Document:

Letter agreement

 Exhibit 10.1 
  

 
 July 22, 2011 
 Thomas Powell 
 [Address Intentionally Omitted] 

Dear Tom: 
 On behalf of
Teleflex Incorporated (the “Company”), I am pleased to confirm our offer of employment as Senior Vice President, Finance. Your target starting date is Monday, August 1st, 2011. You will be based at our Corporate facility in
Limerick, Pennsylvania and report directly to me. 
 Base Salary: Your compensation package includes a bi-weekly salary of
$13,076.92, which amounts to an annualized salary of $340,000.00. 
 Employee Benefits: You are
eligible to sign up for benefits coverage on the first day of the month following the date your employment begins. You will have the option to enroll in medical, dental and vision coverage, employee assistance program, 401(k), deferred compensation
program and short and long-term disability. In addition, your benefits package also includes $500,000 in life insurance coverage and 4 weeks of vacation. 
 Under the company’s current executive benefit policy subject to the company’s discretion, you will receive an auto allowance of $800.00 per month, which is treated as taxable income.

 Annual Incentive Plan (AIP): In addition to your base salary, you will be eligible to participate in the
Annual Incentive Plan (AIP) with a target payout of 45% of your base salary. This Plan is designed to provide an annual cash incentive award to eligible exempt employees, subject to achievement of certain performance criteria established on
an annual basis. You will be guaranteed a bonus payment of approximately $65,000 for the 2011 performance year, based on your August 1st hire date. 

Restricted Stock and Options: You will be eligible for a new-hire grant of $162,500 (approximately 13,125 shares) in Stock Options
vesting 1/3 per year for three years and $87,500 (approximately 1,500 shares) in shares of Restricted Stock, vesting 100% on a 3-year cliff basis. Grants are subject to approval at a future meeting of the Compensation Committee of the
Company’s Board of Directors after your employment date. The final number of Shares / Options will be determined based on an internal value calculation on the date of the grants. Fidelity Investments, our stock plan administrator, will
send you a welcome packet shortly after your grant is approved. It will include details on activating your account to view plan documents and vesting details. You will also be eligible for future grants based on your performance and

 
the Company’s financial performance beginning in February 2012. Your guideline for future annual grants, subject to the discretion of the Compensation Committee, will be $170,000
(approximately 8,925 shares in stock options and 1,030 shares in restricted stock). In the event of a change in control, accelerated equity vesting will be provided per the terms of the 2008 Stock Incentive Plan. 

Sign-On Bonus: In addition to your salary, you will be eligible for a one-time Sign-On Bonus of $100,000. This Sign-On Bonus
will be paid in a lump sum within 90 days from your start date. The Sign-On Bonus will be treated as taxable income. Should you voluntarily terminate your employment with Teleflex or be involuntarily terminated for cause within one (1) year of
your date of hire you will be responsible to re-pay your sign-on bonus. 
 Relocation Assistance: You are eligible for executive
relocation to assist with your move in accordance with the Company’s relocation policy managed by Cartus. This includes the following exceptions to the relocation policy to accommodate your personal needs: 

 

	 	•	 	 Thirty days temporary living, plus leased housing for up to an additional 5 months, or up until the sale of your home, whichever is
shorter.

  

	 	•	 	 A “personal travel” allowance, for trips to and from your residence, of up to a value of $6,000. 

Please be aware that you will be expected to repay any relocation payments made to you or on your behalf if you leave the Company before completion of
one year of service. You will be contacted by a Cartus relocation specialist to initiate your move. Eligible reimbursements under the Cartus program will be grossed up for tax purposes. 
 Severance and Change In Control Benefits: In the event your employment with the Company is terminated by the company without cause or otherwise for “good reason” (terms to be
mutually agreed upon), other than within twelve months after the occurrence of a change in control of the Company (as defined in the Executive Change In Control Agreements in place between the Company and its senior executive officers), you shall be
entitled to continuation of salary for a period of twelve months after your effective date of termination (the “General Severance Period”). In the event your employment with the Company is terminated by the company without cause or
otherwise for “good reason” (terms to be mutually agreed upon), within twelve months after the occurrence of a change in control of the Company, you shall be entitled to continuation of salary for a period of twelve months after your
effective date of termination plus your AIP bonus at target (the “CIC Severance Period”). During the General or CIC Severance Period, you shall also be entitled to continuation of your medical and dental benefits.

