Document:

EX-10.28

 Exhibit 10.28 
 EMPLOYMENT AGREEMENT 
 Charles J. Hall 

This EMPLOYMENT AGREEMENT (the “Agreement”) dated November 16, 2006 is entered into by and between
Hercules Holding II, LLC (the “Company”) and Charles J. Hall (the “Executive”). 
 In connection with the merger contemplated under that certain Agreement and Plan of Merger by and among HCA Inc. (“HCA”), the Company and Hercules Acquisition Corporation, dated
July 24, 2006 (the “Merger Agreement”, and such transaction being the “Merger”) the Company desires to employ Executive and to enter into an agreement embodying the terms of such employment, effective as of the
consummation of the Merger (the “Closing”); 
 After the Closing, the Company will own
substantially all of the stock of HCA; and 
 Executive desires to accept such employment and enter into such an
agreement. 
 In consideration of the promises and mutual covenants herein and for other good and valuable
consideration, the parties agree as follows: 
 1. Term of Employment; Effectiveness. Subject to the
occurrence of the Closing, Executive shall be employed by HCA Management Services, L.P., an affiliate of HCA existing solely as an employment vehicle for corporate employees of HCA, on the terms and subject to the conditions set forth in this
Agreement until Executive’s employment is terminated in accordance with Section 7 of this Agreement (the “Employment Term”). Notwithstanding any other provision of this Agreement, the operative provisions of this Agreement shall
become effective only upon the Closing Date (as defined in the Merger Agreement). In the event the Merger Agreement is terminated for any reason without the Closing Date having occurred, this Agreement shall be terminated without further obligation
or liability of either party. Upon the Closing, the Company will cause HCA to assume this Agreement and all references to “Company” contained herein shall at all times thereafter refer to HCA. 

2. Position. 
 a. During the Employment Term, Executive shall serve as the President-Eastern Group of HCA. In such position, Executive shall have such duties, authority and responsibility as shall be determined from
time to time by the Chief Executive Officer, which duties, authority and responsibility are consistent with his existing position with HCA with respect to the business of HCA. Executive shall, if requested, also serve as a member of the Board of
Directors of any affiliate of the Company, without additional compensation. 
 b. During the Employment Term,
Executive will devote Executive’s full business time and best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict
or interfere with the rendition of such services either directly or indirectly, without the prior written consent of the Board of Directors of HCA (the “Board”); provided that

 
nothing herein shall preclude Executive, subject to the prior approval of the Board, from accepting appointment to or continue to serve on any board of directors or trustees of any business
corporation or any charitable organization; provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of Executive’s duties hereunder or conflict with Section 8. 

3. Base Salary. During the Employment Term, HCA shall pay Executive a base salary at the annual rate of $625,000,
payable in regular installments in accordance with HCA’s normal payroll practices. The Board will review Executive’s salary annually, and Executive shall be entitled to such increases in Executive’s base salary, if any, as may be
determined in the sole discretion of the Board, based upon such review. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.” 

4. Annual Bonus. 
 a. With respect to the 2006 fiscal year, Executive shall be eligible to receive the annual bonus to which Executive is otherwise entitled under the HCA 2006 Senior Officer Performance Excellence Program.

 b. With respect to each full fiscal year of HCA (a “Fiscal Year”) occurring during the
Employment Term, beginning with the 2007 Fiscal Year, Executive shall be eligible to earn, pursuant to an annual bonus program to be adopted by the Board, an annual bonus award (an “Annual Bonus”) equal to a percentage of
Executive’s Base Salary, based upon the extent to which annual performance targets established by the Board are met or exceeded. The Annual Bonus, if any, shall be paid to Executive within two and one-half (2.5) months after the end of the
applicable Fiscal Year. For the 2007 Fiscal Year, Executive shall be eligible to earn a target bonus of (i) 60% of Base Salary (the “Target Bonus”) if annual performance targets are met, (ii) 50% of the Target Bonus if a
lower “threshold” level of performance is achieved, or (iii) two times the Target Bonus if “maximum” performance goals are achieved, with the Annual Bonus amount being interpolated, in the sole discretion of the Board, in
the event that performance results exceed “threshold” goals but do not exceed “maximum” goals. For the 2007 Fiscal Year, “target” performance will be based 50% on $4,407 million in EBITDA for HCA and 50% on $1,417
million EBITDA for the Eastern Group (which will be calculated in the same way it is calculated for purposes of the vesting of options granted under the New Option Plan (as defined below) that vest based on the attainment of EBITDA targets),
“threshold” performance will be 96.4%% of “target” and “maximum” performance will be 103.6% “of target” performance (with appropriate adjustments by the Board for extraordinary transactions and changes in
capital expenditures). With respect to the 2008 Fiscal Year, the Board shall in good faith attempt to provide Annual Bonus opportunities to Executive that are consistent with those applicable to the 2007 Fiscal Year, unless doing so would be adverse
to the interests of HCA, the Company or their shareholders. For later fiscal years, the Board will set bonus opportunities in consultation with the Chief Executive Officer of HCA. 

5. Employee Benefits and Business Expenses. During the Employment Term, Executive shall be entitled to participate
in HCA’s pension and welfare benefit, deferred compensation, cash incentive compensation and perquisite plans as in effect from time to time for senior executives of HCA (collectively “Employee Benefits”). In addition, during
the 

