Document:

Offer Letter dated as of October 8, 2003

 Exhibit 10.1 
  
 October 8, 2003 
  
 Nick Cullen 
  
 Dear Nick, 
  
 It is our pleasure to offer you a
position at Gap Inc. We’re a company driven by passion, innovation and a focus on quality—the same characteristics we look for in our employees. You reflect these values and we feel confident you will find rewarding opportunities with us.

  
 This letter sets forth our offer to you to join Gap Inc. as Executive Vice
President and Chief Supply Chain Officer. In this position you will report to Paul Pressler, President and Chief Executive Officer, Gap Inc. 
  
 Salary. Your annual salary will be $575,000, payable every two weeks. Provided you begin work before November 1, 2003, you are scheduled to receive a performance
and a compensation review in March 2004 based on your time in the position. 
  
 Initial Bonus. In addition to your salary, you will receive a bonus of $250,000 within the first thirty days of your employment. This will be processed as supplemental income and is subject to supplemental taxes. In the event you
voluntarily terminate your employment before one year from your start date, you agree to repay this bonus within 90 days of your last day of employment. In the event you voluntarily terminate your employment during your second year of employment
(after your first anniversary but before your second anniversary) you agree to repay one-half of this bonus ($100,000) within 90 days of your last day of employment. 
  
 MICAP Bonus. Based on your position as Executive Vice President and Chief Supply Chain Officer, you will participate in the Executive
Management Incentive Cash Award Program (MICAP). MICAP provides cash incentives as a reward for achieving company goals. MICAP bonus payments are based on Gap Inc. or Divisional financial performance and are paid to eligible employees if goals are
met. Under the current program, you are eligible to receive an annual target bonus of 65% up to a maximum bonus of 130% of your base salary. Bonus pay-outs will be prorated based on time in position, divisional or country assignment and base salary
and/or incentive target changes that may occur during the performance cycle. Management discretion can be used to modify the final reward amount. 
  
 For fiscal year 2003, the annual bonus target has been split into two pay-out opportunities based on six-month performance cycles. The first bonus cycle (first and second
quarters 2003), with a target pay-out opportunity of 40% of your annual bonus target percentage, has been completed and you will not receive a MICAP bonus for that cycle. You are eligible to participate in the second bonus cycle (third and fourth
quarters 2003) with a target payout opportunity of 60% of your annual bonus target percentage, prorated for time in position, provided you begin employment with Gap Inc. before November 1, 2003, and are actively employed by Gap Inc. on the specified
pay-out date. 
  

 Nick Cullen 
 October 8, 2003 
 Page Two 
  
 Stock Options. Subject to approval by the Compensation and Management Development Committee of the Board of Directors (“the
Committee”) and the provisions of the Company’s stock option plan, you will be granted options to purchase 200,000 shares of Gap Inc. common stock on the date when the options are approved by the Committee or on the first day of
employment, whichever is later (the “date of grant”). The option price shall be determined by the fair market value of the stock on the date of grant. These options will become vested and exercisable as shown in the schedule below,
provided you are employed with Gap Inc. on the vesting date. These options must be exercised within ten years from the date of grant or within three months of your employment termination, whichever is earlier, or you will lose your right to do so.

  
 Option to purchase 50,000 shares vesting one
year from date of grant 
 Option to purchase 50,000 shares vesting two years from date of grant 
 Option to purchase 50,000 shares vesting three years from date of grant 
 Option to purchase 50,000 shares vesting four years from date of grant 
  
 As a participant in the Focal Review process, you may be eligible for future stock option awards 
 provided that you continue employment with us. 
  
 Financial Planning Assistance. We provide you with two choices to help you achieve your financial goals. You have the option of one on one financial counseling
through our partnership with the AYCO Company. The first year of counseling will be 100% company paid. Each year thereafter Gap Inc. will pay 50% of the expense. As another option, Gap Inc. offers a reimbursement of $5,000 annually to be used with
the financial planner of your choice. 
  
 Benefits. Gap Inc. offers a
competitive benefits package designed to assist you in securing your financial future and managing your work and personal life. In addition to medical, dental, vision, life and income protection, you are eligible for Gap Inc.’s LifeStyle
Benefits that which include an Employee Assistance Program, home loan services and tuition reimbursement. Gap Inc. also offers an Employee Stock Purchase Plan, a 401(k) plan with a generous dollar for dollar company match up to four percent of your
pay (limited as provided in the plan), and employee discounts toward merchandise you purchase in our stores as gifts, or for yourself and your eligible dependents. You will be eligible for thirty days of Paid Time Off on an annual basis in addition
to seven Company-paid holidays. PTO accrues each pay period based on regular hours paid, and can be used for vacation, illness or personal business. 
  
 Please refer to the enclosed summary of the Company’s benefits for more information on our extensive benefits package. 

 Nick Cullen 
 October 8, 2003 
 Page Three 
  
 Income Continuation. In the event that Gap Inc. terminates your employment involuntarily without cause before your third anniversary
of employment, the Company will continue to make bi-weekly payments to you based on your then current base salary (“Income Continuation”) according to the following schedule beginning on the day after your last day of employment:

  

	 	a.	If your employment is terminated before your first anniversary of employment, you will receive Income Continuation for 24 months. 

  

	 	b.	If your employment is terminated upon or after your first anniversary but before your second anniversary of employment, you will receive Income Continuation for 18 months.

  

	 	c.	if your employment is terminated upon or after your second anniversary but before your third anniversary of employment, you will receive Income Continuation for 12 months.

  
 If your employment is terminated without cause upon or after
your third anniversary of employment, you may receive severance in an amount consistent with the Company’s then current performance severance guidelines. 
  

Prior to and as a condition of receiving the Income Continuation and/or severance described above, you must execute a full release of all claims arising out of your
employment and termination of employment with Gap Inc. During the Income Continuation period, you agree to be reasonably available to the Company as requested to respond to requests for information concerning matters, facts or events relating to the
Company or any Company entity about which you may be knowledgeable. 
  
 If you
accept new employment or establish any other professional relationship (e.g. a consulting relationship) for which you are compensated during the applicable Income Continuation period or if you breach your remaining obligations to the Company (e.g.
your duty to protect confidential information), Income Continuation will cease effective on your acceptance or breach as described herein. As a condition of receiving Income Continuation, you agree to inform Gap Inc. within five days of your
acceptance of new employment or other compensated relationship. 
  
 For purposes
of this agreement, “cause” shall mean termination of your employment based on good faith determination by the CEO that your employment be terminated for any of the following reasons: (1) indictment, conviction or admission of any crime
involving dishonesty or moral turpitude; (2) participation in any act of fraud or malfeasance against Gap Inc.; (3) intentional damage to any property of Gap Inc.; (4) breach of any provision of this agreement or Gap Inc.’s Code of Business
Conduct; (5) use of alcohol or drugs which interferes with the performance of your duties under this agreement or which compromises the integrity and reputation of Gap Inc., its employees or products; or (6) absence from employment, other than a
result of disability, for any reason for a period of more than four weeks without prior consent by the Board. 
  
