Document:

Marshall & Ilsley Corporation 1995 Directors Stock Option Plan

 Exhibit 4.6 
 MARSHALL & ILSLEY CORPORATION 
 1995 DIRECTORS STOCK OPTION PLAN

 as amended on August 15, 2002 
 as further amended on October 19, 2006 
 1. PURPOSE OF THE PLAN

 The purpose of the Marshall & Ilsley Corporation 1995 Directors Stock Option Plan (the “Plan”) is to
promote the best interests of Marshall & Ilsley Corporation (the “Company”) and its shareholders by providing the non-employee directors of the Company with an opportunity to acquire a proprietary interest in the Company thereby
more closely aligning their interests with those of shareholders and providing a stronger incentive for them to put forth maximum effort for the continued success and growth of the Company. In addition, the opportunity to acquire a proprietary
interest in the Company will aid the Company in attracting and retaining qualified personnel to serve as directors of the Company. 
 2. ADMINISTRATION OF THE PLAN 
 (a) Procedure; Disinterested
Directors. The Board of Directors will administer the Plan; provided, however, that the Board of Directors may appoint a committee (the “Committee”) of not less than three (3) directors to administer the Plan if the Board of
Directors deems it necessary or advisable to appoint such Committee, or if it is otherwise necessary to appoint such Committee in order to comply with the exemptive rules promulgated pursuant to Section 16(b) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). 
 (b) Powers. Grants of options to purchase the common
stock, par value $1.00 per share (“Common Stock”), of the Company under the Plan (the “Options”) and the amount, price, and timing of the awards to be granted will be automatic as described in Section 5. However, all
questions of interpretation of the Plan will be determined by the Board of Directors or the Committee, as applicable, and such determination will be final and binding upon all parties. 

3. PARTICIPANTS IN THE PLAN 
 Participants in the Plan shall consist of all present or future directors of the Company who are not employees of the Company or its subsidiaries. Any director who is an employee of the Company or its
subsidiaries and who subsequently ceases to be an employee of the Company and its subsidiaries, but remains a director of the Company, shall become eligible to participate in the Plan at the time such director ceases to be employed by the Company or
its subsidiaries. 
 4. SHARES RESERVED UNDER THE PLAN 
 The aggregate number of shares of the Company’s Common Stock which may be issued under the Plan shall not exceed an aggregate of five hundred thousand (500,000) shares of Common Stock, which may
be treasury shares or authorized but unissued shares, or a combination of the two, subject to adjustment as provided in Paragraph 11 hereof. Any shares of Common Stock which are subject to an Option which expires or terminates for any reason
(whether by voluntary surrender, lapse of time, or otherwise) and which is unexercised as to such shares, may again be the subject of an Option under the Plan. The holder of an Option shall be entitled to the rights and privileges of ownership with
respect to the shares of Common Stock subject to the Option only after actual purchase and issuance of such shares of Common Stock pursuant to the exercise of all or part of an Option. 

5. NUMBER OF SHARES TO BE GRANTED EACH ELIGIBLE DIRECTOR; EXERCISE 

  
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 (a) Automatic Grant. On the date of the Company’s 1995 Annual
Meeting of Shareholders, each eligible director of the Company whose term of office continues after the Company’s 1995 Annual Meeting of Shareholders shall be granted an Option to purchase that number of shares of Common Stock equal to the
multiple of two thousand five hundred (2,500) and the number of years remaining in such director’s term as a director of the Company. On the date of each Annual Meeting of Shareholders of the Company after the Company’s 1995 Annual
Meeting of Shareholders, each eligible director elected or re-elected at such Annual Meeting shall be granted an Option to purchase that number of shares of Common Stock equal to the multiple of two thousand five hundred (2,500) and the number
of years in the term to which such director has been elected to the Company’s Board of Directors. Each eligible director appointed to the Board of Directors to fill a vacancy on the Board of Directors, including a vacancy resulting from an
increase in the number of directors, and each director who becomes an eligible director because such director ceases to be employed by the Company or its subsidiaries, shall, at the next Annual Meeting of Shareholders of the Company after such
appointment or change in employment status, as the case may be, if such eligible director is not elected or re-elected at such Annual Meeting, be granted an option to purchase that number of shares of Common Stock equal to the multiple of two
thousand five hundred (2,500) and the number of years remaining in such director’s term as a director of the Company. 
 (b) Exercise. An Option may be exercised in whole at any time or in part from time to time on or after the date of grant; provided, however, that if an Option is exercised within six
(6) months from the date of grant, the Common Stock issued upon exercise of such Option may not be sold, transferred, or otherwise disposed of by the director exercising such Option until such six (6) month period has expired. 