As a condition to the Company’s obligation to pay the severance compensation and provide the benefits outlined above, upon your termination of
employment you shall be required to sign, and not revoke, a general release in favor of the Company in form and substance satisfactory to the Company. 
 You acknowledge and agree that you shall not be entitled to any severance benefits other than those specified above. 
 This offer of employment is contingent upon your successful completion of a background check and a drug test. Neither this offer nor any other written or verbal communication is intended to

 
create a contract of employment or a promise of long-term employment. All employment with Teleflex is at-will. As a condition of employment, you will be required to sign an acknowledgement form
stipulating compliance with the Teleflex Code of Ethics Program as well as a copy of our standard form agreement covering confidentiality, assignment of inventions, and competition. 
 Tom, we are excited and pleased to extend this offer to you and look forward to having you join Teleflex. We believe you will make a significant contribution to our growth and future success. I sincerely
hope that you are excited about this offer and opportunity to join the Teleflex Team. Please give me a call if you have any questions. 

Sincerely, 
  

	
	 /s/ Richard A. Meier

	
	 Richard A. Meier

	 Executive Vice President and Chief Financial Officer

  

			
	Acceptance of Offer:
		
	/s/ Thomas Powell	 	7/23/2011
	Thomas Powell	 	DateAmendment to Teleflex Incorporated 2000 Stock Compensation Plan

 Exhibit 10.2 
 AMENDMENT TO 
 TELEFLEX INCORPORATED 

2000 STOCK COMPENSATION PLAN 
 This Amendment (this “Amendment”) to the Teleflex Incorporated 2000 Stock Compensation Plan (the “Plan”) is made effective as of January 1, 2012, pursuant to resolutions of the
Board of Directors of Teleflex Incorporated, a Delaware corporation, adopted during a meeting held on December 15, 2011. This Amendment shall be applicable to all awards granted under the Plan on or after January 1, 2012. 

1. Section 5 of the Plan, Administration of Plan, is hereby deleted in its entirety and replaced by the following: 

 

	 	5.	Administration of Plan 

 (a) The Plan shall be administered by a Committee, which shall be composed of at least two directors of the Parent Company appointed by the Board. 

(b) The Committee may delegate to a person designated from time to time by the Committee as the Plan Administrator the
Committee’s discretion pursuant to Sections 8(b), 8(c), 8(g) and 9(e) of the Plan and the day-to-day administration of the Plan. Such delegation may be revoked at any time. 

2. Section 6 of the Plan, Grant of Rights, is hereby deleted in its entirety and replaced by the following: 

 

	 	6.	Grant of Rights 

 The Board or the Committee may grant (i) Options and Restricted Stock Awards to Eligible Employees and (ii) Nonqualified Stock Options and Restricted Stock Awards to Eligible Directors. To the
extent that the Board or the Committee determines it to be desirable to qualify Options and Restricted Stock Awards granted hereunder as “performance-based compensation” within the meaning of Code Section 162(m), such awards to
“covered employees” (within the meaning of Code Section 162(m)) or to Eligible Employees that the Committee determines may be “covered employees” in the future shall be made by a Committee of two or more “outside
directors” within the meaning of Section 162(m) of the Code. Further, to the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3 promulgated under the United States Securities Exchange Act of 1934, as amended
(“Rule 16b-3”), Options and Restricted Stock Awards to Officers and Directors shall be made by the entire Board or a Committee of two or more “non-employee directors” within the meaning of Rule 16b-3. Except to the extent
prohibited by applicable law, the Board or a Committee may delegate to a Committee of one or more Eligible Directors or to authorized officers of the Company the power to approve Options and Restricted Stock Awards to persons eligible to receive
such awards under the Plan who are not (A) subject to Section 16 of the 

 
Exchange Act or (B) at the time of such approval, “covered employees” under Section 162(m) of the Code. The Board or the Committee may establish any applicable guidelines or
limitations upon the exercise of this authority as may be determined in its discretion. 
 3. The following new Subsection 8(h),
Vesting on Retirement, is hereby added to the Plan: 
 (h) Vesting on Retirement. Except as shall have
been determined by the Board or the Committee and specified in the option agreement, in the event that an Eligible Employee who is an Optionee shall cease to have a Relationship with the Company by reason of such Participant’s retirement, any
Option which is not fully exercisable shall become ratably exercisable (rounded up or down to the nearest whole Share) based upon the ratio of (1) the number of full months elapsed as of the end of the month in which the Optionee ceases to have
a Relationship with the Company by reason of the Optionee’s retirement to (2) the number of full months elapsed since the date the Option was granted; provided, however, that, in the case of a retirement due to voluntary termination of
employment, the terms of this Section 8(h) shall not apply with respect to any Option granted less than six (6) months prior to the effective date of such termination of employment. 

