Savings Plan. empower. your benefits : your health. Danaher Corporation & Subsidiaries. Savings Plan

Transcription

1 Savings Plan empower your benefits : your health Danaher Corporation & Subsidiaries Savings Plan Summary Plan Description January 1, 2015

2 This booklet summarizes the Danaher Corporation & Subsidiaries Savings Plan (the DSP or Plan or Danaher Savings Plan) for eligible associates, as most recently restated as of July 1, 2013 and amended through January 1, 2015, and serves as the Summary Plan Description (SPD) for this benefit. Unless otherwise indicated, Company or Danaher means Danaher Corporation and its subsidiaries that participate in the Plan. We encourage you to read this SPD carefully and share it with your family members. If you have any questions about your benefits, please contact your local human resources department. Note that the SPD is only a summary. Complete details of the Plan are contained in the plan documents. If there is a difference between the terms described in the SPD or the plan documents, the terms in the plan documents will control. This booklet contains a summary in English of your rights and benefits under the Danaher Savings Plan. If you have difficulty understanding any part of this booklet, contact your local human resources representative.

3 Table of Contents Plan Overview... 1 Eligibility... 1 Service... 2 Plan Participation... 2 Enrollment... 3 Automatic Enrollment... 3 Automatic Re-Enrollment and Auto-Increase... 3 Naming a Beneficiary... 3 Your Contributions... 4 Stopping or Changing Your Contributions... 4 Company Matching Contributions... 4 Company Retirement Contributions... 5 Catch-Up Contributions... 5 Limits on Contributions... 6 Limits on Pre-Tax Contributions... 6 Limit on Total Annual Contributions... 6 Rollover Contributions to the DSP... 7 Your Investment Options... 8 Investing Future Contributions... 8 Transferring Account Balances: Exchanges... 8 Changing Your Investment Election and Transferring Investments... 8 Investment of Plan Assets... 8 Fidelity Portfolio Advisory Service at Work (PASW)... 9 Vesting Special Vesting Rules Loans Amount/Frequency of Loans Collateral Interest Loan Terms Repayment Loan Fees Default If Your Service Ends Applying for a Loan Withdrawals While You Are Working DSP Withdrawal Summary Additional Information about Hardship Withdrawals DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015 i

4 Plan Distributions Plan Payments Lump Sum Installments How to Request Distribution of Your Account Tax Information Automatic Tax Withholding Federal Taxes Rollovers If You Are Rehired Break in Service Restoration of Service and Forfeitures Special Rules for Top-Heavy Plans Continuation of Participation During a Leave of Absence Family and Medical Leave Act (FMLA) Leave of Absence Military Leave of Absence Plan Administration and Other Information About This Section Plan Name and Number Plan Sponsor Plan Administrator Type of Plan Plan Costs Plan Finances Non-Assignment of Benefits Plan Trustee Agent for the Service of Legal Process Plan Year Claim Procedures Qualified Domestic Relations Orders (QDROs) Notice of Exclusion Your ERISA Rights Prudent Actions by Plan Fiduciaries Enforce Your Rights Assistance with Your Questions Plan Interpretation Your Rights Concerning Employer Securities The Importance of Diversifying Your Retirement Savings For More Information Plan Document Future of the Plan ii DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

5 Plan Overview The Danaher Corporation & Subsidiaries Savings Plan the DSP offers you an opportunity to prepare for your future financial needs with help from the Company. Here are some of the highlights of the Plan: You can save from 1% to 75% of your pay in the Plan, up to Internal Revenue Service (IRS) limits. Your contributions are made on a traditional pre-tax and/or Roth after-tax basis. Traditional pre-tax contributions, are deducted from your pay before federal taxes and in most cases, state and local taxes are withheld from your pay. This reduces your current taxes and means it costs you less to save. Roth deferrals are treated as after-tax which means that you pay the taxes now on the Roth contributions you make but later the earnings are tax free as long as certain criteria are met. Effective January 1, 2015, Danaher immediately matches your contributions with $1 for each dollar you save (traditional pre-tax, Roth after-tax or a combination) up to 3% of your pay PLUS 50 cents for each dollar you save on the next 2% of your pay on a per pay period basis. After you complete one year of service, company retirement contributions of 2% of pay may be contributed to the DSP on your behalf while you participate as an eligible associate. These contributions will be made whether or not you are saving in the DSP. You direct the investment of contributions to the DSP yours and the Company s to one or more of the DSP investment options. The traditional pre-tax portion of your DSP account is tax-deferred while the money stays in the Plan. This means you pay no income taxes on your pre-tax contributions, company retirement and matching contributions or investment earnings until you receive them. Earnings on your Roth contributions are not subject to taxes when distributed, provided you have had a Roth contribution account in the DSP for at least 5 years and you receive the distribution on or after reaching age 59½ (or on account of death or disability). You have access to portions of your vested DSP account to help you meet special financial needs through loans, and if you qualify, withdrawals. You can enroll, name or change your plan beneficiary(-ies), request changes to your contributions, get account information and request changes in your investments by calling Fidelity Retirement Services at or by contacting Fidelity online at Eligibility If you are an eligible employee, you may participate in the DSP effective on the first day of your employment. You are an eligible employee if you are a regular associate of the Company employed in the United States or outside of the United States as an expatriate and are paid through the United States payroll. Temporary associates, individuals paid by contract or other independent contractors, leased associates, co-op students, interns, summer students, associates of nonparticipating subsidiaries, associates covered by a collective bargaining agreement, and nonresident aliens with income from a source in the United States, who are otherwise covered by home country plans, are not eligible to participate in the DSP. NOTE If you were an associate not covered by a collective bargaining agreement and you were eligible to participate in the Danaher Corporation & Subsidiaries Retirement & Savings Plan on November 29, 2002, you will continue to be eligible to participate in the DSP on and after November 30, DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015 1

