<SEC-DOCUMENT>0001193125-20-163580.txt : 20200608
<SEC-HEADER>0001193125-20-163580.hdr.sgml : 20200608
<ACCEPTANCE-DATETIME>20200608170406
ACCESSION NUMBER:		0001193125-20-163580
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20200608
DATE AS OF CHANGE:		20200608
EFFECTIVENESS DATE:		20200608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WATERS CORP /DE/
		CENTRAL INDEX KEY:			0001000697
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				133668640
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-183721
		FILM NUMBER:		20949760

	BUSINESS ADDRESS:	
		STREET 1:		34 MAPLE ST
		CITY:			MILFORD
		STATE:			MA
		ZIP:			01757
		BUSINESS PHONE:		5084782000

	MAIL ADDRESS:	
		STREET 1:		34 MAPLE STREET
		CITY:			MILFORD
		STATE:			MA
		ZIP:			01757

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WCD INVESTORS INC /DE/
		DATE OF NAME CHANGE:	19960605
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>d931486ds8pos.htm
<DESCRIPTION>S-8 POS
<TEXT>
<HTML><HEAD>
<TITLE>S-8 POS</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on June&nbsp;8, 2020. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-183721</FONT> </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>POST-EFFECTIVE AMENDMENT NO. 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT NO. <FONT STYLE="white-space:nowrap">333-183721</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>WATERS CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>DELAWARE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-3668640</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>34 Maple Street, Milford, MA 01757 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Office)(Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Waters Corporation 2012 Equity Incentive Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Waters Corporation 2020 Equity Incentive Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the plan) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Keeley A. Aleman, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Waters Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>34
Maple Street </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Milford, Massachusetts 01757 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and address of agent for service) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">508-478-2000</FONT></FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Telephone number, including area code, for agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148; and &#147;emerging growth company&#148; in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. (Check one): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated&nbsp;filer</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Waters Corporation (the &#147;Registrant&#148;) has previously registered shares, par value $0.01 per share (the &#147;Common Stock&#148;) for issuance under
the Water Corporation 2012 Equity Incentive Plan (the &#147;2012 Plan&#148;) on the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-183721),</FONT>
dated September&nbsp;5, 2012, registering 6,301,209 shares of Common Stock (the &#147;Registration Statement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;12, 2020, the
stockholders of the Registrant approved the Waters Corporation 2020 Equity Incentive Plan (the &#147;2020 Plan&#148;). Pursuant to the 2020 Plan, the maximum number of shares of Common Stock that may be issued under the 2020 Plan is the sum of (i)
4,725,000 newly available shares of Common Stock (the &#147;New Shares&#148;), (ii) 1,840,099 shares of Common Stock that have been previously registered and remain available for issuance pursuant to the 2012 Plan as of May&nbsp;12, 2020, and (iii)
1,932,133 shares underlying awards under the 2012 Plan that, on or after May&nbsp;12, 2020, expire or terminate or are surrendered without delivery of shares, are forfeited to or repurchased by the Registrant, or otherwise become available for grant
under the terms of the 2012 Plan (the shares described in clause (ii)&nbsp;and clause (iii), the &#147;Carryover Shares&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registration
Statement will cover the issuance of the Carryover Shares once they are available for issuance under the 2020 Plan. Any balance of shares remaining under the 2012 Plan after the Carryover Shares are exhausted are hereby deregistered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accordingly, pursuant to the undertaking in Item 512(a)(1)(iii) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> that the Registrant disclose a
material change in the plan of distribution as it was originally disclosed in the Registration Statement and Securities and Exchange Commission Compliance and Disclosure Interpretation 126.43, the Registrant is filing this Post-Effective Amendment
to the Registration Statement (the &#147;Post-Effective Amendment&#148;) to reflect that the Carryover Shares may be issued under the 2020 Plan and to file as an exhibit hereto a copy of the 2020 Plan and a new opinion as to the validity of the
shares of Common Stock that were previously issuable pursuant to the 2012 Plan. All other items of the Registration Statement are incorporated herein by reference without change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registrant intends to file a separate Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> to register the New Shares that will
become available for offer or sale pursuant to the 2020 Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The documents containing the information specified in Part I of Form S-8 will be sent or given to the participants in the 2020 Plan as specified by Rule
428(b)(1) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). In accordance with Rule 428 and the requirements of Part I of Form S-8, such documents are not being filed with the SEC either as part of this Amended
Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this Amended Registration Statement pursuant to Item 3 of Part II of
this Amended Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Incorporation of Documents by Reference </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents filed by the Registrant with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) pursuant to the Securities
Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), are hereby incorporated by reference into this Registration Statement: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant&#146;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000697/000119312520048303/d862312d10k.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended December&nbsp;31, 2019 filed with the Commission on February&nbsp;25, 2020; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant&#146;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000697/000119312520125370/d918721d10q.htm">Form
 <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the quarter ended March&nbsp;28, 2020, filed with the Commission on April&nbsp;29, 2020; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000697/000119312520041429/d888292d8k.htm">February&nbsp;19,
 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000697/000119312520121905/d921441d8k.htm">April&nbsp;
28, 2020</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000697/000119312520140955/d847276d8k.htm">May 13, 2020</A>; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The description of the Registrant&#146;s Common Stock contained in the Registration Statement on Form <FONT
STYLE="white-space:nowrap">8-A</FONT> filed with the Commission on October&nbsp;17, 1995, including any amendments or reports filed for the purpose of updating that description. (P) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, all documents filed with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this
Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities registered hereby have been sold or which deregisters all of such securities then remaining unsold, shall be deemed to be incorporated
by reference into this Registration Statement and to be a part hereof from the date of filing of such documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Amended Registration Statement to the extent that a statement contained herein or in any other subsequently filed
document that also is or is deemed to be incorporated by reference herein modifies or replaces such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Amended
Registration Statement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Description of Securities </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Interests of Named Experts and Counsel </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification of Directors and Officers </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;145 of the General Corporation Law of the State of Delaware (the &#147;<U>DGCL</U>&#148;) permits a corporation to indemnify any person who is or
has been a director, officer, employee or agent of the corporation or who is or has been serving as director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise at the request of the corporation,
against expenses (including, but not limited to, attorneys&#146; fees and disbursements and amounts paid in settlement or in satisfaction of judgments or as fines or penalties) actually and reasonably incurred in connection with any such action,
suit or proceeding, whether civil, criminal, administrative or investigative, in which he/she may be involved by reason of the fact that he/she served or is serving in these capacities, if he/she acted in good faith and in a manner he/she reasonably
believed to be in or not opposed to the best interest of the corporation and, with respect to any criminal action or proceeding, had no cause to believe his/her conduct was unlawful. In the case of an action, suit or proceeding made or brought by or
in the right of the corporation to procure a judgment in its favor, the corporation shall not indemnify such person in respect of any claim, issue or matter as to which such person has been adjudged to be liable to the corporation, except for such
expenses as the court may allow. Any such person who has been wholly successful on the merits or otherwise with respect to any such action, suit or proceeding or with respect to any such claim, issue or matter therein, shall be indemnified against
all expenses actually and reasonably incurred in connection therewith. The Registrant&#146;s certificate of incorporation, as amended, provides for the indemnification of directors and officers of the Registrant to the fullest extent permitted by
Section&nbsp;145. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Section&nbsp;102(b)(7) of the DGCL provides that a corporation may eliminate or limit the personal liability of a director
to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that such provision shall not eliminate or limit the liability of a director (i)&nbsp;for any breach of the director&#146;s
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
duty of loyalty to the corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii)&nbsp;under
Section&nbsp;174 of the DGCL, or (iv)&nbsp;for any transaction from which the director derived an improper personal benefit. No such provision shall eliminate or limit the liability of a director for any act or omission occurring prior to the date
when such provision becomes effective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amended and restated bylaws of the Registrant provide that to the fullest extent permitted by the DGCL, as
such may be amended, that a director of the Registrant shall not be liable to the Registrant or its stockholders for monetary damages for breach of fiduciary duty as a director. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, pursuant to certain Indemnification Agreements between the Registrant and its directors and executive officers, the Registrant has agreed to
indemnify such directors and executive officers to the fullest extent permitted by the laws of the State of Delaware. Among other things, the Indemnification Agreements provide indemnification procedures, advancement of expenses during proceedings
subject to indemnification and mechanisms for reviewing executive conduct in connection with a claim for indemnification. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exemption from Registration Claimed </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exhibits are filed as part of this Registration Statement: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d931486dex41.htm">Waters Corporation 2012 Equity Incentive Plan </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d931486dex42.htm">Waters Corporation 2020 Equity Incentive Plan</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d931486dex51.htm">Opinion of Ropes&nbsp;&amp; Gray LLP with respect to the legality of the shares being registered </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d931486dex231.htm">Consent of PricewaterhouseCoopers LLP, an Independent Registered Public Accounting Firm </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d931486dex51.htm">Consent of Ropes&nbsp;&amp; Gray LLP (included in Exhibit 5.1) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx931486_sig">Power of Attorney (included in signature page hereto) </A></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned Registrant hereby undertakes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement: (i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; (ii) to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in
the effective Registration Statement; (iii)&nbsp;to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration
Statement; <I>provided, however</I>, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;above shall not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act that are incorporated by reference in the Registration Statement. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">That, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#146;s
annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
</P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and has duly caused this Post-Effective Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, in the city of Milford,
Massachusetts, on the 8th day of June, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WATERS CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Sherry L. Buck</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Sherry L. Buck</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Senior Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx931486_sig"></A>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We, the undersigned officers and directors of the Registrant, hereby severally constitute and appoint Keeley A. Aleman our true and lawful <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent, with full power of substitution and <FONT STYLE="white-space:nowrap">re-substitution</FONT> for such person and in such person&#146;s name, place
and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8,</FONT> and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Commission, granting unto said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent full power and authority to do and perform each and every act
and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that said <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated as of the
8th day of June, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Christopher J. O&#146;Connell</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">President and Chief Executive Officer; Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Christopher J. O&#146;Connell</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(Principal Executive Officer)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Sherry L. Buck</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Senior Vice President and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Sherry L. Buck</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(Principal Accounting and Financial Officer)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Dr. Flemming Ornskov</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Chairman of the Board of Directors</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Dr. Flemming Ornskov</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Linda Baddour</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Linda Baddour</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Dr.&nbsp;Michael&nbsp;J. Berendt</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Dr.&nbsp;Michael&nbsp;J. Berendt</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Edward W. Conard</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Edward W. Conard</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Dr.&nbsp;Laurie&nbsp;H. Glimcher</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Dr.&nbsp;Laurie&nbsp;H. Glimcher</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Gary Hendrickson</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Gary Hendrickson</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Christopher A. Kuebler</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Christopher A. Kuebler</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ JoAnn A. Reed</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">JoAnn A. Reed</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Thomas P. Salice</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Thomas P. Salice</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>d931486dex41.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WATERS CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2012 EQUITY INCENTIVE PLAN </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>ABLE</SMALL> O<SMALL>F</SMALL> C<SMALL>ONTENTS</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="97%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1. Purpose</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2. Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3. Term of the Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4. Stock Subject to the Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5. Administration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6. Authorization of Grants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7. Specific Terms of Awards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8. Adjustment Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9. Change of Control</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10. Settlement of Awards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11. Reservation of Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12. Limitation of Rights in Stock; No Special Service Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13. Unfunded Status of Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14. Nonexclusivity of the Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15. No Guarantee of Tax Consequences</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">16. Termination and Amendment of the Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">17. Notices and Other Communications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">18. Governing Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WATERS CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2012 E<SMALL>QUITY</SMALL> I<SMALL>NCENTIVE</SMALL> P<SMALL>LAN</SMALL> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Purpose </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Plan is intended to encourage ownership of Stock by employees, consultants and directors of the Company and its Affiliates and to provide
additional incentive for them to promote the success of the Company&#146;s business through the grant of Awards of or pertaining to shares of the Company&#146;s Stock. The Plan is intended to be an incentive stock option plan within the meaning of
Section&nbsp;422 of the Code, but not all Awards are required to be Incentive Options. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Definitions </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in the Plan, the following terms shall have the respective meanings set out below, unless the context clearly requires otherwise: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1. <U>Accelerate</U>, <U>Accelerated</U>, and <U>Acceleration</U>, means: (a)&nbsp;when used with respect to an Option or Stock Appreciation
Right, that as of the time of reference the Option or Stock Appreciation Right will become exercisable with respect to some or all of the shares of Stock for which it was not then otherwise exercisable by its terms; (b)&nbsp;when used with respect
to Restricted Stock or Restricted Stock Units, that the Risk of Forfeiture otherwise applicable to the Stock or Units shall expire with respect to some or all of the shares of Restricted Stock or Units then still otherwise subject to the Risk of
Forfeiture; and (c)&nbsp;when used with respect to Performance Units, that the applicable Performance Goals or other business objectives shall be deemed to have been met as to some or all of the Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2. <U>Affiliate</U> means any corporation, partnership, limited liability company, business trust, or other entity controlling, controlled
by or under common control with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3. <U>Award</U> means any grant or sale pursuant to the Plan of Options, Stock
Appreciation Rights, Performance Units, Restricted Stock, Restricted Stock Units, or Stock Grants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4. <U>Award Agreement</U> means an
agreement between the Company and the recipient of an Award, or other notice of grant of an Award, setting forth the terms and conditions of the Award. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5. <U>Board</U> means the Company&#146;s Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6. <U>Change of Control</U> means the occurrence of any of the following after the date of the approval of the Plan by the Board: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;a Transaction (as defined in Section&nbsp;8.4), unless securities possessing more than 50% of the total combined voting power of the
survivor&#146;s or acquiror&#146;s outstanding securities (or the securities of any parent thereof) are held by a person or persons who held securities possessing more than 50% of the total combined voting power of the Company&#146;s outstanding
securities immediately prior to that transaction, or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) any person or group of persons (within the meaning of Section&nbsp;13(d)(3) of
the Securities Exchange Act of 1934, as amended and in effect from time to time) directly or indirectly acquires, including but not limited to by means of a merger or consolidation, beneficial ownership (determined pursuant to Securities and
Exchange Commission Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> promulgated under the said Exchange Act) of securities possessing more than 20% of the total combined voting power of the Company&#146;s outstanding securities unless pursuant to
a tender or exchange offer made directly to the Company&#146;s stockholders that the Board recommends such stockholders accept, other than (i)&nbsp;the Company or any of its Affiliates, (ii)&nbsp;an employee benefit plan of the Company or any of its
Affiliates, (iii)&nbsp;a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, or (iv)&nbsp;an underwriter temporarily holding securities pursuant to an offering of such securities, or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) over a period of <FONT STYLE="white-space:nowrap">thirty-six</FONT>
(36)&nbsp;consecutive months or less there is a change in the composition of the Board such that a majority of the Board members (rounded up to the next whole number, if a fraction) ceases, by reason of one or more proxy contests for the election of
Board members, to be composed of individuals who either (i)&nbsp;have been Board members continuously since the beginning of that period, or (ii)&nbsp;have been elected or nominated for election as Board members during such period by at least a
majority of the Board members described in the preceding clause (i)&nbsp;who were still in office at the time that election or nomination was approved by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7. <U>Code</U> means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and any regulations
issued from time to time thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8. <U>Committee</U> means the Compensation Committee of the Board, which in general is responsible
for the administration of the Plan, as provided in Section&nbsp;5 of this Plan. For any period during which no such committee is in existence &#147;Committee&#148; shall mean the Board and all authority and responsibility assigned to the Committee
under the Plan shall be exercised, if at all, by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.9. <U>Company</U> means Waters Corporation, a corporation organized under
the laws of the State of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.10. <U>Grant Date</U> means the date as of which an Option is granted, as determined under
Section&nbsp;7.1(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.11. <U>Incentive Option</U> means an Option which by its terms is to be treated as an &#147;incentive stock
option&#148; within the meaning of Section&nbsp;422 of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.12. <U>Market Value</U> means the value of a share of Stock on a
particular date determined by such methods or procedures as may be established by the Committee. Unless otherwise determined by the Committee, the Market Value of Stock as of any date is the closing price for the Stock as reported on the New York
Stock Exchange (or on any other national securities exchange on which the Stock is then listed) for that date<B> </B>or, if no closing price is reported for that date, the closing price on the next preceding date for which a closing price was
reported. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.13. <U>Nonstatutory Option</U> means any Option that is not an Incentive Option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.14. <U>Option</U> means an option to purchase shares of Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.15. <U>Optionee</U> means an eligible individual to whom an Option shall have been granted under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.16. <U>Participant</U> means any holder of an outstanding Award under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.17. <U>Performance Criteria</U> and Performance Goals have the meanings given such terms in Section&nbsp;7.7(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.18. <U>Performance Period</U> means the one or more periods of time, which may be of varying and overlapping durations, selected by the
Committee, over which the attainment of one or more Performance Goals or other business objectives will be measured for purposes of determining a Participant&#146;s right to, and the payment of, a Performance Unit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.19. <U>Performance Unit</U> means a right granted to a Participant under Section&nbsp;7.5, to receive cash, Stock or other Awards, the
payment of which is contingent on achieving Performance Goals or other business objectives established by the Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.20.