  
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Employment Term, reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by HCA in accordance with HCA’s policies.
During the Employment Term, HCA shall also (a) provide Executive with Director’s and Officer’s indemnification and insurance coverage to the extent that the Board determines to be reasonable, in its sole discretion, for a company of
the nature and size of HCA and (b) shall continue Executive’s participation in HCA’s Supplemental Executive Retirement Plan until such time as Executive has become fully vested in the maximum benefit available to the Executive under
that plan (including achieving the maximum years of service) in accordance with the terms of the Merger Agreement. 
 6. Equity Arrangements. 
 a. In connection with the
Merger, Executive shall (i) participate in the equity compensation program established by HCA effective as of the Closing, pursuant to which, on the Closing, Executive shall receive a grant of options to purchase shares of common stock of HCA
(with an exercise price of $51.00 per share) pursuant to a stock incentive plan to be adopted by HCA (the “New Options”, and any shares of common stock acquired upon exercise of such New Options, “Option Stock”,
with the plan being the “New Option Plan”), (ii) be permitted to rollover existing HCA stock options and/or shares of HCA common stock (or have such options and/or shares cashed out in connection with the Merger and
(iii) execute a stockholder’s agreement and such other related agreements that are in forms reasonably acceptable to Executive and the Company (such agreements, together with the option grant and stock incentive plan, the “Equity
Agreements”). Executive’s New Options (ignoring Executive’s possible receipt of 2x Time Options, as defined and discussed below in Section 6(b)) will cover approximately 0.013125 times 10% of the fully diluted equity of HCA
on the Closing Date (10% of the fully diluted equity of HCA on the Closing Date being the “Option Pool”). 
 b. HCA will reserve 10% of the Option Pool to be granted on the following terms (these options being the “2x Time Options”). HCA agrees that after Closing Date, it will grant 100% of the
2x Time Options to one or more of Jack Bovender, Richard Bracken, R. Milton Johnson, Samuel Hazen, W. Paul Rutledge, Beverly Wallace, and Charles Hall (the “Tier 1 Executives”). The individual allocations will be based upon each
executive’s contribution to HCA and the Company between the Closing and the date of grant as determined by the Board in consultation with the Chief Executive Officer (provided that the fact that Jack Bovender may have retired prior to the grant
date will not be held against him in making such allocation and shall not preclude him from receiving 2x Time Options). A percentage of the 2x Time Options will be vested and exercisable on the date of grant, such percentage corresponding to the
percentage of the period measured between the Closing Date and the fifth anniversary of the Closing Date that has elapsed as of the grant date. The 2x Time Options will otherwise vest pursuant to the schedule generally used in connection with
HCA’s other time-vesting options, subject to continued employment (or special provisions governing retirement as may be mutually agreed to by an Executive and the Company or HCA). The 2x Time Options will have an exercise price of $102 per
share (subject to adjustment to take into account any share splits, extraordinary cash dividends, or other adjustment events under Section 8 of the New Option Plan, in any case made on or after Closing). The Board will in good faith attempt to
time the grant of the 2x Time Options relatively near in time to but before the earlier of (i) a “Change in Control” or “Public Offering” as defined in the New Option Plan or (ii) the time at which the

  
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Board in its good faith judgment, believes that it is likely that the fair market value per share of HCA common stock will soon thereafter exceed the proposed exercise price of the 2x Time
Options, but not later than the fifth anniversary of the Closing Date. The form of the award agreement for the 2x Time Options will otherwise be consistent with the terms of time-vesting options that the Executive is granted in connection with the
Closing. If an executive’s employment is terminated, then any 2x Time Options which are forfeited (or 2x option shares which are repurchased) would be re-issued to the other then-remaining Tier 1 Executives or the person who is chosen to
replace the forfeiting Tier 1 Executive. 
 c. In connection with the foregoing, Executive hereby acknowledges
his or her commitment to invest in the Company or HCA as agreed to in that certain Management Investment Letter agreement between the Executive and the Company, in an amount as described under the sub-heading “Equity Roll Over Commitments”
in HCA’s definitive proxy statement filed October 17, 2006. 
 7. Termination. The Employment
Term and Executive’s employment hereunder may be terminated by either party at any time and for any reason; provided that Executive will be required to give the Company at least 90 days advance written notice of any resignation of
Executive’s employment; provided, however, that the Company may elect to accelerate the effective date of such resignation, and such acceleration shall not be deemed a termination of Executive’s employment without Cause (as defined below)
by the Company. Notwithstanding any other provision of this Agreement, and subject to the provisions of the Equity Agreements, the provisions of this Section 7 shall exclusively govern Executive’s rights upon termination of employment with
the Company and its affiliates. 
 a. By the Company For Cause or By Executive Without Good Reason.

 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Company for Cause
(as defined below) and shall terminate automatically upon Executive’s voluntary resignation without Good Reason (as defined below). 
 (ii) For purposes of this Agreement, “Cause” shall mean Executive’s: 
 (A) willful and continued failure to perform his or her material duties with respect to the Company or it subsidiaries which continues beyond ten (10) business days after a written demand for
substantial performance is delivered to Executive by the Company (the “Cure Period”); or 
 (B) willful or intentional engaging by Executive in material misconduct that causes material and demonstrable injury, monetarily or otherwise, to the Company, the Sponsor Group (as defined in
Section 8 below) or their respective affiliates; or 
 (C) conviction of, or a plea of
nolo contendere to, a crime constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor for which a sentence of more than six months’ imprisonment is imposed; or 

  
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 (D) willful and material breach of the Equity Agreements, or
Executive’s engaging in any action in breach of the covenants set forth in Section 8, which continues beyond the Cure Period (to the extent that, in the Board’s reasonable judgment, such breach can be cured). 