(c) Written Agreement. Each Option shall be evidenced by an appropriate written agreement, the form of which shall
be consistent with the terms and conditions of the Plan and applicable law, and which shall be signed by one or more designated members of the Board of Directors or the Committee and the non-employee director. 

(d) Tax Status of Options. Options granted hereunder shall not comply with the provisions of Section 422 of
Internal Revenue Code of 1986, as amended. 
 6. OPTION PRICE; TERM 

Options granted hereunder shall consist of options to purchase shares of Common Stock at purchase prices per share of not less that 100
percent of the fair market value per share of the shares of Common Stock on the date the Option is granted. For purposes of this Plan, the fair market value per share of the Common Stock on any date shall be the closing sale price per share of the
Common Stock on the National Association of Securities Dealers Automated Quotation/National Market System (“NASDAQ/NMS”) on the business day immediately preceding such date. If the Common Stock ceases to be listed on the NASDAQ/NMS, the
Board of Directors or the Committee, as applicable, shall designate an alternative method of determining the fair market value per share of the Common Stock. No Option will be exercisable after the expiration of ten (10) years after the date of
its grant, and each Option will terminate no later than three (3) years after the holder thereof ceases to be a director of the Company for any reason (but in no event later than ten (10) years after its date of grant). 

7. FORM OF PAYMENT 
 The exercise price of the Option shall be payable in whole or in part in cash or in shares of Common Stock held by the director for more than six (6) months. If the director elects to pay all or a
part of the exercise price in shares of Common Stock, such director may make such payment by delivering to the Company a number of shares already owned by the director equal to the exercise price. All shares of Common Stock so delivered shall be
valued at their fair market value per share on the date delivered. 

  
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 8. TAXES 
 The Company shall be entitled to pay or withhold the amount of any tax which it believes is required as a result of the grant or exercise of any Option under the Plan, and the Company may defer making
delivery with respect to the Common Stock obtained pursuant to exercise of any Option until arrangements satisfactory to it have been made with respect to any such withholding obligations. A director exercising an Option may, at such director’s
election and subject to Paragraph 5(b), satisfy the obligation for payment of withholding taxes either by having the Company retain a number of shares having an aggregate fair market value per share on the date the shares are withheld equal to the
amount of the withholding tax or by delivering to the Company shares already owned by the director having an aggregate fair market value per share on the date the shares are delivered equal to the amount of the withholding tax. 

