Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT 

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
November 29, 2018, is entered into by and among the Lenders (as defined below) signatory hereto, BANK OF AMERICA, N.A., as administrative agent and as security trustee for the Lenders (in such capacity, “Agent”), CALLAWAY
GOLF COMPANY, a Delaware corporation (“Parent”), CALLAWAY GOLF SALES COMPANY, a California corporation (“Callaway Sales”), CALLAWAY GOLF BALL OPERATIONS, INC., a Delaware corporation
(“Callaway Operations”), OGIO INTERNATIONAL INC., a Utah corporation (“Ogio”), TRAVIS MATHEW RETAIL, LLC, a California limited liability company (“Travis Mathew Retail”),
TRAVISMATHEW, LLC, a California limited liability company (“travisMathew” and together with Parent, Callaway Sales, Callaway Operations, Ogio, and Travis Mathew Retail, collectively, “U.S. Borrowers”),
CALLAWAY GOLF CANADA LTD., a Canada corporation (“Canadian Borrower”), CALLAWAY GOLF EUROPE LTD., a company organized under the laws of England (registered number 02756321) (“U.K. Borrower” and
together with the U.S. Borrowers and the Canadian Borrower, collectively, “Borrowers”), and the other Obligors party hereto. 

RECITALS 

A.    Borrowers, the other Obligors party thereto, Agent, and the financial institutions signatory thereto from time to
time (each a “Lender” and collectively the “Lenders”) have previously entered into that certain Third Amended and Restated Loan and Security Agreement dated as of November 20, 2017 (as amended, supplemented,
restated and modified from time to time, the “Loan Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers. Terms used herein without definition shall have the meanings
ascribed to them in the Loan Agreement. 
 B.    Obligors have requested that Agent and the Required Lenders amend the
Loan Agreement, which Agent and the Required Lenders are willing to do pursuant to the terms and conditions set forth herein. 

C.    Obligors are entering into this Amendment with the understanding and agreement that, except as specifically provided
herein, none of Agent’s or any Lender’s rights or remedies as set forth in the Loan Agreement or any of the other Loan Documents are being waived or modified by the terms of this Amendment. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1.    Amendments to Loan Agreement. 

(a)    The following definition is hereby added to Section 1.1 of the Loan Agreement in its proper alphabetical order:

 Additional Collateral: as defined in Section 10.2.1(o). 

First Amendment to Third Amended and Restated Effective Date: means November 29, 2018. 

 Project Max Commitment Letter: that certain Commitment Letter, dated as of the First
Amendment to Third Amended and Restated Effective Date, by and among Parent, Bank of America, N.A. (or any of its designated affiliates), JPMorgan Chase Bank, N.A. (together with any of its designated affiliates) and any Additional Lead Arranger (as
defined therein) and any Additional Initial Lender (as defined therein) appointed in accordance with the terms thereof. 

(b)    The definition of “Leverage Ratio” in Section 1.1 of the Loan Agreement is hereby amended and
restated in its entirety as follows: 
 Leverage Ratio: means, as of any date of determination, the ratio of (a) the amount of
Funded Debt as of such date, to (b) EBITDA for the most recently ended 12-month period for which financial statements have been delivered pursuant to Section 10.1.1, in each case, determined on a consolidated basis for
Parent and its Subsidiaries. 
 (c)    Section 10.2.1(o) of the Loan Agreement is hereby amended and restated in its
entirety as follows: 
 “(o) Liens securing Debt permitted under Sections 10.2.3(q) or (s) so long:
(i) such Liens will be subject to an intercreditor agreement, in form and substance satisfactory to Agent; (ii) to the extent any such Liens are on any Collateral (as defined on the First Amendment to Third Amended and Restated Effective
Date), such Liens are subordinated to the Liens of Agent pursuant to such intercreditor agreement (provided that, in the case of any Liens securing Debt permitted under Section 10.2.3(s), any such Liens on Term Loan
Priority Intellectual Property (as defined in the Project Max Commitment Letter as in effect on the First Amendment to Third Amended and Restated Effective Date) shall be senior to the Liens of Agent hereunder and shall not be subordinated to the
Liens of Agent); and (iii) to the extent such Liens extend to Property which does not (or would not) constitute Collateral (as defined on the First Amendment to Third Amended and Restated Effective Date) (“Additional
Collateral”), at the request of the Required Lenders, the Obligors and their Subsidiaries shall execute and deliver such documents, instruments and agreements and take such other actions as Agent shall require to evidence and perfect a Lien
in favor of Agent (for the benefit of Secured Parties) on all Additional Collateral (it being understood that any such Liens held by Agent on Additional Collateral shall be junior to the Liens permitted under this
Section 10.2.1(o) as set forth in an intercreditor agreement in form and substance satisfactory to Agent); and” 

(d)    Section 10.2.3(q) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

“(q) other Debt that is not included in any of the preceding clauses of this Section so long as: (i) such Debt does not exceed
$250,000,000 in the aggregate at any one time outstanding, (ii) such Debt is not secured by a Lien, or is secured by a lien permitted by Section 10.2.1(o), (iii) such Debt has a maturity date that is at least 6 months
after the Facility Termination Date, (iv) such Debt does not have scheduled amortization in excess of 15% per year, and (v) immediately upon and after giving effect to such Debt, the Leverage Ratio is not greater than 4.5 to 1.0;”

 (e)    Section 10.2.3 of the Loan Agreement is hereby amended by (i) replacing the period and inserting “;
and” at the end of clause (r) and (ii) adding the following clause (s): 