<U>Plan</U> means this 2012 Equity Incentive Plan of the Company, as amended from time to time, and including any attachments or addenda hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.21. <U>Qualified Performance-Based Awards</U> means Awards intended to qualify as &#147;performance-based compensation&#148; under
Section&nbsp;162(m) of the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.22. <U>Restricted Stock</U> means a grant or sale of shares of Stock to a Participant
subject to a Risk of Forfeiture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.23. <U>Restricted Stock Units</U> means rights to receive shares of Stock at the close of a
Restriction Period, subject to a Risk of Forfeiture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.24. <U>Restriction Period</U> means the period of time, established by the
Committee in connection with an Award of Restricted Stock or Restricted Stock Units, during which the shares of Restricted Stock or Restricted Stock Units are subject to a Risk of Forfeiture described in the applicable Award Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.25. <U>Risk of Forfeiture</U> means a limitation on the right of the Participant to retain Restricted Stock or Restricted Stock Units,
including a right of the Company to reacquire shares of Restricted Stock at less than its then Market Value, arising because of the occurrence or <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of specified events or conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.26. <U>Stock</U> means common stock, par value $0.01 per share, of the Company, and such other securities as may be substituted for Stock
pursuant to Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.27. <U>Stock Appreciation Right</U> means a right to receive any excess in the Market Value of shares of
Stock (except as otherwise provided in Section&nbsp;7.2(c)) over a specified exercise price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.28. <U>Stock Grant</U> means the grant of
shares of Stock not subject to restrictions or other forfeiture conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.29. <U>Ten Percent Owner</U> means a person who owns, or is
deemed within the meaning of Section&nbsp;422(b)(6) of the Code to own, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary corporations of the Company, as defined in
Sections 424(e) and (f), respectively, of the Code). Whether a person is a Ten Percent Owner shall be determined with respect to an Option based on the facts existing immediately prior to the Grant Date of the Option. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Term of the Plan </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the Plan shall have been earlier terminated by the Board, Awards may be granted under this Plan at any time in the period commencing on
the date of approval of the Plan by the Board and ending immediately prior to the tenth anniversary of such approval. Awards granted pursuant to the Plan within that period shall not expire solely by reason of the termination of the Plan. Awards of
Incentive Options granted prior to stockholder approval of the Plan are hereby expressly conditioned upon such approval. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Stock Subject to the Plan </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to adjustment as provided in Section&nbsp;8, the number of shares of Stock that may be issued pursuant to or subject to outstanding
Awards granted under the Plan, may not exceed five million (5,000,000) shares of Stock <U>plus</U> the number of shares which were available for grant, as of the date of approval of the Plan by the Company&#146;s stockholders, under the
Company&#146;s 2003 Equity Incentive Plan. Notwithstanding the foregoing limitation, the number of shares of Stock that may be issued pursuant to or subject to outstanding Awards of Incentive Options shall not exceed five million (5,000,000) shares
of Stock. For purposes of determining the aggregate number of shares of Stock reserved for issuance under this Plan, any fractional share shall be rounded to the next highest full share. Shares of Stock issued pursuant to the Plan may be either
authorized but unissued shares or shares held by the Company in its treasury. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of applying the limitations in the immediately
preceding paragraph, the following shall not reduce the number of shares of Stock available for issuance under the Plan: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;Shares
of Stock reserved for issuance upon exercise or settlement, as applicable, of Awards granted under the Plan, to the extent the Awards expire or are cancelled or surrendered; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Restricted Stock granted under the Plan, to the extent such Restricted Stock is
forfeited or is otherwise surrendered to the Company before the Restriction Period expires; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Awards, to the extent payment is
actually made in cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the following shares shall not become available for issuance under the Plan: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Shares of Stock tendered by Participants as full or partial payment to the Company upon exercise of Options granted under the Plan; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Shares of Stock reserved for issuance upon grant of Stock Appreciation Rights, to the extent the number of reserved shares exceeds the
number of shares actually issued upon exercise of the Stock Appreciation Rights; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Shares of Stock withheld by, or otherwise
remitted to, the Company to satisfy a Participant&#146;s tax withholding obligations upon the lapse of a Risk of Forfeiture on Restricted Stock or Restricted Stock Units or the exercise of Options or Stock Appreciation Rights granted under the Plan
or upon any other payment or issuance of Stock under the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, and to the extent, that an award made under the Plan expires,
terminates or is cancelled or forfeited for any reason without having been exercised in full, the Stock associated with the expired, terminated, cancelled or forfeited portion of the Award shall again become available for issuance hereunder. Shares
of Stock with respect to which an Option or Stock Appreciation Right has been exercised or Restricted Stock or Restricted Stock Unit Awards have vested, and shares of Stock which have been issued in connection with Performance Units shall not again
be available for grant hereunder. If Options or Stock Appreciation Rights terminate for any reason without being wholly exercised, if Restricted Stock or Restricted Stock Units are forfeited prior to vesting or if shares of Stock are not issued
under Performance Units, the number of shares of Stock underlying such Award shall not count towards the maximum aggregate number of shares of Stock that may be issued under the Plan. When Stock Appreciation Rights are settled in Stock, the shares
of Stock subject to such Award of Stock Appreciation Rights shall be counted against the shares of Stock available for issuance as one (1)&nbsp;share for every share subject thereto, regardless of the number of shares of Stock used to settle the
Stock Appreciation Rights upon exercise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The aggregate number of shares of Stock reserved under this Section&nbsp;4 shall be depleted by
the maximum number of shares of Stock, if any, that may be issued under an Award as determined at the time of grant; provided, that the aggregate number of shares of Stock reserved under this Section&nbsp;4 shall be depleted by two (2)&nbsp;shares
of Stock for each share of Stock delivered in payment or settlement of a full-value Award, and by one (1)&nbsp;share of Stock for each share of Stock delivered in payment or settlement of an Award that is not a full-value Award. For this purpose, a
full-value Award includes any Award other than an Option or Stock Appreciation Right (e.g., Stock Grants, Restricted Stock, Restricted Stock Units, Performance Units and any other similar Award payable in shares of Stock under which the value of the
Award is measured as the full value of a share of Stock, rather than the increase in the value of a share of Stock). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Administration </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan shall be administered by the Committee; <I>provided, however</I>, that at any time and on any one or more occasions the Board may
itself exercise any of the powers and responsibilities assigned to the Committee under the Plan and when so acting shall have the benefit of all of the provisions of the Plan pertaining to the Committee&#146;s exercise of its authorities hereunder;
and <I>provided </I><I>further, however,</I> that the Committee may delegate to an executive officer or officers the authority to grant Awards hereunder to employees who are not officers, and to consultants, in accordance with such guidelines as the
Committee shall set forth at any time or from time to time. Subject to the provisions of the Plan, the Committee shall have complete authority, in its discretion, to make or to select the manner of making all determinations with respect to each
Award to be granted by the Company under the Plan including the employee, consultant or director to receive the Award and the form of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Award. In making such determinations, the Committee may take into account the nature of the services rendered by the respective employees, consultants, and directors, their present and potential
contributions to the success of the Company and its Affiliates, and such other factors as the Committee in its discretion shall deem relevant. Subject to the provisions of the Plan, the Committee shall also have complete authority to interpret the
Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms and provisions of the respective Award Agreements (which need not be identical), and to make all other determinations necessary or advisable for the
administration of the Plan. The Committee&#146;s determinations made in good faith on matters referred to in the Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made pursuant
hereto. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Authorization of Grants </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1. <U>Eligibility</U>. The Committee may grant from time to time and at any time prior to the termination of the Plan one or more Awards,
either alone or in combination with any other Awards, to any employee of or consultant to one or more of the Company and its Affiliates or to any <FONT STYLE="white-space:nowrap">non-employee</FONT> member of the Board or of any board of directors
(or similar governing authority) of any Affiliate. However, only employees of the Company, and of any parent or subsidiary corporations of the Company, as defined in Sections 424(e) and (f), respectively, of the Code, shall be eligible for the grant
of an Incentive Option. Further, in no event shall the number of shares of Stock covered by Options or other Awards granted to any one person in any one calendar year exceed two million (2,000,000) shares of Stock (subject to adjustment pursuant to
Section&nbsp;8 of the Plan, except that any such adjustment shall not apply for the purpose of Awards to covered employees within the meaning of Section&nbsp;162(m) of the Code intended to be or otherwise qualifying as Qualified Performance-Based
Awards). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2. <U>General Terms of Awards</U>. Each grant of an Award shall be subject to all applicable terms and conditions of the Plan
(including but not limited to any specific terms and conditions applicable to that type of Award set out in the following Section), and such other terms and conditions, not inconsistent with the terms of the Plan, as the Committee may prescribe. No
prospective Participant shall have any rights with respect to an Award, unless and until such Participant shall have complied with the applicable terms and conditions of such Award (including if applicable delivering a fully executed copy of any
agreement evidencing an Award to the Company). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3. <U>Effect of Termination of Employment, Etc</U>. Unless the Committee shall provide
otherwise with respect to any Award (including, but not limited to, in a Participant&#146;s Award Agreement), if the Participant&#146;s employment or other association with the Company and its Affiliates ends for any reason, including because of an
Affiliate ceasing to be an Affiliate, (a)&nbsp;any outstanding Option or Stock Appreciation Right of the Participant shall cease to be exercisable in any respect not later than thirty (30)&nbsp;days following that event and, for the period it
remains exercisable following that event, shall be exercisable only to the extent exercisable at the date of that event, and (b)&nbsp;any other outstanding Award of the Participant shall be forfeited or otherwise subject to return to or repurchase
by the Company on the terms specified in the applicable Award Agreement. Cessation of the performance of services in one capacity, for example, as an employee, shall not result in termination of an Award while the Participant continues to perform
services in another capacity, for example as a director. Military or sick leave or other bona fide leave shall not be deemed a termination of employment or other association, <I>provided</I> that it does not exceed the longer of ninety
(90)&nbsp;days or the period during which the absent Participant&#146;s reemployment rights, if any, are guaranteed by statute or by contract.<B> </B>To the extent consistent with applicable law, the Committee may provide that Awards continue to
vest for some or all of the period of any such leave, or that their vesting shall be tolled during any such leave and only recommence upon the Participant&#146;s return from leave, if ever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.4. <U><FONT STYLE="white-space:nowrap">Non-Transferability</FONT> of Awards</U>. Except as otherwise provided in this Section&nbsp;6.4,
Awards shall not be transferable, and no Award or interest therein may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. All of a Participant&#146;s rights
in any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Award may be exercised during the life of the Participant only by the Participant or the Participant&#146;s legal representative. However, the Committee may, at or after the grant of an Award of
a Nonstatutory Option, or shares of Restricted Stock, provide that such Award may be transferred by the recipient to a family member; <I>provided, </I><I>however</I>, that any such transfer is without payment of any consideration whatsoever and that
no transfer shall be valid unless first approved by the Committee, acting in its sole discretion. For this purpose, &#147;family member&#148; means any child, stepchild, grandchild, parent, grandparent, stepparent, spouse, former spouse, sibling,
niece, nephew, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mother-in-law,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">father-in-law,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">son-in-law,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">daughter-in-law,</FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">brother-in-law,</FONT></FONT> or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">sister-in-law,</FONT></FONT> including adoptive relationships, any person sharing the employee&#146;s household (other than a tenant or employee), a trust in which the foregoing persons
have more than fifty (50)&nbsp;percent of the beneficial interests, a foundation in which the foregoing persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than
fifty (50)&nbsp;percent of the voting interests. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Specific Terms of Awards </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.1. <U>Options</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
<U>Date of Grant</U>. The granting of an Option shall take place at the time specified in the Award Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Exercise Price</U>.
