Document:

EX-10.1

 Exhibit 10.1 

ASCENA RETAIL GROUP, INC. 

EXECUTIVE SEVERANCE PLAN 

Amended and Restated Effective as of December 9, 2015 

INTRODUCTION 
 The purpose
of the Plan is to enable the Company to offer certain protections to senior executives if their employment with the Employer is terminated under the circumstances described herein. The Plan was initially adopted effective as of
March 3, 2010, was subsequently amended and restated effective as of September 23, 2014 and is subsequently amended and restated in the form herein effective as of December 9, 2015. 

The Plan shall apply to Eligible Employees employed by an Employer on or after the Restatement Date and shall not apply to Participants who
terminated employment with an Employer prior to the Restatement Date. 
 Unless otherwise expressly provided in the Plan or unless otherwise
agreed to in writing between the Company or an Affiliate and a Participant on or after the date hereof, Participants covered by the Plan shall not be eligible to participate in any other severance or termination plan, policy or practice of the
Employer that would otherwise apply under the circumstances described herein. The Plan is intended to be a “top-hat” pension benefit plan within the meaning of U.S. Department of Labor Regulation Section 2520.104-23. This document
shall constitute both the plan document and summary booklet and shall be distributed to Participants in this form. Capitalized terms and phrases used herein shall have the meanings ascribed thereto in Article I. 

ARTICLE I 
 DEFINITIONS

 For purposes of the Plan, capitalized terms and phrases used herein shall have the meanings ascribed in this Article. 

1.1 “Affiliate” shall mean (a) any subsidiary corporation of the Company within the meaning of Section 424(f) of
the Code, (b) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by ownership of stock, assets or an equivalent
ownership interest or voting interest) by the Company, or (c) any other entity which is designated as an Affiliate by the Board or the Committee. 

1.2 “Base Salary” shall mean a Participant’s annual base compensation rate for services paid by the Employer to the
Participant at the time immediately prior to the Participant’s termination of employment, as reflected in the Employer’s payroll records or, if higher, the Participant’s annual base compensation rate immediately prior to a Change in
Control. Base Salary shall not include commissions, bonuses, overtime pay, incentive compensation, benefits paid under any qualified plan, any group medical, dental or other welfare benefit plan, non-cash compensation or any other additional
compensation, but shall include amounts reduced pursuant 

 
to a Participant’s salary reduction agreement under Section 125, 132(f)(4) or 401(k) of the Code, if any, or a nonqualified elective deferred compensation arrangement, if any, to the
extent that in each such case the reduction is to base salary. 
 1.3 “Board” shall mean the Board of Directors of the
Company. 
 1.4 “Bonus” shall mean the higher of (a) a Participant’s average of the most recent three
(3) year aggregate annual cash performance bonuses actually paid to such Participant on a semi-annual basis or (b) a Participant’s annual target cash performance bonus opportunity relating to the fiscal year in which a Change in
Control shall occur, as determined under an agreement between the Participant and the Employer, or under any written bonus plan, program or arrangement approved by the Board or the Compensation Committee of the Board. For purposes of calculating a
year’s aggregate annual cash performance bonus referred to in Section 1.4(a), such aggregate annual bonus shall equal the sum of the two seasonal bonuses actually paid to a participant with respect to a fiscal year. Bonus shall not include
any other bonus to be paid upon completion of any specified project or upon the occurrence of a specified event, including, without limitation, a Change in Control. 

1.5 “Cause” shall mean the occurrence of any of the following with respect to the Participant: 

(a) conviction of a crime (including conviction on a nolo contendere plea) involving the commission by the Participant of a felony or of a
criminal act involving, in the good faith judgment of the Board, fraud, dishonesty, or moral turpitude; 
 (b) material failure to
satisfactorily perform employment duties reasonably requested by the Board after thirty (30) days’ written notice of such failure to perform, specifying that the failure constitutes cause (other than as a result of vacation, sickness,
illness or injury); 
 (c) fraud or embezzlement; 

(d) gross misconduct or gross negligence in connection with the business of the Employer or an Affiliate which has a substantial adverse
effect on the Employer or the Affiliate; or 
 (e) the Participant’s intentional and willful act or omission which is materially
detrimental to the business or reputation of the Employer or an Affiliate. 
 Termination of the Participant for Cause shall be made by delivery to the
Participant of a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board at a meeting of the Board called and held for that purpose (after 30 days prior written notice to the Participant and a reasonable
opportunity for the Participant to be heard before the Board prior to such vote) finding that in the good faith judgment of the Board, the Participant was guilty of conduct set forth in any of clauses (a) through (e) above and specifying
the particulars thereof. 

  
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 1.6 “Change in Control” shall mean the consummation of any of the following
events: (a) any “person,” as such term is used in sections 3(a)(9) and 13(d) of the Exchange Act, becomes a “beneficial owner,” as such term is used in Rule 13d-3 under the Exchange Act, during the twelve (12) month
period ending on the date of the most recent acquisition by such person of 30% or more of the total voting power of the outstanding stock of the Company, excluding a person that is an affiliate (as such term is used under the Exchange) of the
Company on the date hereof, or any affiliate of any such person; (b) during any period of twelve (12) consecutive months, individuals who at the beginning of such period constitute the Board, and any new director (other than a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (a), (c), or (d) of this section) or a director whose initial assumption of office occurs as a result of either an actual
or threatened election contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board whose
election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the twelve-month period or whose
election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; (c) all or substantially all the assets of the Company are disposed of pursuant to a merger, consolidation or
other transaction (unless the shareholders of the Company immediately prior to such merger, consolidation or other transaction beneficially own, directly or indirectly, in substantially the same proportion as they own the common stock of the
Company, all the common stock or other ownership interests of the entity or entities, if any, that succeed to the business of the Company); or (d) the Company combines with another company and is the surviving corporation, but, immediately
after the combination, the shareholders of the Company immediately prior to the combination hold, directly or indirectly, 50% or less of the common stock or other ownership interests of the combined company (there being excluded from the number of
shares held by such shareholders, but not from the common stock or other ownership interests of the combined company, any shares or other ownership interests received by affiliates of such other company in exchange for stock of such other company).
Notwithstanding anything herein to the contrary and except with respect to a Change in Control event described in Section 1.6(b), a Change in Control shall be deemed to have occurred under this Section 1.6 solely upon the occurrence of the
closing of the transaction giving rise to the Change in Control event. Notwithstanding anything herein to the contrary, none of the foregoing events shall be deemed to be a “Change in Control” unless such event constitutes a “change
in control event” within the meaning of Code Section 409A. 
 1.7 “Change in Control Related Termination” means a
Pre-Change in Control Termination or a Post-Change in Control Termination, as applicable. 
 1.8 “COBRA” shall mean the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
 1.9 “Code” shall mean the Internal Revenue Code of
1986, as amended. 
 1.10 “Code Section 409A” shall mean Section 409A of the Code together with the treasury
regulations and other official guidance promulgated thereunder. 

  
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 1.11 “Committee” shall mean the Compensation and Stock Incentive Committee of
the Board or such other committee appointed by the Board from time to time to administer the Plan. 
 1.12 “Company” shall
mean Ascena Retail Group, Inc., a Delaware corporation, and any successor as provided in Article VI hereof. 
 1.13 “Continuation
Period” shall mean a period commencing on the date of a Participant’s Separation from Service (or, the date of the Change in Control in the event of a Pre-Change in Control Termination as a result of a Participant’s resignation
for Good Reason) until the earliest of: 
 (a) solely in the event of a Non-Change in Control Termination, the expiration of the period
during which the Participant is receiving Severance Payments; 
 (b) solely in the Event of a Change in Control Termination, twelve
(12) months (or, eighteen (18) months with respect to a Participant with the title “Executive Vice President” who experiences a Change in Control Related Termination) from such date; 

(c) the date the Participant becomes eligible for coverage under the health insurance plan of a subsequent employer; and 

(d) the date the Participant or the Participant’s eligible dependents, as the case may be, cease to be eligible under COBRA. 

1.14 “Continued Health Coverage” shall mean the benefit set forth in Section 2.2(b) of the Plan. 

1.15 “Delay Period” shall mean the period commencing on the date the Participant incurs a Separation from Service from the
Employer until the earlier of (a) the six (6)-month anniversary of the date of such Separation from Service and (b) the date of the Participant’s death. 

1.16 “Disability” shall mean a Participant’s disability that would qualify as such under the Employer’s long-term
disability plan without regard to any waiting periods set forth in such plan. 
 1.17 “Eligible Employee” shall mean any
executive-level employee of the Employer designated in writing by the Committee to participate in the Plan. 
 1.18
“Employer” shall mean the Company and any Affiliate. 
 1.19 “Equity Vesting” shall mean the benefit set
forth in Section 2.2(b) of the Plan. 
 1.20 “ERISA” shall mean the Employee Retirement Income Security Act of 1974,
as amended. 
 1.21 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  
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 1.22 “Good Reason” shall mean the occurrence of any of the following events
within ninety (90) days prior to a Change in Control, or on or following a Change in Control without the Participant’s express written consent, provided the Participant gives notice to the Employer of the Good Reason event within ninety
(90) days after the Participant has knowledge of the Good Reason event and such events are not fully corrected in all material respects by the Employer within thirty (30) days following receipt of the Participant’s written
notification: 
 (a) any material diminution of the responsibilities, duties or authority of the Participant (except in connection with the
termination of Executive’s employment for Cause or due to Total Disability or as a result of Executive’s death, or temporarily as a result of the Participant’s illness or other absence); 

(b) any reduction in the Participant’s base salary and/or benefits, other than a reduction that is uniformly applied to similar situated
employees; 
 (c) relocation of the Participant’s principal place of work outside of a thirty (30) mile radius of the
Participant’s then current location; or 
 (d) the failure of any successor to the Company to assume the Plan. 

1.23 “Non-Change in Control Termination” shall mean a termination event described in Section 2.1(a)(i) of the Plan. 

1.24 “Outplacement Services” shall mean the benefit set forth in Section 2.2(e) of the Plan. 

1.25 “Participant” shall mean any Eligible Employee who is eligible to receive Severance Benefits under the Plan. 

1.26 “Plan” shall mean the Ascena Retail Group, Inc. Executive Severance Plan. 

1.27 “Post-Change in Control Termination” shall mean a termination event described in Section 2.1(a)(ii) of the Plan.

 1.28 “Pre-Change in Control Termination” shall mean a termination event described in Section 2.1(a)(ii) of the
Plan. 
 1.29 “Pro-Rata Bonus” shall mean the payment set forth in Section 2.2(d) of the Plan. 

1.30 “Restatement Date” shall mean December 9, 2015. 

1.31 “Separation from Service” shall mean a Participant’s termination of employment with the Employer, provided that
such termination constitutes a separation from service within the meaning of Code Section 409A and the guidance issued thereunder. All references in the Plan to a “termination,” “termination of employment” or like terms
shall mean Separation from Service. 

  
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 1.32 “Severance Benefits” shall mean, as applicable, the Severance Payment, the
Continued Health Coverage, the Equity Vesting and the Pro-Rata Bonus. 
 1.33 “Severance Payment” shall mean the payments
set forth in Section 2.2(a) of the Plan. 
 1.34 “Specified Employee” shall mean a Participant who, as of the date of
his or her Separation from Service, is deemed to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Employer from time to time in
accordance therewith, or if none, the default methodology set forth therein. 
 ARTICLE II 

SEVERANCE BENEFITS 
 2.1
Eligibility for Severance Benefits. 
 (a) Qualifying Event for an Eligible Employee. 

(i) Non-Change in Control Termination. If, at any time prior to a Change in Control the employment of a
Participant is terminated by the Employer without Cause (a “Non-Change in Control Termination”), then the Employer shall pay or provide the Participant with the Severance Payment, the Continued Health Coverage, the Pro-Rata
Bonus and the Outplacement Services pursuant to the terms set forth herein. 
 (ii) Change in Control Related
Termination. If, during the ninety (90) day period prior to the date of a Change in Control (a “Pre-Change in Control Termination”) or the period commencing on the date of a Change in Control and ending
twenty-four (24) months thereafter (a “Post-Change in Control Termination”) the employment of a Participant is terminated by the Employer without Cause or by the Participant for Good Reason, then the Employer shall pay
or provide the Participant with the Severance Payment, the Continued Health Coverage, the Equity Vesting, the Pro-Rata Bonus and the Outplacement Services pursuant to the terms set forth herein, and in the event of a Pre-Change in Control
Termination, the foregoing Severance Benefits shall be in lieu of any Severance Benefits the Participant is entitled to under Section 2.1(a)(i). 

(b) Non-Qualifying Events. A Participant shall not be entitled to Severance Benefits under the Plan if the Participant’s
employment is terminated (i) by the Employer for Cause, (ii) by a Participant for any reason other than for Good Reason during the ninety (90) day period prior to a Change in Control or during the twenty-four (24) month period
following a Change in Control, or (iii) on account of the Participant’s death or Disability. 