  
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“(s) Debt (i) as described in the Project Max Commitment Letter, as may be modified by the market flex conditions referenced in the Fee Letter (as defined in the Project Max Commitment
Letter), as disclosed to Agent prior to the First Amendment to Third Amended and Restated Effective Date, so long as: (A) the aggregate outstanding principal amount of such Debt at any one time does not exceed the amount incurred in connection
with the consummation of the Acquisition (as defined in the Project Max Commitment Letter) in accordance with the terms of the Project Max Commitment Letter, less any principal payments made on account of such Debt, (B) any Liens securing such
Debt are permitted by Section 10.2.1(o), (C) such Debt has a maturity date that is at least 6 months after the Facility Termination Date; and (D) such Debt is incurred in accordance with the terms of the Project Max
Commitment Letter as in effect on the First Amendment to Third Amended and Restated Effective Date, or as amended from time to time thereafter so long as such amendments are not materially adverse to the interest of the Lenders and (ii) any
refinancings, refundings, renewals or extensions of such Debt permitted in clause (i) hereto, so long as (A) the amount of such Debt is not increased at the time of such refinancing, refunding, renewal or extension except by an amount
equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing, (B) such Debt has a maturity date that is at least 6 months after the Facility Termination Date,
(C) such Debt does not have scheduled amortization in excess of 15% per year, (D) any Liens securing such Debt are permitted by Section 10.2.1(o), and (E) upon giving effect to it, no Default or Event of
Default exists.” 
 (f)    Section 10.2.9 of the Loan Agreement is hereby amended by (i) deleting the
“and” prior to clause (iv); (ii) replacing the period and inserting “; and” at the end of clause (iv), and (iii) adding the following clause (v): 

“(v) customary restrictions with respect to Debt permitted under Section 10.2.3(s).” 

(g)    Section 10.2.10 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

“Make any (a) payments (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with
respect to any Debt which is subordinated to the Obligations (which, for the avoidance of doubt, does not include any Debt permitted under Section 10.2.3(s)), except regularly scheduled payments of principal, interest and
fees, but only to the extent permitted under any subordination agreement relating to such Debt (and a Senior Officer of Borrower Agent shall certify to Agent, not less than five Business Days prior to the date of payment, that all conditions under
such agreement have been satisfied); (b) any voluntary payments with respect to any Borrowed Money (other than the Obligations and any intercompany obligations) prior to its due date; provided, however, that the restriction set forth
in clause (b) shall not apply to: (x) any voluntary payments made to consummate a refinancing in full of the Debt permitted under Section 10.2.3(s) to the extent such refinancing is permitted under the terms of
Section 10.2.3(s); and (y) any payment if either: (A) (1) on a pro forma basis after giving effect to such payment, Net Excess Availability has been greater than an amount equal to 15% of the Maximum Facility
Amount at all times during the thirty (30) day period immediately prior to the making of such payment, (2) Net Excess Availability is greater than an amount equal to 15% of the Maximum Facility Amount after giving effect to such payment,
and (3) the Fixed Charge Coverage Ratio, on a pro forma basis after giving effect to such payment (calculated on a trailing twelve month basis recomputed for the most recent month for which financial statements have been delivered) is not less
than 1.0 to 1.0; or (B) (1) 

  
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average daily Net Excess Availability, on a pro forma basis after giving effect to such payment, has been greater than an amount equal to 20% of the Maximum Facility Amount for the ninety
(90) day period immediately prior to the making of such payment, (2) Net Excess Availability is greater than an amount equal to 20% of the Maximum Facility Amount after giving effect to such payment, and (3) no Term Loans are
outstanding at the time such payment is made.” 
 2.    Effectiveness of this Amendment. The following shall
have occurred before this Amendment is effective: 
 (a)    Amendment. Agent shall have received this Amendment,
executed by Agent, each Obligor and the Required Lenders in a sufficient number of counterparts for distribution to all parties. 

(b)    Commitment Papers. Agent shall have received fully executed copies of the Project Max Commitment Letter
described in Section 1(a) above (including the Fee Letter described therein, schedules, exhibits and annexes thereto), in each case, in form and substance reasonably satisfactory to Agent. 

(c)    Representations and Warranties. The representations and warranties set forth herein must be true and
correct. 
 (d)    No Default. No event has occurred and is continuing that constitutes an Event of Default. 

(e)    Other Required Documentation. All other documents and legal matters in connection with the transactions
contemplated by this Amendment shall have been delivered or executed or recorded and shall be in form and substance satisfactory to Agent. 

3.    Representations and Warranties. Each Obligor represents and warrants as follows: 

(a)    Authority. Each Obligor has the requisite corporate power and authority to execute and deliver this
Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended or modified hereby) to which it is a party. The execution, delivery and performance by each Obligor of this Amendment have been duly approved by all
necessary corporate action and no other corporate proceedings are necessary to consummate such transactions. 

(b)    Enforceability. This Amendment has been duly executed and delivered by each Obligor. This Amendment and each
Loan Document to which any Obligor is a party (as amended or modified hereby) is a legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and is in full force and effect. 

(c)    Representations and Warranties. The representations and warranties contained in each Loan Document to which
any Obligor is a party (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct on and as of the date hereof as though made on and as of the date hereof. 

(d)    Due Execution. The execution, delivery and performance of this Amendment are within the power of each
Obligor, have been duly authorized by all necessary corporate action, have 

  
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 received all necessary governmental approval, if any, and do not contravene any law or any contractual
restrictions binding on any Obligor. 
 (e)    No Default. No event has occurred and is continuing that
constitutes an Event of Default. 
 4.    Choice of Law. The validity of this Amendment, its construction,
interpretation and enforcement, the rights of the parties hereunder, shall be determined under, governed by, and construed in accordance with the internal laws of the State of New York, without giving effect to any conflict of law principles (but
giving effect to Section 5-1401 of the New York General Obligation Law and Federal laws relating to national banks). The consent to forum and judicial reference provisions set forth in Section 14.15 of the Loan Agreement are
hereby incorporated in this Amendment by reference. 
 5.    Counterparts. This Amendment may be executed in any
number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. Delivery of an
executed counterpart of a signature page to this Amendment by telefacsimile or a substantially similar electronic transmission shall have the same force and effect as the delivery of an original executed counterpart of this Amendment. Any party
delivering an executed counterpart of this Amendment by telefacsimile or a substantially similar electronic transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or
binding effect of such agreement. 
 6.    Reference to and Effect on the Loan Documents. 

