Document:

exv4w3

Exhibit 4.3

Private circulation

Deutsche Bank

Equity Plan

Plan Rules

Effective date — 01 February 2011

 

 

1. Purpose

The Deutsche Bank Equity Plan is intended to motivate key employees through participation in
Deutsche Bank value creation and to align the interests of employees with those of the
shareholders. The program fosters a common interest between shareholders and employees of the DB
Group, as well as a perceived sense of employee ownership through awards linked directly to the
Deutsche Bank share price.

Participants in the Plan are selected at the discretion of the Committee. Participation during one
Plan year does not guarantee future participation.

2. Definitions

2.1 For the purposes of the Plan, the following terms shall have the meanings indicated:

“Agreed Termination” means a Participant ceasing to be a DB Employee following the resolution of an
employment-related dispute, resolved by the execution of a settlement, separation or compromise
agreement containing, among other things, a full release of claims against each DB Group Company by
the Participant.

“Annual Award” means any Award referred to as an Annual Award in the Award Statement.

“Award” means an award of Notional DB Shares made pursuant to this Plan and may be an Annual
Award, New Hire Award, Retention Award or Upfront Award.

“Award Date” means the effective date of an Award, as shown on the Award Statement.

“Award Statement” means the statement entitled Award Statement provided to a Participant under this
Plan advising the Participant of, among other things, the type of Award (Annual, New Hire,
Retention or Upfront), the Award Value, the number of Notional DB Shares awarded, the Vesting
Date(s) and the Release Date(s) (if applicable), and any Performance Conditions applicable
to that Award or Tranches of that Award.

“Award Value” means the initial value of the Award in the currency as set out in the Award
Statement.

“Career Retirement” means, in relation to Annual Awards only, voluntary termination of
employment as a DB Employee by a Participant who has complete years of age plus number of
complete years of service as a DB Employee equaling 60 or more (“Rule of 60”), provided however
that the Participant must have five or more complete years of consecutive service (the
“Consecutive Service Requirement”) as a DB Employee on or before the most recent date of
termination of employment. If the Consecutive Service Requirement is satisfied, the number of
complete years of service used to calculate the Rule of 60 may also include any period of
employment as a DB Employee prior to a break in continuous service.

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“Cause” means in respect of the termination of a Participant’s employment by any DB Group Company
(i) any act or omission or series of acts or omissions that, when taken together or alone,
constitute a material breach of the terms and conditions of employment, (ii) the conviction of the
Participant by a competent court of law of any crime (other than minor motoring offences or
offences of a similar nature that do not materially affect the business or reputation of any DB
Group Company), (iii) unlawful, unethical or illegal conduct, or any misconduct by the Participant
in connection with the performance of their duties as a DB Employee or conduct by the Participant
otherwise in violation of the terms of the applicable employee handbook or other local policy or
contractual documentation, (iv) knowingly failing or refusing to carry out specific lawful
instructions from a DB Group Company (or a duly authorised employee or officer of such a company)
relating to material matters or duties within the scope of the Participant’s responsibilities for a
DB Group Company, (v) committing any act involving dishonesty, fraud, misrepresentation, or breach
of trust, or (vi) the issuance of any order or enforcement action against the Participant or
against any DB Group Company in connection with the Participant’s actions or omissions by any
regulatory body with authority over the conduct of business by that DB Group Company that
materially impairs a) the financial condition or business reputation of the DB Group or any DB
Group Company or b) the Participant’s ability to perform their assigned duties.

“Change of Control” means a change in the control of Deutsche Bank AG which shall occur if, by one
or a series of transactions or events, a third party or a group of third parties acting together
(directly or indirectly) acquires more than 50 percent of the issued share capital of Deutsche Bank
AG and/or becomes entitled to exercise more than 50 percent of voting rights attributable to the
issued share capital of Deutsche Bank AG. The Committee will determine, at its sole discretion,
whether or not a Change of Control has occurred in accordance with this definition.

“Closing Price” means the closing price of DB Shares in the Xetra system as reported on Bloomberg
(currently under “DBK GY”), or the closing price on such other exchange as may be determined by the
Committee from time to time.

“Committee” means the Group Compensation Review Committee in normal circumstances but may
alternatively be the Management Board or any committee or other entity or persons designated by the
Management Board to act as the decisional body under this Plan. To the extent that matters are
determined in relation to Awards made or to be made to members of the Management Board, the
Committee means the Supervisory Board of Deutsche Bank or a duly authorised committee of the same.

“Compliance Department” means any applicable compliance department of the DB Group.

“DB Employee” means a person employed by any DB Group Company.

“DB Group” means Deutsche Bank and each
Subsidiary.

“DB Group Company” means any company or other
corporation in the DB Group.

“DB Share” means a registered share of Deutsche Bank AG, as listed and traded on the Frankfurt
Stock Exchange — Xetra or other authorised exchanges, or any other shares which may replace them
from time to time (whether in a successor corporation or otherwise).

“Delivery” means DB Shares forming all or part of an Award becoming held by the Nominee (on trust
absolutely for the Participant or their Representative) or, if earlier, being transferred into the
Participant’s (or their Representative’s) custody account. “Delivery Date” and “Delivered” shall
be construed accordingly.

“Deutsche Bank” means Deutsche Bank AG and any
successor corporation or other corporation into which Deutsche Bank AG is merged or consolidated or
to which Deutsche Bank AG transfers or sells all or substantially all of its assets.

“Division(s)” means the primary operational business areas of the DB Group, which include
the core revenue generating areas and infrastructure and support areas, as established or adjusted
by Deutsche Bank, in its discretion, from time to time. Each Division is divided into smaller
operating business units.

“Group Compensation Review Committee” means the committee delegated by the Management Board to
govern this Plan.

“Management Board” means the Management

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Board of Deutsche Bank (the Vorstand).

“Months Worked” in relation to an Award or Tranche mean the number of calendar months in the
Vesting Period of that Award or Tranche during which the Participant was a DB Employee for at least
one day.

“New Hire Award” means an Award referred to as a New Hire Award in the Award Statement,
usually being “buy-out”, “replacement” or “sign-on” awards granted or issued in connection with the
commencement of a Participant’s employment as a DB Employee.

“Nominee” means the party authorised to hold DB Shares on trust absolutely for a Participant upon
Delivery, being DB Group Services UK Ltd or such other party as may be appointed by the Committee
from time to time.

“Notional DB Share” means a notional investment, the value of which fluctuates in accordance
with fluctuations in the market value of DB Shares.

“Participant” means any person to whom an Award has been made under the terms and conditions of
this Plan.

“Performance Condition” means a condition stated in the Award Statement for an Award or a
Tranche of an Award which determines the extent to which that Award or Tranche will become
capable of settlement.

“Plan” means this DB Compensation Plan, the Deutsche Bank Equity Plan as governed by these Plan
Rules.

“Plan Administrator” means DB Group Services (UK) Limited or any other person or entity appointed
by the Committee for the purpose of administering the Plan as referred to in Rule 3.

“Plan Rules” or “Rules” means this document which sets out the binding terms and conditions of the
Plan (as amended from time to time pursuant to Rule 13).

“Proof of Certification” means any information deemed necessary by the Plan Administrator (i) to
confirm a Participant’s compliance with the terms and provisions of an Award; (ii) to enable the
Plan Administrator to apply the terms and provisions of an Award; or (iii) to enable the Plan
Administrator (or any DB Group Company) to comply with its obligations in relation to an Award,
including, but not limited to: copies of tax returns and employment or payroll-related documentation.

“Proprietary Information” means any information which is not publicly available (other than as a
result of the Participant’s action), including, without limitation, all financial or product
information, business plans, client lists, compensation details or other confidential information,
copyright, patent and design rights in any invention, design, discovery or improvement, model,
computer program, system, database, formula or documentation, including information conceived,
discovered or created during or in consequence of the Participant’s employment as a DB Employee.

“Public Service Employee” means an employee
employed exclusively (i) in a business, industry, organisation or entity, excluding banks and other
financial institutions, that is wholly owned or controlled by the government, whether at a national
or local level; or (ii) by an organisation whose primary objective is something other than the
generation of profit, such as a bona fide charitable institution; or (iii) as a teacher at a bona
fide educational establishment.

“Public Service Retirement” means, in relation to Annual Awards only, voluntary termination of
employment as a DB Employee by a Participant to work as a Public Service Employee.

“Release Date” means the date or dates set forth in the Award Statement as such.

“Representative” means, in the case of death or Total Disability, the Participant’s duly
appointed beneficiary, legal representative or administrator, as applicable.

“Retention Award” means an Award referred to as a Retention Award in the Award Statement.

“Retention Period” of an Award or Tranche means, in relation to an Upfront Award, the period
commencing with the Award Date and ending with the end of the day prior to the Release Date or,
in relation to an Annual Award, New Hire Award or Retention Award which is granted subject to a
Retention Period, the period commencing with the Vesting Date (disregarding any acceleration of
the

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Vesting Date under Rule 10) and ending with the end of the day prior to the Release Date.

“Retirement” means, for the purposes of the Plan, and in relation to Annual Awards only,
retirement at pensionable age in accordance with the pension plan of which the Participant is a
member.

“Subsidiary” means any company or other entity in which Deutsche Bank has a direct or indirect
controlling interest or equity or ownership interest which represents more than fifty percent (50%)
of the aggregate equity or ownership interest in such company or entity.

“Supervisory Board of Deutsche Bank” means the board that oversees and advises the Management
Board in its management of the business.

“Total Disability” means the Participant being prevented by accidental bodily injury or illness
from performing the majority of the Participant’s assigned duties as determined in accordance
with applicable DB Group policy as certified by the Committee, in its sole discretion.

“Tranche” means a portion of an Award as detailed on the Award Statement, which may be subject
to different provisions related to Vesting and Release Date (if applicable), and/or Performance
Conditions, to other Tranches comprised within that Award.

“Upfront Award” means an Award referred to as an Upfront Award in the Award Statement which shall
Vest at the Award Date.

“Vest” means, in the context of an Award or a Tranche of an Award, to be no longer subject to the
forfeiture provisions contained in these Plan Rules, except for the restrictions in Rules 4.5(c),
4.5(d), 4.5(e) and 5.3(a) as applicable. “Vesting” and “Vested” shall be construed accordingly.

“Vested Award” means an Award that has Vested.

“Vesting Date” means the date or dates set forth in the Award Statement upon which an Award or
Tranche will Vest or, if Vesting has been accelerated, the date of Vesting determined in accordance
with Rule 5.2 and/or Rule 10.

“Vesting Period” of an Award or Tranche means the period commencing with the calendar month in
which the Award Date falls and ending with the calendar month before the calendar month in which
the Vesting Date of the Award or Tranche as applicable falls (disregarding any acceleration of the
Vesting Date under Rule 5.2 and/or Rule 10).

“Volume-Weighted Average Price” means the volume-weighted average price of a DB Share on Xetra
(excluding closing auction) for the relevant trading day, or the volume-weighted average price on
such other exchange as may be determined by the Committee from time to time.

2.2 Where the context permits, where an Award has been made in different Tranches, references to
an Award shall be taken to refer to each Tranche separately.

2.3 Where the context permits, words in the singular shall include the plural and vice versa and
words in the masculine shall include the feminine.

2.4 The headings in the Rules are for the sake of convenience only and should be ignored when
construing the Rules.

3. Administration

Administration by the Plan Administrator: The Plan Administrator shall be responsible for the
general operation and administration of the Plan in accordance with its terms and for carrying
out the provisions of the Plan in accordance with such resolutions as may from time to time be
adopted, or decisions made, by the Committee and shall have all powers necessary to carry out the
provisions of the Plan.

4. Award

4.1 General: An Award represents a contingent right, subject to the terms and conditions in
these Plan Rules, to receive DB Shares representing the Notional DB Shares following the Vesting
Date or, in the case of Awards which are subject to a Retention Period, following the Release Date.
An Award does not give a Participant a right to subscribe for unissued DB Shares.

4.2 Eligibility: Subject to the terms and conditions in these Plan Rules, the Committee may from
time to time make Awards or permit Awards to be made by

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such other persons as it may determine to such DB Employees as the Committee shall select.

4.3 Terms of Awards: Subject to the terms and conditions in these Plan Rules, the Committee shall
be entitled to determine the terms of Awards and the dates on which those Awards are made. The
Committee shall determine at the Award Date whether an Award shall be subject to a Retention
Period.

4.4 Award Statement: As soon as practicable after the Award Date, the Participant shall be issued
an Award Statement in such form as the Committee shall determine in its absolute discretion.

4.5 Terms: Awards are subject to the following terms:

	a)	 	Extent of Award: Participants are awarded Notional DB Shares as specified in the Award
Statement. Unless stated otherwise in writing to the Participant, the number of Notional DB
Shares comprising the Award shall be determined by the Plan Administrator by dividing the Euro
equivalent of the Award Value for the Participant by the average Closing Price per DB Share
(on the Frankfurt Stock Exchange — Xetra) for the last ten trading days of the month prior to
the month in which the Award is made or such other period as the Committee shall determine. In
the case of New Hire Awards, the average Closing Price per DB Share for the last ten trading
days up to and including the Award Date will be used. The Euro equivalent of the Award Value
may be determined using an average foreign exchange rate over the same period, the closing
foreign exchange rate on the last Frankfurt trading day of the year before the Award is made,
or such other rate determined by the Committee, as shown on the Award Statement.
	 
	b)	 	Vesting Date: Subject to Rules 5.2, 6.1(j) and 10, the Vesting Date will be such date or
dates as the Committee shall determine at the Award Date and will be stated on the Award
Statement.
	 
	c)	 	Non-transferable Awards: A Participant may not at any time before settlement in accordance
with Rule 7 (whether before or after the Vesting Date) (i) transfer, assign, sell, pledge or
grant to any person or entity any rights in respect of any Award (including a Vested Award),
other than in the event of the death or Total Disability of the Participant; or (ii) enter
into any transactions having the economic effect of hedging or otherwise offsetting the risk
of price movements, or attempt to do so, with respect to all or part of their Notional DB
Shares. Unless the Plan Administrator or the Committee decides otherwise, any breach of this
Rule 4.5(c) will result in the forfeiture by the Participant of their Award without any claim
for compensation by the Participant or any Representative.
	 
	d)	 	Performance Conditions: Awards or Tranches of Awards may be made subject to Performance
Conditions as approved by the Committee at the time the Award is made. Any such conditions
will be detailed in the Award Statement. The degree to which a Performance Condition is
satisfied will determine the extent to which that Award or Tranche will become capable of
settlement, and the degree to which the Performance Condition is satisfied must be determined
before the Award or relevant part of the Award becomes capable of settlement.
	 
	e)	 	Release Date: If an Award is subject to a Retention Period, the Release Date shall be
determined by the Committee at the Award Date and will be stated on the Award Statement.
Subject to Rule 10, if a Release Date is specified in the Award Statement, a Participant shall
have no entitlement to receive DB Shares in respect of that Award or Tranche before the
Release Date.
	 
	f)	 	Settlement: Settlement shall take place in accordance with Rule 7.
	 
	g)	 	Subsequent dealing: Once an Award has been distributed in accordance with Rule 7, any
subsequent dealing in DB Shares by the Participant shall remain subject to the requisite
Compliance Department approval.

4.6 Compliance: The making of any Award and its settlement in accordance with Rule 7 is subject to
any approvals or consents required under any applicable laws, regulations or governmental
authority, the requirements of any exchange on which DB Shares are traded and any policy adopted by
the Compliance Department.

4.7 Surrender of Award: A Participant may surrender an Award, other than an Upfront

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Award, in whole or in part no later than 60 days before the first Vesting Date of the Award. An
Upfront Award may be surrendered in whole or in part no later than 30 days after the Award Date.
Any Award surrendered shall be deemed never to have been made.

5. Impact of termination of employment

5.1 Termination resulting in continued Vesting: Subject to the provisions of Rule 5.4 (which
apply to Retention Awards in certain circumstances), an Award will not be forfeited by reason of
the Participant ceasing to be a DB Employee and will, if not Vested, continue to Vest in accordance
with the Award Statement (subject to these Rules, in particular the automatic forfeiture provisions
of Rule 6) and will remain subject to any applicable Retention Period, if the Participant ceases to
be a DB Employee for one of the following reasons:

	a)	 	termination by a DB Group Company without Cause;
	 
	b)	 	redundancy;
	 
	c)	 	Agreed Termination;
	 
	d)	 	the Participant ceases to be employed as a DB Employee due to the sale or transfer outside
of the DB Group of the DB business or Division in which the Participant worked but
excluding a sale or transfer by which Deutsche Bank is merged or consolidated or transfers
or sells substantially all of its assets; or
	 
	e)	 	in relation to Annual Awards only, Retirement, Career Retirement or Public Service
Retirement.

5.2 Termination upon death or Total Disability:
If a Participant ceases to be a DB Employee due to death or Total Disability (documented to the
reasonable satisfaction of the Plan Administrator), an Award which is not subject to a Retention
Period or a Performance Condition will Vest in full as soon as practicable after the date of
Total Disability or death, to the extent not previously Vested (Accelerated Vesting).

Where an Award is subject to a Retention Period or a Performance Condition it will, if not
Vested, continue to Vest in accordance with the Award Statement and these Plan Rules, and will
remain subject to the applicable Retention Period and the applicable Performance Condition.