The price at which shares of Stock may be acquired under each Option shall be not less than 100% of the Market Value of Stock on the Grant Date or, for an Incentive Option, not less than 110% of the Market Value of Stock on the Grant Date if the
Optionee is a Ten Percent Owner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Option Period</U>. No Option may be exercised on or after the tenth anniversary of the Grant Date
or, <B>for</B> an Incentive Option, on or after the fifth anniversary of the Grant Date if the Optionee is a Ten<B> </B>Percent Owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Exercisability</U>. An Option may be immediately exercisable or become exercisable in such installments, cumulative or <FONT
STYLE="white-space:nowrap">non-cumulative,</FONT> as the Committee may determine. In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option in whole or in part at any time; <I>provided,
however,</I> that in the case of an Incentive Option, any such Acceleration of the Option would not cause the Option to fail to comply with the provisions of Section&nbsp;422 of the Code or the Optionee consents to the Acceleration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Method of Exercise</U>. An Option may be exercised by the Optionee giving written notice, in the manner provided in Section&nbsp;17,
specifying the number of shares of Stock with respect to which the Option is then being exercised. The notice shall be accompanied by payment in the form of cash or check payable to the order of the Company in an amount equal to the exercise price
of the shares of Stock to be purchased or, subject in each instance to the Committee&#146;s approval, acting in its sole discretion, and to such conditions, if any, as the Committee may deem necessary to avoid adverse accounting effects to the
Company, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) by delivery to the Company of shares of Stock having a Market Value equal to the exercise price of the
shares to be purchased, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) by surrender of the Option as to all or part of the shares of Stock for which the Option
is then exercisable in exchange for shares of Stock having an aggregate Market Value equal to the difference between (<I>1</I>) the aggregate Market Value of the surrendered portion of the Option, and (<I>2</I>) the aggregate exercise price under
the Option for the surrendered portion of the Option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Stock is traded on an established market, payment of any exercise price may also be made
through and under the terms and conditions of any formal cashless exercise program authorized by the Company entailing the sale of the Stock subject to an Option in a brokered transaction (other than to the Company). Receipt by the Company of such
notice and payment in any authorized or combination of authorized means shall constitute the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
exercise of the Option. Within thirty (30)&nbsp;days thereafter but subject to the remaining provisions of the Plan, the Company shall deliver or cause to be delivered to the Optionee or his
agent a certificate or certificates or shall cause the Stock to be held in book-entry position through the Company&#146;s transfer agent&#146;s direct registration system for the number of shares then being purchased. Such shares of Stock shall be
fully paid and nonassessable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Limit on Incentive Option Characterization</U>. An Incentive Option shall be considered to be an
Incentive Option only to the extent that the number of shares of Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate Market Value (as of the date of the grant of the Option) in excess of the &#147;current
limit&#148;. The current limit for any Optionee for any calendar year shall be $100,000<I> minus</I> the aggregate Market Value at the date of grant of the number of shares of Stock available for purchase for the first time in the same year under
each other Incentive Option previously granted to the Optionee under the Plan, and under each other incentive stock option previously granted to the Optionee under any other incentive stock option plan of the Company and its Affiliates, after
December&nbsp;31, 1986. Any shares of Stock which would cause the foregoing limit to be violated shall be deemed to have been granted under a separate Nonstatutory Option, otherwise identical in its terms to those of the Incentive Option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <U>Notification of Disposition</U>. Each person exercising any Incentive Option granted under the Plan shall be deemed to have covenanted
with the Company to report to the Company any disposition of the shares of Stock issued upon such exercise prior to the expiration of the holding periods specified by Section&nbsp;422(a)(1) of the Code and, if and to the extent that the realization
of income in such a disposition imposes upon the Company federal, state, local or other withholding tax requirements, or any such withholding is required to secure for the Company an otherwise available tax deduction, to remit to the Company an
amount in cash sufficient to satisfy those requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.2. Stock Appreciation Rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Tandem or Stand-Alone</U>. Stock Appreciation Rights may be granted in tandem with an Option (at or, in the case of a Nonstatutory
Option, after, the award of the Option), or alone and unrelated to an Option. Stock Appreciation Rights in tandem with an Option shall terminate to the extent that the related Option is exercised, and the related Option shall terminate to the extent
that the tandem Stock Appreciation Rights are exercised. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Exercise Price</U>. Stock Appreciation Rights shall have an exercise
price of not less than 100% of the Market Value of the Stock on the date of award, or in the case of Stock Appreciation Rights in tandem with Options, the exercise price of the related Option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Other Terms</U>. No Stock Appreciation Right may be exercised on or after the tenth anniversary of the Grant Date. Except as the
Committee may deem inappropriate or inapplicable in the circumstances, Stock Appreciation Rights shall be subject to terms and conditions substantially similar to those applicable to a Nonstatutory Option. In addition, a Stock Appreciation Right
related to an Option which can only be exercised during limited periods following a Change of Control may entitle the Participant to receive an amount based upon the highest price paid or offered for Stock in any transaction relating to the Change
of Control or paid during the thirty (30)&nbsp;day period immediately preceding the occurrence of the Change of Control in any transaction reported in the stock market in which the Stock is normally traded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.3. Restricted Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
<U>Purchase Price.</U> Shares of Restricted Stock shall be issued under the Plan for such consideration, if any, in cash, other property or services, or any combination thereof, as is determined by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Issuance of Stock.</U> Each Participant receiving a Restricted Stock Award, subject to subsection (c)&nbsp;below, shall be issued a
stock certificate in respect of such shares of Restricted Stock, or the Stock will be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">held in book-entry position through the Company&#146;s transfer agent&#146;s direct registration system. If
a certificate is issued, such certificate shall be registered in the name of such Participant, and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award substantially in the
following form: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The shares evidenced by this certificate are subject to the terms and conditions of the Waters Corporation 2012 Equity
Incentive Plan and an Award Agreement entered into by the registered owner and Waters Corporation, copies of which will be furnished by the Company to the holder of the shares evidenced by this certificate upon written request and without charge.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Stock is in book-entry position through the Company&#146;s transfer-agent&#146;s direct registration system, the restrictions will
be appropriately noted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Escrow of Shares</U>. The Committee may require that the stock certificates evidencing shares of
Restricted Stock, if issued, be held in custody by a designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have lapsed, and that the Participant deliver a stock power, endorsed in blank, relating to the
Stock covered by such Award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Restrictions and Restriction Period</U>. During the Restriction Period applicable to shares of
Restricted Stock, if issued, such shares shall be subject to limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance of services, Company or Affiliate performance or otherwise as the
Committee may determine and provide for in the applicable Award Agreement. No Award of Restricted Stock shall have a Restriction Period of less than three (3)&nbsp;years except: (i)&nbsp;as may be recommended by the Committee and approved by the
Board or (ii)&nbsp;with respect to any Award of Restricted Stock which provides solely for a performance-based Risk of Forfeiture, so long as such Award has a Restriction Period of at least one (1)&nbsp;year. Notwithstanding the foregoing, the
Committee may recommend, subject to Board approval, the issuance of a Restricted Stock Award having a Restriction Period of less than one (1)&nbsp;year (in the case of an Award of Restricted Stock which provides solely for a performance-based Risk
of Forfeiture) or three (3)&nbsp;years (with respect to all other Awards of Restricted Stock), up to a maximum of 5% of the shares reserved for issuance pursuant to the Plan (which 5% limit shall be applied on an aggregate basis to Restricted Stock
Awards and Restricted Stock Units granted under Section&nbsp;7.4 below). Any Risk of Forfeiture applicable to an Award of Restricted Stock may be waived or terminated, or the Restriction Period shortened, by the Committee in connection with such
extraordinary circumstances as it deems appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Rights Pending Lapse of Risk of Forfeiture or Forfeiture of Award</U>. Except
as otherwise provided in the Plan or the applicable Award Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted Stock, the Participant shall have all of the rights of a stockholder
of the Company, including the right to vote, and the right to receive any dividends with respect to, the shares of Restricted Stock (but any dividends or other distributions payable in shares of Stock or other securities of the Company shall
constitute additional Restricted Stock, subject to the same Risk of Forfeiture as the shares of Restricted Stock in respect of which such shares of Stock or other securities are paid). The Committee, as determined at the time of Award, may permit or
require the payment of cash dividends to be deferred and, if the Committee so determines, reinvested in additional Restricted Stock to the extent shares of Stock are available under Section&nbsp;4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Lapse of Restrictions</U>. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the shares
shall be issued to the Participant promptly if not theretofore so issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.4. <U>Restricted Stock Units</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Character</U>. Each Restricted Stock Unit shall entitle the recipient to one or more shares of Stock at a close of such Restriction
Period as the Committee may establish and subject to a Risk of Forfeiture arising on the basis of such conditions relating to the performance of services, Company or Affiliate performance or otherwise
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
as the Committee may determine and provide for in the applicable Award Agreement. No Award of Restricted Stock Units shall have a Restriction Period of less than three (3)&nbsp;years except:
(i)&nbsp;as may be recommended by the Committee and approved by the Board or (ii)&nbsp;with respect to any Award of Restricted Stock Units which provides solely for a performance-based Risk of Forfeiture, so long as such Award has a Restriction
Period of at least one (1)&nbsp;year. Notwithstanding the foregoing, the Committee may recommend, subject to Board approval, the issuance of a Restricted Stock Unit Award having a Restriction Period of less than one (1)&nbsp;year (in the case of an
Award of Restricted Stock Units which provides solely for a performance-based Risk of Forfeiture) or three (3)&nbsp;years (with respect to all other Awards of Restricted Stock Units), up to a maximum of 5% of the shares reserved for issuance
pursuant to the Plan (which 5% limit shall be applied on an aggregate basis to Restricted Stock Units and Restricted Stock Awards granted under Section&nbsp;7.3 above). Any Risk of Forfeiture applicable to an Award of Restricted Stock Units may be
waived or terminated, or the Restriction Period shortened, by the Committee in connection with such extraordinary circumstances as it deems appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Form and Timing of Payment</U>. Payment of earned Restricted Stock Units shall be made in a single lump sum following the close of the
applicable Restriction Period. At the discretion of the Committee, Participants may be entitled to receive payments equivalent to any dividends declared with respect to Stock referenced in grants of Restricted Stock Units but only following the
close of the applicable Restriction Period and then only if the underlying Stock shall have been earned. Unless the Committee shall provide otherwise, any such dividend equivalents shall be paid, if at all, without interest or other earnings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.5. <U>Performance Units</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Character</U>. Each Performance Unit shall entitle the recipient to the value of a specified number of shares of Stock, over the
initial value for such number of shares, if any, established by the Committee at the time of grant, at the close of a specified Performance Period to the extent specified business objectives, including but not limited to Performance Goals, shall
have been achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Earning of Performance Units</U>. The Committee shall set Performance Goals or other business objectives in
its discretion which, depending on the extent to which they are met within the applicable Performance Period, will determine the number and value of Performance Units that will be paid out to the Participant. After the applicable Performance Period
has ended, the holder of Performance Units shall be entitled to receive payout on the number and value of Performance Units earned by the Participant over the Performance Period, to be determined as a function of the extent to which the
corresponding Performance Goals or other business objectives have been achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Form and Timing of Payment</U>. Payment of earned
Performance Units shall be made in a single lump sum following the close of the applicable Performance Period. At the discretion of the Committee, Participants may be entitled to receive any dividends declared with respect to Stock which have been
earned in connection with grants of Performance Units which have been earned, but not yet distributed to Participants. The Committee may permit or, if it so provides at grant require, a Participant to defer such Participant&#146;s receipt of the
payment of cash or the delivery of Stock that would otherwise be due to such Participant by virtue of the satisfaction of any requirements or goals with respect to Performance Units. If any such deferral election is required or permitted, the
Committee shall establish rules and procedures for such payment deferrals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.6. <U>Stock Grants</U>. Stock Grants shall be awarded solely
in recognition of significant prior or expected contributions to the success of the Company or its Affiliates, as an inducement to employment, in lieu of compensation otherwise already due and in such other limited circumstances as the Committee
deems appropriate. Stock Grants shall be made without forfeiture conditions of any kind. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.7. <U>Qualified Performance-Based Awards</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Purpose</U>. The purpose of this Section&nbsp;7.7 is to provide the Committee the ability to qualify Awards as
&#147;performance-based compensation&#148; under Section&nbsp;162(m) of the Code. If the Committee, in its discretion, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
decides to grant an Award as a Qualified Performance-Based Award, the provisions of this Section&nbsp;7.7 will control over any contrary provision contained in the Plan. In the course of granting
any Award, the Committee may specifically designate the Award as intended to qualify as a Qualified Performance-Based Award. However, no Award shall be considered to have failed to qualify as a Qualified Performance-Based Award solely because the
Award is not expressly designated as a Qualified Performance-Based Award, if the Award otherwise satisfies the provisions of this Section&nbsp;7.7 and the requirements of Section&nbsp;162(m) of the Code applicable to &#147;performance-based
compensation.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. All grants of Awards intended to qualify as Qualified Performance-Based Awards and the
determination of the terms applicable thereto shall be made by the Committee. If not all of the members thereof qualify as &#147;outside directors&#148; within the meaning of Section&nbsp;162(m) of the Code, however, all grants of Awards intended to
qualify as Qualified Performance-Based Awards and the determination of the terms applicable thereto shall be made by a subcommittee of the Committee consisting of such of the members of the Committee as do so qualify. Any reference in this
Section&nbsp;7.7 to the Committee shall mean any such subcommittee if required under the preceding sentence, and any action by such a subcommittee shall be considered the action of the Committee for purposes of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Discretion of Committee with Respect to Qualified Performance-Based Awards</U>. Any form of Award permitted under the Plan, other than
a Stock Grant, may be granted as a Qualified Performance-Based Award. Options may be granted as Qualified Performance-Based Awards in accordance with Section&nbsp;7.1 and may become exercisable based on continued service, on satisfaction of
Performance Goals, or on a combination thereof. Each other Award intended to qualify as a Qualified Performance-Based Award, such as Restricted Stock, Restricted Stock Units, or Performance Units, shall be subject to satisfaction of one or more
Performance Goals except as otherwise provided in this Section&nbsp;7.7. The Committee will have full discretion to select the length of any applicable Restriction Period or Performance Period, the kind and/or level of the applicable Performance
Goal, and whether the Performance Goal is to apply to the Company, a subsidiary of the Company or any division or business unit or to the individual. Any Performance Goal or Goals applicable to Qualified Performance-Based Awards shall be objective,
shall be established not later than ninety (90)&nbsp;days after the beginning of any applicable Performance Period (or at such other date as may be required or permitted for &#147;performance-based compensation&#148; under Section&nbsp;162(m) of the
Code) and shall otherwise meet the requirements of Section&nbsp;162(m) of the Code, including the requirement that the outcome of the Performance Goal or Goals be substantially uncertain (as defined for purposes of Section&nbsp;162(m) of the Code)
at the time established. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Payment of Qualified Performance-Based Awards</U>. A Participant will be eligible to receive payment
under a Qualified Performance-Based Award which is subject to achievement of a Performance Goal or Goals only if the applicable Performance Goal or Goals are achieved within the applicable Performance Period, as determined by the Committee,
<I>provided</I>, that a Qualified Performance-Based Award may be deemed earned as a result of death, becoming disabled, or in connection with a Change of Control if otherwise provided in the Plan or the applicable Award Agreement even if the Award
would not constitute &#147;performance-based compensation&#148; under Section&nbsp;162(m) of the Code following the occurrence of such an event. In determining the actual size of an individual Qualified Performance-Based Award, the Committee may
reduce or eliminate the amount of the Qualified Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion, such reduction or elimination is appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <U>Limitation on Adjustments for Certain Events</U>. No adjustment of any Qualified Performance-Based Award pursuant to Section&nbsp;8