(a)    Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereof” or words of like import
referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as modified and amended hereby. 

(b)    Except as specifically amended above, the Loan Agreement and all other Loan Documents are and shall continue to be
in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Obligors to Agent and the Lenders. 

(c)    The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate
as a waiver of any right, power or remedy of Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

(d)    To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with
any terms or conditions of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended
hereby. 
 7.    Ratification. Each Obligor hereby restates, ratifies and reaffirms each and every term and
condition set forth in the Loan Agreement, as amended hereby, and the Loan Documents effective as of the date hereof. Subject to and without limiting the foregoing, all security interests, pledges, assignments and other Liens and Guarantees
previously granted by any Obligor pursuant to the Loan Documents are hereby reaffirmed, ratified, renewed and continued, and all such security interests, pledges, assignments and other 

  
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Liens and Guarantees shall remain in full force and effect as security for the Obligations on and after the date hereof. 

8.    Estoppel. To induce Lenders to enter into this Amendment and to continue to make advances to Borrowers under
the Loan Agreement, each Obligor hereby acknowledges and agrees that, as of the date hereof, there exists no right of offset, defense, counterclaim or objection in favor of any Obligor as against Agent or any Lender with respect to the Obligations.

 9.    Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of
the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

10.    Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such
provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

[Remainder of Page Left Intentionally Blank] 

  
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 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written. 
  

			
	OBLIGORS:
	
	CALLAWAY GOLF COMPANY,
	a Delaware corporation
		
	By:	 	 /s/ Brian P. Lynch

	Name:	 	Brian P. Lynch
	Title:	 	Senior Vice President, General Counsel,
		 	Corporate Secretary and Chief Financial Officer
	
	CALLAWAY GOLF SALES COMPANY,
	a California corporation
		
	By:	 	 /s/ Jennifer L. Thomas

	Name:	 	Jennifer L. Thomas
	Title:	 	Chief Financial Officer & Treasurer
	
	CALLAWAY GOLF BALL OPERATIONS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Jennifer L. Thomas

	Name:	 	Jennifer L. Thomas
	Title:	 	Treasurer
	
	CALLAWAY GOLF CANADA LTD.,
	a Canada corporation
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Director

  

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	CALLAWAY GOLF EUROPE LTD.,
	a company organized under the laws of England and Wales
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Director
		
	By:	 	 /s/ Neil Howie

	Name:	 	Neil Howie
	Title:	 	Director
	
	CALLAWAY GOLF INTERACTIVE, INC.
	a Texas corporation
		
	By:	 	 /s/ Jennifer L. Thomas

	Name:	 	Jennifer L. Thomas
	Title:	 	Chief Financial Officer
	
	CALLAWAY GOLF INTERNATIONAL SALES COMPANY,
	a California corporation
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	President
	
	CALLAWAY GOLF EUROPEAN HOLDING COMPANY LIMITED,
	a company limited by shares incorporated under the laws of England and Wales
		
	By:	 	 /s/ Neil Howie

	Name:	 	Neil Howie
	Title:	 	Director
		
	By:	 	 /s/ Steven Gluyas

	Name:	 	Steven Gluyas
	Title:	 	Director

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	OGIO INTERNATIONAL INC.,
	a Utah corporation
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Vice President & Treasurer
	
	TRAVIS MATHEW RETAIL, LLC,
	a California limited liability company
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Treasurer
	
	TRAVISMATHEW, LLC,
	a California limited liability company
		
	By:	 	 /s/ Patrick S. Burke

	Name:	 	Patrick S. Burke
	Title:	 	Treasurer

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	AGENT AND LENDERS:
	
	BANK OF AMERICA, N.A.,
	as Agent and as a U.S. Lender
		
	By:	 	 /s/ James Fallahay

	Name:	 	James Fallahay
	Title:	 	Senior Vice President

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	BANK OF AMERICA, N.A.
	 (acting through its London branch),

as a U.K. Lender

		
	By:	 	 /s/ James Fallahay

	Name:	 	James Fallahay
	Title:	 	Senior Vice President

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	BANK OF AMERICA, N.A.
	 (acting through its Canada branch),

as a Canadian Lender

		
	By:	 	 /s/ Sylwia Durkiewicz

	Name:	 	Sylwia Durkiewicz
	Title:	 	Vice President

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	SUNTRUST BANK,
	as a U.S. Lender, a Canadian Lender and a U.K. Lender
		
	By:	 	 /s/ Dan Clubb

	Name:	 	Dan Clubb
	Title:	 	Director

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	MUFG UNION BANK N.A.,
	as a U.S. Lender, a Canadian Lender and a U.K. Lender
		
	By:	 	 /s/ Peter Ehlinger

	Name:	 	Peter Ehlinger
	Title:	 	Vice President

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	JPMORGAN CHASE BANK, N.A.,
	as a U.S. Lender
		
	By:	 	 /s/ Marshall Trenckmann

	Name:	 	Marshall Trenckmann
	Title:	 	Executive Director

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	JPMORGAN CHASE BANK, N.A., LONDON BRANCH,
	as a U.K. Lender
		
	By:	 	 /s/ Kennedy A. Capin

	Name:	 	Kennedy A. Capin
	Title:	 	Authorized Officer

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement] 

			
	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,
	as a Canadian Lender
		
	By:	 	 /s/ Auggie Marchetti

	Name:	 	Auggie Marchetti
	Title:	 	Authorized Officer

  
 [Signature Page to
First Amendment to Third Amended and Restated Loan and Security Agreement]EX-10.1

 Exhibit 10.1 
  

 
 Personal and Confidential 

 

			
	Date:	  	November 8, 2018
		
	To:	  	Vicky Creamer
		
	From:	  	Luca Savi

 Subject: Separation Memorandum 

The purpose of this Separation Memorandum (the “Memorandum”) is to confirm our understanding regarding your severance arrangements and separation
from employment with ITT Inc. and its affiliates (“ITT” or the “Company”) and summarize the effect of your separation on your benefits. The terms of this Memorandum and the ITT Severance Plan and Summary Plan Description will
govern your severance arrangements and separation. In order to receive the severance payment and certain other benefits described herein, you must execute and not revoke the attached Separation Agreement and General Release of Claims
(“Release”). 
  

