Document:

EX-10.6

 Exhibit 10.6 

Varex Imaging Corporation 

2016 Deferred Compensation Plan 
  

 
 Plan Document 

Effective November 1, 2016 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 	DEFINITIONS	  	 	1	  
			
	 ARTICLE 2
	 	SELECTION/ENROLLMENT/ELIGIBILITY	  	 	6	  
			
	 2.1    
	 	Eligibility	  	 	6	  
	 2.2    
	 	Enrollment Requirements	  	 	6	  
	 2.3    
	 	Commencement of Participation	  	 	6	  
	 2.4    
	 	Termination of Participation and/or Deferrals	  	 	6	  
			
	 ARTICLE 3
	 	DEFERRAL COMMITMENTS/COMPANY CONTRIBUTIONS/CREDITING/TAXES	  	 	7	  
			
	 3.1    
	 	Minimum Deferral	  	 	7	  
	 3.2    
	 	Maximum Deferral	  	 	7	  
	 3.3    
	 	Election to Defer/Effect of Election Form	  	 	7	  
	 3.4    
	 	Withholding of Annual Deferral Amounts	  	 	8	  
	 3.5    
	 	Annual Company Discretionary Contribution Amount	  	 	8	  
	 3.6    
	 	Investment of Trust Assets	  	 	9	  
	 3.7    
	 	Vesting	  	 	9	  
	 3.8    
	 	Crediting/Debiting of Account Balances	  	 	10	  
	 3.9    
	 	Payroll Reductions and Taxes	  	 	12	  
	 3.10  
	 	Distributions	  	 	13	  
	 3.11  
	 	Offset for Obligations to Employer	  	 	13	  
			
	 ARTICLE 4
	 	SHORT-TERM PAYOUT/UNFORESEEABLE FINANCIAL EMERGENCIES	  	 	13	  
			
	 4.1    
	 	Short-Term Payout	  	 	13	  
	 4.2    
	 	Other Benefits Take Precedence Over Short-Term Payout	  	 	14	  
	 4.3    
	 	Withdrawal Payout/Termination of Deferral Election for Unforeseeable Financial Emergencies	  	 	14	  
			
	 ARTICLE 5
	 	TERMINATION BENEFIT	  	 	15	  
			
	 5.1    
	 	Termination Benefit	  	 	15	  
	 5.2    
	 	Payment of Termination Benefit	  	 	15	  
			
	 ARTICLE 6
	 	SURVIVOR BENEFIT	  	 	16	  
			
	 6.1    
	 	Pre-Termination Survivor Benefit	  	 	16	  
	 6.2    
	 	Payment of Pre-Termination Survivor Benefit	  	 	16	  
	 6.3    
	 	Death Prior to Completion of Termination Benefit	  	 	16	  
			
	 ARTICLE 7
	 	BENEFICIARY DESIGNATION	  	 	17	  
			
	 7.1    
	 	Beneficiary	  	 	17	  
	 7.2    
	 	Beneficiary Designation/Change	  	 	17	  
	 7.3    
	 	Acknowledgment	  	 	17	  
	 7.4    
	 	No Beneficiary Designation	  	 	17	  
	 7.5    
	 	Doubt as to Beneficiary	  	 	17	  

  
 -i- 

							
	 7.6    
	 	Discharge of Obligations	  	 	17	  
			
	 ARTICLE 8
	 	TERMINATION/AMENDMENT/MODIFICATION	  	 	18	  
			
	 8.1    
	 	Termination	  	 	18	  
	 8.2    
	 	Amendment	  	 	18	  
	 8.3    
	 	Plan Agreement	  	 	19	  
	 8.4    
	 	Effect of Payment	  	 	19	  
	 8.5    
	 	Amendment to Ensure Proper Characterization of the Plan	  	 	19	  
			
	 ARTICLE 9
	 	ADMINISTRATION	  	 	19	  
			
	 9.1    
	 	Administrator Duties	  	 	19	  
	 9.2    
	 	Agents	  	 	20	  
	 9.3    
	 	Binding Effect of Decisions	  	 	20	  
	 9.4    
	 	Indemnity of Administrator	  	 	20	  
	 9.5    
	 	Employer Information	  	 	21	  
			
	 ARTICLE 10
	 	OTHER BENEFITS AND AGREEMENTS	  	 	21	  
			
	 10.1    
	 	Coordination With Other Benefits	  	 	21	  
			
	 ARTICLE 11
	 	CLAIMS PROCEDURES	  	 	21	  
			
	 11.1    
	 	Scope of Claims Procedures	  	 	21	  
	 11.2    
	 	Initial Claim	  	 	21	  
	 11.3    
	 	Review Procedures	  	 	23	  
	 11.4    
	 	Calculation of Time Periods	  	 	24	  
	 11.5    
	 	Legal Action	  	 	24	  
			
	 ARTICLE 12
	 	TRUST	  	 	25	  
			
	 12.1    
	 	Establishment of the Trust	  	 	25	  
	 12.2    
	 	Interrelationship of the Plan and the Trust	  	 	25	  
	 12.3    
	 	Distributions From the Trust	  	 	25	  
			
	 ARTICLE 13
	 	MISCELLANEOUS	  	 	25	  
			
	 13.1    
	 	Status of Plan	  	 	25	  
	 13.2    
	 	Unsecured General Creditor	  	 	25	  
	 13.3    
	 	Employer’s Liability	  	 	26	  
	 13.4    
	 	Nonassignability	  	 	26	  
	 13.5    
	 	Not a Contract of Continued Service	  	 	26	  
	 13.6    
	 	Furnishing Information	  	 	26	  
	 13.7    
	 	Terms	  	 	26	  
	 13.8    
	 	Captions	  	 	26	  
	 13.9    
	 	Governing Law	  	 	27	  
	 13.10  
	 	Notice	  	 	27	  
	 13.11  
	 	Successors	  	 	27	  
	 13.12  
	 	Spouse’s Interest	  	 	27	  
	 13.13  
	 	Validity	  	 	27	  
	 13.14  
	 	Incompetent	  	 	27	  
	 13.15  
	 	Court Order	  	 	28	  

  
 -ii- 

							
	 13.16  
	 	Acceleration of Distribution	  	 	28	  
	 13.17  
	 	Delay in Payment	  	 	28	  
	 13.18  
	 	Prohibited Acceleration/Distribution Timing	  	 	29	  
	 13.19  
	 	Insurance	  	 	29	  
	 13.20  
	 	Aggregation of Employers	  	 	29	  
	 13.21  
	 	Aggregation of Plans	  	 	29	  
	 13.22  
	 	USERRA	  	 	29	  
		
	 APPENDIX A
	  	 	30	  

  
 -iii- 

 Varex Imaging Corporation 

2016 Deferred Compensation Plan 

Effective November 1, 2016 

Purpose 
 The purpose of this Plan
is to provide specified benefits to a select group of management or highly compensated Employees and Directors who contribute materially to the continued growth, development and future business success of the Company, and its subsidiaries, if any,
that sponsor this Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. This Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, as
added by the American Jobs Creation Act of 2004 and the final Treasury regulations or any other authoritative guidance issued thereunder. This Plan is being adopted in contemplation of the spin-off of the Company from Varian Medical Systems,
Inc. (the “Spin-off”) and is effective commencing with the deferral elections made during the open enrollment period commencing November 1, 2016 by those eligible employees and nonemployee directors of Varian Medical Systems, Inc.
(“VMS”) that are expected to become employees and nonemployee directors of the Company after the Spin-off. Effective at the time of the Spin-off, all deferrals made under the Varian Medical Systems, Inc. 2005 Deferred Compensation
Plan (the “VMS Plan”) by those employees and nonemployee directors that are employees or nonemployee directors of the Company immediately after the Spin-off shall be assumed hereunder and shall be subject to the terms of the Plan (as
supplemented by Appendix A hereto) and the deferral elections made, and the deferral elections rules, under the VMS Plan (which are hereby incorporated by reference). Deferrals under the VMS Plan made by persons who are not employed or
engaged by Varex Imaging Corporation at the time of the Spin-off shall not be assumed under this Plan and shall remain an obligation of the VMS Plan. 

ARTICLE 1 

Definitions 
 For
purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated meanings: 
  

	1.1	“Administrator” shall mean the Committee, or, to the extent provided in Article 10, appropriate management personnel designated by the Committee to perform certain of the Committee’s duties and
responsibilities in respect of the Plan. 

  

	1.2	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the Employer equal to the sum of (i) the Deferral Account balance and (ii) the Company Discretionary
Contribution Account balance. The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a
Participant, or his or her designated Beneficiary, pursuant to this Plan. 

	1.3	“Annual Company Discretionary Contribution Amount” shall mean, for the Plan Year of reference, the amount determined in accordance with Section 3.5. 

 

	1.4	“Annual Deferral Amount” shall mean that portion of a Participant’s Base Annual Salary and/or Directors’ Fees that a Participant elects to have, and is deferred, in accordance with Article 3,
for any one Plan Year. 

  

	1.5	“Base Annual Salary” shall mean the annual base cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form
W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, Directors’ Fees and other fees, automobile and other allowances paid to a
Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the
Participant pursuant to all qualified or non-qualified plans of the Employer and shall be calculated to exclude amounts not otherwise included in the Participant’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant
to plans established by the Employer. 

  

	1.6	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 7, that are entitled to receive benefits under this Plan upon the death of a
Participant. 

  

	1.7	“Beneficiary Designation Form” shall mean the form established from time to time by the Administrator that a Participant completes, signs and returns to the Administrator to designate one or more Beneficiaries
(which form may take the form of an electronic transmission, if required or permitted by the Administrator). 

  

	1.8	“Board” shall mean the board of directors of the Company. 

  

	1.9	“Claimant” shall have the meaning set forth in Section 11.2. 

  

	1.10	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

  

	1.11	“Committee” shall mean the compensation committee of the Board (or, prior to the Spin-off, the Compensation and Management Development Committee of VMS). 

 

	1.12	“Company” shall mean Varex Imaging Corporation, a Delaware corporation, and any successor. 

  

	1.13	“Company Discretionary Contribution Account” shall mean (i) the sum of all of the Participant’s Annual Company Discretionary Contribution Amounts, plus (ii) amounts credited or debited in
accordance with all the applicable crediting provisions of this Plan that relate to the Participant’s Company Discretionary Contribution Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to
this Plan that relate to the Participant’s Company Discretionary Contribution Account. 

  
 2 

	1.14	“Deduction Limitation” shall mean the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation
shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If the Employer reasonably anticipates that, if any distribution hereunder were made as scheduled, the Employer’s deduction
with respect to that distribution would not be permitted by reason of the limitation under Code Section 162(m), then the Employer may delay that distribution, provided that all distributions that could be deferred in accordance with this
Section 1.14 are so deferred, and provided further that the Employer treats payments to all similarly situated Participants on a reasonably consistent basis. Any amounts delayed pursuant to this limitation shall continue to be credited or
debited with additional amounts in accordance with Section 3.8 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited or debited thereon shall be distributed to the Participant or his or
her Beneficiary (in the event of the Participant’s death) during the Participant’s first taxable year in which the Employer reasonably anticipates, or reasonably should anticipate, that if the distribution is made its deductibility
will not be limited by Code Section 162(m), or, if later, following the Participant’s Separation from Service in accordance with Treasury Regulation Section 1.409A-2(b)(7)(i). 

 

	1.15	“Deferral Account” shall mean (i) the sum of all of a Participant’s Annual Deferral Amounts, plus (ii) amounts credited or debited in accordance with all the applicable crediting provisions of
this Plan that relate to the Participant’s Deferral Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to his or her Deferral Account. 

 

	1.16	“Director” shall mean any member of the Board (or, for the open enrollment period commencing November 1, 2016 only, any member of the Board of Directors of VMS that is selected to participate in the Plan).

  

	1.17	“Directors’ Fees” shall mean the fees paid by the Employer, including retainer fees and meetings fees, as compensation for serving on the Board or, if applicable, the Board of Directors of VMS.

  

	1.18	“Effective Date” shall mean the effective date of the Plan and of this amendment and restatement of the Plan, which is November 1, 2016. 

 

	1.19	“Election Form” shall mean the form or forms established from time to time by the Administrator that a Participant completes, signs and returns to the Administrator to make an election under the Plan (which
form or forms may take the form of an electronic transmission, if required or permitted by the Administrator). 

  

	1.20	“Employee” shall mean a person who is an employee of the Employer or, for the open enrollment period commencing November 1, 2016 only, any employee of VMS or its subsidiaries selected to participate in the
Plan. 

  

	1.21	 “Employer” shall mean the Company and/or any of its subsidiaries and affiliates (now in existence or
hereafter formed or acquired) that have been selected by the Board to 

  
 3 

	 	
participate in the Plan and have adopted the Plan as a sponsor. For purposes of this Plan, “subsidiary” and “affiliate” shall include entities required to be aggregated
with the Company pursuant to Section 13.20 including, prior to the Spin-off, VMS. 

  

	1.22	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	1.23	“Measurement Funds” shall have the meaning set forth in Section 3.8(d). 

  

	1.24	“Participant” shall mean any Employee who is selected to participate in the Plan or any Director; provided that such Employee or Director (i) elects to participate in the Plan, (ii) signs a Plan
Agreement, an Election Form(s) and a Beneficiary Designation Form, (iii) has his or her signed Plan Agreement, Election Form(s) and Beneficiary Designation Form accepted by the Administrator, (iv) commences participation in the
Plan, and (v) has not had his or her Plan Agreement terminated. A spouse or former spouse of a Participant shall not be treated as a Participant in the Plan or have an Account Balance under the Plan under any circumstance.

  

	1.25	“Plan” shall mean this 2016 Deferred Compensation Plan, as evidenced by this instrument and by each Plan Agreement, as they may be amended from time to time. 

 

	1.26	“Plan Agreement” shall mean a written agreement (which may take the form of an electronic transmission, if required or permitted by the Administrator), as may be amended from time to time, which is entered
into by and between the Employer and a Participant. Each Plan Agreement executed by a Participant and the Employer shall provide for the entire benefit to which such Participant is entitled under the Plan; should there be more than one Plan
Agreement, the Plan Agreement bearing the latest date of acceptance by the Employer shall supersede all previous Plan Agreements in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any
Participant, and any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by
both the Employer and the Participant. In the Plan Agreement, each Participant shall acknowledge that he or she accepts all of the terms of the Plan including the discretionary authority of the Administrator as set forth in Article 10.

  

	1.27	“Plan Year” shall mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year during which this Plan is in effect. 

 

	1.28	“Pre-Termination Survivor Benefit” shall mean the benefit set forth in Article 6. 

  

	1.29	“Section 409A” shall mean Code Section 409A and the Treasury regulations or other authoritative guidance issued thereunder. 

 

	1.30	 “Separation from Service” shall mean the Participant’s separation from service, within the meaning
of Section 409A treating as a Separation from Service an anticipated permanent reduction in the level of bona fide services to twenty percent (20%) or less of 

  
 4 

	 	
the average level of bona fide services performed over the immediately preceding thirty-six (36) month period (or the full period during which the
Participant performed services for the Employer, if that is less than thirty-six (36) months). For this purpose, upon a sale or other disposition of the assets of the Employer to an unrelated purchaser, the Committee reserves the right to
the extent permitted by Section 409A to determine whether Participants providing services to the purchaser after and in connection with the purchase transaction have experienced a Separation from Service. 

 

	1.31	“Short-Term Payout” shall mean the payout set forth in Section 4.1. 

  

	1.32	“Termination Benefit” shall mean the benefit set forth in Article 5. 

  

	1.33	“Trust” shall mean the trust established pursuant to this Plan after the Spin-off, as amended from time to time. The assets of the Trust shall be the property of the Employer. 

 

	1.34	“Unforeseeable Financial Emergency” shall mean a severe financial hardship to the Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse, the Participant’s dependent (as defined in Code Section 152, without regard to Code Section 152(b)(1), (b)(2) or (d)(1)(B)) or the Participant’s
Beneficiary, (ii) a loss of the Participant’s property due to casualty (including the need to rebuild a home following damage not otherwise covered by insurance, for example, not as a
result of a natural disaster), or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant (e.g., imminent foreclosure of or eviction from the Participant’s
primary residence, the need to pay for medical expenses, including non-refundable deductibles and prescription drugs, the need to pay funeral expenses of a spouse, dependent or the Participant’s Beneficiary), all as determined in the sole
discretion of the Administrator (which discretion the Administrator is bound to exercise, however, within the limitations of Section 409A). 

  

	1.35	“Yearly Installment Method” shall be a yearly installment payment over one of the installment payout alternatives selected by the Participant in accordance with this Plan, calculated as follows (subject to
Section 3.10): The Account Balance of the Participant shall be calculated as of the close of business on the date of reference (or, if the date of reference is not a business day, on the immediately following business day), and shall be paid
during the calendar month containing the date of reference unless otherwise provided herein. The date of reference with respect to the first yearly installment payment shall be the first day of the month provided in Section 5.2 and the
date of reference with respect to subsequent yearly installment payments shall be the anniversary of such date. 

 The
installment payout alternative available for election by the Participant with respect to his or her Termination Benefit is substantially equal annual installments of between two (2) and ten (10) years. The yearly installment shall be
calculated by multiplying this Account Balance by a fraction, the numerator of which is one (1), and the denominator of which is the remaining number of yearly payments due the Participant. By way of example, if the Participant elects a five
(5) year Yearly Installment Method, the first payment shall be one-fifth (1/5) of the Account Balance (or applicable portion thereof), 

  
 5 

 
calculated as described in this definition. During the calendar month containing the anniversary of the date of reference for the first yearly installment payment, the payment shall be
one-fourth (1/4) of the Account Balance (or applicable portion thereof), calculated as described in this definition. 
 ARTICLE 2

 Selection/Enrollment/Eligibility 
  

	2.1	Eligibility. Participation in the Plan shall be limited to Employees whom the Administrator designates, in its sole discretion, for participation, provided that any Employees may not participate in
the Plan unless they are members of a select group of management or highly compensated employees of the Employer, as membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA (which
determination shall be made by the Administrator in its sole discretion). In addition to Employees described in the preceding sentence, each Director shall become eligible for participation in the Plan upon the date he or she is named as a
Director (or upon the Effective Date, if later). 

