Document:

Exhibit

THE CHEFS’ WAREHOUSE, INC. 10-K

Exhibit 10.27(b)
THE CHEFS’ WAREHOUSE, INC. 
PERFORMANCE RESTRICTED SHARE AWARD AGREEMENT 
(Officers and Employees) 
THIS PERFORMANCE RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”) is made and entered into as of the    day of    , 20    (the “Grant Date”), between The Chefs’ Warehouse, Inc., a Delaware corporation (together with its Subsidiaries, the “Company”), and     (the “Grantee”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in The Chefs’ Warehouse, Inc. 2011 Omnibus Equity Incentive Plan (the “Plan”). 
WHEREAS, the Company has adopted the Plan, which permits the issuance of restricted shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”) as a Performance Award under the Plan; and 
WHEREAS, pursuant to the Plan, the Committee responsible for administering the Plan has granted a Performance Award of restricted shares to the Grantee as provided herein. 
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
1. Grant of Performance Shares. 
(a) The Company hereby grants to the Grantee an award (the “Award”) with respect to a maximum of     shares of Common Stock of the Company on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. The Common Stock of the Company subject to the Award is referred to as the “Shares” or “Performance Shares”. 
(b) The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the dates on which the Performance Shares shall vest in accordance with Sections 2 and 3 hereof. 
(c) The target Performance Shares under this Award is     Performance Shares (the “Target Performance Shares”). For purposes of this Agreement, the term “Performance Period” shall mean the three year period ending on        .
2. Terms and Rights as a Stockholder. 
(a) Except as otherwise provided herein, provided that the Grantee provides continuous service to the Company through the date of certification of the attainment of the performance criteria set forth in Exhibit A by the Committee, and further provided that the additional conditions and performance criteria set forth in Exhibit A hereto have been satisfied, the Performance Shares shall vest upon certification of the attainment of the performance criteria set forth in Exhibit A by the Committee (the “Vesting Period”).     
The number of Performance Shares originally subject to this Award that do not vest, if any, in accordance with this Section 2(a) shall be forfeited immediately by the Grantee upon the determination of the Committee that the necessary performance criteria have not been met. 

(b) The Grantee shall have all rights of a stockholder with respect to the Performance Shares, including the right to receive dividends and the right to vote such Performance Shares, subject to the following restrictions: 
(i) the Grantee shall not be entitled to the removal of the restricted legends or restricted account notices or to delivery of the stock certificate (if any) for any Shares until the Committee has determined that such Shares shall have vested pursuant to the terms of this Agreement and the fulfillment of any other restrictive conditions set forth herein; 

1The performance criteria are indicative and may vary from award to award.

THE CHEFS’ WAREHOUSE, INC. 10-K

(ii) none of the Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of until the Committee has determined that such Shares shall have vested pursuant to the terms of this Agreement and until the fulfillment of any other restrictive conditions set forth herein; 
(iii) except as otherwise provided herein or determined by the Committee at or after the grant of the Award hereunder, unless the Grantee remains in the continuous employment (or other service-providing capacity) of the Company for the entire Vesting Period applicable to a portion of the Performance Shares, the Performance Shares related to such Vesting Period shall be forfeited, and all rights of the Grantee to such Shares shall terminate, without further obligation on the part of the Company, as of the effective date of Grantee’s termination of employment; and 
(iv) any dividends otherwise payable on Performance Shares shall not be paid to the Grantee at the time such dividends are paid to the holders of Common Stock generally, but shall be paid to Grantee within fifteen days of the Committee’s determination of the number of Performance Shares that become vested pursuant to the terms of Section 2(a) of this Agreement; provided, that any dividends otherwise payable with respect to Performance Shares that are forfeited pursuant to Section 2(a) shall not be paid. 
(c) Notwithstanding the foregoing, the Performance Shares awarded hereunder shall automatically vest (provided, that such Shares have not previously been forfeited) upon the termination of the Grantee’s employment from the Company which results from the Grantee’s death or Disability. 
(d) In the event of a Change in Control, (i) if the Change in Control occurs during the Performance Period, the necessary performance criteria shall be deemed satisfied as to the Target Performance Shares and the Vesting Period shall automatically terminate as to the Target Performance Shares immediately prior to the Change in Control, and (ii) if the Change in Control occurs after the Performance Period, the Vesting Period shall automatically terminate immediately prior to the Change in Control as to the Performance Shares for which the necessary performance criteria has been satisfied; provided in each case, that if this Award is assumed in the Change in Control transaction under the terms set forth in Section 13.3 of the Plan, the Vesting Period shall run according to the schedule set forth in Section 2(a) hereof except that in the event of the termination of the Grantee’s employment following a Change in Control, if the Grantee’s employment with the Company (or its successor) is terminated by (A) the Grantee for Good Reason, or (B) the Company for any reason other than for “Cause” (as “Cause” is defined in the Plan, unless otherwise defined in an applicable service agreement), the Vesting Period shall terminate with respect to 100% of the Shares. 
Any shares of Common stock, any other securities of the Company and any other property (except for cash dividends) distributed with respect to the Shares shall be subject to the same restrictions, terms and conditions as such Shares.
3. Termination of Restrictions. Following the termination of the Vesting Period, and provided that all other restrictive conditions set forth herein have been met, all restrictions set forth in this Agreement or in the Plan relating to such portion or all, as applicable, of the Performance Shares that the Committee determines shall vest shall lapse as to such portion of the Performance Shares, and a stock certificate for the appropriate number of shares of Common Stock, free of the restrictions and restrictive stock legend, shall, upon request, be delivered to the Grantee or Grantee’s beneficiary or estate, as the case may be, pursuant to the terms of this Agreement (or, in the case of book-entry shares, such restrictions and restricted stock legend shall be removed from the confirmation and account statements delivered to the Grantee in book-entry form). 
4. Delivery of Shares. 
(a) As of the date hereof, certificates representing the Shares may be registered in the name of the Grantee and held by the Company or transferred to a custodian appointed by the Company for the account of the Grantee subject to the terms and conditions of the Plan and shall remain in the custody of the Company or such custodian until their delivery to the Grantee or Grantee’s beneficiary or estate as set forth in Sections 4(b) and (c) hereof or their forfeiture or reversion to the Company as set forth in Section 2(b) hereof. The Committee may, in its discretion, provide that the Grantee’s ownership of Shares prior to the lapse of any transfer restrictions or any other applicable restrictions shall, in lieu of such certificates, be evidenced by a “book entry” (i.e., a computerized or manual entry) 

1The performance criteria are indicative and may vary from award to award.

THE CHEFS’ WAREHOUSE, INC. 10-K

in the records of the Company or its designated agent in accordance with and subject to the applicable provisions of the Plan. 
(b) If certificates shall have been issued as permitted in Section 4(a) above, certificates representing Shares that shall vest pursuant to this Agreement shall be delivered to the Grantee upon request following the date on which the vesting has been determined. 
(c) If certificates shall have been issued as permitted in Section 4(a) above, certificates representing Shares that vest upon the Grantee’s death shall be delivered to the executors or administrators of the Grantee’s estate as soon as practicable following the receipt of proof of the Grantee’s death satisfactory to the Company. 
(d) Any certificate representing Shares shall bear (and confirmation and account statements sent to the Grantee with respect to book-entry Shares may bear) a legend in substantially the following form or substance: 
 
THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE SECURITES ACT OF 1933 AND UNDER APPLICABLE BLUE SKY LAW OR UNLESS SUCH SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION IS EXEMPT FROM REGISTRATION THEREUNDER. 
THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE AND RESTRICTIONS AGAINST TRANSFER) CONTAINED IN THE CHEFS’ WAREHOUSE, INC. 2011 OMNIBUS EQUITY INCENTIVE PLAN (THE “PLAN”) AND THE PERFORMANCE RESTRICTED SHARE AWARD AGREEMENT (THE “AGREEMENT”) BETWEEN THE OWNER OF THE RESTRICTED SHARES REPRESENTED HEREBY AND THE CHEFS’ WAREHOUSE, INC. (THE “COMPANY”). THE RELEASE OF SUCH SHARES FROM SUCH TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE PLAN AND THE AGREEMENT AND ALL OTHER APPLICABLE POLICIES AND PROCEDURES OF THE COMPANY, COPIES OF WHICH ARE ON FILE AT THE COMPANY. 
5. Effect of Lapse of Restrictions. To the extent that any Performance Shares vest hereunder, the Grantee may receive, hold, sell or otherwise dispose of such Performance Shares free and clear of the restrictions imposed under the Plan and this Agreement upon compliance with applicable legal requirements. 
6. No Right to Continued Employment. This Agreement shall not be construed as giving the Grantee the right to be retained in the employ of the Company, and subject to any other written contractual arrangement between the Company and the Grantee, the Company may at any time dismiss the Grantee from employment, free from any liability or any claim under the Plan.
7. Adjustments. The Committee may make equitable and proportionate adjustments in the terms and conditions of, and the criteria (including any performance criteria set forth on Exhibit A) included in, this Award in recognition of unusual or nonrecurring events (and shall make adjustments for the events described in Section 4.2 of the Plan) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles in accordance with the Plan whenever the Committee determines that such events affect the Shares. Any such adjustments shall be effected in a manner that precludes the material enlargement of rights and benefits under this Award. 
8. Amendment to Award. Subject to the restrictions contained in the Plan, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate the Award, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of the Grantee or any holder or beneficiary of the Award shall not to that extent be effective without the consent of the Grantee, holder or beneficiary affected. 
 
9. Withholding of Taxes. If the Grantee makes an election under Section 83(b) of the Code with respect to the Award, the Award made pursuant to this Agreement shall be conditioned upon the prompt payment to the Company of any applicable withholding obligations or withholding taxes by the Grantee (“Withholding Taxes”). Failure by the Grantee to pay such Withholding Taxes will render this Agreement and the Award granted hereunder null and void ab initio and the Shares granted hereunder will be immediately cancelled. If the Grantee does not make an election 

1The performance criteria are indicative and may vary from award to award.

THE CHEFS’ WAREHOUSE, INC. 10-K

under Section 83(b) of the Code with respect to the Award, upon the vesting of any Shares hereunder (or property distributed with respect thereto), the Company may satisfy the required Withholding Taxes as set forth by Internal Revenue Service guidelines for the employer’s minimum statutory withholding with respect to the Grantee and issue vested shares to the Grantee without restriction. The Company may satisfy the required Withholding Taxes by withholding from the Shares included in the Award that number of whole shares necessary to satisfy such taxes as of the date the restrictions lapse with respect to such Shares based on the Fair Market Value of the Shares, or by requiring the Grantee to remit to the Company the proper Withholding Taxes in cash. 
10. Plan Governs. The Grantee hereby acknowledges receipt of a copy of (or electronic link to) the Plan and agrees to be bound by all the terms and provisions thereof. The terms of this Agreement are governed by the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. 
11. Severability. If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and Award shall remain in full force and effect. 
12. Notices. All notices required to be given under this Award shall be deemed to be received if delivered or mailed as provided for herein, to the parties at the following addresses, or to such other address as either party may provide in writing from time to time. 
 
	
			
	 
	 
	 

	To the Company:
	 
	The Chefs’ Warehouse, Inc.
100 East Ridge Road
Ridgefield, Connecticut 06877
Attn: Corporate Secretary

	 
	 

	To the Grantee:
	 
	The address then maintained with respect to the Grantee in the Company’s records.

 
 
13. Governing Law. The validity, construction and effect of this Agreement shall be determined in accordance with the laws of the State of Delaware without giving effect to conflicts of laws principles. 
14. Successors in Interest. This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors. 
15. Resolution of Disputes. Any dispute or disagreement which may arise under, or as a result of, or in any way relate to, the interpretation, construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and conclusive on the Grantee and the Company for all purposes. 
(remainder of page left blank intentionally) 
 

1The performance criteria are indicative and may vary from award to award.

THE CHEFS’ WAREHOUSE, INC. 10-K

IN WITNESS WHEREOF, the parties have caused this Performance Restricted Share Award Agreement to be duly executed effective as of the day and year first above written. 
 
	
			
	 
	 
	 

	THE CHEFS’ WAREHOUSE, INC.

	 
	 

	By:
	 
	 

 
	
			
	 
	 
	 

	GRANTEE:

	 
	 

	 
	 
	 

 

1The performance criteria are indicative and may vary from award to award.

THE CHEFS’ WAREHOUSE, INC. 10-K

EXHIBIT A 
Performance Criteria1 
Subject to all the other terms and conditions of this Agreement and in accordance with the Committee’s certification of AEBITDA margin and ROIC (return on invested capital) for the Performance Period, each such performance target being weighted equally as applicable to 50% of the Shares, the restrictions with respect to the Shares shall lapse on the date of such certification and such Shares shall vest within a range of 0% - 200%, with no interpolation/pro ration between levels of performance, of the Shares granted, in accordance with the following schedules, as applicable:  
	
		
	AEBITDA Margin Threshold
	Percentage of Performance Shares Attained

	___% or less
	0%

	___%
	25%

	___%
	50%

	___%
	75%

	___%
	100%

	___%
	125%

	___%
	150%

	___%
	175%

	___% or more
	200%

	
		
	ROIC Threshold
	Percentage of Performance Shares Attained

	___% or less
	0%

	___%
	25%

	___%
	50%

	___%
	75%

	___%
	100%

	___%
	125%

	___%
	150%

	___%
	175%

	___% or more
	200%

1The performance criteria are indicative and may vary from award to award.Exhibit 10.6

 

NICOLET NATIONAL BANK

DEFERRED COMPENSATION PLAN

(As Amended and Restated)

 

     

     

    

 

NICOLET NATIONAL BANK

DEFERRED COMPENSATION PLAN

(As Amended and Restated)

 

TABLE OF CONTENTS

 

	 	 	PAGE
	 	 	 
	SECTION 1	DEFINITIONS	1
	 	 	 
	SECTION 2	ELIGIBILITY	6
	 	 	 
	SECTION 3	CONTRIBUTIONS	8
	 	 	 
	SECTION 4	CREDITING ACCOUNTS	8
	 	 	 
	SECTION 5	VESTING	9
	 	 	 
	SECTION 6	DISTRIBUTION OF ACCOUNTS	10
	 	 	 
	SECTION 7	ADMINISTRATION OF THE PLAN	14
	 	 	 
	SECTION 8	CLAIM REVIEW PROCEDURE	16
	 	 	 
	SECTION 9	LIMITATION OF ASSIGNMENT, PAYMENTS TO LEGALLY INCOMPETENT DISTRIBUTEE AND UNCLAIMED PAYMENTS	18
	 	 	 
	SECTION 10	LIMITATION OF RIGHTS	18
	 	 	 
	SECTION 11	AMENDMENT TO OR TERMINATION OF THE PLAN	19
	 	 	 
	SECTION 12	ADOPTION OF PLAN BY AFFILIATES	19
	 	 	 
	SECTION 13	MISCELLANEOUS	19

 

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NICOLET NATIONAL BANK

DEFERRED COMPENSATION PLAN

(As Amended and Restated)

 

THIS INDENTURE is
made on the 20th day of September, 2016 (the “Restatement Effective Date”) by Nicolet National Bank, a
national banking association organized under the laws of the United States (the “Primary Sponsor”).

 

W I T N E S S E T H:

 

WHEREAS, the Primary
Sponsor established by indenture the Nicolet National Bank Deferred Compensation Plan, effective as of January 1, 2002, which instrument
was amended by the First Amendment thereto dated December 21, 2010 (as so amended, the “Original Plan”).

 

WHEREAS, the Primary
Sponsor now desires to amend and restate the Original Plan to provide eligible employees with enhanced deferral opportunities and
for a variety of other reasons (as so amended and restated, the “Plan”).