For purposes of this Section 7(a)(ii), an action will not be considered “willful” unless taken in bad faith
or without the reasonable belief that it was in the best interest of HCA. 
 (iii) If Executive’s
employment is terminated by the Company for Cause or if Executive voluntarily resigns without Good Reason (other than due to Executive’s death or Disability (as defined in Section 7(b) below)), Executive shall be entitled to receive:

 (A) any Base Salary earned, but unpaid, through the date of termination; 

(B) any Annual Bonus earned, but unpaid, as of the date of termination for the immediately preceding
Fiscal Year, paid in accordance with Section 4 (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with HCA); 

(C) reimbursement, within 60 days following submission by Executive to the Company and HCA of appropriate
supporting documentation, for any unreimbursed business expenses properly incurred by Executive in accordance with HCA policy prior to the date of Executive’s termination; so long as claims for such reimbursement (accompanied by appropriate
supporting documentation) are submitted to the Company and HCA within 90 days following the date of Executive’s termination of employment; and 

(D) such Employee Benefits, if any, as to which Executive may be entitled under the employee benefit plans
of HCA, (the amounts described in clauses (A) through (D) hereof being referred to as the “Accrued Rights”). 
 Following such termination of Executive’s employment by the Company for Cause or voluntary resignation by Executive without Good Reason (other than due to Executive’s death or Disability),
except as set forth in this Section 7(a)(iii) or the Equity Agreements, Executive shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates. 

b. Disability or Death. 
 (i) The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death and may be terminated by the Company if Executive becomes disabled (within the meaning of
Section 409A of the Internal Revenue Code (such incapacity is hereinafter referred to as “Disability”)). Any question as to the existence of the Disability of Executive as to which Executive and the Company cannot agree shall
be determined in writing by a qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall

  
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appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and Executive
shall be final and conclusive for all purposes of this Agreement, and the Company shall bear the costs of retaining the independent physician. 
 (ii) Upon termination of Executive’s employment hereunder for either Disability or death, Executive or Executive’s estate (as the case may be) shall be entitled to receive: 

(A) the Accrued Rights; and 

(B) a pro rata portion of the Annual Bonus, if any, that Executive would have been entitled to receive
pursuant to Section 4 hereof for the Fiscal Year in which such termination occurs, based upon HCA’s actual results for the year of termination and the percentage of the Fiscal Year that shall have elapsed through the date of
Executive’s termination of employment, payable to Executive pursuant to Section 4 had Executive’s employment not terminated (a “Prorated Bonus”). 

Following Executive’s termination of employment due to death or Disability, except as set forth in this
Section 7(b)(ii) or the Equity Agreements, Executive shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates. 

c. By the Company Without Cause or By Executive Due to Voluntary Resignation for Good Reason. 

(i) The Employment Term and Executive’s employment hereunder may be terminated by the Company without Cause (other
than by reason of Executive’s Disability) and shall terminate automatically upon Executive’s voluntary resignation for Good Reason. 
 (ii) For purposes of this Agreement, “Good Reason” shall mean: 
 (A)(I) a reduction in Executive’s Base Salary (other than a general reduction in Base Salary that affects all similarly situated employees (defined as all employees within the same HCA pay grade as
that of Executive) in substantially the same proportions that the Board implements in good faith after consultation with the Chief Executive Officer and Chief Operating Officer of HCA), or (II) a reduction in Executive’s annual incentive
compensation opportunity, or (III) the reduction of benefits payable to Executive under HCA’s Supplemental Executive Retirement Plan, in each case other than any isolated, insubstantial and inadvertent failure by the Company or HCA that
is not in bad faith and is cured within ten (10) business days after Executive gives the Company written notice of such event; or 
 (B) a substantial diminution in Executive’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Company or HCA that is not in bad faith and is
cured within ten (10) business days after Executive gives the Company written notice of such event; or 

  
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 (C) a transfer of Executive’s primary workplace to a
location that is more than twenty (20) miles from his or her workplace as of the date of this Agreement. 

(iii) If Executive’s employment is terminated by the Company without Cause (other than by reason of Executive’s
Disability), or if Executive voluntarily resigns with Good Reason, Executive shall be entitled to receive: 
 (A) the Accrued Rights; 
 (B) subject to
Executive’s execution and delivery of a general release of claims against the Company and its affiliates in a form reasonably acceptable to the Company and Executive’s continued compliance with the provisions of Sections 8 and 9, payment
of an amount equal to the product of (I) two times the sum of (II) Executive’s (x) then Base Salary and (y) Annual Bonus paid or payable in respect of the Fiscal Year immediately preceding the Fiscal Year in which such
termination occurs, payable over a two-year period (or such shorter period as may be required by applicable tax laws) (the “Severance Period”); 

(C) a Prorated Bonus; 

(D) continued coverage under HCA’s group health plans during the Severance Period on the same basis
as such coverage was provided immediately prior to Executive’s termination of employment; provided that, in order to facilitate such coverage, the Executive, in accordance with HCA’s policies in effect at the time of
Executive’s termination, agrees to elect continuation coverage in accordance with the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (the amounts described in clauses (B), (C) and (D) hereof being
referred to as the “Severance Benefits”); 
 (E) notwithstanding any provision
to the contrary in the New Option, Executive’s vested New Options will remain exercisable until the first anniversary of the termination of Executive’s employment. 

Following Executive’s termination of employment by the Company without Cause (other than by reason of
Executive’s Disability) or voluntary resignation with Good Reason by Executive, Executive shall be permitted to choose to have Executive’s covenants described in Section 8(a)(i) (as well as any similar covenant in HCA’s
shareholder’s agreement) waived in lieu of receiving the Severance Benefits; and, except as set forth in this Section 7(c)(iii) or the Equity Agreements, Executive shall have no further rights to any compensation or any other benefits from
the Company or any of its affiliates. 
 d. Notice of Termination. Any purported termination of
employment by the Company or by Executive (other than due to Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 11(i) hereof. For purposes of this Agreement, a
“Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in 

  
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reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated. 

e. Board/Committee Resignation. Upon termination of Executive’s employment for any reason, Executive agrees
to resign, as of the date of such termination and to the extent applicable, from the Board (and any committees thereof) and the Board of Directors (and any committees thereof) of any of the Company’s affiliates to which the Executive was
appointed as a result of Executive’s employment with the Company or was appointed at the direction of the Sponsor Group. 
 8. Non-Competition; Non-Solicitation. 
 a. Executive
acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and, subject to the provisions of Section 7(c)(iii), accordingly agrees as follows: 

