Document:

Exhibit

Exhibit 10.17
SEVERANCE/CHANGE IN CONTROL AGREEMENT
THIS SEVERANCE/CHANGE IN CONTROL AGREEMENT (the “Agreement”), is made and entered into this ____ day of ____________, by and between Hanesbrands Inc., a Maryland corporation (the “Company”), and ____________ (“Executive”).
WHEREAS, Executive is an employee of Company, Company desires to foster the continuous employment of Executive and has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of Executive to his duties free from distractions which could arise in anticipation of an involuntary termination of employment or a Change in Control of Company;
NOW, THEREFORE, in consideration of the mutual agreements herein set forth, Company and Executive agree as follows:
1.Term and Nature of Agreement.  This Agreement shall commence on the date it is fully executed (“Execution Date”) by all parties and shall continue in effect unless the Company gives at least eighteen (18) months prior written notice that this Agreement will not be renewed.  In the event of such notice, this Agreement will expire on the next anniversary of the Execution Date that is at least eighteen (18) months after the date of such notice.  Notwithstanding the foregoing, if a Change in Control occurs during any term of this Agreement, the term of this Agreement shall be extended automatically for a period of twenty-four (24) months after the end of the month in which the Change in Control occurs.  Except to the extent otherwise provided, the parties intend for this Agreement to be construed and enforced as an unfunded welfare benefit plan under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including without limitation the jurisdictional provisions of ERISA.
2.    Involuntary Termination Benefits.  Executive shall be eligible for severance benefits upon an involuntary termination of employment under the terms and conditions specified in this section 2.
		
	(a)
	Eligibility for Severance. 

		
	(i)
	Eligible Terminations.  Subject to subparagraph (a)(ii) below, Executive shall be eligible for severance payments and benefits under this section 2 if his employment terminates under one of the following circumstances:

		
	(A)
	Executive’s employment is terminated involuntarily without Cause (defined in subparagraph 2(a)(ii)(A)); or 

		
	(B)
	Executive terminates his or her employment at the request of Company.

		
	(ii)
	Ineligible Terminations.  Notwithstanding subparagraph (a)(i) next above, Executive shall not be eligible for any severance payments or benefits under this section 2  if his employment  terminates under any of the following circumstances:

        

		
	(A)
	A termination for Cause.  For purposes of this Agreement, “Cause” means Executive has been convicted of (or pled guilty or no contest to) a felony or any crime involving fraud, embezzlement, theft, misrepresentation of financial impropriety; has willfully engaged in misconduct resulting in material harm to Company; has willfully failed to substantially perform duties after written notice; or is in willful violation of Company policies resulting in material harm to Company;

		
	(B)
	A termination as the result of Disability.  For purposes of this Agreement “Disability” shall mean a determination under Company’s disability plan covering Executive that Executive is disabled;

		
	(C)
	A termination due to death;

		
	(D)
	A termination due to Retirement.  For purposes of this Agreement “Retirement” shall mean Executive’s voluntary termination of employment on or after Executive’s attainment of the normal retirement age as defined in the Hanesbrands Inc. Pension and Retirement Plan (the “Retirement Plan”);

		
	(E)
	A voluntary termination of employment other than at the request of Company;

		
	(F)
	A termination following which Executive is immediately offered and accepts new employment with Company, or becomes a non-executive member of the Board;

		
	(G)
	The transfer of Executive’s employment to a subsidiary or affiliate of Company with his consent;

		
	(H)
	A termination of employment that qualifies Executive to receive severance payments or benefits under section 3 below following a Change in Control; or

		
	(I)
	Any other termination of employment under circumstances not described in subparagraph 2(a)(i).

		
	(iii)
	Characterization of Termination.  The characterization of Executive’s termination shall be made by the Committee (as defined in section 5 below) which determination shall be final and binding.

		
	(iv)
	Termination Date.  For purposes of this section 2, Executive’s “Termination Date” shall mean the date specified in the separation and release agreement described under section 2(e) below.

		
	(b)
	Severance Benefits Payable.  If Executive is terminated under circumstances described in subparagraph 2(a)(i), and not described in subparagraph 2(a)(ii), then 

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in lieu of any benefits payable under any other severance plan of the Company of any type and in consideration of the separation and release agreement and the covenants contained herein, the following shall apply:
		
	(i)
	Executive shall be entitled to receive his Base Salary (the “Salary Portion of Severance”) during the “Severance Period,” payable as provided in section 2(c).  The “Severance Period” shall mean the number of months determined by multiplying the number of Executive’s full years of employment with Company or any subsidiary or affiliate of Company (including periods of employment with Sara Lee Corporation) by two; provided, however, that in no event shall the Severance Period be less than twelve months or more than twenty-four months.  “Base Salary” shall mean the annual salary in effect for Executive immediately prior to his Termination Date.  At the discretion of the Committee, Executive may receive an additional salary portion in an amount equal to as much as 100% of Executive’s target bonus under the Annual Incentive Plan.  

Executive shall receive a pro-rata amount (determined based upon the number of days from the first day of the Company’s current fiscal year to Executive’s Termination Date divided by the total number of days in the applicable performance period and based on actual performance and achievement of any performance goals) of:
		
	(J)
	The annual incentive, if any, payable under the Annual Incentive Plan in effect with respect to the fiscal year or Short Year in which the Termination Date occurs based on actual fiscal year performance (the “Annual Incentive Portion of Severance”).  In this Agreement, “Short Year” means an incentive period of less than 12 months duration occurring immediately subsequent to the Company’s exit from the Sara Lee Corporation’s controlled group of corporations (within the meaning of Section 1563(a) of the Code)).  “Annual Incentive Plan” means the Hanesbrands Inc. annual incentive plan in which Executive participates as of the Termination Date; and 

		
	(K)
	The long-term incentive payable under the Omnibus Plan in effect on Executive’s Termination Date for any performance period or cycle that is at least fifty (50) percent completed prior to Executive’s Termination Date and which relates to the period of his service prior to his Termination Date.  The “Omnibus Plan” means the Hanesbrands Inc. Omnibus Incentive Plan of 2006, as amended from time to time, and any successor plan or plans.  The long-term incentive described in this section (“Long-Term Cash Incentive Plan”) includes cash long-term incentives, but does not include stock options, RSUs, or other equity awards.

Such amounts shall be payable as provided in section 2(c).  Treatment of stock options, RSUs, or other equity awards shall be determined pursuant to 

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the Executive’s award agreement(s).  Executive shall not be eligible for any new Annual Incentive Plan grants, Long-Term Cash Incentive Plan grants, or any other grants of stock options, RSUs, or other equity awards under the Omnibus Plan during the Severance Period.
		
	(ii)
	Beginning on his Termination Date, Executive shall be eligible to elect continued coverage under the group medical and dental plan available to similarly situated senior executives.  If Executive elects continuation coverage for medical coverage, dental coverage or both, he shall pay the entire COBRA premium charged for such continuation coverage during the Severance Period; provided, however, that during the Severance Period Company shall reimburse Executive for that portion of the COBRA premium paid that exceeds the amount payable by an active executive of Company for similar coverage, as adjusted from time to time.  Such reimbursement shall be made to Executive on the 20th day of each calendar month during the Severance Period, or within ten (10) business days thereafter.  The amount eligible for reimbursement under this subparagraph in any calendar year shall not affect any amounts eligible for reimbursement to be provided in any other calendar year.  In addition, Executive’s right to reimbursement hereunder shall not be subject to liquidation or exchange for any other benefit.  Executive’s right to COBRA continuation coverage under any such group health plan shall be reduced by the number of months of medical and dental coverage otherwise provided pursuant to this subparagraph.  The premium charged for any continuation coverage after the end of the Severance Period shall be entirely at Executive’s expense and shall be the actuarially determined cost of the continuation coverage as determined by an actuary selected by the Company (in accordance with the requirements under COBRA, to the extent applicable).  Executive shall not be entitled to reimbursement of any portion of the premium charged for such coverage after the end of the Severance Period.  Executive’s COBRA continuation coverage shall terminate in accordance with the COBRA continuation of coverage provisions under Company’s group medical and dental plans.  If Executive is eligible for early retirement under the terms of the Retirement Plan (or would become eligible if the Severance Period is considered as employment), then, after exhausting any COBRA continuation coverage under the group medical plan, Executive may elect to participate in any retiree medical plan available to similarly situated senior executives in accordance with the terms and conditions of  such plan in effect on and after Executive’s Termination Date; provided, that such retiree medical coverage shall not be available to Executive unless he or she elects such coverage within thirty (30) days following his Termination Date.  The premium charged for such retiree medical coverage may be different (greater) than the premium charged an active employee for similar coverage;

		
	(iii)
	Except as otherwise provided herein or in the applicable plan, participation in all other Company plans available to similarly situated senior executives including but not limited to, qualified pension plans, stock purchase plans, 

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matching grant programs, 401(k) plans and ESOPs, personal accident insurance, travel accident insurance, short and long term disability insurance, and accidental death and dismemberment insurance, shall cease on Executive’s Termination Date.  During the Severance Period, Company shall continue to maintain life insurance covering Executive under Company’s Executive Life Insurance Plan in accordance with its terms.  If Executive is eligible for early retirement or becomes eligible for early retirement during the Severance Period, then Company will continue to pay the premiums (or prepay the entire premium) so that Executive has a paid-up life insurance benefit equal to his annual salary on his Termination Date.
		
	(c)
	Payment of Severance.  

		
	(i)
	Salary Portion.  The Salary Portion of Severance shall be paid as follows:  

		
	(A)
	That portion of the Salary Portion of Severance that exceeds the “Separation Pay Limit,” if any, shall be paid to Executive in a lump sum payment as soon as practicable following the Termination Date, but in no event later than the fifteenth day of the third month after the date of the termination of Executive’s employment.  The “Separation Pay Limit” shall mean two (2) times the lesser of (1) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to Company for the calendar year immediately preceding the calendar year in which the Termination Date occurs (adjusted for any increase during that calendar year that was expected to continue indefinitely if Executive had not terminated employment); and (2) the maximum dollar amount of compensation that may be taken into account under a tax-qualified retirement plan under Code Section 401(a)(17) for the year in which the Termination Date occurs.  The payment to be made to Executive pursuant to this subparagraph (A) is intended to be exempt from Code Section 409A (as defined in section 15) under the exemption found in Regulation Section 1.409A-(b)(4) for short-term deferrals.

		
	(B)
	The remaining portion of the Salary Portion of Severance shall be paid during the Severance Period in accordance with Company’s payroll schedule, unless the Committee shall elect to pay the remaining Salary Portion of Severance in a lump sum payment or a combination of regular payments and a lump sum payment.  Any lump sum payment shall be paid to Executive as soon as practicable following the Termination Date, but in no event later than the fifteenth day of the third month after the date of the termination of Executive’s employment.  Notwithstanding the foregoing, in no event shall such remaining portion of the Salary Portion of Severance be paid to Executive later than December 31 of the second calendar year following the calendar year in which Executive’s Termination Date occurs.  The payment(s) to be made to Executive pursuant to this 

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subparagraph (B) are intended to be exempt from Code Section 409A (as defined in section 15) under the exemption found in Regulation Section 1.409A-(b)(9)(iii) for separation pay plans (i.e., the so-called “two times” pay exemption).
		
	(ii)
	Incentive Portion. The Annual Incentive Portion of Severance, if any, shall be paid in cash on the same date the active participants under the Annual Incentive Plan are paid.  The Long-Term Cash Incentive Plan payout, if any, shall be paid in the same form and on the same date the active participants under the Omnibus Plan are paid.  

		
	(iii)
	Withholding.  All payments hereunder shall be reduced by such amount as Company (or any subsidiary or affiliate of Company) may be required under all applicable federal, state, local or other laws or regulations to withhold or pay over with respect to such payment.

		
	(d)
	Termination of Benefits.  Notwithstanding any provisions in this Agreement to the contrary, all rights to receive or continue to receive severance payments and benefits under this section 2 shall cease on the earliest of: (i) the date Executive breaches any of the covenants in the separation and release agreement described in section 2(e); or (ii) the date Executive becomes reemployed by Company or any of its subsidiaries or affiliates.

		
	(e)
	Separation and Release Agreement.  No benefits under this section 2 shall be payable to Executive unless Executive and Company have executed a separation and release agreement within forty-five (45) days following the Termination Date and the payment of severance benefits under this section 2 shall be subject to the terms and conditions of the separation and release agreement.  

		
	(f)
	Death of Executive.  In the event that Executive shall die prior to the payment in full of any benefits described above as payable to Executive for Involuntary Termination, payments of such benefits shall cease on the date of Executive’s death.  

3.    Change in Control Benefits.  
		
	(a)
	Eligibility for Change in Control Benefits.

		
	(ii)
	Eligible Terminations.  If (A) within three (3) months preceding a Change in Control, the Executive’s employment is terminated by the Company at the request of a third party in contemplation of a Change in Control, (B) within twenty-four (24) months following a Change in Control, Executive’s employment is terminated by Company other than on account of Executive’s death, disability or retirement and other than for Cause, or (C) within twenty-four (24) months following a Change in Control Executive voluntarily terminates his employment for Good Reason, Executive shall be entitled to the Change in Control benefits as described in section 3(b) below.