9. TRANSFERABILITY 
 Options granted to a director under this Plan shall not be transferable and during the lifetime of such director shall be exercisable only by such director. A director shall have the right to transfer the
Options granted to such director upon such director’s death, either by the terms of such director’s will or under the laws of descent and distribution, subject to the limitations set forth herein, and all such distributes shall be subject
to all terms and conditions of this Plan to the same extent as would such director if still alive, except as otherwise expressly provided herein. 
 10. SECURITIES LAW 
 Each Option agreement shall contain such representations,
warranties and other terms and conditions as shall be necessary in the opinion of counsel to the Company to comply with all applicable federal and state securities law. The Company shall have the right to delay the issue or delivery of any shares of
Common Stock under the Plan until (a) the completion of such registration or qualification of such shares under any federal or state law, ruling or regulation as the Company shall determine to be necessary or advisable, and (b) receipt
from the holder of the Option of such documents and information as the Company may deem necessary to appropriate in connection with such registration or qualification. 
 11. ADJUSTMENT PROVISIONS 
 In the event of any corporate event or transaction,
such as a merger, consolidation, share exchange, recapitalization, reorganization, separation, stock dividend, stock split, split-up, spin-off or other distribution of stock or property of the Company, combination of shares, exchange of shares,
dividend in kind, or other like change in capital structure or distribution (other than normal cash dividends) to shareholders of the Company, the Committee, in order to prevent dilution or enlargement of participants’ rights under the Plan,
shall substitute or adjust, in an equitable manner (including adjustments to avoid fractional shares), the number of Common Shares (i) reserved under the Plan, (ii) for which Options may be granted to an individual Participant, and
(iii) covered by outstanding Options denominated in stock, (b) the stock prices related to outstanding Options; (c) the appropriate Fair Market Value and other price determinations for such Options; and (d) the number of shares
to be granted pursuant to Section 5(a) hereof. In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee shall be authorized to issue or assume Options, whether
or not in a transaction to which Section 424(a) of the Code applies, by means of substitution of new Options for previously issued awards or an assumption of previously issued awards. All adjustments under this Section 11 shall be made in
a manner such that they will not result in a penalty under Section 409A of the Code. Any adjustment, waiver, conversion or other action taken by the Committee under this Section 11 shall be conclusive and binding on all Participants, the
Company and their successors, assigns and beneficiaries. 

  
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 12. EFFECTIVENESS OF PLAN 

The Plan shall become effective on February 16, 1995, subject to approval of the Plan by the shareholders of the Company. 

13. RULE 16b-3 

It is intended that the Plan and any award made to a person subject to Section 16 of the Exchange Act, and any transaction or
election hereunder by any such person, shall meet all of the requirements of Rule 16b-3. If any provision of the Plan or any award hereunder would disqualify the Plan or such award hereunder, or would not comply with Rule 16b-3, such provision or
award shall be construed or deemed amended to conform to Rule 16b-3. 
 14. TENURE 

The Plan shall not be construed as conferring any rights upon any person for continuation as a member of the Board of Directors of the
Company 
 15. TERMINATION AND AMENDMENT 
 Unless the Plan shall theretofore have been terminated as hereinafter provided, no Option hereunder shall be granted after February 16, 2005. The Plan may be terminated, modified or amended by the
affirmative vote of the holders of a majority of the shares of Common Stock present, or represented, and entitled to vote at a meeting of the shareholders of the Company. The Board of Directors of the Company may also terminate the Plan or make such
modifications or amendments thereof as it shall deem advisable, including such modifications or amendments as it shall deem advisable in order to conform to any law or regulation applicable thereto; provided, however, that the Board of Directors may
not, unless otherwise permitted under the federal securities laws, without further approval of the shareholders of the Company, adopt any amendment to the Plan which would cause the Plan to no longer comply with Rule 16b-3, or any successor rule or
other regulatory requirements. No termination, modification or amendment of the Plan may, without the consent of the holder an Option granted hereunder, adversely affect the rights of such holder under an outstanding Option then held by the holder.

  
 4Marshall & Ilsley Corp 1997 Executive Stock Option & Restricted Stock Plan

 Exhibit 4.7 
 MARSHALL & ILSLEY CORPORATION 
 AMENDED AND RESTATED 

1997 EXECUTIVE STOCK OPTION AND RESTRICTED STOCK PLAN 
 effective January 1, 2006, retroactive to January 1, 2005 
 as
further amended on October 19, 2006 
 1. Objectives. The Marshall & Ilsley Corporation 1997 Executive
Stock Option and Restricted Stock Plan is designed to attract and retain certain selected officers and key employees whose skills and talents are important to the Company’s operations, and reward them for making major contributions to the
success of the Company. These objectives are accomplished by making awards under the Plan, thereby providing Participants with a proprietary interest in the growth and performance of the Company. 

2. Definitions. 
 (a) “Award” shall mean the grant of any form of stock option or stock award to a Plan Participant pursuant to such terms, conditions and limitations as the Board or Committee may establish in
order to fulfill the objectives of the Plan. 
 (b) “Award Agreement” shall mean an agreement between
the Company and a Participant that sets forth the terms, conditions and limitations applicable to an Award. 

