Document:

EX-10.28

 Exhibit 10.28 
 

 
 November 7, 2007 

Mr. Brant Ahrens 
 2323 Kenilworth Avenue

 Wilmette, Illinois 60091 
 Dear
Mr. Ahrens: 
 As promised in your initial employment offer letter, dated October 16, 2007, we are
updating the terms of your employment term sheet agreement to reflect more favorable general terms that have been reached with the three presidents. Please find enclosed for your review a revised term sheet agreement. 

Please signify your acceptance of the revised terms of your employment by signing as indicated below, and return these
documents to me at your earliest convenience. 
  

					
	 Sincerely,

	
	 

	 Joan Schellhorn

	 Chief Human Resources Officer

			
	 Accepted:
	    		 	
			
	 

	    	Date:	 	 11.12.07

	 Brant Ahrens
	    		 	

  
 70 West
Madison, Suite 200 — Chicago, Illinois 60602 — tel [312] 638-7100
— fax [312] 683-7111 — www.ThePrivateBank.com 

 
 MEMBER FDIC —

 EQUAL HOUSING LENDER 

 BRANT AHRENS 

 

			
	Position	  	Group Senior Vice President of The PrivateBank and Trust Company (the “Bank”), reporting to the CEO of the Bank, and responsible for Integration and Strategic Planning
Matters.
		
	Base Salary	  	$225,000 per year subject to increase, but not decrease from time to time (other than permitted proportionate reductions applicable to all similarly situated senior executives of
the Bank, unless such reduction occurs during the two-year period commencing upon the occurrence of a Change of Control), in the sole discretion of the Bank, and any such increased (or decreased) amount shall mean “Base Salary” for
purposes of this term sheet agreement. Your initial Base Salary reflects your base salary with your current employer of $215,000, plus $10,000 to reflect that the Bank does not provide cars or car allowances to its employees.
		
	Annual Bonus	  	90% of Base Salary at target.
		
		  	The Compensation Committee does not intend to propose a 2008 annual bonus plan that will limit the bonus payable to the target amount.
		
	Inducement Equity Award	  	As a material inducement for you to join the Bank, on November 1, 2007 you received an initial equity award of 62,500 stock options and 25,000 shares of restricted stock under
the PrivateBancorp, Inc. Strategic Long-Term Incentive Compensation Plan. The stock options have a 10-year term. The award of restricted stock and one-half of the stock options (“performance stock options”) are subject to performance
vesting requirements and continued service during the performance period generally applicable to such awards, and the other one-half of the stock options (“time-vesting stock options”) are subject to time vesting requirements only, all as
more particularly described on Attachment A hereto.
		
		  	If, prior to the date on which your initial equity award is fully vested, your employment is terminated due to your death or Disability (as defined in the award agreement), your
employment is involuntarily terminated by the Bank without Cause or voluntarily terminated by you for Good Reason, (i) the unvested portion of the time-vesting stock options will become fully vested and exercisable and (ii) you will continue to vest
through December 31 of the fiscal year of your termination in the unvested portion of the restricted stock and performance stock options and such previously unvested performance stock options will become exercisable if the performance vesting
conditions

			
		  	relating to the award are satisfied on the performance vesting date that next follows your date of termination; provided, you will be vested in a minimum number of each of shares
of restricted stock and performance stock options as equals the product of (x) 5% multiplied by (y) the number of whole or partial years of employment with the Bank from January 1, 2008 through the date of termination, to the extent you had not
previously become vested in at least such number of shares of restricted stock and performance stock options, respectively. Upon such termination of employment, vested time-vesting stock options (including time-vesting stock options that become
vested on the date of termination) and then-vested performance stock options will be exercisable for 1 year after your date of termination (but not beyond the last day of the stock option term). Upon such termination of employment, performance stock
options that become vested upon attainment of the performance objective for the year of termination will be exercisable for 1 year after the performance vesting date that next follows your date of termination (but not beyond the last day of the
stock option term).
		
		  	You will become fully vested in your initial equity award upon the occurrence of a Change of Control.
		
		  	To the extent that the Bank has or hereafter enters into a broker-assisted (FRB Reg. T) cashless exercise program for stock option awards to employees of the Bank, the initial
stock option award will be included in such program.
		
