Document:

Exhibit 10(uu)

 Exhibit 10(uu) 

Medium-Term Incentive Plan 

Potash Corporation of Saskatchewan Inc. 

Effective for the Performance Cycle January 1, 2012 to December 31, 2014 

 Contents 
  

							
	 SECTION 1—ESTABLISHMENT OF THE PLAN
	  	 	1	  
			
	 1.01
	 	 PURPOSE
	  	 	1	  
			
	 1.02
	 	TERM	  	 	1	  
		
	 SECTION 2—DEFINITIONS
	  	 	2	  
			
	 2.01
	 	AFFILIATE	  	 	2	  
			
	 2.02
	 	AWARD UNITS	  	 	2	  
			
	 2.03
	 	BOARD	  	 	2	  
			
	 2.04
	 	CODE	  	 	2	  
			
	 2.05
	 	COMMITTEE	  	 	2	  
			
	 2.06
	 	CORPORATE TSR	  	 	2	  
			
	 2.07
	 	CORPORATE TSR AWARD UNITS	  	 	3	  
			
	 2.08
	 	CORPORATION	  	 	3	  
			
	 2.09
	 	EFFECTIVE DATE	  	 	3	  
			
	 2.10
	 	ENTITLED EXECUTIVE	  	 	3	  
			
	 2.11
	 	409A GUIDANCE	  	 	3	  
			
	 2.12
	 	INDEX	  	 	3	  
			
	 2.13
	 	INDEX CLOSING PRICE	  	 	3	  
			
	 2.14
	 	INDEX OPENING PRICE	  	 	4	  
			
	 2.15
	 	INDEX TSR	  	 	4	  
			
	 2.16
	 	INDEX TSR AWARD UNITS	  	 	4	  
			
	 2.17
	 	JUST CAUSE	  	 	4	  
			
	 2.18
	 	PCS INC. OPENING SHARE PRICE	  	 	4	  
			
	 2.19
	 	PCS INC. CLOSING SHARE PRICE	  	 	4	  
			
	 2.20
	 	PERFORMANCE CYCLE	  	 	5	  
			
	 2.21
	 	PERMANENT DISABILITY OR PERMANENTLY DISABLED	  	 	5	  
			
	 2.22
	 	PLAN	  	 	5	  
			
	 2.23
	 	RETIREMENT	  	 	5	  

  
 i 

							
	 2.24
	 	SALARY	  	 	5	  
			
	 2.25
	 	SEPARATION FROM SERVICE	  	 	6	  
			
	 2.26
	 	SPECIFIED EMPLOYEE	  	 	6	  
			
	 2.27
	 	TARGET PERCENTAGE	  	 	6	  
			
	 2.28
	 	TIER GROUP	  	 	6	  
			
	 2.29
	 	U.S. EXECUTIVE	  	 	6	  
			
	 2.30
	 	VESTED PERCENTAGE	  	 	6	  
		
	 SECTION 3—PARTICIPATION
	  	 	7	  
			
	 3.01
	 	INITIAL PARTICIPATION	  	 	7	  
			
	 3.02
	 	CONTINUED PARTICIPATION	  	 	7	  
		
	 SECTION 4—ALLOCATION OF AWARD UNITS
	  	 	8	  
			
	 4.01
	 	ALLOCATION	  	 	8	  
			
	 4.02
	 	PROMOTION TO NEW TIER GROUP OR OTHER PROMOTION	  	 	8	  
			
	 4.03
	 	CORPORATE TSR AWARD UNITS AND INDEX TSR AWARD UNITS	  	 	8	  
			
	 4.04
	 	TARGET PERCENTAGE	  	 	9	  
		
	 SECTION 5—VESTING OF AWARD UNITS
	  	 	10	  
			
	 5.01
	 	VESTED PERCENTAGES	  	 	10	  
		
	 SECTION 6—REDEMPTION OF AWARD UNITS
	  	 	11	  
			
	 6.01
	 	REDEMPTION DATE	  	 	11	  
			
	 6.02
	 	VALUE OF AWARD UNITS	  	 	12	  
			
	 6.03
	 	EARLY REDEMPTION DATE	  	 	12	  

  
 ii 

							
		