shall be made except on such basis, if any, as will not cause such Award to provide other than &#147;performance-based compensation&#148; within the meaning of Section&nbsp;162(m) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <U>Definitions</U>. For purposes of the Plan </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Performance Criteria</U> means the criteria that the Committee selects for purposes of establishing the Performance
Goal or Performance Goals for a Participant for a Performance Period. The Performance Criteria used to establish Performance Goals are limited to: (i)&nbsp;cash flow (before or after </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
dividends), (ii) earnings per share (including, without limitation, earnings before interest, taxes, depreciation and amortization), (iii)&nbsp;stock price, (iv)&nbsp;return on equity,
(v)&nbsp;stockholder return or total stockholder return, (vi)&nbsp;return on capital (including, without limitation, return on total capital or return on invested capital), (vii) return on investment, (viii)&nbsp;return on assets or net assets,
(ix)&nbsp;market capitalization, (x)&nbsp;economic value added, (xi)&nbsp;debt leverage (debt to capital), (xii) revenue, (xiii)&nbsp;sales or net sales, (xiv)&nbsp;backlog, (xv) income, <FONT STYLE="white-space:nowrap">pre-tax</FONT> income or net
income, (xvi)&nbsp;operating income or <FONT STYLE="white-space:nowrap">pre-tax</FONT> profit, (xvii)&nbsp;operating profit, net operating profit or economic profit, (xviii)&nbsp;gross margin, operating margin or profit margin, (xix)&nbsp;return on
operating revenue or return on operating assets, (xx)&nbsp;cash from operations, (xxi)&nbsp;operating ratio, (xxii)&nbsp;operating revenue, (xxiii)&nbsp;market share improvement, (xxiv)&nbsp;general and administrative expenses and
(xxv)&nbsp;customer service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)<U> Performance Goals</U> means, for a Performance Period, the written goal or goals
established by the Committee for the Performance Period based upon one or more of the Performance Criteria. The Performance Goals may be expressed in terms of overall Company performance or the performance of a division, business unit, subsidiary,
or an individual, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Affiliate, either individually, alternatively or in any combination, and measured either quarterly,
annually or cumulatively over a period of years, on an absolute basis or relative to a <FONT STYLE="white-space:nowrap">pre-established</FONT> target, to previous years&#146; results or to a designated comparison group, in each case as specified by
the Committee. The Committee will objectively define the manner of calculating the Performance Goal or Goals it selects to use for such Performance Period for such Participant, including whether or to what extent there shall not be taken into
account any of the following events that occurs during a performance period: (i)&nbsp;asset write-downs, (ii)&nbsp;litigation, claims, judgments or settlements, (iii)&nbsp;the effect of changes in tax law, accounting principles or other such laws or
provisions affecting reported results, (iv)&nbsp;accruals for reorganization and restructuring programs and (v)&nbsp;any extraordinary, unusual, <FONT STYLE="white-space:nowrap">non-recurring</FONT> or
<FONT STYLE="white-space:nowrap">non-comparable</FONT> items (A)&nbsp;as described in Accounting Standard Codification <FONT STYLE="white-space:nowrap">Section&nbsp;225-20,</FONT> (B) as described in management&#146;s discussion and analysis of
financial condition and results of operations appearing in the Company&#146;s Annual Report to stockholders for the applicable year, or (C)&nbsp;publicly announced by the Company in a press release or conference call relating to the Company&#146;s
results of operations or financial condition for a completed quarterly or annual fiscal period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.8. <U>Awards to Participants Outside
the United States</U>. The Committee may modify the terms of any Award under the Plan granted to a Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any manner
deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations, procedures and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other
benefits of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant&#146;s residence or employment abroad, shall be as comparable as practicable to the value of such an Award to
a Participant who is resident or primarily employed in the United States. The Committee may establish supplements or <FONT STYLE="white-space:nowrap">sub-plans</FONT> to, or amendments, restatements, or alternative versions of the Plan for the
purpose of granting and administrating any such modified Award. No such modification, supplement, <FONT STYLE="white-space:nowrap">sub-plan,</FONT> amendment, restatement or alternative version may increase the share limit of Section&nbsp;4. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Adjustment Provisions </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.1. <U>Adjustment for Corporate Actions</U>. All of the share numbers set forth in the Plan reflect the capital structure of the Company as of
February&nbsp;15, 2012. If subsequent to that date the outstanding shares of Stock (or any other securities covered by the Plan by reason of the prior application of this Section) are increased, decreased, or exchanged for a different number or kind
of shares or other securities, or if additional shares or new or different shares or other securities are distributed with respect to shares of Stock, as a result of a reorganization, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, or other similar distribution with respect to such shares of Stock, an appropriate and proportionate adjustment will be made in (i)&nbsp;the maximum numbers and kinds of shares provided in Section&nbsp;4, (ii) the numbers and
kinds of shares or other securities subject to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
then outstanding Awards, (iii)&nbsp;the exercise price for each share or other unit of any other securities subject to then outstanding Options and Stock Appreciation Rights (without change in
the aggregate purchase price as to which such Options or Rights remain exercisable), and (iv)&nbsp;the repurchase price of each share of Restricted Stock then subject to a Risk of Forfeiture in the form of a Company repurchase right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.2. <U>Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events</U>. In the event of any corporate action not
specifically covered by the preceding Section, including but not limited to an extraordinary cash distribution on Stock, a corporate separation or other reorganization or liquidation, the Committee may make such adjustment of outstanding Awards and
their terms, if any, as it, in its sole discretion, may deem equitable and appropriate in the circumstances. The Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or
nonrecurring events (including, without limitation, the events described in this Section) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the
Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.3. <U>Related Matters</U>. Any adjustment in Awards made pursuant to Section&nbsp;8.1 or 8.2 shall be determined and made, if at all, by the
Committee, acting in its sole discretion, and shall include any correlative modification of terms, including of Option exercise prices, rates of vesting or exercisability, Risks of Forfeiture, applicable repurchase prices for Restricted Stock, and
Performance Goals and other business objectives which the Committee may deem necessary or appropriate so as to ensure the rights of the Participants in their respective Awards are not substantially diminished nor enlarged as a result of the
adjustment and corporate action other than as expressly contemplated in this Section&nbsp;8. The Committee, in its discretion, may determine that no fraction of a share of Stock shall be purchasable or deliverable upon exercise, and in that event if
any adjustment hereunder of the number of shares of Stock covered by an Award would cause such number to include a fraction of a share of Stock, such number of shares of Stock shall be adjusted to the nearest smaller whole number of shares. No
adjustment of an Option exercise price per share pursuant to Sections 8.1 or 8.2 shall result in an exercise price which is less than the par value of the Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.4. <U>Transactions</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
<U>Definition of Transaction</U>. In this Section&nbsp;8.4, &#147;<U>Transaction</U>&#148; means (1)&nbsp;any merger or consolidation of the Company with or into another entity as a result of which the Stock of the Company is converted into or
exchanged for the right to receive cash, securities or other property or is cancelled, (2)&nbsp;any sale or exchange of all of the Stock of the Company for cash, securities or other property, (3)&nbsp;any sale, transfer, or other disposition of all
or substantially all of the Company&#146;s assets to one or more other persons in a single transaction or series of related transactions or (4)&nbsp;any liquidation or dissolution of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Treatment of Options and Stock Appreciation Rights</U>. In a Transaction, the Committee may take any one or more of the following
actions as to all or any (or any portion of) outstanding Options and Stock Appreciation Rights (collectively, &#147;<U>Rights</U>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Provide that such Rights shall be assumed, or substantially equivalent rights shall be provided in substitution therefore,
by the acquiring or succeeding entity (or an affiliate thereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Upon written notice to the holders, provide that the
holders&#146; unexercised Rights will terminate immediately prior to the consummation of such Transaction unless exercised within a specified period following the date of such notice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Provide that outstanding Rights shall become exercisable in whole or in part prior to or upon the Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Provide for cash payments, net of applicable tax withholdings, to be made to holders equal to the excess, if any, of
(A)&nbsp;the acquisition price times the number of shares of Stock subject to an Option </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
(to the extent the exercise price does not exceed the acquisition price) over (B)&nbsp;the aggregate exercise price for all such shares of Stock subject to the Option, in exchange for the
termination of such Option; provided, that if the acquisition price does not exceed the exercise price of any such Option, the Committee may cancel that Option without the payment of any consideration therefore prior to or upon the Transaction. For
this purpose, &#147;<U>acquisition price</U>&#148; means the amount of cash, and market value of any other consideration, received in payment for a share of Stock surrendered in a Transaction but need not take into account any deferred consideration
unless and until received. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Provide that, in connection with a liquidation or dissolution of the Company, Rights shall
convert into the right to receive liquidation proceeds net of the exercise price thereof and any applicable tax withholdings; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) Any combination of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of paragraph (1)&nbsp;above, a Right shall be considered assumed, or a substantially equivalent right shall be considered to have been provided
in substitution therefore, if following consummation of the Transaction the Right confers the right to purchase or receive the value of, for each share of Stock subject to the Right immediately prior to the consummation of the Transaction, the
consideration (whether cash, securities or other property) received as a result of the Transaction by holders of Stock for each share of Stock held immediately prior to the consummation of the Transaction (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Stock); <I>provided, however</I>, that if the consideration received as a result of the Transaction is not solely common stock (or its
equivalent) of the acquiring or succeeding entity (or an affiliate thereof), the Committee may provide for the consideration to be received upon the exercise of Right to consist of or be based on solely common stock (or its equivalent) of the
acquiring or succeeding entity (or an affiliate thereof) equivalent in value to the per share consideration received by holders of outstanding shares of Stock as a result of the Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Treatment of Other Awards</U>. As to outstanding Awards other than Options or Stock Appreciation Rights, upon the occurrence of a
Transaction other than a liquidation or dissolution of the Company which is not part of another form of Transaction, the repurchase and other rights of the Company under each such Award shall inure to the benefit of the Company&#146;s successor and
shall, unless the Committee determines otherwise, apply to the cash, securities or other property which the Stock was converted into or exchanged for pursuant to such Transaction in the same manner and to the same extent as they applied to the
Award. Upon the occurrence of a Transaction involving a liquidation or dissolution of the Company which is not part of another form of Transaction, except to the extent specifically provided to the contrary in the instrument evidencing any Award or
any other agreement between a Participant and the Company, all Risks of Forfeiture and Performance Goals or other business objectives, where otherwise applicable to any such Awards, shall automatically be deemed terminated or satisfied, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Related Matters</U>. In taking any of the actions permitted under this Section&nbsp;8.4, the Committee shall not be
obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, identically. Any determinations required to carry out the foregoing provisions of this Section&nbsp;8.4, including but not limited to the market value
of other consideration received by holders of Stock in a Transaction and whether substantially equivalent Rights have been substituted, shall be made by the Committee acting in its sole discretion. In connection with any action or actions taken by
the Committee in respect of Awards and in connection with a Transaction, the Committee may require such acknowledgements of satisfaction and releases from Participants as it may determine. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Change of Control </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided below, upon the occurrence of a Change of Control: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) any and all Options and Stock Appreciation Rights not already exercisable in full shall Accelerate with respect to 100% of the shares for
which such Options or Stock Appreciation Rights are not then exercisable; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) any Risk of Forfeiture applicable to Restricted Stock and Restricted Stock Units which
is not based on achievement of Performance Goals or other business objectives shall lapse with respect to 100% of the Restricted Stock and Restricted Stock Units still subject to such Risk of Forfeiture immediately prior to the Change of Control;
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) all outstanding Awards of Restricted Stock and Restricted Stock Units conditioned on the achievement of Performance Goals or
other business objectives and the target payout opportunities attainable under outstanding Performance Units shall be deemed to have been satisfied as of the effective date of the Change of Control as to a pro rata number of shares based on the
assumed achievement of all relevant Performance Goals or other business objectives and the length of time within the Restriction Period or Performance Period which has elapsed prior to the Change of Control. All such Awards of Performance Units and
Restricted Stock Units shall be paid to the extent earned to Participants in accordance with their terms within thirty (30)&nbsp;days following the effective date of the Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None of the foregoing shall apply, however, (i) in the case of any Award pursuant to an Award Agreement requiring other or additional terms upon a Change of
Control (or similar event), or (ii)&nbsp;if specifically prohibited under applicable laws, or by the rules and regulations of any governing governmental agencies or national securities exchanges. Nor shall the foregoing apply in the case of a
Qualified Performance-Based Award except to the extent the foregoing would not interfere with the qualification of the Award under 162(m) of the Code at any time prior to a Change of Control (so that, for example, if a Change of Control occurs but
does not constitute a change of control within the meaning of Section&nbsp;162(m) of the Code, there shall be no Acceleration of any Qualified Performance-Based Award pursuant to this Section&nbsp;9, but if the Change of Control does constitute a
change of control within the meaning of Section&nbsp;162(m) of the Code, then the Award shall Accelerate to the extent provided above regardless of whether it thereafter ceases to qualify as a Qualified Performance-Based Award). </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Settlement of Awards </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.1. <U>In General</U>. Options and Restricted Stock shall be settled in accordance with their terms. All other Awards may be settled in cash,
Stock, or other Awards, or a combination thereof, as determined by the Committee at or after grant and subject to any contrary Award Agreement. The Committee may not require settlement of any Award in Stock pursuant to the immediately preceding
sentence to the extent issuance of such Stock would be prohibited or unreasonably delayed by reason of any other provision of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.2. <U>Violation of Law</U>. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in the
reasonable opinion of the Company, the issuance of shares of Stock covered by an Award may constitute a violation of law, then the Company may delay such issuance until (i) approval shall have been obtained from such governmental agencies, other
than the Securities and Exchange Commission, as may be required under any applicable law, rule, or regulation and (ii)&nbsp;in the case where such issuance would constitute a violation of a law administered by or a regulation of the Securities and
Exchange Commission, one of the following conditions shall have been satisfied: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;the shares of Stock are at the time of the issue
of such shares effectively registered under the Securities Act of 1933, as amended; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the Company shall have determined, on such
basis as it deems appropriate (including an opinion of counsel in form and substance satisfactory to the Company) that the sale, transfer, assignment, pledge, encumbrance or other disposition of such shares does not require registration under the
Securities Act of 1933, as amended or any applicable State securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, the inability or impracticability of the Company
to obtain or maintain authority from any governmental agency having jurisdiction, which authority is deemed by the Company&#146;s counsel to be necessary to the lawful issuance of any Stock hereunder, shall relieve the Company of any liability in
respect of the failure to issue such Stock as to which such requisite authority shall not have been obtained, and shall constitute circumstances in which the Committee may determine to amend or cancel Awards pertaining to such Stock, with or without
consideration to the affected Participants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.3. <U>Corporate Restrictions on Rights in Stock</U>. Any Stock to be issued pursuant to
Awards granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the charter, certificate or articles, and <FONT STYLE="white-space:nowrap">By-Laws,</FONT> of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.4. <U>Investment Representations</U>. The Company shall be under no obligation to issue any shares of Stock covered by any Award unless the
shares to be issued pursuant to Awards granted under the Plan have been effectively registered under the Securities Act of 1933, as amended, or the Participant shall have made such written representations to the Company (upon which the Company
believes it may reasonably rely) as the Company may deem necessary or appropriate for purposes of confirming that the issuance of such shares will be exempt from the registration requirements of that Act and any applicable state securities laws and
otherwise in compliance with all applicable laws, rules and regulations of any jurisdiction in which Participants may reside or primarily work,, including but not limited to that the Participant is acquiring the shares for his or her own account for
the purpose of investment and not with a view to, or for sale in connection with, the distribution of any such shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.5.