	I.	 Expiration of Service 

You will continue to be employed as an active, full-time employee through January 4, 2019, (the “Separation Date”). You will be
paid your current annual base salary of $385,000 through this active service period, in accordance with the Company’s standard payroll practices, procedures and dates. In addition, subject to the terms and conditions of this Memorandum, you and
your eligible dependents will continue to participate in applicable ITT benefit plans through the Separation Date or as otherwise described herein. 
  

	II.	 Severance Arrangements 

 

	 	A.	 Severance Pay – Pursuant to the ITT Severance Plan and Summary Plan Description, following
your Separation Date, you will be eligible for severance payments in the amount of 45 weeks of your base pay on the terms of the attached Release. ITT will make these payments in the form of severance pay on the regular payroll schedule starting on
the later of the Separation Date and the date you execute this agreement and it becomes irrevocable (the “Severance Start Date”), through the Severance End Date, as defined below (such period, “Severance Period”). The last day of
the Severance Period is November 15, 2019 and shall be referred to in this Memorandum as the “Severance End Date.” You will not be entitled to receive any other pay or any other compensation from ITT in connection with the termination
of your employment from ITT, except as described in this Memorandum or in the attached Release. 

  
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 All severance payments will be subject to applicable withholdings and taxes and you are
solely responsible for all other taxes that may result from your receipt of the amounts payable to you under the Release. Neither the Company nor any of its affiliates makes or has made any representation, warranty, or guarantee of any federal,
state or local tax consequences to you of your receipt of any benefit or payment described herein. 
 In the event of your death during the
Severance Period, any remaining severance payments due to you will be paid to your estate. 
  

	 	B.	 Annual Incentive (Bonus) 

You will be eligible for your 2018 annual incentive bonus (calculated at your target percentage) from the period of January 1, 2018 to
through December 31, 2018. The actual payout amount will be determined based on both (i) the Company financial performance for 2018 and (ii) an assessment of your performance determined by your manager during 2018, Denise Ramos, at
her discretion. Your 2018 bonus will be payable in March 2019. You are not eligible for the 2019 bonus program. 
  

	 	C.	 Outplacement Services 

ITT shall pay for outplacement services with an ITT contracted outplacement service provider, or a provider of your choice, for a value of up
to $30,000 to you or the provider beginning on or about the date of execution of this Release. This service will be provided for a 12 month period from the contracted date. 

Effect of Disqualifying Conduct on Eligibility for Severance and Benefits 

For the purposes of this Memorandum, the term “disqualifying conduct” means (i) any direct violation of the ITT Code of Conduct which every
employee has been given as our expected standard of ethics and behavior; or (ii) any slander, defamation, disparagement or other conduct to intentionally injure the reputation of ITT, its subsidiaries or affiliates, or its officers, directors,
employees, agents, representatives or products. The decision as to whether you have engaged in disqualifying conduct during the Severance Period shall be determined in the sole discretion of ITT’s Senior Vice President, General Counsel and
Chief Compliance Officer. Notwithstanding anything contained in this Memorandum or in the attached Release, in the event that you engage in disqualifying conduct during the remainder of your employment with ITT, your employment may be immediately
terminated for “cause” in which case you will no longer be entitled to severance payments or other benefits covered by this Memorandum or in the Release and any equity or long-term incentive awards will be forfeited to the extent
consistent with the terms of those awards. 

  
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 ITT agrees that to this date, the Senior Vice President, General Counsel and Chief Compliance Officer is not
aware of any disqualifying conduct that has occurred. 
  

	III.	 Restricted Stock Unit Awards 

Your restricted stock unit awards will operate in accordance with the corresponding award agreement terms and your departure from the Company
will be deemed a “Separation from Service by the Company for Other than Cause.” Please see Exhibit A for a listing of your restricted stock unit awards and their treatment. 

For purposes of calculating prorated vesting, your employment period shall be deemed to continue until the Separation Date. Vesting shall occur
as of the Severance Start Date. The unvested portion of any grant will be forfeited as of the Separation Date. 
  

	IV.	 Stock Option Awards 

Your stock option awards will operate in accordance with the corresponding plan award agreement terms and your departure from the Company will
be deemed an “Other Termination by the Company.” Please see Exhibit A for a listing of your stock option awards and their treatment. 

You may exercise your stock options, until your Separation Date, to the extent they are currently exercisable or become exercisable prior to
the Separation Date (provided that no stock option shall be exercisable beyond its original full term). For purposes of calculating prorated vesting of your options and the exercise periods thereof, your employment period shall be deemed to continue
until the Separation Date. You will have the earlier of the option expiration date or three months from the Separation Date to exercise vested option grants or they will be forfeited. The unvested portion of any grants will be forfeited as of the
Separation Date. 
  

	V.	 Long-Term Incentive Plan 

You will be eligible to receive payment for your outstanding Performance Share awards granted in 2016, 2017 and 2018, following the completion
of the applicable performance period in accordance with the corresponding award agreement terms and your departure from the Company will be deemed a “Termination by the Company for Other than Cause.” Please see Exhibit A for a listing of
your long-term incentive plan awards and their treatment. 