  
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 2.2 Severance Benefits. In the event that a Participant becomes entitled to
benefits pursuant to Section 2.1(a) hereof, the Employer shall pay or provide the Participant with the applicable Severance Benefits as follows: 

(a) Severance Payment. Subject to the provisions of Sections 2.3 through 2.8, the Employer shall pay to the Participant the following:

 (i) Non-Change in Control Termination. In the event of a Non-Change in Control Termination, the Employer
shall pay the Participant an amount in cash equal to one-twelfth (1/12) of the Participant’s Base Salary, payable in accordance with the Company’s normal payroll practices for a period of twelve (12) months following the
Participant’s Separation from Service, with the first payment thereof paid on the ninetieth (90th) day following the date of the Participant’s Separation from Service, which first
payment shall include any amounts that would have been otherwise payable to the Participant during such ninety (90) day period. Notwithstanding the foregoing or anything in the Plan to the contrary, to the extent required by Code
Section 409A, the payment of the Severance Payments under this Section 2.2(a)(i) shall be subject to the Delay Period as provided in Section 7.8(b) hereof. 

(ii) Change in Control Related Termination. In the event of a Change in Control Related Termination, the Employer
shall pay the Participant an amount in cash equal to the sum of the Participant’s Base Salary plus Bonus, provided that with respect to a Participant with the title “Executive Vice President,” such sum shall be multiplied by one and
one-half (1 1⁄2). The Severance Payment under this Section 2.2(a)(ii) shall be payable, subject to Section 2.5, in a lump sum on (A) in the case
of a Pre-Change in Control Termination, the later of (x) the ninetieth (90th) day following the date of the Participant’s Separation from Service and (y) the date of the Change
in Control, and (B) in the case of a Post-Change in Control Termination, the ninetieth (90th) day following the date of the Participant’s Separation from Service. Notwithstanding
the foregoing or anything in the Plan to the contrary, to the extent required by Code Section 409A, in the event of a Post-Change in Control Termination, payment of the Severance Payment under this Section 2.2(a)(ii) shall be subject to
the Delay Period as provided in Section 7.8(b) hereof. 
 Participants shall be entitled to only one Severance Payment under this Plan as the result of
a Change in Control Related Termination. 
 (b) Continued Health Coverage. Subject to the provisions of Sections 2.3 through 2.8 and
a Participant’s timely election pursuant to COBRA, during the Continuation Period the Employer shall pay the cost for continued coverage pursuant to COBRA, for the Participant and the Participant’s eligible dependents, under the
Employer’s group health plans in which the Participant participated immediately prior to the date of termination of the Participant’s employment or materially equivalent plans maintained by the Company in replacement thereof. Following the
Continuation Period, the Participant (or, if applicable, the Participant’s qualified beneficiaries under COBRA) shall be entitled to such continued coverage for the remainder of the COBRA period, if any, on a full self-pay basis to the extent
eligible under COBRA. 

  
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 (c) Accelerated Vesting of Equity Awards. The Equity Vesting under this
Section 2.2(c) shall apply only in the event of a Change in Control Related Termination. Subject to the provisions of Sections 2.3 and 2.4 and Sections 2.6 through 2.8, to the extent not vested immediately prior to a Change in Control, all
stock based awards granted to the Participant prior to the Change in Control under the Company’s equity plans, each as amended, including, but not limited to, the Company’s 2010 Stock Incentive Plan (to be renamed the 2016 Omnibus
Incentive Plan), or any predecessor or successor plan(s) thereto, that are outstanding as of the date of the Change in Control (including, but not limited to, stock options and shares of restricted stock), or, in the event such stock based awards
are not assumed or substituted by the successor in connection with such Change in Control, outstanding immediately prior to the date of the Change in Control, shall become fully vested as of the date of the Participant’s termination of
employment by the Employer without Cause or by the Participant for Good Reason. Any stock option, stock appreciation right or similar award that provides for a Participant-elected exercise shall become fully exercisable and will remain exercisable
for the applicable period following termination as specified in the applicable equity plan and/or the applicable award agreement. In the case of restricted stock or similar awards that are not subject to a Participant-elected exercise, the Company
shall remove any restrictions (other than restrictions required by Federal securities law) or conditions in respect of such award as of the date of the Participant’s termination of employment by the Employer without Cause. For the avoidance of
doubt, this Section 2.2(b) shall apply to any equity awards that, in connection with a Change in Control, (1) are granted as replacement of the equity awards held by the Participant immediately prior to the Change in Control, and
(2) are outstanding immediately prior to the Change in Control, but are not assumed or substituted by the successor in connection with such Change in Control. 

Notwithstanding the forgoing, in the event of a Pre-Change in Control Termination, in lieu of the foregoing under this Section 2.2(c),
the Employer shall pay to the Participant a lump sum cash payment equal to the sum of (x) with respect to any unvested stock option, stock appreciation right or similar appreciation based award that expired on the date the Participant’s
employment terminated, the excess, if any, of (A) the aggregate per share cash consideration, and the fair market value on such date of the aggregate per share non-cash consideration, paid or payable to the Company’s common stockholders in
the transaction which is the basis for the Change in Control, (or if no such consideration was then payable, the last trading price of the Company’s common stock on the day immediately preceding the date of the event that resulted in the
occurrence of the Change in Control), over (B) the strike price per share that would have been required to be paid in order to exercise each tranche of the unvested awards that expired on the date of the Participant’s termination of
employment, times the number of shares of the Company’s common stock covered by each such tranche (such calculation to be performed separately for each tranche with a different strike price, and the aggregate amounts so calculated being the
amount required to be paid under this provision), plus (y) with respect to any unvested restricted stock or similar whole share type of award that expired on the date the Participant’s employment terminates, the fair market value of such
awards calculated based on the last trading price of the Company’s common stock on the day immediately preceding the date of the event that resulted in the occurrence of the Change in Control times the number of shares of the Company’s
common stock covered by each such award. Any such payment shall be paid together with the Severance Payment payable on a Pre-Change in Control Termination pursuant to Section 2.2(a)(ii) above. 

  
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 (d) Pro-Rata Bonus. The Pro-Rata Bonus under this Section 2.2(d) shall apply in the
event of either a Non-Change in Control Termination or a Change in Control Related Termination. Subject to the provisions of Sections 2.3 through 2.8, the Participant shall be entitled to receive a pro rata portion (based on the number of days
employed during the applicable performance period) of the Participant’s seasonal (semi-annual) cash performance bonus for the performance period in which the Participant’s Separation from Service occurs, calculated based on actual results
for such performance period, payable at the time that the semi-annual performance bonus would otherwise be paid. For the avoidance of doubt, a Pro-Rata Bonus shall not be based on any bonus to be paid upon completion of any specified project or upon
occurrence of a specified event, including, without limitation, a Change in Control. 
 (e) Outplacement Services. The Outplacement
Services under this Section 2.2(e) shall apply in the event of either a Non-Change in Control Termination or a Change in Control Related Termination. The Company will assist the Participant for a period of one year from the date of the
Participant’s Separation from Service in the search for new employment by directly paying the professional fees for the services incurred in the normal course of a job search with an outplacement organization arranged for by the Company in an
amount not to exceed $10,000. 
 2.3 Prior Agreements. The Severance Benefits under this Plan shall supersede and be in lieu
of any severance benefits and/or payments provided under the Plan as in effect prior to the Restatement Date or under any other agreements, arrangements or severance plans by and between the Participant and the Employer. Notwithstanding the
foregoing or anything herein to the contrary, in the event that a Participant is entitled to the Severance Benefits under the Plan and if as a result of such termination of the Participant’s employment the Participant was also entitled to
receive the payments and benefits provided under any other agreements, arrangements or severance plans by and between the Participant and the Employer, then the Participant shall continue to be entitled to receive such payments and benefits under
and in accordance with the terms and conditions of such agreement, arrangement or severance plan and (i) the Severance Payment hereunder shall be reduced by the amount of any severance payment received by the Participant prior to the
commencement of the Severance Payment hereunder, (ii) any severance payment payable under such other agreement, arrangement or severance plan following the commencement of the Severance Payment hereunder shall be offset on a dollar-for-dollar
basis by the Severance Payment hereunder, and (iii) the Continued Health Coverage shall commence in the first month following the expiration of any health plan or health care reimbursement coverage provided to the Participant pursuant to such
other agreement, arrangement or severance plan following a termination of the Participant’s employment and the Participant’s Continuation Period shall be reduced by the number of months the Participant received such coverage under such
other agreement, arrangement or severance plan. 
 2.4 No Duty to Mitigate/Set-off. No Participant entitled to receive
Severance Benefits hereunder shall be required to seek other employment or to attempt in any way to reduce any amounts payable to the Participant by the Company or Employer pursuant to the Plan, and, except as provided in Sections 1.13(b) hereof,
there shall be no offset against any amounts due to the Participant under the Plan on account of any remuneration attributable to any subsequent employment that the Participant may obtain or otherwise. The amounts payable hereunder shall not be
subject to setoff, counterclaim, recoupment, defense or other right which 

  
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the Employer may have against the Participant. In the event of the Participant’s breach of any provision hereunder, including without limitation, Sections 2.5 (other than as it applies to a
release of claims under the Age Discrimination in Employment Act, as amended), 2.7 and 2.8 hereof, the Company shall be entitled to recover any payments previously made to the Participant hereunder. Severance Benefits shall be reduced (offset) by
any amounts payable under any statutory entitlement (including notice of termination, termination pay and/or severance pay) of the Participant upon a termination of employment, including, without limitation, any payments related to an actual or
potential liability under the Worker Adjustment and Retraining Notification Act (WARN) or similar state or local law. 
 2.5 Release
Required. Any Severance Benefits (other than the Equity Vesting) payable or to be provided pursuant to the Plan shall be conditioned upon the Participant’s execution and non-revocation, within ninety (90) days following the
effective date of the Participant’s Separation from Service, of a release substantially in the form attached as Appendix A hereto (with such changes thereon as are legally necessary at the time of execution to make it enforceable,
including, but not limited to the addition of any federal, state or local laws) (the “Release”). The Company shall provide the release to the Participant within seven (7) days following the date of the Participant’s
Separation from Service. The Participant will be required to sign the release within 45 days after the date it is provided to him or her and not revoke it within the time period set forth therein. 

2.6 Code Section 280G.  

(a) In the event it is determined pursuant to clause (b) below, that part or all of the consideration, compensation or benefits to be
paid to the Participant under the Plan in connection with the Participant’s termination of employment following a Change in Control or under any other plan, arrangement or agreement in connection therewith (each a “Payment”),
constitutes a “parachute payment” (or payments) under Section 280G(b)(2) of the Code, then, if the aggregate present value of such parachute payments (the “Parachute Amount”) exceeds 2.99 times the Participant’s
“base amount,” as defined in Section 280G(b)(3) of the Code (the “Participant Base Amount”) and would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), the
amounts constituting “parachute payments” which would otherwise be payable to or for the benefit of the Participant shall be reduced to the extent necessary so that the Parachute Amount is equal to 2.99 times the Participant Base Amount;
provided, however, that the foregoing reduction shall be made only if and to the extent that such reduction would result in an increase in the aggregate Payment to be provided, determined on a net after-tax basis (taking into account the Excise Tax
imposed, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income taxes). 
 (b) Any
determination that a Payment constitutes a parachute payment and any calculation described in this Section 2.6 (“determination”) shall be made by the independent public accountants for the Company, and may, at the
Company’s election, be made prior to termination of the Participant’s employment where the Company determines that a Change in Control is imminent. Such determination shall be furnished in writing no later than thirty (30) days
following the date of the Change in Control by the accountants to the Participant. If the Participant does not agree with such determination, he may give notice to the Company within 

  
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ten (10) days of receipt of the determination from the accountants and, within fifteen (15) days thereafter, accountants of the Participant’s choice must deliver to the Company
their determination that in their judgment complies with the Code. If the two accountants cannot agree upon the amount to be paid to the Participant pursuant to this Section 2.6 within ten days of the delivery of the statement of the
Participant’s accountants to the Company, the two accountants shall choose a third accountant who shall deliver their determination of the appropriate amount to be paid to the Participant pursuant to this Section 2.6, which determination
shall be final. If the final determination provides for the payment of a greater amount than that proposed by the accountants of the Company, then the Company shall pay all of the Participant’s costs incurred in contesting such determination
and all other costs incurred by the Company with respect to such determination. However, if the determination of the accountants of the Company is supported by the third accountant, the Participant shall pay all reasonable costs incurred by both the
Company and the Participant with respect to the determination. 
 (c) If the final determination made pursuant to clause (b) above
results in a reduction of the Payments that would otherwise be paid to the Participant except for the application of Section 2.6(a), the Equity Vesting shall be eliminated or reduced to the extent necessary in order to not exceed the limitation
under Section 2.6(a), then, to the extent necessary pursuant to Section 2.6(a), the Severance Payment shall be reduced, and, finally, to the extent necessary pursuant to Section 2.6(a), the Continued Health Coverage shall be reduced.
Within ten days following such determination, the Company shall pay to or distribute to or for the benefit of the Participant such amounts as are then due to the Participant under the Plan and shall promptly pay to or distribute to or for the
benefit of the Participant in the future such amounts as become due to the Participant under the Plan. 
 (d) As a result of the uncertainty
in the application of Section 280G of the Code at the time of a determination hereunder, it is possible that payments will be made by the Company which should not have been made under Section 2.6(a) (an “Overpayment”) or
that additional payments which are not made by the Company pursuant to Section 2.6(a) above should have been made (an “Underpayment”). In the event that there is a final determination by the Internal Revenue Service, or a final
determination by a court of competent jurisdiction, that an Overpayment has been made, any such Overpayment shall be treated for all purposes as a loan to the Participant to the extent permitted by law, which the Participant shall repay to the
Company together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code. Nothing in this Section 2.6 is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment
obligation hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to the Participant and the repayment obligation null and void to the extent required by such Act. In the event that there is a
final determination by the Internal Revenue Service, a final determination by a court of competent jurisdiction or a change in the provisions of the Code or regulations pursuant to which an Underpayment arises under the Plan, any such Underpayment
shall be promptly paid by the Company to or for the benefit of the Participant, together with interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Code. 