  

	2.2	Enrollment Requirements. As a condition to participation, each Employee and Director who is eligible for participation shall complete, execute and return to the Administrator a Plan Agreement, an
Election Form(s) and a Beneficiary Designation Form, all within thirty (30) days after he or she first becomes eligible for participation in the Plan. In addition, the Administrator shall establish from time to time such other enrollment
requirements as it determines in its sole discretion are necessary. 

  

	2.3	Commencement of Participation. Provided an Employee or Director who is eligible for participation has met all enrollment requirements set forth in this Plan and required by the Administrator, that
Employee or Director shall commence participation in the Plan immediately following the Employee’s or Director’s timely completion of all enrollment requirements (or as soon as practicable thereafter as the Administrator may
determine). If an Employee or Director fails to meet all such requirements within the specified period required, in accordance with Section 2.2, that Employee or Director shall not be eligible to participate in the Plan until the first day
of the following Plan Year, again subject to timely delivery to and acceptance by the Administrator of the required documents. 

  

	2.4	Termination of Participation and/or Deferrals. If the Administrator determines in good faith that an Employee no longer qualifies as a member of a select group of management or highly compensated
employees of the Employer, the Administrator shall have the right, in its sole discretion, to prevent the Participant from making future deferral elections and/or, to the extent permitted under Section 409A, from being credited with any further
Annual Company Supplemental Contribution Amounts or Annual Company Discretionary Contribution Amounts. 

  
 6 

 ARTICLE 3 

Deferral Commitments/Company Contributions/Crediting/Taxes 

 

	3.1	Minimum Deferral. For each Plan Year, a Participant may elect to defer, as his or her Annual Deferral Amount, Base Annual Salary and/or Directors’ Fees (in the case of a Participant who is also a
Director) in the following minimum percentages for each deferral elected: 

  

			
	Deferral	  	Minimum
Amount
	 Base Annual Salary
	  	5%
	 Directors’ Fees
	  	5%

 Notwithstanding the foregoing, the Administrator may, in its sole discretion, establish for any Plan Year
different minimum percentage(s) which differ from that set forth above. Subject to Section 409A, if an election is made for less than the stated minimum percentage, or if no election is made, the amount deferred shall be zero (0).

  

	3.2	Maximum Deferral. 

 For each Plan Year, a Participant may elect to defer, as his
or her Annual Deferral Amount, Base Annual Salary and/or Directors’ Fees (in the case of a Participant who is also a Director) up to the following maximum percentages for each deferral elected: 

 

			
	Deferral	  	Maximum
Amount
	 Base Annual Salary
	  	50%
	 Directors’ Fees
	  	100%

 Notwithstanding the foregoing, the Administrator may, in its sole discretion, establish for any Plan Year
maximum percentage(s) which differ from that set forth above. 
  

	3.3	Election to Defer/Effect of Election Form. 

  

	 	(a)	Timing of Election. Except as provided below, a Participant shall make a deferral election with respect to Base Annual Salary and/or Directors’ Fees, as applicable, to be earned for services
performed during an upcoming twelve (12) month Plan Year. Such election must be made during such period as shall be established by the Administrator which ends no later than the last day of the Plan Year preceding the Plan Year in which
the services giving rise to the Base Annual Salary and/or Directors’ Fees, as applicable, to be deferred are to be performed. For these purposes, Base Annual Salary payable after the last day of the Plan Year for services performed during
the final payroll period containing the last day of the Plan Year shall be treated as Base Annual Salary for services performed in the subsequent Plan Year. 

  
 7 

 In addition, notwithstanding the preceding, but subject to Section 13.21, in the case of the
first Plan Year in which an Employee or Director first becomes eligible to become a Participant (or again becomes eligible after having been ineligible for at least twenty four (24) months), if and to the extent permitted by the Administrator,
the individual may make an election no later than thirty (30) days after the date he or she becomes eligible to become a Participant to defer Base Annual Salary and/or Directors’ Fees (as applicable) for services to be performed after
the election. 
  

	 	(b)	Manner of Election. For any Plan Year (or portion thereof), a deferral election for amount(s) earned during that Plan Year (or portion thereof), and such other elections as the Administrator deems
necessary or desirable under the Plan, shall be made by timely delivering to the Administrator, in accordance with its rules and procedures, by the deadline(s) set forth above, an Election Form, along with such other elections as the
Administrator deems necessary or desirable under the Plan. For these elections to be valid, the Election Form(s) must be completed and signed by the Participant, timely delivered to the Administrator (in accordance with Section 2.2
above) and accepted by the Administrator. If no such Election Form(s) is timely delivered for a Plan Year (or portion thereof), the Annual Deferral Amount shall be zero (0) for that Plan Year (or portion thereof).

  

	 	(c)	Change in Election. Once the deadline(s) for making a deferral election for a Plan Year (as set forth in Section 3.3(a)) has passed, a Participant may not elect to change his or her deferral
election that is in effect for that Plan Year, except if and to the extent permitted by the Administrator and made in accordance with the provisions of Section 409A specifically relating to a change and/or revocation of deferral elections (such
as, for example, to cancel a deferral election upon the Participant’s disability (as defined in Section 1.409A-3(j)(4)(xii) of the Treasury regulations), or, as provided in Section 1.409A-3(j)(4) of the Treasury regulations,
following an Unforeseeable Financial Emergency or a hardship distribution pursuant to Section 1.401(k)-1(d)(3) of the Treasury regulations). 

  

	3.4	Withholding of Annual Deferral Amounts. For each Plan Year, the Base Annual Salary portion of the Annual Deferral Amount shall be withheld from each regularly scheduled Base Annual Salary payroll in
equal amounts, as adjusted from time to time for increases and decreases in Base Annual Salary. The Directors’ Fees portion of the Annual Deferral Amount shall be withheld at the time the Directors’ Fees are or otherwise would be paid
to the Participant, whether or not this occurs during the Plan Year itself. 

  

	3.5	 Annual Company Discretionary Contribution Amount. For each Plan Year, an Employer, in its sole
discretion, may, but is not required to, credit any amount it desires to any Participant’s Company Discretionary Contribution Account under this Plan, which amount shall be for that Participant the Annual Company Discretionary Contribution
Amount for that Plan Year. The amount so credited to a Participant may be smaller or larger than the amount credited to any other Participant, and the amount credited to any Participant for a Plan Year may be zero, even though one or more other
Participants 

  
 8 

	 	
receive an Annual Company Discretionary Contribution Amount for that Plan Year. If a Participant is not employed by the Employer as of the last day of a Plan Year other than by reason of his
or her Retirement or death while employed, the Annual Company Discretionary Contribution Amount for that Plan Year shall be zero. The Annual Company Discretionary Contribution Amount, if any, shall be credited as agreed upon between the
Employer and the Participant by no later than the date on which the Participant acquires a legally binding right to have an Annual Company Discretionary Contribution Amount credited on his or her behalf. 

 

	3.6	Investment of Trust Assets. The trustee of the Trust shall be authorized to invest and reinvest the assets of the Trust in accordance with the applicable Trust agreement, including the reinvestment of
the proceeds in one or more investment vehicles designated by the Administrator. 

  

	3.7	Vesting. 

  

	 	(a)	A Participant shall at all times be 100% vested in his or her Deferral Account. 

  

	 	(b)	A Participant shall at all times be 100% in his or her Company Discretionary Contribution Account unless a vesting schedule is approved and documented by the Administrator at the time the Annual Company Discretionary
Contribution Amount is credited to the Participant’s Company Discretionary Contribution Account for that Plan Year. 

  

	 	(c)	Notwithstanding anything to the contrary contained in this Section 3.7, in the event of a Change in Control, a Participant’s Company Discretionary Contribution Account shall immediately become 100% vested (if
it is not already vested in accordance with a vesting schedule). For purposes of this Section 3.7, a “Change in Control” shall be deemed to have occurred if: 

 

	 	(i)	Any individual or group constituting a “person,” as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act (other than (A) the Company or any of its subsidiaries or
(B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of any of its subsidiaries), is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing thirty
percent (30%) or more of the combined voting power of the Company’s outstanding securities then entitled ordinarily (and apart from rights accruing under special circumstances) to vote for the election of Directors; or

  

	 	(ii)	Continuing Directors cease to constitute at least a majority of the Board; or 

  

	 	(iii)	there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”), in each case with respect to which the stockholders of the Company immediately prior
to such Transaction do not, immediately after the Transaction, own more than 50% of the combined voting power of the Company or other corporation resulting from such Transaction; or 

  
 9 

	 	(iv)	all or substantially all of the assets of the Company are sold, liquidated or distributed. 

Notwithstanding the forgoing a “Change in Control” shall not be deemed to have occurred under this Plan if, prior to the occurrence
of a specified event that would otherwise constitute a Change in Control hereunder, the disinterested Continuing Directors then in office, by a majority vote thereof, determine that the occurrence of such specified event shall not be deemed to be a
Change in Control with respect to an Employee hereunder if the Change in Control results from actions or events in which an Employee is a participant in a capacity other than solely as an officer, employee or Director of the Company. 

“Continuing Directors” for purposes of the above shall mean the Directors of the Company in office immediately following the Spin-off
on the date of the adoption of this Plan and any successor to any such Director who was nominated or selected by a majority of the Continuing Directors in office at the time of the Director’s nomination or selection and who is not an
“affiliate” or “associate” (as defined in Regulation12B under the Exchange Act) of any person who is the beneficial owner, directly or indirectly, of securities representing ten percent (10%) or more of the combined
voting power of the Company’s outstanding securities then entitled ordinarily to vote for the election of Directors. 
  

	3.8	Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules and procedures that are established from time to time by the Administrator, in its sole discretion, amounts shall
be credited or debited to a Participant’s Account Balance in accordance with the following rules: 

  

	 	(a)	Sub-Accounts. Separate sub-accounts shall be established and maintained with respect to each Participant’s Account Balance (together, the “Sub-Accounts”), each attributable to the
portion of the Participant’s Account Balance with respect to which the same time and form of distribution has been elected pursuant to Section 5.2 hereof. 

 

	 	(b)	 Election of Measurement Funds. Subject to Section 3.8(f) below, a Participant, in
connection with his or her initial deferral election in accordance with Section 3.3(a) above, shall elect, on the Election Form(s), one or more Measurement Funds (as described in Section 3.8(d) below) to be used to determine
the additional amounts to be credited or debited to each of his or her Sub-Accounts for the first business day of the Plan Year, continuing thereafter unless changed in accordance with the next sentence. Commencing with the first business day
of the Plan Year, and continuing thereafter for the remainder of the Plan Year (unless the Participant ceases during the Plan Year to participate in the Plan), the Participant may (but is not required to) elect daily, by submitting an Election
Form(s) to the Administrator that is accepted by the Administrator 

  
 10 

	 	
(which submission may take the form of an electronic transmission, if required or permitted by the Administrator), to add or delete one or more Measurement Funds to be used to determine the
additional amounts to be credited or debited to each of his or her Sub-Accounts, or to change the portion of each of his or her Sub-Accounts allocated to each previously or newly elected Measurement Funds. If an election is made in accordance with
the previous sentence, it shall apply to the next business day and continue thereafter for the remainder of the Plan Year (unless the Participant ceases during the Plan Year to participate in the Plan), unless changed in accordance with the previous
sentence. 

  

	 	(c)	Proportionate Allocation. In making any election described in Section 3.8(b) above, the Participant shall specify on the Election Form(s), in whole percentage points, the percentage of each
of his or her Sub-Account(s) to be allocated to a Measurement Fund (as if the Participant was making an investment in that Measurement Fund with that portion of his or her Account Balance). 

 

	 	(d)	Measurement Funds. Subject to Section 3.8(f) below, the Participant may elect one or more of the Measurement Funds established by the Administrator (the “Measurement Funds”), for
the purpose of crediting or debiting additional amounts to his or her Account Balance. The Administrator may, in its sole discretion, discontinue, substitute or add a Measurement Fund. Each such action will take effect after the
Administrator gives Participants advance written notice of such change at such time determined by the Administrator and communicated to Participants. If the Administrator receives an initial or revised Measurement Funds election which it deems
to be incomplete, unclear or improper, the Participant’s Measurement Funds election then in effect shall remain in effect (or, in the case of a deficiency in an initial Measurement Funds election, the Participant shall be deemed to have filed
no deemed investment direction). If the Administrator possesses (or is deemed to possess as provided in the previous sentence) at any time directions as to Measurement Funds of less than all of the Participant’s Account Balance, the
Participant shall be deemed to have directed that the undesignated portion of the Account Balance be deemed to be invested in a money market, fixed income or similar Measurement Fund made available under the Plan as determined by the Administrator
in its discretion. Each Participant hereunder, as a condition to his or her participation hereunder, agrees to indemnify and hold harmless the Administrator, the Employer and the Company, and their agents and representatives, from any losses or
damages of any kind relating to (i) the Measurement Funds made available hereunder and (ii) any discrepancy between the credits and debits to the Participant’s Account Balance based on the performance of the Measurement Funds and what
the credits and debits otherwise might be in the case of an actual investment in the Measurement Funds. 

  

	 	(e)	 Crediting or Debiting Method. The performance of each elected Measurement Fund (either
positive or negative) will be determined by the Administrator, in its sole discretion, based on the performance of the Measurement Funds themselves. 

  
 11 

	 	
A Participant’s Account Balance shall be credited or debited on a daily basis based on the performance of each Measurement Fund selected by the Participant, or as otherwise determined
by the Administrator in its sole discretion, as though (i) a Participant’s Account Balance were invested in the Measurement Funds selected by the Participant, in the percentages elected by the Participant as of such date, at the closing
price on such date; (ii) the portion of the Annual Deferral Amount that was actually deferred was invested in the Measurement Funds selected by the Participant, in the percentages elected by the Participant, no later than the close of business
on the third (3rd) business day after the day on which such amounts are actually deferred from the Participant’s pay, at the closing price on such date; (iii) any Annual Company Discretionary Contribution Amounts credited to a
Participant’s Account Balance were invested in the Measurement Fund(s) selected by the Participant, in the percentages elected by the Participant, as soon as administratively practicable following the date such amount(s) were credited
to the Participant’s Plan Account; and (iv) any distribution made to a Participant that decreases such Participant’s Account Balance ceased being invested in the Measurement Funds, in the percentages applicable to such calendar day,
no earlier than three (3) business days prior to the distribution, at the closing price on such date. 

  

	 	(f)	No Actual Investment. Notwithstanding any other provision of this Plan that may be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a
Participant’s election of any such Measurement Fund, the allocation of his or her Account Balance thereto, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant’s Account Balance shall not be
considered or construed in any manner as an actual investment of his or her Account Balance in any such Measurement Fund. In the event that the Employer or the trustee (as that term is defined in the Trust), in its own discretion, decides to
invest funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves. Without limiting the foregoing, a Participant’s Account Balance shall at all times be a bookkeeping entry only
and shall not represent any investment made on his or her behalf by the Employer or the Trust; the Participant shall at all times remain an unsecured general creditor of the Employer. 

 

	 	(g)	Beneficiary Elections. Each reference in this Section 3.8 to a Participant shall be deemed to include, where applicable, a reference to a Beneficiary. 

 

	3.9	Payroll Reductions and Taxes. 

  

	 	(a)	 Annual Deferral Amounts. For each Plan Year in which an Annual Deferral Amount is being
withheld from a Participant, the Employer shall withhold from that portion of the Participant’s pay that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on such
Annual Deferral Amount. If necessary, the Administrator may reduce the Annual Deferral Amount in order to comply with this Section 3.9. In addition, the Administrator may reduce the Annual Deferral

  
 12 

	 	
Amount as permitted by Section 409A to the extent necessary to make any other payroll reductions elected by the Participant or required under any other benefit plan of the Employer (e.g.,
reductions for contributions to a cafeteria plan (as defined in Code Section 125(d)). 

  

	 	(b)	Annual Company Discretionary Contribution Amounts. When a Participant becomes vested in his or her Company Discretionary Contribution Account, the Employer shall withhold from the Participant’s
Base Annual Salary and/or Directors’ Fees that is not deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes. If necessary, the Committee may reduce the vested portion of the
Participant’s Company Discretionary Contribution Account in order to comply with this Section 3.9. 

  

	3.10	Distributions. Notwithstanding anything herein to the contrary, any payments made to a Participant or Beneficiary under this Plan shall be in cash form, and the Employer, or the trustee of the Trust,
shall withhold from any payments made under this Plan all Federal, state and local income, employment and other taxes required to be withheld by the Employer, or the trustee of the Trust, in connection with such payments, and, subject to
Section 3.11, any indebtedness of the Participant to the Employer as of the date(s) of distribution, in amounts and in a manner to be determined in the reasonable discretion of the Employer and the trustee of the Trust. Any payment
made to a Participant or Beneficiary under this Plan shall be made on or during the period after the payment date or event specified herein; provided, however, such payment shall not be made later than the later of (i) the last day of the
calendar year in which the payment date or event occurs, or, if later, the fifteenth (15th) day of the third (3rd) calendar month
following the date of the payment date or event, or (ii) the last day of such other, extended period as the IRS may prescribe, such as in the case of disputed payments or refusals to pay, provided the conditions of such extension have been
satisfied. If a Participant who experiences a Separation from Service is rehired, his or her distributions hereunder may not be suspended. 