  
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 For purposes of calculating prorated vesting, your employment period shall be deemed to
continue until the Separation Date. The unvested portion of any grant will be forfeited as of the Separation Date. 
 The ultimate value, if
any, of your outstanding performance share awards awards will be determined based on the terms of those awards and subject to approval by the Compensation and Personnel Committee of the Board of Directors. Further, the terms of the ITT 2011 Omnibus
Incentive Plan shall prevail. 
  

	VI.	 Post-Employment Purchase and Sale of ITT Stock 

After your Separation Date and the subsequent expiration of the year-end trading black-out period, which is expected to end on or about February 18, 2019, you will no longer be subject to the requirement for the prior approval before the purchase or sale of ITT stock. You may continue to
clear any transaction with respect to such stock with the Company’s legal department. You are also subject to the securities laws and ITT’s insider trading policies with regard to any transaction you effect while in possession of material non-public information regarding stock. 
  

	VII.	 Vacation 

You will receive a lump sum payment for any accrued but unused vacation for 2019. Accrued vacation will be based upon your Separation Date.
Payment, if any, will be made in a lump sum and included with your final paycheck. Any vacation time that was used but not yet accrued will be deducted from your severance payments. Please note that payment for unused vacation will not count for any
purpose under any employee benefit plan (except to the extent provided under the written terms of the plan). 
  

	VIII.	 Benefit Plan Eligibility 

During the active service period and as otherwise described herein, your eligibility for certain employee benefit plans shall be as outlined in
subsequent paragraphs of this Memorandum, subject to the written terms of the specific plans as contained in the various plan documents. You will not be entitled to any benefits or perquisites not specifically covered in this Memorandum. 

 

	IX.	 Retirement Benefit Plans 

 

	 	A.	 Retirement Savings Plan and Supplemental Retirement Savings Plan – You are eligible to
participate in the ITT Retirement Savings Plan and may also be eligible to participate in the Supplemental Retirement Savings Plan, in each case, through your Separation Date, but not thereafter, subject to the rules governing these plans.

  
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	 	B.	 Retirement Savings Plan Loan(s) – If you have an outstanding loan from the Retirement
Savings Plan, you must call the Empower Retirement Service Center at 1-800-345-2345 to discuss your options with respect to your
outstanding loan(s). Under the Plan, a member has 90 days from their Separation Date to repay an outstanding loan. If you do not contact the Empower Retirement Service Center and submit your loan repayment in full within the required 90 day period,
the loans will be defaulted, which becomes a taxable event. 

  

	 	C.	 Deferred Compensation Plan – If you are eligible to make deferrals in the ITT Deferred Compensation
Plan, you may designate future deferrals through your Separation Date, but not thereafter. Distributions will be made in accordance with the Plan Document. 

  

	X.	 Health and Welfare Plans 

 

	 	A.	 Medical, Dental and Vision Plans – You are eligible to continue coverage under the same terms as an
active employee until the last day of the month in which your Separation Date occurs. You may be eligible to elect COBRA coverage the first day of the month after your Separation Date. Information regarding this optional coverage will be sent to you
by ITT’s third party Administrator. 

 If you elect COBRA coverage and satisfy the requirements set forth in the ITT
Severance Plan and Summary Plan Description, for a period of six (6) months following your Separation Date, ITT agrees to subsidize your healthcare coverage under COBRA by paying for the portion of your COBRA premium for medical, dental and/or
vision coverage, if any, that exceeds the premium you would have paid for such coverage had your employment with ITT continued during such period. The contact number for the COBRA Service Center at BenefitConnect is 877-292-6272 and the website is: https://cobra.ehr.com. 
  

	 	B.	 Flexible Spending Account Plan – If you are currently enrolled in this program, and you are
eligible to participate in the ITT Flexible Spending Account Plan after separation from service, an election of continuous coverage must be made through COBRA. If an election is not made your coverage will end on the last day of the month in which
your employment ends. You will be able to request reimbursement for claims incurred prior to your coverage end date. You must submit claims within 90 days after your coverage end date. 

 

	 	C.	 Healthcare Reimbursement Account – If you are currently enrolled in this program, and you are
eligible to participate in the Health Reimbursement Account after separation from service, an election of continuous coverage must be made through COBRA. If an election is not made your coverage will end on the last day of the month in which your
employment ends. You will be able to request reimbursement for claims incurred prior to your coverage end date. You must submit claims within 90 days after your coverage end date. 

  
 5 

 

 
  

	 	D.	 Health Savings Account – This is your account. You can continue to contribute on an after tax basis
as long as you are a participant in a qualified high deductible health plan (either through ITT’s CDHP offering or through the individual marketplace). Please consult your tax advisor. 

 

	 	E.	 Group Life Insurance – Coverage under this plan ceases on the last day of the month
following your Separation Date. You will be eligible to convert the remainder without a medical examination, providing you do so within 31 days of the end of coverage. If you are interested in converting your group coverage, you must meet with a
licensed MetLife Financial Services Representative, provide the conversion form that you will receive from ITT, and complete an application. Call 1-877-ASKMET7 (1-877-275-6387) or e-mail solutions@metlife.com to begin this process.

  

	 	F.	 Short-Term Disability Insurance – Coverage under this plan ceases on the Separation Date.

  

	XI.	 Voluntary Benefits 

 

	 	A.	 Accidental Death and Dismemberment Insurance and Voluntary Business Travel and Accident Insurance –
Coverage in these two programs ceases as of your Separation Date. 

  

	 	B.	 Supplemental Life Insurance – If you elected supplemental life insurance during your active
service period, you may convert this to an individual policy provided that you make that election and complete the required application within the time period specified in the materials that you will receive from the insurance company, which is
generally within 31 days of your Separation Date. You may also call MetLife at 1-877-ASK-MET7 (1-877-275-6387) or visit www.metlifeadvice.com to begin this process. If you do not convert this to an individual policy, coverage will cease as of your
Separation Date. 

