Document:

exhibit10pagrabcserp2015

   ASSOCIATED BANC-CORP   SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN      Restated Effective November 16, 2015     

 

i   TABLE OF CONTENTS   Page   ARTICLE I Establishment of Plan and Purpose ................................................................. 1   1.01 Establishment of Plan ......................................................................................... 1   1.02 Purpose of Plan ................................................................................................... 1   ARTICLE II Definitions and Construction ......................................................................... 2   2.01 Definitions. ......................................................................................................... 2   2.02 Construction ........................................................................................................ 5   ARTICLE III Eligibility ...................................................................................................... 5   3.01 Conditions of Eligibility ..................................................................................... 5   3.02 Commencement of Participation ........................................................................ 5   3.03 Termination of Participation ............................................................................... 5   ARTICLE IV Amount of Benefit ........................................................................................ 6   4.01 Amount of Benefit .............................................................................................. 6   4.02 Vesting ................................................................................................................ 6   4.03 Partial Annual Benefit For Year of Retirement .................................................. 6   4.04 Forfeitures ........................................................................................................... 7   ARTICLE V DISTRIBUTIONS ......................................................................................... 7   5.01 Time and Form of Benefits. ................................................................................ 7   5.02 Death Benefit ...................................................................................................... 9   ARTICLE VI Administration of the Plan ........................................................................... 9   6.01 Appointment of Separate Administrator ............................................................ 9   6.02 Powers and Duties .............................................................................................. 9   6.03 Records and Notices ......................................................................................... 10     

 

ii   6.04 Compensation and Expenses ............................................................................ 11   6.05 Limitation of Authority .................................................................................... 11   ARTICLE VII General Provisions .................................................................................... 11   7.01 Claims ............................................................................................................... 11   7.02 Assignment ....................................................................................................... 11   7.03 Employment Not Guaranteed by Plan .............................................................. 11   7.04 Termination and Amendment ........................................................................... 11   7.05 Notice ................................................................................................................ 12   7.06 Limitation on Liability ...................................................................................... 12   7.07 Indemnification ................................................................................................. 12   7.08 Headings ........................................................................................................... 12   7.09 Severability ....................................................................................................... 12   ARTICLE VIII Memorandum Account ............................................................................ 12   8.01 Nature of Account ............................................................................................ 12   8.02 Credit to Memorandum Account ...................................................................... 13   8.03 Changes in Memorandum Account .................................................................. 13   8.04 Valuation of Memorandum Account ................................................................ 14   APPENDIX A  Claims Procedures .................................................................................. A-1        

 

1   ASSOCIATED BANC-CORP   SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN   INTRODUCTION   Effective January 1, 1986, Associated Banc Corp (the “Company”)   adopted the Associated Banc Corp Supplemental Executive Retirement Plan (the   “Plan”) to benefit certain of its employees by facilitating the accumulation of   funds for their retirement.  The Plan was restated in its entirety effective as of   January 1, 1996.  The Plan was again restated effective January 1, 2008 to comply   with Code (as defined below) section 409A.  Effective January 1, 2012, the Plan   was restated to clarify the calculation of benefits, update eligibility, and comply   with current best practices.  The Company has further amended and restated the   Plan, effective November 16, 2015.   This introduction and the following Articles, as amended from time   to time, comprise the Plan.   ARTICLE I   Establishment of Plan and Purpose   1.01 Establishment of Plan.  The Company established the Plan,   effective as of January 1, 1986 and has amended and restated the Plan from time to   time, most recently as of November 16, 2015 .   1.02 Purpose of Plan.  The Plan is designed to provide a select   group of management and highly compensated employees with the benefits they   would have received under the Company’s tax-qualified retirement plans if not for   the limitations of the Code including sections 401(a)(17) and 415.  By allowing   key management employees to participate in the Plan, the Company expects the   Plan to benefit it in attracting and retaining the most capable individuals to fill its   executive positions.   The parties intend that the arrangements described herein be   unfunded for tax purposes and for purposes of Title I of ERISA (as defined   below).  The Plan is intended to be an unfunded deferred compensation plan   maintained for a select group of management or highly compensated employees   under ERISA sections 201(2), 301(a)(3), and 401(a)(1).     

 

2   ARTICLE II   Definitions and Construction   As used herein, the following words shall have the following   meanings:   2.01 Definitions.   (a) 401(k)/ESOP.  The Associated Banc-Corp 401(k) and   Employee Stock Ownership Plan, as amended from time to time.   (b) Administrator.  The Company or other person or   persons selected by the Company pursuant to Article 6 below to control and   manage the operation and administration of the Plan.   (c) Annual Earnings.  Compensation as defined in section   1.2(j) of the RAP or section 1.2(g) of the 401(k)/ESOP, as applicable, prior to   applying the compensation limit under Code section 401(a)(17), as adjusted for   increases in the cost of living in accordance with Code section 401(a)(17)(B).   (d) Beneficiaries.  The spouse or descendants of   Participant or any other person designated under the Plan to receive benefits   hereunder in the event of a Participant’s death.   (e) Bonus.  The amount of cash that the Company awards   a Participant, if any, as part of the Company’s Management Incentive Plan, or any   other formalized cash incentive plan or bonus program of the Company, including   any discretionary bonus thereunder.   (f) Cause.  The occurrence of any one of the following:   (i) Commission of an act of fraud, embezzlement   or other act of dishonesty that would reflect adversely on the integrity, character or   reputation of the Company, or that would cause harm to its customer relations,   operations or business prospects;   (ii) Breach of a fiduciary duty owed to the   Company;   (iii) Violation or the threat of violation of a   restrictive covenant agreement, such as a non-compete, non-solicit, or non-   disclosure agreement, between a Participant and the Company;     

 

3   (iv) Unauthorized disclosure or use of confidential   information or trade secrets;   (v) Violation of any lawful policies or rules of the   Company, including any applicable code of conduct;   (vi) Conviction of criminal activity;   (vii) Failure to reasonably cooperate in any   investigation or proceeding concerning the Company;   (viii) Determination by a governmental authority or   agency that bars or prohibits the Participant from being employed in his or her   current position with the Company; or   (ix) Neglect or misconduct in the performance of   the Participant’s duties and responsibilities, provided that he or she did not cure   such neglect or misconduct within ten days after the Company gave written notice   of such neglect or misconduct to such Participant.   Notwithstanding the above, in the event a Participant is   party to an employment agreement with the Company that contains a different   definition of Cause, the definition of Cause contained in such employment   agreement shall be controlling.   (g) Code.  The Internal Revenue Code of 1986, as   amended and interpreted by applicable regulations and rulings.   (h) Committee.  The Compensation and Benefits   Committee of the board of directors of the Company.   (i) Company.  Associated Banc Corp, a Wisconsin   banking corporation and any subsidiary, successor or affiliate which has adopted   the Plan and any successor thereto.  The board of directors of Associated Banc   Corp has authorized the Committee to act on behalf of the Company for purposes   of the Plan.   (j) Employee.  An employee of the Company.   (k) Employment.  Employment with the Company.   (l) ERISA.  The Employee Retirement Income Security   Act of 1974, as amended from time to time, and interpreted by applicable   regulations and rulings.     