6 Service Your service is used to determine: your eligibility to participate in the Plan (described on page 1), your eligibility to receive company matching contributions prior to January 1, 2015 (see page 4), your eligibility to receive company retirement contributions (see page 5), and whether or not you are vested (see page 10). In general, all your service as an eligible employee with the Company counts as service under the Plan from the day you begin working to the day you stop working at the Company for any reason. Each 365 days of service equals one year of service. Your service includes time for which you are paid or entitled to payment, as well as approved/authorized time away from work, including vacations, holidays, illness, incapacity (including disability), temporary layoff, jury duty, military duty or time away on a paid or unpaid leave of absence. Your service will normally end when your employment terminates. However, brief periods of absence after a termination will be counted as service if: you return to work at the Company within one year after you retire, quit or after your employment otherwise ends, or you are on an approved military leave with protected reemployment rights, provided you return to employment according to the terms of the leave and applicable law. See the section If You Are Rehired on page 21 for more details. Plan Participation Participation in the Plan can begin on the date you complete your first hour of service as an eligible employee. If you work for the Company in an ineligible status and later become an eligible employee (as defined on page 1), all of your continuous employment with the Company counts as service for purposes of eligibility and vesting under the Plan. For example, if you are hired by the Company in an ineligible status and become an eligible employee, you will participate in the DSP on the first day you become an eligible employee. Your prior employment with the Company will count for purposes of Plan vesting and eligibility for company contributions. However, if you were previously an independent contractor (not on Danaher s payroll) and are later hired by the Company in an eligible status, then you are not eligible for prior service credit under the DSP. If you leave the Company or transfer to an ineligible status and later return to an eligible status, you will be eligible to participate in the Plan on your first day of work as an eligible employee. See If You Are Rehired on page 21 for more information about what happens if your employment ends and you later return. 2 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

7 Enrollment To make traditional pre-tax and/or Roth after-tax contributions to the DSP from your pay, you must complete your enrollment through Fidelity (by calling Fidelity Retirement Services at or by contacting Fidelity online at to: authorize payroll deductions, indicate how much you want to contribute, and direct the investment of contributions to the Plan. When your employment begins, you will receive an enrollment guide from your local human resources department. Your contributions to the Plan will begin the first payroll period as soon as administratively possible after you complete your enrollment with Fidelity. If you previously waived participation in the DSP but would like to enroll, contact Fidelity to enroll (by calling Fidelity Retirement Services at or by contacting Fidelity online at Automatic Enrollment If you are a new hire, a rehire, or are otherwise newly eligible (e.g., through acquisitions) starting January 1, 2015, or later, you will be automatically enrolled in the Plan at a contribution rate of 5% of your pre-tax eligible earnings if you don t otherwise make an election during your 45-day notification period. Automatic Re-Enrollment and Auto-Increase Additionally, if you are a new hire, a rehire, or are otherwise newly eligible (e.g., through acquisitions) starting January 1, 2015, or later: Annually on April 1, you will automatically be re-enrolled at a 5% pre-tax deferral rate, if you had opted out or reduced your deferral rate to 0% (subject to a 45-day notification period). Annually on April 1, you will automatically be increased to a 5% deferral rate if you are contributing from 1% to 4% (subject to a 45-day notification period), with the increase in your deferral rate being made on a pre-tax basis. The first annual cycle of automatic re-enrollment and auto-increase will occur in NOTE The DSP is a 401(k) plan. The term 401(k) refers to a section of the Internal Revenue Code that allows companies to establish tax-deferred savings plans for associates. Naming a Beneficiary When you enroll in the DSP, you should also designate your primary and secondary beneficiaries to indicate who will receive payment of your Plan account if you die. To name or change your plan beneficiaries at any time, you do so through Fidelity (by calling Fidelity Retirement Services at if no access to the internet or by contacting Fidelity online at You can name one or more beneficiaries to receive payment of your Plan account. However, if you are married, federal law requires that your spouse automatically be named as your beneficiary, unless your spouse consents to your designation of another beneficiary. To name another beneficiary, your spouse must complete the spousal consent on your DSP beneficiary form (which you can print from or request from Fidelity at ) and have his or her signature witnessed by a notary public or by a Plan representative such as your local human resources representative, before mailing the completed form back to Fidelity. You can change your beneficiary designation at any time. DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015 3