		  	The restricted shares and stock options will be subject to the terms and conditions of an equity incentive plan and award agreements to be adopted by the Board of Directors of
the Holding Company; provided, however, that with respect to the terms and conditions described above, if there is a conflict between this term sheet agreement and the equity incentive plan and/or an award agreement thereunder, the document that is
more favorable to you will control.
		
		  	You will be eligible for future equity awards from time to time, in accordance with the terms of the Holding Company’s incentive plans as then in effect, in such amount, if
any, as is determined in the sole discretion of the Compensation Committee.
		
		  	“Cause,” “Good Reason” and “Change of Control” are defined on Attachment B.
		
	Buy-Out	  	You will receive appropriate cash amounts to compensate you for any forfeited compensation that otherwise would have been earned as of December 31, 2007, at your current
employer, including the loss of accrued bonus, LTIP and equity awards:

  
 2 

			
		  	Bonus: Full (i.e., non-pro rated) 2007 bonus will be paid to you in the amount of 150% of the target amount ($290,250), payable under your current employer annual bonus
award, on the Bank’s first payroll date in January 2008.
		
		  	Retention Bonus: You will receive a make whole payment for the second one-half of your retention bonus ($105,000) on or about February 15, 2008. Any forfeiture of the
first one-half of your retention bonus ($105,000) will be made whole within 30 days after you provide evidence to the Bank that such forfeiture has occurred.
		
		  	LTIP: The 2005-2007, 2006-2008 and 2007-2009 open LTIP cycles will be paid to you in the amount of $200 per LTIP unit, as follows:
		
		  	The full amount of the 2005-2007 cycle ($40,000) if you remain employed until December 31, 2007 (payable in January 2008), (ii) the full amount of the 2006-2008 cycle
($70,000) if you remain employed until December 31, 2008 (payable in January 2009), and (iii) the full amount of the 2007-2009 cycle ($125,000) if you remain employed until December 31, 2009 (payable in January 2010). If, prior to the end of a
particular cycle, your employment is terminated due to your death or Disability (as defined in the Inducement Equity Award agreement), your employment is involuntarily terminated by the Bank without Cause or voluntarily terminated by you for Good
Reason, you will receive a pro rata portion of the payout relating to such cycle equal to the full amount payable under such cycle multiplied by a fraction, the numerator of which is the number of days you were employed by your prior employer and
then by the Bank during such cycle and the denominator of which is 1095. If your employment is terminated for any other reason prior to the last day of a particular cycle, you will forfeit any amounts relating to that cycle.
		
		  	Equity: Cash payment consistent with the treatment by your prior employer’s parent company of outstanding equity awards for individuals who remain employed by your
prior employer on December 31, 2007.
		
		  	All of the above Buy-Out amounts actually paid to you by the Bank will be reduced (if not paid), or offset by future cash compensation (if paid), by the amount of any payment
received from your prior employer, so as to avoid any duplication of payment of those amounts.
		
	Benefits; Perquisites	  	On the first of the month after your start date, you are eligible to participate in the Bank’s medical and dental insurance plans as

  
 3 

			
		  	well as participate in the flexible benefits plan and the PrivateBancorp, Inc. Savings, Retirement and Employee Stock Ownership Plan (KSOP). Our KSOP currently provides the
additional benefit after a year of service of a company match of $.50 on the dollar on your elected contributions of up to the first 6% of compensation. Life insurance and accidental death and dismemberment insurance (both at two times your Base
Salary, subject to applicable maximum coverage provisions) are provided by the Bank. The long term disability insurance is also provided by the Bank.
		
		  	You will also be furnished with such perquisites which may from time to time be provided by the Holding Company and the Bank which are suitable to your position and adequate for
the performance of your duties hereunder and reasonable in the circumstances. Such perquisites include, but are not limited to, reimbursement for dues at one approved country club and one approved luncheon club in the Chicago Metropolitan area. If
you are required to repay any portion of the initiation fee to your current employer relating to the country club to which you currently belong, the Bank will reimburse you for such repayment upon receipt of appropriate documentation of such
repayment.
		
	Vacation	  	Standard Bank vacation policy, but not less than 4 weeks per calendar year.
		