  

	 	C.	 Long-Term Disability Insurance – If you participate during the active service period, coverage
under this plan ceases on the Separation Date. If you had LTD coverage while employed you have an option to convert coverage on a direct bill basis after your Separation Date. Please contact Met Life at 1-800-929-1492, prompt 5 to discuss converting this coverage. Please note you must finalize your election with Met Life within 31 days of the date of your
Separation Date. 

  
 6 

 

 
  

	 	D.	 Commuter Program – If you are currently enrolled in this program, the ability to participate ceases
on the Separation Date. 

  

	XII.	 Tax Matters 

 

	 	A.	 Payroll Deductions – To the extent applicable, payroll deductions and benefit plan elections
currently authorized by you, as well as appropriate tax withholding, will continue during the active service period and the severance pay period. If you wish to change the deductions or an election at any time during the active service period
or severance pay period, please contact the Human Resources or Payroll departments. 

  

	 	B.	 Section 409A – This Release is intended to comply with the requirements of
Section 409A of the Internal Revenue Code of 1986, as amended, to the extent applicable, and this Release shall be interpreted to avoid any penalty sanctions under Section 409A of the Code. However, nothing in this Release is intended to
transfer liability for any tax or penalty from you to ITT, another person, or another entity. 

  

	 	C.	 Executive Benefits: Financial Planning and Tax Preparation Services Reimbursement – You will
receive reimbursement of actual costs incurred for financial planning for 2019 up to an aggregate of $15,000. Your request for reimbursement must be received by the Company no later than March 30, 2019 and payment will be made to you within 60
days. 

  

	XIII.	 Expenses 

If you have any outstanding US Bank and/or cash business expenses, they should be cleared through your Concur expense account. 

  
 7 

 

 
  

 Separation Agreement and General Release of Claims 

The Separation Agreement and General Release of Claims (“Release”) is made and entered into by and between ITT Inc. (“ITT” or the
“Company”) and Victoria Creamer (referred to herein in the first person). In consideration of the mutual promises contained herein, it is agreed as follows: 
  

	 	1.	 Incorporation of Memorandum. I will be employed with ITT up through the Separation Date set forth in the
Separation Memorandum (the “Memorandum”), to which this Release is attached. After my Separation Date, I will receive the severance arrangements and other benefits described in the Memorandum. I understand that if I do not sign this
Release, or I revoke my signature during the prescribed period, I will not be eligible to receive the severance arrangements and other benefits outlined in the Memorandum. All capitalized terms used but not defined herein shall have the meaning
ascribed to them in the Memorandum. 

  

	 	2.	 Release of Claims. In exchange for the severance arrangements set forth in the attached Memorandum, I
agree to the following: 

  

	 	a)	 I am not eligible and will not receive any compensation, fringe benefits or employee benefits or any pay in
lieu of notice or any severance or termination pay except as provided in the Memorandum. I agree and acknowledge that the severance arrangements set forth in the Memorandum represent good and sufficient consideration for all of my promises,
obligations, and covenants set forth in this Release. 

  

	 	b)	 On behalf of myself and my heirs, executors, administrators, personal and legal representatives, successors and
assigns (“Releasors”), I waive, release and forever discharge ITT, its current and former subsidiaries, affiliates, divisions and related entities and their predecessors, successors and assigns, and all of their past and present officers,
directors, shareholders, agents, representatives, administrators, employees, and benefit plans (collectively “Releasees”) from any and all claims, demands, debts, liabilities, obligations, expenses (including attorney’s fees and
costs), promises, covenants, controversies, grievances, claims, suits, actions or causes of action, in law or in equity, known or unknown to me, foreseen or unforeseen, contingent or not contingent, liquidated or not liquidated, which I may have had
in the past, may have now, or may in the future claim to have against Releasees arising with respect to any incident, event, act or 

  
 8 

 

 
  

	 	
omission occurring at any time prior to my signing of this Release. This Release shall not operate as a release or waiver of claims or rights that may arise after the date of its execution, for
vested benefits or other applicable benefit plan entitlements, for indemnification pursuant to Company policy or applicable law, for coverage under any directors’ and officers’ personal liability or any fiduciary liability, insurance
policy in accordance with the terms of such policy, or any rights I may have as a shareholder in a public company (collectively, the “Reserved Rights”) and this Release shall not affect my right to seek enforcement of the terms and
conditions of this Release. 

  

	 	c)	 This Release specifically includes, but is not limited to, any and all claims and causes of action arising
under tort or contract law or specific statutes prohibiting discrimination and retaliation in employment, including, without limitation, the Americans With Disabilities Act, the Age Discrimination in Employment Act of 1967, Title VII of the Civil
Rights Act of 1964, the Civil Rights Acts of 1866 and 1871, the Equal Pay Act, or any other federal, state, city, or local laws. 

  

	 	d)	 In consideration of the benefits provided to me under the Memorandum and this Release, I agree to waive and
will not assert any of the claims or causes of action that I have waived in this Release before any federal or state court, any federal or state agency, or in any public or private arbitration. This prohibition does not apply if it would be a
violation of applicable law or regulation. If this prohibition does not apply, however, and a charge or lawsuit is filed by me or on my behalf, I agree not to seek or accept any personal relief, award, monetary damages or other benefits in
connection with or based on such charge or lawsuit. This paragraph is not intended to limit my right to commence and maintain legal action for the sole purpose of enforcing this Release or the Reserved Rights. 

 

	 	e)	 If any claim is not subject to release, to the extent permitted by law, I waive any right or ability to be a
class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which I or any other Releasee identified in this Release is a party.