Where a Vested Award is subject to a Retention Period, it will remain subject to the applicable
Retention Period.

5.3 Termination resulting in forfeiture: A Participant shall automatically forfeit Awards without
any claim for compensation by the Participant or any Representative in the following circumstances:

	a)	 	Awards which have not been Delivered shall be automatically forfeited if, at any time prior
to Delivery, the Participant ceases to be a DB Employee by reason of termination for Cause by
any DB Group Company; or
	 
	b)	 	Awards that have not Vested shall be automatically forfeited without any claim for
compensation if, at any time prior to the Vesting Date, the Participant resigns, gives notice
of their termination of, or voluntarily terminates, their employment as a DB Employee for any
reason, provided however, that Retirement, Career Retirement or Public Service Retirement
shall not cause an automatic forfeiture of Annual Awards; or
	 
	c)	 	Annual Awards that have not Vested shall be automatically forfeited without any claim for
compensation if, following Public Service Retirement, the Participant ceases to be a Public
Service Employee at any time prior to the Vesting Date in circumstances such that, had the
Participant remained a DB Employee until the time of termination as a Public Service Employee,
the circumstances would have resulted in the forfeiture of those Awards.

5.4 Effect of termination on Retention Awards in certain circumstances: If the Participant’s
employment as a DB Employee terminates for one of the reasons set forth in Rule 5.1(a) — (d), a
portion of any Retention Award held by that Participant which has not Vested at the date of
termination will continue to Vest in accordance with the provisions of Rule 5.1. The portion of
the Award which will continue to Vest will be the portion of the Award which has not Vested
multiplied by Months Worked since the Award Date, divided by the number of calendar months in
the Vesting Period. This calculation shall be done on a Tranche by Tranche basis where the Award
is

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 divided into Tranches. The remaining portion of the Retention Award will be forfeited upon
termination.

6. Automatic forfeiture

6.1 General forfeiture: During or following employment as a DB Employee, including in
connection with or following any form of termination identified in Rules 5.1 or 5.2, a Participant
shall automatically forfeit any Awards that have not Vested, without any claim for compensation by
the Participant or any Representative if any of the following events or activities occurs at any
time prior to the Vesting Date for that Award:

	 	a)	 	the Participant directly or indirectly solicits or entices away, or endeavours to solicit
or entice away any individual person who is employed or engaged by any DB Group Company and,
if following the termination of the Participant’s employment as a DB Employee, with whom the
Participant has had business dealings during the course of their employment in the 12 months
immediately prior to the termination date;
	 
	 	b)	 	the Participant solicits, directly or indirectly, any company or entity who was a customer
or client of any DB Group Company and, if following the termination of the Participant’s
employment as a DB Employee, with whom the Participant has had business dealings during the
course of their employment in the 12 months immediately prior to the termination date in
order to provide (directly or indirectly) to such company or individual services similar to,
competitive with, or intended to replace or serve as an alternative to, any or all of the
services provided to such company or individual by any DB Group Company;
	 
	 	c)	 	the Participant directly or indirectly obtains, uses, discloses or disseminates Proprietary
Information to any other company, individual or entity or otherwise employs Proprietary
Information, except as specifically required in the proper performance of the Participant’s
duties for any DB Group Company;
	 
	 	d)	 	the Participant acts in a manner that is prejudicial to the reputation of the DB Group
or any DB Group Company;
	 
	 	e)	 	the Participant or any Representative is responsible for any act or omission that breaches
the terms of any agreement into which the Participant has entered with any DB Group Company,
including any settlement or separation agreement or compromise agreement;
	 
	 	f)	 	the Participant fails to provide details of a valid brokerage or custodial account, in
accordance with Rule 7.5;
	 
	 	g)	 	the Participant fails to provide, if asked, Proof of Certification, in accordance with Rule
7.7;
	 
	 	h)	 	during the Participant’s employment as a DB Employee the Participant is responsible for
acts or omissions which, whether known or not by any DB Group Company or any other officer
or employee of any DB Group Company, would give rise to a right on the part of any DB Group
Company to terminate the Participant’s employment for Cause;
	 
	 	i)	 	following Retirement, Career Retirement or Public Service Retirement, the Participant
provides, either directly or indirectly, on their own behalf or in the service of or on
behalf of others, as an officer, employee, consultant, partner, independent contractor, or in
a fiduciary or any other capacity, whether remunerated or not, services similar to, related
to, competitive with, or intended to replace or serve as an alternative to, any or all of the
services provided by the Participant or the Participant’s employing business Division during
the Participant’s employment as a DB Employee; or
	 
	 	j)	 	the Participant engages in any conduct that:

	 	i)	 	breaches any applicable DB Group policy or procedure regarding: general accounting;
application of accounting methodologies; approvals procedures; regulatory procedures or
rules; or any other financial, or compliance matters (in each case of which the
Participant knew or it would be reasonable to expect the Participant to have known); or
	 
	 	ii)	 	breaches any applicable laws or regulations imposed other than by the DB Group or
any DB Group Company,

	 	 	which, if the relevant conduct is discovered after the Participant has ceased to be a DB
Employee, relates to a matter involving their duties as a DB

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	 	 	Employee during the course of their employment and which, in each case of such conduct, is the
subject of an internal investigation by a DB Group Company or of an investigation by a
regulatory or law enforcement body and which results in disciplinary measures or sanctions
against the Participant or a DB Group Company or would have resulted in such measures or
sanctions if the Participant had not ceased to be a DB Employee. If any such investigation is
commenced, or is proposed to be commenced, no Award held by the relevant Participant shall Vest
until after such investigation has concluded and a determination has been made that forfeiture
is not warranted.

7. Award Settlement

7.1 Lapse of forfeiture provisions: All restrictions on an Award, other than the restrictions
in Rules 4.5(c), 4.5(d), 4.5(e) and 5.3(a), will automatically terminate on the Vesting Date,
provided the Award has not been forfeited. A Vested Award will remain subject to the restrictions
in Rules 4.5(c), 4.5(d), 4.5(e) and 5.3(a) as applicable in accordance with those provisions.

7.2 Time and manner of settlement of an Award not subject to a Retention Period: Subject to this
Rule 7, Delivery of a Vested Award or Tranche which is not subject to a Retention Period may be
spread over up to ten business days, or such other number of days as determined by the Committee
in its sole discretion, from and including the Vesting Date (or, if later, the date on which it is
determined the extent to which the Performance Condition has been met), by way of (each a
“distribution”):

	a)	 	the transfer (whether by a DB Group Company or a third party entity) of one DB Share for
each Notional DB Share on or after the Vesting Date either to the Nominee to hold on trust
absolutely for the Participant before onward transfer to an approved account established by
the Participant or directly into such account (in both cases, subject to the withholding
provisions in Rule 7.6);
	 
	b)	 	if the operation of the Plan means that a Participant would be entitled to receive a
fraction of one DB Share, that fraction will be settled in the manner the Plan Administrator
in its sole discretion sees fit, including, but not limited to: (i) making a cash payment to
the Participant equal to the cash value of the fraction of one DB Share; or (ii) offsetting
the cash value of the fraction of one DB Share against an obligation or liability of the
Participant under this Plan; or
	 
	c)	 	in the case of any changes to legislation including exchange control or regulatory treatment
of any DB Group Company or any present or future Participant, arising in relation to any
Award following the Award Date, the Committee may decide that DB Shares will not be
transferred in accordance with Rule 7.2(a), but instead a cash payment will be made to the
Participant through local payroll (instead of receiving DB Shares), calculated as set out
below.

For the purposes of Rule 7.2(c), the cash amount or value will be based on a price per share for
each Notional DB Share equal to either the average Volume-Weighted Average Price or the average
Closing Price per DB Share for the period of the first ten trading days of the month in which the
Vesting Date occurs (or such other number of days as the Committee may determine in its sole
discretion or as may be required in a particular location for regulatory or tax reasons) and
converted using a foreign exchange rate reported on Bloomberg at close over the same period as the
period in which the average Volume-Weighted Average Price or the average Closing Price per DB
Share, as applicable, is determined, or such other foreign exchange rate that the Committee or Plan
Administrator deems appropriate.

Notwithstanding any of the above, no Delivery, distribution or payment shall be made to any
Participant in respect of any Award or Tranche for which the applicable Performance Condition has
not been met.

7.3 Time and manner of settlement of an Award subject to a Retention Period: Subject to this Rule
7, settlement of an Award or Tranche which is subject to a Retention Period will take place as soon
as practicable on or after the Release Date. Delivery of the Vested Award or Tranche may be spread
over up to ten business days, or such other number of days as

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determined by the Committee in its sole discretion, from and including the Release Date (or, if
later, the date on which it is determined the extent to which the Performance Condition has been
met), by way of (each a “distribution”):

	a)	 	the transfer (whether by a DB Group Company or a third party entity) of one DB Share for each
Notional DB Share on or after the Release Date either to the Nominee to hold on trust
absolutely for the Participant before onward transfer to an approved account established by
the Participant or directly into such account (in both cases, subject to the withholding
provisions in Rule 7.6);
	 
	b)	 	if the operation of the Plan means that a Participant would be entitled to receive a fraction
of one DB Share, that fraction will be settled in the manner the Plan Administrator in its
sole discretion sees fit, including, but not limited to: (i) making a cash payment to the
Participant equal to the cash value of the fraction of one DB Share; or (ii) offsetting the
cash value of the fraction of one DB Share against an obligation or liability of the
Participant under this Plan; or
	 
	c)	 	in the case of any changes to legislation including exchange control or regulatory
treatment of any DB Group Company or any present or future Participant, arising in relation
to any Award following the Award Date, the Committee may decide that DB Shares will not be
transferred in accordance with Rule 7.3(a), but instead a cash payment will be made to the
Participant through local payroll (instead of receiving DB Shares), calculated as set out
below.

For the purposes of Rule 7.3(c), the cash amount or value will be based on a price per share for
each Notional DB Share equal to either the average Volume-Weighted Average Price or the average
Closing Price per DB Share for the period of the first ten trading days of the month in which the
Release Date occurs (or such other number of days as the Committee may determine in its sole
discretion or as may be required in a particular location for regulatory or tax reasons) and
converted using a foreign exchange rate reported on Bloomberg at close over the same period as the
period in which the average Volume-Weighted Average Price or the average Closing Price per DB
Share, as applicable, is determined, or such other foreign exchange rate that the Committee or Plan
Administrator deems appropriate.

Notwithstanding any of the above, no Delivery, distribution or payment shall be made to any
Participant in relation to an Award subject to a Retention Period:

	i)	 	prior to the Release Date; or
	 
	ii)	 	in respect of any Award or Tranche for which the applicable Performance Condition has not
been met.

7.4 Payment: Any cash payment made in connection with Rule 7.2 or Rule 7.3 will be made within a
reasonable number of days but, in any event, no longer than 70 days following the Vesting Date or
Release Date, as applicable (or, if later, the date on which it has been determined the extent to
which any applicable Performance Condition has been met), subject to local payroll cycles and
procedures. Any payment may be made and/or reported through the Participant’s employer, regardless
of any adverse tax consequences this may cause to the Participant.

7.5 Custody/brokerage account: The Participant or any Representative must provide to the Plan
Administrator, before the Vesting Date or such other date as identified by the Plan Administrator,
details of a valid DB Group or E*Trade brokerage or custody account to which any payment to the
Participant in the form of DB Shares or other securities is to be made, in a form satisfactory to
the Plan Administrator.

7.6 Tax and social security withholding: The Plan Administrator or any DB Group Company may
withhold such amount and make such arrangements as it considers necessary to meet any liability to
taxation or social security contributions in respect of Awards. A distribution into a
Participant’s custody account shall be net of any applicable taxes and social security
requirements. Depending on the Participant’s individual circumstances, if a Participant changes
locations between the Award Date and settlement, any distribution to that Participant may become
subject to multiple withholding taxes or double taxation. The Plan Administrator or Nominee may
sell or reduce an appropriate portion of the DB Shares or other assets otherwise distributable to
the Participant (or their Representative or such other person to whom the distribution is made)
and withhold sufficient sale proceeds to satisfy the withholding liability.

10

 

The Participant (or their Representative, if applicable) is responsible for reporting the receipt
of income or the proceeds of any sale as a result of the operation of this Rule 7.6 or otherwise
to the appropriate tax authority (except where any DB Group Company is legally obliged to
account for such reporting).

No DB Group Company takes any responsibility (except where legally required) as to
the taxation or social security consequences of the Participant participating in the Plan and a
Participant should therefore seek their own independent tax and social security advice.

7.7 Proof of Certification: If the Plan Administrator requests any Proof of Certification, the
Participant must provide such Proof of Certification in a form satisfactory to the Plan
Administrator within 30 days of the request (including Proof of Certification sufficient to
determine the circumstances in which the Participant ceases to be a DB Employee).

7.8 Notification of events: The Participant must notify the Plan Administrator of any events which
may result in the forfeiture of the Award or any part of it prior to any Delivery Date.
Furthermore, the Participant agrees that he shall be deemed to warrant and undertake to the Plan
Administrator and each DB Group Company on each Delivery Date that he has not acted in any way
giving rise to forfeiture pursuant to these Plan Rules at any time prior to the relevant Delivery
Date.

If, contrary to Rule 6, the Participant derives any benefit, following the Vesting Date or the
Release Date, as applicable, to which he is not entitled then the Plan Administrator (or any
relevant DB Group Company) shall be entitled to a full recovery of all benefits derived by the
Participant wrongly in breach of the warranty and undertaking and/or contrary to Rule 6. This
shall be without prejudice to any other rights which any DB Group Company may have arising out of
the act or omission giving rise to forfeiture.

8. Participant confidentiality

In accordance with applicable law the Participant shall maintain their participation in the
Plan in confidence both within and outside the DB Group, and shall not disclose the provisions of
the Plan or the amount of any Award made to the Participant under the Plan to any person or entity,
except the Participant’s spouse or partner or their legal, tax and/or financial adviser or to the
extent legally required to do so, without the prior written authorisation of the Plan
Administrator.

9. Transfer and assignment

Except in accordance with Rule 4.5(c), an Award, including a Vested Award, is not transferable
or assignable by the Participant.

Notwithstanding this, any DB Group Company shall have the right to assign its contractual rights
and/or obligations under this Plan in full or in part to any other DB Group Company at its sole
discretion without consent of the Participant.

10. Change of Control

10.1 Effect of Change of Control on Annual, New Hire and Retention Awards: Except as may
otherwise be specified in a Participant’s Award Statement, on or before the occurrence of a Change
of Control, the Committee shall have the discretion to determine whether none, some or all of the
outstanding Awards will Vest (and the extent to which any Performance Conditions applicable to
those Awards shall be treated as satisfied) and/or be settled as a result of the Change of Control,
to the extent not already Vested.

10.2 Effect of Change of Control on Vested Awards subject to a Retention Period: Except as may
otherwise be specified in a Participant’s Award Statement, on or before the occurrence of a Change
of Control, the Committee shall have the discretion to determine whether a Vested Award which is
subject to a Retention Period will be settled earlier than the Release Date as a result of the
Change of Control.

11. Changes in capitalisation

If any change affects DB Shares on account of a merger, reorganisation, rights issue,
extraordinary stock dividend, stock split or similar changes which the Committee reasonably
determines justifies adjustments to Awards, the Plan Administrator shall make such appropriate
adjustments as are determined by the Committee to be necessary or appropriate to prevent
enlargement or dilution of rights.

11

 

12. Committee’s decisions

12.1 General: The Committee will have full discretionary power to interpret and enforce the
provisions of this Plan and to adopt such regulations for administering the Plan as it decides are
necessary. All decisions made by the Committee pursuant to the Plan are final, conclusive and
binding on all persons, including the Participants and any DB Group Company.

12.2 Forfeiture and Vesting: The Committee shall have sole discretion, acting reasonably, to
determine whether or not any of the events or activities set forth in Rule 5 and/or Rule 6 has
occurred.

13. Amendment or termination of the Plan

13.1 Termination of Plan: The Committee may terminate the Plan at any time in its sole
discretion. Termination of the Plan (as opposed to amendment of the Plan) would be without
prejudice to the subsisting rights of Participants.

13.2 Amendment of Plan: The Committee may at any time amend, alter or add to all or any of the
provisions of the Plan in any respect in its sole discretion, provided that the Committee cannot
materially adversely affect a Participant’s existing Award without their prior written consent.
For the avoidance of doubt, no oral representation or statement made by any third party, including
any manager, officer, or director of any DB Group Company as to the interpretation, application or
operation of this Plan or any Awards under it either generally or to any specific set of
circumstances shall bind any DB Group Company unless it is confirmed in writing by the Plan
Administrator or Group Compensation Review Committee.

13.3 Termination of Awards: The Committee may, in its sole discretion, decide at any time to
replace an Award with an award of other assets (including cash) or to take such other steps as
necessary or appropriate to prevent enlargement or dilution of rights.