	 SECTION 7—ADMINISTRATION OF THE PLAN
	  	 	15	  
			
	 7.01
	 	POWERS OF THE COMMITTEE	  	 	15	  
			
	 7.02
	 	NOTIFICATION TO ENTITLED EXECUTIVES	  	 	15	  
			
	 7.03
	 	CALCULATION OF AWARD PAYMENTS	  	 	15	  
			
	 7.04
	 	DELEGATION OF DUTIES	  	 	15	  
			
	 7.05
	 	RECOUPMENT POLICY	  	 	15	  
			
	 7.06
	 	SECTION 409A	  	 	15	  
		
	 SECTION 8—GENERAL PROVISIONS
	  	 	17	  
			
	 8.01
	 	ASSIGNMENT OR ALIENATION	  	 	17	  
			
	 8.02
	 	AMENDMENT OR TERMINATION	  	 	17	  
			
	 8.03
	 	NO ENLARGEMENT OF CONTRACTUAL RIGHTS	  	 	17	  
			
	 8.04
	 	WITHHOLDING OF TAXES	  	 	17	  
			
	 8.05
	 	BINDING ON SUCCESSORS	  	 	17	  
			
	 8.06
	 	CURRENCY	  	 	17	  
			
	 8.07
	 	CERTAIN ADJUSTMENTS	  	 	18	  
			
	 8.08
	 	GOVERNING LAW	  	 	18	  
		
	 SECTION 9—CHANGE IN CONTROL
	  	 	19	  
			
	 9.01
	 	DEFINITION OF CHANGE IN CONTROL	  	 	19	  
			
	 9.02
	 	CIC MTIP AWARD UNIT PAYMENT	  	 	19	  

  
 iii

 Section 1—Establishment of the Plan 

 

	1.01	Purpose 

 This
Medium-Term Incentive Plan is established for the purpose of: 
  

	 	(a)	providing competitive compensation for Entitled Executives; 

  

	 	(b)	rewarding Entitled Executives for improving Total Shareholder Return; 

  

	 	(c)	rewarding Entitled Executives for attaining a Total Shareholder Return that is in excess of the increase in the DAXglobal Agribusiness Index; 

 

	 	(d)	rewarding Entitled Executives for their efforts and contributions to the achievement of the long-term success of the business interests of the Corporation;

  

	 	(e)	aligning the interests of Entitled Executives more closely with the shareholders of the Corporation; and, 

 

	 	(f)	enhancing the ability of the Corporation to recruit and retain high potential, high value executives. 

 

	1.02	Term 

 Subject to
Section 8.02 Amendment or Termination, this Plan shall be effective for the Performance Cycle January 1, 2012 to December 31, 2014. 

  
 1 

 Section 2—Definitions 

 

	2.01	Affiliate 

“Affiliate” means, for purposes of compliance with the 409A Guidance, an entity whose employees, together with the employees of
the Corporation are required, in accordance with Code Section 414(b) or (c) to be treated as employed by a single employer, except that for purposes of determining whether a Separation from Service from the Corporation has occurred, in
applying Code Section 1563(a)(1), (2), and (3) for purposes of Code Section 414(b) or in applying Treas. Reg. Section 1.414(c)-2 for purposes of Code Section 414(c), the language “at least 50 percent” shall be used
instead of the language “at least 80 percent” each place it appears in such Code and Regulations sections. 
  

	2.02	Award Units 

 “Award
Units” means, in respect of an Entitled Executive, the units allocated pursuant to Section 4 Allocation of Award Units. 
  

	2.03	Board 

 “Board”
means the Board of Directors of PCS Inc. 
  

	2.04	Code 

 “Code”
means the Internal Revenue Code of 1986, as amended. 
  

	2.05	Committee 

“Committee” means the Compensation Committee of the Board. 

 

	2.06	Corporate TSR 

“Corporate TSR” means the total shareholder return of PCS Inc. in the Performance Cycle, expressed as a percentage, and
determined as follows: 
  

	 	(i)	PCS Inc. Closing Share Price (inclusive of reinvested dividends) 

 MINUS 
 PCS Inc. Opening Share Price 

DIVIDED BY 

  
 2 

	 	(ii)	PCS Inc. Opening Share Price 

MULTIPLIED BY 
  

	 	(iii)	100 

  

	2.07	Corporate TSR Award Units 

“Corporate TSR Award Units” means, in respect of an Entitled Executive, one half of the Award Units allocated to the Entitled
Executive pursuant to Section 4 Allocation of Award Units. 
  

	2.08	Corporation 

“Corporation” means Potash Corporation of Saskatchewan Inc. and its direct and indirect subsidiaries. 

