof, if
applicable, with respect to which an Award may be granted to an Employee or Director. 

  

	 	(c)	Stockholder Rights. Except for Restricted Stock Grants, the Participant will have no rights of a stockholder with respect to the shares of Common Stock subject to an Award
except to the extent that the Company has issued certificates for, or otherwise confirmed ownership of, such shares upon the exercise or, as applicable, the grant or nonforfeitability, of an Award. No adjustment will be made for a dividend or other
right for which the record date precedes the date of exercise or nonforfeitability, as applicable. 

  

	 	(d)	Fractional Shares. The Company will not issue fractional shares of Common Stock pursuant to the exercise or vesting of an Award. Any fractional share will be rounded up and
issued to the Participant in a whole share. 

  

	6.	Terms and Conditions of Options. 

  

	 	(a)	General. Options granted to Employees, Consultants, and Directors are not intended to qualify as Incentive Stock Options. Other than as provided under Section 15 below
and except in connection with a merger, acquisition, spinoff, or other similar corporate transaction, the Administrator may not reduce the Exercise Price of any outstanding Option or cancel and re-grant any outstanding Option under the Plan with a
lower exercise price unless the Company’s shareholders have approved such action within twelve (12) months prior to such event. Subject to the foregoing, the Administrator may set whatever conditions it considers appropriate for the
Options, including time-based and/or performance-based vesting conditions. 

  

	 	(b)	Exercise Price. The Administrator will determine the Exercise Price under each Option and may set the Exercise Price without regard to the Exercise Price of any other Options
granted at the same or any other time. The Exercise Price per share for the Options may not be less than 100% of the Fair Market Value of a share of Common Stock on the Date of Grant, except where a lower Exercise Price is required to comply with
Code Section 409A in the event of an Option substitution, as contemplated by Section 4(e) above, or as provided under Section 15 below. The Company may use the consideration it receives from the Optionee for general corporate
purposes. 

  

	 	(c)	Exercisability. The Administrator will determine the times and conditions for exercise of each Option but may not extend the period for exercise of an Option beyond the tenth
anniversary of its Date of Grant. Options will become exercisable at such times and in such manner as the Administrator determines; provided, however, that the Administrator may, on such terms and conditions as it determines appropriate, accelerate
the time at which the Optionee may exercise any portion of an Option. If the Administrator does not specify otherwise at the Date of Grant, Options for Employees will become exercisable as to one-fifth of the covered shares of Common Stock on each
of the first five anniversaries of the Date of Grant, and Options for Eligible Directors will be exercisable in full as of the Date of Grant. 

  

 5 

 No portion of an Option that is unexercisable at an Optionee’s termination of employment (for any
reason other than Retirement) will thereafter become exercisable, unless the Administrator determines otherwise, either initially or by amendment. In the event the Participant reaches age sixty-five (65) while employed, irrespective of whether
the Participant then retires, all time-based vesting conditions on outstanding Options will be deemed satisfied in full and the Options shall become fully vested once it has been determined that any performance-based vesting conditions or
Performance Objectives have been satisfied. 
  

	 	(d)	Method of Exercise. To exercise any exercisable portion of an Option, the Optionee must: 

  

	 	(i)	Deliver a written notice of exercise to the Secretary of the Company (or to whomever the Administrator designates), in a form complying with any rules the Administrator may issue
and specifying the number of shares of Common Stock underlying the portion of the Option the Optionee is exercising; 

  

	 	(ii)	Pay the full Exercise Price by cashier’s or certified check for the shares of Common Stock with respect to which the Option is being exercised, unless the Administrator
consents to another form of payment (which could include the use of Common Stock); and 

  

	 	(iii)	Deliver to the Secretary of the Company (or to whomever the Administrator designates) such representations and documents as the Administrator, in its sole discretion, may consider
necessary or advisable. 

 Payment in full of the Exercise Price need not accompany the written notice of exercise provided the
notice directs that the shares of Common Stock issued upon the exercise be delivered, either in certificate form or in book entry form, to a licensed broker acceptable to the Company as the agent for the individual exercising the Option and at the
time the shares are delivered to the broker, either in certificate form or in book entry form, the broker will tender to the Company cash or cash equivalents acceptable to the Company and equal to the Exercise Price. 
 The Administrator may agree to payment through the tender to the Company of shares of Common Stock. Shares of Common Stock offered as payment will be
valued, for purposes of determining the extent to which the Optionee has paid the Exercise Price, at their Fair Market Value on the date of exercise. The Administrator may also, in its discretion, accept attestation of ownership of Common Stock and
issue a net number of shares upon Option exercise. 
  

	 	(e)	Term. No one may exercise an Option more than ten years after its Date of Grant. 

  

	7.	Terms and Conditions of Stock Appreciation Rights. 

  

	 	(a)	General. A SAR represents the right to receive a payment, in cash, shares of Common Stock or both (as determined by the Administrator), equal to the excess of the Fair Market
Value on the date the SAR is exercised over the SAR’s Exercise Price, if any. The Administrator shall be subject to the same limitations on the reduction of an SAR Exercise Price as is applicable to the reduction of the Exercise Price of an
Option under Section 6(a). 