 If you voluntarily resign your employment from Gap Inc. at any time or your employment is terminated for cause, you will receive no compensation, payment or benefits after your last day of employment. If your
employment terminates for any reason, you will not be entitled to any payments, benefits, damages, award or compensation other than as provided in this offer. 

 Nick Cullen 
 October 8, 2003 
 Page Four 
  
 Relocation. Gap Inc. will pay for your relocation expenses in accordance with the Company’s relocation policy. Our Relocation
Department will send you a brochure explaining your relocation benefits and obligations. By signing this letter you agree to abide by the terms of the Company’s relocation policy, including its payback provisions. A relocation administrator
will call you to go over the specific components of your package and work with you throughout the relocation process. In the meantime, if you have questions, please call our Relocation Department at (800) 333-7899, x44357. 
  
 Start Date and Orientation. Your first day with the Company will be determined. On
your first day you will attend New Employee Orientation from 8:15 a.m. to 5:15 p.m. at our San Bruno campus. A Gap Inc. orientation representative will greet you in the 901 Cherry Lobby in San Bruno. Please bring identification and proof of
authorization to work in the U.S. A complete list of appropriate documentation is enclosed in your New Employee Orientation materials. The list includes items such as a driver’s license and Social Security card, or a U.S. passport. Please
review the list carefully. If you have questions about documentation, contact Employment Processes at 1-866-411-2772 x206 00 
  
 Proprietary Information or Trade Secrets of Others. You represent and warrant to us that: 1) you do not have any other agreements, obligations, relationships or
commitments to any other person or entity that conflicts with accepting this offer or performing your obligations as outlined herein; and 2) prior to your first day of employment with Gap Inc. you will return all property and confidential
information belonging to all prior employers; and 3) you will not disclose to us, or use, or persuade any other Gap Inc. employee to use, any proprietary information or trade secrets of another person or entity. 
  
 Abide by Company Policies. You agree to abide by all applicable Company policies
including, but not limited to, policies contained in the Code of Business Conduct. You also agree to execute and abide by the attached Confidentiality and Non-Solicitation Agreement during and after your employment with Gap Inc. 
  
 Insider Trading Policies. Based on the level of your position, you will be subject to
Gap Inc.’s Securities Law Compliance Manual, which among other things places restrictions on your ability to buy and sell Gap Inc. stock and requires you to pre-clear trades. You will receive additional information, including a copy of the
Securities Law Compliance Manual, shortly after your first day of employment. If you wish to obtain additional information, or have questions about the compliance manual, you may contact Frank Garcia in Gap Inc. Stock Administration, at (415)
427-4697. 
  
 Employment Status. You understand that your employment is
“at-will”. This means that you do not have a contract of employment for any particular duration or limiting the grounds for your termination in any way or precluding Gap Inc. from revoking this offer of employment at any time. You are free
to resign at any time. Similarly, the Company is free to terminate your employment at any time for any reason. The only way your at-will status can be changed is if you enter into an express written contract with the Company that contains the words
“this is an express contract of employment” and is signed by an officer of the Company. In the event that there is any dispute over the terms, enforcement or obligations under this agreement, the prevailing party shall be entitled to
recover from the other party reasonable attorneys fees and costs incurred to enforce the agreement. 

 Nick Cullen 
 October 8, 2003 
 Page Five 
  
 Please review your agreement (which incorporates the Confidentiality and Non-Solicitation Agreement attached), sign one set of the
enclosed originals and return to Sue Robinson at Gap Inc. You may keep the other original for your personal records. This offer is valid only until October 10, 2003, and may be withdrawn at any time before you accept it. 
  
 Nick, it is our pleasure to extend this offer. We look forward to working with you.

  
 Yours sincerely, 
  

	 /s/ PAUL PRESSLER

	 Paul Pressler

	 President and Chief Executive Officer

	
	 Confirmed this 8th day of October, 2003

	
	 /s/ NICK CULLEN

	 Nick Cullen

 CONFIDENTIALITY & NON-SOLICITATION AGREEMENT 
  
 Nick Cullen (“Employee”) acknowledges that the services he will
perform for Gap Inc. are unique and extraordinary and that he will be in a relationship of confidence and trust with Gap Inc. As a result, during his employment with Gap Inc., he will acquire “Confidential Information” that is (1) owned or
controlled by Gap Inc., (2) in the possession of Gap Inc. and belonging to third parties, and/or (3) conceived, originated, discovered or developed in whole or in part by Employee. Confidential Information includes trade secrets and other
confidential or proprietary business, technical, strategic, marketing, legal, personnel or financial information, whether or not Employee’s work product, in written, graphic, oral or other tangible or intangible forms, including, but not
limited to strategic plans, specifications, records, data, computer programs, drawings, diagrams, models, employee, vendor or customer names or lists, business or marketing plans, studies, analyses, projections and reports, communications by or to
attorneys (including attorney client privileged communications), memoranda and other materials prepared by attorneys or under their direction (including attorney work product), and software systems and processes. Any information that is not readily
available to the public shall be considered to be a trade secret and confidential and proprietary. 
  
 Employee agrees that he will keep the Confidential Information in strictest confidence and trust, and will not, without the prior written consent of Gap
Inc.’s General Counsel, directly or indirectly use or disclose to any person or entity any Confidential Information, during or after Employee’s employment, except as is necessary in the ordinary course of performing Employee’s duties
while employed by Gap Inc. 
  
 Employee also agrees that in the
event of his employment termination for any reason, he will immediately deliver to Gap Inc. all company property, including all documents, materials or property of any description, or any reproduction of such materials, containing or pertaining to
any Confidential Information. 
  
 Additionally, Employee agrees
that so long as he is employed by Gap Inc., and for a period of one year thereafter, Employee will not, directly or indirectly, on behalf of Employee, any other person or entity, solicit, call upon, recruit, or attempt to solicit any of Gap
Inc.’s employees, consultants, customers, or vendors. Employee further agrees that he will not directly or indirectly, on behalf of Employee, any other person or entity, interfere or attempt to interfere with Gap Inc.’s relationship with
any person who at any time was an employee, consultant, customer or vendor or otherwise has or had a business relationship with Gap Inc. 
  
 ACKNOWLEDGED AND AGREED TO THIS 8th
DAY OF OCTOBER, 2003. 
  

	 /s/ NICK CULLEN

	 Nick CullenNCFC Stock Option Gain Deferral

  
 Exhibit 4.4

  
 NATIONAL COMMERCE BANCORPORATION 
 Deferred Compensation Plan 
  
 Effective January 1, 1999 
  
 Amended Effective January 1, 2001 

 ARTICLE I 
  

PURPOSE AND EFFECTIVE DATE 
  
 The purpose of the National Commerce Bancorporation Deferred Compensation Plan (hereinafter referred to as the “Plan”) is to aid National Commerce
Bancorporation and its subsidiaries in retaining and attracting executive employees and directors by providing them with savings and tax deferral opportunities. The Plan shall be effective for deferral elections made hereunder on or after January 1,
1999. 
  