 

	2.09	Effective Date 

“Effective Date” means January 1, 2012. 
  

	2.10	Entitled Executive 

“Entitled Executive” means an executive employee of the Corporation who is recommended by the CEO and approved by the Committee
to participate in this Plan. 
  

	2.11	409A Guidance 

 “409A
Guidance” means Code Section 409A and the IRS guidance issued thereunder. 
  

	2.12	Index 

 “Index”
means the DAXglobal Agribusiness Index (DXAG), inclusive of reinvested dividends. 
  

	2.13	Index Closing Price 

“Index Closing Price” means the average closing value of the Index, as reported by the Deutsche Börse Group, for the last
30 trading days of the Performance Cycle or, in the case of an Entitled Executive for whom an early redemption date applies pursuant to paragraph (a) of Section 6.03 Early Redemption Date, the above reference to “the last 30 trading
days of the Performance Cycle” shall be substituted by “the last 30 trading days up to the date of the Entitled Executive’s retirement, disability, death or involuntary termination, as the case may be”. 

  
 3 

	2.14	Index Opening Price 

“Index Opening Price” means the average closing value of the Index, as reported by the Deutsche Börse Group, for the last
thirty trading days of 2011. Such value has been determined as U.S. $550.80. 
  

	2.15	Index TSR 

 “Index
TSR” means the total shareholder return of the Index in the Performance Cycle, expressed as a percentage, and determined as follows: 
  

	 	(i)	Index Closing Price (inclusive of reinvested dividends) 

 MINUS 
 Index Opening Price (inclusive of reinvested dividends) 

DIVIDED BY 
  

	 	(ii)	Index Opening Price (inclusive of reinvested dividends) 

 MULTIPLIED BY 
  

	 	(iii)	100 

  

	2.16	Index TSR Award Units 

“Index TSR Award Units” means, in respect of an Entitled Executive, one half of the Award Units allocated to the Entitled
Executive pursuant to Section 4 Allocation of Award Units. 
  

	2.17	Just Cause 

 “Just
Cause” has such meaning as determined by the Committee from time to time, consistent with the regular policies of the Corporation. 
  

	2.18	PCS Inc. Opening Share Price 

 “PCS Inc. Opening Share Price” means the average closing price of the common stock of PCS Inc. as reported on the New York Stock Exchange, for the last thirty trading days of 2011. Such price
has been determined as U.S. $41.49. 
  

	2.19	PCS Inc. Closing Share Price 

 “PCS Inc. Closing Share Price” means the average closing price of the common stock of PCS Inc. as reported on the New York Stock Exchange, for the last 30 trading days of the Performance Cycle
(taking into account the reinvestment of any dividends paid on such stock during the applicable period) or, in the case of an Entitled Executive for whom an early 

  
 4 

 redemption date applies pursuant to paragraph (a) of Section 6.03 Early Redemption
Date, the above reference to “the last 30 trading days of the Performance Cycle” shall be substituted by “the last 30 trading days up to the date of the Entitled Executive’s retirement, disability, death or involuntary
termination, as the case may be”. 
  

	2.20	Performance Cycle 

“Performance Cycle” means January 1, 2012 to December 31, 2014 inclusive. 

 

	2.21	Permanent Disability or Permanently Disabled 

 “Permanent Disability” or “Permanently Disabled” means the permanent incapacity of an Entitled Executive, as determined in accordance with the disability plan to which the Entitled
Executive is eligible to belong. With respect to a U.S. Executive, “Permanent Disability” or “Permanently Disabled” means that a U.S. Executive is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. A U.S. Executive will be deemed disabled if determined to be disabled in accordance
with a disability insurance program maintained by the Corporation, to the extent the determination of Permanent Disability under such program is consistent with this Section and the 409A Guidance. 

 

	2.22	Plan 

 “Plan”
means this Medium-Term Incentive Plan, as amended from time to time. 
  

	2.23	Retirement 

“Retirement” means, with respect to a U.S. Executive, the U.S. Executive’s Separation from Service after attaining age 55
and completing 5 years of service. Retirement with respect to any Entitled Executive who is not a U.S. Executive shall be determined in accordance with the general policies of the Corporation. Whenever a lower-case term “retirement” is
used herein, such term with respect to a U.S. Executive shall have the meaning set forth in this Section. 
  