  

	 	(b)	Exercise Price. The Administrator will establish in its sole discretion the Exercise Price of a SAR and all other applicable terms and conditions, including time-based and/or
performance-based vesting conditions. The Exercise Price for the SAR may not be less than 100% of the Fair Market Value of a share of Common Stock on the Date of Grant. 

  

	 	(c)	Exercisability. The Administrator will determine the times and conditions for exercise of each SAR but may not extend the period for exercise of a SAR beyond the tenth
anniversary of its Date of Grant. SARs will become exercisable at such times and in such manner as the Administrator determines; provided, however, that the Administrator may, on such terms and conditions as it determines appropriate, accelerate the
time at which the Participant may exercise any portion of a SAR. If the Administrator does not specify otherwise, SARs will become exercisable as to one-fifth of the covered shares of Common Stock on each of the first five anniversaries of the Date
of Grant. 

  

 6 

	 	    	No portion of a SAR that is unexercisable at a Participant’s termination of employment (for any reason other than Retirement) will thereafter become exercisable, unless the
Administrator determines otherwise, either initially or by amendment. In the event the Participant reaches age sixty-five (65) while employed, irrespective of whether the Participant then retires, all time-based vesting conditions on
outstanding SARs will be deemed satisfied in full and the SARs shall become fully vested once it has been determined that any performance-based vesting conditions or Performance Objectives have been satisfied. 

  

	 	(d)	Term. No one may exercise a SAR more than ten years after its Date of Grant. 

  

	8.	Terms and Conditions of Restricted Stock Grants. 

  

	 	(a)	General. A Restricted Stock Grant is a direct grant of Common Stock, subject to restrictions and vesting conditions, including time-based vesting conditions and/or the
attainment of performance-based vesting conditions or Performance Objectives, as determined by the Administrator and, with regard to Performance Objectives, determined and certified by the Committee (as described in Section 4(b) of the Plan).
The Company shall issue the shares to each Recipient of a Restricted Stock Grant either (i) in certificate form or (ii) in book entry form, registered in the name of the Recipient, with legends or notations, as applicable, referring to the
terms, conditions, and restrictions applicable to the Award; provided that the Company may require that any stock certificates evidencing Restricted Stock Grants be held in the custody of the Company or its agent until the restrictions thereon shall
have lapsed, and that, as a condition of any Restricted Stock Grant, the Participant shall have delivered a stock power, endorsed in blank, relating to the shares of Common Stock covered by such Award. 

  

	 	(b)	Purchase Price. The Administrator may satisfy any Delaware corporate law requirements regarding adequate consideration for Restricted Stock Grants by (i) issuing Common
Stock held as treasury stock or repurchased on the open market or (ii) charging the Recipients at least the par value for the shares of Common Stock covered by the Restricted Stock Grant. 

  

	 	(c)	Lapse of Restrictions. The shares of Common Stock underlying such Restricted Stock Grants will become nonforfeitable at such times and in such manner as the Administrator
determines; provided, however, that, except with respect to Awards the Committee designates as covered by Performance Objectives for purposes of Code Section 162(m), the Administrator may, on such terms and conditions as it determines
appropriate, accelerate the time at which restrictions or other conditions on such Restricted Stock Grants will lapse. If the Administrator does not specify otherwise, any time-based vesting restrictions on Restricted Stock Grants will lapse as to
one-half of the covered shares of Common Stock on each of the fourth and fifth anniversaries of the Date of Grant. However, in the event the Participant reaches age sixty-five (65) while employed, irrespective of whether the Participant then
retires, all time-based vesting conditions on outstanding Restricted Stock Grants will be deemed satisfied in full and the Award shall become fully vested once it has been determined that any performance-based vesting conditions or Performance
Objectives have been satisfied. Unless otherwise specified by the Administrator or by the Committee described in Section 4(b) of the Plan, any performance-based vesting conditions or Performance Objectives must be satisfied, if at all, prior to
the 10th anniversary of the Date of Grant. Restricted Stock Grants shall be subject to a minimum vesting schedule of not less than three (3) years for non-performance-based awards, and not less than one (1) year for performance-based
awards; provided, however, that up to five percent (5%) of the shares authorized for grant under this Plan may be issued without regard to the foregoing minimum vesting periods; and provided further that the Administrator may waive the
restrictions set forth in this sentence in its discretion in the event of death, Disability, Retirement or a Substantial Corporate Change. 

  

	 	(d)	Rights as a Stockholder. A Recipient who is awarded a Restricted Stock Grant under the Plan shall have the same voting, dividend and other rights as the Company’s other
stockholders. After the lapse of the restrictions without forfeiture in respect of the Restricted Stock Grant, the Company shall remove any legends or notations referring to the terms, conditions and restrictions on such shares of Common Stock and,
if certificated, deliver to the Participant the certificate or certificates evidencing the number of such shares of Common Stock. 

  

 7 

	9.	Terms and Conditions of Restricted Stock Units. 

  

	 	(a)	General. RSUs shall be credited as a bookkeeping entry in the name of the Employee or Eligible Director in an account maintained by the Company. No shares of Common Stock are
actually issued to the Participant in respect of RSUs on the Date of Grant. Shares of Common Stock shall be issuable to the Participant only upon the lapse of such restrictions and satisfaction of such vesting conditions, including time-based
vesting conditions and/or the attainment of performance-based vesting conditions or Performance Objectives, as determined by the Administrator, or in the case of Performance Objectives, determined and certified by the Committee (as described in
Section 4(b) of the Plan). 