14. General

14.1 No guarantee of benefits:

	a)	 	The granting of an Award is at the sole discretion of the Committee (or other persons the
Committee permits to make Awards under Rule 4.2). The Committee is not obligated to make any
Award, or permit any Award to be made, in the future or to allow DB Employees to participate
in any future or other compensation plan even if an Award has been awarded in one or more
previous years.
	 
	b)	 	Nothing in these Plan Rules shall be construed as an obligation or a guarantee by any DB
Group Company, the Committee or the Plan Administrator with respect to the future value of an
Award.
	 
	c)	 	Nothing contained in these Plan Rules shall constitute a guarantee by any DB Group Company
that the assets of the DB Group will be sufficient to pay any benefit or obligation
hereunder. No Participant or any Representative shall have any right to receive a benefit
under the Plan except in accordance with the terms of these Plan Rules.
	 
	d)	 	An Award and resulting distribution shall not (except as may be required by taxation law or
other applicable law) form part of the emoluments of individuals or count as wages or
remuneration for pension or other purposes.
	 
	e)	 	Any Participant who ceases to be a DB Employee as a result of the termination of their
employment for any reason whatsoever, whether lawfully or unlawfully, shall not be entitled
and shall be deemed irrevocably to have waived any entitlement by way of damages for breach of
contract, or by way of compensation for loss of office or employment or otherwise to any sum,
shares or other benefits to compensate the Participant for the loss or diminution in value of
any actual or prospective rights, benefits or any expectations in relation to any Award, the
Plan or any instrument executed pursuant to it.

14.2 No enlargement of Participant rights: The establishment of the Plan and the making of the
Award thereunder is entirely at the discretion of the Committee, shall not be construed as an
employment agreement and shall not give any Participant the right to be retained as a DB Employee
or to otherwise impede the ability of any DB Group Company to terminate the Participant’s
employment. No communications concerning the Award shall be construed as forming part of a
Participant’s terms and

12

 

conditions of employment or any employment agreement with any DB Group Company.

14.3 Corporate successors: The Plan shall not be automatically terminated by a transfer or sale of
the whole or substantially the whole of the assets of Deutsche Bank AG, or by its merger or
consolidation into or with any other corporation or other entity, but the Plan or an equivalent
equity incentive plan shall be continued after such sale, merger or consolidation subject to the
agreement of the transferee, purchaser or successor entity. In the event that the Plan is not
continued by the transferee, purchaser or successor entity, the Plan shall terminate subject to the
provisions of the Plan, including Rule 7 and Rule 13, and the Participant or any Representative
shall have no further claim for compensation arising out of any such termination of the Plan.

14.4 Severability: The invalidity or non-enforceability of any one or more provisions of these
Rules shall not affect the validity or enforceability of any other provision of these Rules, which
shall remain in full force and effect.

14.5 Limitations on liability: Notwithstanding anything to the contrary in these Rules, neither
any DB Group Company, the Plan Administrator, nor any individual acting as an employee, agent or
officer of any DB Group Company or the Plan Administrator, shall be liable to any Participant,
former employee or any Representative for any claim, loss, liability or expense incurred in
connection with the Plan.

14.6 Claims by Participants: Any claim or action of any kind by a Participant or Representative
with respect to benefits under the Plan or these Plan Rules, including any arbitration or
litigation filed in a court of law, must be brought within one year from the date that
settlement of a Participant’s Award was made or would have been made had such Award not been
forfeited pursuant to these Rules, unless such a time restriction is barred or limited, or a
different time restriction is imposed, by law in the jurisdiction in which the Participant is
employed or was resident at the Release Date or, if no Release Date is specified in the Award
Statement, the Vesting Date, in which case the limitation provided by such local law will apply
(notwithstanding Rule 17).

14.7 No trust or fund created: Neither the Plan nor any agreement made hereunder shall create or be
construed as creating a trust or separate fund of any kind or a fiduciary relationship between any
DB Group Company and the Participants or any Representative. To the extent that any Representative
acquired a right to receive payments from any DB Group Company pursuant to a grant under the Plan,
such right shall be no greater than the right of any unsecured general creditor of that DB Group
Company.

14.8 Data Protection: Any DB Group Company may collect and process various data that is personal to
Participants (for example, taxpayer and social security identification numbers) for the purposes of
administering the Plan, compliance with any requirement of law or regulation, and the prevention or
investigation of crimes and malpractice. A DB Group Company may disclose this data to its
affiliates or service providers (including the Plan Administrator) in connection with the
administration of the Plan. Some data processing may be done outside the European Economic Area
(“EEA”) where laws and practices relating to the protection of personal data may be weaker than
those within the EEA, including in the United States of America, but wherever practicable the DB
Group will take steps to ensure that Participants’ personal information is adequately protected. In
certain circumstances courts, law enforcement agencies or regulatory agencies within or outside the
EEA may be entitled to access the data. Details of Participants’ rights concerning data, which may
include rights of access to their information and correction of inaccurate information, can be
obtained from the local Data Protection Officers of the DB Group.

15. Entire understanding

These Plan Rules together with the Award Statement set forth the entire understanding of the
parties with respect to the Award described on the Award Statement. Any agreement, arrangement or
communication, whether oral or written, pertaining to the Award described in the Award Statement is
hereby superseded and the foregoing Award shall be subject to the provisions of these Plan Rules.
To the extent that there is any inconsistency between these Rules and the Award Statement or other
communications, these Plan Rules shall prevail.

13

 

16. Notices

16.1 Form of notices: All notices or other communications with respect to these Plan Rules
shall be in writing and be delivered in person, by email, by facsimile transmission, or by
registered mail (return receipt requested, postage prepaid). Notices or communications to the Plan
Administrator or any DB Group Company shall be sent to the following address (or such other address
for the Plan Administrator or any DB Group Company as shall be notified to the Participant):

Plan Administrator (or DB Group Company)

HR Reward

c/o DB Group Services (UK)Limited

1 Great Winchester Street

London EC2N 2DB, United Kingdom

16.2 When notices take effect: Notices or other communications shall take effect:

a) if delivered by hand, upon delivery;

b) if posted, upon delivery, or, in relation to communications sent to a Participant by first class
registered post, 10.00 a.m. on the second day after posting if earlier; and

c) if sent by facsimile or email, when a complete and legible copy of the relevant communication,
whether that sent by facsimile or email (as the case may be) or a hard copy sent by post or
delivered by hand, has been received at the appropriate address.

17. Applicable law and arbitration

Interpretation of these Plan Rules shall be governed by and construed in accordance with the
laws of England and Wales to the exclusion of the rules on the conflict of laws. All disputes
arising out of or in connection with this Award shall be subject to the exclusive jurisdiction of
the courts of England and Wales.

The effective date of this document is 01 February 2011.

As of this date, these Plan Rules apply to all awards granted under this Plan until Plan Rules are
issued with a later effective date which will supersede and replace these Plan Rules.

14

 

Schedule 1: Deutsche Bank Cash Plan

This schedule (“Schedule 1”) contains the rules of the Deutsche Bank Cash Plan and is
usually applicable to employees in Argentina, Brazil, Canada, Chile, China, Denmark, Greece,
Israel, Russia, Saudi Arabia, South Africa, Turkey, Ukraine and Vietnam. The rules of the
Deutsche Bank Equity Plan apply to Awards granted under the Deutsche Bank Cash Plan, and such
rules are incorporated herein, except as amended by this Schedule 1.

If this Deutsche Bank Cash Plan is used to make an Award to a Participant who is subject to
federal taxation in the United States of America, then references above to the Deutsche Bank
Equity Plan shall be to that plan as amended by Schedule 2. If this Deutsche Bank Cash Plan is
used to make an Award to a Participant who is employed by a Russian employing company of the DB
Group, then references above to the Deutsche Bank Equity Plan shall be to that plan as amended by
Schedule 4. If this Deutsche Bank Cash Plan is used to make an Award to a Participant who is
subject to taxation in Canada, then the references above to the Deutsche Bank Equity Plan shall
be to that plan as amended by Schedule 5.

1. Definitions

The definition of “Award” in Rule 2.1 is replaced with the following definition:

“Award” means an award of a contingent right to receive an amount of cash calculated in
accordance with this Plan and may be an Annual Award, New Hire Award, Retention Award, or
Upfront Award.

The definition of “Plan” in Rule 2.1 is replaced with the following definition:

“Plan” means the Deutsche Bank Cash Plan as governed by the Plan Rules, except as amended by this
Schedule 1.

2. Award

Rule 4.1 is replaced with the following:

4.1 General: An Award represents a contingent right, subject to the terms and conditions in the
Plan Rules as amended by this Schedule 1, to receive a cash payment following the Vesting Date or,
in the case of Awards which are subject to a Retention Period, following the Release Date, equal to
the value of the Notional DB Shares (calculated pursuant to Rule 7, as amended by this Schedule 1).
An Award will not give a Participant any right to DB Shares.

3. Award Settlement

3.1 Rules 7.1 to 7.3 are replaced with the following:

7.1 Lapse of forfeiture provisions: All restrictions on an Award, other than the restrictions in
Rules 4.5(c), 4.5(d), 4.5(e) and 5.3(a), will automatically terminate on the Vesting Date, provided
the Award has not been forfeited. A Vested Award will remain subject to the restrictions in Rules
4.5(c), 4.5(d), 4.5(e) and 5.3(a) as applicable in accordance with those provisions.

7.2 Time and manner of settlement of an Award not subject to a Retention Period: Subject to this
Rule 7, as soon as administratively practicable following the Vesting Date but, in any event, no
longer than 70 days after the Vesting Date (or, if later, the date on which it is determined the
extent to which any applicable Performance Condition has been met), a Vested Award or Tranche which
is not subject to a Retention Period shall be settled by way of a cash payment to the Participant
via local payroll (a “distribution”), of an amount based on a price per share for each Notional DB
Share equal to either the average Volume-Weighted Average Price or the average Closing Price per DB
Share for the period of the first ten trading days of the month in which the Vesting Date occurs
(or such other number of days as the Committee may determine in its sole discretion or as may be
required in a particular location for regulatory or tax reasons) and converted using a foreign
exchange rate reported on Bloomberg at close on the Vesting Date, or such other foreign exchange
rate that the Committee or Plan Administrator deems appropriate.

Notwithstanding the above, no distribution shall be made to any Participant in respect of any Award
or Tranche for which the applicable Performance Condition has not been met.

7.3 Time and manner of settlement of an Award subject to a Retention Period: Subject to this Rule

15

 

7, as soon as administratively practicable following the Release Date but, in any event, no longer
than 70 days after the Release Date (or, if later, the date on which it is determined the extent to
which any applicable Performance Condition has been met), a Vested Award or Tranche which is
subject to a Retention Period shall be settled by way of a cash payment to the Participant via
local payroll (a “distribution”), of an amount based on a price per share for each Notional DB
Share equal to either the average Volume-Weighted Average Price or the average Closing Price per DB
Share for the period of the first ten trading days of the month in which the Release Date occurs
(or such other number of days as the Committee may determine in its sole discretion or as may be
required in a particular location for regulatory or tax reasons) and converted using a foreign
exchange rate reported on Bloomberg at close on the Release Date, or such other foreign exchange
rate that the Committee or Plan Administrator deems appropriate.

Notwithstanding the above, no distribution shall be made to any Participant in relation to an Award
subject to a Retention Period:

	i)	 	prior to the Release Date; or

	ii)	 	in respect of any Award or Tranche for which the applicable Performance Condition has not
been met.

3.2 Rule 7.4 is replaced with the following:

7.4 Payment: Any payment is subject to local payroll cycles and procedures and may be made and/or
reported through the Participant’s employer, regardless of any adverse tax consequences this may
cause to the Participant.

3.3 Rule 7.5 is replaced with the following:

7.5 Bank Account: All cash payments will be made via payroll to the Participant’s last known bank
account (or such other bank account notified to the Plan Administrator by the Participant).

3.4 Rule 7.6 shall be interpreted as following:

The reference in Rule 7.6 to a Participant’s custody account shall be interpreted as a reference to
a Participant’s bank account.

16

 

Schedule 2: United States of America Taxpayers

This schedule (“Schedule 2”) modifies the provisions of the Deutsche Bank Equity Plan, as
amended from time to time (the “Plan”) with respect to Awards in relation to which the Participant
is subject to federal taxation in the United States of America under the provisions of Section 409A
and/or Section 457A (or may in the absence of the provisions of this Schedule 2 be subject to
taxation under either of those provisions). The provisions of this Schedule 2 apply automatically
to those Awards (whether applicable at the Award Date or not) and supersede any contrary provisions
contained in the Plan or any Award Statement issued thereunder in relation to the respective
Participants.

Any capitalized terms contained but not defined in this Schedule 2 shall have the meaning provided
in the Plan.

These modifications are made to the Plan with the intent that the Plan be compliant with
Section 409A and Section 457A, as applicable:

1. Definitions

The following definitions are added to Rule 2.1 of the Plan:

“Disability” means the Participant being prevented by accidental bodily injury or illness from
performing the majority of their assigned duties as determined in accordance with applicable DB
Group policy as certified by the Committee, in its sole discretion.

“Qualifying Plan Termination” means a termination of the Plan pursuant to which acceleration of the
time and form of payment or distribution is permitted under Section 409A.

“Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any
regulations promulgated or U.S. Treasury Department or U.S. Internal Revenue Service guidance
issued thereunder, as may be in effect from time to time.

“Section 457A” means Section 457A of the U.S. Internal Revenue Code of 1986, as amended, and any
regulations promulgated or U.S. Treasury Department or U.S. Internal Revenue Service guidance
issued thereunder, as may be in effect from time to time.

“Section 457A Impacted Award” means an Award to a Participant under a nonqualified deferred
compensation plan of a nonqualified entity (as those terms are defined in Section 457A), which the
Committee or the Plan Administrator determines is subject to taxation under Section 457A or would,
in the absence of the application of the provisions of this Schedule 2, be subject to taxation
under Section 457A.

The definition of “Delivery” in Rule 2.1 is replaced with the following provision:

“Delivery” means DB Shares forming all or part of an Award becoming held by the Nominee (on trust
absolutely for the Participant or their Representative) or, if earlier, being transferred into the
Participant’s (or their Representative’s) custody account or other designated custody account in
the name of the Participant (or their Representative). “Delivery Date” and “Delivered” shall be
construed accordingly.

The definition of “Retirement” in Rule 2.1 is replaced with the following provision:

“Retirement” means, for the purposes of the Plan (and except as otherwise provided in the Award
Statement), the actual date of retirement
by a Participant, on or after age 65, or retirement as a result of a Total Disability.

The definition of “Total Disability” in Rule 2.1 is replaced with the following provision:

“Total Disability” means either (a) a medically determinable physical or mental impairment (i) that
can be expected to either (1) result in death or (2) last for a continuous period of not less than
12 months and (ii) as a result of which the Participant either (1) becomes unable to engage in any
substantial gainful activity or (2) receives income replacement benefits for a period of not less
than 6 months under a long-term disability plan covering DB Employees; or (b) the Participant is
deemed Totally Disabled and eligible to receive disability benefits from the US Social Security
Administration.

2. Administration

The following Rule 3.2 is added to Rule 3 of the Plan:

3.2 Section 409A: The Plan and any Award Statement are intended to comply with Section 409A and
shall be interpreted, operated and administered accordingly; provided, that, for purposes of the
foregoing, references to a term or event (including any authority or right of any DB Group Company
or a Participant) being “permitted” under Section 409A shall mean that the term or event will not
cause the Award to be subject to taxation under Section 409A.

3. Impact of termination of employment

The following Rule 5.1(f) is added to Rule 5.1 of the Plan:

f) a Disability other than a Total Disability.

17

 

The following new paragraph is added to the end of Rule 5.1:

Notwithstanding the provisions of Rule 17 of the Plan, the provisions of Rule 5.1(e) as they relate
to Section 457A Impacted Awards shall not apply to any such Awards granted prior to 01 February
2011, and instead the provisions of Rule 5.1(e) as in effect prior to 01 February 2011 shall
continue to apply to those Awards.

Rule 5.2 is hereby replaced with the following:

5.2 Termination upon death or Total Disability: If a Participant ceases to be a DB Employee due to
death or Total Disability (documented to the reasonable satisfaction of the Plan Administrator), an
Award which is not subject to a Retention Period or a Performance Condition will Vest in full as
soon as practicable after the date of Total Disability or death, to the extent not previously
Vested (Accelerated Vesting). Where the Vesting of a Section 457A Impacted Award is accelerated
under this Rule 5.2, Rule 7.10 shall apply.

Where an Award is subject to a Retention Period or a Performance Condition it will, if not Vested,
continue to Vest in accordance with the Award Statement and these Plan Rules, and will remain
subject to the applicable Retention Period and the applicable Performance Condition.

Where a Vested Award is subject to a Retention Period, it will remain subject to the applicable
Retention Period.

Notwithstanding anything to the contrary in this Schedule 2, the Plan or any Award Statement, the
time of any payment or distribution may be accelerated as a result of a Participant suffering an
“unforeseeable emergency”, as set forth in and in accordance with Section 409A.

Notwithstanding anything to the contrary in the Plan or any Award Statement, neither the Committee
nor the Plan Administrator shall have the discretion to accelerate the distribution of an Award
except as expressly provided in this Schedule 2.