 

4   (m) Memorandum Account.  The record of each   Participant’s interest in the Plan.   (n) Participants.  Such management and highly   compensated Employees whom the Company identifies as eligible to participate   hereunder.  Notwithstanding the foregoing, an otherwise eligible Employee may   be excluded from participation in the Plan by contract or other agreement between   the Company and the Employee.   (o) Plan.  The Associated Banc Corp Supplemental   Executive Retirement Plan, as stated herein and as amended from time to time.   (p) Plan Year.  The period beginning on January 1 and   ending on December 31.   (q) RAP.  The Associated Banc Corp Retirement Account   Plan, as amended from time to time.   (r) Separation from Service.  The Participant retires or   otherwise has a termination of Employment and such termination constitutes a   “separation from service” under Code section 409A and Treasury regulation   section 1.409A-1(h).  For this purpose, whether a termination of Employment has   occurred is determined based on whether the Company and the Participant   reasonably anticipated that no further services would be performed after a certain   date or that the level of bona fide services the Participant would perform after such   date (whether as an Employee or as an independent contractor) would permanently   decrease to less than 20% of the average level of bona fide services performed   (whether as an Employee or an independent contractor) over the immediately   preceding 36-month period (or the full period of service to the Company if the   Participant has been providing services to the Company for less than 36 months).   (s) Trust Agreement.  Any instrument executed by the   Company and the Trustee fixing the rights and liabilities of each with respect to   holding and administering the Trust Fund.   (t) Trustee.  The Trustee or any successor Trustee,   appointed by the Company, acting in accordance with the terms of the Trust   Agreement.   In the absence of a Trust Agreement, the Trustee shall   maintain records of the Memorandum Accounts under the Plan and perform such   other duties regarding valuation and investment as described in the Plan.  The   Trustee, or any successor Trustee, shall have the right to resign as Trustee upon 30   days’ prior written notice to the Company (unless the requirement of such notice is     

 

5   waived by the Company).  The Company may at any time remove the Trustee   upon 30 days’ prior written notice to the Trustee (unless the requirement of such   notice is waived by the Trustee).  In the event of the resignation or removal of the   Trustee, a successor Trustee shall be appointed by the Company.   (u) Trust Fund.  All assets held by the Trustee for the   purposes of the Plan in accordance with the terms of the Trust Agreement.  The   Company may establish such a Trust Fund (known as a “rabbi trust”) for the   purpose of accumulating funds to satisfy all obligations incurred by the Company   under the Plan.   2.02 Construction.  The Plan is intended to satisfy the   requirements of Code section 409A and the final regulations thereunder (the   “Final 409A Regulations”) to the extent applicable.  The provisions of the Plan   shall be construed, administered and enforced in accordance with the applicable   federal law including the requirements of Code section 409A, the Final 409A   Regulations and other guidance provided by the Internal Revenue Service and the   laws of the State of Wisconsin, as amended from time to time.  Words used in the   masculine gender shall include the feminine and words used in the singular shall   include the plural, as appropriate.  The words “hereof,” “herein,” “hereunder” and   other similar compounds of the word “here” shall refer to the entire Plan, not to a   particular section.  All references to statutory sections shall include the section so   identified as amended from time to time or any other statute of similar import.  If   any provisions of the Code, ERISA or other statutes or regulations render any   provisions of this Plan unenforceable, such provision shall be of no force and   effect only to the minimum extent required by such law.   ARTICLE III   Eligibility   3.01 Conditions of Eligibility.  Effective January 1, 2012,   members of the executive committee of the Company are the only Employees   eligible to participate in the Plan.  Prior to January 1, 2012, the Administrator   specified the management and highly compensated Employees eligible to   participate in the Plan, consistent with the guidelines in effect as of the date of   selection as determined by the Company from time to time.   3.02 Commencement of Participation.  An individual appointed as   a member of the executive committee of the Company shall become a participant    in the Plan as of the date of such appointment.   3.03 Termination of Participation.  Except as otherwise provided   below in Section 4.03, an individual’s right to receive continued annual benefit     

 

6   accruals  shall cease as of the earlier of the termination of his Employment or   action by the Company removing him from the Employees eligible to participate   herein.  At that time the Employee become an inactive Participant.    Notwithstanding, a Participant shall remain a Participant with respect to benefits   accrued under the Plan until the Company has satisfied all liabilities under the   Plan with respect to the Participant.   ARTICLE IV   Amount of Benefit   4.01 Amount of Benefit.  A Participant shall accrue an annual   benefit under this Plan equal to the sum of the following:   (a) the excess of the amount the Participant would have   accrued under the RAP using the Participant’s Annual Earnings as defined in   section 1.2 of this Plan over the amount actually accrued by the Participant under   the RAP for such Plan Year; and   (b) the excess of the amount the Participant would have   accrued under the 401(k)/ESOP using the Participant’s Annual Earnings as defined   in section 1.2 of this Plan minus any Bonus paid by the Company, over the amount   actually accrued by the Participant under the 401(k)/ESOP for such Plan Year.   For purposes of the above calculations, the amount the   Participant would have accrued under the Qualified Plans shall be determined   without regard to any applicable Code limits, including the provisions of Code   sections 401(a)(17) and 415.  Accruals under this Plan shall occur at the same rate   and time as accruals under the Qualified Plans.   4.02 Vesting.  Participants who earn at least one hour of service (as   defined under the Qualified Plans) after July 24, 2012, shall be 100% vested in all   benefits provided under this Plan.   Effective for purposes of determining vesting for a Participant   who does not earn an hour of service (as defined under the Qualified Plans) after   July 24, 2012, such Participant shall be considered 100% vested in the benefits   provided under this Plan only after five years of service with the Company, as   determined under the Qualified Plans   4.03 Partial Annual Benefit For Year of Retirement.  In the event   that a Participant’s termination of Employment is on or after his Early Retirement   Age (as defined under the Qualified Plans), for the Plan Year in which the   Participant terminates Employment, the Participant shall accrue, as of the date of     

 