  

	 	(b)	Purchase Price. The Administrator may satisfy any Delaware corporate law requirements regarding adequate consideration for RSUs by (i) issuing Common Stock held as
treasury stock or repurchased on the open market or (ii) charging the Recipients at least the par value for the shares of Common Stock covered by the RSUs. 

  

	 	(c)	Lapse of Restrictions. RSUs will vest and the underlying shares of Common Stock will become nonforfeitable at such times and in such manner as the Administrator determines;
provided, however, that, except with respect to Awards the Committee designates as covered by Performance Objectives for purposes of complying with Code Section 162(m), the Administrator may, on such terms and conditions as it determines
appropriate, accelerate the time at which restrictions or other conditions on such RSUs will lapse. If the Administrator does not specify otherwise, any time-based vesting restrictions on RSUs will lapse as to one-half of the covered shares of
Common Stock on each of the fourth and fifth anniversaries of the Date of Grant. However, in the event the Participant reaches age sixty-five (65) while employed, irrespective of whether the Participant then retires, all time-based vesting
conditions on outstanding RSUs will be deemed satisfied in full and the Award shall become fully vested once it has been determined that any performance-based vesting conditions or Performance Objectives have been satisfied. Unless otherwise
specified by the Administrator or by the Committee described in Section 4(b) of the Plan, any performance-based vesting conditions or Performance Objectives must be satisfied, if at all, prior to the 10th anniversary of the Date of Grant. RSUs
shall be subject to a minimum vesting schedule of not less than three (3) years for non-performance-based awards, and not less than one (1) year for performance-based awards; provided, however, that up to five percent (5%) of the
shares authorized for grant under this Plan may be issued without regard to the foregoing minimum vesting periods; and provided further that the Administrator may waive the restrictions set forth in this sentence in its discretion in the event of
death, Disability, Retirement or a Substantial Corporate Change. 

  

	 	(d)	Rights as a Stockholder. A Recipient who is awarded RSUs under the Plan shall possess no incidents of ownership with respect to the underlying shares of Common Stock.

  

	10.	Terms and Conditions of Other Stock-Based Awards. The Administrator may grant Other Stock-Based Awards that are denominated in, valued in whole or in part by reference to, or
otherwise based on or related to, Common Stock. The purchase, exercise, exchange or conversion of Other Stock-Based Awards and all other terms and conditions applicable to such Awards will be determined by the Administrator in its sole discretion.

  

	11.	 Termination of Employment. Unless the Administrator determines otherwise, the following rules shall govern the vesting, exercisability and term of
outstanding Awards held by a Participant in the event of termination of such Participant’s employment, where termination of employment means the time when the active employer-employee or other active service-providing relationship between the
Participant and the Company or an Eligible Subsidiary ends for any reason, including Retirement. For purposes of Awards granted under this Plan, the Administrator shall have discretion to determine whether a Participant has ceased to be actively
employed by (or, in the case of a Consultant or Director, has ceased actively providing services to) the Company or Eligible Subsidiary, and the effective date on which such active employment (or active service-providing relationship) terminated.
For the avoidance of doubt, a Participant’s active employer-employee or other active service-providing relationship shall not be extended by any notice period 

  

 8 

	 	 
mandated under local law (e.g., active employment shall not include a period of “garden leave”, paid administrative leave or similar period
pursuant to local law), and in the event of a Participant’s termination of employment (whether or not in breach of local labor laws), Participant’s right to exercise any Option or SAR after termination of employment, if any, shall be
measured by the date of termination of active employment or service and shall not be extended by any notice period mandated under local law. Unless the Administrator provides otherwise (1) termination of employment will include instances in
which a common law employee is terminated and immediately rehired as an independent contractor, and (2) the spin-off, sale, or disposition of a Participant’s employer from the Company or an Eligible Subsidiary (whether by transfer of
shares, assets or otherwise) shall constitute a termination of employment or service. 

  

	 	(a)	General. Upon termination of employment for any reason other than for death or Retirement, all unvested portions of any outstanding Awards shall be immediately forfeited
without consideration. The vested portion of any outstanding RSUs or Other Stock-Based Awards shall be settled upon termination and, except as set forth in subsections (b) – (g) below, the Participant shall have a period of ninety
(90) days, commencing with the date the Participant is no longer actively employed, to exercise the vested portion of any outstanding Options or SARs, subject to the term of the Option or SAR; provided, however, that if the exercise of an
Option or SAR following termination of employment (to the extent such post-termination exercise is permitted under Section 11(a) of this Plan) is not covered by an effective registration statement on file with the U.S. Securities and Exchange
Commission, then the Option or SAR shall terminate upon the later of (i) thirty (30) days after such exercise becomes covered by an effective registration statement, or (ii) the end of the original 90 day period; provided, however,
that in no event may an Option or SAR be exercised after the expiration of the term of the Award. 

  

	 	(b)	Retirement. Upon termination of employment by reason of the Participant’s Retirement (Early Retirement or Normal Retirement) and unless contrary to applicable law:

  

	 	(i)	Acceleration of Time-Based Vesting upon Age Sixty-Five (65). As set forth in Sections 6(c), 7(c), 8(c) and 9(c), in the event the Participant reaches age sixty-five
(65) while, employed, irrespective of whether the Participant then retires, any time-based vesting conditions on any outstanding Awards will be deemed satisfied in full. 