2.7 Restrictive Covenants. As a condition to receiving Severance Benefits (other than the Equity Vesting), the Participant shall
be subject to the restrictive covenants described in 

  
 11 

 
the Release. Upon the Participant’s timely execution and non-revocation of the Release, the restrictive covenants contained therein shall supersede any restrictive covenants contained in any
agreement or arrangement between the Employer and the Participant, including any employment agreement. 
 2.8 Cooperation. By
accepting the Severance Benefits under the Plan, subject to the Participant’s other commitments, the Participant agrees to be reasonably available to cooperate (but only truthfully) with the Employer and the Company and provide information as
to matters which the Participant was personally involved, or has information on, during the Participant’s employment with the Employer and which are or become the subject of litigation or other dispute. 

ARTICLE III 
 UNFUNDED
PLAN 
 3.1 Unfunded Status. The Plan shall be “unfunded” for the purposes of ERISA and the Code, and Severance
Payments shall be paid out of the general assets of the Employer as and when Severance Payments are payable under the Plan. All Participants shall be solely unsecured general creditors of the Company and the Employer. If the Company decides in its
sole discretion to establish any advance accrued reserve on its books against the future expense of the Severance Payments payable hereunder, or if the Company decides in its sole discretion to fund a trust under the Plan, such reserve or trust
shall not under any circumstances be deemed to be an asset of the Plan. 
 ARTICLE IV 

ADMINISTRATION OF THE PLAN 

4.1 Plan Administrator. The general administration of the Plan on behalf of the Company (as plan administrator under
Section 3(16)(A) of ERISA) shall be placed with the Committee. 
 4.2 Reimbursement of Expenses of Plan Committee. The
Company may, in its sole discretion, pay or reimburse the members of the Committee for all reasonable expenses incurred in connection with their duties hereunder, including, without limitation, expenses of outside legal counsel. 

4.3 Action by the Plan Committee. Decisions of the Committee shall be made by a majority of its members attending a meeting at
which a quorum is present (which meeting may be held telephonically), or by written action in accordance with applicable law. Subject to the terms of the Plan and provided that the Committee acts in good faith, the Committee shall have complete
authority to determine a Participant’s participation and Severance Benefits under the Plan, to interpret and construe the provisions of the Plan, and to make decisions in all disputes involving the rights of any person interested in the Plan.

  
 12 

 4.4 Delegation of Authority. Subject to the limitations of applicable law, the
Committee may delegate any and all of its powers and responsibilities hereunder to other persons by formal resolution filed with and accepted by the Board. Any such delegation shall not be effective until it is accepted by the Board and the persons
designated, and may be rescinded at any time by written notice from the Committee to the person to whom the delegation is made. 
 4.5
Retention of Professional Assistance. The Committee may employ such legal counsel, accountants and other persons as may be required in carrying out its work in connection with the Plan. 

4.6 Accounts and Records. The Committee shall maintain such accounts and records regarding the fiscal and other transactions of
the Plan and such other data as may be required to carry out its functions under the Plan and to comply with all applicable laws. 
 4.7
Indemnification. The Committee, its members and any person designated pursuant to Section 4.4 above shall not be liable for any action or determination made in good faith with respect to the Plan. The Employer shall, to the
fullest extent permitted by law, indemnify and hold harmless each member of the Committee and each director, officer and employee of the Employer, and any person designated above, for liabilities or expenses they and each of them incur in carrying
out their respective duties under the Plan, other than for any liabilities or expenses arising out of such individual’s willful misconduct or fraud. 

ARTICLE V 
 AMENDMENT
AND TERMINATION 
 5.1 Amendment and Termination. The Company reserves the right to amend or terminate, in whole or in
part, any or all of the provisions of the Plan by action of the Board (or a duly authorized committee thereof) at any time, provided that in no event shall any amendment, except for amendments pursuant to Section 7.8(a), reducing the Severance
Benefits provided hereunder or any Plan termination be effective prior to the later of (A) the third (3rd) anniversary of September 23, 2014 (i.e., the original restatement
date of the prior version of the Plan in effect prior to the Restatement Date) and (B) one year after the Company provides written notice to the Participant that it wishes to amend or terminate this Plan and the nature of the amendments, if
applicable, and further provided, that the Company shall not amend or terminate the Plan at any time after (i) the occurrence of a Change in Control or (ii) the date the Company enters into a definitive agreement which, if consummated,
would result in a Change in Control, unless the potential Change in Control is abandoned (as publicly announced by the Company), in either case until two (2) years after the occurrence of a Change in Control, provided that all Severance
Benefits under the Plan have been paid. 

  
 13 

 ARTICLE VI 

SUCCESSORS 
 For purposes
of the Plan, the Company shall include any and all successors or assignees, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Company, and such successors and
assignees shall perform the Company’s obligations under the Plan, in the same manner and to the same extent that the Company, would be required to perform if no such succession or assignment had taken place. In the event the surviving
corporation in any transaction to which the Company is a party is a subsidiary of another corporation, then the ultimate parent corporation of such surviving corporation shall cause the surviving corporation to perform the Plan in the same manner
and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. In such event, the term “Company” as used in the Plan, shall mean the Company, as hereinbefore defined and any
successor or assignee (including the ultimate parent corporation) to the business or assets of the Company, which by reason hereof becomes bound by the terms and provisions of the Plan. 

ARTICLE VII 

MISCELLANEOUS 
 7.1
Minors and Incompetents. If the Committee shall find that any person to whom Severance Benefits are payable under the Plan is unable to care for his or her affairs because of illness or accident, or is a minor, any Severance Benefits
due (unless a prior claim therefore shall have been made by a duly appointed guardian, committee or other legal representative) may be paid to the spouse, child, parent, or brother or sister, or to any person deemed by the Committee to have incurred
expense for such person otherwise entitled to the Severance Benefits, in such manner and proportions as the Committee may determine in its sole discretion. Any such Severance Benefits shall be a complete discharge of the liabilities of the Company,
the Employer, the Committee, and the Board under the Plan. 
 7.2 Limitation of Rights. Nothing contained herein shall be
construed as conferring upon a Participant the right to continue in the employ of the Employer as an employee in any other capacity or to interfere with the Employer’s right to discharge him or her at any time for any reason whatsoever. 

7.3 Payment Not Salary. Any Severance Benefits payable under the Plan shall not be deemed salary or other compensation to the
Participant for the purposes of computing benefits to which he or she may be entitled under any pension plan or other arrangement of the Employer maintained for the benefit of its employees, unless such plan or arrangement provides otherwise. 

7.4 Severability. In case any provision of the Plan shall be illegal or invalid for any reason, said illegality or invalidity
shall not affect the remaining parts hereof, but the Plan shall be construed and enforced as if such illegal and invalid provision never existed. 

  
 14 

 7.5 Withholding. The Company and/or the Employer shall have the right to make such
provisions as it deems necessary or appropriate to satisfy any obligations it may have to withhold federal, state or local income or other taxes incurred by reason of payments pursuant to the Plan. In lieu thereof, the Company and/or the Employer
shall have the right to withhold the amounts of such taxes from any other sums due or to become due from the Company and/or the Employer to the Participant upon such terms and conditions as the Committee may prescribe. 

7.6 Non-Alienation of Benefits. The Severance Benefits payable under the Plan shall not be subject to alienation, transfer,
assignment, garnishment, execution or levy of any kind, and any attempt to cause any Severance Benefits to be so subjected shall not be recognized. 

7.7 Governing Law. To the extent legally required, the Code and ERISA shall govern the Plan and, if any provision hereof is in
violation of any applicable requirement thereof, the Company reserves the right to retroactively amend the Plan to comply therewith. To the extent not governed by the Code and ERISA, the Plan shall be governed by the laws of the State of New York,
without reference to rules relating to conflicts of law. 
 7.8 Code Section 409A. 

(a) General. Although the Employer makes no guarantee with respect to the tax treatment of payments hereunder and shall not be
responsible in any event with regard to non-compliance with Code Section 409A, the Plan is intended to either comply with, or be exempt from, the requirements of Code Section 409A. To the extent that the Plan is not exempt from the
requirements of Code Section 409A, the Plan is intended to comply with the requirements of Code Section 409A and shall be limited, construed and interpreted in accordance with such intent. Accordingly, the Company reserves the right to
amend the provisions of the Plan at any time and in any manner without the consent of Participants solely to comply with the requirements of Code Section 409A and to avoid the imposition of an excise tax under Code Section 409A on any
payment to be made hereunder, provided that there is no reduction in the Severance Benefits hereunder. Notwithstanding the foregoing, in no event whatsoever shall the Employer be liable for any additional tax, interest or penalty that may be imposed
on a Participant by Code Section 409A or any damages for failing to comply with Code Section 409A. 
 (b) Separation from
Service; Delay Period for Specified Employees. A termination of employment shall not be deemed to have occurred for purposes of any provision of the Plan providing for the payment of any amounts or benefits upon or following a termination of
employment unless such termination is also a Separation from Service. If a Participant is deemed on the date of termination to be a Specified Employee, then with regard to any payment that is specified as subject to this Section, such payment shall
not be made prior to the expiration of the Delay Period. All payments delayed pursuant to this Section 7.8(b) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) shall be paid to
the Participant in a single lump sum on the first Company payroll date on or following the first day following the expiration of the Delay Period, and any remaining payments and benefits due under the Plan shall be paid or provided in accordance
with the normal payment dates specified for them herein. 
 (c) Separate Payments and No Participant Discretion. For purposes of Code
Section 409A, the Participant’s right to receive any installment payments pursuant to this Plan shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment
period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of
the Employer. 

  
 15 

 7.9 Non-Exclusivity. The adoption of the Plan by the Company shall not be construed
as creating any limitations on the power of the Company to adopt such other supplemental retirement income arrangements as it deems desirable, and such arrangements may be either generally applicable or limited in application. 

7.10 Non-Employment. The Plan is not an agreement of employment and it shall not grant the Participant any rights of employment.

 7.11 Headings and Captions. The headings and captions herein are provided for reference and convenience only. They shall
not be considered part of the Plan and shall not be employed in the construction of the Plan. 
 7.12 Gender and Number.
Whenever used in the Plan, the masculine shall be deemed to include the feminine and the singular shall be deemed to include the plural, unless the context clearly indicates otherwise. 

7.13 Communications. All announcements, notices and other communications regarding the Plan will be made by the Company and/or
the Employer in writing. 
 7.14 Legal Fees. This Section 7.14 shall apply only in the event of a Change in Control
Related Termination. In the event that a Participant substantially prevails in a litigation between the Participant and the Company arising in connection with such Participant’s attempt to obtain or enforce any right or benefit provided by the
Plan, the Company agrees to pay the reasonable attorney’s fees and other legal expenses incurred by such Participant in pursuing such litigation, including a reasonable rate of interest for delayed payment. 

ARTICLE VIII 
 WHAT ELSE
A PARTICIPANT NEEDS 
 TO KNOW ABOUT THE PLAN 

8.1 Claims Procedure. Any claim by a Participant with respect to eligibility, participation, contributions, benefits or other
aspects of the operation of the Plan shall be made in writing to a person designated by the Committee from time to time for such purpose. If the designated person receiving a claim believes, following consultation with the Chairman of the Committee,
that the claim should be denied, he or she shall notify the Participant in writing of the denial of the claim within ninety (90) days after his or her receipt thereof. This period may be extended an additional ninety (90) days in special
circumstances and, in such event, the Participant shall be notified in writing of the extension, the special circumstances requiring the 

  
 16 

 
extension of time and the date by which the Committee expects to make a determination with respect to the claim. If the extension is required due to the Participant’s failure to submit
information necessary to decide the claim, the period for making the determination will be tolled from the date on which the extension notice is sent until the date on which the Participant responds to the Plan’s request for information. 