	Severance Benefits (Termination without Cause or for Good Reason) (prior to, or more than 2 years after, a Change of Control)	  	 Upon an involuntary termination of your employment by the Bank without Cause or voluntary termination of employment by you for Good
Reason, you will receive:
  
 (i) A pro rata bonus based on your prior
year’s bonus (if any) (assumed to be the target bonus until the 2008 bonus, if any, is payable) and the number of days elapsed during the year in which the date of termination occurs (the “Pro Rata Bonus”); and

 
 (ii) Severance payments equal to 100% of the sum of (A) your then-current annual base
salary, plus (B) the average of the sum of the bonus amounts earned by you with respect to the 3 calendar years (or such fewer number of years as you have been employed – assuming target bonus until the 2008 bonus, if any, is payable)
immediately preceding the calendar year in which your date of termination occurs, payable in substantially equal monthly installments for a period of 12 months in accordance with the Bank’s regular payroll practices;

 
 (iii) Continuation for 12 months of your right to maintain COBRA continuation
coverage under the applicable Bank plans

  
 4 

			
		  	at premium rates on the same “cost-sharing” percentage basis as the applicable premiums paid for such coverage by active Bank employees as of your date of
termination;
		
		  	(iv) Payment of all Buy-Out amounts, in the manner and at the time provided in this term sheet agreement, that remain unpaid as of your termination date; and
		
		  	(v) Base Salary earned but not paid and vacation accrued and unused through your termination date, any annual bonus that is earned in a fiscal year preceding the fiscal year of
your termination but not paid as of the termination date, and such other earned but unpaid amounts under the employee benefit plans in which you participate as of the termination date that are payable to you in accordance with the terms thereof,
(collectively “Accrued Obligations”).
		
		  	Any payments and benefits to you under this Severance Benefits section of this term sheet agreement shall not be reduced by the amount of any compensation or benefits earned as a
result of your subsequent employment.
		
		  	If you are a “specified employee” of the Holding Company and its affiliates (as defined in Treasury Regulation Section 1.409A- l(i)), then you shall receive payments
during the 6 month period immediately following your date of termination equal to the lesser of (x) the amount payable under this severance provision or (y) two (2) times the compensation limit in effect under Code Section 401(a)(17) for the
calendar year in which your date of termination occurs (with any amounts that otherwise would have been payable under this severance provision during such 6 month period being paid on the first regular payroll date following the 6 month anniversary
of the date of termination).
		
	Change of Control Severance (during two years upon and following a Change of Control)	  	For the period commencing six months prior to a Change of Control and ending on the second anniversary of such Change of Control that occurs on or before that date, upon an
involuntary termination of your employment by the Bank without Cause or voluntary termination of employment by you for Good Reason at or after a Change of Control, you will receive:
		
		  	(i) The Pro Rata Bonus;
		
		  	(ii) Severance equal to 150% of the sum of (A) your Base Salary (disregarding any reduction of your Base Salary constituting Good Reason), plus (B) the greater of (x) your prior
year’s bonus or (y) the average of the sum of the bonus amounts earned by you with respect to the 3 calendar years (or such fewer number of

  
 5 

			
		  	years as you have been employed - assuming target bonus until your first annual bonus has been paid) immediately preceding the calendar year in which your date of termination
occurs, payable in a single lump sum payment within 30 days after the date of termination, or if your termination of employment occurs within six months prior to a Change of Control, then within 5 business days after the Change of Control you will
receive a single lump sum payment equal to (p) the amounts due you under this clause (ii) reduced by (q) the sum of all amounts paid to you under clause (ii) of Severance Benefits (above in this term sheet agreement), so that no amount of the lump
sum payment under this clause (ii) is duplicative;
		
		  	(iii) Continuation for 18 months of your right to maintain COBRA continuation coverage under the applicable Bank plans at premium rates on the same “cost-sharing”
percentage basis as the applicable premiums paid for such coverage by active Bank employees as of your date of termination;
		
		  	(iv) Payment of all Buy-Out amounts in a single lump sum within 30 days after the date of termination and otherwise in the manner provided in this term sheet agreement, that
remain unpaid as of your termination date;
		
		  	(v) Outplacement for 12 months; and
		
		  	(vi) The Accrued Obligations.
		
		  	Any payments and benefits to you under this Change of Control Severance section of this term sheet agreement shall not be reduced by the amount of any compensation or benefits
earned as a result of your subsequent employment.
		