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	(iii)
	Good Reason.  For purposes of this section 3, “Good Reason” means the occurrence of any one or more of the following (without Executive’s written consent after a Change in Control):

		
	(A)
	A material adverse change in Executive’s duties or responsibilities;

		
	(B)
	A reduction in Executive’s annual base salary except any reduction of not more than ten (10) percent;

		
	(C)
	A material reduction in Executive’s level of participation in any of Company’s short- and/or long-term incentive compensation plans, or employee benefit or retirement plans, policies, practices or arrangements in which Executive participates except for any reduction applicable to all senior executives;

		
	(D)
	The failure of any successor to Company to assume and agree to perform this Agreement; or 

		
	(E)
	Company’s requiring Executive to be based at an office location which is at least fifty (50) miles from his or her office location at the time of the Change in Control.

The existence of Good Reason shall not be affected by Executive’s temporary incapacity due to physical or mental illness not constituting a Disability.  Executive’s retirement shall constitute a waiver of his or her rights with respect to any circumstance constituting Good Reason.  Executive’s continued employment shall not constitute a waiver of his or her rights with respect to any circumstances which may constitute Good Reason; provided, however, that Executive may not rely on any particular action or event described in clause (A) through (E) above as a basis for terminating his employment for Good Reason unless he delivers a Notice of Termination based on that action or event within ninety (90) days after its occurrence and Company has failed to correct the circumstances cited by Executive as constituting Good Reason within thirty (30) days of receiving the Notice of Termination.
		
	(iv)
	Change in Control.  For purposes of this Agreement, a “Change in Control” will occur:

		
	(A)
	Upon the acquisition by any individual, entity or group, including any Person (as defined in the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”)), of beneficial ownership (as defined in Rule 13d‐3 promulgated under the Exchange Act), directly or indirectly, of twenty (20) percent or more of the combined voting power of the then outstanding capital stock of Company that by its terms may be voted on all matters submitted to stockholders of Company generally (“Voting Stock”); provided, however, that the following acquisitions shall not constitute a Change in Control:

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	1)
	Any acquisition directly from Company (excluding any acquisition resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable securities unless such outstanding convertible or exchangeable securities were acquired directly from Company);

		
	2)
	Any acquisition by Company;

		
	3)
	Any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Company or any corporation controlled by Company; or

		
	4)
	Any acquisition by any corporation pursuant to a reorganization, merger or consolidation involving Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (1), (2) and (3) of subparagraph 3(a)(iii)(B) below shall be satisfied; and provided further that, for purposes of clause (2) immediately above, if (i) any Person (other than Company or any employee benefit plan (or related trust) sponsored or maintained by Company or any corporation controlled by Company) shall become the beneficial owner of twenty (20) percent or more of the Voting Stock by reason of an acquisition of Voting Stock by Company, and (ii) such Person shall, after such acquisition by Company, become the beneficial owner of any additional shares of the Voting Stock and such beneficial ownership is publicly announced, then such additional beneficial ownership shall constitute a Change in Control; or

		
	(B)
	Upon the consummation of a reorganization, merger or consolidation of Company, or a sale, lease, exchange or other transfer of all or substantially all of the assets of Company; excluding, however, any such reorganization, merger, consolidation, sale, lease, exchange or other transfer with respect to which, immediately after consummation of such transaction:

		
	1)
	All or substantially all of the beneficial owners of the Voting Stock of Company outstanding immediately prior to such transaction continue to beneficially own, directly or indirectly (either by remaining outstanding or by being converted into voting securities of the entity resulting from such transaction), more than fifty (50) percent of the combined voting power of the voting securities of the entity resulting from such transaction (including, without limitation, Company or an entity which as a result of such transaction owns Company or 

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all or substantially all of Company's property or assets, directly or indirectly) (the “Resulting Entity”) outstanding immediately after such transaction, in substantially the same proportions relative to each other as their ownership immediately prior to such transaction; and

		
	2)
	No Person (other than any Person that beneficially owned, immediately prior to such reorganization, merger, consolidation, sale or other disposition, directly or indirectly, Voting Stock representing twenty (20) percent or more of the combined voting power of Company's then outstanding securities) beneficially owns, directly or indirectly, twenty (20) percent or more of the combined voting power of the then outstanding securities of the Resulting Entity; and

		
	3)
	At least a majority of the members of the board of directors of the entity resulting from such transaction were members of the board of directors of Company (the “Board”) at the time of the execution of the initial agreement or action of the Board authorizing such reorganization, merger, consolidation, sale or other disposition; or 

		
	(C)
	Upon the consummation of a plan of complete liquidation or dissolution of Company; or

		
	(D)
	When the Initial Directors cease for any reason to constitute at least a majority of the Board.  For this purpose, an “Initial Director” shall mean those individuals serving as the directors of Company immediately after Company ceased to be wholly-owned by Sara Lee Corporation; provided, however, that any individual who becomes a director of Company at or after the first annual meeting of stockholders of Company whose election, or nomination for election by the Company’s stockholders, was approved by the vote of at least a majority of the Initial Directors then comprising the Board (or by the nominating committee of the Board, if such committee is comprised of Initial Directors and has such authority) shall be deemed to have been an Initial Director; and provided further, that no individual shall be deemed to be an Initial Director if such individual initially was elected as a director of Company as a result of: (1) an actual or threatened solicitation by a Person (other than the Board) made for the purpose of opposing a solicitation by the Board with respect to the election or removal of directors; or (2) any other actual or threatened solicitation of proxies or consents by or on behalf of any Person (other than the Board).

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	(iv)
	Termination Date.  For purposes of this section 3, “Termination Date” shall mean the date specified in the Notice of Termination as the date on which the conditions giving rise to Executive’s termination were first met.  

		
	(b)
	Change in Control Benefits.  In the event Executive becomes entitled to receive benefits under this section 3, the following shall apply:

		
	(i)
	In consideration of Executive’s covenant in section 4 below, Executive shall be entitled to receive the following amounts, payable as provided in section 3(j):

		
	(E)
	A lump sum payment equal to the unpaid portion of Executive’s annual Base Salary and vacation accrued through the Termination Date;

		
	(F)
	A lump sum payment equal to Executive’s prorated Annual Incentive Plan payment (as determined in accordance with subparagraph 2(b)(ii)(A) above);

		
	(G)
	A lump sum payment equal to Executive’s prorated Long-Term Cash Incentive Plan payment (as determined in accordance with subparagraph 2(b)(ii)(B) above); and

		
	(H)
	A lump sum payment equal to two times the sum of (1) Executive’s annual Base Salary; and (2) the greater of (i) Executive’s target annual incentive (as defined in the Annual Incentive Plan) for the year in which the Change in Control occurs and (ii) Executive’s average annual incentive calculated over the three (3) fiscal years immediately preceding the year in which the Change in Control occurs (including for this purpose any annual incentive received from Sara Lee Corporation); and (3) an amount equal to the Company matching contribution to the defined contribution plan in which Executive is participating at the Termination Date (currently 4%).

Treatment of stock options, RSUs, or other equity awards shall be determined pursuant to the Executive’s award agreement(s).  Executive shall not be eligible for any new Annual Incentive Plan grants, Long-Term Cash Incentive Plan grants, or any other grants of stock options, RSUs, or other equity awards under the Omnibus Plan with respect to the CIC Severance Period as defined immediately below.
		
	(iv)
	For a period of 24 months following Executive’s Termination Date (the “CIC Severance Period”), Executive shall have the right to elect continuation of the life insurance, personal accident insurance, travel accident insurance and accidental death and dismemberment insurance coverages which insurance coverages shall be provided at the same levels and the same costs in effect immediately prior to the Change in Control. Beginning on his Termination Date, Executive shall be eligible to elect continued coverage under the group medical and dental plan available to similarly situated senior executives.  If 

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Executive elects continuation coverage for medical coverage, dental coverage or both, he shall pay the entire COBRA premium charged for such continuation coverage during the CIC Severance Period; provided, however, that during the CIC Severance Period, Company shall reimburse Executive for that portion of the COBRA premium paid that exceeds the amount payable by an active executive of Company for similar coverage, as adjusted from time to time.  Such reimbursement shall be made to Executive on the 20th day of each calendar month during the CIC Severance Period, or within ten (10) business days thereafter.  The amount eligible for reimbursement under this subparagraph in any calendar year shall not affect any amounts eligible for reimbursement to be provided in any other calendar year.  In addition, Executive’s right to reimbursement hereunder shall not be subject to liquidation or exchange for any other benefit.  Executive’s right to COBRA continuation coverage under any such group health plan shall be reduced by the number of months of coverage otherwise provided pursuant to this subparagraph.  The premium charged for any continuation coverage after the end of the CIC Severance Period shall be entirely at Executive’s expense and shall be the actuarially determined cost of the continuation coverage as determined by an actuary selected by the Company (in accordance with the requirements under COBRA, to the extent applicable).  Executive shall not be entitled to reimbursement of any portion of the premium charged for such coverage after the end of the CIC Severance Period.  Executive’s COBRA continuation coverage shall terminate in accordance with the COBRA continuation of coverage provisions under Company’s group medical and dental plans.  If Executive is eligible for early retirement under the terms of the Retirement Plan (or would become eligible if the CIC Severance Period is considered as employment), then, after exhausting any COBRA continuation coverage under the group medical plan, Executive may elect to participate in any retiree medical plan available to similarly situated senior executives in accordance with the terms and conditions of such plan in effect on and after Executive’s Termination Date; provided, that such retiree medical coverage shall not be available to Executive unless he or she elects such coverage within thirty (30) days following his Termination Date.  The premium charged for such retiree medical coverage may be different from the premium charged an active employee for similar coverage; 
		
	(v)
	If the aggregate benefits accrued by Executive as of the Termination Date under the savings and retirement plans sponsored by Company are not fully vested pursuant to the terms of the applicable plan(s), the difference between the benefits Executive is entitled to receive under such plans and the benefits he would have received had he been fully vested will be provided to Executive under the Hanesbrands Inc. Supplemental Employee Retirement Plan (the “Supplemental Plan”).  In addition, for purposes of determining Executive’s benefits under the Supplemental Plan and Executive’s right to post-retirement medical benefits under Company’s retiree medical plan, additional years of age and service credits equivalent to the length of the CIC Severance Period shall be included.  However, Executive will not be eligible to begin receiving 

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any retirement benefits under any such plans until the date he or she would otherwise be eligible to begin receiving benefits under such plans;
		
	(vi)
	Except as otherwise provided herein or in the applicable plan, participation in all other plans of Company or any subsidiary or affiliate of Company available to similarly situated Executives of Company, shall cease on Executive’s Termination Date.  

		
	(c)
	Termination for Disability.  If Executive’s employment is terminated due to Disability following a Change in Control, Executive shall receive his Base Salary through the Termination Date, at which time his benefits shall be determined in accordance with Company’s disability, retirement, insurance and other applicable plans and programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.

		
	(d)
	Termination for Retirement or Death.  If Executive’s employment is terminated by reason of his retirement or death following a Change in Control, Executive’s benefits shall be determined in accordance with Company’s retirement, survivor’s benefits, insurance, and other applicable programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.

		
	(e)
	Termination for Cause, or Other Than for Good Reason or Retirement.  If Executive’s employment is terminated either by Company for Cause, or voluntarily by Executive (other than for Retirement or Good Reason) following a Change in Control, Company shall pay Executive his full Base Salary and accrued vacation through the Termination Date, at the rate then in effect, plus all other amounts to which such Executive is entitled under any compensation plans of Company, at the time such payments are due, and Company shall have no further obligations to such Executive under this Agreement.

		
	(f)
	Separation and Release Agreement.  No benefits under this section 3 shall be payable to Executive unless Executive and Company have executed a “Separation and Release Agreement” (in substantially the form attached hereto as Exhibit A) within forty-five (45) days following the Termination Date and the payment of change in control benefits under this section 3 shall be subject to the terms and conditions of the Separation and Release Agreement.  

		
	(g)
	Deferred Compensation.  All amounts previously deferred by or accrued to the benefit of Executive under any nonqualified deferred compensation plan sponsored by Company (including, without limitation, any vested amounts deferred under incentive plans), together with any accrued earnings thereon, shall be paid in accordance with the terms of such plan following Executive’s termination.

		
	(h)
	Notice of Termination.  Any termination of employment under this section 3 by Company or by Executive for Good Reason shall be communicated by a written notice which shall indicate the specific Change in Control termination provision relied upon, and shall set forth in reasonable detail the facts and circumstances 

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claimed to provide a basis for termination of Executive’s employment under the provision so indicated (a “Notice of Termination”).
		
	(i)
	Termination of Benefits.  All rights to receive or continue to receive severance payments and benefits pursuant to this section 3 by reason of a Change in Control shall cease on the date Executive becomes reemployed by Company or any of its subsidiaries or affiliates.

		
	(j)
	Form and Timing of Benefits.  Subject to the provisions of this section 3, the Change in Control benefits described herein shall be paid to Executive in cash in a single lump sum payment as soon as practicable following the Termination Date, but in no event later than the fifteenth day of the third month after the date of the Executive’s termination of employment.  The Change in Control benefits payable to Executive pursuant to this subparagraph (j) are intended to be exempt from Code Section 409A (as defined in section 15) under the exemption found in Regulation Section 1.409A-(b)(4) for short-term deferrals.