7   the Participant’s Separation From Service, a partial annual benefit calculated in   accordance with Section 4.01 above, but prorated for the portion of the year prior   to the Participant’s termination of Employment.   4.04 Forfeitures.  Notwithstanding any other provision of the Plan   to the contrary, in the event that a Participant incurs a termination of Employment   for Cause, the Participant shall forfeit any benefits not yet credited to the   Participant’s Memorandum Account in accordance with section 8.02 that the   Participant would have accrued under section 4.01 above relating to amounts   under the Qualified Plans that were not allocated under the Qualified Plans, on the   date the Participant terminated Employment.   ARTICLE V   DISTRIBUTIONS   5.01 Time and Form of Benefits.   (a) A Participant shall elect the time and form in which his   benefits are payable in writing with a Distribution Election no later than January   30th following the Plan Year in which the Participant first becomes eligible to   participate in the Plan.  For Plan Years prior to Plan Year 2015, each Participant’s   written Distribution Election shall apply to all amounts credited to the   Memorandum Account of the Participant for the Plan Year with respect to which   the election is made.  For Participants who began their participation in the Plan   prior to the 2015 Plan Year, such Participant’s written Distribution Election for   Plan Year 2015 (which was required to be submitted in writing in November or   December 2014) shall be binding on the Participant and irrevocable for all   amounts credited to the Memorandum Account of the Participant for Plan Year   2015 and all future Plan Years in which he is a Participant.  Notwithstanding the   foregoing, if a Participant who began his participation in the Plan prior to the 2015   Plan Year made a written Distribution Election to receive an in-service distribution   election with respect to amounts credited for the 2015 Plan Year, such Participant   shall make a new Distribution Election prior to the 2016 Plan Year which shall be   applicable to all amounts credited to the Memorandum Account for the 2016 Plan   Year and all future Plan Years in which he is a Participant, and such Distribution   Election must be made in a manner compliant with Section 5.01 (d) below or,   absent such election, such Participant shall be deemed to have elected to receive   such amounts in a lump sum upon the Participant’s Separation from Service.   For   Participants who first begin participation in the Plan in or after the 2015 Plan Year,   such Participant’s initial Distribution Election shall be binding and irrevocable for   all amounts credited to the Memorandum Account of the Participant for all Plan   Years in which he is a Participant.     

 

8   (b) Any written Distribution Elections shall be made on   forms and in the manner prescribed by the Administrator and shall be irrevocable   once made, except  as (i) otherwise permitted by rules established by the   Administrator and applicable law and (ii) would not cause the imposition of   adverse tax consequences under Code section 409A.   (c) Prior to November 16, 2015, if a Participant fails to   elect the time and form of payment for a Plan Year, the distribution election in   effect for the immediately preceding Plan Year shall apply to all amounts credited   to the Participant’s Memorandum Account for the Plan Year.  On or after   November 16, 2015, for any new Participant in the Plan who fails to elect the time   and form of payment on a written Distribution Election, such Participant shall be   deemed to have elected to receive his Memorandum Account in a lump sump upon   Participant’s Separation from Service.   (d) For any Participant who commences participation in   the Plan after November 16, 2015, the Participant may elect to receive payment of   his Memorandum Account in a lump sum payment or in annual installment of 5 or   10 years, commencing upon Participant’s Separation from Service.   (e) In no event shall distributions to a Participant who   receives distributions as a result of Participant’s Separation from Service occur   prior to six months after the Participant’s Separation From Service.  Therefore, for   any distribution to a Participant who has elected to receive distributions of his   Memorandum Account commencing upon a Separation from Service, the first (or   only, in the case of a lump sum) distribution to the Participant in such case shall be   made to the Participant on the first regular payroll date of the Company following   the six-month anniversary of the date of the Participant’s Separation from Service.    Subsequent installments, if applicable, shall be paid to the Participant on the   annual anniversary of the date of the first installment payment, with all   installments calculated on the declining balance method.   (f) In the event that the date of payment specified in this   Article V does not fall on a regular payroll date of the Company, the Company   shall make such payment on the first regular payroll date following the date such   payment would be required to be made.   (g) For distributions from a Participant’s Memorandum   Account which relate to annual benefits accrued for the 2016 Plan Year and later,   each installment payment related to such amounts from a Participant’s   Memorandum Account will be treated as a separate payment for purposes of   Section 409A of the Code.     

 

9   (h) For purposes of determining the payment schedule of   any benefit payable to the Participant under Section 3.02(d) of the Company’s   Change of Control Plan, the Participant’s last Distribution Election in effect under   this Plan (or only Distribution Election in effect for Participants who commence   participation in this Plan on or after November 16, 2015) shall be treated as the   Participant’s election for the calendar year including  the Date of Termination (as   such term is defined in the Change in Control Plan).   5.02 Death Benefit.  If a Participant dies prior to the   commencement of benefits under the Plan, his Beneficiaries shall receive a lump   sum distribution of his accrued benefits under the Plan as soon as administratively   feasible following death, but not after the later of (i) the last day of the Plan Year   in which the Participant died, or (ii) the fifteenth day of the third calendar month   following the date the Participant died.  If a Participant dies while receiving   benefits from the Plan, the death benefit, if any, payable to his Beneficiaries shall   be determined in accordance with the form of distribution selected by the   Participant pursuant to section 5.01 of this Plan.   ARTICLE VI   Administration of the Plan   6.01 Appointment of Separate Administrator.  The board of   directors of the Company has appointed the Committee to serve as Administrator.    The Company shall accept and rely upon any document executed by the   Committee until the board revokes such appointment.  No person serving on the   Committee shall vote or decide upon any matter relating solely to himself or solely   to any of his rights or benefits pursuant to the Plan.   6.02 Powers and Duties.  The Administrator shall administer the   Plan in accordance with its terms.  The Administrator shall have full and complete   authority and control with respect to Plan operations and administration unless the   Administrator allocates and delegates such authority or control pursuant to the   procedures stated in subsection (b) or (c) below.  Any decisions of the   Administrator or its delegate shall be final and binding upon all persons dealing   with the Plan or claiming any benefit under the Plan.  The Administrator shall   have all powers which are necessary to manage and control Plan operations and   administration including, but not limited to, the following:   (a) To employ such accountants, counsel or other   persons as it deems necessary or desirable in   connection with Plan administration.  The   Company shall bear the costs of such services   and other administrative expenses.     

 

10   (b) To designate in writing persons other than the   Administrator to perform any of its powers and   duties hereunder.   (c) To allocate in writing any of its powers and   duties hereunder to those persons who have   been designated to perform Plan fiduciary   responsibilities.   (d) The discretionary authority to construe and   interpret the Plan, including the power to   construe disputed provisions.   (e) To resolve all questions arising in the   administration, interpretation and application of   the Plan, including, but not limited to, questions   as to the eligibility or the right of any person to   a benefit.   (f) To adopt such rules, regulations, forms and   procedures from time to time as it deems   advisable and appropriate in the proper   administration of the Plan.   (g) To prescribe procedures to be followed by any   person in applying for distributions pursuant to   the Plan and to designate the forms or   documents, evidence and such other   information as the Administrator may   reasonably deem necessary, desirable or   convenient to support an application for such   distribution.   (h) To apply consistently and uniformly rules,   regulations and determinations to all   Participants and Beneficiaries in similar   circumstances.   6.03 Records and Notices.  The Administrator shall keep a record   of all its proceedings and acts and shall maintain all such books of accounts,   records and other data as may be necessary for proper Plan administration.  The   Administrator shall notify the Company of any action taken by the Administrator   which affects the Trustee’s Plan obligations or rights and, when required, shall   notify any other interested parties.     