 ARTICLE II 
  
 DEFINITIONS 
  
 For the purpose of this Plan, the following words and phrases shall have the
meanings indicated, unless the context clearly indicates otherwise: 
  
 Section 2.1 Administrative Committee. “Administrative Committee” means the committee as appointed by the Compensation/Benefits Committee of the Board of Directors. 
  
 Section 2.2 Base Salary. “Base Salary” means the base
rate of cash compensation paid by the Company to or for the benefit of a Participant for services rendered or labor performed while a Participant, including base pay a Participant could have received in cash in lieu of (A) deferrals pursuant to
Section 4.2 and (B) contributions made on his behalf to any qualified plan maintained by the Company or to any cafeteria plan under Section 125 of the Internal Revenue Code maintained by the Company. 
  
 Section 2.3 Base Salary Deferral. “Base Salary
Deferral” means the amount of a Participant’s Base Salary which the Participant elects to have withheld on a pre-tax basis from his Base Salary and credited to his Deferral Account pursuant to Section 4.2. 
  
 Section 2.4 Beneficiary. “Beneficiary” means the
person, persons or entity designated by the Participant to receive any benefits payable under the Plan pursuant to Article IX. 
  
 Section 2.5 Bonus Compensation. “Bonus Compensation” means the amount awarded to a Participant for a Plan Year under any incentive
plan maintained by the Company. 
  
 Section 2.6
Bonus Deferral. “Bonus Deferral” means the amount of a Participant’s Bonus Compensation which the Participant elects to have withheld on a pretax basis from his Bonus Compensation and credited to his account pursuant to Section
4.2. 
  
 Section 2.7 Board. “Board”
means the Board of Directors of National Commerce Bancorporation. 
  

 10 

 Section 2.8 Change of Control. For purposes of this Plan, a “Change of Control”
shall be deemed to have occurred if: 
  
 (i)
there is an acquisition, in any one transaction or a series of transactions, other than from National Commerce Bancorporation, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)), of beneficial ownership (within the meaning of Rule 13(d)(3) promulgated under the Exchange Act) of 20% or more of either the then outstanding shares of Common Stock or the combined voting power of
the then outstanding voting securities of National Commerce Bancorporation entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by National Commerce Bancorporation or any of its subsidiaries,
or any employee benefit plan (or related trust) of National Commerce Bancorporation or its subsidiaries, or any corporation with respect to which, following such acquisition, more than 50% of the then outstanding shares of common stock of such
corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by the individuals and entities who
were the beneficial owners, respectively, of the common stock and voting securities of National Commerce Bancorporation immediately prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such
acquisition, of the then outstanding shares of Common Stock or the combined voting power of the then outstanding voting securities of National Commerce Bancorporation entitled to vote generally in the election of directors, as the case may be; or

  
 (ii) individuals who, as of January 1, 1999,
constitute the Board (as of such date, the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any individual becoming a director subsequent to January 1, 1999, whose election, or
nomination for election by National Commerce Bancorporation’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of National Commerce Bancorporation (as
such terms are used in Rule 14(a)(11) or Regulation 14A promulgated under the Exchange Act); or 
  
 (iii) there occurs either (A) the consummation of a reorganization, merger or consolidation, in each case, with respect to which the
individuals and entities who were the respective beneficial owners of the common stock and voting securities of National Commerce Bancorporation immediately prior to such reorganization, merger or consolidation do not, following such reorganization,
merger or consolidation, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation, or (B) an approval by the shareholders of National Commerce Bancorporation of a complete liquidation of dissolution of
National Commerce Bancorporation or of the sale or other disposition of all or substantially all of the assets of National Commerce Bancorporation. 
  
 Section 2.9 Commission. “Commission” means the amount awarded to a Participant for a Plan Year under any commission plan
maintained by the Company. 
  

 11 

 Section 2.10 Commission Deferral. “Commission Deferral” means the amount of
Commission which the Participant elects to have withheld on a pre-tax basis from his Commission and credited to his Deferral Account pursuant to Section 4.2 and Section 6.1. 
  
 Section 2.11 Common Stock. “Common Stock” means the common stock of National Commerce
Bancorporation. 
  
 Section 2.12 Company.
“Company” means National Commerce Bancorporation, its successors, any subsidiary or affiliated organizations authorized by the Board or the Compensation/Benefits Committee to participate in the Plan and any organization into which or with
which National Commerce Bancorporation may merge or consolidate or to which all or substantially all of its assets may be transferred. 
  
 Section 2.13 Compensation/Benefits Committee. “Compensation/Benefits Committee” means the Compensation and Benefits Committee of
the Board. 
  
 Section 2.14 Consideration Shares.
“Consideration shares” means shares of Common Stock owned by a Participant for six months or longer. 
  
 Section 2.15 Date of Exercise. “Date of Exercise” means date on which Options are exercised by the Participant. 
  
 Section 2.16 Deferral Account. “Deferral Account”
means the account maintained on the books of the Administrative Committee for each Participant pursuant to Article VII. 
  
 Section 2.17 Deferral Period. “Deferral Period” is defined in Section 4.2. 
  
 Section 2.18 Deferred Amount. “Deferred Amount” is
defined in Section 4.2. 
  
 Section 2.19 Disability.
“Disability” means eligibility for disability benefits under the terms of the Company’s Long-Term Disability Plan as in effect from time to time. 
  

Section 2.20 Eligible Compensation. “Eligible Compensation” means any Base Salary, Commissions or Bonus Compensation otherwise
payable with respect to a Plan Year. 
  
 Section 2.21
ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  
 Section 2.22 Fair Market Value. “Fair Market Value” of a share of Common Stock means the closing price of the Common Stock on the
New York Stock Exchange on the most recent day on which the Common Stock was so traded that precedes the date as of which Fair Market Value is to be determined. The definition of Fair Market Value in this Section shall be exclusively used to
determine the values of a Participant’s interests in the National Commerce Bancorporation Share Fund (defined in Section 7.2(b)) for all relevant purposes under the Plan. 
  

 12 

 Section 2.23 Form of Payment. “Form of Payment” means payment in one lump sum or
in installments of 5, 10 or 15 years. 
  
 Section 2.24
Gain Shares. “Gain Shares” means the shares of Common Stock so determined under Section 5.5 as resulting from the exercise of any option pursuant to Article V. 
  
 Section 2.25 Gain Share Account. “Gain Share Account” means the account maintained on the books by
the Administrative Committee for the Participant of the number of Phantom Share Units related to Gain Shares, adjusted for hypothetical gains, earnings dividends, losses, distribution, withdrawals and other similar activity. 
  
 Section 2.26 Matching Contribution. “Matching
Contribution” refers to the contribution made by the Company as a match against Deferred Amounts in accordance with Section 8.2. 
  
 Section 2.27 Option. “Option” means an option to acquire shares of Common Stock granted pursuant to the National Commerce
Bancorporation Amended and Restated Stock Plan or any predecessor or successor thereto. 
  
 Section 2.28 Option Expiration Date. “Option Expiration Date” means the date on which an Option expires under the terms of the National Commerce Bancorporation Amended and Restated Stock Plan.