8 If you do not name a beneficiary for purposes of the DSP through Fidelity, your beneficiary will be your surviving spouse, if you are married. If you are not married, or if your spouse does not survive you, your beneficiary will be your estate. Your Contributions You can save from 1% to 75% of your pay in the DSP (traditional pre-tax and Roth after-tax combined), up to IRS and plan limits. Your traditional pre-tax contributions to the Plan are deducted from your pay before federal and in most cases, state and local income taxes are withheld from your pay. However, with a Roth after-tax contribution, you pay the taxes now on the contributions you make, but later the distribution of your Roth after-tax contributions and the related earnings are all tax free, if you have had a Roth contribution account in the DSP for at least 5 years and you receive the distribution on or after reaching age 59½ (or on account of death or disability). Your DSP contributions are deducted from your pay each pay period. Lump sum contributions are not permitted, except for qualified Rollover Contributions (described in Rollover Contributions to the DSP on page 7). Stopping or Changing Your Contributions You can stop or change the amount you are contributing to the Plan by contacting Fidelity (call Fidelity Retirement Services at or go online at Changes are processed in payroll as soon as administratively possible after you request the change through Fidelity. NOTE When you save in the DSP, you defer taxes on a certain portion of your account in the Plan. However, because of the Plan s tax advantages, the IRS also restricts your access to these amounts while you are working for the Company. (See Withdrawals While You are Working on page 13 and Plan Distributions on page 16 for information about taxes that may apply to Plan withdrawals and distributions.) Company Matching Contributions Effective January 1, 2015, the Company will immediately match 100% of each dollar you contribute (traditional pre-tax, Roth after-tax or a combination) on the first 3% of eligible pay plus match 50% of each dollar you contribute on the next 2% of eligible pay each pay date. Effective January 1, 2011, these matching contributions are considered safe harbor matching contributions. NOTE Catch-up contributions are not eligible for company matching contributions. ABOUT YOUR DSP CONTRIBUTIONS Your contributions and Company contributions to the DSP are made each payroll period. If no salary deferral contributions are deducted for a payroll period, no matching company contributions are made. This is important if you intend to contribute the maximum amount allowed by law or by the Plan (see Limits on Contributions on page 6). To insure that you receive the maximum company match, you must plan to make your contributions over the course of the entire year to the greatest extent possible to continue receiving company matching contributions on the amount you save; otherwise, company matching contributions will end for the year when you reach the contribution limit that applies to you. 4 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

9 Company Retirement Contributions After you complete one year of continuous service, the Company may make retirement contributions to the DSP on your behalf. This applies even if you decide not to make your own contributions to the Plan. For purposes of the DSP company retirement contributions, a year of continuous service is a 365-day period of employment uninterrupted by a break in service of one year or more. See Service on page 2 for more information about your how your continuous service is counted for purposes of determining whether you are eligible to receive company retirement contributions. Company retirement contributions may equal 2% of your eligible pay contributed each payroll period. If your annual earnings exceed the Social Security wage base for the plan year ($118,500 for the plan year beginning on 1/1/2015, as indexed) and you are an active associate on the last day of the plan year, an additional retirement contribution equal to 2% of your annual eligible earnings above the Social Security wage base may be contributed by the Company to your account in the Plan after the end of the plan year. EXAMPLE: DSP CONTRIBUTIONS Bill contributes 6% of his $30,000 pay to the DSP in He has completed one year of service and is eligible to receive both retirement and matching contributions from the Company. These are the contributions made to Bill s account in the DSP for the year: Company Retirement Contributions: $30,000 times 2% = $ 600 Bill s Pre-tax Contributions: $30,000 times 6% = + 1,800 Company Matching Contributions: $30,000 times 3% = Plus $30,000 times 1% (50% match on the next 2%) = Total 2015 DSP Contributions: $3,600 Because Bill makes pre-tax contributions, his taxes are about $500 less than they would have been if he had saved 6% of his pay outside of the Plan (assuming he is single and claims one exemption). That means his cost to save in the Plan is $1,300 (his $1,800 pre-tax contributions minus $500 in federal tax savings). Bill s Pre-tax Contributions: $1,800 Bill s Tax Savings: BILL S ACTUAL COST TO SAVE: $1,300 Catch-Up Contributions If you are age 50 or older, or if you are going to reach age 50 during the calendar year, the IRS allows you to make additional pre-tax and/or Roth after-tax catch-up contributions to the DSP, as long as you are already contributing the maximum amount the Plan or the law allows (see Limits on Contributions on page 6). For example, if your contributions equal the plan s 75% maximum, or if you will contribute the IRS maximum for a year, you are eligible to make catch-up contributions in the Plan. Catch-up contributions will not be matched by the Company. Here is an example of how catch-up contributions work: If you make $30,000 a year and elect to make contributions equal to 60% of your pay, your traditional pre-tax and/or Roth after-tax contributions to the DSP would total $18,000 for the year. However, if you meet the IRS age requirements for catch-up contributions, you may also contribute an additional amount each year to the Plan. DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015 5