(c) “Board” shall mean the Board of Directors of Marshall & Ilsley Corporation. 

(d) “Cause” shall mean the discharge of an employee on account of fraud or embezzlement against the Company or
serious and willful acts of misconduct which, in the reasonable judgment of the Committee, are detrimental to the business of the Company. 
 (e) “Change in Control” shall mean any of the following: 

(i) The acquisition by any individual, entity or “group” (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty-three percent (33%) or more of either
(A) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions of common stock shall not constitute a Change in Control: (A) any acquisition directly from the
Company (excluding an acquisition by virtue of the exercise of a conversion privilege or by one person or a group of persons acting in concert), (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a reorganization, merger, statutory share exchange or consolidation which would not be a
Change in Control under paragraph (iii) of this Section 2(e); or 
 (ii) Individuals who, as of the
date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened “election contest” or other actual or 

  
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threatened “solicitation” (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) of proxies or consents by or on behalf of a person other than the
Incumbent Board; or 
 (iii) Consummation of a reorganization, merger, statutory share exchange or consolidation,
unless, following such reorganization, merger, statutory share exchange or consolidation, (A) more than two-thirds (2/3) of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization,
merger, statutory share exchange or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,
by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such reorganization, merger, statutory
share exchange or consolidation in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, statutory share exchange or consolidation, (B) no person (excluding the Company, any employee benefit
plan (or related trust) of the Company or such corporation resulting from such reorganization, merger, statutory share exchange or consolidation and any person beneficially owning, immediately prior to such reorganization, merger, statutory share
exchange or consolidation, directly or indirectly, thirty-three percent (33%) or more of the Outstanding Company Common Stock or Outstanding Voting Securities, as the case may be) beneficially owns, directly or indirectly, thirty-three percent
(33%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, statutory share exchange or consolidation or the combined voting power of the then outstanding voting
securities of such corporation, entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger, statutory share exchange
or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger or consolidation; or 

(iv) Consummation of (A) a complete liquidation or dissolution of the Company or (B) the sale or other
disposition of all or substantially all of the assets of the Company, other than to a corporation, with respect to which following such sale or other disposition, (1) more than two-thirds (2/3) of, respectively, the then outstanding shares
of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially
the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no person (excluding the Company and any
employee benefit plan (or related trust) of the Company or such corporation and any person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, thirty-three percent (33%) or more of the Outstanding
Company Common Stock or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, thirty-three percent (33%) or more of, respectively, the then outstanding shares of common stock of such corporation
or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors of such corporation were
members 

  
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of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the Company. 

(f) “Common Stock” or “stock” shall mean the authorized and issued or unissued $1.00 par value common
stock of the Company. 
 (g) “Code” shall mean the Internal Revenue Code of 1986, as amended from time
to time. 
 (h) “Committee” shall mean the Executive Compensation Committee of the Board of Directors
of Marshall & Ilsley Corporation. The Committee shall be comprised of at least two non-employee directors all of whom are “disinterested” within the meaning of Rule 16b-3 promulgated under the Securities Exchange Act of 1934 and
“outside directors” within the meaning of Section 162(m) of the Code. 
 (i) “Company”
shall mean Marshall & Ilsley Corporation and its subsidiaries including subsidiaries of subsidiaries and partnerships and other business ventures in which Marshall & Ilsley Corporation has a significant equity interest, as
determined in the sole discretion of the Committee. 
 (j) “Fair Market Value” shall mean the closing
sale price of Common Stock on the NASDAQ National Market System as reported in the Midwest Edition of the Wall Street Journal for the date of grant provided that, if no sales of Common Stock were made on said exchange on that date, “Fair Market
Value” shall mean the closing sale price of Common Stock as reported for the most recent preceding day on which sales of Common Stock were made on said exchange, or, failing any such sales, such other market price as the Board or the Committee
may determine in conformity with pertinent law and regulations of the Treasury Department. 
 (k)
“Participant” shall mean an employee of the Company to whom an Award has been made under the Plan. 