  
 Section 2.29 Option Share. “Option
Share” means a share of Common Stock acquired (or deferred hereunder) pursuant to the exercise of an Option. 
  
 Section 2.30 Participant. “Participant” means any individual who is eligible to participate in this Plan and who elects to
participate by filing a Participation Agreement as provided in Article IV. 
  
 Section 2.31 Participation Agreement. “Participation Agreement” means an agreement filed by a Participant in accordance with Article IV. 
  
 Section 2.32 Phantom Share Units. “Phantom Share
Units” means units of deemed investment in shares of National Commerce Bancorporation Common Stock so determined under Section 5.6. 
  
 Section 2.33 Plan Year. “Plan Year” means a twelve-month period beginning January 1 and ending the following December 31.

  
 Section 2.34 Retirement. “Retirement”
means retirement of a Participant from the Company after attaining age 65 or age 55 with at least ten years of service (in accordance with the method of determining service under the National Commerce Bancorporation Pension Plan) or in the case of a
director the year in which the director is no longer a member of the board. 
  

 13 

 Section 2.35 Stock Option Gain Agreement. “Stock Option Gain Agreement” means an
agreement filed by a participant in accordance with Article V to defer taxation of the gain from the exercise of an Option. 
  
 Section 2.36 Termination of Employment. “Termination of Employment” means the cessation of a Participant’s services as a
full-time employee of the Company and its affiliates for any reason other than Retirement. 
  
 Section 2.37 Trust. “Trust” means an irrevocable trust which is intended to be a grantor trust, of which Company is the grantor, within the meaning of subpart E, part I, subchapter J, chapter
1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. The principal of the Trust, and any earnings thereon shall be held separate and apart from other funds of Company and shall be used exclusively for
the uses and purposes of Plan participants and general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created
under the Plan(s) and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company. 
  
 Section 2.38 Trustee. “Trustee” means the party appointed by the Administrative Committee to perform all of the duties set forth
in the Trust Agreement. 
  
 Section 2.39 Unforeseeable
Emergency. “Unforeseeable Emergency” means severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, loss of the Participant’s
property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 
  
 Section 2.40 Valuation Date. “Valuation Date” means the last day of each calendar month or such other date as the Administrative
Committee in its sole discretion may determine. 
  
 ARTICLE III

  
 ADMINISTRATION 
  
 Section 3.1 Compensation/Benefits and Administrative Committees;
Duties. This Plan shall be administered by the Compensation/Benefits Committee. A majority of the members of the Compensation/Benefits Committee shall constitute a quorum for the transaction of business. All resolutions or other action taken by
the Compensation/Benefits Committee shall be by a vote of a majority of its members present at any meeting or, without a meeting, by an instrument in writing signed by all its members. Members of the Compensation/Benefits Committee may participate
in a meeting of such committee by means of a conference telephone or similar communications equipment that enables all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person
at the meeting. 
  
 The Compensation/Benefits Committee shall be responsible for
the administration of this Plan and shall have all powers necessary to administer this Plan, including discretionary authority to 

  

 14 

 
determine eligibility for benefits and to decide claims under the terms of this Plan including the power necessary to appoint a trustee of the irrevocable
trust, except to the extent that any such powers are vested in any other person administering this Plan by the Compensation/Benefits Committee. The Compensation/Benefits Committee may from time to time establish rules for the administration of this
Plan, and it shall have the exclusive right to interpret this Plan and to decide any matters arising in connection with the administration and operation of this Plan. All rules, interpretations and decisions of the Compensation/Benefits Committee
shall be conclusive and binding on the Company, Participants and Beneficiaries. 
  
 The Compensation/Benefits Committee has delegated to the Administrative Committee responsibility for performing certain administrative and ministerial functions under this Plan. The Administrative Committee shall be responsible for
determine in the first instance issues related to eligibility, investment benchmarks, distribution or Deferred Amounts, determination of account balances, crediting of hypothetical earnings and of Deferred Amounts and debiting of hypothetical losses
and of distributions, in-service withdrawals, deferral elections and any other duties concerning the day-to-day operation of this Plan. The Compensation/Benefits Committee shall have discretion to delegate to the Administrative Committee such
additional duties as it may determine. The Administrative Committee may designate one of its members as a chairperson and may retain and supervise outside providers and professionals (including in-house professionals) to perform any or all of the
duties delegated to it hereunder. 
  
 Neither the Compensation/Benefits Committee
nor a member of the Board nor any member of the Administrative Committee shall be liable for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom duties in connection with the
administration of this Plan have been delegated or for anything done or omitted to be done in connection with this Plan. The Compensation/Benefits Committee and the Administrative Committee shall keep records of all of their respective proceedings
and the Administrative Committee shall keep records of all payments made to Participants or Beneficiaries and payments made for expenses or otherwise. 
  
 The Company shall, to the fullest extent permitted by law, indemnify each director, officer or employee of the Company (including the heirs, executors, administrators and
other personal representatives of such person) each member of the Compensation/Benefits Committee and Administrative Committee against expenses (including attorney’s fees), judgments, fines, amounts paid in settlement, actually and reasonably
incurred by such person in connection with any threatened, pending or actual suit, action or proceeding (whether civil, criminal, administrative or investigative in nature or otherwise) in which such person may be involved by reason of the fact that
he or she is or was serving this Plan in any capacity at the request of the Company. 
  
 Any expense incurred by the Company, the Compensation/Benefits Committee or the Administrative Committee relative to the administration of this Plan shall be paid by the Company. 
  
 Section 3.2 Claim Procedure. If a Participant or Beneficiary makes a written request alleging a right to
receive payments under this Plan or alleging a right to receive an adjustment in 

  

 15 

 
benefits being paid under this Plan, such actions shall be treated as a claim for benefits. All claims for benefits under this Plan shall be sent to the
Administrative Committee. If the Administrative Committee determines that any individual who has claimed a right to receive benefits, or different benefits, under this Plan is not entitled to receive all or any part of the benefits claimed, the
Administrative Committee shall inform the claimant in writing of such determination and the reason therefore in terms calculated to be understood by the claimant. The notice shall be sent within 90 days of the claim unless the Administrative
Committee determines that additional time, not exceeding 90 days, is needed. The notice shall make specific reference to the pertinent Plan provisions on which the denial is based, and shall describe any additional material or information that is
necessary. Such notice shall, in addition, inform the claimant of the procedure that the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim. The
claimant may within 90 days thereafter submit in writing to the Administrative Committee a notice that the claimant contests the denial of his or her claim and desires a further review by the Compensation/Benefits Committee. The
Compensation/Benefits Committee shall within 60 days thereafter review the claim and authorize the claimant to review pertinent documents and submit issues and comments relating to the claim to the Compensation/Benefits Committee. The
Compensation/Benefits Committee will render a final decision on behalf of the Company with specific reasons therefor in writing and will transmit it to the claimant within 60 days of the written request for review, unless the Chairperson of the
Compensation/Benefits Committee determines that additional time, not exceeding 60 days, is needed, and so notifies the Participant. If the Committee fails to respond to a claim filed in accordance with the foregoing within 60 days or any such
extended period, the Company shall be deemed to have denied the claim. 
  