		
	(k)
	Excise Tax Equalization Payment.  Subject to the limitation below, in the event that Executive becomes entitled to any payment or benefit under this section 3 (such benefits together with any other payments or benefits payable under any other agreement with, or plan or policy of, Company are referred to in the aggregate as the “Total Payments”), if all or any part of the Total Payments will be subject to the tax (the “Excise Tax”) imposed by Code Section 4999 (or any similar tax that may hereafter be imposed), Company shall pay to Executive in cash an additional amount (the “Gross-Up Payment”) such that the net amount retained by Executive after deduction of any Excise Tax on the Total Payments and any federal, state and local income tax, penalties, interest and Excise Tax upon the Gross-Up Payment provided for by this section 3 (including FICA and FUTA), shall be equal to the Total Payments.  Any such payment shall be made by Company to Executive as soon as practical following the Termination Date, but in no event beyond twenty (20) days from such date.  Such payment is intended to be exempt from Code Section 409A (as defined in section 15) under the exemption found in Regulation Section 1.409A-(b)(4) for short-term deferrals.  Executive shall only be entitled to a Gross-Up Payment under this section 3 if Executive’s “parachute payments” (as such term is defined in Code Section 280G) exceed three hundred thirty percent (330%) (the “Threshold”) of Executive’s “base amount” (as determined under Code Section 280G(b)).  In the event Executive’s parachute payments do not exceed the Threshold, the benefits provided to such Executive under this Agreement that are classified as parachute payments shall be reduced such that the value of the Total Payments that Executive is entitled to receive shall be one dollar ($1) less than the maximum amount which such Executive may receive without becoming subject to the tax imposed by Code Section 4999, or which Company may pay without loss of deduction under Code Section 280G(a).  For purposes of determining whether any of the Total Payments will be subject to the Excise Tax, the amounts of such Excise Tax and the amount of any Gross Up Payment, the following shall apply:

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	(i)
	Any other payments or benefits received or to be received by Executive in connection with a Change in Control or Executive’s termination of employment (whether pursuant to the terms of this Agreement or any other plan, policy, arrangement or agreement with Company, or with any Person whose actions result in a Change in Control or any Person affiliated with Company or such Persons) shall be treated as “parachute payments” within the meaning of Code Section 280G(b)(2), and all “excess parachute payments” within the meaning of Code Section 280G(b)(1) shall be treated as subject to the Excise Tax, unless in the opinion of Company’s tax counsel as supported by Company’s independent auditors and acceptable to Executive, such other payments or benefits (in whole or in part) do not constitute parachute payments, or unless such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered within the meaning of Code Section 280G(b)(4) in excess of the base amount within the meaning of Code Section 280G(b)(3), or are otherwise not subject to the Excise Tax;

		
	(ii)
	The amount of the Total Payments which shall be treated as subject to the Excise Tax shall be equal to the lesser of (A) the total amount of the Total Payments; or (B) the amount of excess parachute payments within the meaning of Code Section 280G(b)(1) (after applying the provisions of this section 3(i) above);

		
	(iii)
	The value of any noncash benefits or any deferred payment or benefit shall be determined by Company’s independent auditors in accordance with the principles of Code Sections 280G(d)(3) and (4);

		
	(iv)
	Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s residence on the Termination Date, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes;

		
	(v)
	In the event the Internal Revenue Service adjusts any item included in Company’s computations under this section 3(j) so that Executive did not receive the full net benefit intended under the provisions of this section 3(j), Company shall reimburse Executive for the full amount necessary to make Executive whole as determined by the Committee.  Any such payment shall be treated for Section 409A purposes as a payment separate from the payment made pursuant to this subparagraph (k) immediately following Executive’s termination of employment and shall be made by Company to Executive within twenty (20) days of the date he remits the additional taxes as a result of such adjustment; and

		
	(vi)
	In the event the Internal Revenue Service adjusts any item included in Company’s computations under this section 3(j) so that Executive is not 

- 14 -
        

required to pay the full amount of the excise tax assumed to have been owing in the determination of the Gross-Up Payment hereunder (or receives a refund of all or a portion of such excise tax), Executive shall repay to Company within twenty (20) days of the date the actual refund or credit of such portion has been made to Executive such portion of the Gross-Up Payment as shall exceed the amount of federal, state and local taxes actually determined to be owed together with such interest received or credited to him by such tax authority for the period he held such portion.
		
	(l)
	Company’s Payment Obligation.  Subject to the provisions of section 4, Company’s obligation to make the payments and the arrangements provided in this section 3 shall be absolute and unconditional, and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense, or other right which Company may have against Executive or anyone else.  All amounts payable by Company under this section 3 shall be paid without notice or demand and each and every payment made by Company shall be final, and Company shall not seek to recover all or any part of such payment from Executive or from whomsoever may be entitled thereto, for any reason except as provided in section 3(k) above or in section 4.

		
	(m)
	Other Employment.  Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under this section 3, and the obtaining of any such other employment shall in no event result in any reduction of Company’s obligations to make the payments and arrangements required to be made under this section 3, except to the extent otherwise specifically provided in this Agreement.

		
	(n)
	Payment of Legal Fees and Expenses.  To the extent permitted by law, Company shall reimburse Executive for all reasonable legal fees, costs of litigation or arbitration, prejudgment or pre-award interest, and other expenses incurred in good faith by Executive as a result of Company’s refusal to provide benefits under this section 3, or as a result of Company contesting the validity, enforceability or interpretation of the provisions of this section 3, or as the result of any conflict (including conflicts related to the calculation of parachute payments or the characterization of Executive’s termination) between Executive and Company; provided that the conflict or dispute is resolved in Executive’s favor and Executive acts in good faith in pursuing his rights under this section 3.  Such reimbursement shall be made within thirty (30) days following final resolution, in favor of Executive, of the conflict or dispute giving rise to such fees and expenses.  In no event shall Executive be entitled to receive the reimbursements provided for in this subparagraph if he acts in bad faith or pursues a claim without merit, or if he fails to prevail in any action instituted by him or Company.

		
	(o)
	Arbitration for Change in Control Benefits. Any dispute or controversy arising  under or in connection with  the benefits provided under this section 3 shall promptly and expeditiously be submitted to  arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in effect at the time of 

- 15 -
        

such arbitration proceeding utilizing a panel of three (3) arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of his employment with Company.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  The costs and expenses of both parties, including, without limitation, attorneys’ fees shall be borne by Company.  Pending the resolution of any such dispute, controversy or claim, Executive (and his beneficiaries) shall, except to the extent that the arbitrator otherwise expressly provides, continue to receive all payments and benefits due under this section 3.
4.    Remedies.  In the event of any actual or threatened breach of the provisions of this Agreement or any separation and release agreement, the party who claims such breach or threatened breach shall give the other party written notice and, except in the case of a breach which is not susceptible to being cured, ten calendar days in which to cure.  In the event of a breach of any provision of this Agreement or any separation and release agreement by Executive, (i) Executive shall reimburse Company: the full amount of any payments made under section 2(b)(i) or (ii) or section 3(b)(i) of this Agreement (as the case may be), (ii) Company shall have the right, in addition to and without waiving any other rights to monetary damages or other relief that may be available to Company at law or in equity, to immediately discontinue any remaining payments due under subparagraph 2(b)(i) or (ii) or subparagraph 3(b)(i) of this Agreement (as the case may be) including but not limited to any remaining Salary Portion of Severance payments, and (iii) the Severance Period or the CIC Severance Period (as the case may be) shall thereupon cease, provided that Executive’s obligations under, if applicable, any separation and release agreement shall continue in full force and effect in accordance with their terms for the entire duration of the Severance Period or CIC Severance Period as applicable.  In addition, Executive acknowledges that Company will suffer irreparable injury in the event of a breach or violation or threatened breach or violation of the provisions of this Agreement or any separation and release agreement and agrees that in the event of an actual or threatened breach or violation of such provisions, in addition to the other remedies or rights available to under this Agreement or otherwise, Company shall be awarded injunctive relief in the federal or state courts located in North Carolina to prohibit any such violation or breach or threatened violation or breach, without necessity of posting any bond or security.
5.    Committee.  Except as specifically provided herein, this Agreement shall be administered by the Compensation and Benefits Committee of the Board (the “Committee”).  The Committee may delegate any administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of severance/Change in Control benefits, to designated individuals or committees. 
6.    Claims Procedure.  If Executive believes that he is entitled to receive severance benefits under this Agreement, he may file a claim in writing with the Committee within ninety (90) days after the date such Executive believes he or she should have received such benefits.  No later than ninety (90) days after the receipt of the claim, the Committee shall either allow or deny the claim in writing.  A denial of a claim, in whole or in part, shall be written in a manner calculated to be understood by Executive and shall include the specific reason or reasons for the denial; specific reference to the pertinent provisions of this Agreement on which the denial is based; a description of any additional material or information necessary for Executive to perfect the claim and an explanation of why such material or information is necessary; and an explanation of the claim review 

- 16 -
        

procedure.  Executive (or his duly authorized representative) may within sixty 60 days after receipt of the denial of his claim request a review upon written application to the Committee; review pertinent documents; and submit issues and comments in writing.  The Committee shall notify Executive of its decision on review within sixty (60) days after receipt of a request for review unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one-hundred twenty (120) days after receipt of a request for review.  Notice of the decision on review shall be in writing.  The Committee’s decision on review shall be final and binding on Executive and any successor in interest.  If Executive subsequently wishes to file a claim under Section 502(a) of ERISA, any legal action must be filed within ninety (90) days of the Committee’s final decision.  Executive must exhaust the claims procedure provided in this section 6 before filing a claim under ERISA with respect to any benefits provided under section 2 of this Agreement.
7.    Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and either delivered in person or sent by first class, certified or registered mail, postage prepaid, if to Company at Company’s principal place of business, and if to Executive, at his home address most recently filed with Company, or to such other address as either party shall have designated in writing to the other party.
8.    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to any state’s conflict of law principles.
9.    Severability and Construction. If any provision of this Agreement is declared void or unenforceable or against public policy, such provision shall be deemed severable and severed from this Agreement and the balance of this Agreement shall remain in full force and effect.  If a court of competent jurisdiction determines that any restriction in this Agreement is overbroad or unreasonable under the circumstances, such restriction shall be modified or revised by such court to include the maximum reasonable restriction allowed by law.
10.    Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition.
11.    Entire Agreement Modifications. This Agreement (including all exhibits hereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersede all prior agreements, oral and written, between the parties hereto with respect to the subject matter hereof.  In the event of any inconsistency between any provision of this Agreement and any provision of any plan, employee handbook, personnel manual, program, policy, arrangement or agreement of Company or any of its subsidiaries or affiliates, the provisions of this Agreement shall control.  This Agreement may be modified or amended only by an instrument in writing signed by both parties.
12.    Withholding. All payments made to Executive pursuant to this Agreement will be subject to withholding of employment taxes and other lawful deductions, as applicable.
13.    Survivorship. Except as otherwise set forth in this Agreement, to the extent necessary to carry out the intentions of the parties hereunder the respective rights and obligations of the parties hereunder shall survive any termination of Executive’s employment.

- 17 -
        

14.    Successors and Assigns. This Agreement shall bind and shall inure to the benefit of Company and any and all of its successors and assigns. This Agreement is personal to Executive and shall not be assignable by Executive.  Company may assign this Agreement to any entity which (i) purchases all or substantially all of the assets of Company or (ii) is a direct or indirect successor (whether by merger, sale of stock or transfer of assets) of Company.  Any such assignment shall be valid so long as the entity which succeeds to Company expressly assumes Company’s obligations hereunder and complies with its terms.
15.    Compliance with Code Section 409A.  To the extent applicable, it is intended that the payment of benefits described in this Agreement comply with Code Section 409A and all guidance or regulations thereunder ("Section 409A"), including compliance with all applicable exemptions from Section 409A (e.g., the short-term deferral exception and the  "two times" pay exemption applicable to severance payments). This Agreement will at all times be construed in a manner to comply with Section 409A and should any provision be found not in compliance with Section 409A, Executive hereby agrees to any changes to the terms of this  Agreement deemed necessary and required by legal counsel for Company to achieve compliance with Section 409A, including any applicable exemptions.  By signing a copy of this Agreement, Executive  irrevocably waives any objections he may have to any changes that may be required by Section 409A.  In no event will any payment that becomes payable pursuant to this Agreement that is considered "deferred compensation" within the meaning of Section 409A, if any, and does not satisfy any of the applicable exemptions under Section 409A, be accelerated in violation of Section 409A. If Executive is a "specified employee" as defined in Section 409A, any payment that becomes payable pursuant to this Agreement that is considered "deferred compensation" within the meaning of Section 409A and does not satisfy any of the applicable exemptions under Section 409A may not be made before the date that is six months after Executive’s separation from service (or death, if earlier). To the extent Executive becomes subject to the six-month delay rule, all payments that would have been made to Executive during the six months following his separation from service that are not otherwise exempt from Section 409A, if any, will be accumulated and paid to Executive during the seventh month following his separation from service, and any remaining payments due will be made in their ordinary course as described in this Agreement.  Company will notify Executive should he become subject to the six month delay rule.