	Code Section 280G	  	If any payments or benefits constitute “excess parachute payments” (as defined in Code Section 280G), you will be fully grossed up if such payments and benefits exceed
330% of your “base amount” (as defined in Code Section 280G). If such payments and benefits equal 330% or less of your base amount, payments will be reduced so that you do not receive any excess parachute payments.
		
	Full Satisfaction; Release of Claims	  	Any termination payments made and benefits provided to you under this term sheet agreement shall be in lieu of any termination or severance payments or benefits for which you may
be eligible under any of the plans, policies or programs of the Bank or its affiliates.

  
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		  	As a condition precedent to the payment of all amounts, benefits and vesting of your initial equity award, other than your Accrued Obligations, pursuant to your involuntary
termination of employment without Cause or your voluntary termination of employment for Good Reason at any time, you shall execute a waiver and general release of claims, substantially in the form customarily obtained by the Bank from its
terminating executive employees, which waiver and general release of claims is not revoked during any applicable seven (7) day revocation period. For the avoidance of doubt, such waiver and general release will not adversely affect your ability to
enforce the terms of this term sheet agreement, your indemnification rights under the Bank’s by-laws and this term sheet agreement, your rights to coverage under the Bank’s directors and officers liability insurance, your and your covered
dependents’ rights to COBRA continuation coverage, your rights to vested employee benefits, and other rights that cannot be waived by operation of law.
		
	Restrictive Covenants (confidentiality, non-competition, non-solicitation)	  	You will not at any time during or following your employment with the Bank, directly or indirectly, disclose or use on your behalf or another’s behalf, publish or
communicate, except in the course of your employment and in the pursuit of the business of the Holding Company and the Bank or any of its subsidiaries or affiliates, any proprietary information or data of the Holding Company and the Bank or any of
its subsidiaries or affiliates, which is not generally known to the public or which could not be recreated through public means and which the Holding Company and the Bank may reasonably regard as confidential and proprietary. You recognize and
acknowledge that all knowledge and information which you have or may acquire in the course of your employment, such as, but not limited to, the business, developments, procedures, techniques, activities or services of the Holding Company or the Bank
or the business affairs and activities of any customer, prospective customer, individual firm or entity doing business with the Holding Company or the Bank are their sole valuable property, and shall be held by you in confidence and in trust for
their sole benefit. All records of every nature and description which come into your possession, whether prepared by you, or otherwise, shall remain the sole property of the Holding Company or the Bank and upon termination of your employment for any
reason, said records shall be left with the Holding Company or the Bank as part of its property.
		
		  	During the period of your employment with the Bank and for a period of 1 year after termination of your employment for any reason, you will not (except in your capacity as an
employee of the Bank) directly or indirectly, for your own account, or as an agent, employee, director, owner, partner, or consultant of any

  
 7 

			
		  	corporation, firm, partnership, joint venture, syndicate, sole proprietorship or other entity:
		
		  	(i) engage, directly or indirectly, in any business which has a place of business (whether as a principal, division, subsidiary, affiliate, related entity, or otherwise) located
within the area encompassed within a 50 mile radius surrounding your office as of your date of termination that provides banking products, or that provides non-banking products or services of a type that accounted for more than 10% or the Holding
Company’s gross revenues for the fiscal year immediately preceding your date of termination, that the Holding Company or the Bank or any of their subsidiaries or affiliates provide as of your date of termination, provided that this subsection
(i) shall not become applicable unless you are employed by the Bank at any time on December 31, 2008;
		
		  	(ii) solicit or induce, or attempt to solicit or induce any client or customer of the Holding Company or the Bank or any of their subsidiaries or affiliates not to do business with
the Bank or Holding Company or any of its subsidiaries or affiliates; provided that, respecting any such client or customer of the Holding Company or the Bank that was a client or customer of your immediate prior employer on the date hereof, and for
which you or one of your direct or indirect reports were the primary relationship manager, this subsection (ii) shall not become applicable unless you are employed by the Bank at any time on December 31, 2008; or
		
		  	(iii) solicit or induce, or attempt to solicit or induce, any employee or agent of the Holding Company or the Bank or any of their subsidiaries or affiliates to terminate his or her
relationship with the Holding Company or the Bank or any of their subsidiaries or affiliates.
		
		  	The foregoing provisions shall not be deemed to prohibit your ownership, not to exceed 5% of the outstanding shares, of capital stock of any corporation whose securities are
publicly traded on a national or regional securities exchange or in the over-the-counter market.
		