 ARTICLE IV 
  
 PARTICIPATION

  
 Section 4.1 Participation. Participation in
the Plan shall be limited to executives who (i) meet such eligibility criteria as the Compensation/Benefits Committee shall establish from time to time, and (ii) elect to participate in this Plan by filing a Participation Agreement with the
Administrative Committee. A Participation Agreement must be filed prior to the December 31st immediately preceding
the Plan Year for which it is effective. The Administrative Committee shall have the discretion to establish special deadlines regarding the filing of Participation Agreements for specified groups of Participants. 
  
 Section 4.2 Contents of Participation Agreement. Subject to
Article VIII, each Participation Agreement shall set forth: (i) the amount of Eligible Compensation for the Plan Year or performance period to which the Participation Agreement relates that is to be deferred under the Plan (the “Deferred
Amount”), expressed as either a dollar amount or a percentage of the Base Salary, Bonus Compensation and Director Compensation for such Plan Year or performance period; provided, that the minimum Deferred Amount for any Plan Year or
performance period shall not be less than $2,000; (ii) the period after which payment of the Deferred Amount is to be made or begin to be made (the “Deferral Period”), which shall be the earlier of (A) a number of full years, not less than
three, and (B) the period ending upon the Retirement or prior termination of employment of the Participant, and (iii) the form in which 

  

 16 

 
payments are to be made, which may be a lump sum or in substantially equal annual installments. 
  
 Section 4.3 Modification or Revocation of Election by Participant. A Participant may not change the amount of
his Base Salary Deferrals during a Plan Year. However, a Participant may discontinue a Base Salary Deferral election at any time by filing, on such forms and subject to such limitations and restrictions as the Administrative Committee may prescribe
in its discretion, a revised Participation Agreement with the Administrative Committee. If approved by the Administrative Committee, revocation shall take effect as of the first payroll period next following its filing. If a Participant discontinues
a Base Salary Deferral election during a Plan Year, he will not be permitted to elect to make Base Salary Deferrals again until the later of the next Plan Year or six months from the date of discontinuance. In addition, the Deferral Period may be
extended if an amended Participation Agreement is filed with the Administrative Committee at least one full calendar year before the Deferral Period (as in effect before such amendment) ends; provided, that only one such amendment may be filed with
respect to each Deferred Amount. Under no circumstances may a Participant’s Participation Agreement be made, modified or revoked retroactively. 
  
 ARTICLE V 
  
 STOCK OPTION GAIN DEFERRALS 
  
 Section 5.1 In General: Subject to provisions of this Article V, Participants may elect to defer receipt and distribution of the gain related to Gain Shares until the end of an elected Deferral Period by
filing with the Administrative Committee a Stock Option Gain Agreement. The stock option gain deferral features of the Plan are effective for deferral elections made on or after January 1, 1999. 
  
 Section 5.2 Timing of Filing Stock Option Gain Agreement. A
Stock Option Gain Agreement must be filed at least six months prior to the Date of Exercise, prior to the calendar year in which occurs the Date of Exercise and no later than the day before the first day of the six month period ending on the Option
Expiration Date. An Option with respect to which a Stock Option Gain Agreement has been filed may not be exercised prior to the dates specified in the preceding sentence. 
  
 Section 5.3 Contents of Stock Option Gain Agreement. Each Stock Option Gain Agreement shall set forth: (i) the
number of Options to be exercised in connection with the deferrals hereunder; (ii) the date of grant of the Options; (iii) the Deferral Period, which is not to be less than three years; (iv) any other item determined to be appropriate by the
Administrative Committee. A Participant may elect to defer gain on Option Shares in increments of 25%, 50%, 75% or 100% of the number of Options awarded on a particular date of grant. 
  
 Section 5.4 Manner of Exercising Option Shares. A Participant who desires to exercise an Option and to defer
current receipt and distribution of the gain related to Gain Shares must follow the procedures and requirements that are applicable to the Option under the National Commerce Bancorporation Stock Plan, including the procedures and requirements
relating to the 

  

 17 

 
exercise of an Option; provided, however, that in the case of a deferral of Gain Shares under this Plan, the Participant shall only be permitted to tender
Consideration Shares to pay the entire exercise price for any exercised Option. Notwithstanding the foregoing, the Administrative Committee may in its discretion accept the Participant’s attestation that he or she owns the number of
Consideration Shares necessary to effectuate the stock swap contemplated hereunder. The attestation method or any other procedure accepted by the Administrative Committee shall be consistent with applicable legal authority regarding the tax-free
treatment of such a transaction. 
  
 Section 5.5
Determination of Gain Shares. Upon exercise of an Option, the gain of which the Participant has elected to defer hereunder, Gain Shares resulting from such exercise shall be determined as follows: (i) the aggregate exercise price for all
exercised Option Shares shall be determined; (ii) the number of Consideration Shares needed to pay the exercise price for such Option Shares shall be determined; (iii) the difference between the number of exercised Option Shares and the number of
Consideration Shares shall be the number of Gain Shares resulting from such exercise. Any fractional Gain Share that results from the computations hereunder shall be rounded up to the nearest whole number. 
  
 Section 5.6 Conversion of Gain Shares to Phantom Share Units.
As of the Date of Exercise, Gain Shares shall be Phantom Share Units by dividing the amount of the aggregate Fair Market Value Shares as of the Date of Exercise by the Fair Market Value of one share of Common Stock as of the Date of Exercise. The
resulting number of Phantom Share Units shall be credited to the Participant’s Gain Share Account. Any fractional Phantom Share Unit that results from the computation hereunder shall be rounded up to the nearest whole number. 
  
 Section 5.7 Changes to the Stock Option Gain Agreement. A Stock
Option Gain Agreement may not be amended or revoked after the day on which it is filed with the Administrative Committee, except that the Deferral Period may be extended if an amended Stock Option Gain Agreement is filed with the Administrative
Committee at least one full calendar year before the Deferral Period (as in effect before such amendment) ends; provided, that only one such amendment may be filed with respect to each Stock Option Gain Agreement 
  
 Section 5.8 Failure to Properly Exercise. If a Participant
makes a valid election under this Article V to defer the gain related to Gain Shares and if the Option expires without a proper exercise of the Option by the Participant or if the Participant fails to properly tender the Consideration Shares by the
last day of the Option term, the Participant shall forfeit any opportunity to exercise the option and the Option shall be canceled as of the end of the last business day of the Option term. 
  
 ARTICLE VI 
  
 ARTICLE VII 
  
 DEFERRED BONUS AND COMMISSION COMPENSATION 
  
 Section 7.1 Elective Deferred Bonus and Commission
Compensation. The Deferred Amount of a Participant with respect to each Plan Year of participation in the Plan shall be created by the Administrative Committee to the Participant’s Deferral Account as and when 

  

 18 

 
such Deferred Amount would otherwise have been paid to the Participant. To the extent that the Company is required to withhold any taxes or other amounts
from the Deferred Amount pursuant to any state, Federal or local law, such amounts shall be taken out of compensation to the Participant that is not deferred under this Plan. 
  