<U>Registration</U>. If the Company shall deem it necessary or desirable to register under the Securities Act of 1933, as amended, or other applicable statutes any shares of Stock issued or to be issued pursuant to Awards granted under the Plan, or
to qualify any such shares of Stock for exemption from the Securities Act of 1933, as amended or other applicable statutes, then the Company shall take such action at its own expense. The Company may require from each recipient of an Award, or each
holder of shares of Stock acquired pursuant to the Plan, such information in writing for use in any registration statement, prospectus, preliminary prospectus or offering circular as is reasonably necessary for that purpose and may require
reasonable indemnity to the Company and its officers and directors from that holder against all losses, claims, damage and liabilities arising from use of the information so furnished and caused by any untrue statement of any material fact therein
or caused by the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made. In addition, the Company may require of any
such person that he or she agree that, without the prior written consent of the Company or the managing underwriter in any public offering of shares of Stock, he or she will not sell, make any short sale of, loan, grant any option for the purchase
of, pledge or otherwise encumber, or otherwise dispose of, any shares of Stock during the 180 day period commencing on the effective date of the registration statement relating to the underwritten public offering of securities. Without limiting the
generality of the foregoing provisions of this Section&nbsp;10.5, if in connection with any underwritten public offering of securities of the Company the managing underwriter of such offering requires that the Company&#146;s directors and officers
enter into a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement containing provisions that are more restrictive than the provisions set forth in the preceding sentence, then (a)&nbsp;each holder of shares of Stock acquired pursuant to the
Plan (regardless of whether such person has complied or complies with the provisions of clause (b)&nbsp;below) shall be bound by, and shall be deemed to have agreed to, the same <FONT STYLE="white-space:nowrap">lock-up</FONT> terms as those to which
the Company&#146;s directors and officers are required to adhere; and (b)&nbsp;at the request of the Company or such managing underwriter, each such person shall execute and deliver a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement in form
and substance equivalent to that which is required to be executed by the Company&#146;s directors and officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.6. <U>Placement of
Legends; Stop Orders; etc.</U> Each share of Stock to be issued pursuant to Awards granted under the Plan may bear a reference to the investment representations made in accordance with Section&nbsp;10.4 in addition to any other applicable
restrictions under the Plan, the terms of the Award and, if applicable, to the fact that no registration statement has been filed with the Securities and Exchange Commission in respect to such shares of Stock. All shares of Stock or other securities
delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of any stock exchange upon which the Stock is then listed, and any
applicable federal or state securities law, and the Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions, or, if the Stock will be held in book-entry position through the
Company&#146;s transfer agent&#146;s direct registration system, the restrictions will be appropriately noted. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.7. <U>Tax Withholding</U>. Whenever shares of Stock are issued or to be issued pursuant
to Awards granted under the Plan, the Company shall have the right to require the recipient to remit to the Company an amount sufficient to satisfy federal, state, local, foreign or other withholding tax requirements if, when, and to the extent
required by law (whether so required to secure for the Company an otherwise available tax deduction or otherwise) prior to the delivery of any certificate or certificates, or the book-entry notation through the Company&#146;s transfer agent&#146;s
direct registration system, for such shares. The obligations of the Company under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to discretion, a Participant or to utilize any other withholding method prescribed by the Committee from time to time. To the extent necessary under applicable law, withholding in shares of Stock
to satisfy an applicable withholding requirement, in whole or in part, shall be subject to the election of the Participant and/or the approval of the Committee, acting in its sole discretion. Any election by a Participant shall be irrevocable, made
in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee deems appropriate. If shares of Stock are withheld to satisfy an applicable withholding requirement, the shares of Stock withheld shall
have a Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be imposed on the transaction, <I>provided</I>, <I>however</I>, if shares of Stock are withheld to satisfy a withholding requirement
imposed by a country other than the United States, the amount withheld may exceed such minimum, provided that it is not in excess of the actual amount required to be withheld with respect to the Participant under applicable tax law or regulations.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.8. <U>Company Charter and <FONT STYLE="white-space:nowrap">By-Laws;</FONT> Other Company Policies</U>. This Plan and all Awards granted
hereunder are subject to the charter and <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the Company, as they may be amended from time to time, and all other Company policies duly adopted by the Board, the Committee or any other committee of the
Board and as in effect from time to time regarding the acquisition, ownership or sale of Stock by employees and other service providers, including, without limitation, policies intended to limit the potential for insider trading and to avoid or
recover compensation payable or paid on the basis of inaccurate financial results or statements, employee conduct, and other similar events. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reservation of Stock </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall at all times during the term of the Plan and any outstanding Awards granted hereunder reserve or otherwise keep available
such number of shares of Stock as will be sufficient to satisfy the requirements of the Plan (if then in effect) and the Awards and shall pay all fees and expenses necessarily incurred by the Company in connection therewith. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Limitation of Rights in Stock; No Special Service Rights </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Participant shall not be deemed for any purpose to be a stockholder of the Company with respect to any of the shares of Stock subject to an
Award, unless and until a certificate shall have been issued therefor and delivered to the Participant or his agent, or the Stock shall be issued through the Company&#146;s transfer agent&#146;s direct registration system. Any Stock to be issued
pursuant to Awards granted under the Plan shall be subject to all restrictions upon the transfer thereof which may be now or hereafter imposed by the Certificate of Incorporation and the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the
Company. Nothing contained in the Plan or in any Award Agreement shall confer upon any recipient of an Award any right with respect to the continuation of his or her employment or other association with the Company (or any Affiliate), or interfere
in any way with the right of the Company (or any Affiliate), subject to the terms of any separate employment or consulting agreement or provision of law or corporate articles or <FONT STYLE="white-space:nowrap">By-Laws</FONT> to the contrary, at any
time to terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of the recipient&#146;s employment or other association with the Company and its Affiliates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Unfunded Status of Plan </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan is intended to constitute an &#147;unfunded&#148; plan for incentive compensation, and the Plan is not intended to constitute a plan
subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are
greater than those of a general creditor of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Stock or payments with respect to
Options, Stock Appreciation Rights and other Awards hereunder, <I>provided, however</I>, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Nonexclusivity of the Plan </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the adoption of the Plan by the Board nor any action taken in connection with the adoption or operation of the Plan shall be construed
as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation, the granting of stock options and restricted stock other than under the Plan, and such
arrangements may be either applicable generally or only in specific cases. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>No Guarantee of Tax Consequences </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the Company nor any Affiliate, nor any director, officer, agent, representative or employee of either, guarantees to the Participant or
any other person any particular tax consequences as a result of the grant of, exercise of rights under, or<B> </B>payment in respect of an Award, including but not limited to that an Option granted as an Incentive Option has or will qualify as an
&#147;incentive stock option&#148; within the meaning of Section&nbsp;422 of the Code or that the provisions and penalties of Section&nbsp;409A of the Code, pertaining <FONT STYLE="white-space:nowrap">non-qualified</FONT> plans of deferred
compensation, will or will not apply and the Company will have no liability to a Participant or any other party if a payment under an Award that is intended to benefit from favorable tax treatment or avoid adverse tax treatment fails to realize such
intention or for any action taken by the Committee with respect to the Award. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on Plan Participants. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Termination and Amendment of the Plan </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.1. <U>Termination or Amendment of the Plan</U>. Subject to the limitations contained in Section&nbsp;16.3 below, including specifically the
requirement of stockholder approval if applicable, the Board may at any time terminate the Plan or make such modifications of the Plan as it shall deem advisable. Unless the Board otherwise expressly provides, no amendment of the Plan shall affect
the terms of any Award outstanding on the date of such amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.2. <U>Termination or Amendment of Outstanding Awards;
Assumptions</U>. Subject to the limitations contained in Section&nbsp;16.3 below, including specifically the requirement of stockholder approval if applicable, the Committee may at any time: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;amend the terms of any Award theretofore granted, prospectively or retroactively, provided that the Award as amended is consistent
with the terms of the Plan; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)(i) offer to buy out for a payment in cash or cash equivalents an Award previously granted or
(ii)&nbsp;authorize the recipient of an Award to elect to cash out an Award previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">16.3. <U>Limitations on Amendments, Etc.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without the approval of the Company&#146;s stockholders, no amendment or modification of the Plan by the Board may (i)&nbsp;increase the number
of shares of Stock which may be issued under the Plan, (ii)&nbsp;change the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
description of the persons eligible for Awards, or (iii)&nbsp;effect any other change for which stockholder approval is required by law or the rules of any relevant stock exchange. Furthermore,
except in connection with a corporate transaction involving the Company, the terms of outstanding Options or Stock Appreciation Rights may not be amended to reduce their exercise price, nor may outstanding Options or Stock Appreciation Rights be
cancelled in exchange for cash, Options or Stock Appreciation Rights with exercise prices that are less than the exercise prices of the original Options or Stock Appreciation Rights, or other Awards, without stockholder approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No amendment or modification of the Plan by the Board, or of an outstanding Award by the Committee, shall impair the rights of the recipient
of any Award outstanding on the date of such amendment or modification or such Award, as the case may be, without the Participant&#146;s consent; <I>provided,</I><I> however,</I> that no such consent shall be required if (i)&nbsp;the Board or
Committee, as the case may be, determines in its sole discretion and prior to the date of any Change of Control that such amendment or alteration either is required or advisable in order for the Company, the Plan or the Award to satisfy any law or
regulation, including without limitation the provisions of Section&nbsp;409A of the Code, or to meet the requirements of or avoid adverse financial accounting consequences under any accounting standard, or (ii)&nbsp;the Board or Committee, as the
case may be, determines in its sole discretion and prior to the date of any Change of Control that such amendment or alteration is not reasonably likely to significantly diminish the benefits provided under the Award, or that any such diminution has
been adequately compensated, or (iii)&nbsp;the Board or Committee, as the case may be, determines in its sole discretion that such amendment or alteration either is required or advisable in order for the Company, the Plan or the Award to satisfy any
law or regulation. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Notices and Other Communications </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any communication or notice required or permitted to be given under the Plan shall be in such form as the Committee may determine from time to
time. If a notice, demand, request or other communication is required or permitted to be given in writing, then any such notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written
instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified or overnight mail, addressed or telecopied, as the case may be,
(i)&nbsp;if to the recipient of an Award, at his or her residence address last filed with the Company and (ii)&nbsp;if to the Company, at its principal place of business, addressed to the attention of its Treasurer, or to such other address or
telecopier number, as the case may be, as the addressee may have designated by notice to the addressor. All such notices, requests, demands and other communications shall be deemed to have been received: (i)&nbsp;in the case of personal delivery, on
the date of such delivery; (ii)&nbsp;in the case of mailing, when received by the addressee; and (iii)&nbsp;in the case of facsimile transmission, when confirmed by facsimile machine report. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Governing Law </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is intended that all Awards shall be granted and maintained on a basis which ensures they are exempt from, or otherwise compliant with, the
requirements of Section&nbsp;409A of the Code and the Plan shall be governed, interpreted and enforced consistent with such intent. Neither the Committee nor the Company, nor any of its Affiliates or its or their officers, employees, agents, or
representatives, shall have any liability or responsibility for any adverse federal, state or local tax consequences and penalty taxes which may result the grant or settlement of any Award on a basis contrary to the provisions of Section&nbsp;409A
of the Code or comparable provisions of any applicable state or local income tax laws. The Plan and all Award Agreements and actions taken thereunder otherwise shall be governed, interpreted and enforced in accordance with the laws of the State of
Delaware without regard to the conflict of laws principles thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>d931486dex42.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WATERS CORPORATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020
EQUITY INCENTIVE PLAN </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEFINED TERMS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Exhibit A</U>, which is incorporated by reference, defines certain terms used in the Plan and includes certain operational rules related to
those terms. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PURPOSE </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Stock and Stock-based
Awards. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ADMINISTRATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Plan will be administered by the Administrator. The Administrator has discretionary authority, subject only to the express provisions of
the Plan, to interpret the Plan; to determine eligibility for and grant Awards; to determine the exercise price, base value from which appreciation is measured, or purchase price, if any, applicable to any Award, to determine, modify, accelerate or
waive the terms and conditions of any Award; to determine the form of settlement of Awards (whether in cash, shares of Stock, other Awards or other property); to prescribe forms, rules and procedures relating to the Plan and Awards; and to otherwise
do all things necessary or desirable to carry out the purposes of the Plan or any Award. Determinations of the Administrator made with respect to the Plan or any Award are conclusive and bind all persons. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>LIMITS ON AWARDS UNDER THE PLAN </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Shares</U>.</B> Subject to adjustment as provided in Section&nbsp;7(b) below, the number of shares
of Stock that may be issued in satisfaction of Awards under the Plan is (i) 4,725,000 shares of Stock, plus (ii)(A) the number of shares of Stock available for issuance under the Prior Plan as of the Date of Adoption, plus (B)&nbsp;the number of
shares of Stock underlying awards under the Prior Plan that on or after the Date of Adoption expire or terminate or are surrendered without the delivery of shares of Stock, are forfeited to, or repurchased by, the Company, or otherwise become
available again for grant under a Prior Plan in accordance with its terms (in the case of this subclause (ii), not to exceed 3,772,232 shares of Stock in the aggregate)(collectively, the &#147;<B>Share Pool</B>&#148;). Up to 2,500,000 of the shares
of Stock from the Share Pool may be issued in satisfaction of ISOs, but nothing in this Section&nbsp;4(a) will be construed as requiring that any, or any fixed number of, ISOs be granted under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Share Counting</U>.</B> The Share Pool will be reduced upon issuance of an Award under the Plan by the
maximum number of shares of Stock underlying the Award. For purposes of the Share Pool and determining the number of Shares of Stock underlying awards under the Prior Plan that become available for grant under the Plan, each share of Stock
underlying an Option or SAR will reduce or increase, as applicable, the Share Pool by one share of Stock and each share of Stock underlying any other type of Award will reduce or increase, as applicable, the Share Pool by two shares of Stock. The
Share Pool shall be increased by any shares of Stock underlying any portion of an Award that is settled in cash or that expires, becomes unexercisable, terminates or is forfeited to or repurchased by the Company without the issuance (or retention,
in the case of Restricted Stock or Unrestricted Stock) of Stock, except that the Share Pool will not be increased by (i)&nbsp;the number of shares of Stock withheld by the Company in payment of the exercise price or purchase price of an Award or in
satisfaction of tax withholding requirements with respect to an Award or (ii)&nbsp;the shares of Stock underlying any portion of a SAR that is settled in cash. For the avoidance of doubt, the Share Pool will not be increased by any shares of Stock
delivered under the Plan that are subsequently repurchased using proceeds directly attributable to Stock Option exercises. The limits set forth in this Section&nbsp;4(a) will be construed to comply with the applicable requirements of
Section&nbsp;422. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Substitute Awards</U>. </B>The Administrator may grant
Substitute Awards under the Plan. To the extent consistent with the requirements of Section&nbsp;422 and the regulations thereunder and other applicable legal requirements (including applicable stock exchange requirements), shares of Stock issued in
respect of Substitute Awards will be in addition to and will not reduce the Share Pool. Notwithstanding the foregoing or anything in Section&nbsp;4&nbsp;(a) above to the contrary, if any Substitute Award is settled in cash or expires, becomes
unexercisable, terminates or is forfeited to or repurchased by the Company without the issuance (or retention, in the case of Restricted Stock or Unrestricted Stock) of Stock, the shares of Stock previously subject to such Award will not increase
the Share Pool or otherwise be available for future issuance under the Plan. The Administrator will determine the extent to which the terms and conditions of the Plan apply to Substitute Awards, if at all, <U>provided</U>, <U>however</U>, that
Substitute Awards will not be subject to the limits described in Section&nbsp;4(e) below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Type of
Shares</U>.</B> Stock issued by the Company under the Plan may be authorized but unissued Stock, treasury Stock or previously issued Stock acquired by the Company. No fractional shares of Stock will be issued under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Individual Limits</U>.</B> No person may be granted Awards in any calendar year with respect to more than
2,000,000 shares of Stock. In applying the foregoing limit, (i)&nbsp;each share of Stock underlying an Award will be counted as one share of Stock, regardless of the type of Award, and (ii)&nbsp;the number of shares of Stock underlying any Award
will be determined based on the maximum number of shares of Stock that may be issued, or the value of which may be paid in cash or other property, assuming maximum payout levels. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ELIGIBILITY AND PARTICIPATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrator will select Participants from among Employees and Directors of, and consultants to, the Company and its Affiliates.