 

WHEREAS, the Plan is
designed as a “nonqualified deferred compensation plan,” within the meaning of Section 409A(d) of the Internal Revenue
Code, which provides deferred compensation opportunities for a select group of management or highly compensated employees through
both elective deferrals of pay by participants and discretionary employer contributions under the Plan.

 

WHEREAS, the Primary
Sponsor intends that the Plan, as amended and restated, continue to qualify as a nonqualified deferred compensation plan that is
compliant with the requirements of Section 409A of the Internal Revenue Code and continue as a plan which is unfunded and is maintained
primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within
the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974.

 

NOW, THEREFORE, the
Primary Sponsor does hereby amend and restate the Plan, effective as of the Restatement Effective Date, to read as follows:

 

SECTION 1

DEFINITIONS

 

Whenever used herein,
the masculine pronoun shall be deemed to include the feminine, and the singular to include the plural, unless the context clearly
indicates otherwise, and the following words and phrases shall, when used herein, have the meanings set forth below:

 

1.1       “Account”
means the bookkeeping accounts established and maintained by the Plan Administrator to reflect the interest of each Participant
under the Plan in contributions credited to a Participant pursuant to Section 3, as adjusted to reflect credits or charges pursuant

 

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to Sections 4 and Section 13.3. Each Account
may include one or more of the following subaccounts:

 

(a)       Retirement
Account. Each Retirement Account reflects credits to a Participant’s Account (i) made on his or her behalf as Deferral
Contributions pursuant to Sections 3.1 from and after January 1, 2017, to the extent Deferral Contributions are not designated
for allocation to a Fixed Period Account and (ii) made on his or her behalf as Nonelective Contributions pursuant to Section 3.2
from and after the Restatement Effective Date, as adjusted to reflect designated rates of return and other credits or charges.
Each Retirement Account may consist of a Deferral Contributions Retirement Subaccount and a Nonelective Contributions Retirement
Subaccount to the extent both Deferral Contributions and Nonelective Contributions are credited to a Retirement Account.

 

(b)       Fixed
Period Account. Each Fixed Period Account reflects credits to a Participant’s Account made on his or her behalf as Deferral
Contributions pursuant to Sections 3.1 from and after January 1, 2017, to the extent Deferral Contributions are designated for
allocation to the Fixed Period Account, as adjusted to reflect designated rates of return and other credits or charges.

 

(c)       Pre-2017
Deferral Contributions Account. All Deferral Contributions credited to Accounts under the Plan for periods prior to January
1, 2017 shall be credited to the Pre-2017 Deferral Contributions Account, as adjusted to reflect designated rates of return and
other credits or charges for all periods both before and after January 1, 2017.

 

1.2       “Affiliate”
means (a) any corporation which is a member of the same controlled group of corporations (within the meaning of Code Section 414(b))
as is a Plan Sponsor, and (b) any other trade or business (whether or not incorporated) under common control (within the meaning
of Code Section 414(c)) with a Plan Sponsor.

 

1.3       Annual
Bonus means an amount paid to a Participant as bonus compensation for the performance period to which a Deferral Election applies,
which is specifically classified as an annual bonus payment by the Plan Sponsor relating to services performed during one or more
performance periods of at least twelve (12) months’ duration.

 

1.4       Annual
Installments means a series of amounts to be paid annually over a predetermined period of years in substantially equal periodic
payments, except to the extent any increase in the amount reflects reasonable earnings through the date the amount is paid. Annual
Installments shall be treated as a single payment for the purpose of Section 409A.

 

1.5       Base
Salary means a Participant’s regular base salary as reflected on the payroll records from time to time during the Plan
Year.

 

1.6       “Beneficiary”
means the person or trust that a Participant designated most recently in writing to the Plan Administrator; provided, however,
that if the Participant has failed to make a designation, no person designated is alive, no trust has been established, or no successor
Beneficiary has been designated who is alive, the “Beneficiary” means (a) the

 

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Participant’s spouse; or (b) if no
spouse is alive, the legal representative of the deceased Participant’s estate.

 

1.7       “Code”
means the Internal Revenue Code of 1986, as amended, and all relevant regulations and rulings pertaining to the particular provision(s)
of the Code referenced herein.

 

1.8       “Compensation”
means Base Salary, Annual Bonus, or both, as the context requires.

 

1.9       “Deferral
Contribution” means a contribution of a Plan Sponsor on behalf of a Participant pursuant to Section 3.1 equal to a percentage
(or, alternatively, if permitted by the Plan Administrator, a flat dollar amount) of a Participant’s Base Salary and/or Annual
Bonus that is not yet payable and otherwise effected pursuant to a valid Deferral Election.

 

1.10     “Deferral
Election” means a Participant’s election under Section 2.2 that is made during an Election Period to have Deferral
Contributions made to his or her Account.

 

1.11     “Effective
Date” means, as to the Primary Sponsor, January 1, 2002, and as to each other Plan Sponsor which adopts the Plan, the
effective date as of which such Plan Sponsor first adopts the Plan.

 

1.12     “Eligible
Employee” shall mean any Employee who is (a) employed by a Plan Sponsor, (b) determined by the Plan Administrator in
its sole discretion to be a member of a select group of management or highly compensated employees of that Plan Sponsor within
the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and any regulations relating thereto, and (c) designated by the
Plan Administrator, in its sole discretion, to be eligible to participate in the Plan. No person who is initially classified by
a Plan Sponsor as an independent contractor for federal income tax purposes shall be regarded as an Eligible Employee for that
period, regardless of any subsequent determination that any such person should have been characterized as a common law employee
of the Plan Sponsor for the period in question.

 

1.13     “Employee”
means any individual who is treated as a common law employee of the Primary Sponsor or an Affiliate in accordance with its usual
employment policies and procedures.

 

1.14     “Election
Period” means the elections periods described in Section 2.2.

 

1.15     “Employer
Group” means the Primary Sponsor and each Affiliate, except that in applying Code Section 1563(a)(1), (2) and (3), “at
least 50 percent” is used instead of “at least 80 percent.”

 

1.16     “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and all relevant regulations and rulings pertaining to the
particular provision(s) of the Code referenced herein.

 

1.17     “Governing
Body” means the Board of Directors of the Primary Sponsor.

 

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1.18     “Key
Employee” shall mean a Participant who is a key employee (as defined in Code Section 416(i) without regard to Code Section
416(i)(5)) of the Plan Sponsor (or an entity which is considered to be single employer with the Plan Sponsor under Code Section
414(b) or 414(c)) at any time during the twelve (12) month period ending on December 31. Notwithstanding the foregoing, a Participant
who is a key employee determined under the preceding sentence will be deemed to be a Key Employee solely for the period of April
1 through March 31 following such December 31 or as otherwise required by the Section 409A. For purposes of determining whether
an individual is a key employee under Code Section 416(i), the Primary Sponsor shall calculate the applicable compensation thresholds
by referring to such individual’s W-2 compensation as reported by the Plan Sponsor or any
Affiliate for a particular calendar year.

 

1.19     “Nonelective
Contributions” means an amount credited to a Participant’s Nonelective Contributions Retirement Subaccount by the
Plan Sponsor.

 

1.20     “Participant”
means any Eligible Employee or former Eligible Employee who has become a participant in the Plan pursuant to Section 2, for so
long as his or her benefits hereunder have not been fully distributed.

 

1.21     “Plan”
means the Nicolet National Bank Deferred Compensation Plan, as amended and/or restated from time to time.

 

1.22     “Plan
Administrator” means the organization or person designated by the Primary Sponsor to administer the Plan or, in the absence
of any such designation, the Compensation Committee of the Governing Body.

 

1.23     “Plan
Sponsor” means individually the Primary Sponsor and each Affiliate which may adopt the Plan with the consent of the Plan
Administrator.

 

1.24     “Plan
Year” means each calendar year beginning with the calendar year commencing January 1, 2002.

 

1.25     “Section
409A” shall mean Section 409A of the Code.