  

	 	(ii)	Acceleration of Time-Based Vesting for RSUs and Restricted Stock Grants upon Early Retirement. Unless otherwise provided by the Administrator, in the event of a
Participant’s Early Retirement, the time-based vesting of any portion of any RSU or Restricted Stock Grant scheduled to vest during the five-year period immediately following such Early Retirement shall be accelerated, and any portion of such
Award subject to time-based vesting conditions not scheduled to vest until after the fifth anniversary of such Early Retirement shall be forfeited. For the avoidance of doubt, unless otherwise provided by the Administrator the terms set forth in
this 11(b)(ii) shall not apply to any Award other than RSUs and Restricted Stock Grants. 

  

	 	(iii)	Survival of Options and SARs. Subject to the term of the Award, any Options or SARs held by the Participant will remain outstanding, continue to vest and may be exercised
until the fifth anniversary of Retirement (or if earlier, the termination date of the Award). 

  

	 	(iv)	Survival to Determine Satisfaction of Performance Conditions. If any performance-based vesting conditions or Performance Objectives remain unsatisfied as of the Retirement
date, the Award shall remain outstanding for up to five years after such date (or, if earlier, up to the termination date of the Award) to determine whether such conditions or objectives become satisfied and the Award shall become fully vested once
it has been determined that such conditions or objectives have been satisfied within the applicable period (at which point, the vested shares of Common Stock will be delivered to the Participant). The Administrator shall have discretion to
accelerate the vesting of all or a portion of such performance-based vesting conditions or Performance Objectives, except with respect to Awards the Committee designates as covered by Performance Objectives for purposes of complying with Code
Section 162(m). 

  

 9 

	 	(c)	Death. Upon termination of employment by reason of the Participant’s death: 

  

	 	(i)	All unexpired Options and SARs will become fully exercisable and, subject to the term of the Option or SAR, may be exercised for a period of twelve months thereafter by the personal
representative of the Participant’s estate or any other person to whom the Option or SAR is transferred under a will or under the applicable laws of descent and distribution. 

  

	 	(ii)	A portion of the outstanding RSUs and Restricted Stock Grants shall become vested which will be determined as follows. With respect to each portion of an Award of RSUs or Restricted
Stock Grant that is scheduled to vest on a particular vesting date, upon the Participant’s death, a pro rata amount of the RSUs or the Restricted Stock Grant will vest based on the number of complete twelve-month periods between the Date of
Grant and the date of death, (provided that any partial twelve-month period between the Date of Grant and the date of death shall also be considered a complete twelve-month period for purposes of this pro-ration methodology), divided by the total
number of twelve-month periods between the Date of Grant and the particular, scheduled vesting date. Any fractional right to a share of Common Stock that results from applying the pro rata methodology described herein shall be rounded up to a right
to a whole share. Notwithstanding anything in the Plan to the contrary, unless otherwise provided by the Administrator, this acceleration of the vesting will also apply to any RSUs or Restricted Stock Grants the Committee has designated as covered
by Performance Objectives for purposes of complying with Code Section 162(m). 

  

	 	(iii)	With respect to any Award other than an Option, SAR, RSU or Restricted Stock Grant, all unvested portions of the Award shall be immediately forfeited without consideration, unless
otherwise provided by the Administrator. 

  

	 	(d)	Disability. Upon termination of employment by reason of the Participant’s Disability, all unvested portions of any outstanding Awards shall be immediately forfeited
without consideration. The vested portion of any Option or SAR will remain outstanding and, subject to the term of the Option or SAR, may be exercised by the Participant at any time until the first anniversary of the Participant’s termination
of employment for Disability. The vested portion of any Award other than an Option or SAR shall be settled upon termination of employment. 

  

	 	(e)	Gross Misconduct. Upon termination of employment by reason of the Participant’s Gross Misconduct, as determined by the Administrator, all unexercised Options and SARs,
unvested portions of RSUs, unvested portions of Restricted Stock Grants and any Other Stock-Based Awards granted under the Plan shall terminate and be forfeited immediately without consideration. 

  

	 	(f)	Post-Termination Covenants. Notwithstanding any other provision in the Plan, to the extent any Award may remain outstanding under the terms of the Plan after termination of
the Participant’s employment, the Award will nevertheless expire as of the date that the former Employee or Director violates any covenant not to compete or any other post-employment covenant (including without limitation any nonsolicitation,
nonpiracy of employees, nondisclosure, nondisparagement, works-made-for-hire or similar covenants) in effect between the Company and any Subsidiary thereof, on the one hand, and the former Employee or Director on the other hand, as determined by the
Administrator. 

  

	 	(g)	 Leave of Absence. The active employer-employee or other active service-providing relationship between the Participant and the Company or an Eligible
Subsidiary shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; or (iii) any other leave of absence, in each case to the extent approved by the Administrator. For the avoidance of doubt, the
Administrator, in its sole discretion, may determine that a Participant’s leave of absence to complete a course of study will not constitute termination of employment for purposes of the Plan. Further, during any approved leave of absence, the
Administrator shall have discretion to provide that the vesting of any Awards held by the Participant shall be frozen as of the first day of the leave and shall not resume until and unless the Participant returns to active employment prior to the
expiration of the term (if any) of the Awards, subject to any requirements of applicable laws or contract. The Administrator, in its sole discretion, 

  

 10 

	 	 
will determine all questions of whether particular terminations or leaves of absence are terminations of active employment or service.