Eligibility for ISOs is limited to individuals described in the first sentence of this Section&nbsp;5 who are employees of the Company or of a &#147;parent corporation&#148; or &#147;subsidiary corporation&#148; of the Company as those terms are
defined in Section&nbsp;424 of the Code. Eligibility for Stock Options, other than ISOs, and SARs is limited to individuals described in the first sentence of this Section&nbsp;5 who are providing direct services on the date of grant of the Award to
the Company or to a subsidiary of the Company that would be described in the first sentence of <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(b)(5)(iii)(E)</FONT> of the Treasury Regulations. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RULES APPLICABLE TO AWARDS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>All Awards</U>. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;<U>Award Provisions</U>.</B> The Administrator will determine the terms and conditions of all Awards, subject to
the limitations provided herein. No term of an Award shall provide for automatic &#147;reload&#148; grants of additional Awards upon the exercise of an Option or SAR. By accepting (or, under such rules as the Administrator may prescribe, being
deemed to have accepted) an Award, the Participant agrees (or will be deemed to have agreed) to the terms and conditions of the Award and the Plan. Notwithstanding any provision of the Plan to the contrary, Substitute Awards may contain terms and
conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;<U>Term of Plan</U>.</B> No Awards may be made after ten years from the Date of Adoption, but previously granted
Awards may continue beyond that date in accordance with their terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(3)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Transferability</U>.</B>
Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section&nbsp;6(a)(3), other Awards may be transferred other than by will or by the laws of descent and distribution. During a
Participant&#146;s lifetime, ISOs and, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section&nbsp;6(a)(3), SARs and NSOs may be exercised only by the Participant. The Administrator may permit
the gratuitous transfer (<U>i.e.</U>, transfer not for value) of Awards other than ISOs, subject to applicable securities and other laws and such terms and conditions as the Administrator may determine. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(4)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Vesting; Exercisability</U>. </B>The Administrator
will determine the time or times at which an Award vests or becomes exercisable and the terms and conditions on which a Stock Option or SAR remains exercisable. Without limiting the foregoing, the Administrator may at any time accelerate the vesting
and/or exercisability of an Award (or any portion thereof), regardless of any adverse or potentially adverse tax or other consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following
rules will apply if a Participant&#146;s Employment ceases: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(A)&nbsp;&nbsp;&nbsp;&nbsp;</B>Except as provided in (B)&nbsp;and (C)
below, immediately upon the cessation of the Participant&#146;s Employment, each Stock Option and SAR (or portion thereof) that is then held by the Participant or by the Participant&#146;s permitted transferees, if any, will cease to be exercisable
and will terminate, and each other Award that is then held by the Participant or by the Participant&#146;s permitted transferees, if any, to the extent not then vested, will be forfeited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(B)&nbsp;&nbsp;&nbsp;&nbsp;</B>Subject to (C)&nbsp;and (D) below, each vested and unexercised Stock Option and SAR (or portion thereof)
held by the Participant or the Participant&#146;s permitted transferees, if any, immediately prior to the cessation of the Participant&#146;s Employment, to the extent then exercisable, will remain exercisable for the lesser of (i)&nbsp;a period of
ninety (90)&nbsp;days following such cessation of Employment or (ii)&nbsp;the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section&nbsp;6(a)(4), and will thereupon immediately
terminate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(C)&nbsp;&nbsp;&nbsp;&nbsp;</B>Subject to (D)&nbsp;below, each vested and unexercised Stock Option and SAR (or portion
thereof) held by a Participant or the Participant&#146;s permitted transferees, if any, immediately prior to the cessation of the Participant&#146;s Employment due to his or her death or by the Company due to his or her Disability, to the extent
then exercisable, will remain exercisable for the lesser of (i)&nbsp;the <FONT STYLE="white-space:nowrap">one-year</FONT> period ending on the first anniversary of such cessation of employment or (ii)&nbsp;the period ending on the latest date on
which such Stock Option or SAR could have been exercised without regard to this Section&nbsp;6(a)(4), and will thereupon immediately terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(D)&nbsp;&nbsp;&nbsp;&nbsp;</B>All Awards (whether or not vested or exercisable) held by a Participant or the Participant&#146;s permitted
transferees, if any, immediately prior to the cessation of the Participant&#146;s Employment will immediately terminate upon such cessation of Employment if the termination is for Cause or occurs in circumstances that in the determination of the
Administrator would have constituted grounds for the Participant&#146;s Employment to be terminated for Cause (in each case, without regard to the lapsing of any required notice or cure periods in connection therewith). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(5)&nbsp;&nbsp;&nbsp;&nbsp;<U>Recovery of Compensation; Other Policies</U></B>. The Administrator may provide in any case that any
outstanding Award (whether or not vested or exercisable), the proceeds from the exercise or disposition of any Award or Stock acquired under any Award and any other amounts received in respect of any Award or Stock acquired under any Award will be
subject to forfeiture and disgorgement to the Company, with interest and other related earnings, if the Participant to whom the Award was granted is not in compliance with any provision of the Plan or any applicable Award or any <FONT
STYLE="white-space:nowrap">non-competition,</FONT> <FONT STYLE="white-space:nowrap">non-solicitation,</FONT> <FONT STYLE="white-space:nowrap">no-hire,</FONT> <FONT STYLE="white-space:nowrap">non-disparagement,</FONT> confidentiality, invention
assignment, or other restrictive covenant by which he or she is bound. Each Award will be subject to any policy of the Company or any of its Affiliates that relates to trading on <FONT STYLE="white-space:nowrap">non-public</FONT> information and
permitted transactions with respect to shares of Stock, including limitations on hedging and pledging. In addition, each Award will be subject to any policy of the Company or any of its Affiliates that provides for forfeiture, disgorgement, or
clawback with respect to incentive compensation that includes Awards under the Plan and will be further subject to forfeiture and disgorgement to the extent required by law or applicable stock exchange listing standards, including, without
limitation, Section&nbsp;10D of the Exchange Act. Each Participant, by accepting or being deemed to have accepted an Award under the Plan, agrees (or will be deemed to have agreed) to the terms of this Section&nbsp;6(a)(5) and any clawback,
recoupment or similar policy of the Company or any of its Affiliates and further agrees (or will be deemed to have further agreed) to cooperate fully with the Administrator, and to cause any and all permitted transferees of the Participant to
cooperate fully with the Administrator, to effectuate any forfeiture or disgorgement described in this Section&nbsp;6(a)(5). Neither the Administrator nor the Company nor any other person, other than the Participant and his or her permitted
transferees, if any, will be responsible for any adverse tax or other consequences to a Participant or his or her permitted transferees, if any, that may arise in connection with this Section&nbsp;6(a)(5). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(6)&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.</B> The grant of an Award and the issuance, delivery, vesting and retention of Stock, cash or
other property under an Award are conditioned upon the full satisfaction by the Participant of all tax and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
other withholding requirements with respect to the Award. The Administrator will prescribe such rules for the withholding of taxes and other amounts with respect to an Award as it deems
necessary. Without limitation to the foregoing, the Company or any of its Affiliates will have the authority and the right to deduct or withhold (by any means set forth herein or in an Award agreement), or require a Participant to remit to the
Company or one of its Affiliates, an amount sufficient to satisfy all U.S. and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> federal, state and local income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other <FONT
STYLE="white-space:nowrap">tax-related</FONT> items related to participation in the Plan and legally applicable to the Participant and required by law to be withheld (including any amount deemed by the Company, in its discretion, to be an
appropriate charge to the Participant even if legally applicable to the Company or one of its Affiliates). The Administrator, in its sole discretion, may hold back shares of Stock from an Award or permit a Participant to tender previously-owned
shares of Stock in satisfaction of tax or other withholding requirements (but not in excess of the maximum withholding amount consistent with the Award being subject to equity accounting treatment under the Accounting Rules). Any amounts withheld
pursuant to this Section&nbsp;6 (a)(6) will be treated as though such amounts had been made directly to the Participant. In addition, the Company may, to the extent permitted by law, deduct any such tax and other withholding amounts from any payment
of any kind otherwise due to a Participant from the Company or any of its Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(7)&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend
Equivalents</U>. </B>The Administrator may provide for the payment of amounts (on terms and subject to conditions established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award
whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution in respect of such Award; <U>provided</U>, <U>however</U>, that (a)&nbsp;dividends or dividend equivalents relating to an Award that, at
the dividend payment date, remains subject to a risk of forfeiture (whether service-based or performance-based) shall be subject to the same risk of forfeiture as applies to the underlying Award and (b)&nbsp;no dividends or dividend equivalents
shall be payable with respect to Options or SARs. Any entitlement to dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the applicable requirements of
Section&nbsp;409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(8)&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights Limited</U>.</B> Nothing in the Plan or any Award will be construed as giving
any person the right to be granted an Award or to continued employment or service with the Company or any of its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan. The loss of existing or
potential profit in any Award will not constitute an element of damages in the event of a termination of a Participant&#146;s Employment for any reason, even if the termination is in violation of an obligation of the Company or any of its Affiliates
to the Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(9)&nbsp;&nbsp;&nbsp;&nbsp;<U>Coordination with Other Plans</U>. </B>Shares of Stock and/or Awards under the Plan
may be issued or granted in tandem with, or in satisfaction of or substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or any of its Affiliates. For example, but without limiting the
generality of the foregoing, awards under other compensatory plans or programs of the Company or any of its Affiliates may be settled in Stock (including, without limitation, Unrestricted Stock) under the Plan if the Administrator so determines, in
which case the shares delivered will be treated as awarded under the Plan (and will reduce the Share Pool in accordance with the rules set forth in Section&nbsp;4 above). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(10)&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;409A</U>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(A)&nbsp;&nbsp;&nbsp;&nbsp;</B>Without limiting the generality of Section&nbsp;11(b) below, each Award will contain such terms as the
Administrator determines and will be construed and administered, such that the Award either qualifies for an exemption from the requirements of Section&nbsp;409A or satisfies such requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(B)</B>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in the Plan or any Award agreement, the Administrator may
unilaterally amend, modify or terminate the Plan or any outstanding Award, including, but not limited to, changing the form of the Award, if the Administrator determines that such amendment, modification or termination is necessary or desirable to
avoid the imposition of an additional tax, interest or penalty under Section&nbsp;409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(C)</B>&nbsp;&nbsp;&nbsp;&nbsp;If a
Participant is determined on the date of the Participant&#146;s termination of Employment to be a &#147;specified employee&#148; within the meaning of that term under Section&nbsp;409A(a)(2)(B) of the Code, then, with regard to any payment that is
considered nonqualified deferred compensation under Section&nbsp;409A, to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the extent applicable, payable on account of a &#147;separation from service&#148;, such payment will be made or provided on the date that is the earlier of (i)&nbsp;the first business day
following the expiration of the <FONT STYLE="white-space:nowrap">six-month</FONT> period measured from the date of such &#147;separation from service&#148; and (ii)&nbsp;the date of the Participant&#146;s death (the &#147;<B>Delay Period</B>&#148;).