	2.24	Salary 

“Salary” means, in respect of an Entitled Executive, the Entitled Executive’s annual base salary in effect as of the date
the Entitled Executive commenced participation in the Plan. However, if the Entitled Executive is promoted into a new Tier Group during the Performance Cycle or if the annual base salary of the Entitled Executive is significantly adjusted during the
Performance Cycle as a result of a promotion, “Salary” for purposes of Section 4.02 Promotion to New Tier Group or Other Promotion shall be the annual base salary in effect as of the date the Entitled Executive was promoted into a new
Tier Group or otherwise promoted. 

  
 5 

	2.25	Separation from Service 

“Separation from Service” means any termination of a U.S. Executive’s employment with the Corporation and all Affiliates
for any reason; provided, however, that no Separation from Service is deemed to occur while the U.S. Executive is on military leave, sick leave or other bona fide leave of absence that does not exceed six (6) months, or if longer, the period
during which the U.S. Executive’s right to reemployment with the Corporation or Affiliates is provided either by statute or by contract. Whether the U.S. Executive has incurred a Separation from Service shall be determined in accordance with
the 409A Guidance. 
  

	2.26	Specified Employee 

“Specified Employee” means a U.S. Executive who is identified as a “specified employee” within the meaning of the 409A
Guidance and as determined in accordance with the identification methodology established by the Committee from time to time. 
  

	2.27	Target Percentage 

“Target Percentage” means the target percentage applicable to an Entitled Executive according to the Tier Group in which the
Entitled Executive participates, as described in Section 4.04 Target Percentage. 
  

	2.28	Tier Group 

 “Tier
Group” means, in respect of an Entitled Executive, the Tier Group in which the Entitled Executive participates, for purposes of this Plan, as described in Section 4.04 (Target Percentage). 

 

	2.29	U.S. Executive 

“U.S. Executive” means an Entitled Executive who is subject to U.S. income tax. 

 

	2.30	Vested Percentage 

“Vested Percentage” means the vested percentage of an Entitled Executive’s Corporate TSR Units and Index TSR Units, as the
case may be, as described in Section 5 Vesting of Award Units. 

  
 6 

 Section 3—Participation 

 

	3.01	Initial Participation 

Participation in the Plan is limited to Entitled Executives. 
 Each Entitled Executive shall participate in the Plan as of the first day of the Performance Cycle, or on the date on which the Entitled Executive becomes an Entitled Executive, if later. 

 

	3.02	Continued Participation 

Each Entitled Executive shall continue participation in the Plan throughout the Performance Cycle, or until the Entitled Executive’s
employment terminates for any reason, the Entitled Executive becomes Permanently Disabled, or upon the Entitled Executive no longer being designated as an Entitled Executive as recommended by the CEO and approved by the Committee, whichever first
occurs. 

  
 7 

 Section 4—Allocation of Award Units 

 

	4.01	Allocation 

 Each person
who is an Entitled Executive as of the Effective Date or who becomes an Entitled Executive during the Performance Cycle but after the Effective Date shall be allocated Award Units. The number of Award Units shall be equal to: 

 

	 	(a)	the Entitled Executive’s Salary as of the Effective Date or the date the Entitled Executive commences participation in the Plan, whichever is later

 MULTIPLIED BY 
  

	 	(b)	the number of years and completed months (expressed as fractions of a year, to two decimal places) from the Effective Date or the date the Entitled Executive commences
participation in the Plan, whichever is later, to the end of the Performance Cycle 

 MULTIPLIED BY 

 

	 	(c)	the Target Percentage applicable to the Entitled Executive, as described in Section 4.04 below 

DIVIDED BY 
  

	 	(d)	the PCS Inc. Opening Share Price 

  

	4.02	Promotion to New Tier Group or Other Promotion 

 In the event an Entitled Executive is promoted to a new Tier Group during the Performance Cycle or if the Salary of the Entitled Executive is significantly adjusted during the Performance Cycle as a
result of a promotion, additional Award Units shall be allocated to the Entitled Executive reflecting the incremental effect of the Entitled Executive’s participation in the new Tier Group or new Salary, as the case may be, from the date such
changes occurred to the end of the Performance Cycle. 
  

	4.03	Corporate TSR Award Units and Index TSR Award Units 

 One half the Award Units allocated pursuant to Sections 4.01 and 4.02 above shall be Corporate TSR Award Units and one half shall be Index TSR Award Units. 