  

	12.	Award Certificates. The Administrator will communicate the material terms and conditions of an Award to the Participant in any form it deems appropriate, which may include
the use of an Award Certificate and/or an Award agreement that the Administrator may require the Participant to sign. To the extent the Award Certificate or Award agreement is inconsistent with the Plan, the Plan will govern. The Award Certificates
or Award agreements may contain special rules, particularly for Participants located outside the United States. To the extent the Administrator determines not to document the terms and conditions of an Award in an Award Certificate or Award
agreement, the terms and conditions of the Award shall be as set forth in the Plan and in the Administrator’s records. 

  

	13.	Award Holder. During the Participant’s lifetime and except as provided under Section 21 below, only the Participant or his/her duly appointed guardian or personal
representative may exercise or hold an Award (other than nonforfeitable shares of Common Stock). After the Participant’s death, the personal representative of his or her estate or any other person authorized under a will or under the laws of
descent and distribution may exercise any then exercisable portion of an Award or hold any then nonforfeitable portion of any Award. If someone other than the original Participant seeks to exercise or hold any portion of an Award, the Administrator
may request such proof as it may consider necessary or appropriate of the person’s right to exercise or hold the Award. 

  

	14.	Performance Rules. 

  

	 	(a)	General. Subject to the terms of the Plan, the Committee will have the authority to establish and administer performance-based grant and/or vesting conditions and Performance
Objectives with respect to such Awards as it considers appropriate, which Performance Objectives must be satisfied, as the Committee specifies, before the Participant receives or retains an Award or before the Award becomes nonforfeitable. Where
such Awards are granted to Covered Employees, the Committee (as described in Section 4(b) of the Plan) may designate the Awards as subject to the requirements of Code Section 162(m), in which case the provisions of the Awards are intended
to conform with all provisions of Code Section 162(m) to the extent necessary to allow the Company to claim a Federal income tax deduction for the Awards as “qualified performance based compensation.” However, the Committee retains
the discretion to grant Awards that do not so qualify and to determine the terms and conditions of such Awards including the Performance Objectives or other performance-based vesting conditions that shall apply to such Awards. Notwithstanding
satisfaction of applicable Performance Objectives, to the extent specified on the Date of Grant, the number of shares of Common Stock or other benefits received under an Award that are otherwise earned upon satisfaction of such Performance
Objectives may be reduced by the Committee (but not increased) on the basis of such further considerations that the Committee in its sole discretion shall determine. No Award subject to Code Section 162(m) shall be granted or vest, as
applicable, unless and until the date that the Committee has certified, in the manner prescribed by Code Section 162(m), the extent to which the Performance Objectives for the Performance Period have been attained and has made its decisions
regarding the extent, if any, of a reduction of such Award. 

  

	 	(b)	Performance Objectives. Performance Objectives will be based on one or more of the following performance-based measures determined based on the Company and its Subsidiaries
on a group-wide basis or on the basis of Subsidiary, business platform, or operating unit results: (i) earnings per share (on a fully diluted or other basis), (ii) pretax or after tax net income, (iii) operating income,
(iv) gross revenue, (v) profit margin, (vi) stock price targets or stock price maintenance, (vi) working capital, (vii) free cash flow, (viii) cash flow, (ix) return on equity, (x) return on capital or return
on invested capital, (xi) earnings before interest, taxes, depreciation, and amortization (EBITDA), (xii) strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market penetration, geographic
business expansion goals, cost targets, or objective goals relating to acquisitions or divestitures, or (xiv) any combination of these measures. 

  

 11 

 The Committee shall determine whether such Performance Objectives are attained, and such determination
will be final and conclusive. Each Performance Objective may be expressed in absolute and/or relative terms, may be based on or use comparisons with internal targets, the past performance of the Company (including the performance of one or more
Subsidiaries, divisions, business platforms, and/or operating units) and/or the past or current performance of other companies. In the case of earnings-based measures, Performance Objectives may use comparisons relating to capital (including, but
not limited to, the cost of capital), shareholders’ equity and/or shares outstanding, or to assets or net assets. 
 For Awards intended
to comply with Code Section 162(m), the measures used in setting Performance Objectives under the Plan for any given Performance Period will, to the extent applicable, be determined in accordance with generally accepted accounting principles
(“GAAP”) and in a manner consistent with the methods used in the Company’s audited financial statements, without regard to (1) extraordinary or nonrecurring items in accordance with GAAP, (2) the impact of any change in
accounting principles that occurs during the Performance Period (or that occurred during any period that the Performance Period is being compared to) and the cumulative effect thereof (provided that the Committee may either apply the changed
accounting principle to all periods referenced in the Award, or exclude the changed accounting principle from all periods referenced in the Award), (3) goodwill and other intangible impairment charges, (4) gains or charges associated with
discontinued operations or restructuring activities, (5) gains or charges related to the sale or impairment of assets, (6) all charges directly related to acquisitions, including all contingent liabilities identified as of the acquisition
date, (7) the impact of any change in tax law that occurs during the Performance Period (or that occurred during any period that the Performance Period is being compared to) which exceeds $10 million, and (8) other objective income,
expense, asset, and/or cash flow adjustments as may be consistent with the purposes of the Performance Objectives set for the given Performance Period and specified by the Committee within the Applicable Period, unless in each case the Committee
decides otherwise within the Applicable Period; provided, that with respect to the gains and charges referred to in sections (3) through (6), only gains or charges that individually or as part of a series of related items exceed $10 million are
excluded. In addition to the Performance Objectives established for any Award that is intended to comply with Code Section 162(m) and any time-based vesting provisions that may apply to such Award, any Award that is intended to comply with Code
Section 162(m) shall not vest under its terms unless the Company has first achieved four consecutive fiscal quarters of positive net income during the period between the grant date and the tenth anniversary of the grant date and the
Administrator has certified that such performance has been satisfied. 
  