(i) During the Employment Term and, for a period of twenty-four (24) months following the date Executive ceases to
be employed hereunder for any reason (the “Restricted Period”), Executive will not directly or indirectly: 
 (A) engage in any business that competes with the business of the Company or its affiliates (including businesses which the Company or its affiliates have specific plans to conduct in the future, as to
which the Company or its affiliates have taken steps towards commencing and as to which Executive has participated in such planning) in any geographical area where the Company or its affiliates manufactures, produces, sells, leases, rents, licenses
or otherwise provides its products or services (a “Competitive Business”); 

(B) enter the employ of, or render any services to, any Person (or any division or controlled or
controlling affiliate of any Person) who or which engages in a Competitive Business; 
 (C)
acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(D) interfere with, or attempt to interfere with, business relationships (whether formed before, on or
after the date of this Agreement) between the Company or any of its affiliates and customers, clients, or suppliers of the Company or its affiliates. 
 (ii) Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly own, solely as an investment, securities of any Person engaged in the business of the Company or its
affiliates which are publicly traded 

  
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on a national or regional stock exchange or quotation system or on the over-the-counter market if Executive (x) is not a controlling person of, or a member of a group which controls, such
person and (y) does not, directly or indirectly, own 5% or more of any class of securities of such Person. 

(iii) During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in
conjunction with any Person, directly or indirectly: 
 (A) solicit or encourage any employee of
the Company or its affiliates to leave the employment of the Company or its affiliates; or 
 (B)
hire any such employee who was employed by the Company or its affiliates as of the date of Executive’s termination of employment with the Company or who left the employment of the Company or its affiliates coincident with, or within one year
prior to, the termination of Executive’s employment with the Company. 
 (iv) During the Restricted Period,
Executive will not, directly or indirectly, solicit or encourage to cease to work with the Company or its affiliates any consultant then under contract with the Company or its affiliates. 

(v) Notwithstanding the foregoing, the term “affiliates” as used in Section 8(a) will not include any
member of the Sponsor Group (as defined below) or their affiliates that are not engaged in Competitive Business. For purposes of this Agreement, the term “Sponsor Group” shall mean Bain Capital Partners LLC, Kohlberg Kravis
Roberts & Co. L.P., and Merrill Lynch Global Private Equity. 
 b. It is expressly understood and
agreed that although Executive and the Company consider the restrictions contained in this Section 8 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other
restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum
extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as
to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 
 9. Confidentiality. 
 a. Executive will not at any time
(whether during or after Executive’s employment hereunder): (i) retain or use for the benefit, purposes or account of Executive or any other Person; or (ii) disclose, divulge, reveal, communicate, share, transfer or provide access to
any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any non-public, proprietary or confidential information — including without limitation trade secrets, know-how, research and
development, software, databases, 

  
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inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors,
customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals — concerning the past, current or future business, activities
and operations of the Company, its subsidiaries or affiliates and/or any third party that has disclosed or provided any of same to the Company on a confidential basis (“Confidential Information”) without the prior written
authorization of the Board. 
 b. “Confidential Information” shall not include any information that
is (i) generally known to the industry or the public other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties; (ii) made legitimately available to Executive by a
third party without breach of any confidentiality obligation; or (iii) required by law to be disclosed; provided that Executive shall give prompt written notice to the Company of such requirement, disclose no more information than is so
required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

c. Except as required by law, Executive will not disclose to anyone, other than Executive’s immediate family and
legal or financial advisors, the existence or contents of this Agreement; provided that Executive may disclose to any prospective future employer the provisions of Sections 8 and 9 of this Agreement provided they agree to maintain the
confidentiality of such terms. 
 d. Upon termination of Executive’s employment hereunder, Executive shall
(i) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source
indicator) owned or used by the Company, its subsidiaries or affiliates; (ii) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books,
papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that
contain Confidential Information or otherwise relate to the business of the Company, its affiliates and subsidiaries, except that Executive may retain only those portions of any personal notes, notebooks and diaries (including Executive’s
personal rolodex) that do not contain any Confidential Information; and (iii) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Executive is or becomes aware.

 10. Specific Performance; Forfeiture of Certain Equity. 

a. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of
the provisions of Section 8 or Section 9 would be inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a
breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required

  
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by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be
available. 
 b. In the event that the Executive breaches these covenants during the Restricted Period, in
addition to other remedies, the Company will be entitled to recover any payments made by the Company to the Executive in respect of the repurchase of the Executive’s New Options and Option Stock (except that, with respect to the Option Stock,
such recovery will be limited to only the amounts, if any, that the Executive received in excess of the exercise price paid by the Executive in acquiring such Option Stock, on a net after-tax basis). 

11. Miscellaneous. 
 a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee, without regard to conflicts of laws principles thereof. 

b. Dispute Resolution. Except as otherwise provided in Section 10 of this Agreement, any controversy,
dispute, or claim arising out of, in connection with, or in relation to, the interpretation, performance or breach of this Agreement, including, without limitation, the validity, scope, and enforceability of this section, may at the election of any
party, be solely and finally settled by arbitration conducted in Nashville, Tennessee, by and in accordance with the then existing rules for commercial arbitration of the American Arbitration Association, or any successor organization and with the
Expedited Procedures thereof (collectively, the “Rules”). Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; provided that such arbitrator shall
be experienced in deciding cases concerning the matter which is the subject of the dispute. Any of the parties may demand arbitration by written notice to the other and to the Arbitrator set forth in this Section 11(b) (“Demand for
Arbitration”). Each of the parties agrees that if possible, the award shall be made in writing no more than 30 days following the end of the proceeding. Any award rendered by the arbitrator(s) shall be final and binding and judgment may be
entered on it in any court of competent jurisdiction. Each of the parties hereto agrees to treat as confidential the results of any arbitration (including, without limitation, any findings of fact and/or law made by the arbitrator) and not to
disclose such results to any unauthorized person. The parties intend that this agreement to arbitrate be valid, enforceable and irrevocable. In the event of any arbitration with regard to this Agreement, each party shall pay its own legal fees and
expenses, provided, however, that the parties agree to share the cost of the Arbitrator’s fees. If Executive substantially prevails on any of his substantive legal claims, then the Company shall pay all legal fees incurred by Executive to
arbitrate the dispute, and all arbitration fees. 
 c. Entire Agreement/Amendments. This Agreement
contains the entire understanding of the parties with respect to the employment of Executive hereunder. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter
herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 