  
 8 

	4.04	Target Percentage 

 The
Target Percentage applicable to an Entitled Executive for purposes of this Plan shall be determined by the Tier Group in which the Entitled Executive participates, as follows: 

 

							
	 Tier Group
	  	 Positions
	  	Target Percentage	 
	 1
	  	Corporation President and Chief Executive Officer	  	 	140	% 
			
	 2
	  	Executive Vice President and Chief Operating Officer; Executive Vice President and Chief Financial Officer	  	 	90	% 
			
	 3
	  	Senior Vice President, General Counsel & Secretary; Subsidiary Presidents (Potash; Phosphate and Nitrogen; Sales)	  	 	60	% 
			
	 4
	  	Selected Senior Vice Presidents; Selected Corporate and Subsidiary Vice Presidents; Selected Corporate and Subsidiary Executive Employees	  	 	45	% 
			
	 5
	  	Selected Corporate Vice Presidents	  	 	30	% 
			
	 6
	  	Selected Corporate and Subsidiary Vice Presidents; Selected Corporate and Subsidiary Executive Employees; Selected Operations General Managers	  	 	25	% 
			
	 7
	  	Selected Subsidiary Vice Presidents; Selected Operations General Managers; Selected Senior Directors	  	 	20	% 

  
 9 

 Section 5—Vesting of Award Units 

 

	5.01	Vested Percentages 

 The
following Vested Percentages shall be used to determine the redemption of an Entitled Executive’s Corporate TSR Award Units and Index TSR Award Units pursuant to paragraphs (a) and (b) respectively of Section 6.02 Value of Award
Units. 
  

	 	(a)	Corporate TSR Vested Percentage 

  

					
	 Corporate TSR
	  	Corporate TSR
Vested 
Percentage	 
	 5% or less
	  	 	0	% 
	 25%
	  	 	50	% 
	 50%
	  	 	100	% 
	 60%
	  	 	125	% 
	 75% or more
	  	 	150	% 

  

	 	(b)	Index TSR Vested Percentage 

  

					
	 Corporate TSR
 as % of Index TSR
	  	Index
TSR
Vested Percentage	 
	 Less than 100%
	  	 	0	% 
	 100%
	  	 	50	% 
	 130%
	  	 	100	% 
	 145% or more
	  	 	150	% 

 All Corporate TSR and Corporate TSR as percentage of Index TSR performances between the percentages in the
above tables will be interpolated in the manner adopted by the Committee from time to time. 

  
 10 

 Section 6—Redemption of Award Units 

 

	6.01	Redemption Date 

 Subject
to the provisions of Section 6.03 below, the Award Units of each Entitled Executive shall be redeemed and paid out by the Corporation in a lump sum cash payment. 
  

	 	(a)	All Entitled Executives Other than U.S. Executives 

 This payment to all Entitled Executives other than U.S. Executives shall occur as soon as practicable following the end of the Performance Cycle, or following the date of the Entitled Executive’s
retirement, permanent disability, death or involuntary termination, if applicable, within ninety (90) days after the end of the year in which such Award Units first become payable. 

 

	 	(b)	U.S. Executives 

 Payment
to a U.S. Executive shall occur as provided in this Section 6.01(b): 
  

	 	(i)	If a U.S. Executive is employed by the Corporation of an Affiliate on the last day of the Performance Cycle, payment shall occur within ninety (90) days after the
end of the Performance Cycle. 

  

	 	(ii)	Except as provided in (iii) below, if a U.S. Executive Retires, dies or is involuntarily terminated before the last day of the Performance Cycle, payment to such
U.S. Executive shall be made within ninety (90) days after the date on which the U.S. Executive Retires, dies or is involuntarily terminated; provided, however, that in no event will the U.S. Executive have a right to designate the taxable year
of the payment. 

  

	 	(iii)	If on the date of a U.S. Executive’s Retirement or involuntary termination the U.S. Executive is a Specified Employee, payment following such Retirement or
involuntary termination will be made on the date that is six months after the date of the U.S. Executive’s Retirement, adjusted for interest at a rate to be determined by the Committee; provided, however, that if the U.S. Executive dies before
such date, payment to the U.S. Executive’s beneficiary will be made in accordance with the provisions relating to payment upon death set forth in paragraph (ii) above. 