10 For the 2015 plan year, the additional catch-up contribution limit is $6,000 (as indexed). This amount may change in future years if allowed by law. Contact Fidelity to elect or change your per pay date traditional pre-tax and/or Roth after-tax Catch-Up Contribution amounts (by calling Fidelity Retirement Services at or by contacting Fidelity online at You may change your catch-up contribution amount at any time (start, stop, etc) and it will rollover to future plan years unless you elect to change or stop the contribution through Fidelity. Limits on Contributions Under federal law, certain limits apply to the amounts that can be contributed by you and the Company to the DSP each year. Limits on Pre-Tax Contributions The IRS limits the total amount of traditional pre-tax and Roth after-tax contributions that you may contribute to the DSP (and to any other employer s pre-tax 401(k) Plan) each calendar year. For the 2015 calendar year, this limit is $18,000 (as indexed). This limit may change in future years, if allowed by law. Limit on Total Annual Contributions Per IRS limits, the combined total of traditional pre-tax, Roth after-tax contributions (combined) and company contributions is subject to an annual maximum of $53,000 (as indexed) or 100% of your taxable compensation, whichever is less. If your DSP contributions exceed the total annual limit, your Plan account will be reduced. Plan limits (where lower) also apply i.e. 75% maximum combined traditional pre-tax and Roth after-tax deferral limit. NOTE If you joined Danaher as part of a merger or acquisition of a prior employer, contributions from your prior employer s plan may have been transferred to Danaher s Plan. If you have a transferred contributions account, the provisions of the DSP, as described in this Summary Plan Description, apply to that account. 6 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

11 Rollover Contributions to the DSP You may roll over or transfer a lump sum taxable distribution from another employer s qualified plan or certain Individual Retirement Accounts (IRAs) into the DSP if the rollover contribution meets certain requirements. Generally, it must be: paid in cash, paid from a certain type of tax-qualified plan or IRA, Roth contributions from a 401(k), 403(b) or 457(b) plan, made within 60 days of the date it is distributed from a qualifying plan or IRA, able to satisfy all administrative requirements of the DSP, and distributed from a plan that does not provide a joint and survivor annuity benefit if a direct trust-to-trust transfer is required. If your rollover or transfer does not qualify as a tax-free rollover under the Internal Revenue Code of 1986 (as amended), it will be returned to you. Rollovers of after-tax contributions are not accepted by the Plan (except for Roth after-tax contributions as indicated above). NOTE To request a rollover form with instructions for making rollover contributions, call the Fidelity Retirement Benefits Line at or contact Fidelity online through NetBenefits SM at Rollovers to the DSP are permitted even if you do not elect to make traditional pre-tax and/or Roth after-tax contributions to the Plan. You may: name a beneficiary (see Naming a Beneficiary on page 3). direct the investment of your rollover contribution account to the Plan s available investment options, based on your current investment allocation for future contributions (see Your Investment Options on page 8). borrow money from your rollover contribution account according to the loan provisions of the Plan (see Loans on page 11). request certain withdrawals of all or part of your rollover contribution account at any age and for any reason, subject to applicable taxes (see Withdrawals While You Are Working on page 13). request a hardship withdrawal from your rollover contribution account (see Withdrawals While You Are Working on page 13). DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015 7