	15.	Adjustments upon Changes in Capital Stock. Subject to any required action by the Company (which it shall promptly take) or its stockholders, and subject to the provisions of
applicable corporate law, if, after the Date of Grant of an Award, the outstanding shares of Common Stock increase or decrease or change into or are exchanged for a different number or kind of security by reason of any recapitalization,
reclassification, stock split, reverse stock split, combination of shares, exchange of shares, stock dividend, or other distribution payable in capital stock, or some other increase or decrease in such Common Stock occurs without the Company’s
receiving consideration, the Administrator will make a proportionate and appropriate adjustment in the following in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan:
(a) the number of shares of Common Stock underlying each outstanding Award; (b) the number of shares of Common Stock which thereafter may be made the subject of Awards including the limit specified in Section 5(a) regarding the number
of shares available for Awards granted in any form other than Options or SARs; and (c) the number and type of shares of Common Stock specified as the annual per-Participant limitation under Section 5(b). Unless the Administrator determines
another method would be appropriate, any such adjustment to an Option or SAR will not change the total price with respect to shares of Common Stock underlying the unexercised portion of an Option or SAR but will include a corresponding proportionate
adjustment in the Option’s or SAR’s Exercise Price. 

  

 12 

 In the event of a declaration of an extraordinary dividend on the Common Stock payable in a form other
than Common Stock in an amount that has a material effect on the price of the Common Stock, the Administrator shall make such adjustments as it, in its sole discretion, deems appropriate to the items set forth in subsections (a) –
(c) in the preceding paragraph. 
 Any issue by the Company of any class of preferred stock, or securities convertible into shares of
common or preferred stock of any class, will not affect, and no adjustment by reason thereof will be made with respect to, the number of shares of Common Stock subject to any Award or the Exercise Price except as this Section 15 specifically
provides. The grant of an Award under the Plan will not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge or to consolidate, or to
dissolve, liquidate, sell, or transfer all or any part of its business or assets. 
  

	16.	Substantial Corporate Change. 

  

	 	(a)	Definition. A Substantial Corporate Change means the consummation of: 

  

	 	(i)	the dissolution or liquidation of the Company; or 

  

	 	(ii)	the merger, consolidation, or reorganization of the Company with one or more corporations, limited liability companies, partnerships or other entities in which the Company is not
the surviving entity (other than a merger, consolidation or reorganization which would result in the voting securities of the Company outstanding immediately prior to such event continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger, consolidation or reorganization and with the power to
elect at least a majority of the board of directors or other governing body of such surviving entity); or 

  

	 	(iii)	the sale of all or substantially all of the assets of the Company to another person or entity; or 

  

	 	(iv)	any transaction (including a merger or reorganization in which the Company survives) approved by the Board that results in any person or entity (other than any affiliate of the
Company as defined in Rule 144(a)(1) under the Securities Act) owning 100% of the combined voting power of all classes of stock of the Company. 

  

	 	(b)	Treatment of Awards. Upon a Substantial Corporate Change, the Plan and any forfeitable portions of the Awards will terminate unless provision is made in writing in connection
with such transaction for the assumption or continuation of outstanding Awards, or the substitution for such Awards of any options or grants covering the stock or securities of a successor employer corporation, or a parent or subsidiary of such
successor, with appropriate adjustments as to the number and kind of shares of stock and prices, in which event the Awards will continue in the manner and under the terms so provided. Unless the Board determines otherwise, if an Award would
otherwise terminate pursuant to the preceding sentence, the Administrator will either: 

  

	 	(i)	provide that Optionees or holders of SARs will have the right, at such time before the consummation of the transaction causing such termination as the Board reasonably designates,
to exercise any unexercised portions of an Option or SAR, whether or not they had previously become exercisable; or 

  

	 	(ii)	for any Awards, cause the Company, or agree to allow the successor, to cancel each Award after payment to the Participant of an amount in cash, cash equivalents, or successor equity
interests substantially equal to the Fair Market Value under the transaction (minus, for Options and SARs, the Exercise Price for the shares covered by the Option or SAR (and for any Awards, where the Board or the Administrator determines it is
appropriate, any required tax withholdings)). 

  

 13 

	17.	Employees Outside the United States. To comply with the laws in other countries in which the Company or any of its Subsidiaries operates or has Employees, the Administrator,
in its sole discretion, shall have the power and authority to: 

  

	 	(a)	Determine which Subsidiaries shall be covered by the Plan; 

  

	 	(b)	Determine which Employees outside the United States are eligible to participate in the Plan; 

  

	 	(c)	Modify the terms and conditions of any Award granted to Employees outside the United States; 

  

	 	(d)	Establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable; and 

  

	 	(e)	Take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any applicable government regulatory exemptions or
approvals.