16.      Restatement of Prior Agreement.  This Agreement amends and restates, effective as of January 1, 2008, the Severance/Change in Control Agreement between the Company and Executive dated September 1, 2006 (“Prior Agreement”), to comply with Section 409A and to clarify certain other provisions of the Prior Agreement.  This amended and restated Agreement does not preclude the Prior Agreement (as amended and restated by this Agreement)  from qualifying for grandfather treatment under the transition rule set forth in Internal Revenue Service Revenue Ruling 2008-13 with respect to contracts in effect on February 21, 2008.  Each of the parties hereto has relied on his or its own judgment in entering into this Agreement. 

- 18 -
        

IN WITNESS WHEREOF, Company and Executive have duly executed and delivered this Agreement as of the day and year first above written.
EXECUTIVE                        HANESBRANDS INC.
____________________________________    By:_____________________________
Title:____________________________

- 19 -
        

Exhibit A
MODEL FORM
SEPARATION AND RELEASE AGREEMENT
Hanesbrands Inc. (the “Company”) and ____________ (“Executive”) enter into this Separation and Release Agreement which was received by Executive on the ___ day of _______, ____________, signed by Executive on the ___ day of ____________, and is effective on the ___ day of ____________ (the “Effective Date”).  The Effective Date shall be no less than 7 days after the date signed by Executive.
W I T N E S S E T H:
WHEREAS, Executive has been employed by the Company as a ______________; and
WHEREAS, Executive’s employment with the Company is terminated as of ____________ (the “Termination Date”); and
WHEREAS, pursuant to that certain Severance/Change in Control Agreement between Company and Executive dated ____________ (the “Change in Control Agreement”), upon a termination of Executive’s employment that satisfies the conditions specified in the Change in Control Agreement, Executive is entitled to the benefits described in the Change in Control Agreement provided Executive executes a separation and release agreement acceptable to Company; and
WHEREAS, this separation and release agreement (the “Agreement”) is intended to satisfy the requirements of the Change in Control Agreement and to form a part of the Change in Control Agreement in such a manner that all the rights, duties and obligations arising between Executive and Company, including, but in no way limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to Executive’s employment with the Company and the conclusion of that employment are settled herein through the joinder of the Change in Control Agreement with this Agreement.
NOW, THEREFORE, in consideration of the obligations of the parties under the Change in Control Agreement and the additional covenants and mutual promises herein contained, it is further agreed as follows:
1.    Termination Date.  Executive agrees to resign Executive’s employment and all appointments Executive holds with Company, and its subsidiaries and affiliates, on the Termination Date.  Executive understands and agrees that Executive’s employment with the Company will conclude on the close of business on the Termination Date.
2.    Termination Benefits.  Executive and Company agree that Executive shall receive the benefits described in the Change in Control Agreement, less all applicable withholding taxes and other customary payroll deductions, provided in the Change in Control Agreement. 
3.    Receipt of Other Compensation.  Executive acknowledges and agrees that, other than as specifically set forth in the Change in Control Agreement or this Agreement, following the 

Termination Date, Executive is not and will not be due any compensation, including, but not limited to, compensation for unpaid salary (except for amounts unpaid and owing for Executive’s employment with Company, its subsidiaries or affiliates prior to the Termination Date), unpaid bonus, severance and accrued or unused vacation time or vacation pay from the Company or any of its subsidiaries or affiliates.  Except as provided herein or in the Change in Control Agreement, Executive will not be eligible to participate in any of the benefit plans of the Company after Executive’s Termination Date.  However, Executive will be entitled to receive benefits which are vested and accrued prior to the Termination Date pursuant to the employee benefit plans of the Company.  Any participation by Executive (if any) in any of the compensation or benefit plans of the Company as of and after the Termination Date shall be subject to and determined in accordance with the terms and conditions of such plans, except as otherwise expressly set forth in the Change in Control Agreement or this Agreement.  
4.    Continuing Cooperation.  Following the Termination Date, Executive agrees to cooperate with all reasonable requests for information made by or on behalf of Company with respect to the operations, practices and policies of the Company.  In connection with any such requests, the Company shall reimburse Executive for all out-of-pocket expenses reasonably and necessarily incurred in responding to such request(s).
5.    Executive’s Representation and Warranty.  Executive hereby represents and warrants that, during Executive’s period of employment with the Company, Executive did not willfully or negligently breach Executive’s duties as an employee or officer of the Company, did not commit fraud, embezzlement, or any other similar dishonest conduct, and did not violate the Company’s business standards.
6.    Non-Solicitation and Non-Compete.  In consideration of the benefits provided under this Agreement and in the Change in Control Agreement, Executive agrees that during Executive’s employment and for the duration of the applicable Severance Period as determined pursuant to the terms of the Change in Control Agreement, Executive will not, without the prior written consent of Company, either alone or in association with others, solicit for employment or assist or encourage the solicitation for employment, any employee of Company, or any of its subsidiaries or affiliates; and will not, without the prior written consent of Company, directly or indirectly counsel, advise, perform services for, or be employed by, or otherwise engage or participate in any Competing Business (regardless of whether Executive receives compensation of any kind).  For purposes of this Agreement, a “Competing Business” shall mean any commercial activity which competes or is reasonably likely to compete with any business that the Company conducts, or demonstrably anticipates conducting, at any time during Executive’s employment.
7.    Confidentiality.  At all times after the Effective Date, Executive will maintain the confidentiality of all information in whatever form concerning Company or any of its subsidiaries or affiliates relating to its or their businesses, customers, finances, strategic or other plans, marketing, employees, trade practices, trade secrets, know-how or other matters which are not generally known outside Company or any of its subsidiaries or affiliates, and Executive will not, directly or indirectly, make any disclosure thereof to anyone, or make any use thereof, on Executive’s own behalf or on behalf of any third party, unless specifically requested by or agreed to in writing by an executive officer of Company.  In addition, Executive agrees that Executive will not disclose the existence or terms of this Agreement to any third parties with the exception of Executive’s accountants, attorneys, or spouse, and shall ensure that none of them discloses such existence or terms to any other person, 

A-2

except as required to comply with law.  Executive will promptly return to Company all reports, files, memoranda, records, computer equipment and software, credit cards, cardkey passes, door and file keys, computer access codes or disks and instructional manuals, and other physical or personal property which Executive received or prepared or helped prepare in connection with Executive’s employment and Executive will not retain any copies, duplicates, reproductions or excerpts thereof.  The obligations of this paragraph 7 shall survive the expiration of this Agreement.
8.    Non-Disparagement.  At all times after the Effective Date, Executive will not disparage or criticize, orally or in writing, the business, products, policies, decisions, directors, officers or employees of Company or any of its subsidiaries or affiliates to any person.  Company also agrees that none of its executive officers will disparage or criticize Executive to any person or entity.  The obligations of this paragraph 8 shall survive the expiration of this Agreement.
9.    Breach of Agreement.  Any actual or threatened breach of this Agreement will be handled as provided in the Change in Control Agreement.
		
	10.
	Release.

		
	(a)
	Executive on behalf of Executive, Executive’s heirs, executors, administrators and assigns, does hereby knowingly and voluntarily release, acquit and forever discharge Company and any of its subsidiaries, affiliates, successors, assigns and past, present and future directors, officers, employees, trustees and shareholders (the “Released Parties”) from and against any and all complaints, claims, cross-claims, third-party claims, counterclaims, contribution claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, foreseen or unforeseen, matured or unmatured, which, at any time up to and including the date on which Executive signs this Agreement, exists, have existed, or may arise from any matter whatsoever occurring, including, but not limited to, any claims arising out of or in any way related to Executive’s employment with Company or its subsidiaries or affiliates and the conclusion thereof, which Executive, or any of Executive’s heirs, executors, administrators, assigns, affiliates, and agents ever had, now has or at any time hereafter may have, own or hold against any of the Released Parties based on any matter existing on or before the date on which Executive signs this Agreement.  Executive acknowledges that in exchange for this release, Company is providing Executive with total consideration, financial or otherwise, which exceeds what Executive would have been given without the release.  By executing this Agreement, Executive is waiving, without limitation, all claims (except for the filing of a charge with an administrative agency) against the Released Parties arising under federal, state and local labor and antidiscrimination laws, any employment related claims under the employee Retirement Income Security Act of 1974, as amended, and any other restriction on the right to terminate employment, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, as amended, and the North Carolina Equal Employment Practices Act, as amended.  Nothing herein shall release any party from any obligation under this Agreement.  Executive acknowledges and agrees that this release and the covenant not to sue set forth in paragraph (c) below are essential and material terms of this Agreement and that, without such release and 

A-3

covenant not to sue, no agreement would have been reached by the parties and no benefits under the Change in Control Agreement would have been paid.  Executive understands and acknowledges the significance and consequences of this release and this Agreement.
		
	(b)
	EXECUTIVE SPECIFICALLY WAIVES AND RELEASES THE RELEASED PARTIES FROM ALL CLAIMS EXECUTIVE MAY HAVE AS OF THE DATE EXECUTIVE SIGNS THIS AGREEMENT REGARDING CLAIMS OR RIGHTS ARISING UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, 29 U.S.C. § 621 (“ADEA”).  EXECUTIVE FURTHER AGREES: (i) THAT EXECUTIVE’S WAIVER OF RIGHTS UNDER THIS RELEASE IS KNOWING AND VOLUNTARY AND IN COMPLIANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990; (ii) THAT EXECUTIVE UNDERSTANDS THE TERMS OF THIS RELEASE; (iii) THAT EXECUTIVE’S WAIVER OF RIGHTS IN THIS RELEASE IS IN EXCHANGE FOR CONSIDERATION THAT WOULD NOT OTHERWISE BE OWING TO EXECUTIVE PURSUANT TO ANY PREEXISTING OBLIGATION OF ANY KIND HAD EXECUTIVE NOT SIGNED THIS RELEASE; (iv) THAT EXECUTIVE HEREBY IS AND HAS BEEN ADVISED IN WRITING BY COMPANY TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS RELEASE; (v) THAT COMPANY HAS GIVEN EXECUTIVE A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS WITHIN WHICH TO CONSIDER THIS RELEASE; (vi) THAT EXECUTIVE REALIZES THAT FOLLOWING EXECUTIVE’S EXECUTION OF THIS RELEASE, EXECUTIVE HAS SEVEN (7) DAYS IN WHICH TO REVOKE THIS RELEASE BY WRITTEN NOTICE TO THE UNDERSIGNED, AND (vii) THAT THIS ENTIRE AGREEMENT SHALL BE VOID AND OF NO FORCE AND EFFECT IF EXECUTIVE CHOOSES TO SO REVOKE, AND IF EXECUTIVE CHOOSES NOT TO SO REVOKE, THAT THIS AGREEMENT AND RELEASE THEN BECOME EFFECTIVE AND ENFORCEABLE UPON THE EIGHTH DAY AFTER EXECUTIVE SIGNS THIS AGREEMENT.

		
	(c)
	To the maximum extent permitted by law, Executive covenants not to sue or to institute or cause to be instituted any action in any federal, state, or local agency or court against any of the Released Parties, including, but not limited to, any of the claims released this Agreement.  Notwithstanding the foregoing, nothing herein shall prevent Executive or any of the Released Parties from filing a charge with an administrative agency, from instituting any action required to enforce the terms of this Agreement, or from challenging the validity of this Agreement.  In addition, nothing herein shall be construed to prevent Executive from enforcing any rights Executive may have to recover vested benefits under the Employee Retirement Income Security Act of 1974, as amended.

		
	(d)
	Executive represents and warrants that:  (i) Executive has not filed or initiated any legal, equitable, administrative, or other proceeding(s) against any of the Released Parties; (ii) no such proceeding(s) have been initiated against any of the Released Parties on Executive’s behalf; (iii) Executive is the sole owner of the actual or alleged claims, demands, rights, causes of action, and other matters that are released in this 

A-4

paragraph 10; (iv) the same have not been transferred or assigned or caused to be transferred or assigned to any other person, firm, corporation or other legal entity; and (v) Executive has the full right and power to grant, execute, and deliver the releases, undertakings, and agreements contained in this Agreement.
		
	(e)
	The consideration offered herein is accepted by Executive as being in full accord, satisfaction, compromise and settlement of any and all claims or potential claims, and Executive expressly agrees that Executive is not entitled to and shall not receive any further payments, benefits, or other compensation or recovery of any kind from Company or any of the other Released Parties.  Executive further agrees that in the event of any further proceedings whatsoever based upon any matter released herein, Company and each of the other Released Parties shall have no further monetary or other obligation of any kind to Executive, including without limitation any obligation for any costs, expenses and attorneys’ fees incurred by or on behalf of Executive.

