Exhibit 10.1

January 5, 2015

Jean-Luc Butel

Subject: Employment Agreement

Dear Jean-Luc,

This Employment Agreement (“Agreement”) confirms Baxter Healthcare (Asia) Pte Ltd’s (the “Company”) employment offer to you as follows:

You will be paid a salary of SGD 50,500 per month. You also will be paid a one-time payment of SGD 65,500 in lieu of outplacement, which will be paid to you by March 1, 2015. You agree you are entitled to no further base pay or outplacement whatsoever for your work through the Separation Date.

any person employed or engaged at the time by a Baxter Group Member (i) who could materially damage the interest of the Baxter Group Member in maintaining the stability of its workforce if the person were to leave the employment or engagement of the Baxter Group Member; or (ii) for whom you have had responsibility or with whom you have worked and about whom you have received confidential information or personal knowledge during the period of 12 months prior to the termination of your employment so as to give or be reasonably likely to give you influence over that person, to leave the employment of the Baxter Group Member (regardless of whether or not their leaving of employment would amount to a breach of contract or other wrongful act).

The termination of this Agreement howsoever arising shall not operate to affect such of the provisions hereof as are expressed to operate or have effect thereafter and shall be without prejudice to any other accrued rights or remedies of the parties.

If any term in this Agreement is determined by a competent Court to be invalid, unlawful or unenforceable, then such term shall to that extent only be severed from the remaining terms and conditions in this Agreement which shall continue to be valid and enforceable to the fullest extent permitted by law.

Save as expressly provided herein, no person other than you and the Company shall have any rights under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any of the terms in this Agreement.

Please express your agreement and acceptance of the appointment details and terms and conditions of this Agreement by signing the duplicate of this Agreement and returning it to the Company.

ACCEPTANCE & ACKNOWLEDGEMENT BY:

SCHEDULE A - LIST OF COMPETITIVE ENTITIES

Abbott Laboratories

AbbVie Inc.

B. Braun Melsungen AG

Bayer AG

Biogen Idec

CSL Limited

Davita Inc.

Fresenius Medical Care AG & Co. KGaA

Griffols Inc.

Halozyme, Inc.

Hospira, Inc.

Johnson & Johnson

Nikkiso Inc.

NovoNordisk A/S

Octapharma AG

Talecris Biotherapeutics Holdings Corp.

Any other entity that is engaged in the research and development, sale, or marketing of plasma recombinants, hospital products, or renal therapies to the extent that such entity directly competes, or is planning to compete, with the Baxter Group’s plasma recombinants, hospital products or renal therapies.

Any of the parents, subsidiaries, affiliates, successors and assigns of an entity listed above.

SCHEDULE OF BENEFITS

HEALTH & WELLNESS PROGRAMS

Employee Health and Well-Being Benefits are offered to employees. Through the company’s global health and wellness program called BeWell@Baxter, employees have access to resources to help them focus on staying well through education and prevention, taking action to make healthy changes and dealing with chronic or acute conditions.

MEDICAL & HEALTH SCREENING BENEFITS

Flex Outpatient Medical Limit is S$1,800.00 annually. The company extends this benefit to your dependents (spouse and children) with co-payment scheme and under the policies of our plan. This program provides flexibility to employees to claim based on medical needs for any given specific year. GP Outpatient, Specialist outpatient consultation including laboratory investigative test, Dental or Health Screening.

INSURANCE COVERAGE UPON COMMENCEMENT OF EMPLOYMENT

Life Insurance and Personal Accident Insurance. The Life Insurance cover for management level is equivalent to 24 x the last monthly drawn base salary; subject to a cap of S$400,000. The Personal Accident Insurance covers an additional 24 months base salary in the event of accidental death or permanent incapacity.

Hospital and Surgical Insurance For dependent coverage, it will be co-payment of premium between employees and company.

Business Travel Accident Insurance covers all Baxter employees traveling overseas for work at no cost to employees.

FINANCIAL AND RETIREMENT

Through the Employee Stock Purchase Plan (ESPP), Baxter employees have opportunity to share in the growth the company generates for shareholders. The ESPP allows employees to purchase Baxter stock each month at a 15 percent discount (up to 15% of base salary) through convenient payroll deductions.