  

	3.11	Offset for Obligations to Employer. If, at the time a Participant or his or her Beneficiary becomes entitled to a payment hereunder, the Participant has a debt, obligation or other liability to the
Employer due and owing which has been incurred in the ordinary course of the service relationship, the Employer or trustee of the Trust may offset the amount owed to the Employer against the amount otherwise payable hereunder, provided that the
entire offset in an taxable year does not exceed five thousand dollars ($5,000) and the offset is taken at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 

ARTICLE 4 

Short-Term Payout/Unforeseeable Financial Emergencies 
  

	4.1	 Short-Term Payout. At the same time that a Participant elects to defer an Annual Deferral Amount
for a given Plan Year, the Participant may elect to receive a future “Short-Term Payout” from the Plan. The Participant’s Short-Term Payout election must 

  
 13 

	 	
be made by the deadline(s) set forth in Section 3.3(a) for making a deferral election in respect of the Base Annual Salary and/or Directors’ Fees to which it relates, and is
irrevocable after that deadline has passed. Subject to such requirements as may be imposed by the Administrator, a Participant may make separate Short-Term Payout elections in respect of the Base Annual Salary and/or Directors’ Fees portions of
his or her Annual Deferral Amount. Subject to the Deduction Limitation and to Section 3.11, the Short-Term Payout shall be a lump sum payment in an amount that is equal to the Annual Deferral Amount (or applicable portion thereof) and
amounts credited or debited thereto in the manner provided in Section 3.9 above, determined at the time that the Short-Term Payout becomes payable. Subject to the Deduction Limitation and the other
terms and conditions of this Plan, each Short-Term Payout elected by the Participant shall be paid out during the first sixty (60) days of the Plan Year designated by the Participant in the applicable Election
Form. The Administrator shall determine the earliest commencement date that may be elected by the Participant for each Short-Term Payout, which shall be designated on the Election Form. Notwithstanding the preceding sentences or any other provision
of this Plan that may be construed to the contrary, a Participant who is in active service with the Employer may, with respect to each Short-Term Payout, on a form determined by the Administrator, make one (1) or more additional deferral
elections (a “Subsequent Election”) to defer payment of such Short-Term Payout to a Plan Year subsequent to the Plan Year originally (or subsequently) elected in accordance with Treasury Regulation Section 1.409A-2(b); provided,
however, any such Subsequent Election will be null and void unless accepted by the Administrator no later than one (1) year prior to the first day of the Plan Year in which, but for the Subsequent Election, such Short-Term Payout would be paid, and
such Subsequent Election provides for a deferral of at least five (5) Plan Years following the Plan Year in which the Short-Term Payout, but for the Subsequent Election, would be paid. Any amounts credited to the Participant’s Company
Supplemental Contribution Account and/or Company Discretionary Contribution Account shall not be eligible for a Short-Term Payout under the Plan. 

  

	4.2	Other Benefits Take Precedence Over Short-Term Payout. Should an event occur that triggers a benefit under Article 5 or 6 (or Articles 2, 3, or 4 of
Appendix A for deferrals to which Appendix A applies) prior to the occurrence of the Short-Term Payout Date, any Annual Deferral Amounts, plus or minus amounts credited or debited thereon, that are subject to a
Short-Term Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall be paid in accordance with the other applicable Article. 

 

	4.3	 Withdrawal Payout/Termination of Deferral Election for Unforeseeable Financial Emergencies. If
a Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the Administrator to (i) halt any deferrals required to be made by the Participant to the extent permitted by Section 409A and (ii) receive a
partial or full payout from the Plan. The payout shall not exceed the lesser of the Participant’s Account Balance, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency plus amounts necessary to pay taxes
reasonably anticipated as a result of the payouts, after taking into account the extent to which the Unforeseeable Financial Emergency is or may be relieved through reimbursement or compensation by insurance

  
 14 

	 	
or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation of assets would not itself cause severe financial
hardship) or by termination of deferrals hereunder. If, subject to the sole discretion of the Administrator (which discretion the Administrator is bound to exercise, however, within the limitations of Section 409A), the petition for a
termination of deferrals and payout is approved, cessation shall take effect upon the date of approval and any payout shall be made within sixty (60) days of the date of approval. The payment of any amount under this Section 4.3 shall
be subject to Section 3.10, but shall not be subject to the Deduction Limitation. Notwithstanding anything set forth in this Section 4.3, a Participant may not receive a payout pursuant to this Section 4.3 to the extent such
payout would not be permitted under Section 409A. 

 ARTICLE 5 

Termination Benefit 
  

	5.1	Termination Benefit. Subject to the Deduction Limitation and to Section 3.10, a Participant who Separates from Service shall receive, as a Termination Benefit, his or her vested Account Balance
(or applicable portion thereof). 

  

	5.2	Payment of Termination Benefit. At the same time that a Participant elects to defer an Annual Deferral Amount for a given Plan Year, the Participant may elect to receive that portion of his or her
Termination Benefit attributable to the Annual Deferral Amount in a lump sum, or pursuant to one of the available Yearly Installment Methods. The lump sum payment shall be made, or installments shall commence, (i) if the Participant’s
Separation from Service occurs during January through June of any Plan Year, during the January of the Plan Year following the Plan Year of the Participant’s Separation from Service; (ii) if the Participant’s Separation from Service
occurs during July through December of any Plan Year, during the July of the Plan Year following the Plan Year of the Participant’s Separation from Service. 

The Participant may change his or her election to an allowable alternative payout period date by submitting a new Election Form to the
Administrator in accordance with Treasury Regulation Section 1.409A-2(b), provided that any such Election Form will not take effect until one (1) year after it is made and will be null and void unless accepted by the Administrator no later
than one (1) year prior to the date of the Participant’s Separation from Service and provides for a distribution (or commencement of distributions) date which is at least five (5) years from the distribution (or commencement of
distributions) date then in effect. Subject to the foregoing, the Election Form most recently accepted by the Administrator shall govern the payout of the Termination Benefit with respect to the portion of the Participant’s Account Balance to which it pertains. 
 Notwithstanding anything above or elsewhere
in the Plan to the contrary, no change submitted on an Election Form shall be accepted by the Administrator if the change accelerates the time over which distributions shall be made to the Participant (except as otherwise permitted under
Section 409A) and the Administrator shall deny any change made to an election if the Administrator determines that the change violates the 

  
 15 

 
requirement under Section 409A that the first payment with respect to which such election is made be deferred for a period of not less than five (5) years from the date such payment
would otherwise have been made. For these purposes, installment payments shall be treated as a single payment, with the result that an election to change from installments to a lump sum (or to an different Yearly Installment Method) will
require that the lump sum (or first installment) be postponed until a date which is at least five (5) years from the previously scheduled payment date of the first installment. 

If the Participant does not make any election with respect to the payment of any portion of the Termination Benefit, then such portion shall be
paid in a lump sum: (i) if the Participant’s Separation from Service occurs during January through June of any Plan Year, during the January of the Plan Year following the Plan Year of the Participant’s Separation from Service;
(ii) if the Participant’s Separation from Service occurs during July through December of any Plan Year, during the July of the Plan Year following the Plan Year of the Participant’s Separation from Service. 

Any payment made shall be subject to Section 3.10 and to the Deduction Limitation. 

Any amounts credited to the Participant’s Company Discretionary Contribution Account shall be payable under the Plan solely in the form of
a lump sum (in accordance with the timing rule set forth in the last sentence of the first paragraph of this Section 5.2) and shall not be eligible for installment distribution. 

ARTICLE 6 
 Survivor
Benefit 
  

	6.1	Pre-Termination Survivor Benefit. The Participant’s Beneficiary shall receive a Pre-Termination Survivor Benefit equal to the Participant’s vested Account Balance if the Participant dies
before he or she experiences a Separation from Service. 

  

	6.2	Payment of Pre-Termination Survivor Benefit. The Pre-Termination Survivor Benefit shall be paid to the Participant’s Beneficiary in a lump sum at the time of the Participant’s death, provided the
Administrator receives proof that is satisfactory to the Administrator of the Participant’s death. Any payment made hereunder shall be subject to Section 3.10, but shall not be subject to the Deduction Limitation. 

 

	6.3	Death Prior to Completion of Termination Benefit. If a Participant dies after his or her Separation from Service but before the Termination Benefit is paid in full, the Participant’s unpaid Termination Benefit shall be paid to the Participant’s Beneficiary in a lump sum at the time of the Participant’s death, provided the Administrator receives proof that is
satisfactory to the Administrator of the Participant’s death. Any payment made hereunder shall be subject to Section 3.10, but shall not be subject to the Deduction Limitation. 

  
 16 

 ARTICLE 7 

Beneficiary Designation 
  

	7.1	Beneficiary. Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan
upon the death of a Participant. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of the Employer in which the Participant participates. 

 

	7.2	Beneficiary Designation/Change. A Participant shall designate his or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Administrator or its designated
agent. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Administrator’s rules and procedures, as in effect from time to
time. If the Participant names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Administrator, must be signed by the Participant’s spouse and returned to the Administrator. Upon the
acceptance by the Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the
Participant and accepted by the Administrator prior to his or her death. 

  

	7.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Administrator or its designated agent. 

 

	7.4	No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided in Sections 7.1, 7.2 and 7.3 above or, if all designated Beneficiaries predecease the Participant or die
prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse, or, if the Participant has no surviving spouse, the benefits remaining under the
Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate. 

  

	7.5	Doubt as to Beneficiary. Subject to any limitations imposed by Section 409A, if the Administrator has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the
Administrator shall have the right, exercisable in its discretion, to cause the Employer to withhold such payments until this matter is resolved to the Administrator’s satisfaction. 

 

	7.6	 Discharge of Obligations. The payment of benefits under the Plan to a person believed in good
faith by the Administrator to be a valid Beneficiary shall fully and completely discharge the Employer and the Administrator from all further obligations under this Plan with respect to the Participant, and that Participant’s Plan Agreement
shall terminate upon such full payment of benefits. Neither the Administrator nor the Employer shall be obliged to search for any Participant or Beneficiary beyond the sending of a registered

  
 17 

	 	
letter to such person’s last known address. If the Administrator notifies any Participant or Beneficiary that he or she is entitled to an amount under the Plan and the Participant or
Beneficiary fails to claim such amount or make his or her location known to the Administrator within three (3) years thereafter, then, except as otherwise required by law, if the location of one or more of the next of kin of the Participant is
known to the Administrator, the Administrator may direct distribution of such amount to any one or more or all of such next of kin, and in such proportions as the Administrator determines. If the location of none of the foregoing persons can be
determined, the Administrator shall have the right to direct that the amount payable shall be deemed to be a forfeiture, except that the dollar amount of the forfeiture, unadjusted for deemed gains or losses in the interim, shall be paid by the
Employer if a claim for the benefit subsequently is made by the Participant or the Beneficiary to whom it was payable. If a benefit payable to an unlocated Participant or Beneficiary is subject to escheat and/or unclaimed property laws pursuant
to applicable law, neither the Administrator nor the Employer shall be liable to any person for any payment made in accordance with such law. 

ARTICLE 8 

Termination/Amendment/Modification 
  

	8.1	Termination. Although the Employer anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that the Employer will continue the Plan or will not terminate the
Plan at any time in the future. Accordingly, the Company reserves the right to discontinue its sponsorship of the Plan and/or to terminate the Plan at any time with respect to any or all of its participating Employees or Directors, by action of
the Administrator. Upon a termination of the Plan in accordance with the requirements, restrictions and limitations of Section 1.409A-3(j)(4)(ix) of the Treasury regulations, the Plan Agreements of the affected Participants shall
terminate and they shall be paid in a single lump sum distribution their vested Account Balances (but not to commence before or end after any distribution period required by Section 409A). If, due to the circumstances surrounding the Plan
termination, a distribution of a Participant’s vested Account Balance upon Plan termination is not permitted by Section 409A, the payment of the Account Balance shall be made only after
Plan benefits otherwise become due hereunder. Except by reason of changing the time and form of payment of a Participant’s benefit under the Plan, the termination of the Plan shall not adversely affect any Participant or Beneficiary who
has become entitled to the payment of any benefits under the Plan as of the date of termination. 

  

	8.2	Amendment. The Company may, at any time, amend or modify the Plan in whole or in part by the action of the Administrator; provided, however, that no amendment or modification shall be effective to
decrease or restrict the value of a Participant’s vested Account Balance in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Separation from Service as of the effective date of the
amendment or modification. The amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification.

  
 18 

	8.3	Plan Agreement. Despite the provisions of Sections 8.1 and 8.2 above, if a Participant’s Plan Agreement contains benefits or limitations that are not in this Plan document, the Employer may
only amend or terminate such provisions with the consent of the Participant. 

  

	8.4	Effect of Payment. The full payment of the applicable benefit under Articles 4, 5 or 6 of the Plan shall completely discharge all obligations to a Participant and his or her designated
Beneficiaries under this Plan and the Participant’s Plan Agreement shall terminate. 

  

	8.5	Amendment to Ensure Proper Characterization of the Plan. Notwithstanding the previous Sections of this Article, the Plan may be amended at any time, retroactively if required, if found necessary, in
the opinion of the Employer, in order to ensure that the Plan is characterized as a non-tax-qualified “top hat” plan of deferred compensation maintained for a select group of management or highly compensated employees, as described under
ERISA Sections 201(2), 301(a)(3) and 401(a)(1), to conform the Plan to the provisions to Section 409A and to ensure that amounts under the Plan are not considered to be taxed to a Participant under the Federal income tax laws prior to the
Participant’s receipt of the amounts or to conform the Plan and the Trust to the provisions and requirements of any applicable law (including ERISA and the Code). 

ARTICLE 9 

Administration 
  

	9.1	Administrator Duties. This Plan shall be administered by the Committee, or, with respect to those duties and responsibilities described below, appropriate management personnel designated by the
Committee to perform such duties and responsibilities. The Administrator shall have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and
(ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. Any individual serving as a member of the Administrator who is a Participant shall not vote or act on any matter
relating solely to himself or herself. When making a determination or calculation, the Administrator shall be entitled to rely on information furnished by a Participant or the Employer. 

Any of the duties and responsibilities of the Administrator under the Plan, including, but not limited to those listed below, may be performed
by appropriate management personnel designated by the Committee to perform such duties and responsibilities, except that any decision, interpretation, calculation or other action not listed below which would materially increase the Employer’s
liability and/or costs associated with the Plan must be approved by the Committee: 
  

	 	(a)	the appropriate management personnel may designate those Employees of the Employer who are eligible to participate in the Plan in accordance with Section 2.1; 

  
 19 

	 	(b)	the appropriate management personnel may make all discretionary decisions under the Plan with respect to Annual Company Discretionary Contribution Amounts; provided, however, that the appropriate management personnel
may only credit an Annual Company Discretionary Contribution Amount under the Plan on behalf of a Participant without Committee approval if, but for the decision to so credit, the appropriate management personnel could otherwise have directed,
without Committee approval, that the Participant receive an amount equal to the Annual Company Discretionary Contribution Amount in cash; 

  

	 	(c)	the appropriate management personnel may administer the claims procedure requirements of the Plan set forth in Article 12; 

  

	 	(d)	the appropriate management personnel may make Plan amendments under Article 9 in order to permit the deferral of bonuses, sales commissions or other incentives and/or to permit other forms and timing of
distributions under the Plan. 

  

	 	(e)	the appropriate management personnel may make other Plan amendments under Article 9, but only to the extent such amendments are required by applicable law or do not materially increase the Employer’s liability
and/or costs associated with the Plan; 

  

	 	(f)	the appropriate management personnel may change service providers used in connection with the Plan; 

  

	 	(g)	the appropriate management personnel may allocate expenses associated with the Plan’s administration among Participants’ Account Balances; 

 

	 	(h)	the appropriate management personnel may change the deemed investment alternatives available under the Plan. 

  

	9.2	Agents. In the administration of this Plan, the Administrator may, from time to time, employ agents and delegate to them such administrative duties as they see fit (including acting through a duly
appointed representative) and may from time to time consult with counsel who may be counsel to the Employer. 

  

	9.3	Binding Effect of Decisions. The decision or action of the Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the
Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

  

	9.4	Indemnity of Administrator. The Employer shall indemnify and hold harmless the members of the Administrator, and any individuals to whom the duties of the Administrator may be delegated, against any
and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Administrator or any of its members or any such individuals. This
indemnification shall be in addition to, and not in limitation of, any other indemnification protections of the Administrator. 

  
 20 

	9.5	Employer Information. To enable the Administrator to perform its functions, the Employer shall supply full and timely information to the Administrator on all matters relating to the compensation of
the Participants, the date and circumstances of the death or employment termination of the Participants, and such other pertinent information as the Administrator may reasonably require. 

ARTICLE 10  

Other Benefits and Agreements 
  

	10.1	Coordination With Other Benefits. The benefits provided for a Participant or a Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under
any other plan or program for Employees or Directors of the Employer. The Plan shall supplement and shall not supersede, modify or amend any other plan or program except as may otherwise be expressly provided. 

ARTICLE 11  

Claims Procedures 
  

	11.1	Scope of Claims Procedures. This Article is based on final regulations issued by the Department of Labor and published in the Federal Register on November 21, 2000 and codified at 29 C.F.R.
Section 2560.503-1. If any provision of this Article conflicts with the requirements of those regulations, the requirements of those regulations will prevail. 

For purposes of this Article, references to disability benefit claims are intended to describe claims made by Participants in connection with a
revocation of a deferral election pursuant to Section 3.3(c), but only if and to the extent that such claims require an independent determination by the Administrator that the Participant is or is not suffering from a disability, within the
meaning Section 1.409A-3(j)(4)(xii) of the Treasury regulations. If the Administrator’s determination is based entirely on a disability determination made by another party, such as the Social Security Administration or another
federal or state agency or an insurer with respect to a disability insurance policy covering the Participant, the Participant’s claim shall not be treated as a disability claim for purposes of the special provisions of this Article that
apply to claims for which an independent determination of disability is required. 
  

	11.2	Initial Claim. A Participant or Beneficiary who believes he or she is entitled to any benefit under the Plan (a “Claimant”) may file a claim with the Administrator. The
Administrator shall review the claim itself or appoint an individual or an entity to review the claim. 