  
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 d. No Waiver. The failure of a party to insist upon strict adherence
to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

e. Severability. In the event that any one or more of the provisions of this Agreement shall be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

f. Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable
or delegable by Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to a person or entity
which is (i) an affiliate of the Company, so long as such affiliate maintains sufficient assets to satisfy the Company’s obligation hereunder, (ii) a successor in interest to substantially all of the business operations of the
Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such successor person or entity. 
 g. No Set Off; No Mitigation. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall not be subject to set-off, counterclaim or
recoupment of amounts owed by Executive to the Company or its affiliates. Executive shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment, taking into account the provisions
of Section 8 of this Agreement. 
 h. Successors; Binding Agreement. This Agreement shall inure to
the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 i. Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by
hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either
party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 If to Hercules Holding II, LLC, to: 
 Merrill Lynch Global Private
Equity 
 Four World Financial Center, Floor 23 

New York, NY 10080 
 Attention: George A. Bitar 
 Telecopy: (212) 449-1119

  
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 and 

Bain Capital Partners, LLC 
 111 Huntington Avenue 
 Boston, MA 02199 

Attention: Chris Gordon 
 Telecopy: (617) 516-2010 
 and 

Kohlberg Kravis Roberts & Co. L.P. 

2800 Sand Hill Road, Suite 200 
 Menlo Park, CA 94025 
 Attention: James C. Momtazee 

Telecopy: (650) 233-6584 
 and 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, New York 10017 
 Attention: Andrea K. Wahlquist, Esq.

 Telecopy: (212) 455-2502 

If to HCA Inc., to 
 HCA Inc. 
 One Park Plaza 

Nashville, TN 37203 
 Attn: General Counsel 
 Telecopy: (615) 344-1531 

and copies to: 
 Merrill Lynch Global Private Equity 
 Four World Financial Center,
Floor 23 
 New York, NY 10080 

Attention: George A. Bitar 
 Telecopy: (212) 449-1119 
 and 

Bain Capital Partners, LLC 
 111 Huntington Avenue 
 Boston, MA 02199 

Attention: Chris Gordon 

  
 13 

 Telecopy: (617) 516-2010 

and 
 Kohlberg Kravis Roberts & Co. L.P. 
 2800 Sand Hill Road,
Suite 200 
 Menlo Park, CA 94025 

Attention: James C. Momtazee 
 Telecopy: (650) 233-6584 
 and 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, New York 10017 
 Attention: Andrea K. Wahlquist, Esq.

 Telecopy: (212) 455-2502 

If to Executive: 
 To the Executive’s address of record on the books of the Company. 
 j. Prior Agreements. This Agreement supercedes all prior agreements and understandings (including verbal agreements) between Executive and the Company and/or its affiliates regarding the terms and
conditions of Executive’s employment with the Company and/or its affiliates. 
 k. Cooperation.
Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder. The Company
shall pay to Executive reasonable fees, and reimburse Executive’s reasonable related business expenses incurred by Executive in connection with Executive’s provision of such services. This provision shall survive any termination of this
Agreement. 
 l. Withholding Taxes. The Company or HCA may withhold from any amounts payable under this
Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 m. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 n. Compliance with Section 409A. This Agreement is intended to comply with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) and will be so interpreted. Notwithstanding anything herein to the contrary, (i) if at the time of Executive’s termination of employment hereunder Executive is a
“specified employee” as 

  
 14 

 
defined in Section 409A of the Code, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary
in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such
payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and
(ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, the parties agree to restructure the payments or benefits to
comply with Section 409A of the Code in a manner which does not diminish the value of such payments and benefits to the Executive. 
 o. Future Change in Control. The Company and the Executive agree to work together in good faith to try to address any issues posed by Sections 280G and 4999 of the Code that could arise as a result
of a change in control of HCA (within the meaning of Section 280G of the Code) that occurs after the Closing. 
 p. Option Adjustment. The Company agrees to indemnify Executive against any adverse tax consequences (including, without limitation, under Section 409A and 4999 of the Code), if any, that
result from the adjustment by the Company or HCA of stock options held by the Executive in connection with the Merger or the payment of any extraordinary cash dividends after the Closing. For the avoidance of doubt, this indemnity does not extend to
tax consequences that arise upon the “cash out” of Executive’s existing HCA stock options on the Closing (or otherwise upon the exercise of Executive’s stock options). 

[Remainder of Page Intentional Left Blank] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

					
	HERCULES HOLDING II, LLC	 		 	CHARLES J. HALL
			
	/s/  Chris Gordon	 		 	/s/  Charles J. Hall
	 By: Chris Gordon
 Title: President
	 		 	

  
 16EX-10.5

 Exhibit 10.5 
 February 2012 
 THE AES CORPORATION 

AMENDED AND RESTATED 
 DEFERRED COMPENSATION PLAN FOR DIRECTORS 
 ARTICLE I 

General Provisions 
 Section 1.1. Establishment and Purpose. The AES Corporation (“Company”) maintains The AES Corporation Deferred Compensation Plan for Directors (“Plan”) pursuant to which
each member of the Board of Directors of the Company who is not an employee of the Company or any of its subsidiaries (a “Non-Employee Director”) shall be eligible through an election to defer receipt of any compensation (above any amount
of mandatory deferred compensation) to be earned by such Non-Employee Director and to have Stock Units (as hereinafter defined) credited to an account established for such Non-Employee Director by the Company. The purpose of the Plan is to assist
the Company in attracting, retaining and motivating highly qualified Non-Employee Directors and to promote identification of, and align Non-Employee Directors’ interests more closely with, the interests of the stockholders of the Company. This
Plan shall also govern any amounts of mandatory deferral of annual compensation provided to Non-Employee directors in the form of Stock Units. 
 The Plan is amended and restated as set forth herein to comply with Section 409A. Notwithstanding anything to the contrary contained herein and with respect to deferred compensation benefits that
were earned and vested under this Plan prior to January 1, 2005 (as determined under Section 409A, “Grandfathered Benefits”), such Grandfathered Benefits shall be governed and administered solely by the terms of the Plan as in
effect on December 31, 2004 as if such plan were a separate plan (“Grandfathered Plan”, a copy of which attached hereto as Appendix I). No amendments or other modifications shall be made to the Grandfathered Plan except as
specifically provided therein and as set forth in a separate writing thereto, and no amendment or modification to the Plan shall be construed as an amendment or modification to the Grandfathered Plan. 