If a claim is denied in whole or in part, or any adverse benefit determination is made with respect to the claim, the Participant will be
provided with a written notice setting forth (a) the specific reason or reasons for the denial making reference to the pertinent provisions of the Plan or of Plan documents on which the denial is based, (b) a description of any additional
material or information necessary to perfect or evaluate the claim, and explain why such material or information, if any, is necessary, and (c) inform the Participant of his or her right to request review of the decision. The notice shall also
provide an explanation of the Plan’s claims review procedure and the time limits applicable to such procedure, as well as a statement of the Participant’s right to bring a civil action under Section 502(a) of ERISA following an
adverse benefit determination on review. If a Participant is not notified (of the denial or an extension) within ninety (90) days from the date the Participant notifies the Plan Administrator, the Participant may request a review of the
application as if the claim had been denied. 
 A Participant may appeal the denial of a claim by submitting a written request for review to
the Committee, within sixty (60) days after written notification of denial is received. Receipt of such denial shall be deemed to have occurred if the notice of denial is sent via first class mail to the Participant’s last shown
address on the books of the Employer. Such period may be extended by the Committee for good cause shown. The claim will then be reviewed by the Committee. In connection with this appeal, the Participant (or his or her duly authorized representative)
may (a) be provided, upon written request and free of charge, with reasonable access to (and copies of) all documents, records, and other information relevant to the claim, and (b) submit to the Committee written comments, documents,
records, and other information related to the claim. If the Committee deems it appropriate, it may hold a hearing as to a claim. If a hearing is held, the Participant shall be entitled to be represented by counsel. 

The review by the Committee will take into account all comments, documents, records, and other information the Participant submits relating to
the claim. The Committee will make a final written decision on a claim review, in most cases within sixty (60) days after receipt of a request for a review. In some cases, the claim may take more time to review, and an additional processing
period of up to sixty (60) days may be required. If that happens, the Participant will receive a written notice of that fact, which will also indicate the special circumstances requiring the extension of time and the date by which the Committee
expects to make a determination with respect to the claim. If the extension is required due to the Participant’s failure to submit information necessary to decide the claim, the period for making the determination will be tolled from the date
on which the extension notice is sent to the Participant until the date on which the Participant responds to the Plan’s request for information. 

  
 17 

 The Committee’s decision on the claim for review will be communicated to the Participant in
writing. If an adverse benefit determination is made with respect to the claim, the notice will include: (a) the specific reason(s) for any adverse benefit determination, with references to the specific Plan provisions on which the
determination is based; (b) a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to (and copies of) all documents, records and other information relevant to the claim; and (c) a
statement of the Participant’s right to bring a civil action under Section 502(a) of ERISA. A Participant may not start a lawsuit to obtain benefits until after he or she has requested a review and a final decision has been reached on
review, or until the appropriate timeframe described above has elapsed since the Participant filed a request for review and the Participant has not received a final decision or notice that an extension will be necessary to reach a final decision.
These procedures must be exhausted before a Participant (or any beneficiary) may bring a legal action seeking payment of benefits. In addition, no lawsuit may be started more than two years after the date on which the applicable appeal was denied.
If there is no decision on appeal, no lawsuit may be started more than two years after the time when the Committee should have decided the appeal. The law also permits the Participant to pursue his or her remedies under Section 502(a) of ERISA
without exhausting these appeal procedures if the Plan has failed to follow them. 

  
 18 

 APPENDIX A 

AGREEMENT AND RELEASE 

Ascena Retail Group, Inc. (the “Company”) and [name] (the “Employee”), agree to the terms and
conditions set forth below: 
 1. Termination. Employee’s employment with the Employer (as defined under the Ascena Retail
Group, Inc. Executive Severance Plan (the “Severance Plan”)) [is] [was] terminated as of [                 ], 20[    ] (the
“Termination Date”). Employee acknowledges that the Termination Date [is] [was] the termination date of [his/her] employment for purposes of participation in and coverage under all benefit plans and programs sponsored by or
through the Employer. Employee acknowledges and agrees that the Employer shall not have any obligation to rehire Employee, nor shall the Employer have any obligation to consider [him/her] for employment, after the Termination Date. All
capitalized terms used herein, unless defined otherwise herein, shall have the meaning set forth in the Severance Plan. 
 2. Severance
Benefits. In exchange for the general release in paragraph 4 below and other promises contained herein, and in accordance with the terms of the Severance Plan, which Employee hereby acknowledges receiving, Employee will receive the applicable
Severance Benefits under Section 2.2 of the Plan, paid or provided in accordance therewith. 
 3. Acknowledgment. Employee
hereby agrees and acknowledges that the Severance Benefits exceed any payment, benefit or other thing of value to which Employee might otherwise be entitled under any policy, plan or procedure of the Employer, the Company or Affiliates or pursuant
to any prior agreement or contract with the Employer, the Company or Affiliates. 
 4. Release. (a) In exchange for the
Severance Benefits and other valuable consideration, Employee, for [himself/herself] and for [his/her] heirs, executors, administrators and assigns (referred to collectively as “Releasors”), forever releases and
discharges the Employer and any and all of the Employer’s parent companies, partners, subsidiaries, affiliates, successors and assigns and any and all of its and their past and/or present officers, directors, partners, agents, employees,
representatives, counsel, employee benefit plans and their fiduciaries and administrators, successors and assigns (referred to collectively as the “Releasees”), from any and all claims, demands, causes of action, fees and
liabilities of any kind whatsoever, whether known or unknown, which Releasors ever had, now have or may have against Releasees by reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence or other matter up to and
including the date Employee signs this Agreement and Release. 

 (b) Without limiting the generality of the foregoing, this Agreement and Release is intended to
and shall release Releasees from any and all claims, whether known or unknown, that Releasors ever had, now have or may have against Releasees arising out of Employee’s employment with the Employer or any of the Releasees, the terms and
conditions of such employment and/or the termination of such employment, including but not limited to: (i) any claim under the Age Discrimination in Employment Act, as amended (“ADEA”), and/or the Older Workers Benefit
Protection Act which laws prohibit discrimination on account of age; (ii) any claim under Title VII of the Civil Rights Act of 1964, as amended, which, among other things, prohibits discrimination/retaliation on account of race, color,
religion, sex, and national origin; (iii) any claim under the Americans with Disabilities Act (“ADA”) or Sections 503 and 504 of the Rehabilitation Act of 1973, each as amended; (iv) any claim under the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”); (v) any claim under the Family and Medical Leave Act; (vi) any claim or other action under the National Labor Relations Act, as amended; (vii) any claim under the
Workers’ Adjustment and Retraining Notification Act; (viii) any claim under the New York State Human Rights Law, the New York Executive Law, the New York Labor Law, the New York City Administrative Code or any other applicable state or
local labor or human rights laws;1 (ix) the Sarbanes-Oxley Act of 2002; (x) any other claim of discrimination, harassment or retaliation in
employment (whether based on federal, state or local law, regulation, or decision; (xi) any other claim (whether based on federal, state or local law, statutory or decisional) arising out of the terms and conditions of Employee’s
employment with and termination from the Employer and/or the Released Parties; (xii) any claims for wrongful discharge, whistleblowing, constructive discharge, promissory estoppel, detrimental reliance, negligence, defamation, emotional
distress, compensatory or punitive damages, and/or equitable relief; (xiii) any claims under federal, state, or local occupational safety and health laws or regulations, all as amended; and (xiv) any claim for attorneys’ fees [ADD
ONLY FOR A CHANGE IN CONTROL RELATED TERMINATION: , (other than claims for legal fees pursuant to Section 7.14 of the Severance Plan)], costs, disbursements and/or the like. By virtue of the foregoing, Employee agrees that
[he/she] has waived any damages and other relief available to [him/her] (including, without limitation, money damages, equitable relief and reinstatement) under the claims waived in this paragraph 4; provided that nothing herein shall
be a waiver of Employee’s right to report violations of federal law or regulation or provide truthful information about this Agreement and Release or Releasees or, to cooperate with any investigation being conducted by any governmental agency,
or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Notwithstanding anything herein to the contrary, the sole matters to which this Agreement of Release does not apply are: (A) claims
to the Severance Benefits; (B) claims under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; (C) claims arising after the date Employee signs this Agreement and Release; (D) claims relating to any rights of
indemnification under the Employer’s organizational documents or otherwise, (E) claims relating to any outstanding stock options or other equity-based award on the Termination Date [ADD ONLY FOR A CHANGE IN CONTROL RELATED TERMINATION:
, including, without limitation, the Equity Vesting]; (F) claims to vested accrued benefits under the Employer’s tax qualified retirement plans or non-qualified retirement plans in accordance with, and subject to, the terms and
conditions of such plans and applicable law; or (G) Employee’s right to seek 
  

	1 	Add relevant provisions of additional state and/or local laws, as applicable. 

  
 A-2 

 
enforcement of the terms of the Severance Plan [ADD ONLY FOR A CHANGE IN CONTROL RELATED TERMINATION: , including, but not limited to, claims for legal fees pursuant to Section 7.14
of the Severance Plan]. Employee acknowledges that Employee has been informed that Employee might have specific rights and/or claims under the ADEA. Employee specifically waives such rights and/or claims under the ADEA to the extent such
rights and/or claims arose on or prior to the date this Agreement of Release is executed by Employee. 
 5. Non-Disparagement;
Cooperation in Certain Other Legal Proceedings. Employee agrees that at no time will [he/she], in public or private, engage in any form of conduct or make any statements or representations that deprecate, impugn, disparage or otherwise
impair the reputation, goodwill or commercial interests of, or make any remarks that would tend to or be construed to tend to defame, the Releasees, nor shall the Employee assist any other person, firm or company in so doing. Nothing in this
Agreement and Release shall prohibit or restrict Employee from: (i) making any disclosure of information, as required by law, in a proceeding or lawsuit in which the Employer is a party, or additionally in any other civil proceeding or lawsuit
upon ten (10) business days prior written notice to the Employer; (ii) providing information to, or testifying or otherwise assisting in an investigation or proceeding brought by any federal regulatory or law enforcement agency or
legislative body or the Employer’s designated legal, compliance, or human resources officers; (iii) filing, testifying, participating or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or
municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission; or (iv) challenging the validity of this Agreement and Release as it applies to a release of claims under ADEA. 

6. Cooperation. Employee agrees to make [himself/herself] reasonably available at times and for durations reasonably acceptable
to both parties to assist the Employer with respect to any issues wherein the Employer considers Employee’s knowledge or expertise reasonably beneficial. The Employer will reimburse Employee for all reasonable out of pocket expenses that
incurred while [he/she] is engaged in such activity. Employee will also cooperate fully with the Employer in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of
the Employer that relate to events or occurrences that transpired while the Employee was employed by the Employer. Employee’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to
meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Employer at mutually convenient times. Employee shall also cooperate fully with the Employer in connection with any such investigation or review of any
federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Employee was employed by the Employer. The Employer shall pay for any reasonable out-of-pocket expenses incurred
by Employee in connection with [his/her] performance of the obligations pursuant to this paragraph 6. Employee’s performance under this paragraph 6 following the Termination Date shall be subject to [his/her] then current
employment obligations. 
 7. Return of Property. Employee represents that [he/she] has returned (or will return) to Employer
all property belonging to the Employer, including but not limited to electronic devices (e.g., Blackberry and/or laptop computer), keys, card access to buildings and office floors, and business information and documents. 

  
 A-3 

 8. Severability. If any provision of this Agreement and Release is held to be illegal,
void, or unenforceable, such provision shall be of no force or effect. However, the illegality or unenforceability of such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement and
Release. Further, to the extent any provision of this Agreement and Release is deemed to be overbroad or unenforceable as written, such provision shall be given the maximum effect permissible under law. 

9. Entire Agreement. This Agreement and Release represents the entire understanding between the parties hereto with respect to the
subject matter hereof, and may not be changed or modified except by a written agreement signed by both of the parties hereto after the Effective Date of this Agreement and Release. In the event of any conflict between any of the provisions of this
Agreement and Release and the provisions of the Severance Plan, the terms of the Severance Plan shall govern. 
 10. Governing Law.
Except as may be preempted by federal law, this Agreement and Release shall be governed by the laws of the State of New York, without regard to conflict of laws principles, and the parties in any action arising out of this Agreement and Release
shall be subject to the personal jurisdiction and venue of the federal and state courts, as applicable, in the County of New York, State of New York. 

11. Non-Disclosure. The parties agree that this Agreement and Release and its terms are confidential and shall be accorded the utmost
confidentiality. Employee hereby agrees to keep confidential and not disclose the terms and conditions of this Agreement to any person or entity without the prior written consent of the Employer, except to Employee’s accountants, attorneys
and/or spouse, provided that they also agree to maintain the confidentiality of this Agreement. Employee shall be responsible for any disclosure by them. Employee further represent that Employee has not disclosed the terms and conditions of this
Agreement to anyone other than Employee’s attorneys, accountants and/or spouse. This Section 11 does not prohibit disclosure of this Agreement by any party if required by law, provided that if Employee is required to make such disclosure
the Employee has given the Employer prompt written notice of any legal process and cooperated with the Employer’s efforts to seek a protective order. 