  
 11 

	6.02	Value of Award Units 

 The
value of an Entitled Executive’s Award Units shall be equal to the sum of the values of the Entitled Executive’s Corporate TSR Award Units and Index TSR Award Units, as follows: 

 

	 	(a)	Corporate TSR Award Units 

The value of an Entitled Executive’s Corporate TSR Award Units shall be equal to: 

 

	 	(i)	the number of Corporate TSR Award Units granted to the Entitled Executive, subject to the reduction or forfeiture of units described in Section 6.03, if applicable

 MULTIPLIED BY 
  

	 	(ii)	the Corporate TSR Vested Percentage 

 MULTIPLIED BY 
  

	 	(iii)	PCS Inc. Closing Share Price, subject, however, to a maximum value of four times the PCS Inc. Opening Share Price 

 

	 	(b)	Index TSR Award Units 

The values of an Entitled Executive’s Index TSR Award Units shall be equal to: 

 

	 	(i)	the number of Index TSR Award Units granted to the Entitled Executive, subject to the reduction or forfeiture of units described in Section 6.03, if applicable

 MULTIPLIED BY 
  

	 	(ii)	the Index TSR Vested Percentage 

MULTIPLIED BY 
  

	 	(iii)	the PCS Inc. Closing Share Price, subject, however, to a maximum value of four times the PCS Inc. Opening Share Price 

 

	6.03	Early Redemption Date 

  

	 	(a)	Retirement, Permanent Disability, Death or Involuntary Termination Without Just Cause 

In the event an Entitled Executive retires, becomes Permanently Disabled or dies prior to the end of the Performance Cycle or in the event
the Entitled Executive’s employment is involuntarily terminated by the Corporation without Just Cause, the number of Award Units allocated to the Entitled Executive pursuant to Section 4 Allocation of Award Units shall be reduced such that
the calculation of years and completed months of participation as described in paragraph (b) of Section 4.01 Allocation shall end as of the date of the Entitled Executive’s retirement, Permanent Disability, death or involuntary
termination, as the case may be. 

  
 12 

 One half the Award Units reduced shall be Corporate TSR Award Units and one half shall be
Index TSR Award Units. 
 An Entitled Executive shall be required to provide at least 30 days prior written notice of retirement
to the Corporation. In the event an Entitled Executive provides less than 30 days prior written notice of retirement, the value of award units calculation per Section 6.02 shall be performed as of the Entitled Executive’s retirement date
and the date that is 30 days following the date the Entitled Executive provided written notice of retirement to the Corporation, and the Corporation shall provide the lower valued award to the Entitled Executive as determined by such two
calculations. 
  

	 	(b)	Voluntary Termination or Involuntary Termination With Just Cause 

 In the event an Entitled Executive voluntarily terminates employment prior to the end of the Performance Cycle or in the event the Entitled Executive’s employment is involuntarily terminated by the
Corporation with Just Cause, the allocation of Award Units to the Entitled Executive pursuant to Section 4 Allocation of Award Units shall be forfeited as of the date of such termination of employment and the Entitled Executive shall not be
entitled to any payment under this Plan. 
  

	 	(c)	Detrimental Activity 

  

	 	(i)	For purposes of the Plan, the term “Detrimental Activity” shall have the same meaning as the term “Detrimental Activity” in the Corporation’s
2012 Performance Option Plan, as amended. 

  

	 	(ii)	Notwithstanding anything to the contrary in the Plan, in the event the Committee determines that an Entitled Executive who retired prior to the end of the Performance
Cycle has engaged in a Detrimental Activity on or before the date that is one year following the Entitled Executive’s retirement, the Committee may, but is not obligated to (i) terminate the Entitled Executive’s participation in the
Plan and withhold any amounts otherwise payable to the Entitled Executive pursuant to the Plan and/or (ii) require the Entitled Executive to pay to the Corporation an amount in cash up to (but not in excess of) any amounts paid out by the
Corporation to the Entitled Executive pursuant to the Plan (the “Repayment Amount”), as applicable. Any Repayment Amount shall be paid by the Entitled Executive within 60 days of receipt from the Corporation of written notice requiring
payment of such Repayment Amount. 

  

	 	(iii)	To the extent that the Repayment Amount is not paid to the Corporation, in addition to any other legal remedy that the Corporation may have, the Corporation may set off
the amounts so payable to it against any amounts that may be owing from time to time by the Corporation or a subsidiary to the Entitled Executive, whether as wages, deferred compensation, severance entitlement or vacation pay or in the form of any
other benefit or for any other reason, in a manner consistent with the 409A Guidance, if applicable. 

  
 13 

	 	(iv)	This Section 6.03(c) shall apply notwithstanding any provision to the contrary in this Plan and is meant to provide the Corporation with rights in addition to any
other remedy which may exist in law or in equity. 