(l) “Plan” shall mean the Marshall & Ilsley Corporation 1997 Executive Stock Option and Restricted
Stock Plan. 
 (m) “Retirement” shall mean the termination of a Participant’s employment on or
after age 65. 
 3. Eligibility. Employees of the Company eligible for an Award under the Plan are those who hold
positions of responsibility and whose performance, in the judgment of the Board, the Committee or the management of the Company, can have a significant effect on the success of the Company. 

4. Common Stock Available for Awards. The number of shares that may be issued under the Plan for Awards granted wholly or partly
in stock during the term of the Plan is 5,000,000, subject to adjustment as provided in Section 14 hereof, provided that not more than 1,000,000 shares may be subject to incentive stock options. The Company shall take whatever actions are
necessary to file required documents with the U.S. Securities and Exchange Commission and any other appropriate governmental authorities and stock exchanges to make shares of Common Stock available for issuance pursuant to Awards. Common Stock
related to Awards that are forfeited, terminated or expire unexercised, shall immediately become available for Awards. No employee shall be eligible to receive Awards aggregating more than 1,000,000 shares of Common Stock reserved under the Plan
during the term of the Plan, subject to adjustment as provided in Section 14 hereof. 
 5. Administration. The Plan
shall be administered by the Committee, which shall have full and exclusive power to interpret the Plan, to determine which employees are Plan Participants, to grant waivers of Award restrictions, and to adopt such rules, regulations and guidelines
for carrying out the Plan as it may deem necessary or proper, all of which powers shall be executed in the best interests of the Company and in keeping with the objectives of the Plan. 

  
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 6. Delegation of Authority. The Committee may delegate to the chief executive officer
and to other senior officers of the Company its duties under the Plan pursuant to such conditions or limitations as the Committee may establish. 
 7. Awards. The Committee shall determine the type or types of Award(s) to be made to each Participant and shall set forth in the related Award Agreement the terms, conditions and limitations
applicable to each Award including any vesting requirements. The type of Awards available under the Plan are those listed in this Section 7. In all events, upon the occurrence of a Change in Control, all Awards will become fully vested and
immediately exercisable. 
 (a) Stock Option. A grant of a right to purchase a specified number of shares
of Common Stock the purchase price of which shall be not less than 100% of Fair Market Value on the date of grant, as determined by the Committee. A stock option may be in the form of a nonqualified stock option or an incentive stock option
(“ISO”). An ISO, in addition to being subject to applicable terms, conditions and limitations established by the Committee, complies with Section 422 of the Code which, among other limitations, provides that the aggregate Fair Market
Value (determined at the time the option is granted) of Common Stock for which ISOs are exercisable for the first time by a Participant during any calendar year shall not exceed $100,000; that ISOs shall be priced at not less than 100% of the Fair
Market Value on the date of the grant (110% in the case of a Participant who is a 10% shareholder of the Company within the meaning of Section 422 of the Code); and that ISOs shall be exercisable for a period of not more than ten years (five
years in the case of a Participant who is a 10% shareholder of the Company). 
 (b) Restricted Stock
Award. An Award of stock for such consideration as the Committee may specify may contain transferability or forfeiture provisions including a requirement of future services and such other restrictions and conditions as may be established by the
Committee and set forth in the Award Agreement. 
 8. Deferred Payment of Awards. The Committee may permit selected
Participants to elect to defer payments of some or all types of Awards in accordance with procedures established by the Committee which are intended to permit such deferrals to comply with applicable requirements of the Code including, at the choice
of Participants, the capability to make further deferrals for payment after retirement. Dividends or dividend equivalent rights may be extended to and made part of any Award denominated in stock or units of stock, subject to such terms, conditions
and restrictions as the Committee may establish. The Committee may also establish rules and procedures for the crediting of dividend equivalents for deferred payments denominated in stock or units of stock. 

9. Stock Option Exercise. The price at which shares of Common Stock may be purchased under a Stock Option shall be paid in full at
the time of the exercise in cash or by means of tendering Common Stock, either directly or by attestation, valued at Fair Market Value on the date of exercise, or any combination thereof. 