  

	 	(a)	 Benefit Claims that do not Require a Determination of Disability. If the claim is for a
benefit other than one that requires a determination by the Committee of a Participant’s disability, the Claimant shall be notified within ninety (90) days after the claim is filed whether the claim is allowed or denied, unless the
Claimant receives written notice from the Administrator or appointee of the Administrator 

  
 21 

	 	
prior to the end of the ninety (90) day period stating that special circumstances require an extension of the time for decision, such extension not to extend beyond the day which is one
hundred eighty (180) days after the day the claim is filed. 

  

	 	(b)	Disability Benefit Claims. In the case of a benefits claim that requires an independent determination by the Administrator of a Participant’s disability status, the Administrator shall notify the
Claimant of the Plan’s adverse benefit determination within a reasonable period of time, but not later than forty-five (45) days after receipt of the claim. If, due to matters beyond the control of the Plan, the Administrator needs
additional time to process a claim, the Claimant will be notified, within forty-five (45) days after the Administrator receives the claim, of those circumstances and of when the Administrator expects to make its decision but not beyond
seventy-five (75) days. If, prior to the end of the extension period, due to matters beyond the control of the Plan, a decision cannot be rendered within that extension period, the period for making the determination may be extended for up
to one hundred five (105) days, provided that the Administrator notifies the Claimant of the circumstances requiring the extension and the date as of which the Plan expects to render a decision. The extension notice shall specifically
explain the standards on which the determination of a disability is based, the unresolved issues that prevent a decision on the claim and the additional information needed from the Claimant to resolve those issues, and the Claimant shall be afforded
at least forty-five (45) days within which to provide the specified information. 

  

	 	(c)	Manner and Content of Denial of Initial Claims. If the Administrator denies a claim, it must provide to the Claimant, in writing or by electronic communication: 

 

	 	(i)	The specific reasons for the denial; 

  

	 	(ii)	A reference to the Plan provision or insurance contract provision upon which the denial is based; 

  

	 	(iii)	A description of any additional information or material that the Claimant must provide in order to perfect the claim; 

  

	 	(iv)	An explanation of why such additional material or information is necessary; 

  

	 	(v)	Notice that the Claimant has a right to request a review of the claim denial and information on the steps to be taken if the Claimant wishes to request a review of the claim denial; and 

 

	 	(vi)	A statement of the participant’s right to bring a civil action under ERISA Section 502(a) following a denial on review of the initial denial. 

In addition, in the case of a denial of benefits on the basis of the Administrator’s independent determination of the Participant’s
disability status, the Administrator will provide a copy of any rule, guideline, protocol, or other similar criterion relied upon in making the adverse determination (or a statement that the same will be provided upon request by the Claimant and
without charge). 

  
 22 

	11.3	Review Procedures. 

  

	 	(a)	Benefit Claims that do not Require a Determination of Disability. Except for claims requiring an independent determination of a Participant’s Disability status, a request for review of a denied
claim must be made in writing to the Administrator within sixty (60) days after receiving notice of denial. The decision upon review will be made within sixty (60) days after the Administrator’s receipt of a request for review,
unless special circumstances require an extension of time for processing, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of a request for review. A notice of such an extension must be
provided to the Claimant within the initial sixty (60) day period and must explain the special circumstances and provide an expected date of decision. 

The reviewer shall afford the Claimant an opportunity to review and receive, without charge, all relevant documents, information and records
and to submit issues and comments in writing to the Administrator. The reviewer shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim regardless of whether the information
was submitted or considered in the initial benefit determination. 
  

	 	(b)	Disability Benefit Claims. In addition to having the right to review documents and submit comments as described in (a) above, a Claimant whose claim for benefits requires an independent
determination by the Administrator of the Participant’s disability status has at least one hundred eighty (180) days following receipt of a notification of an adverse benefit determination within which to request a review of the initial
determination. In such cases, the review will meet the following requirements: 

  

	 	(i)	The Plan will provide a review that does not afford deference to the initial adverse benefit determination and that is conducted by an appropriate named fiduciary of the Plan who did not make the initial determination
that is the subject of the appeal, nor by a subordinate of the individual who made the determination. 

  

	 	(ii)	The appropriate named fiduciary of the Plan will consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment before making a decision on
review of any adverse initial determination based in whole or in part on a medical judgment. The professional engaged for purposes of a consultation in the preceding sentence shall not be an individual who was consulted in connection with the
initial determination that is the subject of the appeal or the subordinate of any such individual. 

  
 23 

	 	(iii)	The Plan will identify to the Claimant the medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the review, without regard to whether the advice was relied upon in making the
benefit review determination. 

  

	 	(iv)	The decision on review will be made within forty-five (45) days after the Committee’s receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a
decision will be rendered not later than ninety (90) days after receipt of a request for review. A notice of such an extension must be provided to the Claimant within the initial forty-five (45) day period and must explain the special
circumstances and provide an expected date of decision. 

  

	 	(c)	Manner and Content of Notice of Decision on Review. Upon completion of its review of an adverse initial claim determination, the Administrator will give the Claimant, in writing or by electronic
notification, a notice containing: 

  

	 	(i)	its decision; 

  

	 	(ii)	the specific reasons for the decision; 

  

	 	(iii)	the relevant Plan provisions or insurance contract provisions on which its decision is based; 

  

	 	(iv)	a statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all documents, records and other information in the Plan’s files which is relevant to the
Claimant’s claim for benefits; 

  

	 	(v)	a statement describing the Claimant’s right to bring an action for judicial review under ERISA Section 502(a); and 

  

	 	(vi)	if an internal rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination on review, a statement that a copy of the rule, guideline, protocol or other similar criterion will
be provided without charge to the Claimant upon request. 

  

	11.4	Calculation of Time Periods. For purposes of the time periods specified in this Article, the period of time during which a benefit determination is required to be made begins at the time a claim is
filed in accordance with the Plan procedures without regard to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s failure to submit all information necessary,
the period for making the determination shall be tolled from the date the notification is sent to the Claimant until the date the Claimant responds. 

  

	11.5	 Legal Action. If the Plan fails to follow the claims procedures required by this Article, a
Claimant shall be deemed to have exhausted the administrative remedies available under the Plan and shall be entitled to pursue any available remedy under ERISA 

  
 24 

	 	
Section 502(a) on the basis that the Plan has failed to provide a reasonable claims procedure that would yield a decision on the merits of the claim. A Claimant’s compliance
with the foregoing provisions of this Article is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claims for benefits under the Plan. However, notwithstanding anything herein that may
suggest otherwise, with respect to any claim pertaining to a Participant who is not subject to ERISA, following the Claimant’s exhaustion of the foregoing provisions of this Article, all disputes in connection with such claim shall be resolved
by binding arbitration in accordance with the commercial arbitration rules of the American Arbitration Association. 

ARTICLE 12 

Trust 
  

	12.1	Establishment of the Trust. The Company intends to establish the Trust after the Spin-off, and the Employer intends, but is not required, to transfer over to the Trust at least annually such assets as
the Employer determines, in its sole discretion, are necessary to provide for its respective future liabilities created with respect to the Annual Deferral Amounts, Annual Company Supplemental Contribution Amounts and Annual Company Discretionary
Contribution Amounts for the Participants. 

  

	12.2	Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan Agreement shall govern the rights of a Participant to receive distributions pursuant to the Plan. The
provisions of the Trust shall govern the rights of the Employer, Participants and the creditors of the Employer to the assets transferred to the Trust. The Employer shall at all times remain liable to carry out its obligations under the Plan.

  

	12.3	Distributions From the Trust. The Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce
the Employer’s obligations under this Plan. 

 ARTICLE 13 

Miscellaneous 
  

	13.1	Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for
the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted to
the extent possible in a manner consistent with that intent. 

  

	13.2	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the
Employer. For purposes of the payment of benefits under this Plan, any and all of the Employer’s assets shall be, and remain, the general, unpledged unrestricted assets of the Employer. The Employer’s obligation under the Plan
shall be merely that of an unfunded and unsecured promise to pay money in the future. 

  
 25 

	13.3	Employer’s Liability. The Employer’s liability for the payment of benefits shall be defined only by the Plan and the Plan Agreement, as entered into between the Employer and a
Participant. The Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her Plan Agreement. 

  

	13.4	Nonassignability. Subject to Sections 3.10 and 3.11, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise
encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and
non-transferable. Subject to Sections 3.11 and 13.15, no part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement
or otherwise. 

  

	13.5	Not a Contract of Continued Service. The terms and conditions of this Plan shall not be deemed to constitute a contract of continued service by the Participant to the Employer and a Participant,
whether in an employee or independent contractor capacity. Such service is hereby acknowledged, subject to applicable state law, to be an “at will” service relationship that can be terminated at any time for any reason, or no reason,
with or without cause, and with or without notice, unless expressly provided in a written employment, consulting or like agreement. Nothing in this Plan shall be deemed to give any Participant the right to be retained in the service of the
Employer either as an Employee or Director, or to interfere with the right of the Employer to discipline or discharge the Participant at any time. 

  

	13.6	Furnishing Information. A Participant or his or her Beneficiary will cooperate with the Administrator by furnishing any and all information requested by the Administrator and take such other actions
as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including, but not limited to, taking such physical examinations as the Administrator may deem necessary. 

 

	13.7	Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein
in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. 

 

	13.8	Captions. The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions.

  
 26 

	13.9	Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of Utah without regard to its conflicts of laws principles.

  

	13.10	Notice. Any notice or filing required or permitted to be given to the Administrator under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to
the address below: 

 Vice President, Human Resources 

1678 S. Pioneer Rd. 
 Salt Lake
City, UT 84104 
 With Copy To: 

General Counsel 
 1678 S. Pioneer
Rd. 
 Salt Lake City, UT 84104 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification. 
 Any notice or filing required or permitted to be given to a Participant under this Plan shall
be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
  

	13.11	Successors. The provisions of this Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant and the Participant’s designated
Beneficiaries. 

  

	13.12	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be
transferable by such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession. 

 

	13.13	Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and
enforced as if such illegal or invalid provision had never been inserted herein; except to the extent that Section 409A requires that this Section 13.13 be disregarded because it purports to nullify Plan terms that are not in compliance
with Section 409A. 

  

	13.14	 Incompetent. If the Administrator determines in its discretion that a benefit under this Plan
is to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Administrator may direct payment 

  
 27 

	 	
of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person. The Administrator may require proof of minority,
incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may
be, and shall be a complete discharge of any liability under the Plan for such payment amount. 

  

	13.15	Court Order. The Administrator is authorized to make any payments otherwise distributable here under as directed by court order in any action in which the Plan or the Administrator has been named as a
party. In addition, if a court determines that a spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan in connection with a property settlement or otherwise, the Administrator, in its sole
discretion but solely if and to the extent permitted by Section 409A, shall have the right, notwithstanding any election made by a Participant, to immediately distribute the spouse’s or former spouse’s interest in the
Participant’s benefits under the Plan to that spouse or former spouse. 

  

	13.16	Acceleration of Distribution. 

  

	 	(a)	In General. The Employer may, in its discretion (without any direct or indirect election on the part of any Participant), accelerate the date of distribution or commencement of distributions
hereunder, or accelerate installment payments by paying the vested Account Balance in a lump sum or pursuant to a Yearly Installment Method using fewer years, to the extent permitted under Section 409A (such as, for example, as provided in
Section 1.409A-3(j)(4) of the Treasury regulations, to comply with domestic relations orders or certain conflict of interest rules, to pay employment taxes, to make a lump sum cashout of certain de minimus amounts that are less than the
applicable dollar amount under Code Section 402(g)(1)(B), or to make payments upon income inclusion under Section 409A). 

  

	 	(b)	Trust. If the Trust terminates in accordance with the provisions of the Trust and benefits are distributed from the Trust to a Participant in accordance with such provisions, the Participant’s
benefits under this Plan shall be reduced to the extent of such distributions. 

  

	13.17	 Delay in Payment. If the Employer reasonably anticipates that any payment scheduled to be made
hereunder would violate securities laws (or other applicable laws) or jeopardize the ability of the Employer to continue as a going concern if paid as scheduled, then the Administrator may defer that payment, provided the Employer treats
payments to all similarly situated Participants on a reasonably consistent basis and does so in compliance with Section 409A. In addition, the Employer may, in its discretion, delay a payment upon such other events and conditions as the
IRS may prescribe in compliance with Section 409A, provided the Employer treats payments to all similarly situated Participants on a reasonably consistent basis. Any amounts deferred pursuant to this Section shall continue to be
credited or debited with additional amounts in accordance with Section 3.8 above, even if such amount is being paid out in installments. 

  
 28 

	 	
The amounts so deferred and amounts credited or debited thereon shall be distributed to the Participant or his or her Beneficiary (in the event of the Participant’s death) at the
earliest possible date on which the Administrator reasonably anticipates that such violation or material harm would be avoided or as otherwise prescribed by the IRS. 

 

	13.18	Prohibited Acceleration/Distribution Timing. This Section shall take precedence over any other provision of the Plan or this Article 14 to the contrary. If the timing of any
distribution election would result in any tax or other penalty (other than ordinarily payable Federal, state or local income or payroll taxes), which tax or penalty can be avoided by payment of the distribution at a later time, then the distribution
shall be made (or commence, as the case may be) on (or as soon as practicable after) the first date on which such distributions can be made (or commence) without such tax or penalty; except to the extent that Section 409A
requires that this Section be disregarded because it purports to nullify Plan terms that are not in compliance with Section 409A. 

  

	13.19	Insurance. The Employer, on its own behalf or on behalf of the trustee of the Trust, and, in its sole discretion, may apply for and procure insurance on the life of the Participant, in such
amounts and in such forms as the Trust may choose. The Employer or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such
policy or policies, and at the request of the Employer shall supply such information and execute such documents as may be required by the insurance company or companies to whom the Employer has applied for insurance. 

 

	13.20	Aggregation of Employers. If the Employer is a member of a controlled group of corporations or a group of trades or business under common control, all members of the group shall be treated as a single
Employer for purposes of whether there has occurred a Separation from Service to the extent required under Section 409A and for any other purposes under the Plan as Section 409A shall require. 

 

	13.21	Aggregation of Plans. If the Employer offers other account balance deferred compensation plans in addition to the Plan, those plans together with the Plan shall be treated as a single plan to the
extent required under Section 409A for purposes of determining whether an Employee or Director may make a deferral election pursuant to Section 3.3(a) within thirty (30) days of becoming eligible to participate in the Plan, for
purposes of cashing out de minimus amounts pursuant to Section 13.16 and for any other purposes under the Plan as Section 409A shall require. 

  

	13.22	USERRA. Notwithstanding anything herein to the contrary, any deferral or distribution election provided to a Participant as necessary to satisfy the requirements of the Uniformed Services Employment
and Reemployment Rights Act of 1994, as amended, shall be permissible hereunder. 

  
 29 

 Appendix A 

The following provisions shall modify the corresponding provisions of the Plan with respect to deferrals made by employees and nonemployee
directors under the VMS Plan and assumed hereunder (the “Assumed VMS Deferrals”). Capitalized terms defined in this Appendix A shall apply to the Assumed VMS Deferrals. Capitalized terms that are used in this Appendix A but are not
defined in this Appendix A shall have the meaning set forth in the Plan. For the avoidance of doubt, the spin-off of Varex Imaging Corporation from VMS shall not constitute a termination of employment for any purpose with respect to the Assumed
VMS Deferrals or with respect to deferrals made under the Plan. The assumption of the Assumed VMS Deferrals is intended to preserve the economic rights of the applicable Participants and comply with Section 409A (including, without
limitation, preserving the time and form of payment), and shall be interpreted accordingly. 
 ARTICLE 1 

Definitions 
  

	1.1	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Supplemental Contribution
Account balance and (iii) the Company Discretionary Contribution Account balance. The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement
and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary. 

  

	1.2	“Annual Company Discretionary Contribution Amount” shall mean, for the Plan Year of reference, the amount determined in accordance with Section 3.6 of the VMS Plan and credited to such account prior to
the Spin-off. 

  

	1.3	“Annual Company Supplemental Contribution Amount” shall mean, for the Plan Year of reference, the amount determined in accordance with Section 3.5 of the VMS Plan and credited to such account prior to the
Spin-off. 

  

	1.4	“Annual Deferral Amount” shall mean that portion of a Participant’s Base Annual Salary, Incentive Payments and/or Directors’ Fees that a Participant elected to have deferred under the VMS Plan for
any one Plan Year. 

  

	1.5	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with the VMS Plan or the Plan, that are entitled to receive benefits under this Plan upon the death of
a Participant. 

  

	1.6	“Company Discretionary Contribution Account” shall mean (i) the sum of all of the Participant’s Annual Company Discretionary Contribution Amounts, plus (ii) amounts credited or debited in
accordance with all the applicable crediting provisions of this Plan and the VMS Plan that relate to the Participant’s Company Discretionary Contribution Account, less (iii) all distributions made to the Participant or his or her
Beneficiary pursuant to this Plan and the VMS Plan that relate to the Participant’s Company Discretionary Contribution Account. 

  
 30 

	1.7	“Company Supplemental Contribution Account” shall mean (i) the sum of all of the Participant’s Annual Company Supplemental Contribution Amounts, plus (ii) amounts credited or debited in
accordance with all the applicable crediting provisions of this Plan and the VMS Plan that relate to the Participant’s Company Supplemental Contribution Account, less (iii) all distributions made to the Participant or his or her
Beneficiary pursuant to this Plan and the VMS Plan that relate to the Participant’s Company Supplemental Contribution Account. A Participant shall at all times be 100% vested in his or her Company Supplemental Contribution Account.

  

	1.8	“Deferral Account” shall mean (i) the sum of all of a Participant’s Annual Deferral Amounts, plus (ii) amounts credited or debited in accordance with all the applicable crediting provisions of
this Plan and the VMS Plan that relate to the Participant’s Deferral Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan and the VMS Plan that relate to his or her Deferral Account.

  

	1.9	“Incentive Payments” shall mean any compensation payable to a Participant under the Annual Incentive Plan, Employee Incentive Plan, Sales Incentive Plan or Service Incentive Plan. 