  

	 	(v)	This Section 6.03(c) shall not apply to the Entitled Executive following the effective time of a Change in Control. 

  
 14 

 Section 7—Administration of the Plan 

 

	7.01	Powers of the Committee 

The Committee shall have the discretionary power and authority to determine who shall be Entitled Executives, approve Target Percentages
and generally administer the Plan. The Committee shall conclusively interpret the provisions of this Plan and decide all questions of fact arising in the application thereof. 

 

	7.02	Notification to Entitled Executives 

 The Corporation will prepare a written notice to each Entitled Executive specifying his or her Target Percentage, the number of Award Units allocated and the terms of the Plan. 

 

	7.03	Calculation of Award Payments 

 Management of the Corporation shall provide a report to the Committee within 30 days of the end of the Performance Cycle showing the calculations for determining award payments including the calculation
of the Corporate TSR and Index TSR. Such calculations shall be subject to the review and confirmation of the Committee. 
  

	7.04	Delegation of Duties 

 The
Committee and/or the Board may delegate to any director or directors or any officer or officers of the Corporation such administrative duties and powers as it may see fit with respect to the Plan. 

 

	7.05	Recoupment Policy 

 Any
Award paid or payable under this Plan shall be subject to the terms and conditions of the Corporation’s Policy on Recoupment of Unearned Compensation (as previously adopted and, from time to time, amended by the Board) a copy of which shall be
distributed to each Entitled Executive upon eligibility to participate in this Plan. 
  

	7.06	Section 409A 

 It is
intended that the Plan comply with the 409A Guidance to prevent the inclusion in gross income of any amount available to a U.S. Executive hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise be
actually distributed or made available to the U.S. Executive. All provisions in the Plan shall be interpreted in a manner consistent with the 409A Guidance. Notwithstanding the foregoing, the Corporation 

  
 15 

 does not guarantee, nor shall indemnify for, any tax consequences of any Entitled
Executive’s entitlement to or receipt of payments under the Plan, and each Entitled Executive shall be solely responsible for payment of any tax obligations incurred in connection with the benefits provided under the Plan. 

  
 16 

 Section 8—General Provisions 

 

	8.01	Assignment or Alienation 

Except as required by applicable laws, the right of an Entitled Executive to Award Units under this plan shall not be given as security,
be subject to transfer, anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or be subject to execution, attachment, levy or similar process or assignment by operation of law, and any attempt to
effect any such action will be null and void and of no effect. 
  

	8.02	Amendment or Termination 

This Plan may be amended in whole or in part from time to time or terminated by the Corporation. Any amendment or termination will be
binding on the Corporation, Entitled Executives and their respective beneficiaries. Notice of termination or amendment will be provided to Entitled Executives and in the case of deceased Entitled Executives, their respective beneficiaries. However,
no amendment or termination of any provision of this Plan shall directly or indirectly deprive any Entitled Executive or beneficiary of all or any portion of Award Units allocated to the date of the amendment or termination. 

 

	8.03	No Enlargement of Contractual Rights 

 This Plan shall not give any Entitled Executive the right to be retained in the service of the Corporation nor will it interfere with the right of the Corporation to terminate the employment of the
Entitled Executive. Participation in this Plan will not give any Entitled Executive any right or claim to any benefit, except to the extent provided in this Plan. 
  

	8.04	Withholding of Taxes 

 The
Corporation will withhold all applicable taxes from any amounts paid pursuant to this Plan. 
  

	8.05	Binding on Successors 

This Plan will be binding on any successor or successors of the Corporation whether by merger, consolidation or otherwise. 

 

	8.06	Currency 

 The Award Units
redeemed pursuant to this Plan will be paid in the same currency as the Entitled Executive receives his or her Salary. If the Salary of an Entitled Executive is paid in 

  
 17 

 more than one currency during a Performance Cycle, the currency of his or her Award Payment
for that Performance Cycle shall be determined by the Vice President, Human Resources & Administration. 
  