12 Your Investment Options You direct the investment of all contributions yours and the Company s. You may choose from a wide range of investment options for your account in the Plan. The options from which you can choose have different potential risk and return. The Plan also offers the BlackRock LifePath Index Funds Suite pre-mixed invested portfolios, each with a different level of potential risk and return based on when you are expected to retire and need your money. Effective October 2011, the Plan also offers access to invest up to 99% of your assets in Fidelity s BrokerageLink option, which allows you to invest in a broad array of mutual funds and individual securities outside the core investment options in the Plan (additional fees apply contact Fidelity for details). The DSP Enrollment Guide, available from your local human resources department, contains a brief description of each DSP investment option. You can obtain further information about any of the funds or the Plan details by calling the Fidelity Retirement Benefits Line at , getting information online via NetBenefits SM at or writing Fidelity for free prospectuses. Read all plan and investment materials carefully before investing. Investing Future Contributions You can direct the investment of all contributions to any of the available funds in increments of 1%. All contributions will be directed according to the election in effect at the time contributions are made. Transferring Account Balances: Exchanges You may make a separate election to transfer or exchange an investment of existing account balances among the Plan s available investment options. Certain restrictions may apply to transfers in and out of certain of the Plan s options. Please refer to Fidelity or the Enrollment Guide for the most current fund restrictions in the Plan. To discourage short-term trading, many mutual funds now require redemption fees. If you exchange fund balances within a certain time period, you are subject to these fees. Redemption fees go directly to the fund for the benefit of long-term shareholders. For more information on redemption fees and which funds have these fees, you may call the Fidelity Retirement Benefits Line at or access the NetBenefits SM site at Changing Your Investment Election and Transferring Investments You may change your investment election for future contributions or transfer existing account balances on any business day the New York Stock Exchange (NYSE) is open. To make changes in your investment elections, you may call the Fidelity Retirement Benefits Line at or contact Fidelity online through NetBenefits SM at In certain situations, changes in your investments may be limited by the Plan. In this event, you may be notified by the Plan Administrator. Generally, your requests for changes received by 4 p.m. Eastern Time any business day will be processed at the close of the market the same day. Requests received after 4 p.m. Eastern Time or on weekends and holidays will receive the next available closing prices. Investment of Plan Assets You choose how to invest the money in your DSP account. The Plan Administrator intends that the Plan meet the requirements of Section 404(c) of the Employee Retirement Income Security Act (ERISA). The value and return of all of the investment alternatives will be subject to fluctuations in the market value of the securities underlying 8 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

13 these alternatives. Even fixed income investments are subject to changes in value due to changes in interest rates, ratings of the issuer of the securities and other factors. Contributions to the DSP are made at the current net asset value of the investment funds when deposited. There is no guarantee of investment performance. Danaher does not offer investment advice. Upon request, Fidelity will provide information about each investment fund, such as type of assets, degree of potential investment risk, historical returns and possible investment fees. It is important for you to carefully consider the risks involved in any investment and to consult a personal financial or tax advisor before making investment choices. The Benefits Committee of Danaher Corporation selects the investment options available under the DSP. The Benefits Committee has the power to appoint investment managers to make investment decisions and may decide to change the way Plan assets are invested or to appoint alternative investment managers at any time without notice to or approval by Plan participants. Occasionally, access to some funds may be restricted. Fidelity reserves the right to implement updated policies and procedures to comply with SEC and other regulatory requirements (such as short-term trading restrictions). Also, Fidelity reserves the right to close access to certain funds for new investors and/or to modify or withdraw the exchange privilege, thereby strengthening the ability to ensure fairness to all shareholders in Fidelity mutual funds and in certain institutional investment products. Fidelity Portfolio Advisory Service at Work (PASW) There is also an investment management service available for Plan participants who would like more active management and support in the investment of their 401(k) account Fidelity Portfolio Advisory Service at Work (PASW). PASW allows you to have Fidelity professionals manage your account based on your investment time horizon, risk tolerance and/or financial goals. When you elect PASW, experienced investment professionals at Fidelity will assign you to a model portfolio by: 1. Assessing your situation and investment time horizon. 2. Investing your savings in an appropriate investment mix. 3. Monitoring your account and adjusting your investment mix over time to help keep your savings on track. If you elect PASW, you will pay additional advisory fees which will be assessed quarterly against your account. Your specific fee is a percentage of your account value and depends on the amount of assets in your account under PASW management and how they are invested (target range of net annual advisory fees of 0.10% to 0.50%). To get further details on this service and its related fees, contact the Fidelity Retirement Benefits Line at DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015 9