 

	1.10	“Participant” shall mean a person having Assumed VMS Deferrals. 

  

	1.11	“Pre-Termination Survivor Benefit” shall mean the benefit set forth in Section 3 of this Appendix A. 

  

	1.12	“Regular Termination” shall mean Separation from Service, voluntarily or involuntarily, for any reason other than Retirement or death. 

 

	1.13	“Regular Termination Benefit” shall mean the benefit set forth in Article 4 of this Appendix A. 

  

	1.14	“Retirement”, “Retire(s)” or “Retired” shall mean, with respect to an employee, Separation from Service for any reason other than death on or after the attainment of age fifty-five
(55) with ten (10) Years of Service; and shall mean with respect to a director who is not an employee, Separation from Service on or after the attainment of age seventy (70). If a Participant is both an employee and a director,
Retirement shall not occur until he or she Retires as both an employee and a director on or after the attainment of age fifty-five (55) with ten (10) Years of Service. 

 

	1.15	“Retirement Benefit” shall mean the benefit set forth in Article 2 of this Appendix A. 

  

	1.16	 “Yearly Installment Method” shall be a yearly installment payment over one of the installment payout
alternatives selected by the Participant in accordance with this Plan and the VMS Plan, calculated as follows (subject to Section 3.10): The Account Balance of the Participant shall be calculated as of the close of business on the date of
reference (or, if the date of reference is not a business day, on the immediately following business 

  
 31 

	 	
day), and shall be paid during the calendar month containing the date of reference unless otherwise provided herein. The date of reference with respect to the first yearly installment
payment shall be the first day of the month provided in Section 2.2 of this Appendix A and the date of reference with respect to subsequent yearly installment payments shall be the anniversary of such date. 

The installment payout alternative available for election by the Participant with respect to his or her Retirement Benefit is substantially
equal annual installments of between two (2) and fifteen (15) years. The yearly installment shall be calculated by multiplying this Account Balance by a fraction, the numerator of which is one (1), and the denominator of which is the
remaining number of yearly payments due the Participant. By way of example, if the Participant elects a five (5) year Yearly Installment Method, the first payment shall be one-fifth (1/5) of the Account Balance (or applicable portion
thereof), calculated as described in this definition. During the calendar month containing the anniversary of the date of reference for the first yearly installment payment, the payment shall be one-fourth (1/4) of the Account Balance (or
applicable portion thereof), calculated as described in this definition 
  

	1.17	“Years of Service” shall mean the total number of full years in which a Participant has been employed by VMS (or one or more of its subsidiaries that qualified as an “Employer” under the VMS
Plan) or one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee’s
date of hiring and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted. 

ARTICLE 2 

Retirement Benefit 
  

	2.1	Retirement Benefit. Subject to the Deduction Limitation and to Section 3.10, a Participant who Retires shall receive, as a Retirement Benefit, his or her vested Account Balance (or
applicable portion thereof). 

  

	2.2	 Payment of Retirement Benefit. At the same time that a Participant elects to defer an Annual
Deferral Amount for a given Plan Year, the Participant may elect to receive that portion of his or her Retirement Benefit attributable to the Annual Deferral Amount in a lump sum, or pursuant to one of the available Yearly Installment
Methods. For these purposes, any Incentive Payments deferred pursuant to a deferral election made during a given Plan Year shall be considered as part of the immediately following Plan Year’s Annual Deferral Amount regardless of when the
Incentive Payments would have been payable in absence of the deferral election (e.g., Incentive Payments deferred pursuant to a deferral election made in 2008 shall be considered as part of the Participant’s 2009 Annual Deferral
Amount). Subject to such requirements as may be imposed by the Administrator, a Participant may make separate Retirement Benefit distribution elections in respect of the Base Annual Salary, Incentive Payments and/or Directors’ Fees
portions of his or her Annual Deferral Amount. The lump sum payment shall be made, or 

  
 32 

	 	
installments shall commence, (i) if the Participant’s Retirement occurs during January through June of any Plan Year, during the January of the Plan Year following the Plan Year of the
Participant’s Retirement; (ii) if the Participant’s Retirement occurs during July through December of any Plan Year, during the July of the Plan Year following the Plan Year of the Participant’s Retirement. 

The Participant may change his or her election to an allowable alternative payout period date by submitting a new Election Form to the
Administrator in accordance with Treasury Regulation Section 1.409A-2(b), provided that any such Election Form will be null and void unless accepted by the Administrator no later than one (1) year prior to the date of the
Participant’s Retirement and provides for a distribution (or commencement of distributions) date which is at least five (5) years from the distribution (or commencement of distributions) date then in effect. Subject to the
foregoing, the Election Form most recently accepted by the Administrator shall govern the payout of the Retirement Benefit with respect to the portion of the Participant’s Account Balance to which it pertains. 

Notwithstanding anything above or elsewhere in the Plan to the contrary, no change submitted on an Election Form shall be accepted by the
Administrator if the change accelerates the time over which distributions shall be made to the Participant (except as otherwise permitted under Section 409A) and the Administrator shall deny any change made to an election if the
Administrator determines that the change violates the requirement under Section 409A that the first payment with respect to which such election is made be deferred for a period of not less than five (5) years from the date such payment
would otherwise have been made. For these purposes, installment payments shall be treated as a single payment, with the result that an election to change from installments to a lump sum (or to an different Yearly Installment Method) will
require that the lump sum (or first installment) be postponed until a date which is at least five (5) years from the previously scheduled payment date of the first installment. 

If the Participant does not make any election with respect to the payment of any portion of the Retirement Benefit, then such portion shall be
paid in a lump sum: (i) if the Participant’s Retirement occurs during January through June of any Plan Year, during the January of the Plan Year following the Plan Year of the Participant’s Retirement; (ii) if the
Participant’s Retirement occurs during July through December of any Plan Year, during the July of the Plan Year following the Plan Year of the Participant’s Retirement. 

Any payment made shall be subject to Section 3.10 and to the Deduction Limitation. 

Any amounts credited to the Participant’s Company Supplemental Contribution Account and/or Company Discretionary Contribution Account
shall be payable under the Plan solely in the form of a lump sum (in accordance with the timing rule set forth in the last sentence of the first paragraph of this Section 2.2) and shall not be eligible for installment distribution. 

  
 33 

 ARTICLE 3 

Survivor Benefit 
  

	3.1	Pre-Termination Survivor Benefit. The Participant’s Beneficiary shall receive a Pre-Termination Survivor Benefit equal to the Participant’s vested Account Balance if the Participant dies
before he or she experiences a Retirement or a Regular Termination. 

  

	3.2	Payment of Pre-Termination Survivor Benefit. The Pre-Termination Survivor Benefit shall be paid to the Participant’s Beneficiary in a lump sum at the time of the Participant’s death, provided the
Administrator receives proof that is satisfactory to the Administrator of the Participant’s death. Any payment made hereunder shall be subject to Section 3.10, but shall not be subject to the Deduction Limitation. 

 

	3.3	Death Prior to Completion of Regular Termination Benefit or Retirement Benefit. If a Participant dies after Regular Termination or Retirement but before the Regular Termination Benefit or Retirement
Benefit is paid in full, the Participant’s unpaid Regular Termination Benefit or Retirement Benefit shall be paid to the Participant’s Beneficiary in a lump sum at the time of the Participant’s death, provided the Administrator
receives proof that is satisfactory to the Administrator of the Participant’s death. Any payment made hereunder shall be subject to Section 3.10, but shall not be subject to the Deduction Limitation. 

ARTICLE 4 
 Regular
Termination Benefit 
  

	4.1	Regular Termination Benefit. Subject to the Deduction Limitation and to Section 3.10, the Participant shall receive a Regular Termination Benefit, which shall be equal to the Participant’s
vested Account Balance if a Participant experiences a Regular Termination prior to his or her Retirement or death. 

  

	4.2	Payment of Regular Termination Benefit. The Participant’s Regular Termination Benefit shall be paid in a lump sum: (i) if the Participant’s Regular Termination occurs during January
through June of any Plan Year, during the January of the Plan Year following the Plan Year of the Participant’s Regular Termination; (ii) if the Participant’s Regular Termination occurs during July through December of any Plan Year,
during the July of the Plan Year following the Plan Year of the Participant’s Regular Termination. Any payment made shall be subject to Section 3.10 and the Deduction Limitation. 

  
 34 

 IN WITNESS WHEREOF, the Employer has adopted this amended and restated Plan document effective as of
November 1, 2016. 
  

			
	 VAREX IMAGING
CORPORATION

 
			
		
	 By:
	 	 /s/ Clarence Verhoef

			
	 Print Name:
	 	 Clarence Verhoef

 
			
	Title:	 	 CFO

	Date:	 	 10/25/16

	
	 OTHER SPONSORING EMPLOYERS:

	
	  

 
			
	By:	 	
 

 
			
	 Print Name:
	 	  

 
			
	 Title:
	 	  

	 Date:
	 	  

	
	  

			
	By:	 	  

 
			
	Print Name:	 	  

 
			
	 Title:
	 	  

	 Date:
	 	  

  
 35EX-10.7

 Exhibit 10.7 
  

 
 VAREX IMAGING CORPORATION  

Master Plan Document 
  

 

 VAREX IMAGING CORPORATION 

MASTER PLAN DOCUMENT continued... 

 

 TABLE OF CONTENTS 

 

									
	 	 	  	 	  	Page	 
	 	ARTICLE 1	  	  	DEFINITIONS	  	 	1	  
			
	 	ARTICLE 2	  	  	SELECTION, ENROLLMENT, ELIGIBILITY	  	 	7	  
			
	 	2.1    	  	  	Selection by Committee	  	 	7	  
			
	 	2.2    	  	  	Enrollment Requirements	  	 	8	  
			
	 	2.3    	  	  	Eligibility; Commencement of Participation	  	 	8	  
			
	 	2.4    	  	  	Termination of Participation and/or Deferrals	  	 	8	  
			
	 	2.5    	  	  	Freeze of Participation	  	 	8	  
			
	 	ARTICLE 3	  	  	DEFERRAL COMMITMENTS/COMPANY MATCHING/CREDITING/TAXES	  	 	8	  
			
	 	3.1    	  	  	Minimum Deferrals	  	 	8	  
			
	 	3.2    	  	  	Maximum Deferral	  	 	9	  
			
	 	3.3    	  	  	Election to Defer; Effect of Election Form	  	 	10	  
			
	 	3.4    	  	  	Withholding of Annual Deferral Amounts	  	 	10	  
			
	 	3.5    	  	  	Annual Company Contribution Amount	  	 	10	  
			
	 	3.6    	  	  	Annual Company Matching Amount	  	 	11	  
			
	 	3.7    	  	  	No Further Deferrals or Contributions	  	 	11	  
			
	 	3.7    	  	  	Unvested Amount as of December 31, 2004	  	 	11	  
			
	 	3.9    	  	  	Investment of Trust Assets	  	 	11	  
			
	 	3.10  	  	  	Vesting	  	 	11	  
			
	 	3.11  	  	  	Crediting/Debiting of Account Balances	  	 	12	  
			
	 	3.12  	  	  	FICA and Other Taxes	  	 	14	  
			
	 	3.13  	  	  	Distributions	  	 	14	  
			
	 	3.14  	  	  	Deferrals from Other Plans	  	 	14	  
			
	 	3.15  	  	  	Prior Plan	  	 	15	  
			
	 	ARTICLE 4	  	  	SHORT-TERM PAYOUT; UNFORESEEABLE FINANCIAL EMERGENCIES; WITHDRAWAL ELECTION	  	 	15	  
			
	 	4.1    	  	  	Short-Term Payout	  	 	15	  

  
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 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	  	 	  	Page	 
	 	4.2      	  	  	Other Benefits Take Precedence Over Short-Term Payout	  	 	15	  
			
	 	4.3      	  	  	Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies	  	 	16	  
			
	 	4.4      	  	  	Withdrawal Election	  	 	16	  
			
	 	ARTICLE 5	  	  	RETIREMENT BENEFIT	  	 	16	  
			
	 	5.1      	  	  	Retirement Benefit	  	 	16	  
			
	 	5.2      	  	  	Payment of Retirement Benefit	  	 	16	  
			
	 	5.3      	  	  	Death Prior to Completion of Retirement Benefit	  	 	17	  
			
	 	ARTICLE 6	  	  	PRE-RETIREMENT SURVIVOR BENEFIT	  	 	17	  
			
	 	6.1      	  	  	Pre-Retirement Survivor Benefit	  	 	17	  
			
	 	6.2      	  	  	Payment of Pre-Retirement Survivor Benefit	  	 	17	  
			
	 	ARTICLE 7	  	  	TERMINATION BENEFIT	  	 	18	  
			
	 	7.1      	  	  	Termination Benefit	  	 	18	  
			
	 	7.2      	  	  	Payment of Termination Benefit	  	 	18	  
			
	 	ARTICLE 8	  	  	DISABILITY WAIVER AND BENEFIT	  	 	18	  
			
	 	8.1      	  	  	Disability Waiver	  	 	18	  
			
	 	8.2      	  	  	Continued Eligibility; Disability Benefit	  	 	19	  
			
	 	ARTICLE 9	  	  	BENEFICIARY DESIGNATION	  	 	19	  
			
	 	9.1      	  	  	Beneficiary	  	 	19	  
			
	 	9.2      	  	  	Beneficiary Designation; Change; Spousal Consent	  	 	19	  
			
	 	9.3      	  	  	Acknowledgment	  	 	19	  
			
	 	9.4      	  	  	No Beneficiary Designation	  	 	20	  
			
	 	9.5      	  	  	Doubt as to Beneficiary	  	 	20	  
			
	 	9.6      	  	  	Discharge of Obligations	  	 	20	  
			
	 	ARTICLE 10	  	  	LEAVE OF ABSENCE	  	 	20	  
			
	 	10.1    	  	  	Paid Leave of Absence	  	 	20	  
			
	 	10.2    	  	  	Unpaid Leave of Absence	  	 	20	  

  
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 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	  	 	  	Page	 
	 	ARTICLE 11	  	  	TERMINATION, AMENDMENT OR MODIFICATION	  	 	20	  
			
	 	11.1    	  	  	Termination	  	 	20	  
			
	 	11.2    	  	  	Amendment	  	 	21	  
			
	 	11.3    	  	  	Plan Agreement	  	 	22	  
			
	 	11.4    	  	  	Effect of Payment	  	 	22	  
			
	 	11.5    	  	  	Grandfathered Status under American Jobs Creation Act of 2004	  	 	22	  
			
	 	ARTICLE 12	  	  	ADMINISTRATION	  	 	22	  
			
	 	12.1    	  	  	Committee Duties	  	 	22	  
			
	 	12.2    	  	  	Agents	  	 	22	  
			
	 	12.3    	  	  	Binding Effect of Decisions	  	 	22	  
			
	 	12.4    	  	  	Indemnity of Committee	  	 	23	  
			
	 	12.5    	  	  	Employer Information	  	 	23	  
			
	 	ARTICLE 13	  	  	OTHER BENEFITS AND AGREEMENTS	  	 	23	  
			
	 	13.1    	  	  	Coordination with Other Benefits	  	 	23	  
			
	 	ARTICLE 14	  	  	CLAIMS PROCEDURES	  	 	23	  
			
	 	14.1    	  	  	Presentation of Claim	  	 	23	  
			
	 	14.2    	  	  	Notification of Decision	  	 	23	  
			
	 	14.3    	  	  	Review of a Denied Claim	  	 	24	  
			
	 	14.4    	  	  	Decision on Review	  	 	24	  
			
	 	14.5    	  	  	Legal Action	  	 	24	  
			
	 	ARTICLE 15	  	  	TRUST	  	 	25	  
			
	 	15.1    	  	  	Establishment of the Trust	  	 	25	  
			
	 	15.2    	  	  	Interrelationship of the Plan and the Trust	  	 	25	  
			
	 	15.3    	  	  	Distributions from the Trust	  	 	25	  
			
	 	ARTICLE 16	  	  	MISCELLANEOUS	  	 	25	  
			
	   
	 16.1     
	    
	  	 Status of Plan
  
	  	   
	 25 
	    

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 16.2    
	  	Unsecured General Creditor	  	 	25	  
			
	 16.3    
	  	Employer’s Liability	  	 	25	  
			
	 16.4    
	  	Nonassignability	  	 	26	  
			
	 16.5    
	  	Not a Contract of Employment	  	 	26	  
			
	 16.6    
	  	Furnishing Information	  	 	26	  
			
	 16.7    
	  	Terms	  	 	26	  
			
	 16.8    
	  	Captions	  	 	26	  
			
	 16.9    
	  	Governing Law	  	 	26	  
			
	 16.10  
	  	Notice	  	 	27	  
			
	 16.11  
	  	Successors	  	 	27	  
			
	 16.12  
	  	Spouse’s Interest	  	 	27	  
			
	 16.13  
	  	Validity	  	 	27	  
			
	 16.14  
	  	Incompetent	  	 	27	  
			
	 16.15  
	  	Court Order	  	 	28	  
			
	 16.16  
	  	Distribution in the Event of Taxation	  	 	28	  
			
	 16.17  
	  	Insurance	  	 	28	  
			
	 16.18  
	  	Legal Fees To Enforce Rights After Change in Control	  	 	28	  

  
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 VAREX IMAGING CORPORATION 

FROZEN DEFERRED COMPENSATION PLAN 

Purpose 
 This Plan
is being adopted in connection with the spin-off (the “Spin-off”) of the Company from Varian Medical Systems, Inc. (“VMS”) and is effective on the effective date of the Spin-off (the “Effective Date”). Effective at
the time of the Spin-off, all deferrals made under the Varian Medical Systems, Inc. Frozen Deferred Compensation Plan (the “Frozen VMS Plan”) by those employees and nonemployee directors that are employees or nonemployee directors of the
Company immediately after the Spin-off shall be assumed hereunder and subject to the terms of this Plan and the deferral elections made under the Frozen VMS Plan (which are hereby incorporated by reference). Deferrals under the Frozen VMS Plan
made by persons who are not employed or engaged by the Company at the time of the Spin-off shall not be assumed under this Plan and shall remain an obligation of the Frozen VMS Plan. It is the intent of the Company that this Plan mirror the terms of
the Frozen VMS Plan, and the Plan shall be interpreted accordingly. 
 For the purpose of clarity, the Spin-off will not result in any
Employee or Director experiencing a Termination of Employment or being paid a Termination Benefit under the terms of the Frozen VMS Plan or this Plan. 