For the purposes of this Section 8(h) and Section 9(d), “retirement” shall mean, unless the Committee
determines otherwise, the voluntary or involuntary termination of employment from the Company by an Eligible Employee who is a Optionee or Participant, respectively, other than a “Termination for Cause,” after attaining age fifty-five
(55) and having at least five (5) years of service with the Company, excluding service with a Subsidiary Company prior to the time that such Subsidiary Company became a Subsidiary Company. “Termination for Cause” means, unless
otherwise provided in a option agreement or restricted stock award agreement, as applicable, termination of employment on account of any act of fraud or intentional misrepresentation or embezzlement, misappropriation or conversion of assets of the
Company, or the intentional and repeated violation of the written policies or procedures of the Company, provided that, for an Eligible Employee who is party to an individual severance or employment agreement defining Cause, “Cause” shall
have the meaning set forth in such agreement except as may be otherwise provided in such agreement. For purposes of this Plan, an Optionee’s or Participant’s termination of employment shall be deemed to be a Termination for Cause if, after
the Optionee’s or Participant’s employment has terminated, facts and circumstances are discovered that would have justified, in the opinion of the Board or the Committee, a Termination for Cause. For Plan purposes, a “voluntary”
termination of employment is a termination of employment where the Optionee or Participant does not qualify for severance benefits, whether under a severance agreement or the Company’s or any Subsidiary Company’s severance policy, plan or
other arrangement. 

  
 3 

 4. Subsection 9(d) of the Plan, Forfeiture of Shares; Vesting on Disability or Death, is
hereby deleted in its entirety and replaced by the following: 
 (d) Forfeiture of Shares; Vesting on Disability,
Death or Retirement. 
 (i) In the event that a Participant shall cease to have a Relationship with the Company
for any reason other than such Participant’s death, disability or retirement, any Shares subject to such Participant’s Restricted Stock Award which theretofore shall not have Vested shall automatically be forfeited by such Participant and
revert to and become the property of the Company. 
 (ii) Except as shall have been determined by the Board or
the Committee and specified in the restricted stock award agreement, in the event that a Participant shall cease to have a Relationship with the Company by reason of such Participant’s death or disability, any Shares subject to such
Participant’s Restricted Stock Award which theretofore shall not have Vested shall automatically be forfeited by the Participant and revert to and become the property of the Company, except that, if such cessation occurs more than one year
after the date of the Award and, under the terms of the Award, not all Shares have yet Vested, there shall be Vested, at a minimum, the portion of the Award comprising such number of whole Shares (rounded up or down to the nearest whole Share) as is
proportionate to the ratio of (1) the number of years (which may be a fractional number) elapsed since the Date of Grant of the Award to the date of such cessation to (2) the number of years (which may be a fractional number) constituting
the Restriction Period of such Restricted Stock Award. 
 (iii) Except as shall have been determined by the Board
or the Committee and specified in the restricted stock award agreement, in the event that an Eligible Employee who is a Participant shall cease to have a Relationship with the Company by reason of such Participant’s retirement, any Shares
subject to such Participant’s Restricted Stock Award which theretofore shall not have Vested shall become ratably Vested (rounded up or down to the nearest whole Share) based upon the ratio of (1) the number of full months of the
applicable Restriction Period elapsed as of the end of the month in which the Participant ceases to have a Relationship with the Company by reason of the Participant’s retirement to (2) the number of months constituting the Restriction
Period of such Restricted Stock Award; provided, however, that, in the case of a retirement due to voluntary termination of employment, the terms of this Section 9(d)(iii) shall not apply with respect to any Restricted Stock Award granted less
than six (6) months prior to the effective date of such termination of employment. 

  
 4 

 5. All other provisions of the Plan shall remain unchanged. 

 

			
	TELEFLEX INCORPORATED
		
	By:	 	 Laurence G. Miller

	Title:	 	EVP, Chief Admin Officer, GC & Sectary
	Date:	 	March 28, 2012

  
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