11.    Executive’s Understanding.  Executive acknowledges by signing this Agreement that Executive has read and understands this document, that Executive has conferred with or had opportunity to confer with Executive’s attorney regarding the terms and meaning of this Agreement, that Executive has had sufficient time to consider the terms provided for in this Agreement, that no representations or inducements have been made to Executive except as set forth in this Agreement, and that Executive has signed the same KNOWINGLY AND VOLUNTARILY.
12.    Non-Reliance.  Executive represents to Company and Company represents to Executive that in executing this Agreement they do not rely and have not relied upon any representation or statement not set forth herein made by the other or by any of the other’s agents, representatives or attorneys with regard to the subject matter, basis or effect of this Agreement, or otherwise.
13.    Severability of Provisions.  In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.  Moreover, if any one or more of the provisions contained in this Agreement are held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law.
14.    Non-Admission of Liability.  Executive agrees that neither this Agreement nor the performance by the parties hereunder constitutes an admission by any of the Released Parties of any violation of any federal, state, or local law, regulation, common law, breach of any contract, or any other wrongdoing of any type.
15.    Assignability.  The rights and benefits under this Agreement are personal to Executive and such rights and benefits shall not be subject to assignment, alienation or transfer, except to the extent such rights and benefits are lawfully available to the estate or beneficiaries of Executive upon death.  Company may assign this Agreement to any parent, affiliate or subsidiary or any entity which at any time whether by merger, purchase, or otherwise acquires all or substantially all of the assets, stock or business of Company.

A-5

16.    Choice of Law.  This Agreement shall be constructed and interpreted in accordance with the internal laws of the State of North Carolina without regard to any state’s conflict of law principles.  
17.    Entire Agreement.  This Agreement, together with the Change in Control Agreement, sets forth all the terms and conditions with respect to compensation, remuneration of payments and benefits due Executive from Company and supersedes and replaces any and all other agreements or understandings Executive may have or may have had with respect thereto.  This Agreement may not be modified or amended except in writing and signed by both Executive and an authorized representative of Company.  
18.    Notice.  Any notice to be given hereunder shall be in writing and shall be deemed given when mailed by certified mail, return receipt requested, addressed as follows:
To Executive at:
[add address]
To the Company at:
Hanesbrands Inc.
Attention:  General Counsel 
1000 East Hanes Mill Road
Winston-Salem, NC  27105

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
EXECUTIVE                        HANESBRANDS INC.
____________________________________    By:_____________________________
Title:____________________________

A-6

Exhibit B
Schedule of Parties to Severance/Change in Control Agreement
	
			
	Name
	 
	Date of Agreement

	Gerald W. Evans Jr.
	 
	December 18, 2008

	Joia M. Johnson
	 
	December 17, 2008

	W. Howard Upchurch
	 
	December 16, 2008a2016deferredcompensatio

Exhibit (10)(f)   ASSOCIATED BANC-CORP   DEFERRED COMPENSATION PLAN      Restated Effective November 1, 2015         

 

   i   ASSOCIATED BANC-CORP   DEFERRED COMPENSATION PLAN   TABLE OF CONTENTS   Page   ARTICLE 1 Establishment of Plan and Purpose .................................................. 1-1   1.01 Establishment of Plan ...................................................................... 1-1   1.02 Purpose of Plan ................................................................................ 1-1   ARTICLE 2 Definitions and Construction ............................................................ 2-1   2.01 Definitions ....................................................................................... 2-1   2.02 Construction .................................................................................... 2-2   ARTICLE 3 Eligibility .......................................................................................... 3-1   3.01 Conditions of Eligibility .................................................................. 3-1   3.02 Commencement of Participation ..................................................... 3-1   3.03 Termination of Participation ........................................................... 3-1   ARTICLE 4 Deferral of Compensation ................................................................ 4-1   4.01 Amount and Manner of Deferral ..................................................... 4-1   4.02 Termination of Deferral Election .................................................... 4-1   ARTICLE 5 Memorandum Account ..................................................................... 5-1   5.01 Nature of Account ........................................................................... 5-1   5.02 Credit to Memorandum Account ..................................................... 5-1   5.03 Changes in Memorandum Account ................................................. 5-1   5.04 Valuation of Memorandum Account ............................................... 5-2   5.05 Additional Credit ............................................................................. 5-2   ARTICLE 6 Distributions ..................................................................................... 6-1   6.01 For Reasons Other Than Death. ...................................................... 6-1   6.02 Upon Death ...................................................................................... 6-3   6.03 Emergencies .................................................................................... 6-4   6.04 Form of Payment ............................................................................. 6-4   ARTICLE 7 Administration of the Plan ................................................................ 7-1   7.01 Appointment of Separate Administrator ......................................... 7-1   7.02 Powers and Duties ........................................................................... 7-1     

 

   ii   7.03 Records and Notices ........................................................................ 7-2   7.04 Compensation and Expenses ........................................................... 7-2   7.05 Limitation of Authority ................................................................... 7-2   ARTICLE 8 General Provisions ............................................................................ 8-1   8.01 Assignment ...................................................................................... 8-1   8.02 Employment Not Guaranteed by Plan ............................................. 8-1   8.03 Termination and Amendment .......................................................... 8-1   8.04 Notice .............................................................................................. 8-1   8.05 Limitation on Liability .................................................................... 8-1   8.06 Indemnification ............................................................................... 8-1   8.07 Headings .......................................................................................... 8-2   8.08 Severability ...................................................................................... 8-2   8.09 Claims .............................................................................................. 8-2   ARTICLE 9 Merger of First Financial Corporation Deferred   Compensation Plan .......................................................................... 9-1   9.01 Introduction ..................................................................................... 9-1   9.02 Merger ............................................................................................. 9-1   9.03 Investment ....................................................................................... 9-1   9.04 Beneficiary Designations ................................................................ 9-1   9.05 Distributions .................................................................................... 9-1   APPENDIX A FIRST FINANCIAL CORPORATION  DEFERRED   COMPENSATION PLAN AND TRUST   APPENDIX B CLAIMS PROCEDURES        

 

   iii   INTRODUCTION   Effective December 16, 1993, Associated Banc Corp (the   “Company”) adopted a nonqualified deferred compensation plan (the “Plan”) to   benefit certain of its employees by facilitating the accumulation of funds for their   retirement.  The Company restated the Plan in its entirety effective January 1,   1996.  The Company again restated the Plan in its entirety effective January 1,   2001 to merge another nonqualified plan - the First Financial Corporation   Deferred Compensation Plan and Trust - into the Plan.  The Company again   restated the Plan, effective January 1, 2008, to comply with section 409A of the   Internal Revenue Code (the “Code”).  The Company has further amended and   restated the Plan, effective November 1, 2015.    This introduction and the following Articles, as amended from time   to time, comprise the Plan.         

 

   1-1   ASSOCIATED BANC CORP   DEFERRED COMPENSATION PLAN   ARTICLE 1   Establishment of Plan and Purpose   1.01 Establishment of Plan.  Associated Banc Corp has established   the “Associated Banc Corp Deferred Compensation Plan,” effective as of   December 16, 1993 (the “Plan”).  .     1.02 Purpose of Plan.  The Plan shall permit a select group of   management and highly compensated employees to enhance the security of   themselves and their beneficiaries following the termination of their employment   with the Company (as defined herein) by deferring until that time a portion of the   compensation which may otherwise be payable to them at an earlier date.  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 in the Employee Retirement   Income Security Act of 1986, as amended from time to time (“ERISA”).     

 

   2-1      ARTICLE 2   Definitions and Construction   As used herein, the following words shall have the following   meanings:   2.01 Definitions.   (a) Administrator.  The Company or person or persons selected by the   Company pursuant to Article 7 below to control and manage the   operation and administration of the Plan.   (b) Beneficiaries.  The spouse or descendants of Participant or any other   person receiving benefits hereunder in relation to Participant.   (c) Company.  Associated Banc Corp, a Wisconsin banking corporation   and any subsidiary, successor or affiliate which has adopted this Plan   and any successor thereto.  The board of directors of Associated   Banc Corp has authorized the Compensation and Benefits   Committee  of the board to act on behalf of the Company for   purposes of the Plan.   (d) Compensation.  The total pre-tax dollar amount paid to (irrespective   of the Plan Year in which it was earned) a Participant in the form of   salary, cash-based annual incentive payments, and commission   payments (prior to reduction of any such amounts pursuant to any   Company benefit plans).    (e) Effective Date.  The effective date of this Plan shall be December   16, 1993.   (f) Employee.  An employee of the Company.   (g) Employment.  Employment with the Company.   (h) Incentive Compensation.  The amount payable to a Participant under   any annual bonus or other incentive compensation plan of the   Company that is paid on an annual basis (but not including any such   amounts that are paid under equity-based incentive plans of the   Company, or as recruiting or relocation bonuses).          

 

   2-2   (i) Memorandum Account.  The account maintained for each Participant   pursuant to Article 5 below.   (j) Participants.  Such management and highly compensated Employees   whom the Company identifies as eligible to defer compensation   hereunder and who elect to participate herein.  Also, any individual   who was a participant in the First Financial Corporation Deferred   Compensation Plan and who had a frozen account balance under the   First Financial Corporation Deferred Compensation Plan (“First   Financial Frozen Account”) as of December 31, 2000 shall   automatically qualify as a Participant in the Plan as of January 1,   2001, for purposes of the maintenance, investment and distribution   of the First Financial Frozen Account as described in Article 9.   (k) Plan.  The Associated Banc Corp Deferred Compensation Plan, as   stated herein and as amended from time to time.   (l) Plan Year.  The period beginning on February 1, 1994 and ending on   December 31, 1994, and thereafter each 12 month period ending on   each subsequent December 31.   (m) Salary.  The amount earned by a Participant in the form of base   salary, commissions or sales incentives, paid to the Participant on a   bi-monthly or bi-weekly basis.    (n) Trust.  The Associated Banc-Corp Deferred Compensation Trust.   (o) Trustee.  The Trustee of the Associated Banc-Corp Deferred   Compensation Trust.   (p) Unforeseeable Emergency.  An Unforeseeable Emergency is a severe   financial hardship to a Participant resulting from a sudden and   unexpected illness or accident of the Participant or of a dependent   (as defined in section 152(a) of the Code) of the Participant, loss of   the Participant’s property due to casualty or other similar   extraordinary and unforeseeable circumstances arising as a result of   events beyond the control of the Participant.   2.02 Construction.  The Plan shall be governed by applicable   federal law, including the requirements of Code Section 409A, and regulations   thereunder, and the laws of the State of Wisconsin.  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 Agreement, not to a     

 

   2-3   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.         

 

   3-1   ARTICLE 3   Eligibility   3.01 Conditions of Eligibility.  Eligibility for participation in the   Plan shall be based upon an Employee’s Compensation for the prior Plan Year, or,   for a newly hired employee, projected Compensation for the upcoming Plan Year.    An Employee shall be an eligible Participant if his or her Compensation for the   prior Plan Year (or projected Compensation for the upcoming Plan Year for any   newly hired Employee) is at least $115,000.  The Administrator may change the   eligibility threshold from time to time prior to an applicable Plan Year.   3.02 Commencement of Participation.  An eligible Participant may   commence participation in the Plan by electing a deferral of compensation on the   form approved by the Administrator prior to the applicable Plan Year.  Newly   hired Participants that are eligible based on projected Compensation shall not be   able to participate until the first day of the Plan Year following the year of their   hire.  Participation shall begin as of the first day of the Plan Year following the   Participant’s election to defer compensation in accordance with Article 4 below.    3.03 Termination of Participation.  An individual’s right to defer   compensation hereto shall cease as of the earlier of the termination of his   Employment or as of the end of the Plan Year immediately prior to the Plan Year   in which Employee ceases to meet the criteria to be an eligible Participant    pursuant to Section 3.01 above.     

 

   4-1   ARTICLE 4   Deferral of Compensation   4.01 Amount and Manner of Deferral.  In order to defer Salary or   Incentive Compensation for any Plan Year, prior to the commencement of a Plan   Year, a Participant must submit to the Company a written election on the form   approved by the Administrator indicating the amount of his Salary or Incentive   Compensation which he elects deferred hereunder.  Such written election shall   become irrevocable immediately upon commencement of the Plan Year following   such election, except as otherwise provided in Section 4.02 below.  The Company   shall, consistent with such election, defer all or such portion of the Participant’s   Salary and/or Incentive Compensation earned with respect to service performed in   such Plan Year. Notwithstanding the foregoing, the Company shall not allow a   Participant to defer an amount for any applicable Plan Year unless the amount of   such deferral is at least equal to a minimum amount, if any, determined by the   Administrator for the applicable Plan Year.   If a Participant elects to defer a portion of his Salary, the Company   shall reduce the Participant’s Salary by the amount deferred on a pro rata basis   during the Plan Year of deferral.  If a Participant elects to defer all or a portion of   the Incentive Compensation that may become payable to him, the Company shall   reduce each Incentive Compensation payment by the percentage or fixed dollar   amount elected by the Participant.   4.02 Termination of Deferral Election.  Except as otherwise   provided on the written election form approved by the Administrator or upon an   Unforeseeable Emergency with the approval of the Administrator, a Participant’s   written election to defer Salary and/or Incentive Compensation for any Plan Year   shall terminate as of the end of the Plan Year for which the deferral election was   made.      