ARTICLE 1 

Definitions 

For purposes of this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following
indicated meanings: 
  

	1.1	“Account Balance” shall mean, with respect to a Participant, a credit on the records of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the vested Company Contribution Account balance
and (iii) the Company Matching Account balance. The Account Balance, and each other specified account balance, shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid
to a Participant, or his or her designated Beneficiary, pursuant to this Plan. 

  
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MASTER PLAN DOCUMENT continued... 

 

	1.2	“Annual Company Contribution Amount” shall mean, for any one Plan Year, the amount determined in accordance with Section 3.5 of the Frozen VMS Plan and credited to such account prior to the Spin-off.

  

	1.3	“Annual Company Matching Amount” for any one Plan Year shall be the amount determined in accordance with Section 3.6 of the Frozen VMS Plan and credited to such account prior to the Spin-off.

  

	1.4	“Annual Deferral Amount” shall mean that portion of a Participant’s Base Annual Salary, Incentive Payments, Directors Fees, plus amounts deferred, if any, pursuant to Section 3.12 of the Frozen VMS
Plan, that a Participant elects to have, and is deferred, in accordance with Article 3 of the Frozen VMS Plan, for any one Plan Year. In the event of a Participant’s Retirement, Disability (if deferrals cease in accordance with
Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year’s Annual Deferral Amount shall be the actual amount withheld prior to such event. 

 

	1.5	“Base Annual Salary” shall mean the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2
for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, Directors Fees and other fees, automobile and other allowances paid to a Participant for
employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated after reduction for compensation voluntarily deferred or contributed by the Participant
pursuant to all qualified or non-qualified plans of the Employer and shall be calculated to exclude amounts not otherwise included in the Participant’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant to plans
established by the Employer. 

  

	1.6	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article 9 of the Frozen VMS Plan or this Plan, that are entitled to receive benefits under this
Plan upon the death of a Participant. 

  

	1.7	“Beneficiary Designation Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

  

	1.8	“Board” shall mean the board of directors of the Company. 

  

	1.9	“Change in Control” shall be deemed to have occurred if: 

  

	 	(a)	 Any individual or group constituting a “person” , as such term is used in Sections 13(d) and 14(d)(2)
of the Exchange Act (other than (A) the Company or any of its subsidiaries or (B) any trustee or other fiduciary holding securities under an employee 

  
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 VAREX IMAGING CORPORATION 

MASTER PLAN DOCUMENT continued... 

 

	 	
benefit plan of the Company or of any of its subsidiaries), is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of
the combined voting power of the Company’s outstanding securities then entitled ordinarily (and apart from rights accruing under special circumstances) to vote for the election of Directors; or 

 

	 	(b)	Continuing Directors cease to constitute at least a majority of the Board; or 

  

	 	(c)	there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”), in each case with respect to which the stockholders of the Company immediately prior
to such Transaction do not, immediately after the Transaction, own more than 50% of the combined voting power of the Company or other corporation resulting from such Transaction; or 

 

	 	(d)	all or substantially all of the assets of the Company are sold, liquidated or distributed; provided however, that a “Change in Control” shall not be deemed to have occurred under this Plan if, prior to the
occurrence of a specified event that would otherwise constitute a Change in Control hereunder, the disinterested Continuing Directors then in office, by a majority vote thereof, determine that the occurrence of such specified event shall not be
deemed to be a Change in Control with respect to an Employee hereunder if the Change in Control results from actions or events in which an Employee is a participant in a capacity other than solely as an officer, employee or Director of the Company.

  

	1.10	“Claimant” shall have the meaning set forth in Section 14.1. 

  

	1.11	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

  

	1.12	“Committee” shall mean the committee described in Section 12.1. 

  

	1.13	“Company” shall mean Varex Imaging Corporation a Delaware corporation, and any successor to all or substantially all of the Company’s assets or business. 

 

	1.14	“Company Contribution Account” shall mean (i) the sum of the Participant’s Annual Company Contribution Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of the
Frozen VMS Plan and this Plan that relate to the Participant’s Company Contribution Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to the Frozen VMS Plan and this Plan that relate to the
Participant’s Company Contribution Account. 

  

	1.15	“Company Matching Account” shall mean (i) the sum of all of a Participant’s Annual Company Matching Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of the
Frozen VMS Plan and this Plan that relate to the Participant’s Company Matching Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to the Frozen VMS Plan and this Plan that relate to the
Participant’s Company Matching Account. 

  
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	1.16	“Continuing Directors” shall mean the Directors of the Company in office immediately following the Spin-off and any successor to any such Director who was nominated or selected by a majority of the Continuing
Directors in office at the time of the Director’s nomination or selection and who is not an “affiliate” or “associate” (as defined in Regulation 12B under the Exchange Act) of any person who is the beneficial owner, directly
or indirectly, of securities representing ten percent (10%) or more of the combined voting power of the Company’s outstanding securities then entitled ordinarily to vote for the election of Directors. 

 

	1.17	“Deduction Limitation” shall mean the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation
shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If the Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to
a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any
distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be
credited/debited with additional amounts in accordance with Section 3.9 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his or her
Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer
during which the distribution is made will not be limited by Section 162(m), or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not apply to any
distributions made after a Change in Control. 

  

	1.18	“Deferral Account” shall mean (i) the sum of all of a Participant’s Annual Deferral Amounts, plus (ii) amounts credited in accordance with all the applicable crediting provisions of the Frozen VMS Plan
and this Plan that relate to the Participant’s Deferral Account, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to the Frozen VMS Plan and this Plan that relate to his or her Deferral Account.

  

	1.19	“Director” shall mean any member of the Board. 

  

	1.20	“Directors Fees” shall mean the fees paid by VMS, including retainer fees and meetings fees, as compensation for serving on the Board of Directors of VMS. 

  
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	1.21	“Disability” shall mean a period of disability during which a Participant qualifies for permanent disability benefits under the Participant’s Employer’s long-term disability plan, or, if a
Participant does not participate in such a plan, a period of disability during which the Participant would have qualified for permanent disability benefits under such a plan had the Participant been a participant in such a plan, as determined in the
sole discretion of the Committee. If the Participant’s Employer does not sponsor such a plan, or discontinues to sponsor such a plan, Disability shall be determined by the Committee in its sole discretion. 

 

	1.22	“Disability Benefit” shall mean the benefit set forth in Article 8. 

  

	1.23	“Election Form” shall mean the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan. 

 

	1.24	“Employee” shall mean a person who is an employee of the Employer. 

  

	1.25	“Employer” shall mean the Company and/or any of its subsidiaries (now in existence or hereafter formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as
a sponsor. 

  

	1.26	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	1.27	“First Plan Year” shall mean the period beginning September 30, 2000 and ending December 31, 2000. 

  

	1.28	“401(k) Plan” shall be that certain Varian Medical Systems, Inc. Retirement Plan, dated October 2, 1999. 

  

	1.29	“Incentive Payments” shall mean any compensation paid to a Participant under VMS’s Management Incentive Plan, Employee Incentive Plan or any Marketing, Sales or Service Incentive Plan of VMS, relating to
services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year. 

  

	1.30	“Maximum 401(k) Amount” with respect to a Participant, shall be the maximum amount of elective contributions that can be made by such Participant, consistent with Code Section 402(g) and the limitations
of Code Section 401(k)(3), for a given plan year under the 401(k) Plan. 

  

	1.31	“Participant” shall mean any person whose deferrals under the Frozen VMS Plan were assumed under this Plan in connection with the Spin-off. A spouse or former spouse of a Participant shall not be treated as a
Participant in the Plan or have an Account Balance under the Plan, even if he or she has an interest in the Participant’s benefits under the Plan as a result of applicable law or property settlements resulting from legal separation or divorce.

  
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	1.32	“Plan” shall mean the Company’s Frozen Deferred Compensation Plan, which shall be evidenced by this instrument and by each Plan Agreement, as they may be amended from time to time. 

 

	1.33	“Plan Agreement” shall mean a written agreement, as may be amended from time to time, which is entered into by and between the Employer and a Participant. Each Plan Agreement executed by a Participant and the
Employer shall provide for the entire benefit to which such Participant is entitled under the Plan; should there be more than one Plan Agreement, the Plan Agreement bearing the latest date of acceptance by the Employer shall supersede all previous
Plan Agreements in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any Participant, and any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits
otherwise provided under the Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by both the Employer and the Participant. 

 

	1.34	“Plan Year” shall, except for the First Plan Year, mean a period beginning on January 1 of each calendar year and continuing through December 31 of such calendar year. 

 

	1.35	“Pre-Retirement Survivor Benefit” shall mean the benefit set forth in Article 6. 

  

	1.36	“Retirement”, “Retire(s)” or “Retired” shall mean, with respect to an Employee, severance from employment from the Employer for any reason other than a leave of absence, death or Disability
on or after the earlier of the attainment of (a) age sixty-five (65) or (b) age fifty-five (55) with ten (10) Years of Service; and shall mean with respect to a Director who is not an Employee, severance of his or her directorships with the Employer
on or after the later of (a) the attainment of age seventy (70), or (b) in the sole discretion of the Committee, an age later than age seventy (70). If a Participant is both an Employee and a Director, Retirement shall not occur until he or she
Retires as both an Employee and a Director, which Retirement shall be deemed to be a Retirement as a Director; provided, however, that such a Participant may elect, at least three years prior to Retirement and in accordance with the policies and
procedures established by the Committee, to Retire for purposes of this Plan at the time he or she Retires as an Employee, which Retirement shall be deemed to be a Retirement as an Employee. 

 

	1.37	“Retirement Benefit” shall mean the benefit set forth in Article 5. 

  

	1.38	“Short-Term Payout” shall mean the payout set forth in Section 4.1. 

  

	1.39	“Termination Benefit” shall mean the benefit set forth in Article 7. 

  

	1.40	 “Termination of Employment” shall mean the severing of employment with the Employer, or service as a
Director of the Employer, voluntarily or involuntarily, for any reason other than Retirement, Disability, death or an authorized leave of absence. If a Participant is both an 

  
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Employee and a Director, a Termination of Employment shall occur only upon the termination of the last position held; provided, however, that such a Participant may elect, at least three years
before Termination of Employment and in accordance with the policies and procedures established by the Committee, to be treated for purposes of this Plan as having experienced a Termination of Employment at the time he or she ceases employment with
the Employer as an Employee. 

  

	1.41	“Trust” shall mean one or more trusts that may be established hereunder between the Company and the trustee named therein, as amended from time to time. 

 

	1.42	“Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by an event beyond the control of the Participant that would result in severe financial hardship to the Participant
resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, (ii) a loss of the Participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee. 

  

	1.43	“Yearly Installment Method” shall be a yearly installment payment over the number of years selected by the Participant in accordance with this Plan, calculated as follows: The Account Balance of the
Participant shall be calculated as of the close of business on the last business day of the year. The yearly installment shall be calculated by multiplying this balance by a fraction, the numerator of which is one, and the denominator of which is
the remaining number of yearly payments due the Participant. By way of example, if the Participant elects a 10 year Yearly Installment Method, the first payment shall be 1/10 of the Account Balance, calculated as described in this definition. The
following year, the payment shall be 1/9 of the Account Balance, calculated as described in this definition. Each yearly installment shall be paid on or as soon as practicable after the last business day of the applicable year. 

 

	1.44	“Years of Service” shall mean the total number of full years in which a Participant has been employed by VMS (or one or more of its subsidiaries that qualified as an “Employer” under the Frozen VMS
Plan) or one or more Employers. For purposes of this definition, a year of employment shall be a 365 day period (or 366 day period in the case of a leap year) that, for the first year of employment, commences on the Employee’s date of hiring
and that, for any subsequent year, commences on an anniversary of that hiring date. Any partial year of employment shall not be counted. 

ARTICLE 2 

Selection, Enrollment, Eligibility 
  

	2.1	Selection by Committee. Participation in the Plan shall be limited to a select group of management and highly compensated Employees and Directors of the Employer, as determined by the Committee in its
sole discretion. From that group, the Committee shall select, in its sole discretion, Employees and Directors to participate in the Plan. 

  
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	2.2	Enrollment Requirements. As a condition to participation, each selected Employee or Director shall complete, execute and return to the Committee a Plan Agreement, an Election Form and a Beneficiary
Designation Form, all within 30 days after he or she is selected to participate in the Plan. In addition, the Committee shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.

  

	2.3	Eligibility; Commencement of Participation. Provided an Employee or Director selected to participate in the Plan has met all enrollment requirements set forth in this Plan and required by the Committee,
including returning all required documents to the Committee within the specified time period, that Employee or Director shall commence participation in the Plan on the first day of the month following the month in which the Employee or Director
completes all enrollment requirements. If an Employee or a Director fails to meet all such requirements within the period required, in accordance with Section 2.2, that Employee or Director shall not be eligible to participate in the Plan until
the first day of the Plan Year following the delivery to and acceptance by the Committee of the required documents. 

  

	2.4	Termination of Participation and/or Deferrals. If the Committee determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, as
membership in such group is determined in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee shall have the right, in its sole discretion, to (i) terminate any deferral election the Participant has made for the
remainder of the Plan Year in which the Participant’s membership status changes, (ii) prevent the Participant from making future deferral elections and/or (iii) immediately distribute the Participant’s then Account Balance as a Termination
Benefit and terminate the Participant’s participation in the Plan. 

  

	2.5	Freeze of Participation. Notwithstanding any other provision of this Plan, no individual shall become a Participant in this Plan after the Effective Date. 

ARTICLE 3 

Deferral Commitments/Company Matching/Crediting/Taxes  

 

	3.1	Minimum Deferrals. 

  

	 	(a)	Base Annual Salary, Incentive Payments, Directors Fees, Stock Option Gain. For each Plan Year, a Participant may elect to defer, as his or her Annual Deferral Amount, Base Annual Salary, Incentive
Payments, Directors Fees (in the case of a Participant who is also a Director), and/or stock option gain, if any, in the following minimum amounts for each deferral elected: 

  
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	 Deferral
	  	Minimum
Amount	 
	 Base Annual Salary
	  	$	2,000	  
	 Incentive Payments
	  	$	2,000	  
	 Directors Fees
	  	$	0	  
	 Stock Option Gain
	  	$	20,000	  

 If an election is made for less than stated minimum amounts, or if no election is made, the amount deferred
shall be zero. 
  

	 	(b)	Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year, or in the case of the First Plan Year of the Plan itself, the minimum
Base Annual Salary deferral shall be an amount equal to the minimum set forth above, multiplied by a fraction, the numerator of which is the number of complete months remaining in the Plan Year and the denominator of which is 12. 

Notwithstanding anything in this Plan to the contrary, deferrals of stock option gains may only take place after the Committee has determined
to permit Participants to make such deferrals to this Plan. 
  

	3.2	Maximum Deferral. 

  

	 	(a)	Base Annual Salary, Incentive Payments, Directors Fees, Stock Option Gain. For each Plan Year, a Participant may elect to defer, as his or her Annual Deferral Amount, Base Annual Salary, Incentive
Payments, Directors Fees (in the case of a Participant who is also a Director) and/or stock option gain, if any, up to the following maximum percentages for each deferral elected: 

 

					
	 Deferral
	  	Minimum
Amount	 
	 Base Annual Salary
	  	 	75	% 
	 Incentive Payments
	  	 	100	% 
	 Directors Fees
	  	 	100	% 
	 Stock Option Gain
	  	 	100	% 

  

	 	(b)	 Notwithstanding the foregoing, if a Participant first becomes a Participant after the first day of a Plan Year,
or in the case of the First Plan Year of the Plan itself, the maximum Annual Deferral Amount, with respect to Base Annual Salary, Incentive 

  
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Payments, Directors Fees and/or stock option gain, if any, shall be limited to the amount of compensation not yet earned by the Participant as of the date the Participant submits a Plan Agreement
and Election Form to the Committee for acceptance. The preceding sentence is not intended to limit any deferral accepted under other arrangements sponsored by the Company pursuant to Section 3.12. 

Notwithstanding anything in this Plan to the contrary, deferrals of stock option gains may only take place after the Committee has determined
to permit Participants to make such deferrals to this Plan. 
  

	3.3	Election to Defer; Effect of Election Form. 

  

	 	(a)	First Plan Year. In connection with a Participant’s commencement of participation in the Plan, the Participant shall make an irrevocable deferral election for the Plan Year in which the
Participant commences participation in the Plan, along with such other elections as the Committee deems necessary or desirable under the Plan. For these elections to be valid, the Election Form must be completed and signed by the Participant, timely
delivered to the Committee (in accordance with Section 2.2 above) and accepted by the Committee. 

  

	 	(b)	Subsequent Plan Years. For each succeeding Plan Year, an irrevocable deferral election for that Plan Year, and such other elections as the Committee deems necessary or desirable under the Plan, shall be
made by timely delivering to the Committee, in accordance with its rules and procedures, before the end of the Plan Year preceding the Plan Year for which the election is made, a new Election Form. If no such Election Form is timely delivered for a
Plan Year, the Annual Deferral Amount shall be zero for that Plan Year. 

  

	3.4	Withholding of Annual Deferral Amounts. For each Plan Year, the Base Annual Salary portion of the Annual Deferral Amount shall be withheld from each regularly scheduled Base Annual Salary payroll in equal
amounts, as adjusted from time to time for increases and decreases in Base Annual Salary. The Incentive Payments and/or Directors Fees portion of the Annual Deferral Amount shall be withheld at the time the Incentive Payments or Directors Fees are
or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself. 