After Rule 5.4 a new Rule 5.5 will be inserted as follows:

5.5 Accelerated Vesting for Section 457A Impacted Awards not subject to a Retention Period or a
Performance Condition:

a) In the event that a Participant ceases to be a DB Employee for the reason set out in any of
Rule 5.1(a) to (d), Public Service Retirement described in Rule 5.1(e), or Rule 5.1(f), and,
immediately prior to the cessation, the Participant holds one or more Section 457A Impacted Awards
which are not subject to a Retention Period or a Performance Condition, then any such Section 457A
Impacted Award will Vest on the day the Participant ceases to be a DB Employee and no Delivery nor
any payment in settlement of the Award shall in any event be later than the fifteenth day of the
third calendar month following the end of the calendar year in which the Participant ceased to be a
DB Employee.

b) The Vesting Date of a Section 457A Impacted Award which is not subject to a Retention Period or
a Performance Condition will be not later than the earliest date on or after the Award Date on
which the cessation of a Participant’s employment as a DB Employee could be treated as Retirement
or Career Retirement and no Delivery nor any payment in settlement of the Award shall in any event
be later than the fifteenth day of the third calendar month following the end of the calendar year
in which the cessation of the Participant’s employment could be treated as Retirement or Career
Retirement.

c) Where the Vesting of a Section 457A Impacted Award is accelerated under this Rule 5.5, Rule 7.10
shall apply.

d) The foregoing provisions of this Rule 5.5 relating to the time of Delivery or settlement of a
Section 457A Impacted Award which is not subject to a Retention Period or a Performance Condition
shall supersede any contrary provision of the Rules relating to the time of relevant Delivery or
settlement.

4. Automatic Forfeiture

The following new paragraph is added to the end of Rule 6.1:

Notwithstanding anything to the contrary in this Schedule 2, the Plan or any Award Statement, where
the Vesting of a Section 457A Impacted Award is accelerated under Rules 5.2 or 5.5, the general
forfeiture provisions in this Rule 6.1 will continue to apply to such Award until the Delivery Date
or, where the Award is Delivered to and held in a designated custody account in the name of the
Participant under Rule 7.10, the date or dates on which the Award or Tranche would have Vested had
not the Vesting of the Award been accelerated.

5. Award Settlement

The last paragraph of Rule 7.2 is replaced with the following:

Notwithstanding any of the above, but subject to Rule 7.9, no distribution or payment shall be made
to any Participant in respect of any Award or Tranche for which the applicable Performance
Condition has not been met.

The last paragraph of Rule 7.3 is replaced with the following:

18

 

Notwithstanding any of the above, but subject to Rule 7.9, no distribution or payment shall be made
to any Participant in relation to an Award subject to a Retention Period:

i) prior to the Release Date; or

ii) in respect of any Award or Tranche for which the applicable Performance Condition has not been
met.

Add the following new Rule 7.9:

7.9 Distribution Deadline: Notwithstanding anything to the contrary in this Schedule 2,
the Plan or any Award Statement, any payment or distribution due hereunder or thereunder with
respect to a Section 457A Impacted Award shall be made on a date no later than the fifteenth day of
the third calendar month following the calendar year in which the Vesting Date (or, with respect to
Upfront Awards, the Award Date) associated with such payment occurs.

Notwithstanding anything to the contrary in this Schedule 2, the Plan or any Award Statement, any
payment or distribution due hereunder or thereunder with respect to an Award that is not a Section
457A Impacted Award shall be made on a date no later than (i) the end of the calendar year in which
the Vesting Date occurs or (ii) if later, the fifteenth day of the third calendar month following
such Vesting Date.

Add the following new Rule 7.10:

7.10 Holding of DB Shares following settlement: Unless the Committee determines otherwise in its
sole discretion, where the Vesting of a Section 457A Impacted Award is accelerated under Rules 5.2
or 5.5, the DB Shares subject to such Award shall, after the application of the withholding
provisions in Rule 7.6, be Delivered to or, following Delivery, transferred to a designated custody
account in the name of the Participant and shall be held in such account subject to the
restrictions in this Rule 7.10 until the date or dates on which the Award or Tranche would have
Vested had the Vesting of the Award not been accelerated.

The Participant may not at any time while the DB Shares are held in such designated account (i)
transfer, assign, sell, pledge or grant to any person or entity any rights in respect of the DB
Shares so held, other than in the event of the death or Total Disability of the Participant; or
(ii) enter into any transactions having the economic effect of hedging or otherwise offsetting the
risk of price movements, or attempt to do so, with respect to all or part of such DB Shares.
Unless the Plan Administrator or the Committee decides otherwise, any breach of this Rule 7.10 will
result in the forfeiture by the Participant of the DB Shares without any claim for compensation by
the Participant or any Representative.

No dividends shall be payable in respect of the DB Shares held in such designated account prior to
the date or dates on which the Award or Tranche would have Vested had the Vesting of the Award not
been accelerated.

6. Change of Control

Awards will Vest and be distributed as provided in the Plan; provided, that notwithstanding
anything to the contrary in the Plan or any Award Statement:

Rule 10 will be replaced with the following:

10.1 Effect of Change of Control on Annual, New Hire and Retention Awards: Subject to Rule 10.3, in
the event of a Change of Control prior to the Vesting Date, the Committee may determine in its sole
discretion that all or a portion (including none) of the Participant’s unvested Award shall Vest or
shall Vest at any time thereafter (and the extent to which any Performance Conditions applicable to
those Awards shall be treated as satisfied, provided that Rule 6 shall in any case continue to
apply), and any such portion of the Award that shall have Vested shall be distributed on the date
on which it would have been distributed if the Change of Control had not occurred.

10.2 Effect of Change of Control on Vested Awards subject to a Retention Period: Subject to Rule
10.3, on or before the occurrence of a Change of Control, the Committee shall have the discretion
to determine whether a Vested Section 457A Impacted Award which is subject to a Retention Period
will be settled earlier than the Release Date as a result of the Change of Control. In no event
shall a Vested Award that is not a Section 457A Impacted Award be settled any earlier than the
Release Date as a result of a Change of Control.

10.3 Section 457A Impacted Awards: Where the Vesting Date of a Section 457A Impacted Award is
accelerated under Rule 10.1 or where the Committee determines under Rule 10.2 that settlement of a
Section 457A Impacted Award will occur earlier than the Release Date, then the Delivery or payment
in settlement of the Award shall not in any event be later than the fifteenth day of the third
calendar month following the end of the calendar year in which the accelerated Vesting Date
occurred, or the Retention Period ceased to apply, as applicable.

7. Committee’s decisions

Rule 12.2 will be replaced with the following:

12.2 Forfeiture and Vesting: Subject to the requirements of Section 409A, the Committee shall have
sole discretion, acting reasonably, to determine whether or not any of the events or activities set
forth in Rule 5 and/or Rule 6 has occurred.

19

 

8. Amendment or Termination of the Plan

Awards will Vest and be distributed as provided in the Plan; provided, that notwithstanding
anything to the contrary in the Plan or any Award Statement:

Rule 13 will be replaced with the following:

13.1 Termination of Plan: The Committee may terminate the Plan at any time at its sole discretion.
In the event of a Qualifying Plan Termination prior to the Vesting Date, any outstanding Awards
shall become fully Vested (and the Committee shall determine the extent to which any Performance
Conditions shall be treated as satisfied) and shall be distributed to the Participant within a
reasonable time following the date of such Qualifying Plan Termination and thereafter the
Participant shall cease to have any rights under the Plan or with respect to any Award. In the
event of a Plan termination other than a Qualifying Plan Termination prior to the Vesting Date, any
outstanding Awards shall continue to Vest and be paid or distributed, if at all, on the date on
which it would have otherwise Vested and been paid or distributed, if at all, if the Plan had not
been terminated, and thereafter the Participant shall cease to have further rights under the Plan
or with respect to any Award, provided, however, that such distribution may be accelerated by the
Committee to the extent necessary to avoid adverse tax consequences under Section 409A and Section
457A.

13.2 Amendment of Plan: Subject to the requirements of Section 409A, the Committee may at any time
amend, alter or add to all or any of the provisions of the Plan in any respect in its sole
discretion, provided that the Committee cannot materially adversely affect a Participant’s existing
Award without their prior written consent. For the avoidance of doubt no oral representation or
statement made by any third party, including any manager, officer, or director of any DB Group
Company as to the interpretation, application or operation of this Plan or any Awards under it
either generally or to any specific set of circumstances shall bind any DB Group Company unless it
is confirmed in writing by the Plan Administrator or Group Compensation Review Committee.

13.3 Termination of Awards: Subject to the requirements of Section 409A, Section 457A and the
provisions of Rule 5.1, the Committee may, in its sole discretion, decide at any time to replace an
Award with an award of other assets (including cash) or to take such other steps as necessary or
appropriate to prevent enlargement or dilution of rights.

9. General

Rule 14.3 will be replaced with the following:

14.3 Corporate successors: The Plan shall not be automatically terminated by a transfer or sale of
the whole or substantially the whole of the assets of Deutsche Bank AG, or by its merger or
consolidation into or with any other corporation or other entity, but the Plan or an equivalent
equity incentive plan shall be continued after such sale, merger or consolidation subject to the
agreement of the transferee, purchaser or successor entity. In the event that the Plan is not
continued by the transferee, purchaser or successor entity, the Plan shall, subject to and in
accordance with the requirements of Section 409A, terminate subject to the provisions of the Plan,
including Rule 7 and Rule 13, and the Participant or any Representative shall have no further claim
for compensation arising out of any such termination of the Plan.

20

 

Schedule 3: Germany (English translation of German original)

Appendix to “Deutsche Bank Equity Plan”

for employees working in Germany (2011)

Special Terms for the DB Equity Plan in Germany:

The Plan Rules, available on the Global Compensation website
http://hronlineservices.intranet.db.com/gcomp, are amended and where necessary adjusted to
German specifications. All other provisions of the Plan Rules will remain in place for all
participants as are.

Specification or Amendment of Rule 2 from the English DB Equity Plan Rules:

“Cause” means the termination of a Participant’s employment by any DB Group Company based on
reasons related to the conduct of the Participant.

“Career
Retirement” (only applicable for “Annual Awards”) means, in relation to Annual Awards only,
voluntary termination of employment as a DB Employee by a Participant who has complete years of age
plus number of complete years of service as a DB Employee equaling 60 or more (“Rule of 60”),
provided however that the Participant must have five or more complete years of consecutive service
(the “Consecutive Service Requirement”) as a DB Employee on or before the most recent date of
termination of employment. If the Consecutive Service Requirement is satisfied, the number of
complete years of service used to calculate the Rule of 60 may also include any period of
employment as a DB Employee prior to a break in continuous service.

“Public
Service Retirement׆ means, in relation to Annual Awards only, voluntary termination of
employment as a DB Employee by a Participant to work exclusively in a bona fide charitable
institution, as a Public Service Employee (excluding banks and other financial institutions) or in
a regulatory office.

“Proof of Certification” means any information and verification deemed necessary by the Plan
Administrator.

Specification
or Explanation of Rule 2 from the English DB Equity Plan Rules in correlation with Rule 6.3 a group works council agreement to regulate the pension schemes:

“Total
Disability” = “Erwerbsminderung” means, if the employment ends before the fixed retirement
age and the Participant had provided a pension certificate from the German Social Security
Authority indicating that the Participant is prevented from performing the majority of his assigned
duties and, if this only applies partially, has no employment with another employer.

Specification or Amendment of Rule 4.5 c) and d) in correlation with Rule 2 of the English DB
Equity Plan Rules:

c) A Participant may not at any time before settlement transfer, assign, sell, pledge or grant to
any person or entity any rights in respect of any Award (including a vested award) or enter into
any transactions having the economic effect of hedging or otherwise offsetting the risk of price
movements, or attempt to do so, with respect to all or part of their Notional DB Shares. Unless the
Plan Administrator or the Committee (in accordance with rule 2 of the English rules) decide
otherwise, any breach of this Rule will result in the forfeiture by the Participant of their Award
without any claim for compensation by the Participant or any Representative.

21

 

d) Awards or Tranches of Awards may be made subject to Performance Conditions, which where approved
by the Committee at the time the Award is made and mentioned in the Award Statement. The
Performance Condition must be satisfied determined before the Award or relevant part of the Award
becomes capable of settlement

Specification
or Amendment of Rule 5.1 in correlation with Rule 2 of the English DB Equity Plan Rules:

An Award (which apply to Retention Awards in certain circumstances) will not be forfeited and will
continue to vest in accordance with the Award Statement and will remain subject to any applicable
Retention Period, unless Rule 5.4 apply or the Committee decides otherwise, if the Participant
ceases to be a DB Employee for one of the following reasons:

	 	a)	 	termination by a DB Group Company for other than a reason related to the conduct of
the Participant
	 
	 	b)	 	redundancy;
	 
	 	c)	 	Agreed Termination — not applicable in Germany;
	 
	 	d)	 	the Participant ceases to be employed as a DB Employee due to the sale or transfer
outside of the DB Group of the DB business or Division in which the Participant worked but
excluding a sale or transfer by which Deutsche Bank is merged or consolidated or transfers
or sells substantially all of its assets; or
	 
	 	e)	 	in relation to Annual Awards only: Retirement in accordance with pension promise,
Career Retirement and Public Service Retirement.

Unless any of the cases described in Rule 6 apply.

Specification or Amendment of Rule 5.2 in correlation with Rule 2 of the English DB Equity Plan
Rules:

If a Participant ceases to be a DB Employee due to death or Total Disability (according to
definition in rule 2), the Participant’s Award will Vest in full as soon as practicable after the
date of Total Disability or death, to the extent not previously Vested. Where an Award is subject
to a Retention Period or a Performance Condition it will, if not Vested, continue to Vest in
accordance with the Award Statement and these Plan Rules. The latter applies where a Vested Award
is subject to a Retention Period.

Specification or Amendment of Rule 5.3 in correlation with Rule 2 of the English DB Equity Plan
Rules:

A Participant shall automatically forfeit Awards that have not been Delivered without any claim for
compensation by the Participant or any Representative if, at any time prior to Delivery, the
Participant ceases to be a DB Employee by reason of termination for behavior-based cause by any DB
Group Company.

Awards that have not Vested shall be automatically forfeited without any claim for compensation if,
at any time prior to the Vesting Date, the Participant voluntarily gives notice of termination of,
or voluntarily terminates, their employment as a DB Employee for any reason, provided however, that
Retirement, Career Retirement or Public Service Retirement shall not cause an automatic forfeiture
of Annual Awards.

Annual Awards that have not Vested shall be automatically forfeited without any claim for
compensation if, following Public Service Retirement, the Participant ceases to be a Public Service
Employee at any time prior to the Vesting Date in circumstances such that, had the Participant
remained a DB Employee until the time of termination as a Public Service Employee, that cessation
would have resulted in the forfeiture of those Awards

Specification or Amendment of Rule 5.4 in correlation with Rule 2 of the English DB Equity Plan
Rules:

If the Participant’s employment as a DB Employee terminates for one of the reasons set forth in
Rule 5.1(a) - (d) 

22

 

a portion of any Retention Award held by that Participant which has not vested at the date of
termination will continue to Vest in accordance with the provisions of Rule 5.1. The portion of the
Award which will continue to Vest will be the portion of the Award which has not vested multiplied
by Number of days between the Award Date and the termination, divided by the Vesting Period. This
calculation shall be done on a Tranche by Tranche basis where the Award is divided into Tranches.
The remaining portion of the Retention Award will be forfeited upon termination.

Specification or Amendment of Rule 6.1 in correlation with Rule 2 of the English DB Equity Plan
Rules:

During or following employment as a DB Employee, including in connection with or following any form
of termination identified in Rules 5.1 or 5.2, a Participant shall automatically forfeit any Awards
that have not Vested, without any claim for compensation by the Participant or any Representative
if any of the following events or activities occurs at any time prior to the Vesting Date for that
Award:

	a)	 	the Participant directly or indirectly solicits or entices away, or endeavours to solicit or
entice away any individual person who is employed or engaged by any DB Group Company and, if
following the termination of the Participant’s employment as a DB Employee, with whom the
Participant has had business dealings during the course of their employment in the 12 months
immediately prior to the termination date;

	b)	 	the Participant solicits, directly or indirectly, any company or entity who was a customer or
client of any DB Group Company and, if following the termination of the Participant’s
employment as a DB Employee, with whom the Participant has had business dealings during the
course of their employment in the 12 months immediately prior to the termination date in order
to provide (directly or indirectly) to such company or individual services similar to,
competitive with, or intended to replace or serve as an alternative to, any or all of the
services provided to such company or individual by any DB Group Company;

	c)	 	the Participant directly or indirectly obtains, uses, discloses or disseminates Proprietary
Information to any other company, individual or entity, except as specifically required in the
proper performance of the Participant’s duties for any DB Group Company;

	d)	 	the Participant acts in a manner that is prejudicial to the reputation of the DB Group or any
DB Group Company;

	e)	 	the Participant is responsible for any act or omission that breaches the terms of any
agreement into which the Participant has entered with any DB Group Company, including any
settlement or separation agreement or compromise agreement;

	f)	 	the Participant fails to provide details of custodial account, in accordance with Rule 7.5;

	g)	 	the Participant fails to provide, if asked, Proof of Certification, in accordance with Rule
7.7;

	h)	 	during the Participant’s employment as a DB Employee the Participant is responsible for acts
or omissions which, whether known or not by any DB Group Company or any other officer or
employee of any DB Group Company, would give rise to a right on the part of any DB Group
Company to terminate the Participant’s employment for behavior-based cause;

	i)	 	following Retirement, Career Retirement or Public Service Retirement, the Participant
provides, either directly or indirectly, on their own behalf or in the service of or on behalf
of others, as an officer, employee, consultant, partner, independent contractor, or in a
fiduciary or any other capacity, whether remunerated or not, services similar to, related to,
competitive with, or intended to replace or serve as

23

 

	 	 	an alternative to, any or all of the services provided by the Participant or the Participant’s
employing business Division during the Participant’s employment as a DB Employee; or

	j)	 	the Participant engages in conduct that:

	 	i)	 	breaches any applicable DB Group policy or procedure regarding: general accounting;
application of accounting methodologies; approvals procedures; regulatory procedures or
rules; or any other financial, or compliance matters (in each case of which the
Participant knew or it would be reasonable to expect the Participant to have known);
or;
	 
	 	ii)	 	breaches any applicable laws or regulations imposed other than by the DB Group
or any DB Group Company,

	 	 	which, if the relevant conduct is discovered after the Participant has ceased to be a DB
Employee, relates to a matter involving their duties as a DB Employee during the course of
their employment; and which, in each case of such conduct, is the subject of an
investigation by a DB Group Company or of an investigation by a regulatory or law
enforcement body and which results in disciplinary measures or sanctions against the
Participant or a DB Group Company or would have resulted in such measures or sanctions if
the Participant had not ceased to be a DB Employee. If any such investigation is commenced,
or is proposed to be commenced, no Award held by the relevant Participant shall Vest until
after such investigation has concluded and a determination has been made that forfeiture is
not warranted.