14 Vesting Vesting means you have a non-forfeitable right to the value of your DSP account. You are always 100% vested in the value of your own traditional pre-tax and/or Roth after-tax contributions and rollovers to the Plan. You are always 100% vested in the value of your safe harbor matching contributions (those made from 1/1/2011 and future if safe harbor terms continue). Generally, if you complete at least one hour of service on or after November 30, 2002, Danaher prior non-safe harbor matching (pre-2011) and company retirement contributions become fully vested on the earlier of the date: you complete three years of service with the Company (as defined in Service on page 2), or of your retirement at or after age 65, disability or death. NOTE Any amounts transferred from a prior employer s plan at the time of merger with or acquisition by Danaher are vested in the DSP in accordance with the terms of the merger/acquisition agreement. For purposes of the DSP, disability means a physical or mental condition arising after you become a Plan participant that prevents you from performing the regular duties of your job, is anticipated to last for a period of at least six months, and qualifies as a disability according to the terms of the Company s long-term disability plan or pension plan, Social Security or as certified by a licensed physician designated by the Plan Administrator. WHEN DSP CONTRIBUTIONS ARE VESTED DANAHER non-safe harbor matching (pre-2011) and company retirement contributions plus investment earnings on them are 100% vested after three years of service with the Company or if you retire at or after age 65, become disabled or die. YOUR contributions and any safe harbor matching contributions plus investment earnings on them including pre-tax contributions from your pay, and rollover contributions into the DSP are 100% vested as soon as deposited into the Plan. If your employment ends before the value of your Danaher company retirement or matching contributions are vested, you forfeit your rights to the non-vested portion of your account as of the date your employment ends. Any forfeited amounts will be used to reduce the amount of future company contributions for eligible participants or to pay plan expenses. See the section If You Are Rehired on page 21 for more information about your how your service is counted and whether forfeited amounts can be restored after a break in service. Special Vesting Rules Regardless of your service, your account in the Plan may become fully vested if you experience an employment loss as the direct result of a permanent closing of an employment site; a mass layoff as defined in the Plan; or a substantial change in the ownership of the Danaher company for which you work. 10 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

15 Loans Through the DSP loan provision, you have access to a portion of your vested Plan account while you are working for the Company. You may borrow from your vested account for any reason without having to prove financial hardship, so long as you are actively being paid by the Company. Amount/Frequency of Loans The minimum loan is $1,000. The maximum loan amount is the lesser of (1) 50% of your vested account balance or (2) $50,000 reduced by your highest outstanding loan balance from the Plan during the one-year period ending on the day before the loan is made. You may have only one outstanding loan from the DSP at any time. Once you pay off a plan loan, then you must wait 30 days before you can request a new loan from the Plan. Collateral Fifty percent of your vested account balance is pledged as collateral for your loan. Interest The interest rate for any loan will be a minimum of 1% over the Federal prime rate as published the last business day of the month on the website The rate which is set on a monthly basis will be fixed for the term of your loan. To confirm the interest rate, you may call the Fidelity Retirement Benefits Line at or contact Fidelity online through NetBenefits SM at Loan Terms For purposes of the DSP, you may elect repayment over one to five years. Once a loan term is set, it may not be re-amortized over a longer period at the participant s request. Repayment Interest and principal payments will be deducted from your pay each pay period. Loan repayments both principal and interest will be credited to your account according to your investment election for new contributions in effect at the time repayments are made. You may repay the entire loan balance in full without any penalty at any time. If you wish to fully pay off your loan early, please contact Fidelity to confirm your payoff amount, and take a certified check/money order to your local human resources department for processing. Partial lump sum repayments are also permitted (contact Fidelity for further details). If you are on an approved leave of absence, you may be able to continue to make loan payments or have your loan re-amortized when you return from leave. Contact the Fidelity Retirement Benefits Line at for more details. Loan Fees Effective July 1, 2013, an administrative processing fee of $50 will be deducted from your Plan account when your loan is initiated. No quarterly maintenance fee will be assessed for new loans initiated on/after that date. However, outstanding loans as of July 1, 2013, will continue to be assessed a quarterly loan maintenance fee of $3.75 (deducted from a participant s account) at the start of each quarter until the loan is fully repaid (based on the original terms of the loan). DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/

16 Default Your loan will be in default if you are working for the Company and fail to make scheduled payments for 90 days. In this case, the Plan is required to take appropriate legal remedies. These include treating the loan balance as a deemed distribution subject to income taxes and penalty taxes, or re-amortizing the outstanding balance over the remaining term of the loan and promptly starting payroll deductions. If the Plan is ordered to stop loan deductions for you as a result of a bankruptcy-related court order, your loan would be defaulted after 90 days of no payments. Your outstanding loan balance would be categorized as a deemed distribution subject to income taxes and possible penalty taxes, and you would be prohibited from taking another loan from the Plan. Under current tax law, a loan default will have additional tax consequences if your employment ends and you are deemed to have received a Plan distribution (see Plan Distributions on page 16). If Your Service Ends If your employment with the Company ends for any reason, you may elect to continue making repayments to the Plan directly through Fidelity (ACH) or you may pay the entire unpaid principal and interest of any outstanding loan at any time. Loans are defaulted at the end of the calendar quarter following the calendar quarter in which repayments were discontinued. If a loan is in default at or after the time your employment ends, the amount outstanding will be immediately deducted from the vested benefit payable to you from the Plan and will be treated as a distribution to you, regardless of whether you elect to receive a distribution of your Plan account. You will then be responsible for any income taxes and tax penalties on the amount of the outstanding loan balance, including the 10% additional penalty tax that applies to early distributions (see Tax Information on page 18). Applying for a Loan You must be an active employee receiving paychecks from the Company to be eligible to apply for a loan. Participants who are on an unpaid leave of absence are not eligible to apply for a loan until they return to active service and are receiving paychecks from the Company. To obtain a loan, you may be required to complete a Loan Application and Disclosure Statement and a Promissory Note. You can request a loan by calling the Fidelity Retirement Benefits Line at or by contacting Fidelity online through NetBenefits SM at Through Fidelity, you can also find out the maximum amount available for a Plan loan or the repayment amount for a loan. If your loan application meets Plan requirements, your loan check will generally be processed within 1 to 2 business days for receipt within 7 to 10 business days thereafter. Loan repayment will begin through automatic payroll deduction beginning with the first payroll period of the quarter following the quarter in which your loan was processed. 12 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