		  	You agree that, as the Holding Company’s and the Bank’s sole remedy for any breach (or threatened breach) of the non-competition covenant at subparagraph (i) above,
respecting your initial restricted stock and stock option award above:
		
		  	(x) you will immediately forfeit all unexercised stock options (whether then vested or unvested) then held by you, all shares of

  
 8 

			
		  	stock of the Holding Company (or any successor) acquired upon the exercise of vested stock options and then held by you, and all shares of restricted stock (whether vested or
unvested, restricted or unrestricted) then held by you;
		
		  	(y) you will immediately repay to the Holding Company a cash sum in the principal amount equal to all gross proceeds (before-tax) realized by you upon the sale or other disposition
of shares of stock of the Holding Company (other than shares relating to open market purchases by you) occurring at any time during the period commencing on the date that is three years before the date of termination of your employment and ending on
the date that the noncompetition covenant lapses (“Refund Period”), together with interest accrued thereon, from the date of such breach or threatened breach, at the prime rate (compounded calendar monthly) as published from time to time
in The Wall Street Journal, electronic edition (“Interest”); and
		
		  	(z) you will repay to the Holding Company a cash sum equal to fair market value of all shares of stock of the Holding Company (other than shares relating to open market purchases by
you) and all stock options transferred by you as gifts at any time during the Refund Period, together with Interest, and for which purpose, “fair market value” per share of stock shall be the closing price of one share of Holding Company
common stock on the date such gift occurs and per stock option shall be the positive difference, if any, between the fair market value of a share of stock, above, and the stock option exercise price.
		
		  	You further agree that a breach (or threatened breach) of the confidentiality and/or non-solicitation covenants in subparagraphs (ii) and (iii) above will result in
irreparable harm to the business of the Holding Company and the Bank, a remedy at law in the form of monetary damages for any breach (or threatened breach) by you of these covenants is inadequate, in addition to any remedy at law or equity for such
breach, the Holding Company and the Bank shall be entitled to institute and maintain appropriate proceedings in equity, including a suit for injunction to enforce the specific performance by you of such obligations and to enjoin you from engaging in
any activity in violation thereof, and the covenants on your part contained above shall be construed as agreements independent of any other provisions in this term sheet agreement, and the existence of any claim, setoff or cause of action by you
against the Holding Company or the Bank, whether predicated on this term sheet or otherwise, shall not constitute a defense or bar to the specific enforcement by the Holding Company or the Bank of said covenants.

  
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		  	In the event of a breach or a violation by you of any of the covenants and provisions above, the running of the non-compete period (but not your obligations thereunder) shall be
tolled during the period of the continuance of any actual breach or violation.
		
		  	You agree that the covenants above are reasonable with respect to their duration, geographical area and scope. If the final judgment of a court of competent jurisdiction declares
that any term or provision above is invalid or unenforceable, you agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration or area of the term or provision, to delete specific
words or phrases, or to replace an invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this term
sheet agreement shall be enforceable as so modified after the expiration of the time within which the judgment may be appealed.
		
	Your Representations	  	You represent that except as otherwise previously disclosed in writing to the Bank, you are not a party to any confidentiality, non-competition or non-solicitation agreement or
understanding, whether written or oral, with any prior employer that would prevent you from entering into an employment relationship with the Bank, or prevent or restrict your ability to fulfill your obligations as an employee of the Bank. You
further represent that you have not and will not take or retain any confidential information or trade secrets (whether in hard copy or electronic format) from any previous or current employer prior to assuming your position at the
Bank.
		
	Indemnification	  	You will be indemnified in accordance with the Bank’s bylaws. You will be indemnified for any claims that might be brought by your prior employer (or any successor and/or
any affiliate thereof) relating to your negotiation or acceptance of employment with the Bank or the performance of your duties for the Bank. You will also be covered by the Bank’s directors and officers liability insurance coverage as in
effect from time to time.
		
	Fee Reimbursement	  	You will be reimbursed for up to $2,500 of the professional fees incurred by you relating to the negotiation and documentation of your employment arrangements.
		