 

   5-1   ARTICLE 5   Memorandum Account   5.01 Nature of Account.  Only for the purpose of measuring   payments due Participants hereunder, the Company shall maintain on behalf of   each Participant a Memorandum Account to which the Company shall credit the   amounts described in this Article 5.   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, Participant, his Beneficiaries or any other   person.  Participant 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 (by electing to defer compensation hereunder)   are limited to those of general unsecured creditors of the Company and that the   establishment of the Plan, acquisition of assets to measure Participant’s benefits   hereunder or deferral of all or any portion of Participant’s salary or Incentive   Compensation hereunder does not prevent any property of the Company from   being subject to the rights of all the Company’s creditors.   5.02 Credit to Memorandum Account.  As of the last day of each   Plan Year, the Company shall credit to the Memorandum Account of each   Participant the amount, if any, of his salary and/or Incentive Compensation   deferred for such Plan Year (even if calculated and otherwise payable following   the close of such Plan Year).  If the Company elects, it may credit to a   Participant’s Memorandum Account during a Plan Year amounts representing   salary and Incentive Compensation otherwise payable before the end of the Plan   Year.  In such instances, the Company shall credit such amounts to Participants’   Memorandum Accounts as the amounts would otherwise become payable and   shall do so on a uniform and nondiscriminatory basis for all Participants.   5.03 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.      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.     

 

   5-2   A Participant may submit a new Investment Preference Form to the   Administrator as frequently as may be allowed by the Administrator or a third-   party delegate, consistent with any procedures that may be approved by the   Company.   No individual may commence participation herein as to the deferral   of any amount without first submitting an election pursuant to this subsection 5.03.    A Participant or, following his death, his Beneficiaries may continue submitting   elections hereunder until the distribution of all amounts from his Memorandum   Account.  All elections must be in writing and must be signed by the   Administrator.   5.04 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 deferrals, if any,   occurring for such year, together with all other changes in value during the Plan   Year.  Participants who disagree with the information provided in such statements   must submit objections, in writing, to the Administrator within 90 days of receipt   of such statements.   5.05 Additional Credit.  The Company may, in its sole discretion,   credit to a Participant’s Memorandum Account amounts in addition to a   Participant’s deferral of Salary and/or Incentive Compensation.  The name of the   Participant and the amount of any such additional credit shall be recorded in the   records kept by the Administrator.         

 

   6-1   ARTICLE 6   Distributions   6.01 For Reasons Other Than Death.     (a) The Company shall pay an amount equaling the entire balance of a   Participant’s Memorandum Account to him in accordance with the   Participant’s written Distribution Election on forms provided by the   Administrator.  Except as otherwise permitted by rules established   by the Administrator and applicable law, the Distribution Election   for amounts deferred in a Plan Year must be made by the Participant   and filed with the Company prior to commencement of the Plan Year   to which the deferrals relate.     (b) The permissible distribution events that may be elected by a   Participant on his written Distribution Election include:    (i) Participant’s separation from service (as defined under   Section 409A of the Code and any regulatory guidance promulgated   thereunder); or   (ii) A fixed payment date (an “in-service distribution   election”).   (c) Except as otherwise provided by the Administrator in advance of a   Participant making a Distribution Election, a Participant may elect to   receive payment of his Memorandum Account in a lump sum   payment or in annual installments of 5 or 10 years, each   commencing on the permissible distribution event elected by the   Participant in accordance with Section 6.01(b) above.    (d) For deferrals of Salary and/or Incentive Compensation for Plan Year   2016 or later, if no payment election is made by a Participant on an   Distribution Election with respect to deferrals relating to a Plan Year   by the time that such a Distribution Election would be necessary   under Section 409A of the Code, the Participant will be deemed to   have elected to receive his Memorandum Account with respect to   amounts deferred for such Plan Year in a lump sum upon   Participant’s separation from service.   (e) To the extent a Participant has made an in-service distribution   election with respect to deferrals for a Plan Year, such Participant   may subsequently elect to delay the commencement of such election     

 

   6-2   and change the form of distribution elected in accordance with rules   established by the Administrator, provided that any subsequent   deferral election must: (i) be made at least 12 months prior to the   date such payment otherwise would have been made, and (ii) the   payment with respect to which such election is made must be   deferred for a period of not less than five (5) years from the date   such payment otherwise would have been made.     (f) In no event shall distributions to a Participant who receives   distributions as a result of a 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.    (g) In the event that a Participant is entitled to receive an in-service   distribution of his Memorandum Account pursuant to his   Distribution Election and the Participant has elected to receive such   distribution in annual installments, the first installment payment   shall be paid to the Participant on the date specified on the   Distribution Election and subsequent installments shall be paid on   the annual anniversary of the date of the first installment payment,   with all installments calculated on the declining balance method.   (h) In the event that the date of payment specified in this Article 6 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.   (i) For distributions from a Participant’s Memorandum Account which   relate to deferrals of Salary and/or Incentive Compensation for the   2016 Plan Year and later, each installment payment related to such   deferrals from a Participant’s Memorandum Account will be treated   as a separate payment for purposes of Section 409A of the Code.    (j) Beginning with deferrals of Salary and/or Incentive Compensation   for Plan Year 2017, a Participant’s most recent written Distribution     

 

   6-3   Election filed with the Company shall control the distribution event   and method of payment of a Participant’s Memorandum Account   attributable to Plan Years after such Distribution Election is filed   with the Company, except to the extent the most recent written   Distribution Election would require an in-service distribution of a   deferred amount in the same Plan Year in which such amount would   otherwise be  credited to a Participant’s Memorandum Account.   In   the event of such an in-service distribution, the Participant’s most   recent written Distribution Election shall be disregarded and the   Participant shall be required to file a new written Distribution   Election prior to the Plan Year in which the services attributable to   such deferred amount will be performed.  For example, if a   Participant’s most recent Distribution Election, filed in December   2015, specified an in-service distribution to occur in January 2020   and Participant wishes to defer Incentive Compensation for the 2019   Plan Year, the Participant would need to file a new written   Distribution Election for the 2019 Plan Year and onward by   December 31, 2018.     6.02 Upon Death.   (a) Upon a Participant’s death, either before or after his separation from   service, with a balance remaining in his Memorandum Account, the   Company shall pay an amount equaling the entire balance of his   Memorandum Account to the beneficiary or beneficiaries he   specifies or, if none, to his surviving spouse or, if none, to his estate.    Each Participant may designate a beneficiary or beneficiaries to   receive the unpaid balance of his Memorandum Account upon his   death and may revoke or modify such designation at any time and   from time to time by submitting to the Administrator a Beneficiary   Designation on forms approved by the Administrator.   (b) If a Participant’s death occurs prior to the permissible distribution   event elected by the Participant on his Distribution Election,   payment of the Participant’s Memorandum Account shall be made to   his Beneficiary or, if none, to the Participant’s estate, in a lump sum   as soon as administratively practicable immediately following   Participant’s death.   (c) If a Participant’s death occurs after the permissible distribution event   elected by the Participant on his Distribution Election, payments to   his Beneficiary shall occur in the same form, and be calculated in the   same manner, as payable to the Participant prior to his death by   merely substituting the new recipient for the Participant.     

 

   6-4   (d) If a Beneficiary survives a Participant, but dies prior to receipt of the   entire amount in the Memorandum Account due him, the Company   shall, as soon as practicable, pay to the estate of the Beneficiary in a   lump sum the entire remaining balance therein due the Beneficiary.   (e) The Administrator shall reduce the balance in the deceased   Participant’s Memorandum Account by the amount of any payment   pursuant to this section 6.02 immediately upon the occurrence of   such payment.   6.03 Emergencies.  In the event of an Unforeseeable Emergency   either before or after the commencement of payments hereunder, a Participant or   Beneficiary may request in writing that all or any portion of the benefits due him   hereunder be paid in one or more installments prior to the normal time for   payment of such amount.  The Administrator shall, in its reasonable judgment,   determine whether the applicant could not address the Unforeseeable Emergency   through reimbursement or compensation by insurance or otherwise, by liquidation   of other assets (provided such liquidation, in itself, would not create a financial   hardship) or by ceasing deferrals hereunder.  Only if the Administrator determines   that such an Unforeseeable Emergency exists, the Company shall pay to the   Participant or Beneficiary, as the case may be, an amount equal to the lesser of (a)   the amount requested or (b) the amount reasonably necessary to alleviate the   hardship.  The Administrator shall use its reasonable discretion to determine when   the prepayments shall be made and shall immediately reduce the balance in the   recipient’s Memorandum Account by the amount of such payment.   6.04 Form of Payment.  All payments made pursuant to this Plan   shall be made in cash.  The Plan does not permit distributions in a form other than   cash.         

 

   7-1   ARTICLE 7   Administration of the Plan   7.01 Appointment of Separate Administrator.  The board of   directors of the Company has appointed the Compensation and Benefits   Committee  (the “Committee”) of the board 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.   7.02 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.   (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.     

 

   7-2   (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 Committee rules, regulations   and determinations to all Participants and beneficiaries in similar   circumstances.   7.03 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.   7.04 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.   7.05 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.         

 

   8-1   ARTICLE 8   General Provisions   8.01 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.   8.02 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.   8.03 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   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 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 6   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.   8.04 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.   8.05 Limitation on Liability.  In no event shall the Company,   Employer, 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.   8.06 Indemnification.  The Company shall indemnify the   Administrator and any Employee, officer or director of the Company against all     

 

   8-2   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, willful misconduct or lack of   good faith in the performance of his duties to the Plan or trust.  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.   8.07 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.   8.08 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.   8.09 Claims.  Any claim for benefits under the Plan by a   Participant or Beneficiary shall be governed by the claims procedures set forth in   Appendix B.       

 

   9-1   ARTICLE 9      Merger of First Financial Corporation   Deferred Compensation Plan   9.01 Introduction.  The Company acquired First Financial   Corporation effective October 29, 1997.  The Company continued to maintain the   First Financial Corporation Deferred Compensation Plan and Trust (the “First   Financial Plan”) following the acquisition.  Deferrals to the First Financial Plan   were discontinued after the merger, and participants’ accounts were frozen (the   “First Financial Frozen Accounts”).  The former plan document for the First   Financial Plan is attached to this Plan as Appendix A.   9.02 Merger.  The First Financial Plan was merged into this Plan   effective January 1, 2001, and the First Financial Frozen Accounts were   transferred to this Plan as of the effective date of the merger.  As soon as   administratively practicable following the adoption of this restated Plan, the assets   subject to section VII of the document governing the First Financial Plan will be   transferred to the Associated Banc-Corp Deferred Compensation Trust.   9.03 Investment.  Participants with First Financial Frozen   Accounts may direct investment of those accounts in accordance with section 5.03   of this Plan.   9.04 Beneficiary Designations.  Participants with First Financial   Frozen Accounts may file new Beneficiary Designations for those accounts by   completing and filing forms provided by the Administrator for this purpose.   9.05 Distributions.  Distributions from the First Financial Frozen   Accounts will be governed by sections VI, IX, X and XI of the First Financial Plan   document and the distribution elections for the First Financial Frozen Accounts   previously made by Participants.  The functions of the Compensation Committee   with regard to distributions as described by the First Financial Plan shall be   performed by the Administrator of this Plan.  The merger of the First Financial   Plan into this Plan shall not be construed to give the Participants an opportunity to   change their distribution elections for the First Financial Frozen Accounts.        

 

      APPENDIX A      FIRST FINANCIAL CORPORATION      DEFERRED COMPENSATION PLAN AND TRUST                                          Effective January 1, 1988   As Amended Through January 1, 1993         

 

      FIRST FINANCIAL CORPORATION   DEFERRED COMPENSATION PLAN AND TRUST   Table of Contents   Page   SECTION I General ................................................................................................ 1   SECTION II Definitions ......................................................................................... 1   SECTION III Eligibility and Selection of Participants .......................................... 2   SECTION IV Election to Defer .............................................................................. 2   SECTION V Deferral Amount Selection ................................................................ 3   SECTION VI Timing and Manner of Distribution ................................................. 4   SECTION VII The Trust......................................................................................... 4   SECTION VIII Rights of Participants .................................................................... 9   SECTION IX Death or Disability of Participant .................................................. 10   SECTION X Distribution in the Event of Financial Hardship .............................. 10   SECTION XI Distribution in the Event of Significant Change in   Tax Law ............................................................................................ 11   SECTION XII Administration .............................................................................. 11   SECTION XIII Funding ....................................................................................... 12   SECTION XIV Special Provisions Applicable to Insiders ................................... 12   SECTION XV Execution ...................................................................................... 15      EXHIBITS   Exhibit 7.3 Investment Vehicles   Exhibit 7.4 Election of Investment Vehicle   Exhibit 9.1 Designation of Beneficiary   Exhibit 12.3 Election of Deferment         

 