 

11   6.04 Compensation and Expenses.  The expenses incurred by the   Administrator in the proper administration of the Plan shall be paid from the   Company.  An Administrator who is an Employee shall not receive any additional   fee or compensation for services rendered as an Administrator.   6.05 Limitation of Authority.  The Administrator shall not add to,   subtract from or modify any of the terms of the Plan, change or add to any benefits   prescribed by the Plan, or waive or fail to apply any Plan requirement for benefit   eligibility.   ARTICLE VII   General Provisions   7.01 Claims.  Any claim for benefits under the Plan by a   Participant or Beneficiary shall be governed by the claims procedures set forth in   Appendix A.   7.02 Assignment.  No Participant or Beneficiary may sell, assign,   transfer, encumber or otherwise dispose of the right to receive payments   hereunder.  A Participant’s rights to benefit payments under the Plan are not   subject in any manner to anticipation, alienation, sale, transfer, assignment,   pledge, encumbrance, attachment or garnishment by creditors of the Participant or   the Participant’s Beneficiary.   7.03 Employment Not Guaranteed by Plan.  The establishment of   this Plan, its amendments and the granting of a benefit pursuant to the Plan shall   not give any Participant the right to continued Employment or limit the right of the   Company to dismiss or impose penalties upon the Participant or modify the terms   of Employment of any Participant.   7.04 Termination and Amendment.  The Company may at any time   and from time to time terminate, suspend, alter or amend this Plan and no   Participant or any other person shall have any right, title, interest or claim against   the Company, its directors, officers or Employees for any amounts, except that the   Participant shall be vested in his Memorandum Account hereunder as of the date   on which the Plan is terminated, suspended, altered or amended and (unless the   Company and the Participant agree to the contrary) such amount shall (a) continue   to fluctuate pursuant to the investment election then in effect and (b) be paid to the   Participant or his Beneficiaries at the time and in the manner provided by Article 5   above.  Notwithstanding the above, the Plan may be liquidated upon termination if   the requirements of Treasury regulation section 1.409A-3(j)(4)(ix) are satisfied.     

 

12   7.05 Notice.  Any and all notices, designations or reports provided   for herein shall be in writing and delivered personally or by registered or certified   mail, return receipt requested, addressed, in the case of the Company, its board of   directors or Administrator, to the Company’s principal business office and, in the   case of a Participant or Beneficiary, to his home address as shown on the records   of the Company.   7.06 Limitation on Liability.  In no event shall the Company,   Administrator or any Employee, officer or director of the Company incur any   liability for any act or failure to act unless such act or failure to act constitutes a   lack of good faith, willful misconduct or gross negligence with respect to the Plan.   7.07 Indemnification.  The Company shall indemnify the   Administrator and any Employee, officer or director of the Company against all   liabilities arising by reason of any act or failure to act unless such act or failure to   act is due to such person’s own gross negligence or willful misconduct or lack of   good faith in the performance of his duties to the Plan or Trust Fund.  Such   indemnification shall include, but not be limited to, expenses reasonably incurred   in the defense of any claim, including attorney and legal fees, and amounts paid in   any settlement or compromise; provided, however, that indemnification shall not   occur to the extent that it is not permitted by applicable law.  Indemnification shall   not be deemed the exclusive remedy of any person entitled to indemnification   pursuant to this section.  The indemnification provided hereunder shall continue as   to a person who has ceased acting as a director, officer, member, agent or   Employee of the Administrator or as an officer, director or Employee of the   Company, and such person’s rights shall inure to the benefit of his heirs and   representatives.   7.08 Headings.  All articles and section headings in this Plan are   intended merely for convenience and shall in no way be deemed to modify or   supplement the actual terms and provisions stated thereunder.   7.09 Severability.  Any provision of this Plan prohibited by law   shall be ineffective to the extent of any such prohibition, without invalidating the   remaining provisions hereof.  The illegal or invalid provisions shall be fully   severable and this Plan shall be construed and enforced as if the illegal or invalid   provisions had never been inserted in this Plan.   ARTICLE VIII   Memorandum Account   8.01 Nature of Account.  Only for the purpose of measuring   payments due Participants hereunder, the Company shall maintain on behalf of     

 

13   each Participant a Memorandum Account to which the Company shall credit the   amounts described in this Article 8.   The Memorandum Account hereunder and assets, if any and of any nature,   acquired by the Company to measure a Participant’s benefits hereunder shall not   constitute or be treated for any reason as a trust for, property of or a security   interest for the benefit of, the Participant, his Beneficiaries or any other person.    The Participants and the Company acknowledge that the Plan constitutes a   promise by the Company to pay benefits to the Participants or their Beneficiaries,   that Participants’ rights hereunder are limited to those of general unsecured   creditors of the Company and that the establishment of the Plan, acquisition of   assets to measure a Participant’s benefits hereunder does not prevent any property   of the Company from being subject to the rights of all the Company’s creditors.   8.02 Credit to Memorandum Account.  As soon as administratively   possible after the end of each Plan Year, but no later than March 31, the Company   shall credit to the Memorandum Account of each Participant the amount, if any,   accrued in accordance with section 4.01.  For the avoidance of doubt, if a   Participant’s Separation from Service (other than a termination of Employment for   Cause) occurs after the end of a Plan Year in which an amount has accrued under   this Plan in accordance with Section 4.01 but prior to the date on which such   amount has been credited to the Participant’s Memorandum Account in   accordance with this Section 8.02, the Participant shall continue to be entitled to   receive a credit to his Memorandum Account for the Plan Year prior to the date of   the Participant’s Separation from Service.  For any partial annual benefit accrued   by a Participant in accordance with Section 4.03 due to retirement, such partial   annual benefit shall be calculated and credited to the Participant’s Memorandum   Account no later than ninety (90) days after the date of the Participant’s   Separation from Service.   8.03 Changes in Memorandum Account.  Each Participant may   specify his investment preferences for his Memorandum Account by completing   and submitting an Investment Preference Form provided by the Administrator.    Final approval of the Participant’s investment selection is within the discretion of   the Administrator, and the Trustee.  The Participant’s Memorandum Account shall   be adjusted to reflect the income and losses and increase or decrease in value   experienced by assets as if the amounts were invested according to the   Participant’s preferences, subject to final approval by the Administrator and   Trustee.  A Participant’s Memorandum Account shall also reflect expenses   generated by, and related to, the investment choices made in accordance with the   Investment Preference Form.   A Participant may submit a new Investment Preference Form   to the Administrator as frequently as may be allowed by the Administrator or a     

 

14   third-party delegate, consistent with any procedures that may be approved by the   Company.  All elections must be in writing and must be signed by the   Administrator.   8.04 Valuation of Memorandum Account.  Within 90 days after the   last day of each Plan Year, the Company shall provide each Participant or his   Beneficiaries a statement indicating the balance of his Memorandum Account as   of the last day of such Plan Year, reflecting the amount of accruals, if any,   occurring for such year, together with all other changes in value during the Plan   Year.  Any Participant or Beneficiary who disagrees with the information provided   in such statements must submit objections, in writing, to the Administrator within   90 days of receipt of such statements.            