Section 1.2. Definitions. In addition to the terms previously or hereafter defined herein, the following terms when used
herein shall have the meaning set forth below: 
 “Board” shall mean the Board of Directors of the Company.

 “Code” shall mean the Internal Revenue Code of 1986, as amended and in effect from time to time, or
any successor statute. 
 “Committee” shall mean the committee of the Board appointed by the Board to
administer the Plan. Unless otherwise determined by the Board, the Committee shall be the Compensation Committee of the Board. 

  
 1 

 “Common Stock” shall mean the Company’s common stock, par value $.01
per share. 
 “Compensation” shall mean all remuneration to be paid to a Non-Employee Director for services to
be rendered during the applicable Plan Year. The Committee may specify for any Plan Year, prior to the last date for making an Election for such Plan Year, that all or a portion of Compensation shall be subject to mandatory deferral under the Plan.

 “Deferred Compensation” shall mean all remuneration paid to a Non-Employee Director for service as such that
is deferred hereunder. 
 “Fair Market Value” shall mean, as of any date, the closing price for the Common
Stock as reported in the New York Stock Exchange — Composite Transactions reporting system for the date in question or, if no sales were effected on such date, on the preceding date on which sales were effected. 

“Plan Year” shall mean the approximate twelve-month period beginning on the date of the Annual Meeting of Shareholders
at which directors are elected to the Board for the year period immediately following such Annual Shareholders Meeting and ending on the date immediately preceding the next Annual Meeting of Shareholders of the Company at which directors are elected
to the Board, unless otherwise determined by the Board. 
 “Section 409A” shall mean Section 409A of the
Code, the regulations and other binding guidance promulgated thereunder. 
 “Separation from Service” shall
mean the Director’s death, retirement or other termination of service with the Company and all of its controlled group members within the meaning of Section 409A. For purposes hereof, the determination of controlled group members shall be
made pursuant to the provisions of Section 414(b) and 414(c) of the Code; provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in
Section 1563(a)(1),(2) and (3) of the Code and Treas. Reg. § 1.414(c)-2. Whether the Director has a Separation from Service will be determined based on all of the facts and circumstances and in accordance with the guidance issued
under Section 409A. 
 “Stock Unit” shall mean a credit that is equivalent to one share of Common Stock.

 Section 1.3. Administration. The Plan shall be administered by the Committee. The Committee shall serve at the
pleasure of the Board. A majority of the Committee shall constitute a quorum, and the acts of a majority of the members of the Committee present at any meeting at which a quorum is present, or acts approved in writing by a majority of the members of
the Committee, shall be deemed the acts of the Committee. The Committee is authorized to interpret and construe the Plan, to make all determinations and take all other actions necessary or advisable for the administration of the Plan, and to
delegate to employees of the Company or any subsidiary the 

  
 2 

 
authority to perform administrative functions under the Plan; provided, however, that the Committee shall have no authority to determine the persons entitled to receive Common Stock or Stock
Units under the Plan nor the timing, amount or price of Common Stock or Stock Units issued under the Plan. The provisions of this Plan and all Elections made hereunder shall be administered, interpreted and construed in a manner necessary in order
to comply with Section 409A or an exception thereto (or disregarded to the extent such provision cannot be so administered, interpreted or construed). It is intended that distribution events authorized under this Plan qualify as a permissible
distribution events for purposes of Section 409A, and this Plan shall be interpreted and construed accordingly in order to comply with Section 409A. The Company reserves the right to accelerate, delay or modify distributions to the extent
permitted under Section 409A. 
 Section 1.4. Eligibility. An individual who is a Non-Employee Director shall
be eligible to participate in the Plan. 
 Section 1.5. Common Stock Subject to the Plan. The maximum number of
shares of Common Stock that may be issued pursuant to the Plan is 2,000,000. Common Stock to be issued under the Plan may be either authorized and unissued shares of Common Stock or shares of Common Stock held in treasury by the Company. 

ARTICLE II 

Elections and Distributions 
 Section 2.1. Elections to Defer Compensation. Any Non-Employee Director may elect to defer receipt of Compensation otherwise payable to the Non-Employee Director for a Plan Year and to have
such Deferred Compensation credited as Stock Units hereunder (“Stock Unit Election”). If a Non-Employee Director makes a Stock Unit Election or Compensation is subject to mandatory deferral, an account established for the Non-Employee
Director and maintained by the Company shall be credited with that number of Stock Units equal to the number of shares of Common Stock (including fractions of a share to two decimal places) that could have been purchased with the amount of Deferred
Compensation subject to a Stock Unit Election based on the closing price of the Common Stock on the New York Stock Exchange on the day that the Non-Employee Director is elected to the Board for the Plan Year for which the Stock Unit Election was
made by the Non-Employee Director, unless otherwise determined by the Board. 
 Section 2.2. Terms and Conditions of
Elections. A Stock Unit Election (an “Election”) shall be subject to the following terms and conditions: 
 a. An Election for a
Plan Year shall be in writing and shall be irrevocable for such applicable Plan Year; 
 b. An Election shall be effective for any Plan Year
only if made on or prior to December 31st of the calendar year immediately preceding the beginning of the Plan Year to which the Election relates (or such other date as permitted by the Committee to