 

1.26     “Termination
of Employment” means the Participant’s separation from service with the Primary Sponsor and all affiliated companies
that, together with the Primary Sponsor, constitute the “service recipient” as contemplated under Code Section 409A(a)(2)(A)(i).
Whether a Termination of Employment takes place is determined based on the facts and circumstances surrounding the termination
of the Participant’s employment and whether there is an intent for the Participant to provide significant services for the
“service recipient” following such termination. Notwithstanding the foregoing, the following rules apply in determining
whether a Termination of Employment has occurred:

 

(a)       A
termination of employment will not be considered a Termination of Employment if: the Participant continues to provide services
as an employee of the

 

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“service recipient”
at an annual rate that is more than twenty percent (20%) of the services rendered, on average, during the immediately preceding
three (3) full calendar years of employment (or, if employed less than three (3) years, such lesser period) and the annual remuneration
for such services is twenty percent (20%) or more of the average annual remuneration earned during the final three full calendar
years of employment (or, if less, such lesser period).

 

(b)       The
employment relationship of a Participant will be considered to remain intact while the individual is on military leave, sick leave
or other bona fide leave of absence if there is a reasonable expectation that the Participant will return to perform services for
the “service recipient” and the period of such leave does not exceed six months, or if longer, so long as the individual
retains a right to reemployment with the “service recipient” under applicable law or contract

 

1.27     “Trust”
means the grantor trust that may be maintained by the Primary Sponsor as a source for the payment of benefit obligations under
the Plan. The Trust shall be consistent with the “unfunded” status of the Plan and shall be subject to the claims of
the general creditors of the Primary Sponsor and/or the Plan Sponsor (as appropriate).

 

1.28     “Trustee”
means the trustee under the Trust that may be maintained by the Primary Sponsor as a source for the payment of benefit obligations
under the Plan.

 

1.29     “Unforeseeable
Emergency” means a severe hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s
spouse, or a dependent (as defined in Code Section 152 without regard to Subsections 152(b)(1), (b)(2) and (d)(1)(B) thereof) of
the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant; provided further that such hardship can not be relieved through
reimbursement or compensation from insurance or otherwise; by liquidation of assets (to the extent liquidation would not itself
cause severe financial hardship) or by cessation of deferrals under the Plan.

 

1.30     “Valuation
Date” means each regular business day or any other date designated as such by the Plan Administrator.

 

1.31     “Vesting
Service” means the total number of years and completed whole months of service rendered by a Participant as an employee
of the Plan Sponsor or any Affiliate measured from the Participant’s most recent date of hire. In applying the foregoing,

 

(a)       periods
of authorized leaves of absence from the Plan Sponsor or any Affiliate, including but not limited to leaves required to be granted
pursuant to the Family and Medical Leave Act of 1993 and the Uniformed Services Employment and Reemployment Rights Act, shall not
be treated as constituting a break in a Participant’s period of continuous service; and

 

(b)       the
Plan Administrator may, but is not required to, aggregate one or more past periods of service of a rehired Participant.

 

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SECTION 2

ELIGIBILITY

 

2.1       Commencement
of Participation. Each Eligible Employee shall become a Participant as of the date designated by the Plan Administrator. A
designation of eligibility by the Plan Administrator shall be by means of a written or electronic communication to an Eligible
Employee.

 

2.2       Deferral
Elections. A Participant may elect to make deferrals of Base Salary and Annual Bonuses during each Election Period designated
by the Plan Administrator with respect to a Plan Year or performance period, as provided herein. Participants may make their Deferral
Elections during an Election Period established by the Plan Administrator ending no later than immediately prior to the first day
of the Plan Year to which the Deferral Election is to apply; provided, however, to the extent the Plan Administrator may permit:

 

(a)       with
respect to a deferral of Annual Bonus, the Election Period established by the Plan Administrator must end prior to the earlier
of (i) the first day of the Plan Year in which the performance period commences or (ii) the first day of the performance period,
unless the Annual Bonus qualifies as performance-based compensation within the meaning of Treasury Regulations Section 1.409A-1(e)
and satisfies the criteria under Treasury Regulations Section 1.409A-2(a)(8), in which case the Election Period may end as late
as six (6) months prior to the end of the performance period; and

 

(b)       with
respect to a deferral of Base Salary only, in the case of a Participant who is first eligible to participate in the Plan as of
any date other than January 1 or who is a former Participant, the 30-day period beginning as of the date the Eligible Employee
first becomes or becomes again a Participant; provided any such Eligible Employee has not, for a period of at least twenty-four
(24) months prior to such initial or renewed eligibility, been eligible to participate in the Plan or in any other plan of the
Employer Group (other than accruing earnings under the Plan or such other plan).

 

Participants may elect
to have Deferral Elections applied either to Base Salary or Annual bonuses, or both, subject to such rules as may be promulgated
from time to time by the Plan Administrator.

 

Unless the Plan Administrator
provides for an earlier irrevocability date, Deferral Elections shall become irrevocable as of the last day of the latest ending
Election Period that could have been established by the Plan Administrator with respect to a Deferral Election as provided for
in this Section 2.2.

 

2.3       Duration
of Deferral Elections.

 

(a)       General
Rules. Deferral Elections (i) must be made during an eligible Election Period; (ii) shall be effective for the Plan Year immediately
following the Election Period or, to the extent applicable, in which the Election Period ends or, with

 

    6 

     

    

 

respect to deferrals of Annual
Bonus, for the performance period to which it relates; (iii) shall only apply with respect to Compensation that relates to
services performed subsequent to the date of the Deferral Election; (iv) shall be irrevocable (except as provided herein); and
(v) shall remain in force for the balance of the Plan Year in which the Participant's participation begins or for the performance
period to which it relates, as applicable (except in the case of Deferral Elections having continuing effect). A Deferral Election
shall have continuing effect for successive Plan Years and performance periods only to the extent permitted by the Plan Administrator
and as expressly provided for by the terms of a Deferral Election.

 

(b)       Suspensions
of Deferral Elections. Subject to the provisions of Section 409A, in the event a Participant participates in a plan of the
Employer Group intended to qualify under Code Section 401(a) and containing a tax-qualified cash or deferred arrangement qualified
under Code Section 401(k), the Participant shall be suspended from continued participation under this Plan to the extent required
by such other plan as a result of a hardship withdrawal made by such Participant under such other plan. Such a Participant may
not again make Deferral Contributions to this Plan until the Plan Year or performance period, as applicable, following the Plan
Year or performance period, as applicable, in which Deferral Contributions cease under this Section 2.3(b) in accordance with rules
established by the Plan Administrator in accordance with the requirements of Section 409A.

 

(c)       Certain
Revocations of Deferral Elections. A Participant’s Deferral Election shall be revoked upon a Participant demonstrating
to the Plan Administrator in such form an manner as my be specified by the Plan Administrator from time to time that the Participant
is suffering from an Unforeseeable Emergency. Such Participant may not again make Deferral Contributions to this Plan until the
Plan Year or performance period, as applicable, following the Plan Year or performance period, as applicable, in which Deferral
Contributions cease under this Section 2.3(c) in accordance with rules established by the Plan Administrator in accordance with
the requirements of Section 409A.

 

2.4       Cessation
of Active Participation. Any Participant previously designated for membership in the Plan may be designated as ineligible for
active membership in the Plan, on a prospective basis, at any time by the Plan Administrator and shall be classified as an inactive
Participant. A Participant who ceases to be either an Employee or Eligible Employee shall no longer be eligible for active membership
in the Plan as of the date the Participant ceases to be an Employee or Eligible Employee and shall be classified as an inactive
Participant. Any Deferral Election in effect at the time that a Participant becomes inactive but remains an Employee shall continue
in effect for the balance of the period to which the Deferral Election applies. The categories of inactive Participants described
in this Section 2.2 are ineligible to elect further deferrals of Compensation under Section 3 and to receive further allocations
of Plan Sponsor contributions under Section 3 but shall continue as Participants until their respective benefits under the Plan
are distributed in full.

 

    7 

     

    

 

2.5       Inactive
Participants. Inactive Participants described in Section 2.4 shall continue to be subject
to all other terms of the Plan so long as he or she remains a Participant of the Plan.