	Code Section 409A	  	It is intended that any amounts payable under this term sheet agreement and the Holding Company’s, the Bank’s and your exercise of authority or discretion hereunder
shall comply with Section 409A of the Code (including the Treasury regulations and

  
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		  	other published guidance relating thereto) so as not to subject you to the payment of any interest or additional tax imposed under Section 409A of the Code. To the extent any
amount payable under this term sheet agreement would trigger the additional tax imposed by Code Section 409A, this term sheet agreement shall be modified to avoid such additional tax.
		
	Board Approval	  	The Holding Company and the Bank represent and warrant to you that they have taken all corporate action necessary to authorize and to enter into this term sheet
agreement.
		
	Amendment	  	This term sheet agreement shall not be amended or modified except by written instrument executed by the Bank and you.
		
	Binding Agreement	  	This term sheet agreement shall be binding upon and inure to the benefit of the heirs and representatives of you and the successors and assigns of the Holding Company and the
Bank.
		
	Governing Law	  	Illinois.

  
 11 

 ATTACHMENT A 
 PRIVATEBANCORP, INC. INDUCEMENT EQUITY DESIGN 
  

											
	  	  	 EQUITY GRANT FEATURE
	  	 PERFORMANCE SHARES
	  	 PERFORMANCE STOCK OPTIONS
	  	 TIME-VESTING

STOCK OPTIONS

					
	1.	  	Allocation of Total Award	  	 •   50% of value of the Awards.
	  	 •   25% of the value of the Awards
	  	 •   25% of the value of the Awards.

					
	2.	  	Time Vesting	  	 •   N/A
	  	 •   N/A
	  	 •   20% per fiscal year of service, 1/1/2008-12/31/2012.

					
	3.	  	Performance Vesting	  	 •   Based on stock price performance objectives: 20% compound annual stock
price growth 2008-2012.
  

•   Stock price base is $27.91.

 
 •   20% of the Award
vests per year, based on attainment of stock price objective for that year. Objective must be met for 20 consecutive trading days during that fiscal year to vest.
  

•   Employed on 12/31 of performance year.

 
 •   If the PIPE (or
other investment) does not close by 3/31/08 for at least $150 million capital gross proceeds, the performance restrictions will lapse as to 25% of the Performance Shares and such shares shall be time-vested restricted stock vesting at the rate of
20% per fiscal year of service.
	  	 •   Based on EPS performance objectives: 20% compound annual
EPS growth 2008 - 2012.
  

•   Earnings base is $1.65.

 
 •   20% of the Award
vests per year, based on attainment of EPS objective for that year.
  
 •   Employed on 12/31 of performance year.
	  	 •   None

					
	4.	  	“Catch-Up” Performance Vesting	  	 •   As of 12/31 each year: To extent not vested, Award will
vest for prior years if later year stock price objective is attained.
  
 •   Must be employed on 12/31 of year objective is attained.
	  	 •   As of 12/31/2012: To extent not vested, Award will vest:
	  	 •   N/A

	 	  	  	  	  
 Cum. Cmpd.

Growth *
	  	 Vested % of
 Award
	  
		  	  	  	 15.0% ($12.80)
	  	 50%
	  
		  	  	  	17.5% ($13.75)	  	75%	  
		  	  	  	20.0% ($14.74)	  	100%	  
		  	  	  	  

*  Estimated EPS targets
	  
		  	  	  	  

•   Must be employed on 12/31/2012.
	  

  
 12 

											
	5.	  	Minimum 25% Vesting	  	 •   As of 12/31/2012: To the extent less is vested, 25% of total Award will
be vested (including previously vested shares).
  
 •   Must be employed on 12/31/2012.
  
	  	 •   As of 12/31/2012: To the extent less is vested, 25% of
total Award will be vested (including previously vested options).
  
 •   Must be employed on 12/31/2012.
	  	 •   N/A

	6.	  	“Good Leaver” Treatment	  	 •   Continued vesting until 12/31 of termination year based on
performance.
  

•   Minimum vesting of whole Award of 5% x whole or partial years employed 1/1/08 to 12/31 of
termination year.
	  	 •   Continued vesting until 12/31 of termination year based on
performance.
  

•   Minimum vesting of whole Award of 5% x whole or partial years employed 1/1/08 to 12/31 of
termination year.
  

•   1 year to exercise vested options from 12/31 of termination year.
	  	 •   Full accelerated vesting.

 
 •   1 year to exercise
from date of termination.