Upon the expiration of the Delay Period, all payments delayed pursuant to this Section&nbsp;6(a)(10)(C) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) will be paid, without
interest, on the first business day following the expiration of the Delay Period in a lump sum and any remaining payments due under the Award will be paid in accordance with the normal payment dates specified for them in the applicable Award
agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(D)&nbsp;&nbsp;&nbsp;&nbsp;</B>For purposes of Section&nbsp;409A, each payment made under the Plan or any Award will be
treated as a separate payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>(E)&nbsp;&nbsp;&nbsp;&nbsp;</B>With regard to any payment considered to be nonqualified deferred
compensation under Section&nbsp;409A, to the extent applicable, that is payable upon a change in control of the Company or other similar event, to the extent required to avoid the imposition of any additional tax, interest or penalty under
Section&nbsp;409A, no amount will be payable unless such change in control constitutes a &#147;change in control event&#148; within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-3(i)(5)</FONT> of the Treasury Regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock Options and SARs</U>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;<U>Time and Manner of Exercise</U>. </B>Unless the Administrator expressly provides otherwise, no Stock Option
or SAR will be deemed to have been exercised until the Administrator receives a notice of exercise in a form acceptable to the Administrator that is signed by the appropriate person and accompanied by the payment required under the Award. The
Administrator may limit or restrict the exercisability of any Stock Option or SAR in its discretion, including in connection with any Covered Transaction. Any attempt to exercise a Stock Option or SAR by any person other than the Participant will
not be given effect unless the Administrator has received such evidence as it may require that the person exercising the Award has the right to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise Price</U>.</B> The exercise price (or the base value from which appreciation is to be measured) per
share of each Award requiring exercise must be no less than 100% (in the case of an ISO granted to a <FONT STYLE="white-space:nowrap">10-percent</FONT> stockholder within the meaning of Section&nbsp;422(b)(6) of the Code, 110%) of the Fair Market
Value of a share of Stock, determined as of the date of grant of the Award, or such higher amount as the Administrator may determine in connection with the grant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(3)&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Exercise Price</U>.</B> Where the exercise of an Award (or portion thereof) is to be accompanied
by a payment, payment of the exercise price must be made by cash or check acceptable to the Administrator or, if so permitted by the Administrator and if legally permissible, (i)&nbsp;through the delivery of previously acquired unrestricted shares
of Stock, or the withholding of unrestricted shares of Stock otherwise issuable upon exercise, in either case, that have a Fair Market Value equal to the exercise price; (ii)&nbsp;through a broker-assisted cashless exercise program acceptable to the
Administrator; (iii)&nbsp;by other means acceptable to the Administrator; or (iv)&nbsp;by any combination of the foregoing permissible forms of payment. The delivery of previously acquired shares in payment of the exercise price under clause
(i)&nbsp;above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(4)&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum Term</U>.</B> The maximum term of Stock Options and SARs must not exceed 10 years from the date of
grant (or five years from the date of grant in the case of an ISO granted to a <FONT STYLE="white-space:nowrap">10-percent</FONT> stockholder described in Section&nbsp;6(b)(2) above). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(5)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Repricing</U>. </B>Except in connection with a corporate transaction involving the Company (which term
includes, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, <FONT STYLE="white-space:nowrap">split-up,</FONT> <FONT STYLE="white-space:nowrap">spin-off,</FONT>
combination or exchange of shares) or as otherwise contemplated by Section&nbsp;7 below, the Company may not, without obtaining stockholder approval, (i)&nbsp;amend the terms of outstanding Stock Options or SARs to reduce the exercise price or base
value of such Stock Options or SARs; (ii)&nbsp;cancel outstanding Stock Options or SARs in exchange for Stock Options or SARs that have an exercise price or base value that is less than the exercise price or base value of the original Stock Options
or SARs; or (iii)&nbsp;cancel outstanding Stock Options or SARs that have an exercise price or base value greater than the Fair Market Value of a share of Stock on the date of such cancellation in exchange for cash or other consideration. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>EFFECT OF CERTAIN TRANSACTIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Covered Transactions</U>.</B> Except as otherwise expressly provided in an Award or other agreement or by the
Administrator, the following provisions will apply in the event of a Covered Transaction: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;<U>Assumption or
Substitution</U>.</B> In the event of a Covered Transaction, each unvested Award (or portion thereof) that is outstanding as of the consummation of the Covered Transaction that is eligible to vest based on performance shall be deemed to be earned at
target performance levels and shall thereafter be eligible to vest solely based on continued Employment. Each such Award (or portion thereof), and each unvested Award (or portion thereof) that is outstanding as of the consummation of the Covered
Transaction that is eligible to vest solely based on continued Employment, shall be assumed, continued or substituted for by the acquiror or survivor or an affiliate of the acquiror or survivor with an award that substantially preserves the value of
the Award (or portion thereof) as of the consummation of the Covered Transaction and vests on the same schedule as the Award so assumed, continued or substituted for; <U>provided</U>, that, if within two (2)&nbsp;years following the consummation of
the Covered Transaction (other than a Covered Transaction described in clause (a)(1) of the definition thereof), a Participant&#146;s Employment is terminated by the Company or any successor thereof for any reason other than Cause or, if a
Participant is party to a then-effective employment or severance-benefit agreement with the Company or any of its Affiliates that contains a definition of &#147;Good Reason,&#148; if the Participant resigns for Good Reason (as defined in such
agreement, such Award or any award granted in substitution therefor (or portion thereof) shall vest in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(2)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Acceleration</U>.</B> Each unvested Award that is outstanding as of the consummation of a Covered
Transaction that is not assumed, continued or substituted for as provided in Section&nbsp;7(a)(1) above shall vest in full in connection with the consummation of the Covered Transaction on a basis that permits the applicable Participant to
participate in the Covered Transaction as a stockholder of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(3)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT
STYLE="white-space:nowrap">Cash-Out</FONT> of Awards</U>. </B>Subject to Section&nbsp;7(a)(5) below, the Administrator may provide for payment (a &#147;<B><FONT STYLE="white-space:nowrap">cash-out</FONT></B>&#148;), with respect to some or all
Awards that are not assumed, continued or substituted for as described in Section&nbsp;7(a)(1) above or any portion thereof (including only the vested portion thereof, with the unvested portion terminating as provided in Section&nbsp;7(a)(4) below),
equal in the case of each applicable Award or portion thereof to the excess, if any, of (i)&nbsp;the fair market value of a share of Stock multiplied by the number of shares of Stock subject to the Award or such portion, minus (ii)&nbsp;the
aggregate exercise or purchase price, if any, of such Award or portion thereof (or, in the case of a SAR, the aggregate base value above which appreciation is measured), in each case, on such payment and other terms and subject to such conditions
(which need not be the same as the terms and conditions applicable to holders of Stock generally) as the Administrator determines, including that any amounts paid in respect of such Award in connection with the Covered Transaction be placed in
escrow or otherwise made subject to such restrictions as the Administrator deems appropriate. For the avoidance of doubt, if the per share exercise or purchase price (or base value) of an Award or portion thereof is equal to or greater than the fair
market value of one share of Stock, such Award or portion may be cancelled with no payment due hereunder or otherwise in respect thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(4)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination of Awards upon Consummation of Covered Transaction</U>. </B>Except as the Administrator
may otherwise determine, each Award will automatically terminate (and in the case of outstanding shares of Restricted Stock, will automatically be forfeited) immediately upon the consummation of the Covered Transaction, other than (i)&nbsp;any Award
that is assumed, continued or substituted for pursuant to Section&nbsp;7(a)(1) above and (ii)&nbsp;any Award that by its terms, or as a result of action taken by the Administrator, continues following the Covered Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(5)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Additional Limitations</U>.</B> Any share of Stock and any cash or other property or other award
delivered pursuant to Section&nbsp;7(a) (1), Section&nbsp;7(a)(2) or Section&nbsp;7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate,
including to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse (and were not satisfied) in connection with the Covered Transaction. For purposes of the immediately
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
preceding sentence, an acceleration under Section&nbsp;7(a)(2) above or a <FONT STYLE="white-space:nowrap">cash-out</FONT> under Section&nbsp;7(a)(3) above will not, in and of itself, be treated
as the lapsing (or satisfaction) of a performance or other vesting condition. In the case of Restricted Stock that does not vest and is not forfeited in connection with the Covered Transaction, the Administrator may require that any amounts
delivered, exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(6)&nbsp;&nbsp;&nbsp;&nbsp;<U>Uniform Treatment</U>.</B> For the avoidance of doubt, the Administrator need not treat Participants or
Awards (or portions thereof) in a uniform manner, and may treat different Participants and/or Awards differently, in connection with a Covered Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Changes in and Distributions with Respect to Stock</U>. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;<U>Basic Adjustment Provisions</U>.</B> In the event of a stock dividend, stock split or combination of shares
(including a reverse stock split), recapitalization or other change in the Company&#146;s capital structure that constitutes an equity restructuring within the meaning of the Accounting Rules, the Administrator will make appropriate adjustments to
the Share Pool, the individual limits described in Section&nbsp;4(e) above, the number and kind of shares of stock or securities underlying Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values) relating to
Awards and any other provision of Awards affected by such change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Other Adjustments</U>.</B> The
Administrator may also make adjustments of the type described in Section&nbsp;7(b)(1) above to take into account distributions to stockholders other than those provided for in Sections 7(a) and 7(b)(1) above, or any other event, if the Administrator
determines that adjustments are appropriate to avoid distortion in the operation of the Plan or any Award. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(3)&nbsp;&nbsp;&nbsp;&nbsp;<U>Continuing Application of Plan Terms</U>.</B> References in the Plan to shares of Stock will be construed to
include any stock or securities resulting from an adjustment pursuant to this Section&nbsp;7. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>LEGAL CONDITIONS ON DELIVERY OF STOCK </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will not be obligated to issue any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock
previously issued under the Plan until: (i)&nbsp;the Company is satisfied that all legal matters in connection with the issuance of such shares have been addressed and resolved; (ii)&nbsp;if the outstanding Stock is at the time of issuance listed on
any stock exchange or national market system, the shares to be issued have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii)&nbsp;all conditions of the Award have been satisfied or waived.
The Company may require, as a condition to the exercise of an Award or the issuance of shares of Stock under an Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act of
1933, as amended, or any applicable state or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities law. Any Stock issued under the Plan will be evidenced in such manner as the Administrator determines appropriate, including book-entry
registration or delivery of stock certificates. In the event that the Administrator determines that stock certificates will be issued in connection with Stock issued under the Plan, the Administrator may require that such certificates bear an
appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending the lapse of the applicable restrictions. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AMENDMENT AND TERMINATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by
applicable law, and may at any time terminate the Plan as to any future grants of Awards; <U>provided</U>, <U>however</U>, that except as otherwise expressly provided in the Plan or the applicable Award, the Administrator may not, without the
Participant&#146;s consent, alter the terms of an Award so as to affect materially and adversely the Participant&#146;s rights under the Award, unless the Administrator expressly reserved the right to do so in the Plan or at the time the applicable
Award was granted. Any amendments to the Plan will be conditioned upon stockholder approval only to the extent, if any, such approval is required by applicable law (including the Code) or stock exchange requirements, as determined by the
Administrator. For the avoidance of doubt, without limiting the Administrator&#146;s rights hereunder, no adjustment to any Award pursuant to the terms of Section&nbsp;7 above will be treated as an amendment requiring a Participant&#146;s consent.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>OTHER COMPENSATION ARRANGEMENTS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The existence of the Plan or the grant of any Award will not affect the right of the Company or any of its Affiliates to grant any person
bonuses or other compensation in addition to Awards under the Plan. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>MISCELLANEOUS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Jury Trial</U>.</B> By accepting or being deemed to have accepted an Award under the Plan, each
Participant waives (or will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or any Award, or under any
amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be
tried before a court and not before a jury. By accepting or being deemed to have accepted an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that
the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and
a Participant to agree to submit any dispute arising under the terms of the Plan or any Award to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit such disputes to binding arbitration as a
condition of receiving an Award hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Liability</U>.</B> Notwithstanding anything to
the contrary in the Plan or any Award, neither the Company, nor any of its Affiliates, nor the Administrator, nor any person acting on behalf of the Company, any of its Affiliates, or the Administrator, will be liable to any Participant, to any
permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of
the failure of an Award to satisfy the requirements of Section&nbsp;422 or Section&nbsp;409A or by reason of Section&nbsp;4999 of the Code, or otherwise asserted with respect to any Award. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c<U>)&nbsp;&nbsp;&nbsp;&nbsp;Unfunded Plan</U>. </B>The Company&#146;s obligations under the Plan are unfunded, and no Participant will
have any right to specific assets of the Company in respect of any Award. Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RULES FOR PARTICIPANTS SUBJECT TO <FONT STYLE="white-space:nowrap">NON-U.S.</FONT> LAWS
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrator may at any time and from time to time (including before or after an Award is granted) establish,
adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan for Participants based outside of the U.S. and/or subject to the laws of countries other than the U.S., including by establishing one or more <FONT
STYLE="white-space:nowrap">sub-plans,</FONT> supplements or appendices under the Plan or any Award agreement for the purpose of complying or facilitating compliance with <FONT STYLE="white-space:nowrap">non-U.S.</FONT> laws or taking advantage of
tax favorable treatment or for any other legal or administrative reason determined by the Administrator. Any such <FONT STYLE="white-space:nowrap">sub-plan,</FONT> supplement or appendix may contain, in each case, (i)&nbsp;such limitations on the
Administrator&#146;s discretion under the Plan and (ii)&nbsp;such additional or different terms and conditions, as the Administrator deems necessary or desirable and will be deemed to be part of the Plan but will apply only to Participants within
the group to which the <FONT STYLE="white-space:nowrap">sub-plan,</FONT> supplement or appendix applies (as determined by the Administrator); <U>provided</U>, <U>however</U>, that no <FONT STYLE="white-space:nowrap">sub-plan,</FONT> supplement or
appendix, rule or regulation established pursuant to this provision shall increase Share Pool or cause a violation of any U.S. law. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GOVERNING LAW </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Requirements of Corporate Law</U>.</B> Awards and shares of Stock will be granted, issued and
administered consistent with the requirements of applicable Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which
the Stock is listed or entered for trading, in each case, as determined by the Administrator. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Other Matters</U>.</B> Except as otherwise provided
by the express terms of an Award agreement, under a <FONT STYLE="white-space:nowrap">sub-plan</FONT> described in Section&nbsp;12 above or as provided in Section&nbsp;13(a) above, the domestic substantive laws of the Commonwealth of Massachusetts
govern the provisions of the Plan and of Awards under the Plan and all claims or disputes arising out of or based upon the Plan or any Award under the Plan or relating to the subject matter hereof or thereof, without giving effect to any choice or
conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Jurisdiction</U>. </B>Subject to Section&nbsp;13(a) above and except as may be expressly set forth in
an Award agreement, by accepting (or being deemed to have accepted) an Award, each Participant agrees or will be deemed to have agreed to (i)&nbsp;submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located
within the geographic boundaries of the United States District Court for the Commonwealth of Massachusetts for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Award; (ii)&nbsp;not commence any suit,
action or other proceeding arising out of or based upon the Plan or any Award, except in the federal and state courts located within the geographic boundaries of the United States District Court for the Commonwealth of Massachusetts; and
(iii)&nbsp;waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt
or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or any Award or the subject matter thereof may not be
enforced in or by such court. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Definition of Terms </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following terms, when used in the Plan, have the meanings and are subject to the provisions set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Accounting Rules&#148;: </B>Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor
provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Administrator&#148;: </B>The Compensation Committee, except that the Compensation Committee may delegate (i)&nbsp;to
one or more of its members (or one or more other members of the Board, including the full Board) such of its duties, powers and responsibilities as it may determine; (ii)&nbsp;to one or more officers of the Company the power to grant Awards to the
extent permitted by applicable law; and (iii)&nbsp;to such Employees or other persons as it determines such ministerial tasks as it deems appropriate. For purposes of the Plan, the term &#147;Administrator&#148; will include the Board, the
Compensation Committee, and the person or persons delegated authority under the Plan to the extent of such delegation, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Award&#148;: </B>Any or a combination of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;</B>Stock Options. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;</B>SARs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;</B>Restricted Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;</B>Unrestricted Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;</B>Stock Units, including Restricted Stock Units and performance-based Restricted Stock Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;</B>Performance Awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(g)&nbsp;&nbsp;&nbsp;&nbsp;</B>Awards (other than Awards described in (a)&nbsp;through (f) above) that are convertible into or otherwise
based on Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Board&#148;: </B>The Board of Directors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Cause&#148;: </B>In the case of any Participant who is party to an employment or severance-benefit agreement that contains a
definition of &#147;Cause,&#148; the definition set forth in such agreement shall apply with respect to such Participant for purposes of the Plan for so long as such agreement is in effect. In every other case, &#147;Cause&#148; means, as determined
by the Administrator: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;</B>the Participant&#146;s commission of any felony or any crime involving moral
turpitude; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;</B>the Participant&#146;s gross negligence, breach of fiduciary duty or breach of any <FONT
STYLE="white-space:nowrap">non-competition,</FONT> <FONT STYLE="white-space:nowrap">non-solicitation,</FONT> confidentiality or developments agreement or other covenant in favor of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;</B>the Participant&#146;s willful failure to substantially perform his or her duties with the Company and its
Affiliates after a written demand for substantial performance is delivered by the Company or one of its Affiliates, and such failure of substantial performance shall have continued for a period of thirty (30)&nbsp;days after such written demand;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;</B>the Participant has been chronically absent from work (excluding vacations, illnesses or leaves of
absences); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;</B>the Participant&#146;s commission of an act of fraud, embezzlement or misappropriation
against the Company or one of its Affiliates; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;</B>the Participant shall have refused, after explicit
notice, to obey any lawful resolution or direction by the Board or his or her supervisor which is consistent with the Participant&#146;s duties; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(g)&nbsp;&nbsp;&nbsp;&nbsp;</B>a violation by the Participant of any material written policy of the Company or any of its Affiliates or any
code of conduct adopted by the Company or any of its Affiliates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Code&#148;: </B>The U.S. Internal Revenue Code of 1986, as from time to time
amended and in effect, or any successor statute as from time to time in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Company&#148;:</B> Waters Corporation, a
Delaware corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Compensation Committee&#148;: </B>The Compensation Committee of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Covered Transaction&#148;: </B>Any of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;</B>a consolidation, merger or similar transaction or series of related transactions, including a sale or other
disposition of stock: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;</B>in which the Company is not the surviving corporation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;</B>unless following which securities possessing more than 50% of the total combined voting power of the
survivor&#146;s or acquiror&#146;s outstanding securities (or the securities of any parent thereof) are held by a person or persons who held securities possessing more than 50% of the total combined voting power of the Company&#146;s outstanding
securities immediately prior to the Covered Transaction; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;</B>that results in any person or group of
persons (within the meaning of Section&nbsp;13(d)(3) of the Exchange Act) directly or indirectly acquiring beneficial ownership (determined pursuant to Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> promulgated under the Exchange Act) of
securities possessing more than 20% of the total combined voting power of the Company&#146;s outstanding securities unless pursuant to a tender or exchange offer made directly to the Company&#146;s stockholders that the Board recommends such
stockholders accept, in each case, other than an acquisition by (i)&nbsp;the Company or any of its Affiliates, (ii)&nbsp;an employee benefit plan of the Company or any of its Affiliates, (iii)&nbsp;a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its Affiliates, or (iv)&nbsp;an underwriter temporarily holding securities pursuant to an offering of such securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;</B>a sale or transfer of all or substantially all the Company&#146;s assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;</B>a change in the composition of the Board, over a period of
<FONT STYLE="white-space:nowrap">thirty-six</FONT> (36)&nbsp;consecutive months or less, in which a majority of the Board members (rounded up to the next whole number, if a fraction) ceases, by reason of one or more proxy contests for the election
of Board members, to be composed of individuals who either (1)&nbsp;have been Board members continuously since the beginning of that period, or (2)&nbsp;have been elected or nominated for election as Board members during such period by at least a
majority of the Board members described in the preceding clause (1)&nbsp;who were still in office at the time that election or nomination was approved by the Board; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;</B>a dissolution or liquidation of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the
Administrator), the Covered Transaction will be deemed to have occurred upon consummation of the tender offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Date of
Adoption&#148;:</B> The date the Plan was approved by the Company&#146;s stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Director&#148;:</B> A member of the Board
who is not an Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Disability&#148;:</B> In the case of any Participant who is party to an employment, change of control or
severance-benefit agreement that contains a definition of &#147;Disability&#148; (or a corollary term), the definition set forth in such agreement shall apply with respect to such Participant for purposes of the Plan for so long as such agreement is
in effect. In every other case, &#147;Disability&#148; means, as determined by the Administrator, absence from work due to a disability for a period in excess of ninety (90)&nbsp;days in any twelve (12)-month period that would entitle the
Participant to receive benefits under the Company&#146;s long-term disability program as in effect from time to time (if the Participant were a participant in such program). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Employee&#148;: </B>Any person who is employed by the Company or any of its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Employment&#148;: </B>A Participant&#146;s employment or other service relationship with the Company or any of its Affiliates.