  
 3 

 
the extent consistent with Section 409A). A Non-Employee Director who first becomes eligible to participate in the Plan may file an Election (“Initial Election”) at any time prior
to the 30-day period following the date on which the Non-Employee Director initially becomes eligible to participate in the Plan. Any such Initial Election shall only apply to Compensation earned and payable for services rendered after the date on
which the Election is delivered to the Company. Accordingly, if an Election is made in the first-year of eligibility but after the beginning of the Plan Year, then, with respect to Compensation that is earned based on a specific performance period,
the Initial Election shall only apply to the total amount of any such Compensation multiplied by the ratio of (i) the number of days remaining in the Plan Year after the Election to (ii) the total number of days in the Plan Year; and

 c. An Election shall remain in effect for all future Plan Years unless terminated or changed pursuant to an Election made on or prior to the
last date for filing an Election for the next Plan Year. 
 Section 2.3. Adjustment of Stock Unit Accounts.

 a. Cash Dividends — Unless otherwise determined by the Committee, each Stock Unit shall also represent a right to
receive an additional amount, payable in cash, equal to accumulated cash dividends paid by the Company on the Stock Unit between the date such Stock Unit is allocated to the Non-Employee Director’s account hereunder and the date of distribution
of such Stock Unit in accordance with a Non-Employee Director’s election, as provided in Section 2.4 and Section 2.5 hereof. The additional dividend amounts that are accumulated subject to a Stock Unit will be subject to the same
terms and conditions as the Stock Unit to which they relate. 
 b. Stock Dividends — In the event that a dividend
shall be paid upon the Common Stock of the Company in shares of Common Stock, the number of Stock Units in each Non-Employee Director’s Stock Unit account shall be adjusted by adding thereto additional Stock Units equal to the number of shares
of Common Stock which would have been distributable on the Common Stock represented by Stock Units if such shares of Common Stock had been outstanding on the date fixed for determining the stockholders entitled to receive such stock dividend.

 c. Other Adjustments — In the event that the outstanding shares of Common Stock of the Company shall be changed
into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation, whether through reorganization, recapitalization, stock split-up, combination of shares, merger or consolidation, then
there shall be substituted, for the shares of Common Stock represented by Stock Units, the number and kinds of shares of stock or other securities which would have been substituted if such shares of Common Stock had been outstanding on the date
fixed for determining the stockholders entitled to receive such changed or substituted stock or other securities. 
 In the
event there shall be any change, other than specified in this Section 2.3, in the number or kind of outstanding shares of Common Stock of the 

  
 4 

 
Company or of any stock or other securities into which such Common Stock shall be changed or for which it shall have been exchanged, an adjustment in the number of Stock Units or the Common Stock
represented by such Stock Units, such adjustment shall be made by the Board and shall be effective and binding for all purposes of the Plan and on each outstanding Stock Unit account. In the event of any recapitalization in which shares of Common
Stock are converted into, exchanged for or entitled to shares of a non-equity security of the Company, securities of another issuer or other non-stock consideration, all stock units shall be converted to cash based on the fair market value of the
Common Stock immediately prior to the first public announcement of the recapitalization, or the effective date of the recapitalization, whichever occurs earlier, and the Plan shall be terminated unless otherwise determined by the Board; provided,
however, termination of the Plan shall not be a distribution event under the Plan unless otherwise permitted under Section 409A and other applicable law. 
 Section 2.4. Distribution of Stock Units. 
 a. Unless a Non-Employee
Director has selected a different payment option as set forth below, on the first business day after the end of the calendar quarter following the date of such Non-Employee Director’s Separation from Service (other than by reason of such
Non-Employee Director’s death), the Company shall distribute such Non-Employee Director’s Stock Units in substantially equal annual installments as follows: one-fifth (20.00%) of that number of shares of Common Stock equal to the
whole number of Stock Units in such Non-Employee Director’s Stock Unit account determined as of the close of the last trading day on the New York Stock Exchange coinciding with the date of the Non-Employee Director’s Separation from
Service (the “Initial Distribution”); and on the first, second, third and fourth anniversary of the Initial Distribution, the Company shall issue to such Non-Employee Director a substantially equal number of shares of Common Stock
distributed in connection with the Initial Distribution. Any fractional Stock Units remaining in such account on the forth anniversary of the Initial Distribution shall be distributed in cash based on the Fair Market Value of the Common Stock as of
such fourth anniversary date. 
 b. A Non-Employee Director may elect, in his or her Initial Election, to receive the Common
Stock represented by the Stock Units in such Non-Employee Director’s Stock Unit account in a single payment upon Separation from Service or commencing on such later date as the Non-Employee Director may specify, or in annual installments (not
to exceed ten) commencing on Separation from Service. 
 c. A Non-Employee Director may modify any such Initial Election by a
subsequent written distribution election (on a form approved and provided by the Company); provided, however, an Initial Election can only be changed if the following requirements are satisfied: (i) the change will not take effect until twelve
(12) months after the election is made; (ii) the change must be made at least twelve (12) months prior to the previously scheduled payment date (or initial scheduled payment date in the case of installment payments); and
(iii) the payment with respect to which the change is made must be deferred for at least five (5) years from the date the payment would otherwise have been made (or initial scheduled payment date in the case of installment