 

2.6       Binding
Terms of Plan. By accepting membership in the Plan, a Participant is deemed to be bound by the terms and conditions of this
Plan.

 

SECTION 3

CONTRIBUTIONS 

 

3.1       Deferral
Contributions.

 

(a)       Amount
of Deferral Contributions. During any applicable Election Period, each Participant may elect, pursuant to a Deferral Election,
to direct the Plan Administrator to reduce his or her Compensation, and in lieu thereof, credit to his or her Account an amount
equal to such reduction, with such reduction amounts to be in whole percentages or, if permitted by the Plan Administrator, a flat
dollar.

 

(b)       Authorization
for Deferral Contributions. All Deferral Elections shall be in writing or in such other form permitted by the Plan Administrator
and shall be submitted to the Plan Sponsor or its designee during the applicable Election Period in accordance with the normal
administrative procedures established by the Plan Administrator.

 

(c)       Ordering.
Deferral Elections shall be processed before elective deferrals or contributions made under any other deferred compensation plan
of the Plan Sponsor but after all legally-required and voluntary after-tax withholdings from Compensation.

 

3.2       Nonelective
Contributions. For each Plan Year, a Plan Sponsor may, but is not required to, contribute on behalf of one or more of
its Participants an amount to one or more such Participants’ Nonelective Contributions Retirement Subaccounts, subject to
such conditions and limitations as the Plan Sponsor may prescribe, with the approval of the Plan Administrator. The determination
of whether, and what amount, to so award to any Participant for a Plan Year shall be determined by the Plan Sponsor, with the consent
of the Plan Administrator, and need not be uniformly applied to each Participant.

 

SECTION 4

CREDITING ACCOUNTS

 

4.1       Crediting
Deferral Contributions. Deferral Contributions shall be credited by the Plan Administrator to a Participant’s Account
no later than as of the end of the month in which the Deferral Contributions reduce the Participant’s Compensation.

 

4.2       Crediting
Non-elective Contributions. Nonelective Contributions shall be credited by the Plan Sponsor to a Participant’s Nonelective
Contributions Retirement Subaccount as of a date determined by the Plan Administrator.

 

    8 

     

    

 

4.3       Adjustment
to Accounts.

 

(a)       As
of the last day of each Plan Year and any intervening Valuation Dates as the Plan Administrator may prescribe subsequent to the
initial posting of a credit to a Participant’s Account, the Participant’s Account shall be adjusted by one or more
rates of return in any manner as may be designated from time to time by the Plan Administrator. In the event the Plan Administrator
invests funds otherwise earmarked for the satisfaction of Plan obligations in investment vehicles,
the Plan Administrator may provide for the adjustment of Accounts by the rate(s) of return experienced by such investments. 

 

(b)       The
Plan Administrator may allow a Participant to select a rate or rates of return for the purpose of crediting earnings, gains and
losses to his or her Account from among a menu of investment choices in any manner authorized by the Plan Administrator; provided,
however, that the Plan Administrator shall not be obligated to make investments of funds otherwise earmarked for the satisfaction
of Plan obligations consistent with any such investment directions.

 

(c)       The
determination of how and what rate(s) of return to apply need not be uniformly applied to all Participants.

 

(d)       The
Plan Administrator may deduct from Accounts expenses incurred in the operation of the Plan and to satisfy tax withholding obligations
as contemplated by Section 13.3.

 

4.4 Timing of Credits.
In connection with any distribution of a Participant’s Account, the Account shall be adjusted for amounts to be credited
in Sections 4.1 and 4.2 and by the rate(s) of return described in Section 4.3 through the Valuation Date immediately preceding
the date the distribution is processed pursuant to normal administrative procedures.

 

SECTION 5

VESTING

 

5.1       Deferral
Contributions. A Participant shall always be fully vested in that portion of his or her Account attributable to Deferral Contributions
and any earnings thereon.

 

5.2       Nonelective
Contributions. A Participant shall become vested in that portion of his or her Nonelective Contributions Retirement Subaccount
attributable to Nonelective Contributions, and any earnings thereon, in accordance with the vesting schedule established in writing
by the Plan Administrator for that Participant. In the event the Plan Administrator has not established an individual vesting schedule
for a Participant, the following default vesting schedule shall apply separately to each annual Nonelective Contribution:

 

    9 

     

    

 

	Years of Vesting Service from date of	 	 
	 	 	 
	Nonelective Contribution	 	Vested Percentage
	 	 	 
	Less than 1	 	0%
	1 but less than 2	 	20%
	2 but less than 3	 	40%
	3 but less than 4	 	60%
	4 but less than 5	 	80%
	5 or more	 	100%

 

5.3       Forfeitures.
The portion of a Participant’s Nonelective Contributions Retirement Subaccount that is not vested upon the Participant’s
Termination of Employment shall be forfeited.

 

SECTION 6

DISTRIBUTION OF
ACCOUNTS

 

6.1       Types
of Accounts.

 

(a)       Retirement
Accounts. A Retirement Account shall be established for each Participant to the extent Deferral Contributions for any
period commencing on or after January 1, 2017 are not designated for allocation to a Fixed Period Account and/or to the extent
Nonelective Contributions are made on behalf of the Participant. A Participant is eligible for only one Retirement Account.

 

(b)       Fixed
Period Accounts. Each Participant who makes Deferral Contributions for any period commencing on or after January 1, 2017 may
designate such Deferral Contributions for allocation to a Fixed Period Account. A Participant may establish a second Fixed Period
Account but only for Deferral Contributions attributable to Plan Years beginning on or after the Plan Year in which a payout from
the first Fixed Period Account is scheduled to commence.

 

(c)       Pre-2017
Deferral Contributions Accounts. A Pre-2017 Deferral Contributions Account shall be established for each Participant who is
credited with Deferral Contributions for periods prior to January 1, 2017.

 

6.2       Distribution
Elections.

 

(a)       Retirement
Accounts. A Participant may make an election with respect to both the timing and form in which payments are to commence from
his or her Deferral Contributions Retirement Subaccount during the Election Period that the Participant first elects a portion
of his or her Deferral Contributions to be allocated to the Retirement Account. A Participant may make an election with respect
to both the timing and form in which payments are to commence from his or her Nonelective Contributions Retirement Subaccount during
the period permitted by the Plan Administrator ending prior to the later of (i) the first day of the Plan Year for which
a Participant is credited with a Nonelective Contribution or (ii) the end of the 30-day period beginning as of the date the

 

    10 

     

    

 

Employee is first eligible to
be a Participant. A Participant may elect to have the subaccounts of his or her Retirement Account
distributed in either a single lump sum payment or in Annual Installments for a period of years designated by the Participant (not
to exceed ten (10) years). Elections shall be made in the manner designated by the Plan Administrator. A different election may
be made for each of the Deferral Contributions Retirement Subaccount and the Nonelective Contributions Retirement Subaccount. 

 

(b)       Fixed
Period Accounts. A Participant shall make an election with respect to both the timing and form in which payments are to commence
from his or her Fixed Period Account during the Election Period that the Participant first elects a portion of his or her Deferral
Contributions are to be allocated to the Fixed Period Account. A Participant shall elect to have his or her Fixed Period Account
distributed in either a single lump sum payment or in Annual Installments for a period of years designated by the Participant (not
to exceed ten (10) years), with such payment to be made or commence no earlier than the second Plan Year following the close of
the first Plan Year for which Deferral Contributions are allocated to the Fixed Period Account. In the event that a Participant
establishes a second Fixed Period Account in accordance with Section 6.1(b), the Participant shall make an election with respect
to both the timing and form in which payments are to commence from such second Fixed Period Account during the Election Period
applicable to the establishment of that second Fixed Period Account. No Deferral Contributions may be credited to a Fixed Period
Account that is in pay status. In no event shall more than two Fixed Period Accounts be in existence at any time with respect to
a Participant, with one of those Fixed Period Accounts required to be in pay status.

 

6.3       Distribution
Rules.

 

(a)       General
Rules.