12. Confidential Information. Employee acknowledges that during the course of Employee’s employment with the Employer, Employee
has had access to information relating to the Employer and its business that is not generally known by persons not employed by the Employer and that could not easily be determined or learned by someone outside of the Employer (“Confidential
Information”). Such information is confidential or proprietary and may include but not be limited to customer or client contact lists, trade secrets, patents, copyrighted materials, proprietary computer software and programs, products,
systems analyses, lists of suppliers and supplier contracts, internal policies and marketing strategies, financial information relating to the Employer and its employees, and other documents and information that provide the Employer with a
competitive advantage and that could not be easily determined or learned or 

  
 A-4 

 
obtained by someone outside the Employer. Employee further acknowledges that: (i) such confidential and proprietary information is the exclusive, unique, and valuable property of the
Employer; (ii) the businesses of the Employer depend on such confidential and proprietary information; and (iii) the Employer wishes to protect such confidential and proprietary information by keeping it confidential for the use and
benefit of the Employer. Employee agrees not to disclose or use such Confidential Information at any time in the future, except if authorized by the Employer in writing or if required in connection with a subpoena or other legal process or
investigation by any governmental, regulatory or self-regulatory agency or in connection with any legal proceeding brought against Employee, or in connection with a proceeding to enforce this Agreement. 

13. Restrictive Covenants. Employee agrees that for a period of one (1) year following Employee’s Termination Date (the
“Restricted Period”), [he/she] will not, directly or indirectly: 
 (a) Non-Competition. engage in, assist,
or have any active interest or involvement whether as an employee, agent, consultant, creditor, advisor, officer, director, stockholder (excluding holdings of less than 1% of the stock of a public company), partner, proprietor or any type of
principal whatsoever in any person, firm, or business entity which, directly or indirectly, is engaged in “Competition” (as defined below) with the Employer, the Company or an Affiliate; or 

(b) Non-Solicitation. recruit, solicit, hire, or cause to be hired, any individual who is then, or who has been within the preceding
six (6) month period, an employee of the Employer, the Company or an Affiliate. 
 For purposes of this Agreement, “Competition” shall mean
(x) the business of owning and/or operating one or more retail specialty stores that sell women’s or girls’ apparel, or (y) the business of selling women’s or girls’ apparel through catalogs or internet sales, or
(z) any other business engaged in by the Employer, the Company or an Affiliate. 
 14. Remedies. Employee acknowledges and
agrees that the Employer will suffer irreparable damage if any of the provisions of paragraphs 5, 12 or 13 of this Agreement and Release are breached and that the Employer’s remedies at law for a breach of such provisions would be inadequate
and, in recognition of this fact, Employee agrees that, in the event of such a breach, in addition to any remedies at law, the Employer will be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, a
temporary or permanent injunction or any other equitable remedy which may then be available. 
 15. Binding Agreement. This Agreement
and Release is binding upon, and shall inure to the benefit of, the parties and their respective heirs, executors, administrators, successors and assigns. 

16. ADEA Provisions. Employee acknowledges that [he/she]: (a) has carefully read this Agreement and Release in its
entirety; (b) has had an opportunity to consider the terms of this Agreement and Release [insert only if employees are over 40: and the 

  
 A-5 

 
disclosure information attached hereto as Exhibit I (which is provided pursuant to the Older Workers Benefit Protection Act)] for at least [twenty-one (21)] [forty-five (45)] days;
(c) is hereby advised by the Company in writing to consult with an attorney of [his/her] choice in connection with this Agreement and Release; (d) fully understands the significance of all of the terms and conditions of this
Agreement and Release and has discussed them with an attorney of [his/her] choice, or has had a reasonable opportunity to do so; and (e) is signing this Agreement and Release voluntarily and of [his/her] own free will and agrees
to abide by all the terms and conditions contained herein. 
 17. Revocation/ Effective Date. Employee may accept this Agreement and
Release by signing it before a notary public and delivering it to [INSERT NAME AND ADDRESS OF CONTACT] on or before the [twenty-first (21st)] [forty-fifth (45th)] day after [he/she] receives this Agreement and Release. Notwithstanding the foregoing, Employee may not sign this Agreement and Release before [his/her] last day of employment and
this Agreement and Release will not be accepted or effective if signed before the Termination Date. After signing this Agreement and Release, Employee shall have [seven (7)]2 days (the
“Revocation Period”) to revoke [his/her] decision by indicating [his/her] desire to do so in writing delivered to [INSERT NAME] at the above address by no later than the last day of the Revocation Period. If the
last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. Provided Employee does not revoke this Agreement and Release during the Revocation Period,
the Effective Date of this Agreement and Release shall be the later of the [eighth (8th)]3 day after Employee signs this Agreement and Release
or the day after the last day of the Revocation Period (the “Effective Date”). 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	(signature)
				
		 		 		 	 [Employee]

  

									
	ASCENA RETAIL GROUP, INC.	 		 		 	
					
	Accepted by:	 	  
	 		 	Dated:	 	  

					
	Name:	 	  
	 		 		 	

  

	2 	Replace with “fifteen (15)” for Employees working in Minnesota. 

	3 	Replace with “sixteenth (16th)” for Employees working in Minnesota. 

  
 A-6Exhibit 10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 
 This
Amended and Restated Employment Agreement (this “Agreement”) is made and entered into as of December 8, 2015 (the “Effective Date”), by and among Sterling Bancorp, a Delaware corporation (the
“Company”), Sterling National Bank, a national banking association organized and existing under the laws of the United States of America (the “Bank” and, together with the Company, “Sterling”), and
Jack L. Kopnisky (“Executive”). 
 WHEREAS, the Company, the Bank, and Executive are parties to that certain
Employment Agreement, dated as of June 20, 2011, and amended as of November 26, 2012 and April 3, 2013 (the “Prior Agreement”); and 

WHEREAS, the Company, the Bank and Executive desire to amend and restate in its entirety the Prior Agreement to reflect the terms of
Executive’s continued employment with the Company and the Bank following the Effective Date. 
 NOW, THEREFORE, in consideration
of the premises and the mutual covenants and obligations hereinafter set forth, the Company, the Bank and Executive hereby agree as follows: 

1. Employment; Board Membership. 

(a) Employment. Subject to the terms set forth herein, the Company and the Bank agree to employ Executive as President and Chief
Executive Officer of the Company and President and Chief Executive Officer of the Bank, and Executive hereby accepts such employment. As President and Chief Executive Officer of the Company and the Bank, Executive shall have such authority, perform
such duties, and fulfill such responsibilities commonly incident to such positions, as well as those that are delegated to Executive by the Board of Directors of the Company (the “Board”) or the Board of Directors of the Bank (the
“Bank Board”). While employed, Executive shall report to the Board, and Executive shall devote his full business time and attention to the business and affairs of the Company and the Bank and shall use his best efforts to advance
the interests of the Company and the Bank; provided that Executive may engage in outside activities in accordance with Section 5. 

(b) Board Membership. The Company and the Bank, as applicable, shall nominate Executive for election to the Board or the Bank Board
upon any expiration of Executive’s term of membership on the Board or the Bank Board during the Employment Period (as defined below). Notwithstanding any provision in this Agreement to the contrary, the removal of Executive from the Board, or
the failure to appoint or reelect Executive to the Board, and any determination not to nominate Executive as a director of the Company, in each case, prior to October 31, 2016, shall each require the affirmative vote of at least seventy-five
percent (75%) of the full Board. The Company’s and the Bank’s obligations under this Section 1(b) shall be subject to the requirements of applicable law. 

2. Employment Period. 

(a) Duration. Executive’s period of employment with Sterling under this Agreement shall begin on the Effective Date and shall
continue until December 31, 2018 (or, if a Change in Control (as defined below) occurs prior to such anniversary, the second 

 
anniversary of the date of the Change in Control, if later), unless terminated prior thereto by either Sterling or Executive in accordance with Section 6 hereof (such period of employment
being the “Employment Period”). 
 (b) Employment Following Termination of Employment Period. Nothing in this
Agreement shall mandate or prohibit a continuation of Executive’s employment following the expiration of the Employment Period upon such terms and conditions as the Company, the Bank, and Executive may agree. 

3. Compensation. 

(a) Base Salary. In consideration for the services performed by Executive during the Employment Period, the Bank shall pay to Executive
an annual salary (“Base Salary”) of $750,000. The Base Salary shall be paid in approximately equal installments in accordance with the Bank’s customary payroll practices. Executive’s Base Salary shall be increased to
$800,000 effective as of January 1, 2016 and shall be reviewed at least annually during the Employment Period for possible upward adjustment. Executive’s Base Salary shall not be reduced without Executive’s consent. The term Base
Salary, as utilized in this Agreement, shall refer to Base Salary as it may be increased from time to time. 
 (b) Annual Bonus.
During the Employment Period, Executive shall be eligible to participate in Sterling’s Executive Officer Management Incentive Program (or any successor thereto) (the “Annual Bonus Plan”). Executive’s target annual bonus
under the Annual Bonus Plan shall be determined by the Compensation Committee of the Board and shall be commensurate with the target annual bonus opportunity available to other similarly situated senior executives of Sterling generally (the
“Target Bonus”). The actual amount of Executive’s annual bonus shall depend upon the achievement of performance goals established by the Compensation Committee of the Board, with the actual bonus to be determined by the
Compensation Committee of the Board. The terms and conditions of the Annual Bonus Plan and the payments to Executive thereunder shall be applied on a basis not less favorable to Executive than to other similarly situated senior executives of
Sterling generally. The Compensation Committee of the Board shall periodically review Executive’s Target Bonus percentage and may in its discretion increase Executive’s annual bonus opportunity. The term Target Bonus, as utilized in this
Agreement, shall refer to the Target Bonus as it may be increased from time to time. Annual bonuses paid to Executive under the Annual Bonus Plan are referred to herein as “Annual Bonuses.” The payment of any such Annual Bonus shall
be subject to all the terms and conditions of the applicable Annual Bonus Plan. 
 (c) Long-Term Compensation. During the Employment
Period, Executive shall be eligible to participate in any equity and/or other long-term compensation programs established by the Company from time to time for senior executive officers on a basis consistent with Executive’s status as President
and Chief Executive Officer of the Company and the Bank. Executive’s target annual equity award opportunity shall be determined by the Compensation Committee of the Board and shall be no less favorable than the target equity award opportunity
available to other similarly situated senior executives of Sterling generally, with the actual award to be determined by the Compensation Committee of the Board on a basis not less favorable to Executive than to other similarly situated senior
executives of Sterling generally. 

  
 -2- 

 (d) Employee Benefit Plans; Paid Time Off. 

(i) Benefit Plans. During the Employment Period, Executive shall be an employee of the Company and the Bank, and shall be entitled to
participate, on terms and conditions not less favorable to Executive than other similarly situated senior executives of Sterling generally, in Sterling’s (A) tax-qualified defined contribution retirement plans (currently, Sterling’s
401(k) and Profit Sharing Plan); (B) group life, health and disability insurance plans, supplemental life insurance (at least equal to four times Executive’s Base Salary), and supplemental long-term disability; and (C) other employee
benefit plans and programs and perquisites in accordance with Sterling’s customary practices with respect to other similarly situated senior executives of Sterling generally; provided that Executive’s participation shall be subject
to the terms of such plans and programs (including being a member of the class of employees eligible to commence participation in the plan or program); and provided, further, that nothing herein shall limit Sterling’s right to
amend or terminate any such plans or programs. 
 (ii) Paid Time Off. Executive shall be entitled to four (4) weeks of paid
vacation time each year during the Employment Period (measured on a fiscal or calendar year basis, in accordance with Sterling’s usual practices), as well as sick leave, holidays and other paid absences in accordance with Sterling’s
policies and procedures for senior executives. Any unused paid time off during an annual period may be carried forward into the following year to the extent permitted under Sterling’s policies and procedures and Executive shall be compensated
for any unused paid time off to the extent provided for under Sterling’s policies and procedures as applicable to other similarly situated senior executives of Sterling generally. 

(e) Expenses. The Bank shall reimburse Executive for Executive’s ordinary and necessary business expenses and travel and
entertainment expenses incurred in connection with the performance of Executive’s duties under this Agreement upon presentation to the Bank of an itemized account of such expenses in such form as the Bank may reasonably require. 

(f) Initial Equity Award. Promptly following the Effective Date, Executive shall be granted a performance share award under the
Company’s 2015 Omnibus Equity and Incentive Plan (the “Plan”) having an aggregate grant date value equal to $3 million, which award shall shall have substantially the same terms and conditions as set forth in the
performance share award agreement attached hereto as Exhibit B. 
 4. Principal Place of Employment. 

Executive’s principal place of employment during the Employment Period shall be at the Company’s principal executive offices or at
such other location upon which the Company and Executive may mutually agree, and subject to travel to such other locations as shall be necessary to fulfill the employment duties. 

  
 -3- 

 5. Outside Activities and Board Memberships. 

During the Employment Period, Executive shall not provide services on behalf of any financial institution or other entity or business that
competes with the Company, the Bank or any of their affiliates (each, a “competitive business”), or any subsidiary or affiliate of any such competitive business, as an employee, consultant, independent contractor, agent, sole
proprietor, partner, joint venturer, corporate officer or director; nor shall Executive acquire, by reason of purchase during the Employment Period, the ownership of more than five percent (5%) of the outstanding equity interest in any such
competitive business. In addition, during the Employment Period, Executive shall not, directly or indirectly, acquire a beneficial interest, or engage in any joint venture in real estate with Sterling. Subject to the foregoing, Executive may serve
on boards of directors of unaffiliated corporations, subject to approval by the Board, which shall not be unreasonably withheld, and boards of directors of not-for-profit organizations and trade associations, subject to approval by the Company in
accordance with Sterling’s policies and procedures. Except as specifically set forth herein, Executive may engage in personal business and investment activities, including real estate investments and personal investments in the stocks,
securities and obligations of other financial institutions (or their holding companies). Notwithstanding the foregoing, in no event shall Executive’s outside activities, services, personal business and investments materially interfere with the
performance of Executive’s duties under this Agreement. Nothing in this Section 5 shall limit any of Executive’s obligations under Section 9 hereof. 