10. Tax Withholding. The Company shall have the right to deduct applicable taxes from any Award payment and withhold, at the time
of delivery or vesting of shares under the Plan, an appropriate number of shares for payment of taxes required by law or to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such
taxes. The Company may defer making delivery with respect to Common Stock obtained pursuant to an Award hereunder until arrangements satisfactory to it have been made with respect to any such withholding obligation. If Common Stock is used to
satisfy tax withholding, such stock shall be valued based on the Fair Market Value when the tax withholding is required to be made. 
 11. Amendment, Modification, Suspension or Discontinuance of the Plan. The Board may terminate the Plan or make such modifications or amendments thereto as it shall deem advisable in order to
conform to any law or regulation applicable thereto; provided, however, that the Board may not, unless otherwise permitted under 

  
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applicable law, without further approval of the shareholders of the Company, adopt any amendment to the Plan which would cause the Plan to no longer comply with Section 162(m) of the Code,
or any successor provision or other regulatory requirements. No such termination, modification or amendment of the Plan may, without the consent of a Participant, adversely affect the rights of such Participant under an outstanding Award then held
by the Participant. 
 12. Termination of Employment. If the employment of a Participant terminates, other than pursuant
to paragraphs (a) through (c) of this Section 12, all unexercised, deferred and unpaid Awards shall terminate 90 days after such termination of employment or service, unless the Award Agreement provides otherwise, and during such
90-day period shall be exercisable only to the extent provided in the Award Agreement. Notwithstanding the foregoing, if a Participant’s employment is terminated for Cause, to the extent the Award is not effectively exercised or has not vested
prior to such termination, it shall lapse or be forfeited to the Company immediately upon termination. In all events, an Award will not be exercisable after the end of its term as set forth in the Award Agreement. 

(a) Retirement. When a Participant’s employment terminates as a result of Retirement or early retirement, the
Committee (in the form of an Award Agreement or otherwise) may permit Awards to continue in effect beyond the date of Retirement, or early retirement, and the exercisability and vesting of any Award may be accelerated. 

(b) Resignation in the Best Interests of the Company. When a Participant resigns from the Company and, in the
judgment of the chief executive officer or other senior officer designated by the Committee, the acceleration and/or continuation of outstanding Awards would be in the best interests of the Company, the Committee may (i) authorize, where
appropriate, the acceleration and/or continuation of all or any part of Awards granted prior to such termination and (ii) permit the exercise, vesting and payment of such Awards for such period as may be set forth in the applicable Award
Agreement. 
 (c) Death or Disability of a Participant. 

(i) In the event of a Participant’s death, the Participant’s estate or beneficiaries shall have a period
specified in the Award Agreement within which to receive or exercise any outstanding Award held by the Participant under such terms, and to the extent, as may be specified in the applicable Award Agreement. Rights to any such outstanding Awards
shall pass by will or the laws of descent and distribution in the following order: (a) to beneficiaries so designated by the Participant; if none, then (b) to a legal representative of the Participant; if none, then (c) to the persons
entitled thereto as determined by a court of competent jurisdiction. Subject to subparagraph (iii) below, Awards so passing shall be exercised or paid out at such times and in such manner as if the Participant were living. 

(ii) In the event a Participant is deemed by the Company to be disabled within the meaning of Section 22(e)(3) of the
Code, the Award shall be exercisable for the period, and to the extent, specified in the Award Agreement. Awards and rights to any such Awards may be paid to or exercised by the Participant, if legally competent, or a legally designated guardian or
representative if the Participant is legally incompetent by virtue of such disability. 
 (iii) After the death
or disability of a Participant, the Committee may in its sole discretion at any time (1) terminate restrictions in Award Agreements; (2) accelerate any or all installments and rights; and (3) instruct the Company to pay the total of
any accelerated payments in a lump sum to the Participant, the Participant’s estate, beneficiaries or representative, notwithstanding that, in the 

  
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absence of such termination of restrictions or acceleration of payments, any or all of the payments due under the Awards might ultimately have become payable to other beneficiaries. 