Specification or Amendment of Rule 16.1 and 16.2 of the English DB Equity Plan Rules:

Form of Notice (Rule 16.1)

All notices or other communications with respect to these Plan Rules shall be in writing and be
delivered in person, by email, by facsimile transmission, or by registered mail (return receipt
requested, postage prepaid). Notices to the Participant shall be sent to the participants last
known mailing address, email address or facsimile. Notices to the Plan Administrator or any DB
Group Company shall be sent to the following address (or such other address for the Plan
Administrator or any DB Group Company as shall be notified to the Participant):

Plan Administrator (or DB Group Company)

HR Reward

c/o DB Group Services (UK) Limited

1 Great Winchester Street

London EC2N 2DB, United Kingdom

When notices take effect (Rule 16.2)

Notices or other communications shall take effect:

	 	a)	 	if delivered by hand, upon delivery;
	 
	 	b)	 	if posted, upon delivery,
	 
	 	c)	 	if sent by facsimile or email, when a complete and legible copy of the relevant
communication has been received at the appropriate address.

Specification or Amendment of Rule 17 of the English DB Equity Plan Rules:

Interpretation of these Plan Rules shall be governed by and construed in accordance with German
law.

Frankfurt am Main, February 2011

24

 

Schedule 4: Russian Federation

This Schedule (“Schedule 4”) modifies the provisions of the Deutsche Bank Equity Plan,
as such may be amended from time to time (the “Plan”). The provisions of this Schedule 4 (i) apply
with respect to Participants employed by a Russian employing company of the DB Group, and (ii)
supersede any contrary provisions contained in the Plan or any Award Statement issued thereunder.

Except as expressly modified herein, all terms and conditions of the Plan are incorporated into
this Schedule 4 as if first set forth herein. Any capitalised terms contained but not defined in
this Schedule 4 shall have the meaning provided in the Plan.

1. Definitions

The following definitions defined in Rule 2.1 of the Plan shall be modified as follows:

The definition of “Agreed Termination” in Rule 2.1 of the Plan shall be read as follows:

“Agreed Termination” means termination of a Participant’s employment with a DB Group Company on the
basis of agreement between the Participant and a DB Group Company following the resolution
of an employment-related dispute, resolved by the execution of a settlement, separation or
compromise agreement containing, among other things, a full release of claims against each DB Group
Company by the Participant.

The definition of “Cause” in Rule 2.1 shall be replaced by the definition of “Misconduct” as
follows:

“Misconduct” means in respect of the Participant (i) any act or omission or series of acts or
omissions that, when taken together or alone, constitute a material breach of the terms and
conditions of employment, (ii) the conviction of the Participant by a competent court of law of any
crime (other than minor motoring offences or offences of a similar nature that do not materially
affect the business or reputation of any DB Group Company), (iii) unlawful, unethical or illegal
conduct, or any misconduct by the Participant in connection with the performance of their duties as
a DB Employee or conduct by the Participant otherwise in violation of the terms of the applicable
employee handbook or other local policy or contractual documentation, (iv) knowingly failing or
refusing to carry out specific lawful instructions from a DB Group Company (or a duly authorized
employee or officer of such a company) relating to material matters or duties within the scope of
the Participant’s responsibilities for a DB Group Company, (v) committing any act involving
dishonesty, fraud, misrepresentation, or breach of trust, or (vi) the issuance of any order or
enforcement action against the Participant or against any DB Group Company in connection with the
Participant’s actions or omissions by any regulatory body with authority over the conduct of
business by that company that materially impairs a) the financial condition or business reputation
of the DB Group or any DB Group Company or b) the Participant’s ability to perform their assigned
duties.

The definition of “Retirement” in Rule 2.1 shall be replaced with the following provision:

“Retirement” means, for the purposes of the Plan, and in relation to Annual Awards only, the actual
date of the Participant’s retirement in accordance with the applicable Russian Federation law.

The definition of “Total Disability” in Rule 2.1 shall be replaced with the following provision:

“Total Disability” means the Participant being prevented by accidental bodily injury or illness
from performing the majority of their assigned duties as confirmed by the medical statement issued
in accordance with effective Russian legislation and as determined in accordance with applicable DB
Group policy as certified by the Committee, at its sole discretion.

The following definitions are added to Rule 2.1 of the Plan:

“Cause” means a cause for termination of a Participant’s employment as a DB Employee due to the
Participant’s fault as specified in Article 81 of the Russian Labour Code.

“Russian Labour Code” means the Labour Code of the Russian Federation dated 30 December 2001 No.
197-FZ.

6. Automatic forfeiture

The following provision is added to Rule 6.1:

k) during employment as a DB Employee the Participant is responsible for acts or omissions which
comprise Misconduct.

13. Amendment or termination of the Plan

Rule 13.2 is replaced with the following:

13.2 Amendment of Plan: The Committee may at any time amend, alter or add to all or any of the
provisions of the Plan in any respect in its sole

25

 

discretion. For the avoidance of doubt no oral representation or statement made by any third party,
including any manager, officer, or director of any DB Group Company as to the interpretation,
application or operation of this Plan or any Awards under it either generally or to any specific
set of circumstances shall bind any DB Group Company unless it is confirmed in writing by the Plan
Administrator or Group Compensation Review Committee.

14. General

Rule 14.1(a) is replaced with the following:

a) The granting of an Award is at the sole discretion of the Committee (or other persons the
Committee permits to make Awards under Rule 4.2), in particular it has the right not to grant an
Award, to cancel an Award, or to indefinitely defer payment of an Award. The Committee is not
obligated to make any Award, or permit any Award to be made, in the future or to allow DB Employees
to participate in any future or other compensation plan even if an Award has been awarded in one or
more previous years.

Rule 14.8 is replaced with the following:

14.8 Data Protection: Subject to prior written consent of the Participant given in accordance with
the effective Russian legislation, any DB Group Company may collect and process various data that
is personal to Participants (for example, taxpayer and social security identification numbers) for
the purposes of administering the Plan, compliance with any requirement of law or regulation,
including tax-related requirements, and the prevention or investigation of crimes and malpractice.
Subject to prior written consent of the Participant given in accordance with the effective Russian
legislation, a DB Group Company may disclose this data to its affiliates or service providers
(including the Plan Administrator) in connection with administration of the Plan. Subject to
prior written consent of the Participant given in accordance with the effective Russian
legislation, a DB Group Company may transfer personal data of the Participant for its processing
outside the European Economic Area (“EEA”) where laws and practices relating to the protection of
personal data may be weaker than those within the EEA, including in the United States of America,
but wherever practicable the DB Group will take steps to ensure that Participants’ personal
information is adequately protected. In certain circumstances courts, law enforcement agencies or
regulatory agencies within or outside the EEA may be entitled to access the data. Details of
Participants’ rights concerning data which may include rights of access to their information and
correction of inaccurate information, can be obtained from the local Data Protection Officers of
the DB Group.

17. Applicable law and arbitration

Rule 17 is replaced with the following:

Interpretation of these Plan Rules shall be governed by and construed in accordance with the laws
of England and Wales to the exclusion of the rules on the conflict of laws, except when Russian law
must apply. All disputes arising out of or in connection with this Award shall be subject to the
exclusive jurisdiction of the courts of England and Wales, except in cases of mandatory
jurisdiction of Russian courts.

26

 

Schedule 5: Canada

This schedule (“Schedule 5”) modifies the provisions of the Deutsche Bank Equity Plan, as
amended from time to time (the “Plan”) with respect to Awards in relation to which the Participant
is subject to taxation in Canada. The provisions of this Schedule 5 apply automatically to those
Awards (whether applicable at the Award Date or not) and supersede any contrary provisions
contained in the Plan or any Award Statement issued thereunder in relation to those Participants.

Any capitalized terms contained in this Schedule 5 shall have the meaning provided in the Plan.

These modifications are made to the Plan with the intention that the Plan be compliant with the
Salary Deferral Arrangement rules in Canada.

1. Award Settlement

After Rule 7.8, a new Rule 7.9 will be inserted as follows:

7.9 Accelerated Vesting:

	a)	 	Any Award or Tranche which is not Vested by the end of the calendar year in which the
second anniversary of the Award Date occurs shall Vest no later than the end of that calendar
year. Subject to Rule 7.9(b), no Delivery or settlement shall take place later than the end
of the calendar year in which the second anniversary of the Award Date occurs.
	 
	b)	 	If the relevant Award or Tranche is subject to Performance Conditions and it has not been
determined whether or to what extent the Performance Condition has been satisfied in good time
to allow Delivery or settlement of the Award or Tranche by the latest time specified in Rule
7.9(a), then the Committee may and shall determine whether the Performance Condition is to be
treated as satisfied (and, if applicable, to what extent) for the purposes of the relevant
Award or Tranche in good time to allow Delivery or other settlement of the Award or Tranche by
the latest time specified in Rule 7.9(a).
	 
	c)	 	The foregoing provisions of this Rule 7.9 relating to the time of Delivery or settlement
of an Award or Tranche shall supersede any contrary provision of the Plan relating to the time
of relevant Delivery or settlement.

27

 

Schedule 6: Private Client Services Wealth Creation and Retention Program

1 Effect and Purpose of Schedule 6

	1.1	 	This Schedule (“Schedule 6”) to the Deutsche Bank Equity Plan, which may be amended from time
to time (the “Plan”), contains the terms regarding the Private Client Services (“PCS”) Wealth
Creation & Retention Award (as defined below). For the avoidance of doubt, to the extent that
Participants receive a PCS Wealth Creation & Retention Award, this Schedule 6 shall,
notwithstanding Rule 15 of the Plan, supersede any contrary provisions contained in the Plan
or any Award Statement issued thereunder.
	 
	1.2	 	Except as expressly stated in this Schedule 6, all terms and conditions of the Plan are
incorporated into this Schedule 6 as if first set forth herein. Any capitalized terms
contained but not defined in this Schedule 6 shall have the meaning provided in the Plan.
	 
	1.3	 	Where an Award is granted under this Schedule 6 to a Participant who is also subject to
federal taxation in the United States of America, the terms of the Plan amended by this
Schedule 6 shall be the terms of the Plan as first amended by Schedule 2 (United States of
America Taxpayers).
	 
	1.4	 	Effective from and after the date hereof, and pursuant to its authority under Rule 13.2 of
the Plan, in respect of PCS Wealth Creation & Retention Awards, the Committee hereby amends
the Plan as follows:

2 Definitions

	2.1	 	The definition of “Annual Award” in Rule 2.1 of the Plan is deemed replaced in its entirety
with the following definition:
	 
	 	 	“Annual Award” means any Award referred to as an Annual Award or an Annual Award — PCS Wealth
Creation & Ret Award in the Award Statement.
	 
	2.2	 	The definition of “Career Retirement” in Rule 2.1 of the Plan is deemed replaced in its
entirety with the following definition:
	 
	 	 	“Career Retirement” means, in relation to Awards referred to as an Annual Award in the Award
Statement only, voluntary termination of employment as a DB Employee by a Participant who has
complete years of age plus number of complete years of service as a DB Employee equaling 60 or
more (“Rule of 60”), provided however that the Participant must have five or more complete
years of consecutive service (the “Consecutive Service Requirement”) as a DB Employee ending
on or before the most recent date of termination of employment. If the Consecutive Service
Requirement is satisfied, the number of complete years of service may also include any period
of employment as a DB Employee prior to a break in continuous service. In relation to Awards
referred to as an Annual Award — PCS Wealth Creation & Ret Award in the Award Statement only,
“Career Retirement” means voluntary termination of employment as a DB Employee by a
Participant who has complete years of age plus number of complete years of service as a DB
Employee equaling 60 or more (“Rule of 60”), provided however that the Participant must have
five or more complete years of consecutive service (the “Consecutive Service Requirement”) as
a DB Employee ending on or before the most recent date of termination of employment and is a
Retirement From The Securities Industry. If the Consecutive Service Requirement is satisfied,
the number of complete years of service may also include any period of employment as a DB
Employee prior to a break in continuous service.
	 
	2.3	 	The following definitions are added to Rule 2.1 of the Plan:
	 
	 	 	“Eligible Accounts” means any existing accounts and any other accounts evidencing a change by
an existing account in its account category within DBSI but not a change in beneficial
ownership.
	 
	 	 	“Participant” means revenue producers within PCS who achieve the minimum gross production
level as indicated in the respective year’s program summary.
	 
	 	 	“Retirement From The Securities Industry” means voluntary termination of employment as a DB
Employee by the Participant who transitions their Eligible Accounts to another PCS Client
Advisor by the point of termination of the Participant’s employment and who intends to
permanently leave the securities industry.
	 
	2.4	 	The definition of “Retirement” in Rule 2.1 of the Plan is deemed replaced in its entirety
with the following definition:
	 
	 	 	“Retirement” means, for the purposes of the Plan, the actual date of retirement by a
Participant, on or after age 65, or retirement as a result of a Total Disability.

3 Assignment and Substitution

	 	 	The following new paragraphs are added to the end of Rule 9:
	 
	 	 	In addition, each applicable DB Group Company shall have the right to assign its contractual
rights and/or obligations under the Plan in full or in part, with respect to some or all of the
Awards issued pursuant to this Schedule 6, to any entity (and its

28

 

	 	 	affiliates)that succeeds to the Division or all or a portion of the business of PCS (a
“Successor Entity”). By notice to affected Participants, the Committee, in its sole discretion,
may substitute the Successor Entity for the applicable DB Group Company, the DB Group, and/or
the Division, as the Committee deems applicable, in its sole discretion, for purposes of the
Plan including Rules 5 and 6. Any such assignment or substitution may apply to all or some
Participants, as determined by the Committee, in its sole discretion.
	 
	 	 	Unless the Committee determines otherwise, in the event of an assignment or substitution under
this Rule 9, the following shall apply without the need for the consent of the affected
Participants: (i) employment with the Successor Entity shall be treated as continuous employment
for purposes of the Plan including Rule 5; (ii) no Participant who receives an offer of
employment from such Successor Entity shall be treated as having terminated employment with any
DB Group Company for purposes of Rule 5.1; and (iii) assumed Awards or replacement Awards under
any plan of such Successor Entity shall contain such terms reasonably set by the Successor
Entity that are intended to continue, but not materially enlarge or diminish, the Participant’s
rights and obligations with respect to the assumed or replaced Award, but no assumed Award or
replacement Award shall obligate the Successor Entity to deliver DB Shares in settlement
thereof.

No assignment or substitution under this Rule 9 shall be deemed to be an amendment, alteration or
addition to the provisions of the Plan within the meaning of Rule 13.2. No Participant consent
shall be required for any assignment or substitution under this Rule 9.

29Exhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”), entered into and effective as of the 1st day of
December, 2010 (the “Effective Date”), by and between First Financial Bank, N.A. (the “Bank”), a
national banking association organized under the laws of the United States of America, First
Financial Corporation (the “Corporation”), a corporation formed under the laws of the State of
Indiana and a financial holding company (jointly referred to herein as the “Company”) and Norman L.
Lowery (the “Employee”), a resident of the State of Indiana.

WHEREAS, the Employee has heretofore been employed by the Bank as its President and Chief
Executive Officer and by the Corporation as its Chief Executive Officer and has performed valuable
services for both the Bank and the Corporation; and

WHEREAS, the Company desires to enter into this Agreement with the Employee in order to assure
continuity of management and to reinforce and encourage the continued attention and dedication of
the Employee to his assigned duties; and

WHEREAS, the parties desire, by this writing, to set forth the continuing employment
relationship between the Company and the Employee.

NOW, THEREFORE, in consideration of the premises contained herein and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Employee and
the Company agree as follows:

1. Employment. The Employee is employed as the President and Chief Executive Officer of the Bank and as
the Chief Executive Officer of the Corporation. The Employee shall render such administrative and
management services for the Company as are currently rendered and as are currently performed by
persons situated in a similar executive capacity. The Employee shall also promote, by
entertainment or otherwise, as and to the extent permitted by law, the business of the Company.
The Employee’s other duties shall be such as the boards of directors of the Bank or the Corporation
may, from time to time, reasonably direct, including normal duties as an officer of the Bank and
the Corporation. During the term of this Agreement, the Employee shall be nominated and elected to
serve as a director of the Bank or of any successor to the Bank and shall be nominated to serve as
a director of the Corporation.