 

Signature Page to Associated Banc-Corp    Supplemental Executive Retirement Plan as   Restated Effective November 16, 2015      EXECUTION   IN WITNESS WHEREOF, Associated Banc-Corp, by its duly authorized   officer, has executed this Plan on the date indicated below.      Associated Banc-Corp    By:             Judith M. Docter    Title: Executive Vice President and            Chief Human Resources Director      Date:               

 

A-1   APPENDIX A      CLAIMS PROCEDURES   Claims for benefits under the Associated Banc Corp Supplemental   Executive Retirement Plan (the “Plan”) shall be governed by the claims   procedures set forth below.   1. Definitions.  For purposes of this Appendix A, the following terms   shall have the following meanings:   (a) “Adverse Benefit Determination” means a denial, reduction,   termination or a failure to provide or make payment (in whole or in part) of a   benefit under the Plan.   (b) “Claim” means a request for a benefits under the Plan, made   by a Claimant in accordance with the Plan’s procedures for filing Claims, as   described in this Appendix A.   (c) “Claimant” means a Participant (or, in the event of his death,   his Beneficiary) or the personal representative of the Participant or his Beneficiary,   if applicable, who makes a request for a benefit under the Plan.   (d) “Relevant Documents” include documents, records or other   information with respect to a Claim that:   (i) Were relied upon by the Administrator in making the   benefit determination;   (ii) Were submitted to, considered by or generated for, the   Administrator in the course of making the benefit determination, without regard to   whether such documents, records or other information were relied upon by the   Administrator in making the benefit determination;   (iii) Demonstrate compliance with administrative processes   and safeguards required in making the benefit determination; or   (iv) Constitute a statement of policy or guidance with   respect to the Plan concerning the denied benefit for the Participant’s   circumstances, without regard to whether such advice was relied upon by the   Administrator in making the benefit determination.   2. Procedure for Filing a Claim.  For a communication from a Claimant   to constitute a valid Claim, it must satisfy the following paragraphs (a) and (b) of   this section 2.     

 

A-2   (a) Any Claim submitted by a Claimant must be in writing on the   appropriate Claim form (or in such other manner acceptable to the Administrator)   and delivered, along with any supporting comments, documents, records and other   information, to the Administrator in person, or by mail postage paid, to the address   for the Company’s principal business office.   (b) Claims and appeals of denied Claims may be pursued by a   Claimant.  However, the Administrator may establish reasonable procedures for   determining whether an individual has been authorized to act on behalf of a   Claimant.   3. Initial Claim Review.  The initial Claim review will be conducted by   the Administrator, with or without the presence of the Claimant, as determined by   the Administrator in its discretion.  The Administrator will consider the applicable   terms and provisions of the Plan and any amendments thereto, information and   evidence that is presented by the Claimant and any other information it deems   relevant.   (a) Initial Benefit Determination.   (i) The Administrator will notify the Claimant of its   determination within a reasonable period of time, but in any event (except as   described in paragraph (ii) below) within 90 days after receipt of the Claim by the   Administrator.   (ii) The Administrator may extend the period for making   the benefit determination by 90 days if it determines that such an extension is   necessary due to special circumstances and if it notifies the Claimant, prior to the   expiration of the initial 90-day period, of the existence of the circumstances   requiring the extension of time and the date by which the Administrator expects to   render a decision.   (b) Manner and Content of Notification of Adverse Benefit   Determination.   (i) The Administrator will provide a Claimant with   written or electronic notice of any Adverse Benefit Determination (a “Notice”).   (ii) The Notice will provide, in a manner calculated to be   understood by the Claimant:   [a] The specific reason(s) for the Adverse Benefit   Determination;     

 

A-3   [b] Reference to the specific provision(s) of the   Plan on which the determination is based;   [c] Description of any additional material or   information necessary for the Claimant to perfect the Claim and an explanation of   why such material or information is necessary; and   [d] A description of the Plan’s review procedures   and the time limits applicable to such procedures, including a statement of the   Claimant’s right to bring a civil action under ERISA Section 502(a) following an   Adverse Benefit Determination on review.   (c) Procedure for Filing a Review of an Adverse Benefit   Determination.   (i) Any appeal of an Adverse Benefit Determination by a   Claimant must be brought to the Administrator within 60 days after receipt of the   Notice.  Failure to appeal within such 60-day period will be deemed to be a failure   to exhaust all administrative remedies under the Plan.  The appeal must be in   writing utilizing the appropriate form provided by the Administrator (or in such   other manner acceptable to the Administrator); provided, however, that if the   Administrator does not provide the appropriate form, no particular form is   required to be utilized by the Claimant.  The appeal must be filed with the   Administrator at the address for the Company’s principal business office.   (ii) A Claimant will have the opportunity to submit written   comments, documents, records and other information relating to the Claim.   (d) Review Procedures for Adverse Benefit Determinations.   (i) The Administrator will provide a review that takes into   account all comments, documents, records and other information submitted by the   Claimant without regard to whether such information was submitted or considered   in the initial benefit determination.   (ii) The Claimant will be provided, upon request and free   of charge, reasonable access to and copies of all Relevant Documents.   (iii) The review procedure may not require more than two   levels of appeals of an Adverse Benefit Determination.   4. Timing and Notice of Benefit Determination on Review.  The   Administrator will notify the Claimant within a reasonable period of time, but in   any event within 60 days after the Claimant’s request for review, unless the   Administrator determines that special circumstances require an extension of time     

 

A-4   for processing the review of the Adverse Benefit Determination.  If the   Administrator determines that an extension is required, written Notice will be   furnished to the Claimant prior to the end of the initial 60-day period indicating   the existence of special circumstances requiring an extension of time and the date   by which the Administrator expects to render the determination on review, which   in any event will be within 60 days from the end of the initial 60-day period.  If   such an extension is necessary due to a failure of the Claimant to submit the   information necessary to decide the Claim, the period in which the Administrator   is required to make a decision will be tolled from the date on which the   notification is sent to the Claimant until the Claimant adequately responds to the   request for additional information.   (a) Manner and Content of Notice of Benefit Determination on   Review.  The Notice will set forth:   (i) The specific reason(s) for the Adverse Benefit   Determination;   (ii) Reference to the specific provision(s) of the Plan on   which the determination is based;   (iii) A statement that the Claimant is entitled to receive,   upon request and free of charge, reasonable access to and copies of all Relevant   Documents; and   (iv) A statement of the Claimant’s right to bring a civil   action under ERISA Section 502(a) following an Adverse Benefit Determination   on review.   13762717.3EXHIBIT 10.6

 

form of
Restrictive Covenant AGREEMENT TO

ACCOMPANY
RESTRICTED STOCK UNIT (“rsu”) AWARD

 

This Restrictive Covenant
Agreement to Accompany Restricted Stock Award (this “Agreement”) is made as of November 20, 2015 by and between
Beacon Roofing Supply, Inc. and Beacon Sales Acquisition, Inc., both Delaware corporations (collectively, “Beacon”)
and [Insert Name] (“Employee”).

