SEC Contract Filing

Filing Date: 2021-05-20

Document Content:
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<TYPE>EX-10.3
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<FILENAME>d568447dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ZIMMER BIOMET HOLDINGS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFERRED COMPENSATION PLAN FOR <FONT STYLE="white-space:nowrap">NON-EMPLOYEE</FONT> DIRECTORS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(As Amended on May&nbsp;14, 2021) </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.&nbsp;Eligibility. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">Any member of the Board of Directors (the &#147;Board&#148;) of Zimmer Biomet Holdings, Inc. (the &#147;Company&#148;) who is not an officer
or employee of the Company or a subsidiary thereof is eligible to participate in the Plan and will be a participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.&nbsp;Deferred Compensation Account. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">There shall be established on the books of the Company for each participant a deferred compensation account in the participant&#146;s name.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.&nbsp;Amount of Deferral. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">(a)<I><U>&nbsp;Mandatory Deferrals</U></I><I>.</I>&nbsp;If a participant has not yet met the guideline level of Share Unit or Company common
stock ownership established by the Board, fifty percent of the basic fee payable to a participant for membership on the Board (the &#147;Mandatory Deferral&#148;) shall be deferred and credited to the participant&#146;s deferred compensation account
as Share Units equal to the number of shares of the Company&#146;s common stock that could have been purchased with the deferred fee, determined by dividing the dollar value of the deferred fee by the fair market value of a share of the
Company&#146;s common stock as reported in The Wall Street Journal on the effective date of the deferral. As an additional Mandatory Deferral, at each annual meeting of the stockholders of the Company (&#147;Annual Meeting&#148;), each participant
will receive 500 deferred Share Units (the &#147;Annual Deferred Share Units&#148;). The value of each Annual Deferred Share Unit will be equal to a share of the Company&#146;s common stock as reported in The Wall Street Journal on the date of
grant. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">(b)<I><U>&nbsp;Elective Deferrals</U></I><I>.</I>&nbsp;For any calendar year, a participant may elect to defer receipt of
compensation in excess of the participant&#146;s Mandatory Deferral for that year (the &#147;Elective Deferral&#148;) by filing the appropriate form in accordance with Section&nbsp;8 and requesting deferral of: (1)&nbsp;all of the participant&#146;s
compensation in excess of the participant&#146;s Mandatory Deferral payable to the participant for serving on the Board and any committee thereof; or (2)&nbsp;any percentage specified by the participant of the compensation described in
clause&nbsp;(1) that is in excess of the participant&#146;s Mandatory Deferral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.&nbsp;Form and Computation of
Deferred Amounts. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">Subject to Section&nbsp;3, at the time a participant elects to make an Elective Deferral, the participant shall
elect to have the Elective Deferral credited to his or her deferred compensation account as Treasury Units, Dollar Units, or Share Units (each an &#147;Investment Option&#148;). A participant may allocate the Elective Deferrals among the Investment
Options in increments of 0%, 33 1/3%, 50%, 66 2/3% or 100%. Any deferred amount credited to a participant&#146;s deferred compensation account as Treasury Units shall be credited with interest at a rate to be set by the Company in January of each
year after a review of the <FONT STYLE="white-space:nowrap">six-month</FONT> United States Treasury bill discount rates for the preceding year. Any deferred amount credited to a participant&#146;s deferred compensation account as Dollar Units shall
be credited with
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interest at a rate to be set by the Company in January of each year after a review of investment return on the invested cash of the Company. If a participant elects to allocate a deferred amount
to Share Units, the participant will be credited with Share Units equal to the number of shares of the Company&#146;s common stock that could have been purchased with the deferred amount, determined by di