   A-1   SECTION I   General   The purpose of this Deferred Compensation Plan and Trust is to provide flexibility   to eligible employees of First Financial Corporation and its direct and indirect   subsidiaries in their receipt of Base Salary and Annual Incentive Compensation.   SECTION II   Definitions   The following definitions shall be applicable throughout the Deferred   Compensation Plan and Trust:   2.1 “Annual Incentive Compensation” shall include any amount earned by   certain executives of First Financial Corporation or its direct or indirect   subsidiaries under a Company-sponsored incentive plan or through   discretionary bonuses.   2.2 “Beneficiary” shall mean the person or persons who upon the death,   disability or incompetency of a Participant shall have acquired, by will, by   laws of decent and distribution or by other legal proceedings, the right to   the Participant’s Account.   2.3 “Base Salary” shall mean the monthly amount payable to the executive for   performance of services exclusive of any amounts included as Annual   Incentive Compensation.   2.4 “Base Salary Deferral Year” shall mean the calendar year.   2.5 “Company” shall mean First Financial Corporation or any direct or indirect   subsidiary of First Financial Corporation which employs the Participant.   2.6 “Compensation Committee” shall mean the Compensation Committee of   the Board of Directors of First Financial Corporation.   2.7 “Disabled” shall mean that a Participant has suffered a permanent and total   disability as determined by the Compensation Committee.   2.8 “Effective Date” shall mean January 1, 1988 as amended through January   1, 1993.   2.9 “Participant” shall mean an employee designated as eligible under Section   3.1 who has elected, under the terms and conditions of the Plan, to defer     

 

   A-2   payments of all or allowable portions of Base Salary and/or Annual   Incentive Compensation.   2.10 “Participant Account” shall mean the Participant’s account established   pursuant to Section 4.1.   2.11 “Plan” shall mean this Deferred Compensation Plan and Trust.   2.12 “Plan Year” shall mean the calendar year.   2.13 “Retirement” shall mean retirement from employment of a Participant in   accordance with the Company’s normal retirement policies, as amended   from time to time and as determined by the Compensation Committee.   2.14 “Trust” shall mean the trust created under Section VII of this Plan.   2.15 “Trustee” shall initially mean Marshall & Ilsley Trust Company which is   hereby appointed to administer the Trust and the Participant Accounts in   accordance with this Plan and pursuant to the requirement of Section VII   hereof.  “Trustee” shall also refer to any substitute or replacement Trustee   appointed under Section VII hereof.   SECTION III   Eligibility and Selection of Participants   3.1 Participation in the Plan shall be determined by the Compensation   Committee.   SECTION IV   Election to Defer   4.1 An eligible employee may elect, under the terms and conditions of the Plan,   to defer all or an allowable portion specified under Section 5.2 of Base   Salary or Annual Incentive Compensation.  Such election shall be made by   written notice in the manner specified by the Compensation Committee and   shall be irrevocable when made.   4.2 Election to defer Annual Incentive Compensation shall be made on or   before December 1 of the Plan Year.   4.3 Election to defer Base Salary shall be made prior to the first day of the Base   Salary Deferral Year.     

 

   A-3   4.4 All amounts earned by the Participant and deferred under this Section IV   shall be forthwith paid by the Company to the Trustee which shall   administer the funds in accordance with its duties under Section VII hereof   and the other requirements of the Plan.   4.5 No distribution of funds deferred hereunder shall be made by the Trustee to   a Participant or a Participant’s Beneficiary prior to the earliest of the   following dates:   (b) the date of payment specified by the Participant in his/her deferral   election, provided that such date shall be no less than five (5) years   from the date of the election;   (c) the Retirement date of a Participant;   (d) the date that a Participant becomes Disabled;   (e) the date of death of a Participant;   (f) the date the Compensation Committee determines a Financial   Hardship or Significant Change in Tax Law exists pursuant to   Sections 10.1 or 11.1 of this Plan and Trust; or   (g) the date of termination of employment as provided in Section 8.3 of   this Plan and Trust.   SECTION V   Deferral Amount Selection    5.1 Participants of the Plan may select to defer a percentage of Annual   Incentive Compensation (if any) and/or a percentage of Base Salary.    Alternatively, a specified dollar amount of deferral may be selected by the   Participant.   5.2 If percentage deferral is selected, any percentage amount up to 100% shall   be permitted.   5.3 Plan Participants may independently select, to defer amounts from Annual   Incentive Compensation and from Base Salary.     

 

   A-4   SECTION VI   Timing and Manner of Distribution   6.1 Plan Participants may choose to receive payment of deferred amounts by   one of the alternative methods stated hereunder:   6.2 Lump sum payment in any year at least five years from the date of election   as specified by the Participant;   6.3 Equal annual installments, the first such installment to be paid at least five   years from the date of election as specified by the Participant; or   6.4 Upon the anticipated retirement date (or one tax year thereafter) in either:   (i) One lump sum payment in the year so specified by the Participant.   (ii) Equal annual installments, the first of which shall be paid   commencing in the year so specified by the Participant.   The Compensation Committee shall provide the Trustee with a copy of the   Participant’s deferral election.   SECTION VII   The Trust   7.1 The Company shall deliver to the Trustee all amounts deferred under   Section IV of this Plan as soon as practicable after such amounts have been   earned by the Participant, to be administered and disposed of by the Trustee   as provided herein.   7.2 (a) As used herein, the term “Trust Corpus” shall mean the amounts   delivered to the Trustee by the Company from time to time on behalf   of each Participant pursuant to the terms hereof, less amounts   distributed to the Participants pursuant to the terms hereof, plus all   income earned by the Trust, in such amounts in whatever form held   or invested as provided herein.   (b) The Trust is intended to be a grantor trust, of which the Company is   the grantor, within the meaning of subpart E, part 1, subchapter J,   chapter 1, subtitle A of the Internal Revenue Code of 1986, as   amended, and shall be construed accordingly.  The principal of the   Trust and any earnings thereon shall be held separate and apart from   any other funds of the Company and shall be used exclusively for     

 

   A-5   the uses and purposes of Plan Participants and general creditors as   herein set forth.   7.3 That portion of the Trust Corpus held on behalf of each Participant (the   “Participant’s Account”) shall be invested or reinvested at the option of the   Participant in one of the investments provided on Exhibit 7.3 hereto.   7.4 The Compensation Committee shall permit each Participant to select the   investment vehicle(s), as provided in Section 7.3, for such portion of the   Trust Corpus allocated to such Participant’s Account.  The Compensation   Committee or the Trustee shall provide descriptive information regarding   each investment vehicle to the Participant at least annually.  The Participant   may allocate his or her Participant Account among two or more investment   vehicles on a percentage basis.  Such selection shall be made on or before   December 1 of each Plan Year on a form to be provided to the Participant   from the Compensation Committee or Trustee in the form attached hereto   as Exhibit 7.4.  If the Trustee fails to receive notification on or before   December 1 of each Plan Year of a change in the investment vehicle   selection by any Participant, such Participant’s Account shall continue to be   invested in such investment vehicle(s) as last previously selected by the   Participant   7.5 The Trustee shall be permitted to withhold from any payment due to a   Participant hereunder the amount required by law to be so withheld under   federal, state and local wage withholding requirements or otherwise, and   shall pay over to the appropriate government authority the amounts so   withheld.  Except as otherwise provided herein, in the event of any final   determination by the Internal Revenue Service or a court of competent   jurisdiction, which determination is not appealable or with respect to which   the time for appeal has expired, or the receipt by the Trustee of a   substantially unqualified opinion of tax counsel selected by the Trustee,   which determination determines or which opinion opines, that the   Participant is subject to federal income taxation on amounts held in Trust   hereunder prior to the distribution to the Participant of such amounts, the   Trustee shall, on receipt by the Trustee of such opinion or notice of such   determination, pay to the Participant the portion of the Trust Corpus   includable in the Participant’s federal gross income.   7.6 The Trust Corpus is and shall remain at all times subject to the claims of   the general creditors of the Company in the event of the Company’s   insolvency as defined in Section 7.7.  Accordingly, the Company shall not   create, and this Plan shall not be construed to create, a preferred claim on or   any beneficial ownership interest in the Trust Corpus in favor of any   Participant or any creditor.  Any rights created under the Plan and this Trust     

 

   A-6   Agreement shall be mere unsecured contractual rights of Plan Participants   and their beneficiaries against the Company.  If the Trustee receives the   notice provided for in Section 7.7 hereof, or otherwise receives actual   notice that the Company is insolvent as defined in Section 7.7 hereof, the   Trustee will make no further distributions of the Trust Corpus to any   Participant but will deliver the Trust Corpus only to satisfy such claims,   including those of any Participant, as a court of competent jurisdiction may   direct.  In such event, the Trustee is authorized to institute or participate in   appropriate legal proceedings to obtain such directions.  The Trustee shall   resume distribution of Trust Corpus to the Participants under the terms   hereof, including any arrearages, after so notifying the Company, if it   determines that the Company was not, or is no longer insolvent.   7.7 The Company, through its Board of Directors or Chief Executive Officer,   shall advise the Trustee promptly in writing of the Company’s insolvency.    The Company shall be deemed insolvent upon (a) the appointment of a   conservator or receiver (a “receiver”) due to a finding that the Company is   unable to pay its debts as such debts become due and the expiration,   without revocation of the receiver’s authority, of the receiver’s notice   period to the Company’s creditors all in accordance with 12 CFR Part 549,   or (b) the institution of bankruptcy or dissolution proceedings with respect   to the Company.   7.8 The duties and responsibilities of the Trustee shall be limited to those   expressly set forth in this Plan, and no implied covenants or obligations   shall be read into this Plan or Trust against the Trustee.  The interests of   any Participant hereunder are not subject to assignment or alienation except   in accordance with the terms of the Plan.  Notwithstanding any powers   granted to the Trustee pursuant to this Plan or applicable law, the Trustee   shall not have any power that could give this Trust the objective of carrying   on a business and dividing the gains therefrom, within the meaning of   Section 301.7701-2 of the Procedure and Administrative Regulations   promulgated pursuant to the Internal Revenue Code.   7.9 The Trustee shall maintain such books, records and accounts as may be   necessary for the proper administration of the Trust Corpus and the   Participant Accounts, and shall render to the Company and to any   Participant, on or prior to each April 1 following the date of this Plan until   the termination of this Plan (and on the date of such termination), an   accounting with respect to the Trust Corpus and each Participant’s Account   as of the end of the then most recent calendar year (and as of the date of   such termination), provided that no such accounting shall be required if the   Trust Corpus has a zero balance.  Upon the written request of any     

 

   A-7   Participant or the Company, the Trustee shall deliver to the Participant or   the Company, as the case may be, a written report setting forth the amount   held in the Participant’s Account for the Participant, the current status of   the investment vehicle including earnings on the investment, and a record   of the contributions made with respect thereto by the Company.  Unless the   Company or the Participant shall have filed with the Trustee written   exceptions or objections to any such statement and account within 180 days   after receipt thereof, the Company or the Participant, as the case may be,   shall be deemed to have approved such statement and account, and in such   case the Trustee shall be forever released and discharged with respect to all   matters and things reported in such statement and account as though it had   been settled by a decree of a court of competent jurisdiction in an action or   proceeding to which the Company and the Participant were parties.   7.10 The Trustee shall not be liable for any act taken or omitted to be taken   hereunder if taken or omitted to be taken by it in good faith.  The Trustee   shall also be fully protected in relying upon any notice given hereunder   which it in good faith believes to be genuine and executed and delivered in   accordance with this Plan.  The Trustee may consult with legal counsel to   be selected by it, and the Trustee shall not be liable for any action taken or   suffered by it in good faith in accordance with the advice of such counsel.   7.11 The Trustee shall be reimbursed by the Company for its reasonable   expenses incurred in connection with the performance of its duties   hereunder and shall be paid reasonable fees for the performance of such   duties in the manner provided by Section 7.12 or 7.13.   7.12 The Company agrees to indemnify and hold harmless the Trustee from and   against any and all damages, losses, claims or expenses as incurred   (including expenses of investigation and fees and disbursements of counsel   to the Trustee and any taxes imposed on the Trust Corpus or income of the   Trust) arising out of or in connection with the performance by the Trustee   of its duties hereunder.  Any amount payable to the Trustee under Section   7.11, this Section 7.12, or Section 7.13 and not previously paid by the   Company shall be paid by the Company promptly upon demand therefor by   the Trustee or, if the Trustee so chooses in its sole discretion, from the   Trust Corpus.  In the event that payment is made hereunder to the Trustee   from the Trust Corpus, the Trustee shall promptly notify the Company in   writing of the amount of such payment.  The Company agrees that, upon   receipt of such notice, it will deliver to the Trustee to be held in the Trust   an amount in cash equal to any payments made from the Trust Corpus to   the Trustee pursuant to Section 7.11, this Section 7.12, or Section 7.13.    The failure of the Company to transfer any such amount shall not in any     

 