 

(i)       Notwithstanding
the distribution rules set forth in Subsections (b), (c) and (e) below, if a Participant’s Account has a value of less than
the then applicable dollar amount under Section 402(g)(1)(B) of the Code determined as of the effective date of the Participant’s
Termination of Employment, the Plan Administrator shall pay the entire Account to the Participant in a single lump sum payment
within ninety (90) days following the Participant’s Termination of Employment.

 

(ii)       Notwithstanding
any other provision of the Plan to the contrary, if a Participant is a Key Employee of the Employer Group any stock of which is
publicly traded on an established securities market or otherwise, all within the meaning of Section 409A, at the date of his or
her Termination of Employment (other than due to death), any payments otherwise due from such Participant’s Account (other
than a Pre-2017 Deferral Contributions Account) by reason of such Termination of Employment during the six-month period after the
date of the Termination of Employment shall be deferred and such deferred amounts will be paid during the seventh month following
such six-month anniversary.

 

    11 

     

    

 

(iii)       The
Primary Sponsor shall cause each Plan Sponsor to make payments hereunder before such payments are otherwise due if it determines
that the provisions of the Plan fail to meet the requirements of Section 409A; provided, however, that such payment(s) may not
exceed the amount required to be included in income as a result of such failure to comply the requirements of Section 409A. The
amount of the payment shall not exceed the lesser of (1) the Participant’s Account or (2) an amount equal to the amount of
income included in taxable income as a result of such violation, plus an additional amount, to the extent permissible under related
Treasury regulations and guidance, for penalties under Section 409A, other taxes and interest or other costs. Payment under this
Section 6.3(a)(iii), including the amount of any taxes, penalties, interest or other costs, shall be applied against the Participant’s
Account and shall constitute fulfillment of the Plan Sponsor’s payment obligation to the Participant under the Plan to the
extent of any such payments.

 

(iv)       All
distributions with respect to the Accounts shall be made in cash or cash equivalents.

 

(b)       Retirement
Accounts. Except as otherwise provided in this Section 6, a Participant who experiences a Termination of Employment on or after
attaining age fifty-five (55) shall have his or her distribution election made pursuant to Section 6.2(a) giving effect as to the
vested portion of the Retirement Account. If such a Participant experiences a Termination of Employment without a valid distribution
election in effect for one or both subaccounts of the Participant’s Retirement Account, the subaccount(s) for which no valid
distribution election is in effect shall be payable to the Participant in Annual Installments over a period of five (5) years,
with the first Annual Installment to be made in January of the calendar year following the calendar year in which the Termination
of Employment occurs. Each periodic payment of an Annual Installment in a calendar year subsequent to the calendar year of commencement
shall be made in January of such calendar year. A Participant who experiences a Termination of Employment prior to attaining age
fifty-five (55) shall have the vested portion of the Participant’s Retirement Account paid to the Participant in a single
lump sum payment in January of the calendar year following the calendar year in which the Termination of Employment occurs.

 

(c)       Fixed
Period Accounts. Except as otherwise provided in this Section 6, a Participant’s Fixed Period Account shall have his
or her distribution election made pursuant to Section 6.2(b). The first Annual Installment shall be paid in January of the commencement
calendar year specified by the Participant. Each subsequent Annual Installment shall be paid in each subsequent January for the
remainder of the installment period. The amount of the first Annual Installment shall equal the value of the Participant’s
Fixed Period Account as of the date the distribution is processed, multiplied by a fraction, the numerator of which is one and
the denominator of which is the number of calendar years over which the Fixed Period Account is to be paid, as elected by the Participant
pursuant to Section 6.2(b) above. The amount of each subsequent calendar

 

    12 

     

    

 

year’s Annual Installment
shall be the value of the Participant’s Fixed Period Account determined as of the date the distribution is processed, multiplied
by a fraction, the numerator of which is one, and the denominator of which is the number of calendar years remaining in the period
over which the Participant’s Fixed Period Account is to be paid. Notwithstanding the foregoing provisions of this Subsection
(c), in the case of a Participant who incurs a Termination of Employment for any reason prior to the calendar year in which payments
from a Fixed Period Account are to commence, the Fixed Period Account shall be paid to the Participant in a single lump sum payment
in January of the calendar year following the calendar year in which the Termination of Employment occurs.

 

(d)       Changes
to Distribution Elections. The Plan Administrator may allow a Participant to elect a change to the timing and/or form of payment
prescribed by any distribution election then in effect for the Participant under his or her Retirement Account or Fixed Period
Account if (i) the changed election does not take effect until twelve (12) months following the date on which the changed
election is made; (ii) the first payment with respect to which the changed election is made is deferred for at least five (5) years
from the date the payment would otherwise have commenced; (iii) in the instance of a changed election to a Fixed Period Account,
the changed election does not occur less than twelve (12) months before the date of the first scheduled payment; and (iv) the changed
election otherwise satisfies the requirements of Section 409A. No changed election may alter the nonelective payment provisions
of this Section 6, except to the extent required to apply to an alternative, nonelective payment provision in order for the changed
election to satisfy Section 409A.

 

(e)       Pre-2017
Deferral Contributions Accounts. Subject to Sections 6.3(a)(i), (iii) and (iv), payment from any Pre-2017 Deferral Contributions
Account shall be made in five (5) substantially equal installments commencing within thirty (30) days following the Participant’s
Termination of Employment. If a Participant is a Key Employee of the Employer Group any stock of which is publicly traded on an
established securities market or otherwise, all within the meaning of Section 409A, at the date of his or her Termination of Employment,
any payments otherwise due from such Participant’s Pre-2017 Deferral Contributions Account by reason of such Termination
of Employment during the six-month period after the date of the Termination of Employment shall be deferred and such deferred amounts
will be paid during the seventh month following such six-month anniversary.

 

6.4       Death
Benefits.

 

(a)       Designation
Upon Commencement of Participation. Each Participant, upon becoming eligible to participate in the Plan, may designate a Beneficiary
or Beneficiaries to receive his or her vested Account in the event of his or her death. A Participant may change his or her designated
Beneficiary at any time and each change so made shall revoke all prior designations by the Participant. To be valid, all Beneficiary
designations and changes shall be made on a form and in a manner provided by the Plan Administrator. No such change shall
become effective until received in writing and

 

    13 

     

    

 

acknowledged by the Plan Administrator
and no such change may be given effect if not received prior to the date a distribution pursuant to Section 6 has been processed
for payment (or, if applicable, the commencement of payment). In the event a Participant fails to designate any Beneficiary by
making a valid election, the default Beneficiary designation provisions of this Plan shall apply.

 

(b)       Death
of Participant after Commencement of Annual Installments. If a Participant dies after commencement of Annual Installments from
any or all of his or her Account, future annual payments will cease. Payment of the remaining Account (other than the Pre-2017
Deferral Contributions Account) shall be made in a single lump sum payment to the Beneficiary within ninety (90) days after the
Participant’s death.

 

(c)       Death
of Participant prior to Commencement of Payments. If a Participant dies prior to the commencement of payment from his or her
Account, payment of the Account (other than the Pre-2017 Deferral Contributions Account) shall be made in a single lump sum payment
to the Beneficiary within ninety (90) days after the Participant’s death.

 

6.5       Trust.

 

(a)       To
provide a source for the satisfaction of obligations under the Plan, the Primary Sponsor may establish a Trust, which, if established,
shall be a grantor trust.

 

(b)       In
the event a Trust is established, the Plan Administrator may direct the Trustee to pay for benefits of the Participant or his or
her Beneficiary at the time and in the amount described in this Section 6. In the event the amounts held under the Trust which
are attributable to a particular Plan Sponsor’s contributions are not sufficient to provide the full amount payable to the
Participant(s) and/or Beneficiary(ies) of such Plan Sponsor, that Plan Sponsor shall pay for the remainder of such amount at the
time set forth in Section 6. No other Plan Sponsor or Affiliate shall be responsible for the benefit obligations of a Plan Sponsor.
Notwithstanding the foregoing, payments from the Trust shall be subject to the governing provisions of the agreement establishing
the Trust.