 

 

 

2. Base Compensation. The Company agrees to pay the Employee during the term of this Agreement a base salary at
the rate of $500,074.10 per annum, payable in cash not less frequently than monthly. Such base
salary shall be effective and calculated commencing as of the Effective Date. The Company may
consider and declare from time to time increases in the base salary it pays the Employee. Prior to
a Change in Control (as hereinafter defined), the Company may also declare decreases in the base
salary it pays the Employee if the operating results of the Company are significantly less
favorable than those for the fiscal year ending December 31, 2009, and the Company makes similar
decreases in the base salary it pays to other
executive officers of the Company. After a Change in Control, the Company shall consider and
declare salary increases in base salary based upon the following standards:

(a) Inflation;

(b) Adjustments to the base salaries of other senior management personnel;

(c) Past performance of the Employee; and

(d) The contribution which the Employee makes to the business and profits of the
Company during the term of this Agreement.

3. Bonuses. The Employee shall participate in any year-end bonus granted to other employees. The
Employee shall further participate in an equitable manner with all other senior management
employees of the Company in any discretionary bonuses that the Company may award from time to time
to senior management employees. No other compensation provided for in this Agreement shall be
deemed a substitute for the Employee’s right to participate in such discretionary bonuses.

4. Benefits.

(a) Participation in Retirement, Medical and Other Benefit Plans. During the
term of this Agreement, the Employee shall be eligible to participate in the following
benefit plans; group hospitalization, disability, health, dental, sick leave, retirement,
supplemental retirement, pension, 401(k), employee stock ownership plan, and all other
present or future qualified and/or nonqualified plans provided by the Company generally, or
to executive officers of the Bank or the Corporation, which benefits, taken as a whole, must
be at least as favorable as those in effect on the Effective Date, unless the continued
operation of such plans or changes in the accounting, legal or tax treatment of such plans
would adversely affect the Company’s operating results or financial condition in a material
way, and the Company concludes that modifications to such plans are necessary to avoid such
adverse effects and such modifications apply consistently to all employees participating in
the affected plans. In addition, the Employee shall be eligible to participate in any
fringe benefits which are or may become available to the Company’s senior management
employees, including, for example, any stock option or incentive compensation (including,
but not limited to the First Financial Corporation 2011 Omnibus Equity Incentive Plan (“2011
Omnibus Plan”)) or performance-based plans, any insurance programs (including, but not
limited to, any group and executive life insurance programs), and any other benefits which
are commensurate with the responsibilities and functions to be performed by the Employee
under this Agreement. All the employee benefits referenced in this subsection 4(a) are
collectively referred to hereinafter as “Employee Benefits.”

 

2

 

(b) Benefits After Retirement. Upon retirement of the Employee at or after
attaining age 65 (“Retirement Age”), during the term of this Agreement, the Company agrees
to continue, at no greater cost to Employee than is generally allocated to all employees,
full coverage for the Employee, his spouse and his children living in his household under
the health, life and disability plans as adopted by the Company which
shall be no less favorable than those in effect on the Effective Date of this
Agreement. The Company agrees to continue such health coverage until both the Employee and
his spouse are eligible for coverage by Medicare. When both the Employee and his spouse
become eligible for Medicare coverage, the Company agrees to pay for supplemental coverage,
at the best level available, for both the Employee and his spouse until the death of the
Employee and his spouse. The Employee shall be entitled to a life insurance policy on his
life, provided at the Company’s cost, in the maximum amount established by the Company’s
group life insurance plan from time to time which amount shall be no less than the limit on
the Effective Date of three times his annual salary (subject to a $350,000 maximum). The
Employee shall also be entitled to an additional life insurance policy on his life in the
amount established by the Company’s insurance program for executive officers from time to
time. The Company shall continue to pay to the Employee the annual premiums, which are
required to keep the life insurance policy in force, on behalf of the Employee pursuant to
the Company’s insurance program for executive officers.

(c) Expenses and Membership. The Employee shall be reimbursed for all
reasonable out-of-pocket business expenses which he shall incur in connection with his
services under this Agreement, upon substantiation of such expenses in accordance with the
policies of the Company. In addition, the Employee shall be reimbursed for all reasonable
out-of-pocket expenses incurred by him to satisfy his continuing legal education
requirements for his license to practice law in the State of Indiana. So long as the
Employee is employed by the Company pursuant to this Agreement, the Employee shall be
entitled to continue his memberships in the American, Indiana and Terre Haute Bar
Associations, the American Association for Justice, the Indiana Trial Lawyers Association
and the Country Club of Terre Haute, and the Company shall continue to pay or reimburse the
Employee for the dues and assessments for such memberships.

(d) Automobile. So long as the Employee is employed by the Company pursuant to
this Agreement, the Employee shall be entitled to continue to use a Company-owned automobile
of commensurate quality and value as that used by him on the same terms and conditions in
effect with respect to such use on the Effective Date of this Agreement. The Company shall
provide and pay the premiums for full insurance coverage on the automobile. Such insurance
coverage shall be no less than the coverage provided on the Effective Date of this
Agreement. The Company shall also pay for the cost of operation, maintenance and repair of
the automobile. All benefits referenced in this subsection 4(d) are collectively referred
to hereinafter as “Automobile Benefits.”

(e) Vacation, Sick Leave and Disability. The Employee shall be entitled to 30
days vacation annually and shall be entitled to the same sick leave and disability leave as
other executive employees. The Employee shall not receive any additional compensation on
account of his failure to take a vacation or sick leave, and the Employee shall not
accumulate unused vacation or sick leave from one fiscal year to the next, except in either
case to the extent authorized by the Company or permitted for other executive employees.

 

3

 

In addition to the aforesaid paid vacations, the Employee shall be entitled, without
loss of pay, to absent himself voluntarily from the performance of his employment with
the Company for such additional periods of time and for such valid and legitimate
reasons as the Company may determine and to attend the continuing legal education seminars
contemplated by subsection 4(c) hereof. Further, the Company may grant to the Employee a
leave or leaves of absence, with or without pay, at such time or times and upon such terms
and conditions as the board of directors of the Bank or the Company in its discretion may
determine.

(f) Other Policies. All other matters relating to the employment of the
Employee not specifically addressed in this Agreement shall be subject to the general
policies regarding executive employees of the Company as in effect from time to time.

5. Term of Employment. The Company hereby employs the Employee, and the Employee hereby accepts such employment
under the terms of this Agreement, for the period commencing on the Effective Date and ending 36
months thereafter (or such earlier date as is determined in accordance with Section 8).
Additionally, on each annual anniversary of the Effective Date, the Employee’s term of employment
shall be extended for an additional one-year period beyond the then effective expiration date,
unless the boards of directors of the Bank and the Corporation determine in a duly adopted
resolution that this Agreement shall not be extended. Only those disinterested members of the
boards of directors of the Bank and the Corporation shall discuss and vote on any proposed
resolution not to extend this Agreement. The initial term of this Agreement and all extensions
thereof are hereinafter referred to individually and collectively as the “Term.”

6. Covenants.

(a) Loyalty.

(i) During the period of his employment hereunder and except for illnesses,
reasonable vacation periods, and reasonable leaves of absence, the Employee shall
devote all of his full business time, attention, skill and efforts to the faithful
performance of his duties hereunder; provided, however, from time to time, the
Employee may serve on the boards of directors of, and hold any other offices or
positions in, companies or organizations, and may perform legal services either
directly or as a result of an of counsel or analogous position with a law firm for
clients which will not present any conflict of interest with the Bank or the
Corporation or any of their subsidiaries or affiliates, or unfavorably affect the
performance of Employee’s duties pursuant to this Agreement, or will not violate any
applicable statute or regulation. “Full business time” is hereby defined as that
amount of time usually devoted to like companies by similarly situated executive
officers. During the term of his employment under this Agreement, the Employee
shall not engage in any business or activity contrary to the business affairs or
interests of the Company, or be gainfully employed in any other position or job
other than as provided above.

(ii) Nothing contained in this Section shall be deemed to prevent or limit the
Employee’s right to invest in the capital stock or other securities of any
business dissimilar from that of the Company, or, solely as a passive or
minority investor, in any business.

 

4

 

(b) Nonsolicitation. The Employee hereby understands and acknowledges that, by
virtue of his position with the Company, he will have advantageous familiarity and personal
contacts with the Company’s customers, wherever located, and the business, operations and
affairs of the Company. Accordingly, while the Employee is employed by the Company and for
a period of one year after the Employee’s Separation from Service (as defined in Section
8(h)(ii) of this Agreement) for any reason (whether with or without cause or whether by the
Company or the Employee) or the expiration of the Term, the Employee shall not, directly or
indirectly, or individually or jointly, (i) solicit any non-legal business of any party
which is a customer of the Company at the time of such Separation from Service or any party
which was a customer of the Company during the one year period immediately preceding such
Separation from Service, (ii) request or advise any customers or suppliers of the Company to
terminate, reduce, limit or change their business or relationship with the Company, or (iii)
induce, request or attempt to influence any employee of the Company to terminate his
employment with the Company, unless such actions are taken in connection with Employee
engaging in the practice of law.

For purposes of this Agreement, the term “solicit” means any direct or indirect
communication of any kind whatsoever, regardless of by whom initiated, which encourages or
requests any person or entity, in any manner, to cease doing business with the Company.

(c) Noncompetition. During the period of his employment hereunder, and for a
period of one year following the termination hereof, the Employee shall not, directly or
indirectly:

(i) As owner, officer, director, stockholder, investor, proprietor, organizer
or otherwise, engage in the same trade or business as the Company, as conducted on
the date hereof, which would conflict with the interests of the Company or in a
trade or business competitive with that of the Company, which would conflict with
the interests of the Company, as conducted on the date hereof; or

(ii) Offer or provide employment (whether such employment is with the Employee
or any other business or enterprise), either on a full-time or part-time or
consulting basis, to any person who then currently is, or who within one (1) year
prior to such offer or provision of employment has been, a management-level employee
of the Bank or Corporation. This subsection 6(c)(ii) shall only apply in the event
the Employee has a voluntary Separation from Service.

 

5

 

The restrictions contained in this paragraph upon the activities of the Employee
following Separation from Service shall be limited to the following geographic areas
(hereinafter referred to as “Restricted Geographical Area”):

(1) Terre Haute, Indiana; and

(2) The 30-mile radius of Terre Haute, Indiana.

Nothing contained in this Section 6 shall prevent or restrict the Employee from
engaging in the practice of law, including within the Restricted Geographical Area. In
addition, nothing contained in this subsection shall prevent or limit the Employee’s right
to invest in the capital stock or other securities of any business dissimilar from that of
the Bank or the Corporation, or, solely as a passive or minority investor, in any business.

If the Employee does not comply with the provisions of this Section, the one-year
period of non-competition provided herein shall be tolled and deemed not to run during any
period(s) of noncompliance, the intention of the parties being to provide one full year of
non-competition by the Employee after the termination or expiration of this Agreement.

(d) Nondisclosure. The term “Confidential Information” as used herein shall
mean any and all customer lists, computer hardware, software and related material, trade
secrets (as defined in I.C. 24-2-3-2), know-how, skills, knowledge, ideas, knowledge of
customer’s commercial requirements, pricing methods, sales and marketing techniques, dealer
relationships and agreements, financial information, intellectual property, codes, research,
development, research and development programs, processes, documentation, or devices used in
or pertaining to the Company’s business (i) which relate in any way to the Company’s
business, products or processes; or (ii) which are discovered, conceived, developed or
reduced to practice by the Employee, either alone or with others either during the Term, at
the Company’s expense, or on the Company’s premises.

(i) During the course of his services hereunder the Employee may become
knowledgeable about, or become in possession of, Confidential Information. If such
Confidential Information were to be divulged or become known to any competitor of
the Company or to any other person outside the employ of the Company, or if the
Employee were to consent to be employed by any competitor of the Company or to
engage in competition with the Company, the Company would be irreparably harmed. In
addition, the Employee has or may develop relationships with the Company’s customers
which could be used to solicit the business of such customers away from the Company.
The Company and the Employee have entered into this Agreement to guard against such
potential harm.

(ii) The Employee shall not, directly or indirectly, use any Confidential
Information for any purpose other than the benefit of the Company or communicate,
deliver, exhibit or provide any Confidential Information to any person, firm,
partnership, corporation, organization or entity, except as required in the normal
course of the Employee’s service as a consultant or as an employee of the Company.
The covenant contained in this subsection shall be binding upon the Employee during
the Term and following the termination hereof until either (i) such Confidential
Information becomes obsolete; or (ii) such Confidential
Information becomes generally known in the Company’s trade or industry by means
other than a breach of this covenant.

(iii) The Employee agrees that all Confidential Information and all records,
documents and materials relating to such Confidential Information, shall be and
remain the sole and exclusive property of the Company.

 

6

 

(e) Remedies. The Employee agrees that the Company will suffer irreparable
damage and injury and will not have an adequate remedy at law in the event of any breach by
the Employee of any provision of this Section. Accordingly, in the event the Company seeks,
under law or in equity, a temporary restraining order, permanent injunction or a decree of
specific performance of the provisions of this Section, no bond or other security shall be
required. The Company shall be entitled to recover from the Employee, reasonable attorneys’
fees and expenses incurred in any action wherein the Company successfully enforces any of
the provisions of this Section against the breach or threatened breach of those provisions
by the Employee. The remedies described in this Section are not exclusive and are in
addition to all other remedies the Company may have at law, in equity, or otherwise.

(i) The Employee and the Company acknowledge and agree that in the event of the
Employee’s Separation from Service for any reason whatsoever, the Employee can
obtain other engagements or employment of a kind and nature similar to that
contemplated herein outside the Restricted Geographical Area and that the issuance
of an injunction to enforce the provisions of this Section will not prevent him from
earning a livelihood.

(ii) The covenants on the part of the Employee contained in this Section are
essential terms and conditions to the Company entering into this Agreement, and
shall be construed as independent of any other provision in this Agreement.

(f) Surrender of Records. Upon the Employee’s Separation from Service for any
reason, the Employee shall immediately surrender to the Company any and all computer
hardware, software and related materials, records, notes, documents, forms, manuals,
photographs, instructions, lists, drawings, blueprints, programs, diagrams or other written
or printed material (including any and all copies made at any time whatsoever) in his
possession or control which pertain to the business of the Company including any
Confidential Information in the Employee’s personal notes, address books, calendars,
rolodexes, personal data assistants, etc.

7. Standards. The Employee shall perform his duties under this Agreement in accordance with such
reasonable standards as the Board may establish from time to time. The Company will provide the
Employee with the working facilities and staff commensurate with his position or positions and
necessary or advisable for him to perform his duties.

 

7

 

8. Separation from Service and Termination Pay. Subject to Section 10 hereof, the Employee may experience a Separation from Service under
the following circumstances:

(a) Death. The Employee shall experience a Separation from Service upon his
death during the Term of this Agreement, in which event the Employee’s estate or designated
beneficiaries shall be entitled to receive the base salary, bonuses, vested rights, and
Employee Benefits due the Employee through the last day of the calendar month in which his
death occurred. Any benefits payable under insurance, health, retirement, bonus, incentive,
performance or other plans as a result of the Employee’s participation in such plans through
such date shall be paid when and as due under those plans. If the Employee’s death occurs
on or after Retirement Age, during the term of this Agreement, the Employee’s spouse and
child living in his household at the time of his death shall be entitled to receive the
health and disability benefits provided for under subsection 4(b) until the death of his
spouse.

(b) Disability.

(i) The Company may terminate the Employee’s employment, resulting in a
Separation from Service, as a result of the Employee’s Disability, in a manner
consistent with the Company’s and the Employee’s rights and obligations under the
Americans with Disabilities Act or other applicable state and federal laws
concerning disability. For the purpose of this Agreement, “Disability” means the
Employee is:

(1) Unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or

(2) By reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an
accident and health plan covering employees of the Employer.

(ii) During any period that the Employee shall receive disability benefits and
to the extent that the Employee shall be physically and mentally able to do so, he
shall furnish such information, assistance and documents so as to assist in the
continued ongoing business of the Company.

(iii) In the event of the Employee’s Separation from Service due to Disability,
the Employee shall be entitled to receive the base salary, bonuses, vested rights,
and Employee Benefits due the Employee through his date of termination. Any
benefits payable under insurance, health, retirement, bonus, incentive, performance
or other plans as a result of the Employee’s participation in the plans through the
date of termination shall be paid when and as due under those plans. If the
Employee’s Separation from Service due to Disability occurs on or after Retirement
Age, during the term of this Agreement, the Employee
shall be entitled to the retirement benefits provided for under subsection 4(b)
as described in that subsection.