 ARTICLE VIII 
  
 MAINTENANCE AND INVESTMENT OF ACCOUNTS 
  
 Section 8.1 Maintenance of Accounts. Separate Deferral Accounts shall be maintained for each Participant. More than one Deferral Account may
be maintained for a Participant as necessary to reflect (a) various investment benchmarks and/or (b) separate Participation Agreements specifying different Deferral Periods and/or forms of payment. A Participant’s Deferral Account(s) shall be
utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan, and shall not constitute or be treated as a trust fund of any kind. The Administrative Committee shall determine
the balance of each Deferral Account, as of each Valuation Date, by adjusting the balance of such Deferral Account as of the immediately preceding Valuation Date to reflect changes in the value of the deemed investments thereof, credits and debits
pursuant to Section 6.1 and Section 7.2 and distributions pursuant to Article VIII with respect to such Deferral Account since the preceding Valuation Date. 
  
 Section 8.2 Investment Benchmarks. (a) Each Participant shall be entitled to direct the manner in which his/her Deferral Accounts will be
deemed to be invested, selecting among the investment benchmarks specified in Appendix A hereto, as amended by the Compensation/Benefits Committee from time to time, and in accordance with such rules, regulations and procedures at the
Compensation/Benefits Committee may establish from time to time. Notwithstanding anything to the contrary herein, earnings and losses based on a Participant’s investment elections shall begin to accrue as of the date such Participant’s
Deferral Amounts are credits to his/her Deferral Accounts. 
  
 (b)(i) The investment benchmarks available for Deferral Accounts from time to time may include a “National Commerce Bancorporation Share Fund.” The National Commerce Bancorporation Share Fund shall consist of deemed investments in
shares of National Commerce Bancorporation Common Stock. Deferred Amounts that are deemed t be invested in the National Commerce Bancorporation Share Fund shall be converted into deemed shares based upon the Fair Market Value of the Common Stock as
of the date(s) the Deferred Amounts are to be credited to a Deferral Account. The portion of any Deferral Account that is invested in the National Commerce Bancorporation Share Fund shall be credited, as of each Valuation Date, with additional
shares of Common Stock with respect to cash dividends paid on the Common Stock with record dates during the period beginning on the day after the most recent preceding Valuation Date and ending on such Valuation Date, as follows. The credit shall be
for a number of additional deemed shares of Common Stock having a Fair Market Value, as of the payment date for a cash dividend, equal to the dollar amount of such cash dividend paid with respect to a number of actual shares of Common Stock equal to
the number of deemed shares in such Deferral Account as of such Valuation Date minus the number of such deemed shares that were 

  

 19 

 
distributed to the Participant before such Valuation Date but after the most recent prior Valuation Date. 
  
 (ii) When a deemed reinvestment or a distribution of all or a portion of a
Gain Share Account that is invested in the National Commerce Bancorporation Share Fund is to be made, the balance in such a Deferral Account shall be determined by reference to the Fair Market Value of the Common Stock on the most recent Valuation
Date preceding the date of such reinvestment or distribution. Upon a lump sum distribution, the amounts in the National Commerce Bancorporation Share Fund shall be distributed in the form of cash having a value equal to the Fair Market Value of the
deemed shares being distributed, actual shares of Common Stock, or a combination thereof, as determined by the Compensation/Benefits Committee. 
  
 (iii) In the event of a stock dividend, split-up or combination of the Common Stock, merger, consolidation, reorganization, recapitalization, or other
change in the corporate structure or capitalization affecting the Common Stock, such that an adjustment is determined by the Compensation/Benefits Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under this Plan, then the Compensation/Benefits Committee may make appropriate adjustments to the number of deemed shares credited to any Deferral Account. The determination of the Compensation/Benefits
Committee as to such adjustments, if any, to be made shall be conclusive. 
  
 (iv) Notwithstanding any other provision of this Plan, the Compensation/Benefits Committee shall adopt such procedures as it may determine are necessary to ensure that with respect to any Participant who is actually
or potentially subject to Section 16(b) of the Securities Exchange Act of 1934, as amended, the crediting of deemed shares to his or her Deferral Account is not deemed to be a non-exempt purchase for purposes of such Section 16(b), including without
limitation requiring that no shares of Common Stock or cash relating to such deemed shares may be distributed for six months after being credited to such Deferral Account. 
  
 Section 8.3 Statement of Accounts. The Administrative Committee shall submit to each Participant quarterly
statements of his/her Deferral Account(s) and Gain Share Account(s), in such form as the Administrative Committee deems desirable, setting forth the balance to the credit of such Participant in his/her Deferral Account(s) and Gain Share Accounts as
of the end of the most recently completed quarter. 
  
 ARTICLE
IX 
  
 BENEFITS 
  
 Section 9.1 Time and Form of Payment. At the end of the
Deferral Period for each Deferral Account, the Company shall pay to the Participant the balance of such Deferral Account at the time or times elected by the Participant in the applicable Participation Agreement; provided that if the Participant has
elected to receive payments from a Deferral Account in a lump sum, the Company shall pay the balance in such Deferral Account (determined as of the most recent Valuation Date preceding the end of the Deferral Period) in a lump sum in cash (plus any
shares of the Common Stock that the Compensation/Benefits Committee elects to deliver 

  

 20 

 
from any investment in the National Commerce Bancorporation Share Fund) as soon as practicable after the end of the Deferral Period. If the Participant has
elected to receive payments from a Deferral Account in installments, the Company shall make annual cash only payments from such Deferral Account, each of which shall consist of an amount equal to (i) the balance of such Deferral Account as of the
most recent Valuation Date preceding the payment date times (ii) a fraction, the numerator of which is one and the denominator of which is the number of remaining installments (including the installment being paid). The first such installment shall
be paid as soon as practicable after the end of the Deferral Period and such subsequent installment shall be paid on or about the anniversary of such first payment. Each such installment shall be deemed to be made on a pro rata basis from each of
the different deemed investments of the Deferral Account (if there is more than one such deemed investment). At the end of the Deferral Period for each Gain Share Account, the Company shall pay to the Participant the balance of such Gain Share
Account at the time or times elected by the Participant in the applicable Stock Option Gain Agreement in shares of Common Stock. 
  
 Section 9.2 Matching Contribution. Each Participant eligible to participate in the company’s qualified 401(k) plan, who elects to make
deferrals of Eligible Compensation to the Plan, will receive a matching Contribution equal to 50% of his or her Deferred Amount less any Directors Compensation Deferral. The matching Contribution amount for any one year shall not exceed 3% of the
Participant’s combined Base Salary and Bonus Compensation in that year. In addition, the Matching Contribution for each Participant shall be reduced by the matching contribution made to such Participant’s qualified 401(k) account for the
year. Matching Contributions will be credited to the Participant’s Deferral Account as of a date selected by the Company and shall follow the Participant’s investment benchmarks for the deferral of the Eligible Compensation to which it
relates. The Matching Contribution shall be distributed to the participant according to the election made by the participant governing his/her deferrals. 
  