 Although in establishing such sub-plans, terms or procedures, the Company may endeavor to (i) qualify an Award
for favorable foreign tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company
shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan. 
  

	18.	Legal compliance. The granting of Awards and the issuance of shares of Common Stock under the Plan shall be subject to compliance with all applicable requirements imposed by
federal, state, local and foreign securities laws and other laws, rules, and regulations, and by any applicable regulatory agencies or stock exchanges. The Company shall have no obligation to issue shares of Common Stock issuable under the Plan or
deliver evidence of title for shares of Common Stock issued under the Plan prior to obtaining any approvals from governmental agencies that the Company determines are necessary, and completion of any registration or other qualification of the shares
of Common Stock under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary. To that end, the Company may require the Participant to take any reasonable action to comply with such
requirements before issuing such shares of Common Stock. No provision in the Plan or action taken under it authorizes any action that is otherwise prohibited by federal, state, local or foreign laws, rules, or regulations, or by any applicable
regulatory agencies or stock exchanges. 

 The Plan is intended to conform to the extent necessary with all provisions of the
Securities Act and the Exchange Act and all regulations and rules the U.S. Securities and Exchange Commission issues under those laws. Notwithstanding anything in the Plan to the contrary, the Administrator must administer the Plan, and Awards may
be granted, vested and exercised, only in a way that conforms to such laws, rules, and regulations. 
  

	19.	Purchase for Investment and Other Restrictions. Unless a registration statement under the Securities Act covers the shares of Common Stock a Participant receives under an
Award, the Administrator may require, at the time of such grant and/or exercise and/or lapse of restrictions, that the Participant agree in writing to acquire such shares for investment and not for public resale or distribution, unless and until the
shares subject to the Award are registered under the Securities Act. Unless the shares of Common Stock are registered under the Securities Act, the Participant must acknowledge: 

  

	 	(a)	that the shares of Common Stock received under the Award are not so registered; 

  

	 	(b)	that the Participant may not sell or otherwise transfer the shares of Common Stock unless the shares have been registered under the Securities Act in connection with the sale or
transfer thereof, or counsel satisfactory to the Company has issued an opinion satisfactory to the Company that the sale or other transfer of such shares is exempt from registration under the Securities Act; and 

  

	 	(c)	such sale or transfer complies with all other applicable laws, rules, and regulations, including all applicable federal, state, local and foreign securities laws, rules and
regulations. 

  

 14 

 Additionally, the Common Stock, when issued under an Award, will be subject to any other transfer
restrictions, rights of first refusal, and rights of repurchase set forth in or incorporated by reference into other applicable documents, including the Company’s articles or certificate of incorporation, by-laws, or generally applicable
stockholders’ agreements. 
 The Administrator may, in its sole discretion, take whatever additional actions it deems appropriate to
comply with such restrictions and applicable laws, including placing legends on certificates and issuing stop-transfer orders to transfer agents and registrars. 
  

	20.	Tax Withholding. The Participant must satisfy all applicable Federal, state, local and, if applicable, foreign income and employment tax and social insurance withholding
requirements before the Company will deliver stock certificates or otherwise recognize ownership or nonforfeitability under an Award. The Company may decide to satisfy the withholding obligations through additional withholding on salary or wages. If
the Company does not or cannot withhold from the Participant’s compensation, the Participant must pay the Company, with a cashier’s check or certified check, the full amounts required for withholding. Payment of withholding obligations is
due at the same time as is payment of the Exercise Price or lapse of restrictions, as applicable. If the Administrator so determines, the Participant may instead satisfy the withholding obligations (a) by directing the Company to retain shares
of Common Stock from the Option exercise or release of the Award, (b) by directing the Company to sell or arrange for the sale of shares of Common Stock that the Participant acquires at the Option exercise or release of the Award, (c) by
tendering previously owned shares of Common Stock, (d) by attesting to his ownership of shares of Common Stock (with the distribution of net shares), or (e) by having a broker tender to the Company cash equal to the withholding taxes,
subject in each case to a withholding of no more than the minimum applicable tax withholding rate. 

  

	21.	Transfers, Assignments or Pledges. Unless the Administrator otherwise approves in advance in writing or as set forth below, an Award may not be assigned, pledged, or
otherwise transferred in any way, whether by operation of law or otherwise or through any legal or equitable proceedings (including bankruptcy), by the Participant to any person, except by will or by operation of applicable laws of descent and
distribution. If necessary to comply with Rule 16b-3 under the Exchange Act, the Participant may not transfer or pledge shares of Common Stock acquired under an Award until at least six months have elapsed from (but excluding) the Date of
Grant, unless the Administrator approves otherwise in advance in writing. The Administrator may, in its discretion, expressly provide that a Participant may transfer his Award, without receiving consideration, to (a) members of the
Participant’s immediate family, children, grandchildren, or spouse, (b) trusts for the benefit of such family members, or (c) partnerships whose only partners are such family members. 