 

8

 

(c) Just Cause. The Company may, by written notice to the Employee,
immediately terminate his employment at any time, resulting in a Separation from Service,
for Just Cause. The Employee shall have no right to receive any base salary, bonuses or
other Employee Benefits, except as provided by law, whatsoever, for any period after his
Separation from Service for Just Cause. However, the vested rights of the Employee as of
his Separation from Service shall not be affected. Any benefits payable under insurance,
health, retirement, bonus, incentive, performance or other plans as a result of the
Employee’s participation in such plans through such date of Separation of Service shall be
paid when and as due under those plans. Separation from Service for “Just Cause” shall mean
termination because of:

(i) An intentional act of fraud, embezzlement, theft, or personal dishonesty;
willful misconduct, or breach of fiduciary duty involving personal profit by the
Employee in the course of his employment or director service. No act or failure to
act shall be deemed to have been intentional or willful if it was due primarily to
an error in judgment or negligence. An act or failure to act shall be considered
intentional or willful if it is not in good faith and if it is without a reasonable
belief that the action or failure to act is in the best interest of the Company;

(ii) Intentional wrongful damage by the Employee to the business or property of
the Company, causing material harm to the Company;

(iii) Breach by the Employee of any confidentiality or non-disclosure agreement
in effect from time to time with the Company;

(iv) Gross negligence or insubordination by the Employee in the performance of
his duties; or

(v) Removal or permanent prohibition of the Employee from participating in the
conduct of Bank’s affairs by an order issued under Section 8(e)(iv) or 8(g)(i) of
the Federal Deposit Insurance Act, 12 USC 1818(e)(4) and (g)(1).

Notwithstanding the foregoing, in the event of Separation from Service for Just Cause
there shall be delivered to the Employee a copy of a resolution duly adopted by the
affirmative vote of not less than a majority of the disinterested directors of the Bank and
the Corporation at meetings of the boards called and held for that purpose (after reasonable
notice to the Employee and an opportunity for the Employee, together with the Employee’s
counsel, to be heard before the boards), such meetings and the opportunity to be heard to be
held prior to, or as soon as reasonably practicable following, termination, but in no event
later than 60 days following such termination, finding that in the good faith opinion of the
boards the Employee was guilty of conduct constituting Just Cause and specifying the
particulars thereof in detail. If, following such
meetings, the Employee is reinstated, he shall be entitled to receive the base salary,
bonuses, all Employee Benefits, and all other fringe benefits provided for under this
Agreement for the period following Separation from Service and continuing through
reinstatement as though he was never terminated.

 

9

 

(d) Without Just Cause. The Company may, by written notice to the Employee,
immediately terminate his employment at any time, resulting in a Separation from Service,
for a reason other than Just Cause, in which event the Employee shall be entitled to receive
the following compensation and benefits (unless such Separation from Service occurs within
the time period set forth in subsection 10(a) hereof, in which event the benefits and
compensation provided for in Section 10 shall apply):

(i) The base salary provided pursuant to Section 2 hereof, as in effect on the
date of Separation from Service, through the Expiration Date of this Agreement as
determined pursuant to Section 5 hereof (including any renewal or extension of this
Agreement) (the “Expiration Date”);

(ii) An amount equal to the bonuses received by or payable to the Employee in
the calendar year prior to the calendar year of the Employee’s Separation from
Service, for each year remaining through the Expiration Date; and

(iii) Cash reimbursement to the Employee in an amount equal to the cost to the
Employee (demonstrated by submission to the Company of invoices, bills, or other
proof of payment by the Employee) of (A) all health insurance premiums for the
Employee, his spouse and child living in the Employee’s household and the best level
Medicare supplement insurance available, and life insurance (all as described in
subsection 4(b)); (B) all other Employee Benefits (all as defined in subsection 4(a)
excluding benefits under the 2011 Omnibus Plan which will be made in accordance with
the terms and conditions of that Plan); and (C) professional and club dues, the cost
of Employee’s continuing legal education requirements (as described in subsection
4(c)), all Automobile Benefits (as defined in subsection 4(d)) and all other
benefits which the Employee would otherwise have been eligible to participate in or
receive, through the Expiration Date, based upon the benefit levels substantially
equal to those provided for the Employee at the date of the Employee’s Separation
from Service. The Employee shall also be entitled to receive an amount necessary to
provide any cash payments received under this subsection 8(d)(iii) net of all income
and payroll taxes that would not have been payable by the Employee had he continued
participation in the benefit plan or program instead of receiving cash
reimbursement.

Notwithstanding the foregoing, but only to the extent required under federal banking
law, the amount payable under subsection 8(d) shall be reduced to the extent that on the
date of the Employee’s Separation from Service, the present value of the benefits payable
under subsection 8(d) exceeds any limitation on severance benefits that is imposed by the
Office of the Comptroller of the Currency (the “OCC”) on such benefits.

 

10

 

All amounts payable to the Employee under subsections 8(d)(i) and 8(d)(ii) shall be
paid in one lump sum within ten days of such Separation from Service. All amounts payable
to the Employee under subsection 8(d)(iii) shall be paid on the first day of each month
following the Employee’s Separation from Service, in an amount equal to the total
reimbursable amount (demonstrated by invoices, bills or other proof of payment submitted by
the Employee). Such amounts must be submitted for reimbursement no later than the earlier
of: (i) six months after the date such amounts are paid by the Employee; or (ii) March 15th
of the year following the year in which the Employee paid the amount.

(e) Voluntary for Good Reason. The Employee may voluntarily Separate from
Service under this Agreement at any time for Good Reason. In the event that the Employee
has a Separation from Service for Good Reason, the Employee will first deliver to the
Company a written notice which will (A) indicate the specific provisions of this Agreement
relied upon for such Separation from Service, (B) set forth in reasonable detail the facts
and circumstances claimed to provide a basis for such Separation from Service, and (C)
describe the steps, actions, events or other items that must be taken, completed or followed
by the Company to correct or cure the basis for such Separation from Service. The Company
will then have 30 days following the effective date of such notice to fully correct and cure
the basis for the Separation from Service. If the Company does not fully correct and cure
the basis for the Employee’s Separation from Service within such 30-day period, then the
Employee will have the right to Separate from Service with the Company for Good Reason
immediately upon delivering to the Company a written Notice of Termination and without any
further cure period. Notwithstanding the foregoing, the Company will be entitled to so
correct and cure only a maximum of two times during any calendar year. The Employee shall
thereupon be entitled to receive the same amount payable under subsections 8(d)(i) and (ii)
hereof, within 30 days following his date of Separation from Service and under subsection
8(d)(iii) as provided in subsection 8(d).

For purposes of this Agreement, “Good Reason” means the occurrence of any of the
following events, which has not been consented to in advance by the Employee in writing
(unless such voluntary Separation from Service occurs within the time period set forth in
subsection 10(b) hereof, in which event the benefits and compensation provided for in
Section 10 shall apply):

(i) The requirement that the Employee perform his executive functions more than
30 miles from his Terre Haute, Indiana office;

(ii) A reduction of ten percent or more in the Employee’s base salary, unless
part of an institution-wide reduction and similar to the reduction in the base
salary of all other executive officers of the Company;

(iii) The removal of the Employee from participation in any incentive
compensation or performance-based compensation plans or bonus plans unless the
Company terminates participation in the plan or plans with respect to all other
executive officers of the Company;

 

11

 

(iv) A material failure by the Company to continue to provide the Employee with
the base salary, bonuses or benefits provided for under subsections 4(a), (c), (d)
and (e) of this Agreement, as the same may be increased from time to time, or with
benefits substantially similar to those provided to him under those Sections or
under any benefit plan or program in which the Employee now or hereafter becomes
eligible to participate, or the taking of any action by the Company which would
directly or indirectly reduce in a material manner any such benefits or deprive the
Employee to a material degree of any such benefit enjoyed by him, unless part of an
institution-wide reduction and applied similarly to all other executive officers of
the Company:

(v) The assignment to the Employee of duties and responsibilities materially
different from those normally associated with his position as referenced in Section
1;

(vi) A failure to elect or re-elect the Employee to the Bank’s board of
directors or a failure on the part of the Corporation to honor its obligation to
nominate Employee to the Corporation’s board of directors;

(vii) A material diminution or reduction in the Employee’s responsibilities or
authority (including reporting responsibilities) in connection with his employment
with the Company; or

(viii) A material reduction in the secretarial or administrative support of the
Employee.

Notwithstanding the foregoing, but only to the extent required under federal banking law, the
amount payable under this subsection shall be reduced to the extent that on the date of the
Employee’s Separation from Service, the present value of the benefits payable under subsections
8(d)(i), (ii) and (iii) exceed any limitation on severance benefits that is imposed by the OCC on
such benefits.

(f) Voluntary Separation from Service Prior to Retirement Age. Subject to
subsection 4(b) and Section 10, the Employee may voluntarily Separate from Service with the
Company during the term of this Agreement prior to attaining Retirement Age, upon at least
90 days’ prior written notice to the Company, in which case, effective as of the Separation
from Service, the Employee shall receive only his base salary, bonuses, vested rights and
benefits up to the date of his Separation from Service, such benefits to be paid when and as
due under those plans (unless such Separation from Service occurs pursuant to subsection
10(b) hereof, in which event the benefits, bonuses and base salary provided for in
subsection 10(a) shall apply).

(g) Termination or Suspension Under Federal Law.

(i) If the Employee is removed and/or permanently prohibited from participating
in the conduct of the Company’s affairs by an order issued under Sections 8(e)(iv)
or 8(g)(i) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and
(g)(1)), all obligations of the Company under this
Agreement shall terminate, as of the effective date of the order, but vested
rights of the Employee shall not be affected.

 

12

 

(ii) If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all
obligations under this Agreement shall terminate as of the date of default; but the
vested rights of the Employee shall not be affected.

(iii) All obligations under this Agreement shall terminate, except to the
extent it is determined that the continuation of this Agreement is necessary for the
continued operation of the Bank; (A) by the OCC or its designee, at the time that
the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to
provide assistance to or on behalf of the Bank under the authority contained in
Section 13(c) of FDIA; or (B) by the OCC, or its designee, at the time that the OCC
or its designee approves a supervisory merger to resolve problems related to
operation of the Bank or when the Bank is determined by the OCC to be in an unsafe
or unsound condition. Such action shall not affect any vested rights of the
Employee.

(iv) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA suspends
and/or temporarily prohibits the Employee from participating in the conduct of the
Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of
the date of such service, unless stayed by appropriate proceedings. However, the
vested rights of the Employee as of the date of suspension will not be affected. If
the charges in the notice are dismissed, the Bank may in its discretion (A) pay the
Employee all or part of the compensation withheld while its contract obligations
were suspended, and (B) reinstate (in whole or in part) any of its obligations which
were suspended.

(h) Separation from Service. If the Employee qualifies as a Key Employee (as
defined in subsection 8(h)(i)) at the time of his Separation from Service (as defined in
subsection 8(h)(ii)), the Company may not make a payment pursuant to subsections 8(d)
(disregarding subsection 8(d)(iii)(A)), 8(e) or Section 10 (disregarding subsection
10(a)(1)(ii)(C)) earlier than six months following the date of the Employee’s Separation
from Service (or, if earlier, the date of the Employee’s death) to the extent such a payment
would constitute deferred compensation that is not exempt from the requirements of Code
Section 409A or Treasury Regulations 1.409A-1 et. seq. Payments to which the Key Employee
would otherwise be entitled during the first six months following the date of his Separation
from Service will be accumulated and paid to the Employee on the first day of the seventh
month following the Employee’s Separation from Service.

(i) Key Employee means an employee who is:

(1) An officer of the Bank or Corporation having annual compensation
greater than $160,000;

(2) A five percent owner of the Corporation; or

 

13

 

(3) A one percent owner of the Corporation having an annual
compensation from the employer of more than $150,000.

The $160,000 amount in subsection 8(h)(i)(1) will be adjusted at the same
time and in the same manner as under Code Section 415(d), except that the
base period shall be the calendar quarter beginning July 1, 2001, and any
increase under this sentence which is not a multiple of $5,000 shall be
rounded to the next lower multiple of $5,000.

(ii) Separation from Service means the date on which the Employee dies, retires
or otherwise experiences a “Termination of Employment” with the Company (as defined
below). Provided, however, a Separation from Service does not occur if the Employee
is on military leave, sick leave or other bona fide leave of absence if the period
of such leave does not exceed six months, or if longer, so long as the Employee
retains a right to reemployment with the Company under an applicable statute or by
contract. For purposes of this subsection 8(h)(ii), a leave of absence constitutes
a bona fide leave of absence only if there is a reasonable expectation that the
Employee will return to perform services for the Bank or Corporation. If the period
of leave exceeds six months and the Employee does not retain the right to
reemployment under an applicable statute or by contract, the employment relationship
is deemed to terminate on the first date immediately following such six-month
period. Notwithstanding the foregoing, where a leave of absence is due to any
medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than six
months, where such impairment causes the Employee to be unable to perform the duties
of his position of employment or any substantially similar position of employment, a
29-month period of absence may be substituted for such six-month period. The
Employee shall incur a “Termination of Employment” for purposes of this subsection
8(h)(ii) when a termination of employment has occurred under Treasury Regulation
1.409A-1(h)(1)(ii).

9. No Mitigation. The Employee shall not be required to mitigate the amount of any payment provided for in
this Agreement by seeking other employment or otherwise and no such payment shall be offset or
reduced by the amount of any compensation or benefits provided to the Employee in any subsequent
employment.

10. Change in Control.

(a) Change in Control; Involuntary Separation from Service.

(1) Notwithstanding any provision herein to the contrary, if the Employee’s
employment under this Agreement is terminated by the Company, resulting in a
Separation from Service, without the Employee’s prior written consent and for a
reason other than Just Cause, in connection with or within 12 months after a Change
in Control, as defined in subsection 10(a)(3), the Employee shall be paid (subject
to subsection 10(a)(2)) the greater of:

(i) The total amount payable under subsection 8(d); or

 

14

 

(ii) The product of 2.99 times the sum of: (A) his base salary in
effect as of the date of the Change in Control; (B) an amount equal to the
bonuses received by or payable to the Employee in the calendar year prior to
the year in which the Change in Control occurs; and (C) cash reimbursement
to the Employee in an amount equal to the cost to the Employee (demonstrated
by submission to the Company of invoices, bills or other proof of payment by
the Employee) of obtaining all Employee Benefits (all as defined in
subsection 4(a) excluding benefits under the 2011 Omnibus Plan which will be
paid in accordance with the terms and conditions of that plan), health
insurance premiums for the Employee, his spouse and child living in the
Employee’s household, best level Medicare supplement insurance available,
life insurance (all as described in subsection 4(b)), professional and club
dues, the cost of Employee’s continuing legal education requirements (all as
described in subsection 4(c)), all Automobile Benefits (as defined in
subsection 4(d)) and all other benefits which the Employee would otherwise
have been eligible to participate in or receive, through the Expiration
Date, based upon the benefit levels substantially equal to those that the
Company provided for the Employee at the date of the Employee’s Separation
from Service. The Employee shall also be entitled to receive an amount
necessary to provide any cash payments received under this subsection
10(a)(1)(ii) net of all income and payroll taxes that would not have been
payable by the Employee had he continued participation in the benefit plan
or program instead of receiving cash reimbursement.

(2) To the extent payments that would be received based on the Employee’s
Separation from Service in connection with a Change in Control, or within 12 months
after a Change in Control would be considered “excess parachute payments” pursuant
to the Code Section 280G, the benefit payment to the Employee under this Agreement,
when combined with all other parachute payments to the Employee, shall be the
greater of:

(i) the Employee’s benefit under the Agreement reduced to the maximum
amount payable to the Employee such that when it is aggregated with payments
and benefits under all other plans and arrangements it will not result in an
“excess parachute payment;” or

(ii) the Employee’s benefit under the Agreement after taking into
account the amount of the excise tax imposed on the Employee under Code
Section 280G due to the benefit payment.

The determination of whether any reduction in the rights or payments under this Plan
is to apply will be made by the Company in good faith after consultation with the
Employee, and such determination will be conclusive and binding on the Employee.
The Employee will cooperate in good faith with the Company in
making such determination and providing the necessary information for this purpose.

 

15

 

(3) “Change in Control” shall be deemed to have occurred if one of the
following events takes place:

(i) Change in Ownership. A change in the ownership of the Bank
or the Corporation occurs on the date that any person, or group of persons,
as defined below, acquires ownership of stock of the Bank or the Corporation
that, together with stock held by the person or group, constitutes more than
50 percent of the total fair market value or total voting power of the stock
of the Bank or the Corporation. However, if any person or group is
considered to own more than 50 percent of the total fair market value or
total voting power of the stock, the acquisition of additional stock by the
same person or group is not considered to cause a change in the ownership of
the Bank or the Corporation (or to cause a change in the effective control
of the Bank or the Corporation as defined in subsection 10(a)(3)(ii)). An
increase in the percentage of stock owned by any person or group, as a
result of a transaction in which the Bank or the Corporation acquires its
stock in exchange for property will be treated as an acquisition of stock
for purposes of this subsection. This subsection only applies when there is
a transfer of stock of the Bank or the Corporation (or issuance of stock of
a corporation) and stock in the Bank or the Corporation remains outstanding
after the transaction.

For purposes of subsections 10(a)(3)(i) and (ii), persons will not be
considered to be acting as a group solely because they purchase or own stock
of the Bank or the Corporation at the same time, or as a result of the same
public offering. However, persons will be considered to be acting as a
group if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock or similar business
transaction with the Bank or the Corporation. If a person, including an
entity, owns stock in both corporations that enter into a merger,
consolidation, purchase or acquisition of stock or similar transaction, such
shareholder is considered to be acting as a group with other shareholders
only with respect to the ownership in that corporation before the
transaction giving rise to the change and not with respect to the ownership
interest in the other corporation.