  
 13 

 ATTACHMENT B 

DEFINITIONS 
 “Cause” shall mean (A) your willful and continued (for a period of not less than 10 business days after written notice thereof during which you may remedy such failure if capable of
remedy) failure to perform substantially the duties of your employment (other than as a result of physical or mental incapacity, or while on vacation or other approved absence) which are within your control (mere inability to achieve financial or
other performance targets or objectives, alone, shall not constitute such a willful and continued failure); or (B) your willful engaging in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Holding
Company or the Bank; or (C) your conviction of a felony involving moral turpitude, but specifically excluding any conviction based entirely on vicarious liability (with “vicarious liability” meaning liability based on acts of the
Holding Company or the Bank for which you are charged solely as a result of your offices with the Bank and in which you were not directly involved and did not have prior knowledge of such actions or intended actions); provided, however, that no act
or failure to act, on your part, shall be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of the Holding Company or the
Bank; and provided further that no act or omission by you shall constitute Cause hereunder unless you have been given detailed written notice thereof, and you have failed to remedy such act or omission. 

“Good Reason” shall mean the occurrence, other than in connection with a discharge, of any of the
following without your consent: (A) a reduction in your Base Salary, target annual bonus opportunity (other than a proportionate reduction applicable to all executives of the Bank, unless such reduction occurs during the two-year period
commencing on the occurrence of a Change of Control) and/or the number of shares of restricted stock or number of stock options granted as your initial equity award, (B) your being required to be based at an office or location which is more
than 50 miles from your then current office, or (C) the failure of a successor to assume the obligations of the Bank under this term sheet agreement (to the extent not otherwise assumed by operation of law). You must provide written notice to
the Bank of the existence of Good Reason no later than 90 days after its initial existence, and the Bank shall have a period of 30 days following its receipt of such written notice during which it may remedy in all material respects the Good Reason
condition identified in such written notice. 
 “Change of Control” shall be deemed to have
occurred upon the happening of any of the following events: 
 (i) Any “person” (as such term is used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”)), other than (A) a trustee or other fiduciary holding securities under an employee benefit plan of PrivateBancorp, Inc. (the
“Company”) or any of its subsidiaries, or (B) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 30% or more of the total voting power of the then outstanding shares of capital stock of the Company
entitled to vote generally in the election of directors (the “Voting Stock”), provided, however, that the following shall not constitute a change in control: (1) such person becomes a beneficial owner of 30% or more of the
Voting Stock as the result of an acquisition of such Voting Stock directly from the Company, or (2) such person becomes a beneficial owner of 30% or 

  
 14 

 
more of the Voting Stock as a result of the decrease in the number of outstanding shares of Voting Stock caused by the repurchase of shares by the Company; provided, further, that in the event a
person described in clause (1) or (2) shall thereafter increase (other than in circumstances described in clause (1) or (2)) beneficial ownership of stock representing more than 1% of the Voting Stock, such person shall be deemed
to become a beneficial owner of 30% or more of the Voting Stock for purposes of this paragraph (i), provided such person continues to beneficially own 30% or more of the Voting Stock after such subsequent increase in beneficial ownership, or

 (ii) Individuals who, as November 1, 2007, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director, whose election or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the directors then comprising the Incumbent Board shall be considered as through such individual were a member of the Incumbent Board, but excluding for this purpose, any individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the directors of the Company (as such terms in Rule 14a-11 promulgated under the Exchange Act); or 

(iii) Consummation of a reorganization, merger or consolidation or the sale or other disposition of all or substantially
all of the assets of the Company ( a “Business Combination”), in each case, unless (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Voting Stock immediately prior
to such Business Combination beneficially own, directly or indirectly, more than 50% of the total voting power represented by the voting securities entitled to vote generally in the election of directors of the corporation resulting from the
Business Combination (including, without limitation, a corporation which as a result of the Business Combination owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership immediately prior to the Business Combination of the Voting Stock of the Company, and (2) at least a majority of the members of the board of directors of the corporation resulting from the
Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or action of the Incumbent Board, providing for such Business Combination; or 

(iv) Approval by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company; or

 (v) (I) a sale or other transfer of the voting securities of the Bank, whether by stock, merger, joint
venture, consolidation or otherwise, such that following said transaction the Company does not directly, or indirectly through majority owned subsidiaries, retain more than 50% of the total voting power of the Bank represented by the voting
securities of the Bank entitled to vote generally in the election of the Bank’s directors; or (II) a sale of all or substantially all of the assets of the Bank other than to the Company or any subsidiary of the Company. 