 

SECTION 7

ADMINISTRATION
OF THE PLAN

 

7.1       Operation of
the Plan Administrator. If an organization is appointed to serve as the Plan Administrator, then the Plan Administrator may
designate in writing a person who may act on behalf of the Plan Administrator. The Primary Sponsor shall have the right to remove
the Plan Administrator at any time by notice in writing. The Plan Administrator may resign at any time by written notice or resignation
to the Primary Sponsor. Upon removal or resignation, or in the event of the dissolution of the Plan Administrator, the Primary
Sponsor may appoint a successor or succeed to the position itself.

 

    14 

     

    

 

7.2       Duties of the
Plan Administrator.

 

(a)       The
Plan Administrator shall perform any act which the Plan authorizes or requires of the Plan Administrator by action taken in compliance
with the Plan and may designate in writing other persons to carry out its duties under the Plan. The Plan Administrator may employ
persons to render advice with regard to any of the Plan Administrator’s duties.

 

(b)       The
Plan Administrator shall from time to time establish rules, not contrary to the provisions of the Plan, for the administration
of the Plan and the transaction of its business. The Plan Administrator shall have discretionary authority to construe the terms
of the Plan and shall determine all questions arising in the administration, interpretation and application of the Plan, including,
but not limited to, those concerning eligibility for benefits and it shall not act so as to discriminate in favor of any person.
All determinations of the Plan Administrator shall be conclusive and binding on all Participants and Beneficiaries, subject to
the provisions of the Plan and subject to applicable law.

 

(c)       The
Plan Administrator shall furnish Participants and Beneficiaries with all disclosures now or hereafter required by ERISA. The Plan
Administrator shall file, as required, the various reports and disclosures concerning the Plan and its operations as required by
ERISA and by the Code, and shall be solely responsible for establishing and maintaining all records of the Plan.

 

(d)       The
statement of specific duties for a Plan Administrator in this Section is not in derogation of any other duties which a Plan Administrator
has under the provisions of the Plan or under applicable law.

 

(e)       Each
Plan Sponsor shall indemnify and hold harmless each person constituting the Plan Administrator from and against any and all claims
and expenses (including, without limitation, attorney’s fees and related costs) arising in connection with the performance
by the person of his duties in that capacity, other than any of the foregoing arising in connection with the willful neglect or
willful misconduct of the person acting.

 

7.3       Action by
the Primary Sponsor or a Plan Sponsor. Any action to be taken by the Primary Sponsor or a Plan Sponsor shall be taken by resolution
or written direction duly adopted by its board of directors or appropriate governing body, as the case may be; provided, however,
that by such resolution or written direction, the board of directors or appropriate governing body, as the case may be, may delegate
to any officer or other appropriate person of a Plan Sponsor the authority to take any such actions as may be specified in such
resolution or written direction, to the extent not otherwise inconsistent with the provisions of the Plan.

 

    15 

     

    

 

SECTION 8

CLAIM REVIEW PROCEDURE

 

8.1       Notice
of Denial. If a Participant or a Beneficiary is denied a claim for benefits under the Plan, the Plan Administrator shall provide
to the claimant written notice of the denial within ninety (90) days after the Plan Administrator receives the claim, unless special
circumstances require an extension of time for processing the claim. If such an extension of time is required, written notice of
the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. In no event shall the extension
exceed a period of ninety (90) days from the end of such initial period. Any extension notice shall indicate the special circumstances
requiring the extension of time, the date by which the Plan Administrator expects to render the final decision, the standards on
which entitlement to benefits are based, the unresolved issues that prevent a decision on the claim and the additional information
needed to resolve those issues.

 

8.2       Contents
of Notice of Denial. If a Participant or Beneficiary is denied a claim for benefits under a Plan, the Plan Administrator shall
provide to such claimant written notice of the denial which shall set forth:

 

(a)       the
specific reasons for the denial;

 

(b)       specific
references to the pertinent provisions of the Plan on which the denial is based;

 

(c)       a
description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why
such material or information is necessary; and

 

(d)       an
explanation of the Plan’s claim review procedures, and the time limits applicable to such procedures, including a statement
of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination
on review.

 

8.3       Right
to Review. After receiving written notice of the denial of a claim, a claimant or his or her representative shall be entitled
to:

 

(a)       request
a full and fair review of the denial of the claim by written application to the Plan Administrator;

 

(b)       request,
free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim;

 

(c)       submit
written comments, documents, records, and other information relating to the denied claim to the Plan Administrator; and

 

    16 

     

    

 

(d)       a
review that takes into account all comments, documents, records, and other information submitted by the claimant relating to the
claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 

8.4       Application
for Review. If a claimant wishes a review of the decision denying his or her claim to benefits under the Plan, he or she must
submit the written application to the Plan Administrator within sixty (60) days after receiving written notice of the denial.

 

8.5       Hearing.
Upon receiving a written application for review, pursuant to Section 8.4, the Plan Administrator may schedule a hearing for purposes
of reviewing the claimant’s claim, which hearing shall take place not more than thirty (30) days from the date on which the
Plan Administrator received such written application for review.

 

8.6       Notice
of Hearing. At least ten (10) days prior to the scheduled hearing, the claimant and his or her representative designated in
writing by him or her, if any, shall receive written notice of the date, time, and place of such scheduled hearing.  The claimant
or his or her representative, if any, may request that the hearing be rescheduled, for his or her convenience, on another reasonable
date or at another reasonable time or place.

 

8.7       Counsel.
All claimants requesting a review of the decision denying their claim for benefits may employ counsel for purposes of the hearing.

 

8.8       Decision
on Review. No later than sixty (60) days following the receipt of the written application for review, the Plan Administrator
shall submit its decision on the review in writing to the claimant involved and to his representative, if any, unless the Plan
Administrator determines that special circumstances (such as the need to hold a hearing) require an extension of time, to a day
no later than one hundred twenty (120) days after the date of receipt of the written application for review. If the Plan Administrator
determines that the extension of time is required, the Plan Administrator shall furnish to the claimant written notice of the extension
before the expiration of the initial sixty (60) day period. The extension notice shall indicate the special circumstances requiring
an extension of time and the date by which the Plan Administrator expects to render its decision on review. In the case of a decision
adverse to the claimant, the Plan Administrator shall provide to the claimant written notice of the denial which shall include:

 

(a)       the
specific reasons for the decision;

 

(b)       specific
references to the pertinent provisions of the Plan on which the decision is based;

 

(c)       a
statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records, and other information relevant to the claimant’s claim for benefits; and

 

    17 

     

    

 

(d)       an
explanation of the Plan’s claim review procedures, and the time limits applicable to such procedures, including a statement
of the claimant’s right to bring an action under Section 502(a) of ERISA following the denial of the claim upon review.

 

8.9 Statute of Limitations.
A claimant wishing to seek judicial review of an adverse benefit determination under the Plan, whether in whole or in part, must
file any suit or legal action, including, without limitation, a civil action under Section 502(a) of ERISA, within one year of
the date the final decision on the adverse benefit determination on review is issued or should have been issued under Section 8.8
or lose any rights to bring such an action. If any such judicial proceeding is undertaken, the evidence presented shall be strictly
limited to the evidence timely presented to the Plan Administrator. Notwithstanding anything in the Plan to the contrary, a claimant
must exhaust all administrative remedies available to such Claimant under the Plan before such claimant may seek judicial review
pursuant to Section 502(a) of ERISA.

 

SECTION 9

LIMITATION OF ASSIGNMENT,
PAYMENTS TO LEGALLY

INCOMPETENT DISTRIBUTEE
AND UNCLAIMED PAYMENTS

 

9.1       No Alienation.
No benefit which shall be payable under the Plan to any person shall be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge,
encumber or charge the same shall be void; and no such benefit shall in any manner be liable for, or subject to, the debts, contracts,
liabilities, engagements or torts of any person, nor shall it be subject to attachment or legal process for, or against, such
person, and the same shall not be recognized under the Plan, except to such extent as may be required by law.