  

	22.	Amendment or Termination of Plan and Awards. The Board may amend, suspend, or terminate the Plan at any time, without the consent of the Participants or their beneficiaries;
provided, however, that no amendment may have a material adverse effect on any Participant or beneficiary with respect to any previously declared Award, unless the Participant’s or beneficiary’s consent is obtained. Except as required by
law or by Section 16 above in the event of a Substantial Corporate Change, the Administrator may not, without the Participant’s or beneficiary’s consent, modify the terms and conditions of an Award so as to have a material adverse
effect on the Participant or beneficiary. Notwithstanding the foregoing to the contrary, the Board reserves the right, to the extent it deems necessary or advisable in its sole discretion, to unilaterally modify the Plan and any Awards made
thereunder to ensure all Awards, Award Certificates and Award agreements provided to Participants who are U.S. taxpayers are made in such a manner that either qualifies for exemption from or complies with Code Section 409A including, but not
limited to, the ability to increase the exercise or purchase price of an Award (without the consent of the Participant) to the Fair Market Value on the date the Award was granted; provided, however that the Company makes no representations that the
Plan or any Awards will be exempt from or comply with Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to the Plan or any Award made thereunder. 

  

	23.	 Privileges of Stock Ownership. No Participant and no beneficiary or other person claiming under or through such Participant will have any right, title, or
interest in or to any shares of Common Stock allocated or 

  

 15 

	 	 
reserved under the Plan or subject to any Award except as to such shares of Common Stock, if any, that have been issued to such Participant.

  

	24.	Effect on Outstanding Options. All options outstanding under the 1998 Plan will remain subject to the terms of the 1998 Plan; provided, however, that limitations imposed on
such options by Rule 16b-3 will continue to apply only to the extent Rule 16b-3 so requires. 

  

	25.	Effect on Other Plans. Whether receiving or exercising an Award causes the Participant to accrue or receive additional benefits under any pension or other plan is governed
solely by the terms of such other plan. 

  

	26.	Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a Director, Employee, or agent of the Company or any of its Subsidiaries
shall be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with the Plan, nor shall such individual be personally liable because of any contract
or other instrument he executes in such other capacity. The Company will indemnify and hold harmless each Director, Employee, or agent of the Company or any of its Subsidiaries to whom any duty or power relating to the administration or
interpretation of the Plan has been or will be delegated, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Board’s approval) arising out of any act or omission
to act concerning this Plan unless arising out of such person’s own fraud or bad faith. 

  

	27.	No Employment Contract. Nothing contained in this Plan constitutes an employment contract between the Company and any Participant. The Plan does not give any Participant any
right to be retained in the Company’s employ, nor does it enlarge or diminish the Company’s right to terminate the Participant’s employment. 

  

	28.	Governing Law. The laws of the State of Delaware (other than its choice of law provisions) govern this Plan and its interpretation. 

  

	29.	Duration of Plan. The Plan shall become effective upon its approval by Company shareholders. Unless the Board extends the Plan’s term, the Administrator may not grant
Awards after May 15, 2017. The Plan will then terminate but will continue to govern unexercised and unexpired Awards. No additional Awards shall be granted under the Company’s 1998 Plan following the approval of the Plan by the
Company’s shareholders. 

  

	30.	Recoupment. Any Award granted under the Plan on or after March 15, 2009 is subject to the terms of the Danaher Corporation Recoupment Policy in the form approved by the
Compensation Committee of Danaher’s Board of Directors as of the date of grant (a copy of the Recoupment Policy as it exists from time to time is available on Danaher’s internal website), if and to the extent such Policy by its terms
applies to such Award. 

  

	31.	Section 409A Requirements. Notwithstanding anything to the contrary in this Plan or any Award agreement, these provisions shall apply to any payments and benefits
otherwise payable to or provided to a participant under this Plan and any Award. For purposes of Code Section 409A, each “payment” (as defined by Code Section 409A) made under this Plan or an Award shall be considered a
“separate payment.” In addition, for purposes of Code Section 409A, payments shall be deemed exempt from the definition of deferred compensation under Code Section 409A to the fullest extent possible under (i) the
“short-term deferral” exemption of Treasury Regulation § 1.409A-1(b)(4), and (ii) (with respect to amounts paid as separation pay no later than the second calendar year following the calendar year containing the
participant’s “separation from service” (as defined for purposes of Code Section 409A)) the “two years/two-times” separation pay exemption of Treasury Regulation § 1.409A-1(b)(9)(iii), which are hereby incorporated
by reference. 

 If the participant is a “specified employee” as defined in Code Section 409A (and as applied
according to procedures of the Company and its affiliates) as of his separation from service, to the extent any payment under this Plan or an Award constitutes deferred compensation (after taking into account any applicable exemptions from Code
Section 409A), and to the extent required by Code Section 409A, no payments due under this Plan or an Award may be made until the earlier of: (i) the first day of the seventh month following the participant’s separation from
service, or (ii) the participant’s date of death; provided, however, that any payments delayed during this six-month period shall be paid in the aggregate in a lump sum, without interest, on the first day of the seventh month following the
participant’s separation from service. If this Plan or any Award fails to meet the requirements of Code Section 409A, neither the Company nor any of its affiliates shall have any liability for any tax, penalty or interest imposed on the
participant by Code Section 409A, and the participant shall have no recourse against the Company or any of its affiliates for payment of any such tax, penalty or interest imposed by Code Section 409A. 
  

 16

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