17 Withdrawals While You Are Working You may request a withdrawal of all or a portion of your vested DSP account while you are still working for the Company in accordance with procedures established by the Plan Administrator, subject to certain limitations and tax penalties outlined on the following pages. Different withdrawal rules apply to different Plan accounts. Five types of withdrawals are available, as shown in the chart below. To request a withdrawal from the DSP, call the Fidelity Retirement Benefits Line at or contact Fidelity online through NetBenefits SM at DSP Withdrawal Summary WITHDRAWAL AMOUNT AVAILABLE* LIMITATIONS Traditional Rollover / Roth Rollover Contribution Withdrawals Age 59½ Withdrawals Hardship Withdrawals Disability Withdrawals HEART Act Withdrawal All or part of the value of your rollover contribution account(s). When you reach age 59½, you will be permitted to withdraw any portion of your vested account balance for any reason, including the value of your contributions, Danaher contributions and any amounts transferred to the DSP from a prior employer s plan at the time of an acquisition/merger (excluding certain Prior Company Protected source funds). If you qualify for a financial hardship withdrawal, you will be permitted to withdraw any portion of your vested account balance, including the value of your contributions, Danaher contributions (excluding safe harbor matching contributions from 2011 onward) and any amounts transferred to the DSP from a prior employer s plan at the time of an acquisition/merger (excluding QNEC or certain Prior Company Protected source funds). If you qualify as disabled per the plan s definition, you will be permitted to withdraw any portion of your vested account balance, including the value of your contributions, Danaher contributions (other than safe harbor match) and any amounts transferred to the DSP from a prior employer s plan at the time of an acquisition/merger. If you qualify for a HEART Act withdrawal, you will be permitted to withdraw any portion of your pre-tax contributions. Allowed at any time and for any reason Allowed at or after age 59½ for any reason Subject to IRS restrictions as noted in this section Up to the amount of financial need Six-month suspension of your pre-tax contributions Allowed after a participant has been off work due to a qualified medical disability for six (6) months or more. Allowed after a participant has been on an active military leave of absence for more than 30 days. Subject to six-month suspension of the participant s pre-tax contributions and any related match. * If you previously were a participant in a plan maintained by ACME Cleveland Corporation, Davis Calibration, Esko-Graphics, Fluke Corporation, Hach Company, Joslyn Corporation, Willett America, Inc., Motion Engineering, Inc., Chemtreat, Inc., Visual Networks, Inc., DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/

18 or Beckman Coulter, Inc., please contact your local human resources department or Fidelity for additional withdrawal options available to you. * Prior employer contributions transferred to the DSP for former Newtown Manufacturing Company, Inc. Money Purchase Pension Plan and merged Kollmorgen Plan participants are not available for withdrawal because of withdrawal restrictions in these prior plans. Prior money purchase contributions originally made by Chemtreat, Inc. under the Chemtreat, Inc. Employee Stock Ownership Plan and Trust and later transferred to the DSP for certain employees of Chemtreat, Inc. are also not available for withdrawal because of prior withdrawal restrictions applicable to these funds. * After-tax contributions from a prior plan which have been transferred to the DSP are available for withdrawal at any time and for any reason. * If you were previously a participant in a 401(k) plan sponsored by Arbor Networks, Adcon, Keithley Instruments, Esko-Graphics, or Aperio Technologies, Inc., you may have a separate account for any Roth 401(k) contributions and/or Roth 401(k) rollover amounts that you made to that prior plan, and the funds in this account are treated as your contributions or your rollovers for purposes of the withdrawal options under the Plan. Additional Information about Hardship Withdrawals The rules under which you can make a hardship withdrawal from the Plan are established by the Internal Revenue Code. In general, hardship withdrawals are limited to certain specific situations and must be approved according to the terms of the Plan. You can make a hardship withdrawal of pre-tax contributions, your rollover contributions, vested Company retirement or (non-safe harbor; pre-2011) matching contributions and most prior employer contributions transferred to the DSP at the time of a merger/acquisition. Hardship withdrawals are allowed only in situations of extreme financial hardship, which the IRS defines as an immediate and severe financial need that cannot be met by other financial resources. Under IRS regulations, you can make a hardship withdrawal to cover specific expenses, including: unreimbursed medical expenses for you, your spouse, same-sex domestic partner (effective May 1, 2013) or other dependents or to allow you, your spouse same-sex domestic partner (effective May 1, 2013) or other dependents to obtain medical care, purchase of your primary residence (not including mortgage payments), tuition payments for post-secondary education for you, your spouse, same-sex domestic partner (effective May 1, 2013), your children, or other dependents (for the next 12 months only), payments to prevent eviction or mortgage foreclosure on your primary residence, payments for burial or funeral expenses for your deceased parent, spouse, same-sex domestic partner (effective May 1, 2013) or other dependents, certain expenses to repair damage to your primary residence, and Hurricane Sandy Need for a participant who is a victim of Hurricane Sandy or to assist a son, daughter, parent, grandparent, or other dependent who lived or worked in one of the FEMA-covered disaster areas provided the request was made between October 26, 2012 and February 1, (The six-month suspension of salary deferrals period was waived for hardship withdrawals taken due to a Hurricane Sandy Need. ) IRS rules also limit the amount you can take as a hardship withdrawal: the hardship withdrawal cannot exceed the amount needed. In addition, you must first receive all other withdrawals (including loans, if applicable) from your DSP account or from any other plans maintained by Danaher before a hardship withdrawal can be approved under the Plan. The Plan Administrator must approve all requests for financial hardship withdrawals and may require documentation supporting your request for a hardship withdrawal. 14 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015