(ii) Change in the Effective Control. A change in the
effective control of the Bank or the Corporation will occur when: (i) any
person or group (as defined in subsection 10(a)(3)(i)) acquires, or has
acquired during the 12-month period ending on the date of the most recent
acquisition by such person(s), ownership of stock of the Bank or the
Corporation possessing 30 percent or more of the total voting power; or (ii)
a majority of members of the board of the Bank or the Corporation is
replaced during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Bank’s or
Corporation’s board prior to the date of the appointment or election.
However, if any person or group is considered to effectively control the
Bank or Corporation, the acquisition of additional control of the Bank or
Corporation by the same person(s) is not considered to cause a change in the
effective control.

 

16

 

(iii) Change in the Ownership of a Substantial Portion of the
Bank’s or Corporation’s Assets. A change in the ownership of a
substantial portion of the Bank’s or Corporation’s assets occurs on the date
that any person or group acquires, or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person(s),
assets from the Bank or Corporation that have a total gross fair market
value equal to or more than 40 percent of the total gross fair market value
of all of the assets of the Bank or Corporation immediately prior to such
acquisition(s). Gross fair market value means the value of the assets of
the Bank or Corporation, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets.

However, there is no Change in Control under this subsection when there is a
transfer to an entity that is controlled by the shareholders of the Bank or
Corporation immediately after the transfer. A transfer of assets by the
Bank or Corporation is not treated as a change in the ownership of such
assets if the assets are transferred to: (i) a shareholder of the Bank or
Corporation (immediately before the asset transfer) in exchange for or with
respect to its stock; (ii) an entity, 50 percent or more of the total value
or voting power of which is owned, directly or indirectly, by the Bank or
Corporation; (iii) a person, or group of persons, that owns, directly or
indirectly, 50 percent or more of the total value or voting power of all the
outstanding stock of the Bank or Corporation or (iv) an entity, at least 50
percent of the total value or voting power of which is owned, directly or
indirectly, by a person described in (iii). For purposes of this
subsection, except as otherwise provided, a person’s status is determined
immediately after the transfer of the assets. For example, a transfer to a
company in which the Bank or Corporation has no ownership interest before
the transaction, but which is a majority-owned subsidiary of the Bank or
Corporation after the transaction, is not treated as a change in the
ownership of the assets of the transferor Bank or Corporation.

For purposes of this subsection 10(a)(3)(iii), persons will not be
considered to be acting as a group solely because they purchase assets of
the Bank or Corporation at the same time. However, persons will be
considered to be acting as a group if they are owners of a corporation that
enters into a merger, consolidation, purchase or acquisition of assets, or
similar business transaction with the Bank or Corporation. If a person,
including an entity shareholder, owns stock in both corporations that enter
into a merger, consolidation, purchase or acquisition of assets, or similar
transaction, such shareholder is considered to be acting as a group with
other shareholders in a corporation only to the extent of the ownership in
that corporation before the transaction giving rise to the change and not
with respect to the ownership interest in the other corporation.

 

17

 

Notwithstanding the foregoing, the acquisition of Bank or Corporation stock by any
retirement plan sponsored by the Bank or an affiliate of the Bank will not constitute a
Change in Control. Additionally, notwithstanding the foregoing, but only to the extent
required under federal banking law, the amount payable under subsection 10(a) shall be
reduced to the extent that on the date of the Employee’s Separation from Service, the amount
payable under subsection 10(a) exceeds any limitation on severance benefits that is imposed
by the OCC.

(b) Change in Control; Voluntary for Good Reason. Notwithstanding any other
provision of this Agreement to the contrary, the Employee may Separate from Service under
this Agreement for Good Reason within 12 months following a Change in Control of the Bank or
Corporation, as defined in subsection 10(a)(3). In the event that the Employee has a
Separation from Service for Good Reason within 12 months following a Change in Control of
the Bank or Corporation, the Employee will first deliver to the Company a written notice
which will (A) indicate the specific provisions of this Agreement relied upon for such
Separation from Service, (B) set forth in reasonable detail the facts and circumstances
claimed to provide a basis for such Separation from Service, and (C) describe the steps,
actions, events or other items that must be taken, completed or followed by the Company to
correct or cure the basis for such Separation from Service. The Company will then have 30
days following the effective date of such notice to fully correct and cure the basis for the
Separation from Service. If the Company does not fully correct and cure the basis for the
Employee’s Separation from Service within such 30-day period, then the Employee will have
the right to Separate from Service with the Company for Good Reason immediately upon
delivering to the Company a written Notice of Termination and without any further cure
period. Notwithstanding the foregoing, the Company will be entitled to so correct and cure
only a maximum of two times during any calendar year.

The Employee shall thereupon be entitled to receive the payment described in
subsections 10(a)(1), (2) and (3) of this Agreement, within 30 days. During such 30-day
period, the Bank shall not allow the Employee’s participation in any Employee Benefits to
lapse and shall continue to provide the Employee with the Automobile Benefits described in
subsection 4(d), reimbursement or payment of professional and club dues, and the cost of the
Employee’s continuing legal education requirements as described in subsection 4(c). In the
event subsection 8(h) applies at the time of the Employee’s termination, the six-month
suspension period shall not prevent the Employee from continuing to receive reimbursement of
health insurance premiums for himself, his spouse and child living in the Employee’s
household, Medicare supplement insurance and life insurance (all as described in subsection
4(b)) immediately following his
Separation from Service, without regard to the six-month suspension applicable to cash
payments and other benefit amounts.

 

18

 

For purposes of this subsection 10(b), “Good Reason” means, the occurrence of any of
the following events, which has not been consented to in advance by the Employee in writing:

(i) The requirement that the Employee perform his principal executive functions
more than 30 miles from his Terre Haute, Indiana office.

(ii) A reduction of ten percent or more in the Employee’s base salary as in
effect on the date of the Change in Control or as the same may be changed by mutual
agreement from time to time, unless part of an institution-wide reduction and
similar to the reduction in the base salary of all other executive officers of the
Company;

(iii) The removal of the Employee from participation in any incentive or
performance-based compensation plans or bonus plans unless the Company terminates
participation in the plan or plans with respect to all other executive officers of
the Company;

(iv) A material failure by the Company to continue to provide the Employee with
the base salary, bonuses or benefits provided for under subsections 4(a), (c), (d)
and (e) of this Agreement, as the same may be increased from time to time, or with
benefits substantially similar to those provided to him under those subsections or
under any benefit plan or program in which the Employee now or hereafter becomes
eligible to participate, or the taking of any action by the Company which would
directly or indirectly reduce in a material manner any such benefits or deprive the
Employee to a material degree of any such benefit enjoyed by him, unless part of an
institution-wide reduction and applied similarly to all other executive officers of
the Company;

(v) The assignment to the Employee of duties and responsibilities materially
different from those normally associated with his position as referenced in Section
1;

(vi) A failure to elect or re-elect the Employee to the Bank’s board of
directors or a failure on the part of the Corporation or its successor to honor any
obligation to nominate Employee to the board of directors of the Corporation or its
successor;

(vii) A material diminution or reduction in the Employee’s responsibilities or
authority (including reporting responsibilities) in connection with his employment
with the Company; or

(viii) A material reduction in the secretarial or administrative support of the
Employee.

 

19

 

Notwithstanding the foregoing, but only to the extent required under federal banking
law, the amount payable under subsection 10(b) shall be reduced to the extent that on the
date of the Employee’s Separation from Service, the amount payable under subsection 10(b)
exceeds any limitation on severance benefits that is imposed by the OCC.

(c) Compliance with 12 U.S.C. Section 1828(k). Any payments made to the
Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their
compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

(d) Trust.

(1) Within five business days before or after a Change in Control which was not
approved in advance by a resolution of a majority of the directors of the
Corporation, the Company shall (i) deposit, or cause to be deposited, in a grantor
trust (the “Trust”), designed to conform with Revenue Procedure 92-64 (or any
successor) and having a trustee independent of the Bank, an amount equal to the
amounts which would be payable in a lump sum under subsections 10(a)(1), (2) and (3)
hereof if those payment provisions become applicable, and (ii) provide the trustee
of the Trust with a written direction to hold said amount and any investment return
thereon in a segregated account for the benefit of the Employee, and to follow the
procedures set forth in the next paragraph as to the payment of such amounts from
the Trust.

(2) During the 12 consecutive month period following the date on which the
Company makes the deposit referred to in the preceding paragraph, the Employee may
provide the trustee of the Trust with a written notice requesting that the trustee
pay to the Employee, in a single sum, the amount designated in the notice as being
payable pursuant to subsections 10(a)(1), (2) and (3). Within three business days
after receiving said notice, the trustee of the Trust shall send a copy of the
notice to the Company via overnight and registered mail, return receipt requested.
On the tenth business day after mailing said notice to the Company, the trustee of
the Trust shall pay the Employee the amount designated therein in immediately
available funds, unless prior thereto the Company provides the trustee with a
written notice directing the trustee to withhold such payment. In the latter event,
the trustee shall submit the dispute, within ten days of receipt of the notice from
the Company, to non-appealable binding arbitration for a determination of the amount
payable to the Employee pursuant to subsections 10(a)(1), (2) and (3), and the party
responsible for the payment of the costs of such arbitration (which may include any
reasonable legal fees and expenses incurred by the Employee) shall be determined by
the arbitrator. The Company and the Employee shall choose the arbitrator to settle
the dispute, and such arbitrator shall be bound by the rules of the American
Arbitration Association in making his or her determination. If the Employee and the
Company cannot agree on an arbitrator, then the arbitrator shall be selected under
the rules of the American Arbitration Association. The Employee, the Company and
the trustee
shall be bound by the results of the arbitration and, within three days of the
determination by the arbitrator, the trustee shall pay from the Trust the amounts
required to be paid to the Employee and/or the Company, and in no event shall the
trustee be liable to either party for making the payments as determined by the
arbitrator.

 

20

 

(3) Upon the earlier of (i) any payment from the Trust to the Employee, or (ii)
the date twelve months after the date on which the Company makes the deposit
referred to in subsection 10(d)(1)(i), the trustee of the Trust shall pay to the
Company the entire balance remaining in the segregated account maintained for the
benefit of the Employee, if any. The Employee shall thereafter have no further
interest in the Trust pursuant to this Agreement. However, the termination of the
Trust shall not operate as a forfeiture or relinquishment of any of the Employee’s
rights under the terms of this Agreement. Furthermore, in the event of a dispute
under subsection 10(d)(2), the trustee of the Trust shall continue to hold, in
trust, the deposit referred to in subsection 10(d)(1)(i) until a final decision is
rendered by the arbitrator pursuant to subsection 10(d)(2).

(e) In the event that any dispute arises between the Employee and the Company as to the
terms or interpretation of this Agreement or the obligations thereunder, including this
Section, whether instituted by formal legal proceedings or submitted to arbitration pursuant
to subsection 10(d)(2), including any action that the Employee takes to enforce the terms of
this Section or to defend against any action taken by the Company, the Employee shall be
reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from
such dispute, proceedings or actions, provided that the Employee shall obtain a final
judgment by a court of competent jurisdiction in favor of the Employee or, in the event of
arbitration pursuant to subsection 10(d)(2), a determination is made by the arbitrator that
the expenses should be paid by the Company. Such reimbursement shall be paid within ten
days of Employee’s furnishing to the Company written evidence, which may be in the form,
among other things, of a canceled check or receipt, of any costs or expenses incurred by the
Employee.

Should the Employee fail to obtain a final judgment in favor of the Employee and a
final judgment or arbitration decision is entered in favor of the Company and if decided by
arbitration, the arbitrator, pursuant to subsection 10(d)(2), determines the Employee to be
responsible for the Company’s expenses, then the Company shall be reimbursed for all costs
and expenses, including reasonable attorneys’ fees arising from such dispute, proceedings or
actions. Such reimbursement shall be paid within ten days of the Company furnishing to the
Employee written evidence, which may be in the form, among other things, of a canceled check
or receipt, of any costs or expenses incurred by the Company.

11. 2011 Omnibus Plan Awards. Any awards to the Employee under the 2011 Omnibus Plan that are outstanding at the time of
a Separation from Service will be governed by the terms of the 2011 Omnibus Plan.

 

21

 

12. Federal Income Tax Withholding. The Bank may withhold all federal and state income or other taxes from any benefit payable
under this Agreement as shall be required pursuant to any law or governmental regulation or ruling.

13. Successors and Assigns.

(a)
Company. This Agreement shall not be assignable by the Bank or Corporation, provided that this
Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the
Bank or Corporation which shall acquire, directly or indirectly, by merger, consolidation, purchase
or otherwise, all or substantially all of the assets or stock of the Bank or Corporation.

(b)
Employee. Because the Company is contracting for the unique and personal skills of the Employee, the
Employee shall be precluded from assigning or delegating his rights or duties hereunder without
first obtaining the written consent of the Company; provided, however, that nothing in this
paragraph shall preclude (i) the Employee from designating a beneficiary to receive any benefit
payable hereunder upon his death, or (ii) the executors, administrators, or other legal
representatives of the Employee or his estate from assigning any rights hereunder to the person or
persons entitled thereunto.

(c)
Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject
to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or
hypothecation or to exclusion, attachment, levy or similar process or assignment by operation of
law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and
of no effect.

14. Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and
signed by the Bank, the Corporation and the Employee, except as herein otherwise specifically
provided.

15. Applicable Law. Except to the extent preempted by federal law, the laws of the State of Indiana, without
regard to that State’s choice of law principles, shall govern this Agreement in all respects,
whether as to its validity, construction, capacity, performance or otherwise.

16. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. Should any particular covenant, provision or clause of this Agreement be held
unreasonable or unenforceable for any reason, including without limitation, the time period,
geographic area and/or scope of activity covered by such covenant, provision or clause, the Company
and Employee acknowledge and agree that such covenant, provision or clause shall be given effect
and enforced to whatever extent would be reasonable and enforceable under applicable law.

17. Entire Agreement. This Agreement: (a) supersedes all other understandings and agreements, oral or written,
between the parties with respect to the subject matter of this Agreement; and (b) constitutes the
sole agreement between the parties with respect to this subject matter; provided, however, that the
benefit plans and arrangements referred to in this Agreement
are not superseded or replaced unless this Agreement specifically so states and such benefit
plans and arrangements may be set forth in separate plan documents stating their terms.

 

22

 

18. Construction. The rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Agreement.

19. Headings. The headings in this Agreement have been inserted solely for ease of reference and shall
not be considered in the interpretation, construction or enforcement of this Agreement.

20. Notices. For purposes of this Agreement, notices and all other communications provided for herein
shall be in writing and shall be deemed to have been given (a) if hand delivered, upon delivery to
the party, or (b) if mailed, two days following deposit of the notice or communication with the
United States Postal Service by registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

	 	 	 
	If to the Employee:

	 	Norman L. Lowery

93 Allendale

Terre Haute, Indiana 47802
	 
	 	 
	If to the Bank:

	 	First Financial Bank, N.A.

Attn: Chairman of the Board of Directors

One First Financial Plaza

P.O. Box 540

Terre Haute, Indiana 47808-0540
	 
	 	 
	With a copy to (which will not
constitute notice):

	 	Krieg DeVault LLP

Attn: Sharon B. Hearn, Esq.

One Indiana Square, Suite 2800

Indianapolis, Indiana 46204
	 
	 	 
	If to First Financial Corporation:

	 	First Financial Corporation

Attn: Chairman of the Board of Directors

One First Financial Plaza

P.O. Box 540

Terre Haute, Indiana 47808-0540
	 
	 	 
	With a copy to (which will not
constitute notice):

	 	Krieg DeVault LLP

Attn: Sharon B. Hearn, Esq.

One Indiana Square, Suite 2800

Indianapolis, Indiana 46204

 

23

 

or to such other address as either party hereto may have furnished to the other party in writing in
accordance herewith, except that notices of change of address shall be effective only upon receipt.

21. Waiver. The waiver by either party of a breach of any provision of this Agreement, or failure to
insist upon strict compliance with the terms of this Agreement, shall not be deemed a waiver of any
subsequent breach or relinquishment of any right or power under this Agreement.

22. Review and Consultation. Employee acknowledges and agrees he (a) has read this Agreement in its entirety prior to
executing it, (b) understands the provisions and effects of this Agreement and (c) has consulted
with such attorneys, accountants and financial or other advisors as he has deemed appropriate in
connection with the execution of this Agreement. Employee understands, acknowledges and agrees
that he has not received any advice, counsel or recommendation with respect to this Agreement from
Employer’s attorneys.

IN WITNESS WHEREOF, the parties have executed this Agreement on this 1st day of December,
2010.

	 	 	 	 	 	 	 	 	 
	ATTEST	 	 	 	FIRST FINANCIAL BANK, N.A.	 	 
	 
	 	 	 	 	 	 	 	 
	(s) Leticia E. Wright	 	 	 	(s) Rodger McHargue	 	 
	 	 	 	 	 	 	 
	Title:

	 	Sr. Executive Assistant
	 	 	 	Rodger A. McHargue, Secretary/Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST	 	 	 	FIRST FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	(s) Rodger McHargue	 	 	 	(s) Donald E. Smith	 	 
	 	 	 	 	 	 	 
	Title:

	 	Secretary
	 	 	 	Donald E. Smith, President	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(s) Norman L. Lowery
 

Norman L. Lowery
	 	 

 

24

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