   A-8   way impair the Trustee’s right to indemnification, reimbursement and   payment pursuant to Section 7.11, this Section 7.12, or Section 7.13.   7.13 The Trustee is specifically authorized and required to take such action as   may be necessary or appropriate, including the institution of litigation or   other legal process, to enforce the Company’s obligations hereunder on   behalf of either itself or a Participant, and any expenses thus incurred by the   Trustee shall be paid or reimbursed by the Company.   7.14 The Trustee may resign and be discharged from its duties hereunder at any   time by giving notice in writing of such resignation to the Company and all   Participants specifying a date (not less than thirty days after the giving of   such notice) when such resignation shall take effect.  Promptly after such   notice, the Company shall appoint a successor trustee, such trustee to   become Trustee hereunder upon the resignation date specified in such   notice.  The Company may at any time substitute a new trustee by giving   15 days’ notice thereof to the Trustee then acting.  In the event of such   removal or resignation, the Trustee shall duly file with the Company a   written statement or statements of accounts and proceedings as provided in   Section 7.9 hereof for the period since the last previous annual accounting   of the Trust.  The Trustee and any successor thereto appointed hereunder   shall be a corporate professional trustee which is not an affiliate of the   Company.   7.15 Except as provided herein, this Trust shall be irrevocable.  This Trust shall   be terminated upon the earliest to occur of the following events:   (a) the written agreement to so terminate signed by the Company and all   Participants;   (b) the final payment from the Trust Corpus of all amounts payable   hereunder to the Participants.   7.16 Subject to Sections 12.1 and 12.2 hereof, this Plan and Trust may only be   amended by written agreement signed by the Company and a majority of   the Participants provided that the Trustee must consent to any amendment   which would increase its duties hereunder and provided further that no   amendment shall impair any benefit vested to any Participant who has not   agreed to such amendment and no amendment shall make this Plan and   Trust revocable.   7.17 The Company shall, at any time and from time to time, upon the reasonable   request of the Trustee, execute and deliver such further instruments and do     

 

   A-9   such further acts as may be necessary or proper to effectuate the purposes   of this Plan.   7.18 This Plan sets forth the entire understanding of the parties with respect to   the subject matter hereof and supersedes any and all prior agreements,   arrangements and understandings relating thereto.  This Plan shall be   binding upon and inure to the benefit of the parties and their respective   successors and legal representatives.  This Plan shall be governed by and   construed in accordance with the laws of the State of Wisconsin other than   and without reference to any provisions of such laws regarding choice of   laws or conflict of laws.  In the event that any provision of this Plan or the   application thereof to any person or circumstances shall be determined by a   court of proper jurisdiction to be invalid or unenforceable to any extent, the   remainder of this Plan, or the application of such provision to persons or   circumstances other than those as to which it is held invalid or   unenforceable, shall not be affected thereby, and each provision of this Plan   shall be valid and enforced to the fullest extent permitted by law.   SECTION VIII   Rights of Participants    8.1 Nothing contained in the Plan or Trust shall:   (a) Confer upon any employee any right with respect to continuation of   employment with the company;   (b) Interfere in any way with the right of the Company to terminate his   or her employment at any time; or   (c) Confer upon any employee or other person any claim or right to any   distribution under the Plan or Trust except in accordance with its   terms.   8.2 No right or interest of any Participant in the Plan shall, prior to actual   payment or distribution to such Participant, be assignable or transferable in   whole or in part, either voluntarily or by operation of law or otherwise, or   be subject to payment of debts of any Participant by execution, levy,   garnishment, attachment, pledge, bankruptcy or in any other manner.   8.3 If a Participant has elected to defer pursuant to Section 4.1 and his or her   services with the Company are terminated voluntarily or involuntarily, the   Participant shall retain all rights to the undistributed amounts credited to his   or her Participant Account.  Such amounts will be distributed by the     

 

   A-10   Trustee to the Participant in a lump sum as soon as practical following the   Participant’s termination.   SECTION IX   Death or Disability of Participant   9.1 Should a Participant die, or become Disabled, as defined herein, the amount   of such Participant’s Account on the date of death or disability shall be   distributed by the Trustee to the Participant or the Participant’s Beneficiary,   as the case may be.  Such distributions shall be made in a lump sum.  Each   Participant shall designate his/her beneficiary to the Compensation   Committee and Trustee in writing as provided on Exhibit 9.1 hereto, and   shall have the right to change such designation from time to time.   SECTION X   Distribution in the Event of Financial Hardship   10.1 The Compensation Committee may, in its sole discretion, direct the Trustee   to make a partial or total distribution of amounts in a Participant’s Account   upon the Participant’s request and a demonstration by the Participant of an   unforeseeable emergency.  An unforeseeable emergency is a severe   financial hardship to the Participant resulting from a sudden and   unexpected illness or accident of the Participant or of a dependent of the   Participant, loss of the Participant’s property due to casualty, or other   similar extraordinary and unforeseeable circumstances arising as a result of   events beyond the control of the Participant.  The circumstances that will   constitute an unforeseeable emergency will depend upon the facts of each   case, but, in any case, payment may not be made to the extent that such   hardship is or may be relieved -   (i) through reimbursement or compensation by insurance or otherwise,   (ii) by liquidation of the Participant’s assets, to the extent the liquidation   of such assets would not itself cause severe financial hardship, or   (iii) by cessation of deferrals under the Plan.   Examples of what are not considered to be unforeseeable emergencies   include the need to send a Participant’s child to college or the desire to   purchase a home.  The amount of any such distribution shall be limited to   the amount deemed necessary by the Compensation Committee to alleviate   or remedy the Participant’s unforeseeable emergency.  The Trustee shall     

 

   A-11   forthwith distribute such amounts as directed by the Compensation   Committee.   SECTION XI   Distribution in the Event of Significant Change in Tax Law   11.1 The Compensation Committee may, in its sole discretion, direct the Trustee   to make a partial or total distribution of amounts in a Participant’s Account   upon the Participant’s distribution request provided that the Committee has   determined that proposed changes in tax law which are reasonably   anticipated to be passed by Congress would cause a significant financial   impact to the Participant by adversely affecting the deferred treatment of   amounts invested pursuant to this Plan.  Any distribution made under this   paragraph shall be made at the beginning of the calendar year following   receipt of such distribution request where such request was received at least   six months in advance of such distribution, and if such distribution request   is received less than six months prior to the beginning of a calendar year,   the distribution shall be made at the beginning of the following calendar   year.   SECTION XII   Administration   12.1 The Compensation Committee may from time to time amend, suspend,   terminate or reinstate any or all of the provisions of the Plan as may seem   necessary or advisable for the administration of the Plan, provided that no   such action shall affect, without the Participant’s written consent, a   Participant’s right to receive on a deferred basis funds previously deferred   hereunder.   12.2 The Compensation Committee shall, subject to express provisions of the   Plan, have power to construe the Plan, to prescribe rules and regulations   relating to the Plan and to make all other determinations necessary or   advisable for the administration of the Plan, and the Compensation   Committee may correct any defect or supply and omission or reconcile any   inconsistency in the Plan in the manner and to the extent it shall deem   expedient to carry it into effect, provided however, that no such action   under this Section 12.2 shall affect, without the Participant’s written   consent, a Participant’s right to receive on a deferred basis the funds   previously deferred hereunder.     

 

   A-12   12.3 The Compensation Committee shall ensure that all individuals entitled to   make the election to defer are provided an election form (in the form   annexed hereto as Exhibit 12.3) at least ninety (90) days before such   election must be made in accordance with Section 4.1 and all such elections   must be received in writing in order to be effective.  This election form   shall include the following items, which must be completed in full in order   to be effective:   (a) The amount to be deferred, expressed as a percentage of Annual   Incentive Compensation (if any) or Base Salary to become payable   during the calendar year in question;   (b) The number of installments for the payment of the deferred   compensation; and   (c) The date of the first installment payment.   12.4 All expenses and costs incurred in connection with the administration and   operation of the Plan shall be borne by the Company.   SECTION XIII   Funding   13.1 Benefits under this Plan shall be paid by the Trustee from the Trust Corpus,   provided however, that the Trust Corpus shall be deemed the general assets   of the Company and shall be subject to the claims of the Company’s   creditors in the event of the insolvency of the Company as provided in   Sections 7.6 and 7.7 hereof.  This Plan shall be administered as an   unfunded plan which is not intended to meet the qualification requirements   of Section 401 of the Internal Revenue Code.   13.2 The Company shall be liable to the Participant to make all payments   required under this Plan to the extent such payments have not been made by   the Trustee.  Distributions made from the Trust to or for the Participant   pursuant to the Plan shall, to the extent of such distributions, satisfy the   Company’s obligation to pay benefits to such Participant under this Plan.   SECTION XIV   Special Provisions Applicable to Insiders   Anything in this Plan to the contrary notwithstanding, the following provisions   shall apply to any Participant who is or becomes a “reporting person” subject to     

 

   A-13   Section 16 of the Securities Exchange Act of 1934 (an “Insider-Participant”) and   shall continue to apply for six months after he or she ceases to be subject to   Section 16.   14.1 Any payment due an Insider-Participant under the Plan shall be made only   in cash.  No payment may be made to an Insider-Participant in the form of   equity securities of First Financial Corporation.   14.2 An Insider-Participant’s election to invest, or not to invest, all or any   portion of an amount deferred under this Plan in First Financial Corporation   Common Stock shall be irrevocable when made as to such deferred amount.    Such investment election shall be made at the time of his or her deferral   election, A different investment election may be made with respect to each   deferred amount.   14.3 In the case of a Participant who is not an Insider-Participant and who   thereafter becomes an Insider-Participant, his or her most recent election, or   deemed election, to invest, or not to invest, in First Financial Corporation   Common Stock prior to becoming an Insider-Participant shall   automatically, upon his or her becoming an Insider-Participant, and without   any action on the part of the Insider- Participant, the Compensation   Committee or any other party, be deemed irrevocable.   14.4 Notwithstanding the foregoing, an Insider-Participant may, in accordance   with Section  7.4, change the allocation of his or her Participant Account to   the extent not invested in First Financial Corporation Common Stock   among any of the other investment vehicles provided in this Plan.   14.5 Notwithstanding the provisions of section 8.4, an Insider-Participant may   not, as to that portion of his or her Participant Account invested in First   Financial Corporation Common Stock, request to further defer the date of   payment elected, and the Compensation Committee shall have no authority   to grant any such request if made.  The foregoing shall apply without regard   to whether the Insider- Participant was an Insider-Participant at the time the   date of payment was originally elected under Section 6.1, or further   deferred under Section 8.4, or at the time any portion of his or her   Participant Account was invested in First Financial Corporation Common   Stock.   No distribution may be made to an Insider-Participant under Section 10.1 or   11.1 of any portion of his or her Participant Account invested in First   Financial Corporation Common Stock, without regard to whether the   Insider-Participant was an Insider-Participant at the time any portion of his     

 

   A-14   or her Participant Account was invested in First Financial Corporation   Common Stock.   An Insider-Participant may choose to receive payment of deferred amounts   invested in First Financial Corporation Common Stock only on a fixed date   or dates, or incident or death, retirement, disability or termination of   employment, within the meaning of SEC Rule 16a 1(c)(3)(ii).  Any such   election by an Insider Participant shall be made at the time of his or her   deferral election and shall be irrevocable.   If in the opinion of counsel to the Compensation Committee, who may be   counsel to First Financial Corporation, the timing and manner of any   distribution election made by a Participant who thereafter becomes an   Insider-Participant with respect to any portion of his or her Participant   Account invested in First Financial Corporation Common Stock would not   satisfy the requirements of SEC Rule 16a 1(c)(3)(ii), then upon his or her   becoming an Insider-Participant, each such election shall automatically, and   without any action on the part of the Insider-Participant, the Compensation   Committee or any other party, be deemed irrevocably amended to provide,   as to that portion of his or her Participant Account invested in First   Financial Corporation Common Stock, for payment in a lump sum six   months after such Insider-Participant’s death, retirement, disability or other   termination of employment.  The foregoing shall not apply to any such   distribution election that is amended, with the consent of the Compensation   Committee, prior to the time the Participant becomes an Insider-Participant   to satisfy the requirements of SEC Rule 16a 1(c)(3)(ii), provided that the   Compensation Committee has received, prior to giving its consent to any   such amendment, an opinion of counsel, who may be counsel to First   Financial Corporation, that such amended distribution election would   satisfy the requirements of such SEC Rule and would not result in the   constructive receipt of income to the Participant.   14.6 It is intended that as to Insider-Participants, any amounts deferred pursuant   to, and any securities, rights or interests created under, this Plan be   excluded from the definition of “derivative security” pursuant to SEC Rule   16a 1(c)(3)(ii).  Accordingly, no Plan or Trust amendment and no action   under the Plan or Trust shall become effective if, in the opinion of counsel   to the Compensation Committee, who may be counsel to First Financial   Corporation, such amendment or action could cause such exclusion to   become unavailable, unless such counsel also opines that Insider-   Participants will, nevertheless, not be subject to avoidable liability under   Section 16.     

 

   A-15   SECTION XV   Execution   IN WITNESS HEREOF, First Financial Corporation by its proper officer duly   authorized, has caused these presents to be executed, on the date hereinafter set   forth.   DATE:  January 1, 1993   FIRST FINANCIAL CORPORATION   By: /s/     John C. Seramur, President   ATTEST:      /s/    Robert M. Salinger, Secretary         DATE:  January 1, 1993   MARSHALL & ILSLEY TRUST   COMPANY, TRUSTEE      By: /s/    Title:       ATTEST:      /s/               

 

   B-1   APPENDIX B      CLAIMS PROCEDURES   Claims for benefits under the Associated Banc Corp Deferred Compensation Plan   shall be governed by the claims procedures set forth below.   1. Definitions.  For purposes of this Article 10, 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 Article 10.   (c) “Claimant” means the Participant (or, in the event of   death, the 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.     

 

   B-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] specific reason(s) for the Adverse Benefit   Determination;     

 

   B-3   [b] 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     

 

   B-4   Administrator determines that special circumstances require an extension of time   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.     13625718.5

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