  

	3.5	 Annual Company Contribution Amount. For each Plan Year, an Employer, in its sole discretion, may, but
is not required to, credit any amount it desires to any Participant’s Company Contribution Account under this Plan, which amount shall be for that Participant the Annual Company Contribution Amount for that Plan Year. The amount so credited to
a Participant may be smaller or larger than the amount credited to any other Participant, and the amount credited to any Participant for a Plan Year may be zero, even though one or more other Participants receive an Annual Company Contribution
Amount for that Plan Year. The 

  
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Annual Company Contribution Amount, if any, shall be credited as of the last day of the Plan Year. If a Participant is not employed by the Employer as of the last day of a Plan Year other than by
reason of his or her Retirement or death while employed, the Annual Company Contribution Amount for that Plan Year shall be zero. 

  

	3.6	Annual Company Matching Amount. A Participant’s Annual Company Matching Amount for any Plan Year shall be equal to 6% of the Participant’s Base Annual Salary and/or the applicable Incentive
Payments that are earned for such Plan Year, reduced by the amount of any matching contributions that would be made to the 401(k) Plan on his or her behalf for the plan year of the 401(k) Plan that corresponds to the Plan Year if the Participant had
contributed the Maximum 401(k) Amount for that Plan Year. If a Participant is not employed by the Employer, or is no longer providing services as a Director, as of the last day of the calendar quarter of a Plan Year other than by reason of his or
her Retirement or death, the Annual Company Matching Amount for such calendar quarter of the Plan Year shall be zero. In the event of Retirement or death, a Participant shall be credited with the Annual Company Matching Amount for the calendar
quarter of the Plan Year in which he or she Retires or dies. The Annual Company Matching Amount shall be credited as of the close of business on the last business day of each calendar quarter of the Plan Year to which it relates. 

 

	3.7	No Further Deferrals or Contributions. Notwithstanding any other provision of this Plan, no deferrals shall be permitted under the Plan. In addition, notwithstanding any other provision of this Plan, no
Annual Company Contribution Amounts or Annual Company Matching Amounts shall be credited on behalf of any Participant (other than those assumed hereunder from the Frozen VMS Plan). 

 

	3.8	Unvested Amount as of December 31, 2004. With respect to any amounts in a Participant’s Account attributable to Annual Company Contribution Amounts which had not become vested as of December 31, 2004,
such amounts ceased to be maintained under the Frozen VMS Plan, and, as of December 31, 2004, were debited from the Participant’s Account and credited to his or her account under the Varian Medical Systems, Inc. 2005 Deferred Compensation Plan,
effective January 1, 2005 (the “2005 Plan”). Such amounts became subject to the terms of the 2005 Plan, but continued to be subject to the same vesting schedule as under the Frozen VMS Plan with vesting service under the Frozen VMS
Plan credited under the 2005 Plan. This debiting from the Frozen VMS Plan and crediting to the 2005 Plan was automatic, with no Participant volition. 

  

	3.9	Investment of Trust Assets. The trustee of the Trust shall be authorized, upon written instructions received from the Committee or investment manager appointed by the Committee, to invest and reinvest the
assets of the Trust in accordance with the applicable Master Trust Agreement, including the disposition of stock and reinvestment of the proceeds in one or more investment vehicles designated by the Committee. 

 

	3.10	Vesting. 

  
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	 	(a)	A Participant shall at all times be 100% vested in his or her Deferral Account. 

  

	 	(b)	A Participant shall at all times be 100% vested in his or her Company Contribution Account unless a vesting schedule is approved and documented by the Committee at the time the Annual Company Contribution Amount is
credited to the Participant’s Company Contribution Account for that Plan Year. 

  

	 	(c)	A Participant shall at all times be 100% vested in his or her Company Matching Account. 

  

	 	(d)	Notwithstanding anything to the contrary contained in this Section 3.8, in the event of a Change in Control, a Participant’s Company Contribution Account shall immediately become 100% vested (if it is not
already vested in accordance with a vesting schedule). 

  

	3.11	Crediting/Debiting of Account Balances. In accordance with, and subject to, the rules and procedures that are established from time to time by the Committee, in its sole discretion, amounts shall be credited
or debited to a Participant’s Account Balance in accordance with the following rules: 

  

	 	(a)	Election of Measurement Funds. A Participant, in connection with his or her initial deferral election in accordance with Section 3.3(a) above, shall elect, on the Election Form, one or more
Measurement Fund(s) (as described in Section 3.9(c) below) to be used to determine the additional amounts to be credited to his or her Account Balance for the first business day or portion thereof in which the Participant commences
participation in the Plan and continuing thereafter for each subsequent business day in which the Participant participates in the Plan, unless changed in accordance with the next sentence. Commencing with the first business day that follows the
Participant’s commencement of participation in the Plan and continuing thereafter for each subsequent business day in which the Participant participates in the Plan, the Participant may (but is not required to) elect daily, by submitting an
Election Form to the Committee that is accepted by the Committee (which submission may take the form of an electronic transmission, if required or permitted by the Committee), to add or delete one or more Measurement Fund(s) to be used to determine
the additional amounts to be credited to his or her Account Balance, or to change the portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund. If an election is made in accordance with the previous
sentence, it shall apply to the next business day and continue thereafter for the remainder of the Plan Year in which the Participant participates in the Plan, unless changed in accordance with the previous sentence. 

 

	 	(b)	 Proportionate Allocation. In making any election described in Section 3.9(a) above, the
Participant shall specify on the Election Form, in increments of five percentage 

  
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points (5%), the percentage of his or her Account Balance to be allocated to a Measurement Fund (as if the Participant was making an investment in that Measurement Fund with that portion of his
or her Account Balance). 

  

	 	(c)	Measurement Funds. The Participant may elect one or more of the measurement funds set forth on Schedule A (the “Measurement Funds”), for the purpose of crediting additional amounts to his
or her Account Balance. As necessary, the Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund. Each such action will take effect as of the first day of the calendar quarter that follows by thirty (30) days the
day on which the Committee gives Participants advance written notice of such change. 

  

	 	(d)	Crediting or Debiting Method. The performance of each elected Measurement Fund (either positive or negative) will be determined by the Committee, in its sole discretion, based on the performance of
the Measurement Funds themselves. A Participant’s Account Balance shall be credited or debited on a daily basis based on the performance of each Measurement Fund selected by the Participant, or as otherwise determined by the Committee in its
sole discretion, as though (i) a Participant’s Account Balance were invested in the Measurement Fund(s) selected by the Participant, in the percentages elected by the Participant as of such date, at the closing price on such date; (ii) the
portion of the Annual Deferral Amount that was actually deferred was invested in the Measurement Fund(s) selected by the Participant, in the percentages elected by the Participant, no later than the close of business on the third (3rd) business day
after the day on which such amounts are actually deferred from the Participant’s Base Annual Salary, Incentive Payments, and Directors Fees through reductions in his or her payroll, at the closing price on such date; and (iii) any distribution
made to a Participant that decreases such Participant’s Account Balance ceased being invested in the Measurement Fund(s), in the percentages applicable to such calendar month, no earlier than three (3) business days prior to the distribution,
at the closing price on such date. 

  

	 	(e)	No Actual Investment. Notwithstanding any other provision of this Plan that may be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a
Participant’s election of any such Measurement Fund, the allocation to his or her Account Balance thereto, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant’s Account Balance shall not be
considered or construed in any manner as an actual investment of his or her Account Balance in any such Measurement Fund. In the event that the Company or the trustee (as that term is defined in the Trust), in its own discretion, decides to invest
funds in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves. Without limiting the foregoing, a Participant’s Account Balance shall at all times be a bookkeeping entry only and shall
not represent any investment made on his or her behalf by the Company or the Trust; the Participant shall at all times remain an unsecured creditor of the Company. 

  
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	3.12	FICA and Other Taxes. 

  

	 	(a)	Annual Deferral Amounts. For each Plan Year in which an Annual Deferral Amount is being withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion of the
Participant’s Base Annual Salary, Incentive Payments and Directors Fees that is not being deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes on such Annual Deferral Amount. If
necessary, the Committee may reduce the Annual Deferral Amount in order to comply with this Section 3.10. 

  

	 	(b)	Annual Company Matching Amounts. When a Participant becomes vested in a portion of his or her Company Matching Account, the Participant’s Employer shall withhold from the Participant’s
Base Annual Salary and/or Incentive Payments that is not deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes. If necessary, the Committee may reduce the vested portion of the
Participant’s Company Matching Account in order to comply with this Section 3.10. 

  

	 	(c)	Annual Company Contribution Amounts. When a Participant becomes vested in his or her Company Contribution Account, the Employer shall withhold from the Participant’s Base Annual Salary and/or
Incentive Payments that is not deferred, in a manner determined by the Employer, the Participant’s share of FICA and other employment taxes. If necessary, the committee may reduce the vested portion of the Participant’s Company
Contribution Account in order to comply with this Section 3.10. 

  

	3.13	Distributions. The Participant’s Employer, or the trustee of the Trust, shall withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other
taxes required to be withheld by the Employer, or the trustee of the Trust, in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Employer and the trustee of the Trust. 

 

	3.14	 Deferrals from Other Plans. The Plan may accept the transfer of amounts or assets deferred by a
Participant under any other deferral arrangement provided by the Company, including without limitation any shares of common stock of the Employer which but for such deferral would (i) be issued to the Participant upon the exercise of a stock option
granted by the Company or (ii) be vested and nonforfeitable in the case of restricted stock issued to the Participant. Any amounts deferred representing shares of Company common stock shall be accounted for on a share by share basis, with
appropriate adjustments to reflect changes in the capital structure of the Company, and shall, when distributed, be distributed in the form 

  
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of common stock from the Company. In addition, any dividends that would have been paid on such shares of Company common stock if such shares were outstanding, shall be credited to the Deferral
Account. Notwithstanding any of the provisions of the Plan to the contrary, the Participant shall not have any right to elect to have any amounts deferred in the form of Company stock measured by reference to any Measurement Fund. 

 

	3.15	Prior Plan. Participants in this Plan who were participants under the Varian Medical Systems, Inc. Amended and Restated Supplemental Retirement Plan (the “SRP”) and later became participants under
the Frozen VMS Plan and their respective Company Matching Accounts shall be credited with their respective account balances under the SRP. Such account balances shall be payable at Retirement and shall not be treated as Short-Term Payout
amounts under Section 4.1 of this Plan. 

 ARTICLE 4 

Short-Term Payout; Unforeseeable Financial Emergencies; Withdrawal Election 

 

	4.1	Short-Term Payout. In connection with each election to defer an Annual Deferral Amount, a Participant may irrevocably elect to receive a future “Short-Term Payout” from the Plan with respect to
such Annual Deferral Amount. Subject to the Deduction Limitation, the Short-Term Payout shall be a lump sum payment in an amount that is equal to the Annual Deferral Amount, plus amounts credited or debited in the manner provided in Section 3.9
above on that amount, plus related Annual Company Contribution Amounts, determined at the time that the Short-Term Payout becomes payable (rather than the date of a Termination of Employment). Subject to the Deduction Limitation and the other
terms and conditions of this Plan, each Short-Term Payout elected shall be paid out during a period beginning one (1) day and ending sixty (60) days after the last day of any Plan Year designated by the Participant that is at least three Plan Years
after the Plan Year in which the Annual Deferral Amount is actually deferred, as specifically elected by Participant. By way of example, if a three year Short-Term Payout is elected for Annual Deferral Amounts that are deferred in the Plan Year
commencing January 1, 2001, the three year Short-Term Payout would become payable during a sixty (60) day period commencing January 1, 2005. Notwithstanding the preceding sentences or any other provision of this Plan that may be construed to
the contrary, a Participant who is an active Employee may, with respect to each Short-Term Payout, in a form determined by the Committee, make no more than one additional deferral election (a “Second Election”) to defer payment of
such Short-Term Payout to a Plan Year subsequent to the Plan Year originally elected; provided, however, any such Second Election will be null and void unless accepted by the Committee no later than one (1) year prior to the first day of the Plan
Year originally elected by the Participant for payment of such Short-Term Payout, and such Second Election is at least two (2) Plan Years from the Plan Year originally elected. 

 

	4.2	 Other Benefits Take Precedence Over Short-Term Payout. Should an event occur that triggers a benefit
under Article 5, 6, 7 or 8, any Annual Deferral Amount, plus amounts 

  
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credited or debited thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall be paid in accordance with the
other applicable Article. 

  

	4.3	Withdrawal Payout/Suspensions for Unforeseeable Financial Emergencies. If the Participant experiences an Unforeseeable Financial Emergency, the Participant may petition the Committee to (i) suspend any
deferrals required to be made by a Participant and/or (ii) receive a partial or full payout from the Plan. The payout shall not exceed the lesser of the Participant’s Account Balance, calculated as if such Participant were receiving a
Termination Benefit, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency. If, subject to the sole discretion of the Committee, the petition for a suspension and/or payout is approved, suspension shall take effect upon
the date of approval and any payout shall be made within sixty (60) days of the date of approval. The payment of any amount under this Section 4.3 shall not be subject to the Deduction Limitation. 

 

	4.4	Withdrawal Election. A Participant (or, after a Participant’s death, his or her Beneficiary) may elect, at any time, to withdraw all of his or her Account Balance, calculated as if there had occurred a
Termination of Employment as of the day of the election, less a withdrawal penalty equal to 10% of such amount (the net amount shall be referred to as the “Withdrawal Amount”). This election can be made at any time, before or after
Retirement, Disability, death or Termination of Employment, and whether or not the Participant (or his or her Beneficiary) is in the process of being paid pursuant to an installment payment schedule. If made before Retirement, Disability or death, a
Participant’s Withdrawal Amount shall be his or her Account Balance calculated as if there had occurred a Termination of Employment as of the day of the election. No partial withdrawals of the Withdrawal Amount shall be allowed. The Participant
(or his or her Beneficiary) shall make this election by giving the Committee advance written notice of the election in a form determined from time to time by the Committee. The Participant (or his or her Beneficiary) shall be paid the Withdrawal
Amount within sixty (60) days of his or her election. Once the Withdrawal Amount is paid, the Participant’s participation in the Plan shall terminate and the Participant shall not be eligible to participate in the Plan for one year from the
date of the withdrawal election. The payment of this Withdrawal Amount shall not be subject to the Deduction Limitation. 

ARTICLE 5 

Retirement Benefit 
  

	5.1	Retirement Benefit. Subject to the Deduction Limitation, a Participant who Retires shall receive, as a Retirement Benefit, his or her Account Balance. 

 

	5.2	 Payment of Retirement Benefit. A Participant, in connection with his or her commencement of
participation in the Plan, shall elect on an Election Form to receive the Retirement Benefit in a lump sum or pursuant to a Yearly Installment Method of five (5), ten (10) or fifteen (15)

  
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years. The Participant may annually change his or her election to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that any such Election Form
is submitted at least one (1) year prior to the Participant’s Retirement and is accepted by the Committee in its sole discretion. The Election Form most recently accepted by the Committee shall govern the payout of the Retirement Benefit. If a
Participant does not make any election with respect to the payment of the Retirement Benefit, then such benefit shall be payable in a lump sum. The lump sum payment shall be made, or installment payments shall commence, no later than 60 days after
the last day of the Plan Year in which the Participant Retires. Any payment made shall be subject to the Deduction Limitation. 

  

	5.3	Death Prior to Completion of Retirement Benefit. If a Participant dies after Retirement but before the Retirement Benefit is paid in full, the Participant’s unpaid Retirement Benefit payments shall
continue and shall be paid to the Participant’s Beneficiary (a) over the remaining number of years and in the same amounts as that benefit would have been paid to the Participant had the Participant survived, or (b) in a lump sum, if requested
by the Beneficiary and allowed in the sole discretion of the Committee, that is equal to the Participant’s unpaid remaining Account Balance. 

ARTICLE 6 

Pre-Retirement Survivor Benefit 
  

	6.1	Pre-Retirement Survivor Benefit. Subject to the Deduction Limitation, the Participant’s Beneficiary shall receive a Pre-Retirement Survivor Benefit equal to the Participant’s Account Balance if the
Participant dies before he or she Retires, experiences a Termination of Employment or suffers a Disability. 

  

	6.2	Payment of Pre-Retirement Survivor Benefit. A Participant, in connection with his or her commencement of participation in the Plan, shall elect on an Election Form whether the Pre-Retirement Survivor Benefit
shall be received by his or her Beneficiary in a lump sum or pursuant to a Yearly Installment Method of five (5), ten (10) or fifteen (15) years. The Participant may annually change this election to an allowable alternative payout period by
submitting a new Election Form to the Committee, which form must be accepted by the Committee in its sole discretion. The Election Form most recently accepted by the Committee prior to the Participant’s death shall govern the payout of the
Participant’s Pre-Retirement Survivor Benefit. If a Participant does not make any election with respect to the payment of the Pre-Retirement Survivor Benefit, then such benefit shall be paid in a lump sum. Despite the foregoing, if the
Participant’s Account Balance at the time of his or her death is less than $50,000, payment of the Pre-Retirement Survivor Benefit may be made, in the sole discretion of the Committee, in a lump sum or pursuant to a Yearly Installment Method of
not more than five (5) years. The lump sum payment shall be made, or installment payments shall commence, no later than 60 days after the last day of the Plan Year in which the Committee is provided with proof that is satisfactory to the Committee
of the Participant’s death. Any payment made shall be subject to the Deduction Limitation. 

  
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 ARTICLE 7 

Termination Benefit 
  

	7.1	Termination Benefit. Subject to the Deduction Limitation, the Participant shall receive a Termination Benefit, which shall be equal to the Participant’s Account Balance if a Participant experiences a
Termination of Employment prior to his or her Retirement, death or Disability. 

  

	7.2	Payment of Termination Benefit. If the Participant’s Account Balance at the time of his or her Termination of Employment is less than $50,000, payment of his or her Termination Benefit shall be paid in
a lump sum. If his or her Account Balance at such time is equal to or greater than that amount, the Committee, in its sole discretion, may cause the Termination Benefit to be paid in a lump sum or pursuant to a Yearly Installment Method of not more
than five (5) years. The lump sum payment shall be made, or installment payments shall commence, no later than 60 days after the last day of the Plan Year in which the Participant experiences the Termination of Employment. Any payment made shall be
subject to the Deduction Limitation. 