 Section 9.3 Retirement. Subject to Section 8.1 hereof, if a Participant has elected to have the balance of his/her Deferral Account or Gain
Share Account distributed upon Retirement, the account balance of the Participant (determined as of the most recent Valuation Date preceding such Retirement) shall be distributed upon Retirement in installments or a lump sum in accordance with the
Plan and as elected in the Participant Agreement. 
  
 Section
9.4 In-Service Distributions. Subject to Section 8.1 hereof, if a Participant has elected to defer Eligible Compensation under the Plan for a stated number of years, the account balance of the Participant (determined as of the most recent
Valuation Date preceding such Deferral Period) shall be distributed in installments or a lump sum in accordance with the Plan and as elected in the Participant Agreement. 
  
 Section 9.5 Other Than Retirement. Notwithstanding the provisions of Section 8.3 and Section 8.4 hereof and
any Participation Agreement, if a Participant dies, has a Termination of Employment or Disability prior to Retirement and prior to receiving full payment of his/her Deferral Account(s), the Company shall pay the remaining balance (determined as of
the most recent Valuation Date preceding such event) to the Participant or the Participant’s Beneficiary or Beneficiaries (as the case may be) in a lump sum cash only or in Common Stock with respect to payment of Gain Share Accounts and amounts
invested in the National Commerce 

  

 21 

 
Bancorporation Stock Fund (notwithstanding Section 8.1 hereof) as soon as practicable following the occurrence of such event, unless the Administrative
Committee in its sole discretion determines otherwise. Subject to Section 7.2(a) hereof, the amount distributable under the preceding sentence of this Section 8.4 shall be based on the Participant’s investment elections. 
  
 Section 9.6 Hardship Withdrawals. Notwithstanding the
provisions of Section 8.1 and any Participation Agreement, a Participant shall be entitled to early payment of all or part of the balance in his/her Deferral Account(s) in the event of an Unforeseeable Emergency, in accordance with this Section 8.5.
A distribution pursuant to this Section 8.5 may only be made to the extent reasonably needed to satisfy the Unforeseeable Emergency need, and may not be made if such need is or may be relieved (i) through reimbursement or compensation by insurance
or otherwise, (ii) by liquidation of the Participant’s assets to the extent such liquidation would not itself cause severe financial hardship, or (iii) by cessation of participation in the Plan. An application for an early payment under this
Section 8.5 shall be made to the Administrative Committee in such form and in accordance with such procedures as the Administrative Committee shall determine from time to time. The determination of whether and in what amount and form a distribution
will be permitted pursuant to this Section 8.5 shall be made by the Administrative Committee. 
  
 Section 9.7 Voluntary Early Withdrawal. Notwithstanding the provisions of Section 8.1 and any Participation Agreement, a Participant shall be entitled to elect to withdraw all of the balance in his/her
Deferral Account(s) by filing with the Administrative Committee such forms, in accordance with such procedures, as the Administrative Committee, the Company shall pay an amount equal to ninety percent of the balance in such Participant’s
Deferral Account(s) (determined as of the most recent Valuation Date preceding the date such election is filed) to the electing Participant in a lump sum in cash, and the Participant shall forfeit the remainder of such Deferral Account(s). All
Participation Agreements previously filed by a Participant who elects to make a withdrawal under this Section shall be null and void after such election is filed (including without limitation Participation Agreements with respect to Plan Years or
performance periods that have not yet been completed), and such a Participant shall not thereafter be entitled to file any Participation Agreements under the Plan with respect to the first Plan Year that begins after such election is made.

  
 Section 9.8 Change of Control. In the event of a
Change of Control that is recommended for approval to the shareholders by the Board, no immediate special payment shall be made to any Participant and the terms and conditions of the Plan shall remain in full force and effect. Notwithstanding
anything contained in this Plan to the contrary, upon a hostile Change of Control, the Company shall immediately pay to each Participant in a lump sum in cash or in Common Stock with respect to payment of Gain Share Accounts and amounts invested in
the National Commerce Bancorporation Stock Fund the balance in his/her Deferral Account(s) (determined as of the most recent Valuation Date preceding the Change of Control). Hostile Change of Control is defined as a Change of Control of the Company
which is not recommended for approval to the shareholders by the Board. 
  

 22 

 Section 9.9 Withholding of Taxes. Notwithstanding any other provision of this Plan, the
Company shall withhold from payments made hereunder any amounts required to be so withheld by any applicable law or regulation. 
  
 ARTICLE X 
  
 BENEFICIARY DESIGNATION 
  
 Section 10.1 Beneficiary Designation. Each Participant shall have the right, at any time, to designate any person, persons or entity as his Beneficiary or Beneficiaries. A Beneficiary designation shall
be made, and may be amended, by the Participant by filing a written designation with the Administrative Committee, on such form and in accordance with such procedures as the Administrative Committee shall establish from time to time. 
  
 Section 10.2 No Beneficiary Designation. If a Participant fails
to designate a Beneficiary as provided above, or if all designated Beneficiaries predecease the Participant, then the Participant’s Beneficiary shall be deemed to be the Participant’s estate. 
  
 ARTICLE XI 
  
 VESTING OF DEFERRAL & MATCHING CONTRIBUTION ACCOUNT

  
 Section 11.1 Vesting of Deferral Account. A
Participant shall be 100% vested in his/her Deferral Account at all times, except in the case of a Voluntary Early Withdrawal under Section 8.7 hereof. 
  
 Section 11.2 Vesting of Matching Accounts. Matching Contributions shall vest in the same manner as under the Company’s 401(k) Plan.

  
 ARTICLE XII 
  
 AMENDMENT AND TERMINATION OF PLAN 
  
 Section 12.1 Amendment. The Board or the Compensation/Benefits
Committee may at any time amend this Plan in whole or in part, provided, however, that no amendment shall be effective to decrease the balance in any Deferral Account as accrued at the time of such amendment, nor shall any amendment otherwise have a
retroactive effect. 
  
 Section 12.2 Company’s
Right to Terminate. The Board or the Compensation/Benefits Committee may at any time terminate the Plan with respect to future Participation Agreements. The Board or the Compensation/Benefits Committee may also terminate the Plan in its entirety
at any time for any reason, including without limitation if, in its judgment, the continuance of the Plan, the tax, accounting, or other effects thereof, or potential payments thereunder would not be in the best interests of the Company, and upon
any such termination, the Company shall immediately pay to each Participant in a lump sum the accrued balance in his Deferral Account (determined as of the most recent Valuation Date preceding the termination date). 
  

 23 

 ARTICLE XIII 
  
 MISCELLANEOUS 
  
 Section 13.1 Unfunded Plan. This Plan is intended to be an unfounded plan maintained primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees, within the meaning of Section 201, 301 and 401 of ERISA. All payments pursuant to the Plan shall be made from the general funds of the Company and no special or separate
fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of participating in the
Plan. Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its
obligations under the Plan. 
  