  
 15EX-10.41

 Exhibit 10.41 
 PRIVATEBANCORP, INC. 
 FORM OF AMENDMENT AGREEMENT 

THIS AMENDMENT AGREEMENT, is entered into and effective as of December 29, 2011, by and between
PrivateBancorp, Inc., a Delaware corporation (the “Company”), and the undersigned employee (“Grantee”) of the Company and/or Subsidiary. 

1. Purpose. The Company is of the view that Grantee may be among the top five most highly
compensated employees (as defined under Troubled Asset Relief Program, “MHCE”) for 2012. Under applicable TARP regulations, with some exceptions, the top five MHCE’s may only receive incentive payments in the form of TARP-compliant
restricted stock that has a minimum two-year service period and which is subject to a mandatory holding period. Vesting of option awards while Grantee is among the top five MHCEs will be deemed incentive compensation under TARP regulations and, if
not in the form of TARP-compliant restricted stock, cannot occur during such time. The Option Award (as defined below) is currently scheduled to vest, by its terms, in equal installments on April 1, 2012, April 1, 2013 and
April 1, 2014. Unless amended, the portions of the Option Award that are scheduled to vest if and while Grantee is among the top five MHCEs would expire due to TARP regulations. To comply with these requirements, in recognition of
Grantee’s contributions to the Company during 2011, and to continue to align Grantee’s interests with those of the Company’s stockholders, the Company does not want Grantee to lose the benefit of the Option Award. As a result, the
Company has determined to accelerate the vesting schedule of the Option Award so that 100% of the Option Award will vest on December 29, 2011. In consideration of the foregoing and the mutual promises and agreements set forth in this Amendment
Agreement, the Company and Grantee covenant and agree as follows. 
 2. Agreements
Affected. This Amendment Agreement amends that certain Stock Option Agreement evidencing nonqualified stock option awards (permitting Grantee to purchase              shares
of the Company’s common stock at an exercise price of $14.99 per share) granted on April 1, 2011 under the Company’s 2007 Long-Term Incentive Compensation Plan and in effect on the date hereof (such agreement and award are referred to
herein as the “Option Award”). Unless otherwise defined herein, capitalized terms used in this Amendment Agreement shall have the same meaning ascribed to them under the Option Agreement. 

3. Amendment of Option Award. The provision of the Option Award setting forth the vesting
dates of the Stock Options, as set forth on the Stock Option Certificate attached to the Option Award, is hereby deleted in its entirety and replaced with the following: 

 

			
	 Vesting Dates
	  	 100% of the Option shall be exercisable on or after December 29, 2011, but prior to expiration.

 4. Effect of this Amendment Agreement. Except as expressly
provided for herein, this Amendment Agreement shall effect no amendment, change or modification whatsoever of or to the Option Award or any other compensation arrangement between the Company and Grantee. All other terms of the Option Award shall
continue in full force and effect, including, without limitation, Section 4(b) thereof with respect to restrictions and limitations required by the TARP legislation, regulations and interpretations (as referred to therein). Nothing in this
Amendment Agreement shall be construed as conferring any legal rights 

 
upon Grantee for a continuation of employment or a guarantee of receipt by Grantee of any amounts under the Option Award or pursuant to future equity awards, if any. 

5. Electronic Signature. This Amendment Agreement may be executed in counterparts, each of
which shall be an original and together shall constitute a single agreement. Such execution may be satisfied by procedures the Company has established or may establish from time to time for an electronic system for execution and delivery of any
documents, including this Amendment Agreement. Grantee’s electronic signature, including, without limitation, “click-through” acceptance of this Amendment through a website maintained by or on behalf of the Company, is the same as,
and shall have the same force and effect as Grantee’s manual signature. Any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services. 

IN WITNESS WHEREOF, the parties have caused this Amendment Agreement to be executed as of the date and year first
above written. 
  

			
	PRIVATEBANCORP, INC.
	
	  

	By:	 	Joan Schellhorn
	Title:	 	Chief Human Resource Officer
	
	GRANTEE
	
	  

		
	Name:

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