  

	 	3.	 No Future Benefits. After my Separation Date, I will receive no future benefits, compensation or
perquisites (including, but not limited, to severance pay and benefits) from ITT except as set forth in the Memorandum. 

  
 9 

 

 
  

	 	4.	 Confidentiality. Except as may be required under applicable law or the rules of a stock exchange or
national securities quotation system, I agree to keep this Release confidential and not to disclose its contents to anyone except my immediate family, my financial or legal consultants, and appropriate governmental agencies that require this
information. 

  

	 	5.	 Non-Disparagement. I agree not to slander, defame, disparage or
otherwise intentionally injure the reputation of ITT, its subsidiaries or affiliates or its officers, directors’ employees, agents, representatives, and products. 

 

	 	6.	 Cooperation. As indicated in the Memorandum, I will continue to be employed as an active, full-time
employee through my Separation Date. During such time I will continue to perform my job consistent with my current responsibilities, or with such other responsibilities as my supervisor shall advise. I agree to provide during this time period my
full and complete cooperation to my supervisor and other ITT employees to document my responsibilities and to assist in the creation of a transition plan and the orderly transition of my responsibilities. I also agree to assist and cooperate with
ITT as reasonably requested during the Severance Period in order to ensure the orderly transition of my responsibilities. In addition, I agree to assist and cooperate with ITT as reasonably requested with respect to any pending or future inquiries,
challenges, charges or other proceedings by governmental authorities, or other actions, litigations, arbitrations or disputes or dispute resolutions (“Actions”) concerning matters involving facts or events that arose during the period of
my employment with ITT (including, but not limited to testifying, and/or otherwise providing written or oral responses, depositions or other evidence) at or in connection with any pending and/or future Actions. I agree this obligation continues
after my Separation Date. ITT agrees to reimburse me for all reasonable and actual out of pocket expenses I incur to cooperate with ITT as set forth in this provision. Nothing in this Release is intended to: (a) limit my ability to respond to
inquiries from, or otherwise cooperate with, any governmental or regulatory investigation concerning facts or events that arose during the period of my employment with ITT; or (b) create any obligation on my part to inform ITT about the fact or
substance of any communications I may have with any governmental authorities in connection with any pending and/or future actions. I understand that if I do not comply with the terms of this paragraph, or any other requirements herein, that I will
no longer be eligible to receive severance payments under this Release and I will be required to return any such payments already made to me to ITT. 

  
 10 

 

 
  

	 	7.	 Return of Property. I agree that by the Separation Date I will return to ITT all property which has been
entrusted to me during my tenure with ITT, including but not limited to any and all physical equipment, (such as computer, cell phone, credit/access/telephone cards, keys), documents and electronic information belonging to ITT, including any
confidential or proprietary information, or any copies derivations thereof. I also agree that ITT shall have the right to access all documents and emails in any form from my computer, cell phone (including my personal cell phone if it contains
work-related data) and work-issued devices, and that there is no expectation or right to privacy with respect to documents, emails memoranda or other files on such devices. 

 

	 	8.	 Unemployment Benefits. ITT agrees that it will not actively contest a claim filed by me for unemployment
benefits; however, nothing contained herein will preclude ITT from truthfully and accurately responding to any request for information from the applicable department of labor. 

 

	 	9.	 Non-Solicitation of Employees. For a period of twelve
(12) months following the Separation Date, I agree that I will not, directly or indirectly, hire, solicit, induce, attempt to induce or assist others in attempting to induce any employee of ITT with whom I have worked or had material contact
with, during the twelve (12) month period immediately preceding the termination of my employment, to leave the employment of ITT or to accept employment or affiliation with (including as a consultant) any other company or firm of which I have
become an employee, owner, partner or consultant. 

  

	 	10.	 Non-Solicitation of Customers and Suppliers. For a period of
twelve (12) months following the Separation Date, I agree that I will not, directly or indirectly, divert or attempt to divert or assist others in diverting any business of ITT including by soliciting, contacting or communicating with any
customer or supplier of ITT with whom Employee has direct or indirect contact or upon termination of employment has had direct or indirect contact during the twelve (12) month period immediately preceding my date of termination with the
Company. 

  

  
 11 

 

 
  

	 	11.	 Entire Agreement. ITT and any Releasee shall not be liable for any other monies or payment to me or on
my behalf other than as described in this Release and the Memorandum. This Release and the Memorandum, which is incorporated herein, contain the entire agreement between me, ITT, and all Releasees relating to the subject matter herein. This Release
fully supersedes any and all prior agreements or understandings, whether oral or written.. I represent and acknowledge that in signing this Release, I have not relied upon any representation or statement, oral or written, not set forth herein. No
amendment to this Release shall be binding unless it is in writing, expressly designated as an amendment, dated, and signed by the parties. 

  

	 	12.	 No Admission of Liability. Nothing in this Release constitutes an admission of liability by ITT or any
Releasee or me, and this Release will not be used by me, ITT or any other entity or person as evidence in any proceeding or trial, except to enforce the terms of this Release or the Reserved Rights. 

 

	 	13.	 Choice of Law and Forum; Severability. This Release shall be construed in accordance with the laws of
the State of New York. ITT and Releasee agree that any lawsuit related to this Agreement will be brought in a federal or state court in White Plains, New York. ITT and the Releasee agree to waive their right to trial by jury. Should any portion of
this agreement be ruled void or unenforceable, such ruling will not affect the enforceability and effect of the remaining provisions of this Agreement. However, should Paragraph 2 be ruled void or unenforceable, all remaining provisions of this
Agreement will likewise be ruled void or unenforceable. 

  

	 	14.	 Assignment. This Release shall be binding upon, and assumed by, the successors and assigns of ITT.

  

	 	15.	 Ongoing Obligations. 

I acknowledge that after my separation from employment I will have a continuing obligation to comply with the ITT Confidentiality, Non-Compete, Non-Solicit and Intellectual Property Assignment Agreement executed by me as a condition of my employment, a copy of which is attached as Exhibit B. 