  
 5 

 
payments); provided, further, the Committee may, in its discretion, authorize a Non-Employee Director to change a distribution election under any applicable transition rule authorized under
Section 409A to the extent consistent therewith. 
 d. For purposes of Section 409A and the Plan: (i) the right
to installment payments shall be treated as the right to a single payment; and (ii) a payment shall be treated as made on the scheduled payment date if such payment is made at such date or a later date in the same calendar year or, if later, by
the 15th day of the third calendar month following the scheduled payment date. Except as specified in this Section 2.4, a Non-Employee Director shall have no right to designate the date of any payment under the Plan. Notwithstanding any
provision herein to the contrary, if the Non-Employee Director is a “specified employee” for purposes of Section 409A (as determined in accordance with the procedures established by the Company), any payment to the Non-Employee
Director due upon Separation from Service will be delayed for a period of six months after the date of the Non-Employee Director’s Separation from Service (or, if earlier, the death of the Non-Employee Director). Any payment that would
otherwise have been due or owing during such six-month period will be paid on the first business day following the end of the six-month period. 
 Section 2.5. Distributions on Death. In the event of the death of a Non-Employee Director, whether before or after Separation from Service, any Stock Units remaining in the Stock Unit account
to which he or she was entitled shall be converted to Common Stock as of the last day of the calendar quarter in which the Non-Employee Director’s death occurred. Fractional Stock Units shall be converted to cash based on the Fair Market Value
of the Common Stock. The Company shall issue the Common Stock and distribute any applicable cash for Fractional Stock Units on the first business day after the end of the calendar quarter following the date of the Non-Employee Director’s death
in a lump sum to such person or persons or the supervisors thereof, including corporations, unincorporated associations or trusts, as the Non-Employee Director may have designated. All such designations shall be made in writing, signed by the
Non-Employee Director and delivered to the Company. A Non-Employee Director may from time to time revoke or change any such designation by written notice to the Company. If there is no unrevoked designation on file with the Company at the time of
the Non-Employee Director’s death, or if the person or persons designated therein shall have all predeceased the Non-Employee Director or otherwise ceased to exist, such distributions shall be made to the Non-Employee Director’s estate.

 ARTICLE III 
 Miscellaneous Provisions 
 Section 3.1. Amendment and
Discontinuance. The Board may alter, amend, suspend or discontinue the Plan; provided that no such action shall deprive any person without such person’s consent of any rights theretofore granted pursuant hereto Notwithstanding the foregoing
or any provision of this Plan to the contrary, that the Board may, in its sole discretion and without the Non-Employee Director’s consent, modify or amend the terms of the Plan or an Election, or take any other action it deems necessary or
advisable, to cause the Plan to comply with Section 409A (or an exception 

  
 6 

 
thereto). The Board may, in its discretion, submit any proposed amendment to the Plan to the stockholders of the Company for approval and shall submit proposed amendments to the Plan to the
stockholders of the Company for approval if such approval is required in order for the Plan to comply with Rule 16b-3 of the Exchange Act (or any successor rule). 
 Section 3.2. Termination of the Plan. This Plan shall terminate and full distribution shall be made from all participants’ Deferred Compensation accounts upon a change of control of the
Company. Either of the following shall constitute a change of control: (a) the occurrence, without the prior approval of the Board, of the acquisition, directly or indirectly, by any person of more than 50% of the total fair market value or
total voting power of the stock of the Company; (b) the date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board
before the date of the appointment or election. As used in this sentence and the preceding sentence and to the extent not inconsistent with Section 409A, person shall mean a natural person, an entity (together with an affiliate thereof, as
defined in Rule 405 under the Securities Act of 1933, as amended) or a group, as defined in Rule 13d-5 under the Securities Exchange Act of 1934, as amended. The Board at any time, at its discretion, may terminate this Plan; provided that,
termination of the Plan shall not be a distribution event under the Plan unless otherwise permitted under Section 409A or other applicable law. If the Plan terminates at a time when distributions are not permitted pursuant to Section 409A,
distributions in respect of credits to Non-Employee Directors’ Deferred Compensation accounts as of the date of termination shall be made in the manner and at the time prescribed in Sections 2.4 and 2.5. 

Section 3.3. Compliance with Governmental Regulations. Notwithstanding any provision of the Plan or the terms of any
agreement entered into pursuant to the Plan, the Company shall not be required to issue any shares hereunder prior to registration of the shares subject to the Plan under the Securities Act of 1933 or the Exchange Act, if such registration shall be
necessary, or before compliance by the Company or any participant with any other provisions of either of those acts or of regulations or rulings of the Securities and Exchange Commission thereunder, or before compliance with other federal and state
laws and regulations and rulings thereunder, including the rules of the New York Stock Exchange, Inc. The Company shall use its best efforts to effect such registrations and to comply with such laws, regulations and rulings forthwith upon advice by
its counsel that any such registration or compliance is necessary. 
 Section 3.4. Compliance with Section 16.
With respect to persons subject to Section 16 of the Exchange Act, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 (or its successor rule). To the extent that any provision of the Plan or any
action by the Board of Directors or the Committee fails to so comply, it shall be deemed null and void to the extent permitted by law and to the extent deemed advisable by the Committee. 

Section 3.5. Non-Alienation of Benefits. No right or interest of a Non-Employee Director in a Stock Unit account under the
Plan may be sold, assigned, 

  
 7 

 
transferred, pledged, encumbered or otherwise disposed of except as expressly provided in the Plan; and no interest or benefit of any Non-Employee Director under the Plan shall be subject to the
claims of creditors of the Non-Employee Director. 
 Section 3.6. Withholding Taxes. To the extent required by
applicable law or regulation, each Non-Employee Director must arrange with the Company for the payment of any federal, state or local income or other tax applicable to the receipt of Common Stock or Stock Units under the Plan before the Company
shall be required to deliver to the Non-Employee Director a certificate for Common Stock free and clear of all restrictions under the Plan. 
 Section 3.7. Funding. No obligation of the Company under the Plan shall be secured by any specific assets of the Company, nor shall any assets of the Company be designated as attributable or
allocated to the satisfaction of any such obligation. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured creditor of the Company.

 Section 3.8. Governing Law. The Plan shall be governed by and construed and interpreted in accordance with the
internal laws of the Commonwealth of Virginia. 
 Section 3.9. Effective Date of Plan. The Plan as herein amended
and restated shall be effective as of February 17, 2012. 

  
 8

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