6. Termination of Employment. 

(a) Termination by Sterling Without Cause. 

(i) Sterling shall have the right to terminate Executive’s employment at any time during the Employment Period without Cause by giving
notice to Executive as described in Section 6(f). For sake of clarity, neither termination of Executive’s employment pursuant to Section 6(e) nor upon or after expiration of the Employment Period shall constitute a termination without
Cause for purposes of this Section 6. 
 (ii) In the event that Sterling terminates Executive’s employment during the Employment
Period without Cause: 
 (A) Sterling shall pay or provide to Executive any Accrued Obligations; 

(B) Subject to Section 6(g), Sterling shall pay to Executive within sixty (60) days following the date of termination a lump sum
cash payment (the “Severance Payment”) equal to the product of (i) two (2) and (ii) the sum of Executive’s Base Salary immediately prior to termination of employment and the amount of Executive’s Target
Bonus for the fiscal year during which Executive’s termination of employment occurs. Notwithstanding the foregoing, a multiplier of three (3) (instead of two (2)) shall be used in the preceding clause (B)(i) if Executive’s
termination of employment occurs upon or within twenty-four (24) months following a Change in Control; 

  
 -4- 

 (C) Subject to Section 6(g), Sterling shall pay to Executive on a monthly basis commencing
with the first month following Executive’s termination of employment and continuing until the eighteenth (18th) month following Executive’s termination of employment a cash payment (subject to reduction for applicable withholding
taxes) equal to the monthly COBRA premium in effect as of the date of Executive’s termination of employment for the level of coverage in effect for Executive under Sterling’s group health plan (the “COBRA Premium
Payments”); 
 (D) If such termination occurs upon or within twenty-four (24) months after a Change in Control, then, subject
to Section 6(g) and except to the extent otherwise provided in the applicable award agreements or terms of the applicable plan(s), all of Executive’s then outstanding stock options and other equity-based awards shall become fully vested
(to the extent not previously vested) on the sixtieth (60th) day after such termination of employment, except that that in the case of any stock options or other equity based awards the scheduled vesting of which is, in whole or in part,
contingent upon the achievement of one or more performance goals, such performance goals shall be deemed to be fully achieved (at “target,” to the extent applicable) as of the date of Executive’s termination of employment and such
option or other equity-based award shall vest on a pro rata basis on the sixtieth (60th) day after termination of employment based on the number of days during the scheduled vesting period during which Executive was employed relative to the
total number of days during the scheduled vesting period. It is understood and agreed that if Executive’s termination of employment occurs prior to a Change in Control or more than twenty-four (24) months after a Change in Control,
Executive’s then outstanding stock options and other equity compensation awards covering the Company’s common stock shall vest if and to the extent provided in the applicable award agreements and terms of the applicable plan(s). Any
accelerated vesting that occurs pursuant to the terms of this clause (D) is herein referred to as the “Accelerated Equity Vesting.” 

(b) Termination by the Company for Cause. Sterling shall have the right to terminate Executive’s employment at any time during the
Employment Period for Cause by giving notice to Executive as provided in Section 6(f) hereof. In the event Executive’s employment is terminated for Cause, Sterling’s sole obligation shall be to pay or provide to Executive any Accrued
Obligations. 
 (c) Resignation by Executive without Good Reason. Executive may resign from employment during the Employment Period
without Good Reason at any time by giving notice to the Bank as described in Section 6(f). In the event Executive resigns from employment without Good Reason, Sterling’s sole obligation shall be to pay or provide to Executive any Accrued
Obligations. 
 (d) Resignation by Executive for Good Reason. Executive may resign from employment under this Agreement for Good
Reason by giving notice to the Bank as described in Section 6(f). In the event Executive resigns from employment for Good Reason, (i) the Bank shall pay or provide to Executive any Accrued Obligations and (ii) Executive shall, subject
to Section 6(g), be entitled to the Severance Payment, the COBRA Premium Payment and Accelerated Equity Vesting, if applicable (together, the “Severance Benefits”) to the same extent as if Executive’s employment was
terminated by Sterling without Cause pursuant to Section 6(a) as of the date of Executive’s termination of employment for Good Reason. 

  
 -5- 

 (e) Termination by Reason of Death or Disability of Executive. 

(i) In the event of Executive’s death during the Employment Period, Sterling’s sole obligation shall be to pay to Executive’s
legal representatives any Accrued Obligations. 
 (ii) Sterling shall be entitled to terminate Executive’s employment due to
Executive’s Disability. If Executive’s employment hereunder is terminated due to Executive’s Disability, Sterling’s sole obligation shall be to pay or provide to Executive any Accrued Obligations. 

(f) Notice; Effective Date of Termination. Notice of termination of employment under this Agreement shall be communicated by or to
Executive (on one hand) or Sterling (on the other hand) in writing in accordance with Section 14. Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of: 

(i) immediately after Sterling gives notice to Executive of Executive’s termination without Cause, unless the parties agree to a later
date, in which case, termination shall be effective as of such later date; 
 (ii) immediately upon approval by the Board of termination of
Executive’s employment for Cause; 
 (iii) immediately upon Executive’s death; 

(iv) in the case of termination by reason of Executive’s Disability, the date on which Executive is determined to be permanently disabled
for purposes of Sterling’s long-term disability plan or policy that covers Executive; or 
 (v) thirty (30) days after Executive
gives written notice to Sterling of Executive’s resignation from employment under this Agreement (including for Good Reason), provided that the Company or the Bank may set an earlier termination date at any time prior to the date of
termination of employment, in which case Executive’s resignation shall be effective as of such other date. 
 (g) General Release of
Claims. Executive shall not be entitled to any of the Severance Benefits pursuant to Sections 6(a) or 6(d) unless (i) Executive has executed and delivered to the Company a general release of claims (in the form attached hereto as
Exhibit A) (the “Release”) and (ii) such Release has become irrevocable under the Age Discrimination in Employment Act not later than fifty-six (56) days after the date of Executive’s termination of
employment hereunder. Executive’s entitlement to the Severance Benefits is further conditioned upon Executive returning to Sterling all property of Sterling within seven (7) days following the date of Executive’s termination of
employment with Sterling and complying with the terms of Sections 8, 9(a) and 9(b) hereof, subject to written notice by the Bank and a reasonable opportunity for Executive to cure, if subject to cure. Sterling shall deliver to Executive a copy
of the Release not later than three (3) days after Executive’s termination of employment hereunder pursuant to Section 6(a) or 6(d) hereof. In the event that the fifty-six (56) day period referenced above begins and ends in
different taxable years of Executive, any payments or benefits under this Agreement that constitute nonqualified deferred compensation under Section 409A of the Internal 

  
 -6- 

 
Revenue Code of 1986, as amended (the “Code”), and the payment or settlement of which is conditioned on the effectiveness of the Release shall be paid in the later taxable year.

 (h) No Other Severance Benefits. Executive acknowledges and agrees the Severance Benefits are in lieu of, and not in addition to,
any payments and/or benefits to which Executive may otherwise be entitled under any severance plan, policy or program of Sterling. 
 (i)
Payment of Obligations. Notwithstanding anything to the contrary herein, any payment obligation of the Bank under this Agreement may be satisfied in whole or in part by payment by the Company, the Bank or any affiliate, and any such payment
shall, for purposes of this Agreement, be treated as if made by the Bank. 
 (j) Resignation from Positions. Upon termination of
Executive’s employment for any reason, Executive shall promptly (i) resign from all positions (including, without limitation, any management, officer, or director position) with Sterling and its affiliates and (ii) relinquish any
power of attorney, signing authority, trust authorization, or bank account signatory authorization that Executive may hold on behalf of Sterling and its affiliates. Executive’s execution of this Agreement shall be deemed the grant by Executive
to the officers of the Company and the Bank of a limited power of attorney to sign in Executive’s name and on Executive’s behalf such documentation as may be necessary or appropriate for the limited purposes of effectuating such
resignations and relinquishments. 
 (k) Golden Parachute Limit. Notwithstanding any other provision of this Agreement, in the event
that any portion of the Severance Benefits or any other payment or benefit received or to be received by Executive in connection with a “change in ownership or control” (within the meaning of Section 280G of the Code) of the Company
occurring following the Effective Date (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (collectively, the “Total Benefits”) would be subject to the excise tax imposed under
Section 4999 of the Code (the “Excise Tax”), the Total Benefits shall be reduced to the extent necessary so that no portion of the Total Benefits is subject to the Excise Tax; provided, however, that no such
reduction in the Total Benefits shall be made if by not making such reduction, Executive’s Retained Amount (as hereinafter defined) would be greater than Executive’s Retained Amount if the Total Benefits are so reduced. All determinations
required to be made under this Section 6(k) shall be made by tax counsel or a nationally recognized certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in
determinations and calculations for purposes of Section 280G of the Code selected by the Company prior to a Change in Control and reasonably acceptable to Executive (“Tax Counsel”), which determinations shall be conclusive and
binding on Executive and the Company absent manifest error. All fees and expenses of Tax Counsel shall be borne solely by the Company. Prior to any reduction in Executive’s Total Benefits pursuant to this Section 6(k), Tax Counsel shall
provide Executive and the Company with a report setting forth its calculations and containing related supporting information. In the event any such reduction is required, the Total Benefits shall be reduced in the following order: (i) the COBRA
Premium Payments, (ii) the Severance Payment, (iii) any other portion of the Total Benefits that are not subject to Section 409A of the Code (other than Total Benefits resulting from any accelerated vesting of equity awards),
(iv) Total Benefits that are subject to Section 409A of the Code in reverse order of payment, and (v) Total Benefits that are not subject to Section 409A and 

  
 -7- 

 
arise from any accelerated vesting of equity awards. The parties hereto hereby elect to use the applicable federal rate that is in effect on the date this Agreement is entered into for purposes
of determining the present value of any payments provided for hereunder for purposes of Section 280G of the Code. “Retained Amount” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii)
and 280G(d)(4) of the Code) of the Total Benefits net of all federal, state and local taxes imposed on Executive with respect thereto. In connection with making determinations under this Section 6(k), the Tax Counsel shall take into account the
value of any reasonable compensation for services to be rendered by Executive before or after the Change in Control, including any noncompetition provisions that may apply to Executive, and Sterling shall cooperate in the valuation of any such
services, including any noncompetition provisions. 
 (l) Notwithstanding any provision of this Agreement to the contrary, prior to
October 31, 2016, no purported termination of Executive’s employment by the Company for any reason shall be effective unless and until approved by the affirmative vote of at least seventy-five percent (75%) of the full Board. 

7. Certain Definitions. 

(a) “Accrued Obligations” means (i) any accrued and unpaid Base Salary of Executive through the date of termination of
employment, payable pursuant to the Bank’s standard payroll policies, (ii) with respect to any termination without Cause and any resignation for Good Reason, any earned and unpaid bonus of Executive under the Annual Bonus Plan for any
completed fiscal year prior to the date of termination of employment, (iii) any compensation and benefits to the extent payable to Executive based on Executive’s participation in any compensation or benefit plan, program or arrangement of
Sterling through the date of termination of employment, payable in accordance with the terms of such plan, program or arrangement, and (iv) any expense reimbursement to which Executive is entitled under Sterling’s standard expense
reimbursement policy (as applicable) and Sections 3(e) and 10 hereof. 
 (b) “Cause” means Executive’s failure or
refusal to substantially perform Executive’s duties hereunder, personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, breach of the Bank’s Code of Ethics, material violation of the
Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the reputation of the Company or the Bank, willfully engaging in actions
that in the reasonable opinion of the Board will likely cause substantial financial harm or substantial injury to the business reputation of the Company or the Bank, willful violation of any law, rule or regulation (other than routine traffic
violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. The cessation of employment of Executive shall not be deemed to be for Cause unless and until there shall have been delivered to
Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to Executive
and Executive is given an opportunity, together with counsel for Executive, to be heard before the Board), finding that, in the good faith opinion of the Board, Executive is guilty of the conduct described in first sentence of this
Section 7(b), and specifying the particulars thereof in detail. For purposes hereof, no act or failure to 

  
 -8- 

 
act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s
action or omission was in the best interests of the Company and the Bank. Any act, or failure to act, based upon the direction of the Board or the Bank Board based upon the advice of counsel for the Company or the Bank shall be conclusively presumed
to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company or the Bank. 
 (c) “Change
in Control” means the occurrence of any of the following with respect to the Company occurring after the Effective Date: 
 (i) any
“person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than any employee benefit plan of Sterling or any affiliate, is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of Company’s outstanding
securities; or 
 (ii) individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason
to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose
nomination for election by the Company’s stockholders was approved by the Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (ii), considered as though such person were a member of the Incumbent Board;
or 
 (iii) the Company consummates a merger, consolidation, share exchange, division or other reorganization or transaction of the Company
(a “Fundamental Transaction”) with any other corporation, other than a Fundamental Transaction that results in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power immediately after such Fundamental Transaction of (A) the Company’s outstanding securities,
(B) the surviving entity’s outstanding securities, or (C) in the case of a division, the outstanding securities of each entity resulting from the division; or 

(iv) the shareholders of the Company approve a plan of complete liquidation or winding up of the Company; or 

(v) the consummation of an agreement for the sale or disposition (in one transaction or a series of transactions) of all or substantially all
of the Company’s or the Bank’s assets. 
 (d) “Disability” means that Executive is deemed disabled for purposes
of Sterling’s long-term disability plan or policy that covers Executive. 
 (e) “Good Reason” means the occurrence of
any of the following events (without Executive’s consent): 
 (i) a material reduction of any element of the compensation and benefits
required to be provided to Executive in accordance with any of the provisions of Section 3; 

  
 -9- 

 (ii) a material adverse change in Executive’s functions, duties or responsibilities with the
Company and the Bank, which change would cause Executive’s position to become one of materially lesser responsibility, importance or scope; 

(iii) Sterling requiring Executive to be based at any office or location other than as provided in Section 4 resulting in an increase in
Executive’s commute of thirty (30) miles or more; or 
 (iv) a material breach of this Agreement by the Company or the Bank. 