 ARTICLE 8 

Disability Waiver and Benefit 
  

	8.1	Disability Waiver. 

  

	 	(a)	Waiver of Deferral. A Participant who is determined by the Committee to be suffering from a Disability shall be excused from fulfilling that portion of the Annual Deferral Amount commitment that
would otherwise have been withheld from a Participant’s Base Annual Salary, Incentive Payments and/or Directors Fees for the Plan Year during which the Participant first suffers a Disability. During the period of Disability, the Participant
shall not be allowed to make any additional deferral elections, but will continue to be considered a Participant for all other purposes of this Plan. 

  

	 	(b)	Return to Work. If a Participant returns to employment, or service as a Director, with the Employer, after a Disability ceases, the Participant may elect to defer an Annual Deferral Amount for the Plan
Year following his or her return to employment or service and for every Plan Year thereafter while a Participant in the Plan; provided such deferral elections are otherwise allowed and an Election Form is delivered to and accepted by the Committee
for each such election in accordance with Section 3.3 above. 

  
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	8.2	Continued Eligibility; Disability Benefit. A Participant suffering a Disability shall, for benefit purposes under this Plan, continue to be considered to be employed, or in the service of the Employer as a
Director, and shall be eligible for the benefits provided for in Articles 4, 5, 6 or 7 in accordance with the provisions of those Articles. Notwithstanding the above, the Committee shall have the right to, in its sole and absolute discretion and for
purposes of this Plan only, and must in the case of a Participant who is otherwise eligible to Retire, deem the Participant to have experienced a Termination of Employment, or in the case of a Participant who is eligible to Retire, to have Retired,
at any time (or in the case of a Participant who is eligible to Retire, as soon as practicable) after such Participant is determined to be suffering a Disability, in which case the Participant shall receive a Disability Benefit equal to his or her
Account Balance at the time of the Committee’s determination; provided, however, that should the Participant otherwise have been eligible to Retire, he or she shall be paid in accordance with Article 5. The Disability Benefit shall be paid
in a lump sum within sixty (60) days of the Committee’s exercise of such right. Any payment made shall be subject to the Deduction Limitation. 

ARTICLE 9 

Beneficiary Designation 
  

	9.1	Beneficiary. Each Participant shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any benefits payable under the Plan to a beneficiary
upon the death of a Participant. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of the Employer in which the Participant participates. 

 

	9.2	Beneficiary Designation; Change; Spousal Consent. A Participant shall designate his or her Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Committee or its
designated agent. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules and procedures, as in effect from time to
time. If the Participant names someone other than his or her spouse as a Beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that Participant’s spouse and returned to the Committee. Upon the acceptance by
the Committee of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the
Committee prior to his or her death. 

  

	9.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Committee or its designated agent. 

  
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	9.4	No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided in Sections 9.1, 9.2 and 9.3 above or, if all designated Beneficiaries predecease the Participant or die prior to
complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse. If the Participant has no surviving spouse, the benefits remaining under the Plan to be
paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate. 

  

	9.5	Doubt as to Beneficiary. If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in its discretion, to cause the
Participant’s Employer to withhold such payments until this matter is resolved to the Committee’s satisfaction. 

  

	9.6	Discharge of Obligations. The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge the Employer and the Committee from all further obligations under this Plan with respect
to the Participant, and that Participant’s Plan Agreement shall terminate upon such full payment of benefits. 

ARTICLE 10 

Leave of Absence 
  

	10.1	Paid Leave of Absence. If a Participant is authorized by the Participant’s Employer for any reason to take a paid leave of absence from the employment of the Employer, the Participant shall continue to
be considered employed by the Employer and the Annual Deferral Amount shall continue to be withheld during such paid leave of absence in accordance with Section 3.4. 

 

	10.2	Unpaid Leave of Absence. If a Participant is authorized by the Participant’s Employer for any reason to take an unpaid leave of absence from the employment of the Employer, the Participant shall
continue to be considered employed by the Employer and the Participant shall be excused from making deferrals until the earlier of the date the leave of absence expires or the Participant returns to a paid employment status. Upon such expiration or
return, deferrals shall resume for the remaining portion of the Plan Year in which the expiration or return occurs, based on the deferral election, if any, made for that Plan Year. If no election was made for that Plan Year, no deferral shall be
withheld. 

 ARTICLE 11 

Termination, Amendment or Modification 
  

	11.1	 Termination. Although the Employer anticipates that it will continue the Plan for an indefinite
period of time, there is no guarantee that the Employer will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, the Employer reserves the right to discontinue its sponsorship of the Plan and/or to terminate the
Plan at any time with 

  
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respect to any or all of its participating Employees and Directors, by action of its Board. Upon the termination of the Plan with respect to the Employer, the Plan Agreements of the affected
Participants who are employed by the Employer, or in the service of the Employer as Directors, shall terminate and their Account Balances, determined as if they had experienced a Termination of Employment on the date of Plan termination or, if Plan
termination occurs after the date upon which a Participant was eligible to Retire, then with respect to that Participant as if he or she had Retired on the date of Plan termination, shall be paid to the Participants as follows: Prior to a Change in
Control, if the Plan is terminated with respect to all of its Participants, the Employer shall have the right, in its sole discretion, and notwithstanding any elections made by the Participant, to pay such benefits in a lump sum or pursuant to a
Yearly Installment Method of up to fifteen (15) years, with amounts credited and debited during the installment period as provided herein. If the Plan is terminated with respect to less than all of its Participants, the Employer shall be
required to pay such benefits in a lump sum. After a Change in Control, the Employer shall be required to pay such benefits in a lump sum. The termination of the Plan shall not adversely affect any Participant or Beneficiary who has become entitled
to the payment of any benefits under the Plan as of the date of termination; provided however, that the Employer shall have the right to accelerate installment payments without a premium or prepayment penalty by paying the Account Balance in a lump
sum or pursuant to a Yearly Installment Method using fewer years (provided that the present value of all payments that will have been received by a Participant at any given point of time under the different payment schedule shall equal or exceed the
present value of all payments that would have been received at that point in time under the original payment schedule). Notwithstanding the preceding or anything herein that suggests otherwise, if such payment upon Plan termination or any other
payment hereunder would give rise to a “material modification”, within the meaning of Code Section 409A and the American Jobs Creation Act of 2004, benefits shall instead be paid as they otherwise become due hereunder.

  

	11.2	Amendment. The Employer may, at any time, amend or modify the Plan in whole or in part with respect to the Employer by the action of its Board; provided, however, that no amendment or modification shall be
effective to decrease or restrict the value of a Participant’s Account Balance in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Termination of Employment as of the effective date
of the amendment or modification or, if the amendment or modification occurs after the date upon which the Participant was eligible to Retire, the Participant had Retired as of the effective date of the amendment or modification. The amendment or
modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification; provided, however, that the Employer shall have the right to
accelerate installment payments by paying the Account Balance in a lump sum or pursuant to a Yearly Installment Method using fewer years (provided that the present value of all payments that will have been received by a Participant at any given
point of time under the different payment schedule shall equal or exceed the present value of all payments that would have been received at that point in time under the original payment schedule). 

  
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	11.3	Plan Agreement. Despite the provisions of Sections 11.1 and 11.2 above, if a Participant’s Plan Agreement contains benefits or limitations that are not in this Plan document, the Employer may only amend
or terminate such provisions with the consent of the Participant. 

  

	11.4	Effect of Payment. The full payment of the applicable benefit under Articles 4, 5, 6, 7 or 8 of the Plan shall completely discharge all obligations to a Participant and his or her designated Beneficiaries
under this Plan and the Participant’s Plan Agreement shall terminate. 

  

	11.5	Grandfathered Status under American Jobs Creation Act of 2004. Notwithstanding anything in this Plan to the contrary, any Plan amendment and/or any other election taken with respect to the Plan that
constitutes a “material modification” of the Plan as defined in the American Jobs Creation Act of 2004, and the authoritative guidance issued thereunder, shall be void and without effect. 

ARTICLE 12 

Administration 
  

	12.1	Committee Duties. This Plan shall be administered by a Committee which shall consist of a Committee of the Board which initially shall be the Organization and Compensation Committee, or such committee as the
Board shall designate or appoint from time to time. Members of the Committee may be Participants under this Plan. The Committee shall also have the discretion and authority to (i) make, amend, interpret, and enforce all appropriate rules and
regulations for the administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. Any individual serving on the Committee who is a Participant shall not
vote or act on any matter relating solely to himself or herself. When making a determination or calculation, the Committee shall be entitled to rely on information furnished by a Participant or the Company. 

 

	12.2	Agents. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed
representative) and may from time to time consult with counsel who may be counsel to the Employer. 

  

	12.3	Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

  
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	12.4	Indemnity of Committee. The Employer shall indemnify and hold harmless the members of the Committee, and any Employee to whom the duties of the Committee may be delegated, against any and all claims, losses,
damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members or any such Employee. 

 

	12.5	Employer Information. To enable the Committee to perform its functions, each Employer shall supply full and timely information to the Committee on all matters relating to the compensation of its
Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Committee may reasonably require. 

ARTICLE 13 

Other Benefits and Agreements 
  

	13.1	Coordination with Other Benefits. The benefits provided for a Participant or a Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any
other plan or program for employees of the Participant’s Employer. The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided. 

ARTICLE 14 

Claims Procedures 
  

	14.1	Presentation of Claim. Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee a written
claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice
was received by the Claimant. All other claims must be made within one hundred and eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the
Claimant. 

  

	14.2	Notification of Decision. The Committee shall consider a Claimant’s claim within a reasonable time, and shall notify the Claimant in writing: 

 

	 	(a)	that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or 

  

	 	(b)	that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

  
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	 	(i)	the specific reason(s) for the denial of the claim, or any part of it; 

  

	 	(ii)	specific reference(s) to pertinent provisions of the Plan upon which such denial was based; 

  

	 	(iii)	a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and 

 

	 	(iv)	an explanation of the claim review procedure set forth in Section 14.3 below. 

  

	14.3	Review of a Denied Claim. Within sixty (60) days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized
representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than thirty (30) days after the review procedure began, the Claimant (or the Claimant’s duly authorized
representative): 

  

	 	(a)	may review pertinent documents; 

  

	 	(b)	may submit written comments or other documents; and/or 

  

	 	(c)	may request a hearing, which the Committee, in its sole discretion, may grant. 

  

	14.4	Decision on Review. The Committee shall render its decision on review promptly, and not later than sixty (60) days after the filing of a written request for review of the denial, unless a hearing is held or
other special circumstances require additional time, in which case the Committee’s decision must be rendered within one hundred and twenty (120) days after such date. Such decision must be written in a manner calculated to be understood by the
Claimant, and it must contain: 

  

	 	(a)	specific reasons for the decision; 

  

	 	(b)	specific reference(s) to the pertinent Plan provisions upon which the decision was based; and 

  

	 	(c)	such other matters as the Committee deems relevant. 

  

	14.5	Legal Action. A Claimant’s compliance with the foregoing provisions of this Article 14 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for
benefits under this Plan. 

  
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 ARTICLE 15 

Trust 
  

	15.1	Establishment of the Trust. The Company shall establish the Trust, and the Employer shall at least annually transfer over to the Trust such assets as the Employer determines, in its sole discretion, are
necessary to provide, on a present value basis, for its respective future liabilities created with respect to the Annual Deferral Amounts, Annual Company Contribution Amounts, and Company Matching Amounts for the Employer’s Participants for all
periods prior to the transfer, as well as any debits and credits to the Participants’ Account Balances for all periods prior to the transfer, taking into consideration the value of the assets in the Trust at the time of the transfer.

  

	15.2	Interrelationship of the Plan and the Trust. The provisions of the Plan and the Plan Agreement shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the
Trust shall govern the rights of the Employers, Participants and the creditors of the Employers to the assets transferred to the Trust. The Employer shall at all times remain liable to carry out its obligations under the Plan. 

 

	15.3	Distributions from the Trust. The Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the
Employer’s obligations under this Plan. 

 ARTICLE 16 

Miscellaneous 
  

	16.1	Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained by an employer primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employee” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted to the extent possible in
a manner consistent with that intent. 

  

	16.2	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Employer. For
purposes of the payment of benefits under this Plan, any and all of the Employer’s assets shall be, and remain, the general, unpledged unrestricted assets of the Employer. The Employer’s obligation under the Plan shall be merely that of an
unfunded and unsecured promise to pay money in the future. 

  

	16.3	Employer’s Liability. The Employer’s liability for the payment of benefits shall be defined only by the Plan and the Plan Agreement, as entered into between the Employer and a Participant. The
Employer shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his or her Plan Agreement. 

  
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	16.4	Nonassignability. Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or
convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to
actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a
Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise. 

  

	16.5	Not a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Employer and the Participant. Such employment is hereby acknowledged
to be an “at will” employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, unless expressly provided in a written employment agreement. Nothing in this
Plan shall be deemed to give a Participant the right to be retained in the service of the Employer, either as an Employee or a Director, or to interfere with the right of the Employer to discipline or discharge the Participant at any time.

  

	16.6	Furnishing Information. A Participant or his or her Beneficiary will cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as may be
requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary. 

 

	16.7	Terms. Whenever any words are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the
singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. 

 

	16.8	Captions. The captions of the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 

 

	16.9	Governing Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of California without regard to its conflicts of laws principles.

  
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	16.10	Notice. Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address
below: 

 Vice President, Human Resources 

1678 S. Pioneer Rd. 
 Salt Lake
City, UT 84104 
 With Copy To: 

General Counsel 
 1678 S. Pioneer
Rd. 
 Salt Lake City, UT 84104 

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification. 
 Any notice or filing required or permitted to be given to a Participant under this Plan shall
be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. 
  

	16.11	Successors. The provisions of this Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant and the Participant’s designated
Beneficiaries. 

  

	16.12	Spouse’s Interest. The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass to the Participant and shall not be transferable by
such spouse in any manner, including but not limited to such spouse’s will, nor shall such interest pass under the laws of intestate succession. 

  

	16.13	Validity. In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and
enforced as if such illegal or invalid provision had never been inserted herein. 

  

	16.14	 Incompetent. If the Committee determines in its discretion that a benefit under this Plan is to be
paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and
custody of such minor, incompetent or incapable person. The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of

  
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the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any
liability under the Plan for such payment amount. 

  

	16.15	Court Order. The Committee is authorized to make any payments directed by court order in any action in which the Plan or the Committee has been named as a party. In addition, if a court determines that a
spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan in connection with a property settlement or otherwise, the Committee, in its sole discretion, shall have the right, notwithstanding any
election made by a Participant, to immediately distribute the spouse’s or former spouse’s interest in the Participant’s benefits under the Plan to that spouse or former spouse. 

 

	16.16	Distribution in the Event of Taxation. 

  

	 	(a)	In General. If, for any reason, all or any portion of a Participant’s benefits under this Plan becomes taxable to the Participant prior to receipt, a Participant may petition the Committee
before a Change in Control, or the trustee of the Trust after a Change in Control, for a distribution of that portion of his or her benefit that has become taxable. Upon the grant of such a petition, which grant shall not be unreasonably withheld
(and, after a Change in Control, shall be granted), a Participant’s Employer shall distribute to the Participant immediately available funds in an amount equal to the taxable portion of his or her benefit (which amount shall not exceed a
Participant’s unpaid Account Balance under the Plan). If the petition is granted, the tax liability distribution shall be made within ninety (90) days of the date when the Participant’s petition is granted. Such a distribution shall
affect and reduce the benefits to be paid under this Plan. 

  

	 	(b)	Trust. If the Trust terminates in accordance with Section 3.6(e) of the Trust and benefits are distributed from the Trust to a Participant in accordance with that Section, the
Participant’s benefits under this Plan shall be reduced to the extent of such distributions. 

  

	16.17	Insurance. The Employer, on its own behalf or on behalf of the trustee of the Trust, and, in its sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in
such forms as the Trust may choose. The Employer or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at
the request of the Employer shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Employer has applied for insurance. 

 

	16.18	 Legal Fees To Enforce Rights After Change in Control. The Company and the Employer is aware that upon
the occurrence of a Change in Control, the Board or the board of directors of 

  
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a Participant’s Employer (which might then be composed of new members) or a shareholder of the Company or the Participant’s Employer, or of any successor corporation might then cause or
attempt to cause the Company, the Participant’s Employer or such successor to refuse to comply with its obligations under the Plan and might cause or attempt to cause the Company or the Participant’s Employer to institute, or may
institute, litigation seeking to deny Participants the benefits intended under the Plan. In these circumstances, the purpose of the Plan could be frustrated. Accordingly, if, following a Change in Control, it should appear to any Participant that
the Company, the Participant’s Employer or any successor corporation has failed to comply with any of its obligations under the Plan or any agreement thereunder or, if the Company, the Employer or any other person takes any action to declare
the Plan void or unenforceable or institutes any litigation or other legal action designed to deny, diminish or to recover from any Participant the benefits intended to be provided, then the Company and the Participant’s Employer irrevocably
authorize such Participant to retain counsel of his or her choice at the expense of the Company and the Participant’s Employer (who shall be jointly and severally liable) to represent such Participant in connection with the initiation or
defense of any litigation or other legal action, whether by or against the Company, the Participant’s Employer or any Director, officer, shareholder or other person affiliated with the Company, the Participant’s Employer or any successor
thereto in any jurisdiction. 

  
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 IN WITNESS WHEREOF, the Company has signed this Plan document as of October 25, 2016. 

 

							
	“Company”	  		  		 	
				
	Varex Imaging Corporation, a Delaware corporation	  		  	By:	 	/s/ Clarence Verhoef
				
		  	  
	  	Title:	 	 CFO

  
 -30-

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