  
 12 

 

 
  

	 	16.	 Representations and Acknowledgements. 

 

	 	a)	 I affirm that I have not filed, caused to be filed, and am not presently a part of any claim, complaint, or
action against the Company in any forum or form, nor do I have any knowledge or reason to believe that anyone else has filed such a charge or complaint on my behalf, including the types of claims set forth above, and also including any claims under
the Family Medical Leave Act and/or the Fair Labor Standards Act, or any similar state or local laws, nor do I have any unasserted claims pursuant to a qualified employee retirement or other benefit plan. While this Release is not intended to
interfere with my right to file a charge or complaint with or to testify, assist or participate in any investigation in an administrative agency in connection with any claim I believe I may have against any of the released parties, I acknowledge,
understand and agree that if I should file such a charge or complaint, or testify, assist or participate in any matter, or if any agency shall ever assume jurisdiction against the Company on my behalf, I will not accept any benefit or remedy which
may be awarded as a result of such charge(s) or complaint(s). 

  

	 	b)	 I further warrant, represent and affirm that I (i) was permitted to take and did take all breaks I was
entitled to during my employment with the Company, and that (ii) I have been fully and properly paid for all hours I have worked for the Company and/or have received all compensation, wages, back pay, accrued vacation and other accrued hours,
bonuses, and/or benefits to which I may be entitled under all applicable state and federal laws and that no other compensation, wages, bonuses, commissions and/or benefits are due to me, except as provided in this Release. 

 

	 	c)	 I acknowledge that this Release is not intended to prohibit me from filing, in good faith, for and from
receiving workers’ compensation benefits from the Company’s workers’ compensation carrier for compensable injuries incurred during and in relation to my employment. That said, in executing this Release, I affirm that I am not aware of
any work-related injuries for which I do not already have a pending claim for workers’ compensation benefits. 

  

	 	17.	 End Date; Effect of Rehire. I acknowledge that my employment with the Company will end on the Separation
Date. If I am re-hired by the Company during the Severance Period, all severance pay shall cease upon the date of hire. 

 

	 	18.	 Enforcement; Attorneys’ Fees. Should either party be required to bring a legal action to enforce
the terms of this Agreement, including the terms of the release, the prevailing party in such action shall be entitled to receive its attorneys’ fees and costs incurred in bringing such action. 

  
 13 

 

 
  

 I acknowledge and agree that: (i) I have been advised in writing to consult with an attorney before
signing this Release; (ii) I have been provided at least 21 days from my receipt of this Release to review and consider it; (iii) as a result of executing this Release, I am receiving benefits beyond those to which I am entitled;
(iv) I actively participated in the negotiation of the terms and conditions of this Release; (v) I fully understand those terms and conditions; (vi) I am voluntarily and of my own free will executing this Release on the date reflected
below; and (vii) during a period of seven (7) days following my execution of this Release, I may revoke the Release and this Release shall not be effective or enforceable until such seven-day period
has expired. Should I desire to revoke this Release, my revocation must be in writing and addressed to Maurine Lembesis, Vice President and HR Business Partner, 1133 Westchester Ave., White Plains, NY 10604, within the
seven-day revocation period. I agree that any modifications, material or otherwise, made to this Agreement and Release do not restart or affect in any manner the original
twenty-one (21) calendar day consideration period. 
 Both original executed Release(s) must be returned
to Maurine Lembesis, Vice President and HR Business Partner. Once signed by ITT, one original will be returned to the employee. 
 I have carefully
read this Release, fully understand its provisions, and my signature below indicates my understanding and agreement with its terms and conditions. 
  

	
	EMPLOYEE: Victoria Creamer
	
	 /s/ Victoria Creamer

	Employee’s Signature
	
	EMPLOYER: ITT Inc.
	
	 /s/ Maurine Lembesis

	Maurine Lembesis

  
 14 

 

 
  

 Exhibit A – EMPLOYEE EQUITY 

RSUs: 
  

	 	•	 	 Unvested RSUs are prorated based on months worked during the vesting period. 

 

	 	•	 	 Vested RSUs will be issued within 30 days after the Severance Start Date. 

 

													
	 Award Date
	  	Shared
Granted	 	  	Prorated Months
(over 36 month period)	 	  	Shares Vesting
Upon
Separation	 
	 02/26/2018
	  	 	3,615	 	  	 	10	 	  	 	1,004	 
	 02/23/2017
	  	 	4,500	 	  	 	22	 	  	 	2,750	 
	 02/19/2016
	  	 	2,765	 	  	 	34	 	  	 	2,611	 

 Stock Options: 
  

	 	•	 	 Unvested stock options are prorated based on months worked during vesting period. 

 

	 	•	 	 Please refer to Section IV above for the cancellation treatment of vested options. 

 

																	
	 Award Date
	  	Grant
Price	 	  	Options
Granted	 	  	Prorated Months
(over 36 month period)	 	  	Options Exercisable
Upon Separation	 
	 2/19/2016
	  	 	33.01	 	  	 	10,050	 	  	 	34	 	  	 	9,492	 

 PSUs: 
  

	 	•	 	 Unvested target PSUs are prorated based on months worked during the three-year performance period.

  

	 	•	 	 The actual number of PSUs issued, if any, will be based on achievement of performance targets and released in
February/March after the end of each respective performance period. 

  

											
	 Award Date
	  	Target
Shares	 	  	 Prorated Months

(based on 36 month period)
	  	Prorated Target
Shares	 
	 02/26/2018
	  	 	3,730	 	  	12	  	 	1,243	 
	 02/23/2017
	  	 	4,675	 	  	24	  	 	3,117	 
	 02/19/2016
	  	 	5,790	 	  	Full vesting — actual shares issued based on performance score	  	 	5,790	 

  
 15

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