 

9.2       Incompetency.
Whenever any benefit which shall be payable under the Plan is to be paid to or for the benefit of any person who is then a minor
or determined to be incompetent by qualified medical advice, the Plan Administrator need not require the appointment of a guardian
or custodian, but shall be authorized to cause the same to be paid over to the person having custody of such minor or incompetent,
or to cause the same to be paid to such minor or incompetent without the intervention of a guardian or custodian, or to cause
the same to be paid to a legal guardian or custodian of such minor or incompetent if one has been appointed or to cause the same
to be used for the benefit of such minor or incompetent.

 

SECTION 10

LIMITATION OF
RIGHTS

 

Membership in the Plan
shall not give any Employee any right or claim except to the extent that such right is specifically fixed under the terms of the
Plan. The adoption of the Plan by any Plan Sponsor shall not be construed to give any Employee a right to be continued in the employ
of a Plan Sponsor or as interfering with the right of a Plan Sponsor to terminate the employment of any Employee at any time.

 

    18 

     

    

 

SECTION 11

AMENDMENT TO OR
TERMINATION OF THE PLAN

 

11.1       Amendment
and Termination by Primary Sponsor. The Primary Sponsor or any successor thereto reserves the right by action of the Governing
Body or its delegatee at any time to modify or amend or terminate the Plan. No such modifications or amendments shall have the
effect of retroactively changing or depriving Participants or Beneficiaries of benefits already accrued under the Plan; provided,
however, that the Primary Sponsor reserves the right to amend the Plan in any respect to comply with the provisions of Section
409A so as not to trigger any unintended tax consequences prior to the distribution of benefits provided herein. Except as provided
herein, upon termination of the Plan, each Participant’s Account shall be paid in due course in accordance with Section 6.
Notwithstanding the foregoing, the Primary Sponsor may cause one or more Plan Sponsors to pay the lump sum value of Participant
Accounts if the Primary Sponsor determines that such payment of retirement benefits will not constitute an impermissible acceleration
of payments under one of the exceptions provided in Treasury Regulations Section 1.409A-3(j)(4)(ix), or any successor guidance.
In such an event, payment shall be made at the earliest date permitted under such guidance. No Plan Sponsor other than the Primary
Sponsor shall have the right to so modify, amend or terminate the Plan.

 

11.2       Termination
by a Plan Sponsor. Each Plan Sponsor, other than the Primary Sponsor, shall have the right to terminate its participation in
the Plan by resolution of its board of directors or other appropriate governing body and notice in writing to the Primary Sponsor.
Any termination by a Plan Sponsor shall not be a termination as to any other Plan Sponsor. Any such termination shall not trigger,
in and of itself, payment of any affected Participant’s Account.

 

11.3       Termination
by Primary Sponsor. If the Plan is terminated by the Primary Sponsor it shall terminate as to all Plan Sponsors.

 

SECTION 12

ADOPTION OF PLAN
BY AFFILIATES

 

Any Affiliate, if the
Affiliate is authorized to do so by the Plan Administrator, may adopt the Plan by action of the board of directors or other appropriate
governing body of the Affiliate. Any adoption shall be evidenced by certified copies of the resolutions of the foregoing board
of directors or governing body indicating the adoption by the adopting Affiliate. The resolution shall state and define the Effective
Date of the adoption of the Plan by the adopting Affiliate.

 

SECTION 13

MISCELLANEOUS

 

13.1     Unfunded
Obligations. Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights,
claims, or interest in any specific property or assets of any Plan Sponsor or, if established, the Trust. Any and all of the assets
of each Plan Sponsor and any Trust assets which are attributable to amounts paid into the Trust by the Plan Sponsors shall be,
and remain, the general unpledged, unrestricted assets of the respective Plan Sponsor, which shall be subject to the claims of
that Plan Sponsor’s general creditors. Each Plan

 

    19 

     

    

 

Sponsor’s obligation
under the Plan shall be merely that of an unfunded and unsecured promise of the Plan Sponsor to pay money in the future, and the
rights of the Participants and Beneficiaries shall be no greater than those of unsecured general creditors. It is the intention
of the Plan Sponsors that the Plan and, if established, the Trust be unfunded for purposes of the Code and for purposes of Title
I of ERISA. Nothing contained in this Plan shall constitute a guaranty by a Plan Sponsor or any other entity that the assets of
the Plan Sponsor will be sufficient to pay any benefit hereunder.

 

13.2     Plan Expenses.
All expenses of the Plan may be applied as a charge to the Accounts of Participants, as determined by the Plan Administrator.

 

13.3     Tax Withholding.
When payments are made under the Plan, the Plan Sponsor shall have the right to deduct from each payment made under the Plan,
or any other compensation payable to a Participant or Beneficiary, any required withholding taxes respecting such payments. Prior
to the date a Participant’s Account becomes payable pursuant to Section 6, the Plan Sponsor may deduct from the Participant’s
Account, or from other compensation payable to the Participant, any required federal employment taxes imposed under Code Sections
3101, 3121(a) and 3121(v)(2) and any taxes required under any state, local and foreign laws (the “Tax Obligations”),
that may be imposed on amounts deferred pursuant to this Plan prior to the time such amounts are paid or made available to the
Participant and to pay the income tax at source on wages imposed under Section 3401 of the Code or the corresponding withholding
provisions of applicable state, local, or foreign tax laws as a result of an accelerated payment of the Tax Obligations (the “Income
Tax Obligations”). Accelerated payments pursuant to this Section 13.3 shall not exceed the amount of the Tax Obligations
and Income Tax Obligations and shall be made in the form of a payment directly to the applicable taxing authorities pursuant to
the withholding provisions of applicable law.

 

13.4     Intended
Tax Treatment. The Plan Sponsor does not represent or guarantee that any particular federal or state income, payroll, personal
property or other tax consequence will result from participation in this Plan. However, the Plan Sponsor intends that no contribution
made to this Plan, nor the income thereon, be included in the taxable income of a Participant until, and to the extent of, distributions
made from this Plan. Accordingly, notwithstanding any provision of this Plan to the contrary, the Plan Administrator shall interpret
and administer this Plan in accordance with the applicable requirements prescribed by Section 409A.

 

13.5     Notice
of Address. Each individual entitled to a benefit under the Plan must file with the Primary Sponsor, in writing, his or her
post office address and each change of post office address which occurs between the date of his or her Termination of Employment
and the date he or she ceases to be a Participant. Any communication, statement or notice addressed to such individual at his or
her latest reported office address will be binding upon him or her for all purposes of the Plan and neither the Plan Administrator
nor any Plan Sponsor shall be obliged to search for or ascertain his or her whereabouts.

 

13.6.    Delivery
of Notices. Any notice required or permitted to be given hereunder to a Participant or Beneficiary will be properly given if
mailed by first class mail, postage prepaid, to the Participant or Beneficiary at his or her last post office address as shown
on the Primary

 

    20 

     

    

 

Sponsor’s records. Any notice to
the Plan Administrator or the Primary Sponsor shall be properly given or filed upon receipt by the Plan Administrator or the Primary
Sponsor at such address as may be specified from time to time by the Plan Administrator.

 

13.7     Receipt
or Release. Any payment to a Participant or a Beneficiary in accordance with the provisions of the Plan shall, to the extent
thereof, be in full satisfaction of all claims arising under, or with respect to, the Plan against the Plan Administrator and each
Plan Sponsor. The Plan Administrator may require such Participant or Beneficiary, as a condition precedent to such payment, to
execute a receipt and release to such effect.

 

13.8     Governing
Law. To the extent not preempted by applicable federal law, the Plan shall be governed by and construed in accordance with
the laws of the State of Wisconsin.

 

13.9     Section
409A. The Plan’s governing provisions are drafted with the intent that they comply with all applicable of Section 409A
and, in the event of any ambiguity, such provisions shall be construed in a manner consistent with that intent.

 

IN WITNESS WHEREOF, the Primary Sponsor
has caused this indenture to be executed as of the date first above written.

 

	 	Nicolet National Bank:
	 	 	 
	 	By:	 
	 		 
	 	Title:	President and CEO

 

    21

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