 Section 13.2
Nonassignability. Except as specifically set forth in the Plan with respect to the designation of Beneficiaries, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage
or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and non-transferable. No
part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, not be transferable by operation
of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 
  
 Section 13.3 Validity and Severability. The invalidity or unenforceability of any provision of this Plan shall not affect the validity or
enforceability of any other provision of this Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  
 Section 13.4 Governing Law. The validity,
interpretation, construction and performance of this Plan shall in all respects be governed by the laws of the State of domicile of National Commerce Bancorporation, without reference to principles of conflict of law, except to the extent preempted
by federal law. 
  
 Section 13.5 Employment Status.
This Plan does not constitute a contract of employment or impose on the Participant or the Company any obligation for the Participant to remain an employee of the Company or change the status of the Participant’s employment or the policies of
the Company and its affiliates regarding termination of employment. 
  
 Section 13.6 Underlying Bonus Plans and Programs. Nothing in this Plan shall prevent the Company from modifying, amending or terminating the compensation or the bonus plans and programs pursuant to which cash bonuses are
earned and which are deferred under this Plan. 
  

 24 

 Section 13.7 Severance. Notwithstanding anything to the contrary herein the
Compensation/Benefits Committee may, in its sole and exclusive discretion, determine that the Deferral Account of a Participant who has incurred a Termination of Employment and who receives or will receive severance payments from the Company shall
be paid in installments, at such intervals as the Compensation/Benefits Committee may decide. 
  
 IN WITNESS WHEREOF, the Company has caused this Plan to be properly executed on the 16 day of February, 1999. 
  

	 	 	 	 	National Commerce Bancorporation
				
	(Corporate Seal)	 	 	 	By:	 	 /s/ Lewis E. Holland

	 	 	 	 	 	

	 	 	 	 	 	 	 Its:
	 	 Vice Chairman

  

	Attested to:
	
	 /s/ Gus B. Denton

	

	 Secretary

  

 25 

 APPENDIX A 
  
 Money Market Fund 
 Fixed Income Fund

 Managed Index 500 Fund 
 Lifestyle Fund 
 Growth Fund 
 Value Fund 
 NCBC Stock Fund 
 International Fund 
  

 26 

 FIRST AMENDMENT TO 
 NATIONAL COMMERCE FINANCIAL CORPORATION 
 STOCK OPTION GAIN DEFERRAL 
 AND FORMER NCB DEFERRED COMPENSATION PLAN 
 (formerly known as the National Commerce 
 Bancorporation Deferred Compensation Plan) 
  
 THIS FIRST AMENDMENT is made on the 1st day of January, 2002, by National
Commerce Financial Corporation, the (the “Company”). 
  
 ARTICLE XIV 
  
 INTRODUCTION

  
 The Company wishes to amend the National Commerce
Bancorporation Deferred Compensation Plan to permit future contributions only for the Stock Option Gain Deferral mechanism, to freeze all other forms of contributions, to change the eligibility requirements so that they are the same as those
contained in the National Commerce Financial Corporation Equity Investment Plan (the “Equity Investment Plan”) and to change the name of such plan to the “National Commerce Financial Corporation Stock Option Gain Deferral and Former
NCB Deferred Compensation Plan.” 
  
 ARTICLE XV

  
 AMENDMENT 
  
 NOW, THEREFORE, the Company hereby amends the National Commerce
Bancorporation Deferred Compensation Plan (the “Plan”), effective as of January 1, 2002, as follows: 
  
 1. By renaming the Plan the “National Commerce Financial Corporation Stock Option Gain Deferral and Former NCB Deferred Compensation Plan” and
make corresponding changes to the Plan wherever the name appears. 
  
 2. By substituting the phrase “National Commerce Financial Corporation Retirement Plan” for the phrase “National Commerce Bancorporation Pension Plan” where the same is found in Section 2.37. 
  
 3. By deleting Section 2.07 in its entirety and by substituting therefor the
following: 
  
 “Section 2.07
Board. ‘Board’ means the Board of Directors of National Commerce Financial Corporation.” 
  
 4. By deleting Section 2.08 in its entirety and by substituting therefor the following: 
  
 “Section 2.08 Change of Control. For purposes of this Plan, a ‘Change of
Control’ shall be deemed to have occurred if: 
  
 (1) any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’)) (a ‘Person’) acquires beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of voting securities of the Company where such acquisition causes such person to own twenty percent (20%) or more of the combined voting power 

  

 27 

 
of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the ‘Outstanding Company voting
Securities’); provided, however, that for purposes of this Subsection (1), the following acquisitions shall not be deemed to result in a Change of Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C)
any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Company controlled by the Company or (D) any acquisition by any Company pursuant to a transaction that complies with clauses (A), (B) and
(C) of Subsection (3) below; and provided, further, that if any Person’s beneficial ownership of the Outstanding Company Voting Securities reaches or exceeds 20% as a result of a transaction described in clause (A) or (B) above, and such Person
subsequently acquires beneficial ownership of additional voting securities of the Company, such subsequent acquisition shall be treated as an acquisition that causes such Person to own twenty percent (20%) or more of the Outstanding Company Voting
Securities; or 
  
 (2) individuals who as of the
date hereof, constitute the Board (the ‘Incumbent Board’) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
  
 (3) the shareholders of the Company approve of a
reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (‘Business Combination’) or, if consummation of such Business Combination is subject, at the time of such
approval by shareholders, to the consent of any government or governmental agency, the obtaining of such consent (either explicitly or implicitly by consummation); excluding, however, such a Business Combination pursuant to which (A) all or
substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than sixty percent (60%) of,
respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the Company resulting from such
business Combination (including, without limitation, a Company that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the
same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company voting Securities, (B) no Person (excluding any employee benefit plan (or related trust) of the Company or such Company resulting from
such Business Combination) beneficially owns, directly or indirectly, twenty percent (20%) or more of, respectively, the then outstanding shares of common stock of the Company resulting from such Business Combination or the combined voting power of
the then outstanding voting securities of 

  

 28 

 
such Company except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the board of
directors of the Company resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
  
 (4) approval by the shareholders of the Company of a
complete liquidation or dissolution of the Company.” 
  
 5.
By adding the following new Section 4.04: 
  
 “Section 4.04. No Further Contributions. Notwithstanding anything contained in this Article IV to the contrary, effective January 1, 2002, no further contributions are permitted from Eligible Compensation, Base Salary,
Commissions, Bonus Compensation, or Director’s Compensation pursuant to this Article IV.” 
  
 6. By adding the following new Section 4.05: 
  
 “Section 4.05. Frozen Participation for Directors. Notwithstanding Section 4.01, effective January 1, 2001, no Director
may elect to participate in the Plan.” 
  
 IN WITNESS
WHEREOF, the Company has executed this First Amendment as of the day and year first above written. 
  

	NATIONAL COMMERCE FINANCIAL COMPANY
		
	By:	 	 /s/ Sheldon M. Fox

	 	

	 Title:
	 	 CFO

  

	ATTEST:
	
	 /s/ John Mistretta

	

	 Title: HR

  

 29

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