19 All hardship withdrawal requests must be processed through Fidelity not through your local human resources department. Your Plan contributions other than rollover and company retirement contributions will be suspended for six months following a hardship withdrawal. TAXES ON WITHDRAWALS The IRS has established guidelines for the taxation of withdrawals from plans such as the DSP. Your withdrawals of pre-tax amounts from the DSP are subject to ordinary income tax, and in some cases additional penalty taxes, in the year paid. Because of the complexity of these rules, you should consult a personal tax advisor before making withdrawals from your DSP account to understand the tax consequences and penalties that may apply. DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/

20 Plan Distributions If you retire at or after your normal retirement date (age 65) or die, you or your beneficiary will be eligible to receive a distribution of the full value of your DSP account. If your employment ends for reasons other than normal retirement or death, you are eligible to receive your vested DSP account balance. In order for the earnings on Roth after-tax contributions to be distributed to you tax free, you must have had a Roth contribution account in the DSP for at least 5 years and receive the distribution on or after reaching age 59½ (or on account of death or disability). Plan Payments LUMP SUM Payments from the Plan can be made in the form of a single lump sum. If the vested value of your DSP account is $1,000 (applied separately to Roth and non-roth balances) or less, payment will automatically be made in a single lump sum, generally in the month of November following your termination (but not less than 60 days after your termination). If the vested value of your Roth balances or non-roth balances in your DSP account is greater than $1,000 and does not exceed $5,000, the Plan Administrator will automatically rollover your Roth balances or non-roth balances to separate Fidelity IRAs generally in the month of November following your termination (but not less than 60 days after your termination), unless you elect a direct rollover or receive payment directly before that time. If the value of your DSP account is more than $5,000, you must contact Fidelity directly to request a distribution or rollover to receive a payment from the Plan. KOLLMORGEN AND NEWTOWN PLAN PARTICIPANTS If a prior employer account transferred from the merged Kollmorgen or the Newtown Plan at the time of merger/acquisition, you will have the option to elect payment of the value of your prior employer contributions account in the form of an annuity allowed by your former plan, as required by federal regulations. You (or your beneficiary in the case of your death) can elect to receive distribution as soon as administratively possible after your employment ends. If you leave the Company before age 65 and your account balance is more than $5,000, you can delay distribution until April 1 following the year in which you reach age 70½. If distribution of your DSP account is deferred, neither you nor your beneficiary is eligible for withdrawals or loans under the Plan. You will be permitted to direct the investment of your account in the Plan after your termination, and your account will continue to be credited with investment gains or losses according to your investment election. You may elect to receive payment of your account invested in the Danaher Corporation Stock Fund in the form of cash, common stock of the Company or a combination. Special tax rules will apply to the distribution of Danaher Corporation common stock (see Distribution of Danaher Corporation Common Shares on page 18). You may be able to roll over certain portions of your distribution from the DSP into another tax-qualified benefit plan or an IRA to defer the payment of income taxes on the taxable portion of your DSP account (see Rollovers on page 19). If your account balance is transferred to your beneficiary due to your death, your beneficiary will generally be required to take a full distribution from the Plan by no later than the end of the calendar year following the fifth anniversary of your (the participant s) death. 16 DANAHER CORPORATION & SUBSIDIARIES SAVINGS PLAN SUMMARY PLAN DESCRIPTION 1/1/2015