Notwithstanding the foregoing, no such event shall constitute “Good Reason” unless (A) Executive shall have given written notice of such event
to the Company within ninety (90) days after the initial occurrence thereof, (B) the Company and the Bank shall have failed to cure the situation within thirty (30) days following the delivery of such notice (or such longer cure
period as may be agreed upon by the parties), and (C) Executive terminates employment within thirty (30) days after expiration of such cure period. 

8. Confidentiality. In the course of Executive’s employment with and involvement with Sterling and its affiliates,
Executive has obtained, or may obtain, secret or confidential information, knowledge or data concerning Sterling’s and its affiliates’ businesses, strategies, operations, clients, customers, prospects, financial affairs, organizational and
personnel matters, policies, procedures and other nonpublic matters, or concerning those of third parties. Executive shall hold in a fiduciary capacity for the benefit of Sterling and its affiliates, all secret or confidential information, knowledge
or data relating to Sterling or any of its affiliated companies, and their respective businesses, which shall have been obtained by Executive during Executive’s employment by Sterling or any of its affiliates and which shall not be or become
public knowledge (other than by acts by Executive or representatives of Executive in violation of this Agreement). All records, files, memoranda, reports, customer lists, documents and the like (whether in paper or electronic format) that Executive
has used or prepared during Executive’s employment shall remain the sole property of Sterling and shall be promptly returned to Sterling’s premises upon any termination of employment. After termination of Executive’s services with
Sterling, Executive shall not, without the prior written consent of the Bank or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Bank and those designated
by it. The confidentiality provision contained herein is in addition to and not in limitation of Executive’s duties as an officer and director under applicable law. For purposes of this Section 8 and Section 9, references to the
Company, the Bank, Sterling and their affiliates shall include their predecessor and any successor entities. 
 9. Nonsolicitation;
Noncompetition; Post-Termination Cooperation. 
 (a) Executive hereby covenants and agrees that, while employed and for a period of
twelve (12) months following his termination of employment with Sterling for any reason, Executive shall not, without the prior written consent of the Bank, either directly or indirectly, (i) induce or attempt to induce any employee or
independent contractor of the Company, the Bank or any of 

  
 -10- 

 
their respective affiliates to leave the Company, the Bank or any such affiliate, (ii) hire any person who was an employee or independent contractor of the Company, the Bank or any of their
respective affiliates until six (6) months after such individual’s relationship with the Company, the Bank or such affiliate has been terminated, (iii) induce or attempt to induce any client, customer or other business relation
(whether (A) current, (B) former, within the six (6) months after such relationship has been terminated or (C) prospective, provided that there are demonstrable efforts or plans to establish such relationship) of the
Company, the Bank or any of their respective affiliates to cease doing business or to reduce the amount of business which any client, customer or other business relation has customarily done or contemplates doing with the Company, the Bank or any
such affiliate, whether or not the relationship between the Company, the Bank or any such affiliate and such client, customer or other business relation was originally established, in whole or in part, through Executive’s efforts, or in any way
interfere with the relationship between any such client, customer or business relation, on the one hand, and the Company, the Bank or any such affiliate, on the other hand. 

(b) Executive acknowledges that, in the course of Executive’s employment with the Company, the Bank and their respective affiliates
(including their predecessor and any successor entities), Executive has become familiar, or will become familiar, with the Company’s, the Bank’s and their respective affiliates’ trade secrets and with other confidential information,
knowledge or data concerning the Company, the Bank, their respective affiliates and their respective predecessors, and that Executive’s services have been and will be of special, unique and extraordinary value to the Company, the Bank and their
respective affiliates. Therefore, Executive agrees that, while employed and for a period of twelve (12) months following his termination of employment with Sterling for any reason (the “Noncompetition Period”), Executive shall
not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, director consultant, independent contractor or otherwise, and whether or not for compensation) or render services in any capacity to a Competing
Business (as defined below), in any locale of any country in which the Company, the Bank or any of their respective affiliates conducts business; provided, however, that the restriction set forth in this Section 9(b) shall not
apply if Executive’s employment is terminated following a Change in Control. For purposes of this Agreement, a “Competing Business” shall mean any person, firm, corporation or other entity, in whatever form, engaged in the
business in which the Company, the Bank and their respective affiliates engage, including the sale or servicing of banking and financial products and services, including business and consumer lending, asset-based financing, residential mortgage
warehouse funding, factoring/accounts receivable management services, equipment financing, commercial and residential mortgage lending and brokerage, deposit services (including municipal deposit services) and trade financing, sale of annuities,
life and health insurance products, title insurance services, real estate investment trusts and investment advisory services. Nothing herein shall prohibit Executive from being a passive owner of not more than five percent (5%) of the
outstanding equity interest in any entity which is publicly traded, so long as Executive has no active participation in the business of such entity. 

(c) Executive hereby agrees that prior to accepting employment with any other person or entity during the Noncompetition Period, Executive
shall provide such prospective employer with written notice of this Section 9, with a copy of such notice delivered promptly to the Bank. 

  
 -11- 

 (d) During the Employment Period and following the cessation of Executive’s employment for
any reason, Executive shall, upon reasonable notice, (i) furnish such information and assistance to the Company, the Bank and/or their respective affiliates, as may reasonably be requested by the Company, the Bank or such affiliates, with
respect to any matter, project, initiative or effort for which Executive is or was responsible or has relevant knowledge or had substantial involvement in while employed by the Company or the Bank under this Agreement, and (ii) cooperate with
the Company, the Bank and their respective affiliates during the course of all third-party proceedings arising out of the Company, the Bank and their respective affiliates’ business about which Executive has knowledge or information;
provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between Executive and the Company, the Bank or any of their subsidiaries or affiliates. 

(e) Executive acknowledges and agrees that: (i) the purposes of the foregoing covenants, including without limitation the noncompetition
covenant of Section 9(b), are to protect the goodwill and trade secrets and confidential information of the Company, the Bank, Sterling and their respective affiliates; and (ii) because of the nature of the business in which the Company,
the Bank and their respective affiliates are engaged, and because of the nature of the trade secrets and confidential information to which Executive has access, it would be impractical and excessively difficult to determine the actual damages of the
Company and its affiliates in the event Executive breached any of the covenants of Section 8 or this Section 9. Executive understands that the covenants may limit Executive’s ability to earn a livelihood in a Competing Business.
Executive acknowledges that the Company would be irreparably injured by a violation of Section 8 or this Section 9, and that it is impossible to measure in money the damages that will accrue to the Company by reason of a failure by
Executive to perform any of Executive’s obligations under Section 8 or this Section 9. Accordingly, if the Company or its affiliates institutes any action or proceeding to enforce any of the provisions of Section 8 or this
Section 9, to the extent permitted by applicable law, Executive hereby waives the claim or defense that the Company or its affiliates have an adequate remedy at law, and Executive shall not urge in any such action or proceeding the defense that
any such remedy exists at law. Furthermore, in addition to other remedies that may be available (including, without limitation, termination of the obligation for the Company and the Bank to pay compensation or benefits hereunder due to
Executive’s failure to comply in all material respects with the restrictive covenants in Section 8, 9(a) or 9(b), subject to written notice by the Bank and a reasonable opportunity for Executive to cure, if subject to cure), the Company
and its affiliates shall be entitled to specific performance and other injunctive relief, without the requirement to post a bond. If any of the covenants set forth in Section 8 or this Section 9 is finally held to be invalid, illegal or
unenforceable (whether in whole or in part), such covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability, and the remaining covenants shall not be affected thereby. Any termination
of Executive’s services or of this Agreement shall have no effect on the continuing operation of Section 8 and this Section 9, which shall survive in accordance with their terms. 

10. Section 409A of the Code. 

This Agreement is intended to comply with the requirements of Section 409A of the Code (including the exceptions thereto), to the extent
applicable, and the Company shall administer and interpret this Agreement in accordance with such requirements. If any provision contained in the Agreement conflicts with the requirements of Section 409A of the Code (or the exemptions intended
to 

  
 -12- 

 
apply under this Agreement), this Agreement shall be deemed to be reformed to comply with the requirements of Section 409A of the Code (or the applicable exemptions thereto). Notwithstanding
anything to the contrary herein, for purposes of determining Executive’s entitlement to payment or receipt of amounts or benefits that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code,
Executive’s employment shall not be deemed to have terminated unless and until Executive incurs a “separation from service” as defined in Section 409A of the Code. Reimbursement of any expenses provided for in this Agreement
shall be made promptly upon presentation of documentation in accordance with Sterling’s policies with respect thereto as in effect from time to time (but in no event later than the end of calendar year following the year such expenses were
incurred); provided, however, that in no event shall the amount of expenses eligible for reimbursement hereunder during a calendar year affect the expenses eligible for reimbursement in any other taxable year. Notwithstanding anything
to the contrary herein, if a payment or benefit under this Agreement that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code is payable or provided due to a “separation from service” for
purposes of the rules under Treas. Reg. § 1.409A-3(i)(2) (payments to specified employees upon a separation from service) and Executive is determined to be a “specified employee” (as determined under Treas. Reg.
§ 1.409A-1(i) and related Company procedures), such payment shall, to the extent necessary to comply with the requirements of Section 409A of the Code, be made on the date that is six (6) months after the date of Executive’s
separation from service (or, if earlier, the date of Executive’s death). Any installment payments that are delayed pursuant to this Section 10 shall be accumulated and paid in a lump sum on the first day of the seventh month following the
date of Executive’s separation from service (or, if earlier, upon Executive’s death) and the remaining installment payments shall begin on such date in accordance with the schedule provided in this Agreement. The Severance Benefits are
intended not to constitute deferred compensation subject to Section 409A of the Code to the extent such Severance Benefits are covered by (a) the “short-term deferral exception” set forth in Treas. Reg.
§ 1.409A-1(b)(4), (b) the “two times severance exception” set forth in Treas. Reg. § 1.409A-1(b)(9)(iii), or (c) the “limited payments exception” set forth in Treas. Reg.
§ 1.409A-1(b)(9)(v)(D). The short-term deferral exception, the two times severance exception and the limited payments exception shall be applied to the Severance Benefits in order of payment in such manner as results in the maximum
exclusion of such Severance Payments from treatment as deferred compensation under Section 409A of the Code. Each installment of the Severance Benefits and any other payment or benefits that constitute nonqualified deferred compensation within
the meaning of Section 409A of the Code shall be deemed to be a separate payment for purposes of Section 409A of the Code. In no event may Executive, directly or indirectly, designate the calendar year of any payment under this Agreement.