 

R E C I
T A L S

 

A.Beacon has made
an award of Restricted Stock Units (“RSU”) to Employee pursuant to an RSU agreement executed by Employee concurrently
herewith. Employee will receive substantial monetary benefits as a result of the RSU award.

 

B.Beacon is engaged
in the business of the sale and distribution of exterior building materials including: i) residential and/or commercial roofing,
including but not limited to shingles (all types including but not limited to asphalt, wood, synthetic), built-up, modified, EPDM,
TPO/PVC, low-slope commercial, (ii) siding, (iii) windows, (iv) skylights, (v) doors, (vi) decking and railings, (vii) waterproofing,
(viii) building insulation (rigid, foam, rolled), (ix) asphalt, (x) roof coatings and adhesives specially designed for and marketed
to the roofing contractor industry, (xi) metal roofing, (xii) plywood, (xiii) millwork, (xiv) synthetic stone and stucco, (xv)
drywall, (xvi) lumber, and (xvii) moldings (the “Business”).

 

C.As a senior executive
employee of Beacon and a member of Beacon’s Executive Committee (“EC”), Employee has knowledge of trade secrets
and other non-public confidential business information regarding the entirety of the Business.

 

D.Beacon would
not have made the RSU grant to Employee without Employee entering into this Agreement.

 

A G R E
E M E N T S

 

Therefore, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

		1.	Adoption of Recitals. The parties hereto adopt the foregoing Recitals and agree and affirm
that construction of this Agreement shall be guided thereby.

 

		2.	Definitions. The following terms shall have the meanings herein specified:

 

		(a)	“Affiliate” of any Person means another Person that directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person. As used herein,
“control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities or equity interests, by contract or otherwise.

 

		(b)	“Business Associate” means any employee, contractor, subcontractor, representative,
consultant or agent of Beacon or any of their subsidiaries who has acted in such capacity at any time within the twelve (12) month
period immediately preceding the date of hire, recruitment, solicitation, or retention.

 

     

     

    

 

		(c)	“Competing Products” means any product or service, in existence or under development,
which is of the same type as, which competes with, or which is intended to compete with or displace in the market, any of the products
or services provided or sold (or contemplated to be provided or sold) by Beacon, including any of the following products: (i) residential
and/or commercial roofing, including but not limited to shingles (all types including but not limited to asphalt, wood, synthetic),
built-up, modified, EPDM, TPO/PVC, low-slope commercial, (ii) siding, (iii) windows, (iv) skylights, (v) doors, (vi) decking and
railings, (vii) waterproofing, (viii) building insulation (rigid, foam, rolled), (ix) asphalt, (x) roof coatings and adhesives
specially designed for and marketed to the roofing contractor industry, (xi) metal roofing, (xii) plywood, (xiii) millwork, (xiv)
synthetic stone and stucco, (xv) drywall, (xvi) lumber, and (xvii) moldings.

 

		(d)	“Confidential Information” means information regarding the Business or Beacon
Group that has not been disclosed by Beacon to the public and is not known to the general public, and which shall include, but
not be limited to, the following with respect to the Business or Beacon Group: (i) information regarding operations, assets, liabilities
or financial condition; (ii) information regarding bidding, quotations, price, sales, merchandising, marketing and promotions (including
marketing strategies and concepts), advertising campaigns, capital expenditures, costs, joint ventures, business alliances, products,
services or purchasing; (iii) information regarding the terms, conditions and employment relationship Beacon has with employees,
including, non-public information regarding their monetary compensation, benefits and employee personnel files; (iv) information
regarding the terms, conditions and relationship Beacon has with Business Associates (other than employees), including their identities,
responsibilities, qualifications, benefits, compensation and files; (v) customer lists, databases and other information related
to current or prospective customers, including information regarding their identities, contact persons and purchasing patterns;
(vi) information regarding current or prospective vendors, suppliers, distributors or other business partners; (vii) forecasts,
projections, budgets and business plans; (viii) information regarding the planned or pending acquisitions, divestitures or other
business combinations; (ix) technical information, models, know-how, protocols, discoveries, techniques, processes, business methods,
trade secrets and proprietary information; and (x) contemplated website designs, website content, domain names, data bases, internet
hyperlinks, internet banners and internet search engine listings. Notwithstanding the foregoing, Confidential Information shall
be treated as such under this Agreement unless and until it becomes generally known to the public through no act or fault of Employee,
is independently developed without reference to the Confidential Information or is disclosed by someone who is not in breach of
any duty of confidentiality.

 

		(e)	“Customer” means any Person who is a customer of the Beacon Group during the
Restriction Period or has been a customer of the Beacon Group or any subsidiary or predecessor of the Beacon Group within the twelve
(12) months immediately prior to the beginning of the Restriction Period.

 

		(f)	To “engage” in a business means (i) to render services in (or with respect to)
the Territory for that business, or (ii) to own, manage, operate or control (or participate in the ownership, management, operation
or control of) an enterprise engaged in that business in (or with respect to) the Territory.

 

    	 	-2-	 

     

    

 

		(g)	“Person” means any individual, trustee, firm, corporation, partnership, limited
liability company, joint venture, bank, government entity, trust or other organization or entity.

 

		(h)	“Beacon Group” means Beacon and its Affiliates.

 

		(i)	“Restriction Period” means 12 months from Employee’s last day of employment
with Beacon but only if Employee’s employment terminates because Employee resigned from Beacon or was terminated for “Cause.”
For purposes of this Agreement, “Cause” shall mean: (i) Employee’s gross negligence or willful misconduct in
the performance of Employee’s duties, (ii) any act of fraud or embezzlement by Employee against the Beacon Group, other wrongful
taking by Employee of money or other assets of the Beacon Group for Employee’s personal use, self-dealing by Employee directly
or indirectly involving the Beacon Group, or Employee’s conviction for (or plea of nolo contendre or the like with respect
to) any felony; (iii) Employee’s dissemination of Confidential Information in violation of Section 5.