Employment will be deemed to continue, unless the Administrator otherwise determines, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section&nbsp;5 of the Plan
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to, the Company or any of its Affiliates. If a Participant&#146;s employment or other service relationship is with any of its Affiliates and that entity ceases to be an Affiliate, the
Participant&#146;s Employment will be deemed to have terminated when the entity ceases to be an Affiliate of the Company unless the Participant transfers Employment to the Company or one of its remaining Affiliates. Notwithstanding the foregoing, in
construing the provisions of any Award relating to the payment of &#147;nonqualified deferred compensation&#148; (subject to Section&nbsp;409A) upon a termination or cessation of Employment, references to termination or cessation of employment,
separation from service, retirement or similar or correlative terms will be construed to require a &#147;separation from service&#148; (as that term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(h)</FONT> of the Treasury
Regulations, after giving effect to the presumptions contained therein) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single &#147;service recipient&#148; with the Company under <FONT
STYLE="white-space:nowrap">Section&nbsp;1.409A-1(h)(3)</FONT> of the Treasury Regulations. The Company may, but need not, elect in writing, subject to the applicable limitations under Section&nbsp;409A, any of the special elective rules prescribed
in <FONT STYLE="white-space:nowrap">Section&nbsp;1.409A-1(h)</FONT> of the Treasury Regulations for purposes of determining whether a &#147;separation from service&#148; has occurred. Any such written election will be deemed a part of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Exchange Act&#148;: </B>The Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Fair Market Value&#148;: </B>As of a particular date, (i)&nbsp;the closing price for a share of Stock reported on the New York Stock
Exchange (or any other national securities exchange on which the Stock is then listed) for that date or, if no closing price is reported for that date, the closing price on the immediately preceding date on which a closing price was reported or
(ii)&nbsp;in the event that the Stock is not traded on a national securities exchange, the fair market value of a share of Stock determined by the Administrator consistent with the rules of Section&nbsp;422 and Section&nbsp;409A to the extent
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;ISO&#148;: </B>A Stock Option intended to be an &#147;incentive stock option&#148; within the meaning of
Section&nbsp;422. Each Stock Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated as an ISO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;NSO&#148;: </B>A Stock Option that is not intended to be an &#147;incentive stock option&#148; within the meaning of
Section&nbsp;422. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Participant&#148;: </B>A person who is granted an Award under the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Performance Award&#148;:</B> An Award subject to performance vesting conditions, which may include Performance Criteria. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Performance Criteria&#148;: </B>Specified criteria, other than the mere continuation of Employment or the mere passage of time, the
satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. A Performance Criterion and any targets with respect thereto need not be based upon an increase, a positive or improved result or avoidance of
loss and may be applied to a Participant individually, or to a business unit or division of the Company or to the Company as a whole. The Administrator may provide that one or more of the Performance Criteria applicable to such Award will be
adjusted in a manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Plan&#148;: </B>This Waters Corporation 2020 Equity Incentive Plan, as from time to time amended and in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Prior Plan&#148;: </B>The Waters Corporation 2012 Equity Incentive Plan, as from time to time amended and in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Restricted Stock&#148;: </B>Stock subject to restrictions requiring that it be forfeited, redelivered or offered for sale to the
Company if specified performance or other vesting conditions are not satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Restricted Stock Unit&#148;: </B>A Stock Unit
that is, or as to which the issuance of Stock or delivery of cash in lieu of Stock is, subject to the satisfaction of specified performance or other vesting conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;SAR&#148;: </B>A right entitling the holder upon exercise to receive an amount (payable in cash or in shares of Stock of equivalent
value) equal to the excess of the Fair Market Value of the shares of Stock subject to the right over the base value from which appreciation under the SAR is to be measured. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Section</B><B></B><B>&nbsp;409A&#148;: </B>Section&nbsp;409A of the Code and the
regulations thereunder. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Section</B><B></B><B>&nbsp;422&#148;: </B>Section&nbsp;422 of the Code and the regulations
thereunder. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Stock&#148;: </B>Common stock of the Company, par value $0.01 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Stock Option&#148;: </B>An option entitling the holder to acquire shares of Stock upon payment of the exercise price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Stock Unit&#148;: </B>An unfunded and unsecured promise, denominated in shares of Stock, to issue Stock or deliver cash measured by
the value of Stock in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Substitute Award&#148;: </B>An award issued under the Plan in substitution for one or more
equity awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Unrestricted
Stock&#148;: </B>Stock not subject to any restrictions under the terms of the Award. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d931486dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g931486g85b49.gif" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;8, 2020 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Waters
Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">34 Maple Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Milford, Massachusetts 01757
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion letter
is furnished to you in connection with Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8,</FONT> Reg. <FONT STYLE="white-space:nowrap">No.&nbsp;333-183721</FONT> (the
&#147;<U>Post-Effective Amendment</U>&#148;), filed by Waters Corporation, a Delaware corporation (the &#147;<U>Company</U>&#148;), on the date hereof, with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the
&#147;<U>Securities Act</U>&#148;). On May&nbsp;12, 2020 (the &#147;<U>Amendment Date</U>&#148;), the stockholders of the Company approved the Waters Corporation 2020 Equity Incentive Plan (the &#147;<U>2020 Plan</U>&#148;). The total number of
shares of the Company&#146;s common stock, par value $0.01 per share (the &#147;<U>Common Stock</U>&#148;), that may be issued pursuant to awards under the 2020 Plan, in addition to 4,725,000 new shares of Common Stock (registered concurrently on a
new registration statement on Form <FONT STYLE="white-space:nowrap">S-8),</FONT> includes (i) 1,840,099 shares of Common Stock that have been previously registered and remain available for issuance under the Waters Corporation 2012 Plan (the
&#147;<U>2012 Plan</U>&#148;) as of the Amendment Date and (ii) 1,932,133 shares of Common Stock underlying awards outstanding under the 2012 Plan that, on or after the Amendment Date, expire or terminate or are surrendered without delivery of
shares, are forfeited to or repurchased by the Company, or otherwise become available for grant under the terms of the 2012 Plan (the aggregate of 3,772,232 shares described in (i)&nbsp;and (ii) are collectively referred to as the &#147;<U>Carryover
Shares</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are familiar with the actions taken by the Company to cover the issuance of the Carryover Shares pursuant to the
2020 Plan. We have examined such certificates, documents and records and have made such investigation of fact and such examination of law as we have deemed appropriate in order to enable us to render the opinions set forth herein. In conducting such
investigation, we have relied, without independent verification, upon certificates of officers of the Company, public officials and other appropriate persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinions expressed below are limited to the Delaware General Corporation Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon and subject to the foregoing, we are of the opinion that the Carryover Shares have been duly authorized and, when the Carryover
Shares have been issued and sold in accordance with the terms of the 2020 Plan, the Shares will be validly issued, fully paid and nonassessable. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as an exhibit to the Post-Effective
Amendment. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules and regulations thereunder. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Ropes&nbsp;&amp; Gray LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ropes&nbsp;&amp; Gray LLP</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">- 2 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>d931486dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 23.1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference in this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> of Waters Corporation
of our report dated February&nbsp;25, 2020 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Waters Corporation&#146;s Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ PricewaterhouseCoopers LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;8, 2020 </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g931486g85b49.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g931486g85b49.gif
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MQEH 8ZU: '.<O5JMK;US.4IC<\;&C+W.UIR<<ZW&WJUS8WN<K:V,8T)[M5H
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M8P']P4 WE+.34$WD&<\X"C2H8PQI&%X)F8A(<?W[#3X0#1R6F(*JY!!Z5:4
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M>I23RTN6S>NY3B !$G &[^@!\P*?#%&8 LL !8 !KRFPWFM!%&"H/'D5#Z
MSEJ[B\D H_ "HW"C"$"4O"FG&= !\S*7T7>2A9L!!9 !#0"\^5M!&S"G$;"L
MYEN^LOD _P@!AVJT%S  00D\%R"53,&3G98 ])@!EIO!WI$!9DD* B##S<JY
M#]".YIG  4"["% *'S !0HP 40F<0,P?I'F\!$O# -0 8LD ZU@!Y,NY%U&6
M8H&X"'"P")"PJ+F1=0&4 5"^4/P_ N"0";D!VPO"J.N=F9"GZ>F0#+&5JIF3
M,BQ] ? !@)H7E7M2_AS#")I 5G'H HWP-1>%AV=5=R_U B E4FH 85,"JSG0
M"6TG/#N@H:[B4HYR40T#*()R5AGQ"9"PMV0G)P!Z! 7*)>H#I[Z3PUOIQH?J
MG4];FT=<F P+Q#P%E+4,E5;9QW@1KG E5Z#E)R<0!!>3,;'%)PT3KHEB,720
M5AKFJ(S5?\"G+5D0"9)095U06\P25F,%/M22(71@"7Q0")>P 7>0>[O7/$\:
MI34!FR=Y -S+N>JB -8)Q,Y9F'3, 'Y@D9D(E#VJQWP,&\/36J\56X ""$U0
M ",@"%^#=8,0!81@ I7[S!-[?*>2 $?U TD5)0SF@%7 76-J5\Q24J$U_G^,
MX#'C<7S^9RASFZF;VJGQ[)FO*<'V;+[YC+CIZ9GI*0#KZP1.0+H$#<QWP0#E
M=5[I]34AX 9O  =QT 9RX"<D  1SD 1TT -UP"SD,W7'QUT)D%QS(C3C486J
M^B4QX%'M=0$88P(D+39D4XCCXX1SVP+=^JVM[)DQJ0 V:;Z'JIG-2:R>J0$M
MF0 9H 2\^0$"T,=56=!HZ&$@)F)(;0 C,"A.P"R3HP F4 -0$ 7!5V*?<V$9
MQE;4O&/*A\USFR>GTLTM8&(0AB7A8XO"AV$O$ 8;H+%*V@(A:WQYW1 4T  -
MH #X:Z> ?9[[#)N-6P Q6I@VV=A&_21:1@)<_I8F7.;)IV?="3IBM_)E2B=2
M-/!?45>!.N"++Y#)(N6VA]@#/N!D0' \V'(H2K>W76L$(C.V7(@ L/FP$%N>
M?_W#/'VPQMJ;MZEGSGW&%H2;9#S<J%O<^BS8#1&13,L0)WFH!6[@%(2;NEK&
M-N&KM;O3MMG%L!D!$T"PI9G'?/H!@&?A .283/&1!$O<_OWA![N5(#">2HS$
M>YSB*NX_'T#'#%&/-"K '9ZG(&[3R!F1 @ DC:WC.[XBJ$O8">#8S-O?'IZL
M!RN<;*F1@K/D3>X_#2#@ &"0ACHW"Q[C5B[/=$DB'[F=7-[E*X(!#7"0%) !
MO-J.FPN3ORDX6]G+8@W>$+CLY_L]'G/YDE6YV&Z^(CG9  30PQ[,D]M)D[\)
M  ^0 !59Y37!S[TA 1,PGR >P#@N $Q^Z-^1D]E+  5@  R7 ,*]&1_9 -CH
7EF9^Z7!Z$9I.IX7IZ84>ZJ+>'0$! #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