 11. Additional Termination and Suspension Provisions. 

(a) If Executive is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served
under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act, as amended (12 U.S.C. §§ 1818(e)(3) and (g)(1)), all obligations of the Company and the Bank under this Agreement shall be suspended as of the date of service
unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Company and the Bank may in their discretion (but subject in all events to the requirements of Code Section 409A), (i) pay Executive all of the
compensation withheld while the Company’s and 

  
 -13- 

 
the Bank’s obligations under this Agreement were suspended and (ii) reinstate (in whole) any of the Company’s and the Bank’s obligations which were suspended, and in
exercising such discretion, the Company and the Bank shall consider the facts and make a decision promptly following such dismissal of charges and act in good faith in deciding whether to pay any withheld compensation to Executive and to reinstate
any suspended obligations of the Company and the Bank. 
 (b) If Executive is removed and/or permanently prohibited from participating in
the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, as amended (12 U.S.C. §§ 1818 (e)(4) or (g)(1)), all obligations of the Company and the Bank under
this Agreement shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected. 
 (c) If the
Bank is in default, as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, as amended (12 U.S.C. §§ 1813 (x)(1)), all obligations of the Company and the Bank under this Agreement shall terminate as of the date of
default, but this provision shall not affect any vested rights of the parties. 
 (d) All obligations under this Agreement shall be
terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, (i) by the OCC or other applicable banking regulator (the “Regulator”), at the time the FDIC
enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, as amended; or (ii) by the Regulator, at the time the Regulator approves a
supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Regulator to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by
such action. 
 (e) If any regulation applicable to the Company or the Bank shall hereafter be adopted, amended or modified or if any new
regulation applicable to the Company or the Bank and effective after the date of this Agreement: 
 (i) shall require the inclusion in this
Agreement of a provision not presently included in this Agreement, then the foregoing provisions of this Section shall be deemed amended to the extent necessary to give effect in this Agreement to any such amended, modified or new regulation; and

 (ii) shall permit the exclusion of a limitation in this Agreement on the payment to Executive of an amount or benefit provided for
presently in this Agreement, then the foregoing provisions of this Section shall be deemed amended to the extent permissible to exclude from this Agreement any such limitation previously required to be included in this Agreement by a regulation
prior to its amendment, modification or repeal. 
 12. Arbitration. Any dispute or controversy arising out of, under, in
connection with, or relating to this Agreement or any amendment hereof shall be submitted to binding arbitration before one arbitrator in New York County, New York in accordance with the Commercial Arbitration Rules of the American Arbitration
Association for expedited arbitration, and any judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

  
 -14- 

 13. Indemnification and Insurance. 

(a) To the extent that Sterling provides its senior executive officers with coverage under a directors’ and officers’ liability
insurance policy, Sterling shall provide such coverage to Executive on substantially the same basis. Sterling shall indemnify Executive (and Executive’s heirs, executors and administrators) to the fullest extent permitted under applicable law
against all expenses and liabilities reasonably incurred by Executive in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of Executive’s having been an officer of the Company or the Bank
(whether or not Executive continues to be an officer at the time of incurring such expenses or liabilities and for a period of six years following Executive’s termination of employment with Sterling), such expenses and liabilities to include,
but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board). Any such indemnification shall be made consistent with Regulations and Section 18(k)
of the Federal Deposit Insurance Act, 12 U.S.C. § 1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359. 
 (b)
Notwithstanding the foregoing, no indemnification shall be made by the Bank unless the Bank gives the Regulator, to the extent required, at least sixty (60) days’ notice of its intention to make such indemnification. Such notice shall
state the facts on which the action arose, the terms of any settlement, and any disposition of the action by a court. Such notice, a copy thereof, and a certified copy of the resolution containing the required determination by the Board shall be
sent to the Regulator, to the extent required. The notice period for any such notice shall run from the date of such receipt. No such indemnification shall be made if the Regulator advises the Bank in writing within such notice period, of its
objection thereto. 
 14. Notices. The persons or addresses to which mailings or deliveries shall be made may change from time
to time by notice given pursuant to the provisions of this Section. Any notice or other communication given pursuant to the provisions of this Section shall be deemed to have been given (a) if sent by messenger, upon personal delivery to the
party to whom the notice is directed; (b) if sent by reputable overnight courier, one business day after delivery to such courier; (c) if sent by facsimile, upon electronic or telephonic confirmation of receipt from the receiving facsimile
machine; and (d) if sent by mail, three business days following deposit in the United States mail, properly addressed, postage prepaid, certified or registered mail with return receipt requested. All notices required or permitted to be given
hereunder shall be addressed as follows: 
  

			
	If to Executive:	  	Jack L. Kopnisky
		  	At the address most recently on the books and records of the Bank.
		
	If to the Company or the Bank:	  	Sterling Bancorp or Sterling Bank, as applicable
		  	400 Rella Boulevard
		  	Montebello, New York 10901
		  	Attention: Board of Directors

  
 -15- 

 15. Amendment. No modifications of this Agreement shall be valid unless made in
writing and signed by the parties hereto. In addition, no modifications of this Agreement made prior to October 31, 2016 shall be valid unless such modifications are approved by the affirmative vote of at least seventy-five percent
(75%) of the full Board. 
 16. Miscellaneous. 

(a) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon Executive, his legal representatives and
estate and intestate distributees, and the Company and the Bank, their successors and assigns, including any successor by merger or consolidation or a statutory receiver or any other person or firm or corporation to which all or substantially all of
the assets and business of the Company or the Bank, as applicable, may be sold or otherwise transferred. Any such successor of the Company or the Bank shall be deemed to have assumed this Agreement and to have become obligated hereunder to the same
extent as the Company or the Bank, as applicable, and Executive’s obligations hereunder shall continue in favor of such successor. 

(b) Severability. A determination that any provision of this Agreement is invalid or unenforceable shall not affect the validity or
enforceability of any other provision hereof. 
 (c) Waiver. Failure to insist upon strict compliance with any terms, covenants or
conditions hereof shall not be deemed a waiver of such term, covenant or condition. A waiver of any provision of this Agreement must be made in writing, designated as a waiver, and signed by the party against whom its enforcement is sought. Any
waiver or relinquishment of any right or power hereunder at any one or more times shall not be deemed a waiver or relinquishment of such right or power at any other time or times. 

(d) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of
which shall constitute one and the same Agreement. 
 (e) Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without reference to conflicts of law principles, except to the extent governed by federal law in which case federal law shall govern. Any payments made to Executive pursuant to this
Agreement or otherwise are subject to all applicable banking laws and regulations, including, without limitation, 12 U.S.C. § 1828(k) and any regulations promulgated thereunder. 

(f) Withholding. The Company and the Bank may withhold from any amounts payable to Executive hereunder all federal, state, city or
other taxes that the Company or the Bank may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood, that Executive shall be responsible for payment of all taxes in respect of the payments
and benefits provided herein). 
 (g) Headings and Construction. The headings of sections in this Agreement are for convenience of
reference only and are not intended to qualify the meaning of any Section. Any reference to a Section number shall refer to a Section of this Agreement, unless otherwise specified. 

  
 -16- 

 (h) Entire Agreement. This instrument contains the entire agreement of the parties
relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof, including, without limitation, the Prior Agreement, which shall terminate as
of the Effective Date. 
 [Signature Page Follows] 

  
 -17- 

 IN WITNESS WHEREOF, the Company and the Bank have caused this Agreement to be executed and
Executive has hereunto set his hand, all as of the Effective Date specified above. 
  

			
	STERLING BANCORP
		
	By:	 	 /s/ Louis J. Cappelli

	Name:	 	Louis J. Cappelli
	Title:	 	Chairman of the Board of Directors
	
	STERLING NATIONAL BANK
		
	By:	 	 /s/ Louis J. Cappelli

	Name:	 	Louis J. Cappelli
	Title:	 	Chairman of the Board of Directors
	
	EXECUTIVE
	
	 /s/ Jack L. Kopnisky

	Jack L. Kopnisky

 Exhibit A 

RELEASE AGREEMENT 

THIS RELEASE AGREEMENT (hereinafter “Agreement”) is made and entered into on the [    ] day of
[            ], 20[    ] by and between Sterling Bancorp (the “Company”) and Jack L. Kopnisky (“Executive”). 

WHEREAS, the Company and Executive are parties to an Employment Agreement, dated as of December 8, 2015 (the “Employment
Agreement”), pursuant to which Executive is eligible, subject to the terms and conditions set forth in the Employment Agreement, to receive certain compensation and benefits in connection with certain terminations of Executive’s
services to the Company. 
 NOW, THEREFORE, in consideration of the Company agreeing to provide the compensation and benefits under
Section 6 of the Employment Agreement to Executive and of other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged by the parties, it is agreed as follows: 

1. In exchange for the consideration referenced above, Executive hereby completely, irrevocably, and unconditionally releases and forever
discharges the Company, and any of its predecessor or affiliated companies, and each and all of their officers, agents, directors, supervisors, employees, representatives, and their successors and assigns, and all persons acting by, through, under,
for, or in concert with them, or any of them, in any and all of their capacities (hereinafter individually or collectively, the “Released Parties”), from any and all charges, complaints, claims, and liabilities of any kind or nature
whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”) which Executive at any time heretofore had or claimed to have or which Executive may have or claim to have
regarding events that have occurred as of the Effective Date of this Agreement, including, without limitation, those based on: any employee welfare benefit or pension plan governed by the Employee Retirement Income Security Act of 1974, as amended
(hereinafter “ERISA”) (provided that this release does not extend to any vested benefits of Executive under Company’s pension and welfare benefit plans as of the date of Executive’s termination of services); the
Civil Rights Act of 1964, as amended (race, color, religion, sex and national origin discrimination and harassment); the Civil Rights Act of 1966 (42 U.S.C. § 1981) (discrimination); the Age Discrimination in Employment Act of 1967, as amended
(hereinafter “ADEA”); the Older Workers Benefit Protection Act, as amended; the Americans With Disabilities Act, as amended (hereinafter “ADA”); § 503 of the Rehabilitation Act of 1973; the Fair Labor
Standards Act, as amended (wage and hour matters); the Family and Medical Leave Act, as amended (family leave matters); any other federal, state, or local laws or regulations regarding employment discrimination or harassment, wages, insurance,
leave, privacy or any other matter; any negligent or intentional tort; any contract, policy or practice (implied, oral, or written); or any other theory of recovery under federal, state, or local law, and whether for compensatory or punitive
damages, or other equitable relief, including, but not limited to, any and all claims which Executive may now have or may have had, arising from or in any way whatsoever connected with Executive’s employment, service, or contacts, with the
Company or any other of the Released Parties. Notwithstanding the foregoing, the released claims do not include, and this Agreement does not release, any: 

 
(a) rights to compensation and benefits provided under Section 6 of the Employment Agreement; (b) rights to indemnification Executive may have under applicable law, the bylaws or
certificate of incorporation of the Company, any applicable director and officer liability policy or under the Employment Agreement, as a result of having served as an officer or director of the Company or any of its affiliates; and (c) any
claims that Executive may not by law release through a settlement agreement such as this. 
 2. To the extent permitted by law, Executive
agrees that Executive will not cause or encourage any future legal proceedings to be maintained or instituted against any of the Released Parties. To the extent permitted by law, Executive agrees that Executive will not accept any remedy or recovery
arising from any charge filed or proceedings or investigation conducted by the EEOC or by any state or local human rights or employment rights enforcement agency relating to any of the matters released in this Agreement. 

3. Older Workers Benefit Protection Act /ADEA Waiver: 

(a) Executive acknowledges that the Company has advised Executive in writing to consult with an attorney of Executive’s choice before
signing this Agreement, and Executive has been given the opportunity to consult with an attorney of Executive’s choice before signing this Agreement. 

(b) Executive acknowledges that Executive has been given the opportunity to review and consider this Agreement for a full twenty-one days
before signing it, and that, if Executive has signed this Agreement in less than that time, Executive has done so voluntarily in order to obtain sooner the benefits of this Agreement. 

(c) Executive further acknowledges that Executive may revoke this Agreement within seven (7) days after signing it, provided that this
Agreement will not become effective until such seven (7) day period has expired. To be effective, any such revocation must be in writing and delivered to Company’s principal place of business by the close of business on the seventh
(7th) day after signing the Agreement and must expressly state Executive’s intention to revoke this Agreement. Provided that Executive does not timely revoke this Agreement, the eighth (8th) day following Executive’s execution
hereof shall be deemed the “Effective Date” of this Agreement. 
 (d) The Parties also agree that the release provided by
Executive in this Agreement does not include a release for claims under the ADEA arising after the date Executive signs this Agreement. 

4. Executive shall promptly turn over to the Company any and all documents, files, computer records, or other materials belonging to, or
containing confidential or proprietary information obtained from, the Company that are in Executive’s possession, custody, or control, including any such materials that may be at Executive’s home. 

5. This Agreement shall not in any way be construed as an admission by the Company of any acts of unlawful conduct, wrongdoing or
discrimination against Executive, and the Company specifically disclaims any liability to Executive on the part of itself, its employees, and its agents. 

 6. This Agreement cannot be amended, modified, or supplemented in any respect except by written
agreement entered into and signed by the parties hereto. 
 7. The Agreement shall be governed by and construed in accordance with the laws
of the State of New York, without regard to the principles of conflict of laws. 
 8. Executive hereby acknowledges that Executive has read
and understands the terms of this Agreement and that Executive signs it voluntarily and without coercion. Executive further acknowledges that Executive was given an opportunity to consider and review this Agreement and the waivers contained in this
Agreement, that Executive has done so and that the waivers made herein are knowing, conscious and with full appreciation that Executive is forever foreclosed from pursing any of the rights so waived. 

9. The Agreement may be signed in counterparts, and each counterpart shall be considered an original for all purposes. 

 PLEASE READ THIS AGREEMENT CAREFULLY; IT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and Executive has executed
this Agreement, as of the date first written above. 
  

			
	Jack L. Kopnisky
	
	  

	
	STERLING BANCORP
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	STERLING NATIONAL BANK
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT B 

FORM OF AWARD AGREEMENT 

(See Exhibit 10.3, Special Performance Award Notice and Agreement for Jack L. Kopnisky (CEO))

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