 

		(j)	“Solicit” means to encourage or induce, or to take any action that is intended
or calculated to encourage or induce, which has the effect of encouraging or inducing, or which is reasonably likely to result
in encouragement or inducement.

 

		(k)	“Territory” means any state in the United States of America and any province
in Canada where the Beacon Group conducts business.

 

		3.	Inducement; Additional Consideration. As an inducement for Beacon to make the grant of RSUs,
Employee agrees to the covenants and restrictions contained herein. Employee acknowledges and agrees that as an executive of Beacon,
Employee has had contact with, and Confidential Information about customers of the Business and Business Associates, in each case
as of the date of this Agreement.

 

		4.	Restrictive Covenants. Employee agrees that, from and after the date hereof and continuing
through the Restriction Period, Employee shall not, and shall cause its Affiliates to not, do any one or more of the following,
directly or indirectly:

 

		(a)	engage, participate or prepare to engage or participate, anywhere in the Territory, as an employee,
partner, member, shareholder, independent contractor, employee, consultant, agent, lender, lessor, advisor or (without limitation
by the specific enumeration of the foregoing) otherwise in the Business;

 

		(b)	Solicit, attempt to Solicit, or assist anyone else to Solicit, any Person who is or has been a
Customer to (i) cease doing business with any member of the Beacon Group, (ii) alter or limit its business relationship with any
member of the Beacon Group, or (iii) purchase, other than from a member of the Beacon Group, any Competing Products;

 

		(c)	Solicit, attempt to Solicit, or assist anyone else to Solicit, any Person who is or has been a
supplier, contractor, subcontractor, dealer, distributor, licensor, licensee, lessor or any other business relation of the Beacon
Group or any subsidiary or predecessor of the Beacon Group within the twelve (12) months immediately prior to the date hereof to
(i) cease doing business with any member of the Beacon Group or (ii) alter or limit its business relationship with any member of
the Beacon Group;

 

    	 	-3-	 

     

    

 

		(d)	market, promote, sell, offer to sell, or provide any Competing Products to any Customer, or prepare
to or assist anyone else to do so;

 

		(e)	Solicit, attempt to Solicit, or assist anyone else to Solicit any Business Associate to terminate,
restrict or hinder his, her or its association with any member of the Beacon Group; or

 

		(f)	recruit, interview, Solicit, hire or otherwise retain the services of any Business Associate, whether
on a full-time basis, part-time basis or otherwise and whether as an employee, officer, director, independent contractor, consultant,
advisor, agent or in another capacity, or assist anyone else to do so if such action would restrict, hinder or terminate such Business
Associate’s activities for and on behalf of any member of the Beacon Group.

 

		5.	Protection of Confidential Information.

 

		(a)	Employee agrees that, during the Restriction Period: (i) Employee shall (and shall cause Employee’s
Affiliates to) maintain all Confidential Information in strict confidence, (ii) Employee shall not (and shall cause Employee’s
Affiliates not to) disclose any Confidential Information to anyone outside of the Beacon Group, and (iii) Employee shall not (and
shall cause Employee’s Affiliates not to) use any Confidential Information for Employee’s own benefit or the benefit
of any third party.

 

		(b)	Notwithstanding the foregoing, if any given item(s) of Confidential Information would be entitled
to protection against misappropriation, use, disclosure or other conduct for a period of time longer that the Restriction Period
under any applicable trade secrets statute or other applicable law, then the protections hereunder shall, as to such item(s) of
Confidential Information, extend for such longer period of time pursuant to applicable law, and the foregoing provisions shall
not be deemed in any way to reduce, limit or waive any such protections that may be applicable to such Confidential Information
under applicable law.

 

		(c)	Nothing in this Agreement, however, shall prohibit any Person from using or disclosing Confidential
Information to the extent required by law or as reasonably required in connection with a dispute concerning the terms of this Agreement.
If Employee is required by law to disclose any Confidential Information, then Employee shall (i) provide Beacon with prompt notice
before such disclosure in order that Beacon may attempt to obtain a protective order or other assurance that confidential treatment
will be accorded such information and (ii) cooperate with Beacon in attempting to obtain such order or assurance. Nothing herein
shall prohibit any Person from using or disclosing any Confidential Information while employed by any member of the Beacon Group
(or otherwise retained to provide services for any member of the Beacon Group) in furtherance of his duties to Beacon Group.

 

    	 	-4-	 

     

    

 

		6.	Non-Disparagement. During the Restriction Period, Employee shall not, directly or indirectly,
make (or cause to be made) to any Person any disparaging, derogatory or other negative or false statement about any member of the
Beacon Group (including its products, services, policies, practices, operations, employees, sales representatives, agents, officers,
members, managers, partners or directors).

 

		7.	Non-Endorsement. During the Restriction Period, without Beacon’s consent or in the
course of duties for Beacon, Employee shall not, directly or indirectly, make (or cause to be made) to any Person any endorsement
or other commercially supportive statement about any Person engaged in whole or in part in the Business (including any such Person’s
products, services, equipment, suppliers, policies, practices, operations, employees, sales representatives, independent contractors,
licensees, advisors, agents, officers, directors, shareholders, members, managers, partners, subsidiaries or other Affiliates),
including any endorsement or statement made in support of a Competing Product.

 

		8.	Passive Investments. Nothing contained in this Agreement shall restrict Employee from, directly
or indirectly, owning, as a passive investment, two percent (2%) or less of the equity securities of any Person in competition
with a member of the Beacon Group, which securities are listed on any national securities exchange or authorized for quotation
on the Automated Quotations System of the National Association of Securities Dealers, Inc., as long as Employee has no other business
relationship, direct or indirect, with the issuer of such securities.

 

		9.	Scope of Covenants. Employee is entering into this Agreement in connection with the receipt
of a RSU grant to which Employee is not otherwise entitled, and Employee hereby acknowledges and agrees that the foregoing covenants
and the territorial, time and activity limitations set forth herein are commercially reasonable and are properly required to protect
Beacon, its Affiliates and their respective businesses, and to accord them the benefit of their bargain. If any such territorial,
time or activity limitation is determined to be unreasonable by a court or other tribunal, the parties agree to the modification
and/or reduction of such territorial, time or activity limitations (including the imposition of such a limitation if it is missing)
to such an area, period or scope of activity as said court or tribunal shall deem reasonable under the circumstances. Also, if
Beacon seeks partial enforcement of Sections 4-7 as to a lesser territory, time or scope of activity, then Beacon shall
be entitled to such reasonable partial enforcement. If such reduction or (if Beacon seeks partial enforcement) such partial enforcement
is not possible, then the unenforceable provision or portion thereof shall be severed as provided in Section 10.

