SEC Contract Filing

Filing Date: 2023-11-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101cashonlyseverancepoli.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i5d8034b940de4fab8c4475e3d36c89c4_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:8pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:125%">Exhibit 10.1</font></div></div><div style="margin-bottom:4.5pt;margin-top:4.5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">BECTON, DICKINSON AND COMPANY</font></div><div style="margin-bottom:4.5pt;margin-top:4.5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">EXECUTIVE OFFICER CASH SEVERANCE POLICY</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;text-indent:17.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">It is the policy of Becton, Dickinson and Company (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8221;) that the Company will not enter into any New Severance Arrangement that provides for the payment of Cash Severance Benefits to an Executive Officer exceeding 2.99 times the sum of the Executive Officer&#8217;s Base Salary plus Target Bonus, without seeking shareholder ratification of such New Severance Agreement at the next regularly scheduled annual meeting of shareholders or a special meeting of shareholders (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Policy</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8221;).</font></div><div style="margin-bottom:6pt;text-indent:17.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">For purposes of this Policy&#58;</font></div><div style="margin-bottom:6pt;text-indent:17.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Base Salary</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8221; means the amount an Executive Officer is entitled to receive as wages or salary on an annualized basis, determined as of the Executive Officer&#8217;s termination date, including any wages or salary that has been earned but deferred. Base Salary excludes all taxable or nontaxable fringe benefits or awards, payout of accrued vacation, the value of any performance awards, bonuses, commissions, or other incentive pay, or any other amounts that are not made on each regular payday, regardless of how such payments may be characterized.</font></div><div style="margin-bottom:6pt;text-indent:17.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Cash Severance Benefits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8221; means cash payments payable to an Executive Officer (i) as a result of the termination of the Executive Officer&#8217;s employment, (ii) to secure an agreement of the Executive Officer not to compete with the Company, or (iii) to offset any tax liability relating to the foregoing payments. </font></div><div style="margin-bottom:6pt;text-indent:17.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">For purposes of clarity under this Policy, Cash Severance Benefits exclude (a) the payment, vesting, acceleration or other handling of equity-based awards granted under the Company&#8217;s equity-based compensation plans, (b) the payment of deferred compensation, earned retirement benefits or other vested employee benefits, in each case consistent with past practices, provided under the Company&#8217;s retirement or employee benefit plans, (c)&#160;perquisites, insurance, disability, health and welfare plan coverage and other non-cash benefits generally available to similarly situated employees of the Company, (d) any earned but unpaid incentive payment to be made to an Executive Officer under the Company&#8217;s Performance Incentive Plan or any successor plan (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">PIP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8221;) for any previously completed performance period or for the year of termination, consistent with the PIP and past practices, (e) accrued but unpaid Base Salary or vacation pay through the Executive Officer&#8217;s termination date and reimbursement for any business expenses validly incurred prior to such termination date, (f) payments made in good faith settlement of litigation or threatened litigation for a claim made by the Executive