(iv) In the event of uncertainty as to interpretation of or controversies concerning this paragraph (c) of
Section 12, the Committee’s determinations shall be binding and conclusive. 
 (d) No Employment
Rights. The Plan shall not confer upon any Participant any right with respect to continuation of employment by the Company, nor shall it interfere in any way with the right of the Company to terminate any Participant’s employment at any
time. 
 13. Nonassignability. Except as provided in subsection (c) of Section 12 and this Section 13, no
Award or any other benefit under the Plan shall be assignable or transferable, or payable to or exercisable by anyone other than the Participant to whom it was granted. Notwithstanding the foregoing, the Committee (in the form of an Award Agreement
or otherwise) may permit Awards to be transferred to members of the Participant’s immediate family, to trusts for the benefit of the Participant and/or such immediate family members, and to partnerships or other entities in which the
Participant and/or such immediate family members own all the equity interests. For purposes of the preceding sentence, “immediate family” shall mean a Participant’s spouse, issue and spouses of his issue. 

14. Adjustments. In the event of any corporate event or transaction, such as a merger, consolidation, share exchange,
recapitalization, reorganization, separation, stock dividend, stock split, split-up, spin-off or other distribution of stock or property of the Company, combination of shares, exchange of shares, dividend in kind, or other like change in capital
structure or distribution (other than normal cash dividends) to shareholders of the Company, the Committee, in order to prevent dilution or enlargement of Participants’ rights under the Plan, shall substitute or adjust, in an equitable manner
(including adjustments to avoid fractional shares), the number of Common Shares (i) reserved under the Plan, (ii) available for Incentive Stock Options or Restricted Stock, (iii) for which Awards may be granted to an individual Participant, and (iv)
covered by outstanding Awards denominated in stock, (b) the stock prices related to outstanding Awards; and (c) the appropriate Fair Market Value and other price determinations for such Awards. In the event of a corporate merger, consolidation,
acquisition of property or stock, separation, reorganization or liquidation, the Committee shall be authorized to issue or assume Awards, whether or not in a transaction to which Section 424(a) of the Code applies, by means of substitution of new
Awards for previously issued awards or an assumption of previously issued awards. All adjustments under this Section 14 shall be made in a manner such that they will not result in a penalty under Section 409A of the Code. Any adjustment, waiver,
conversion or other action taken by the Committee under this Section 14 shall be conclusive and binding on all Participants, the Company and their successors, assigns and beneficiaries. 

15. Notice. Any notice to the Company required by any of the provisions of the Plan shall be addressed to the director of human
resources or to the chief executive officer of the Company in writing, and shall become effective when it is received by the office of either of them. 
 16. Unfunded Plan. The Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Participants who are entitled to Common Stock under the Plan, any such accounts shall
be used merely as a bookkeeping convenience. The Company shall not be required to segregate any Common Stock, nor shall the Plan be construed as providing for such segregation, nor shall the Company nor the Board nor the Committee be deemed to be a
trustee of any Common Stock to be granted under the Plan. Any liability of the Company to any Participant with respect to a grant of Common Stock or rights thereto under the Plan shall be based solely upon any contractual obligations that may be
created by the Plan and any Award Agreement; no such obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. Neither the Company nor the Board nor the Committee shall be required to
give any security or bond for the performance of any obligation that may be created by the Plan. 

  
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 17. Governing Law. The Plan and all determinations made and actions taken pursuant
hereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Wisconsin and construed accordingly. 
 18. Effective and Termination Dates. The effective date of the Plan is February 13, 1997. The Plan shall terminate on February 12, 2007 subject to earlier termination by the Board
pursuant to Section 11, after which no Awards may be made under the Plan, but any such termination shall not affect Awards then outstanding or the authority of the Committee to continue to administer the Plan. 

19. Other Benefit and Compensation Programs. Payments and other benefits received by a Participant pursuant to an Award shall not
be deemed a part of such Participant’s regular, recurring compensation for purposes of the termination or severance plans of the Company and shall not be included in, nor have any effect on, the determination of benefits under any other
employee benefit plan, contract or similar arrangement, unless the Committee expressly determines otherwise. 

  
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