 

		10.	Severability. Subject to Section 9, if any provision of this Agreement or portion
thereof is determined by a court or other tribunal to be wholly or partially unenforceable in any jurisdiction, then (for purposes
of such jurisdiction) such provision or portion thereof shall be struck from the remainder of this Agreement, which shall remain
in full force and effect. Without limitation of the foregoing: (a) any one or more of clauses (a), (b), (c),
(d), (e) or (f) of Section 4 may be so severed from the remainder of this Agreement; (b) any
one or more of Sections 4-7 may be so severed from the remainder of this Agreement; (c) the Territory shall be construed
as if each state therein and each county within each such state were listed in a separate clause which may be so severed; and (d)
the Restriction Period shall be construed as if each month therein were listed in a separate clause which may be so severed. In
the event Employee violates any obligation contained in this Agreement, the time period provided for with respect to such obligation
shall be tolled (i.e., shall not run) as to Employee for so long as he is in breach thereof.

 

    	 	-5-	 

     

    

 

		11.	Remedies. The remedies of each party hereunder shall be cumulative and concurrent, and may
be pursued singularly, successively, or together, in such party’s sole discretion. Employee agrees that any violation of
Sections 4-7 would cause irreparable harm to Beacon and its Affiliates. Without limitation of the generality of the foregoing,
if Employee violates any provision of Sections 4-7, then Beacon shall be entitled, in addition to any other remedies that
it may have, to specific, injunctive or other equitable relief (without the requirement of posting of a bond or other security)
in order to enforce such provision.

 

		12.	Notices. All notices required or permitted to be given hereunder shall be in writing and
may be delivered by hand, by nationally recognized private courier, or by United States mail. Notices delivered by mail shall be
treated as given three (3) business days after being deposited in the United States mail, postage prepaid, registered or certified
mail. Notices delivered by hand, or by nationally recognized private carrier shall be treated as given on the date of receipt;
except that a notice delivered by facsimile shall only be effective if such notice is also given by hand or by private carrier,
or deposited in the United states mail, postage prepaid, registered or certified mail, on or before two (2) business days
following its delivery by facsimile. All notices shall be addressed as follows: (a) if to Employee, addressed to 42 Lafayette
Avenue, Hingham, MA 02043, and (b) if to Beacon, addressed to Beacon Roofing Supply, Inc., 5244 River Road, Second Floor,
Bethesda, Maryland 20816, Attention: Ross D. Cooper; or (c) to such other respective addresses or addressees as may be designated
by notice given in accordance with the provisions of this Section 12.

 

		13.	Entire Agreement. This Agreement represents the entire understanding and agreement of the
parties hereto with respect to the subject matter hereof, supersedes all prior negotiations between such parties, and cannot be
amended, supplemented or changed orally but only as provided in Section 19 or by an agreement in writing signed by the party
or parties against whom enforcement is sought and making specific reference to this Agreement.

 

		14.	Waiver. Except as otherwise provided in this Agreement, any failure of any party to comply
with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by
a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with
such obligation, covenant, agreement or condition will not operate as a waiver of, or estoppel with respect to, any subsequent
or other failure.

 

		15.	Governing Law. The interpretation and construction of this Agreement, and all matters relating
hereto, will be governed by the laws of the State of Delaware applicable to contracts made and to be performed entirely within
the State of Delaware without giving effect to any conflict of law provisions thereof.

 

		16.	WAIVER OF JURY TRIAL. The Parties Hereto Hereby
Irrevocably Waive Their Respective Rights to Trial by Jury of Any Cause of Action, Claim, Counterclaim or Cross-Complaint in Any
Action or Other Proceeding brought by Any Party Hereto Against Any Other Party or Parties Hereto with respect to Any Matter arising
out of, or in Any Way Connected with or Related to, This Agreement or Any Portion Thereof, Whether Based upon Contractual, Statutory,
Tortious or Other Theories of Liability. Each Party Represents that It Has Consulted with Counsel Regarding the Meaning and Effect
of the Foregoing Waiver of Its Right to a Jury Trial.

 

    	 	-6-	 

     

    

 

		17.	Binding Effect. This Agreement shall inure to the benefit of and be binding upon the parties
hereto, and their successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer on any
Person other than the parties hereto, and their respective successors and permitted assigns any rights, remedies, obligations or
liabilities under or by reason of this Agreement.

 

		18.	Assignment. This Agreement may not be transferred, assigned, pledged or hypothecated by
any party without the prior written consent of the other party, except that Beacon may assign all or a portion of its rights and
obligations under this Agreement, to (a) one or more Affiliates, (b) any subsequent buyer of Beacon or any material portion of
its assets (whether such sale is structured as a sale of stock, a sale of assets, a merger or otherwise) and (c) any lender providing
financing to Beacon or any of its Affiliates and any such lender may exercise all of the rights and remedies of Beacon hereunder;
provided, however, that no such assignment shall relieve Beacon of its obligations under this Agreement.

 

		19.	Amendments. This Agreement shall not be modified or amended except pursuant to an instrument
in writing executed and delivered on behalf of each of the parties hereto.

 

		20.	Section Headings. The Section headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement.

 

		21.	Counterparts; Electronic Signatures. This Agreement may be executed in separate counterparts,
each of which is deemed to be an original, and all of which taken together constitute one and the same agreement. Execution and
delivery of this Agreement by electronic exchange bearing the copies of a party’s signature shall constitute a valid and
binding execution and delivery of this Agreement by such party. Such electronic copies shall constitute enforceable original documents.

 

		22.	Fees. In any action to enforce the terms of this Agreement or arising out of this Agreement,
the prevailing party shall be entitled to recover its fees and costs, including reasonable attorney fees.

 

		23.	Interpretation. The words “hereof,” “herein” and “herewith”
and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section references are to the Sections of this Agreement unless otherwise specified. Whenever
the words “include,” “includes,” “including” or similar expressions are used in this Agreement,
they will be understood be followed by the words “without limitation.” The words describing the singular number will
include the plural and vice versa, and words denoting any gender will include all genders. The parties have participated jointly
in the negotiation and drafting of this Agreement. In the event of an ambiguity or question of intent or interpretation arises,
this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring
or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

 

    	 	-7-	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Restrictive Covenant Agreement to Accompany Restricted Stock Award on the date first above written.

 

	
        EMPLOYEE:

         

         

                                                                 

         

         

         

         
	
        BEACON:

         

         

        Beacon
        Roofing Supply Inc.

        BEACON
        SALES ACQUISITION, INC.

         

         

         

        By:
                                                                                   

        Name:

        Title:

         

         

 

 

 

 

 

 

 

    	 	-8-	 

     

    

 

Executive Officers who have executed the above Restrictive Covenant
Agreement are as follows: Paul M. Isabella, Joseph M. Nowicki, and Ross D. Cooper.

 

 

 

 

 

 

    	 	-9-

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