	8.07	Certain Adjustments 

 In
the event that, at any time during the Performance Cycle, there is any variation in the common shares of PCS Inc. or of any corporation within the Index by reason of (i) a stock split, reverse of stock split, stock dividend or other increase or
decrease in the number of outstanding common shares, (ii) a merger, consolidation, recapitalization, amalgamation, plan of arrangement or similar statutory or corporate transaction or (iii) other event that the Committee determines, such
as a sale of all or substantially all of any such corporation’s assets, the Committee shall make such adjustments to the Index Opening Price, PCS Inc. Opening Share Price, Index Closing Price or PCS Inc. Closing Share Price or to the
calculation of the Corporate TSR or Index TSR with respect to such corporation and, in the case of any such event affecting the common shares of PCS Inc. the number of then outstanding Award Units as it deems necessary or appropriate to reflect such
event. 
  

	8.08	Governing Law 

 This Plan
shall be governed by the laws of the Province of Saskatchewan. Section headings are for convenience only and shall not be considered provisions of the Plan. Words in the singular shall include the plural, and vice versa, unless qualified by the
context. 

  
 18 

 Section 9—Change in Control 

 

	9.01	Definition of Change in Control 

 For purposes of the Plan, the term “Change in Control” shall have the same meaning as the term “change in control” in the Corporation’s 2012 Performance Option Plan, as amended.

  

	9.02	CIC MTIP Award Unit Payment 

  

	 	(a)	Notwithstanding anything in the Plan to the contrary, upon the occurrence of a Change in Control, an Entitled Executive shall be entitled to redemption of, and to
receive payment of an amount equal to the value of, the Entitled Executive’s Award Units, pro-rated for the portion of the Performance Cycle that elapsed prior to the Change in Control (determined by dividing (i) the number of calendar
days that elapsed during the Performance Cycle from the commencement of the Performance Cycle (or the date the Entitled Executive commenced participation in the Plan, whichever is later) through the effective date of the Change in Control by
(ii) the number of calendar days in the Performance Cycle including and after the date the Entitled Executive commenced participation in the Plan) (the “CIC MTIP Award Unit Payment”). 

 

	 	(b)	For purposes of calculating the CIC MTIP Award Unit Payment (and the Corporate TSR Vested Percentage), the Corporate TSR shall be deemed to be equal to the greater of
(i) 50%, or (ii) the actual Corporate TSR during the portion of the Performance Cycle that elapsed prior to the Change in Control. 

  

	 	(c)	For purposes of calculating the CIC MTIP Award Unit Payment (and the Index TSR Vested Percentage), the Corporate TSR as percentage of Index TSR shall be deemed to be
equal to the greater of (i) 130%, or (ii) the actual Corporate TSR as percentage of Index TSR during the portion of the Performance Cycle that elapsed prior to the Change in Control. 

 

	 	(d)	Notwithstanding anything in the Plan to the contrary, upon the occurrence of a Change in Control, the PCS Inc. Closing Share Price shall be deemed to mean the greater
of (i) the average closing price of the common stock of PCS Inc. as reported on the New York Stock Exchange, for the last 30 trading days up to the date of the Change in Control or (ii) the price paid for each share of common stock of PCS
Inc. in any amalgamation, merger or similar corporate event in connection with the Change in Control. 

  
 19 

	 	(e)	For purposes of calculating the CIC MTIP Award Unit Payment, the reference in the definition of Index Closing Price in Section 2.13 of the Plan to “the last
30 trading days of the Performance Cycle” shall be substituted by “the last 30 trading days up to the date of the Change in Control”. 

  

	 	(f)	For the avoidance of doubt, for purposes of calculating the CIC MTIP Award Unit Payment, the end of the Performance Cycle shall remain December 31, 2014 for
purposes of Section 4.01(b) of the Plan. 

  

	 	(g)	For purposes of calculating the CIC MTIP Award Unit Payment, an Entitled Executive’s Tier Group and Salary shall be deemed to be those in effect immediately prior
to the Change in Control for purposes of Section 4.02 of the Plan. 

  

	 	(h)	For the avoidance of doubt, the early redemption and forfeiture provisions set forth in Section 6.03 of the Plan shall not apply with respect to the CIC MTIP Award
Unit Payment. 

  

	 	(i)	For all Entitled Executives other than U.S. Executives, the CIC MTIP Award Unit Payment shall be paid within 30 calendar days following the effective date of the Change
in Control. For all U.S. Executives, the CIC MTIP Award Unit Payment shall be paid in accordance with Section 6.01(b) of the Plan; provided, however, that if the Change in Control constitutes a “change in control event” as defined in
the 409A Guidance, then the CIC MTIP Award Unit Payment shall be paid to U.S. Executives within 30 calendar days following the effective date of the Change in Control. 

 

	 	(j)	In the event that the Change in Control does not constitute a “change in control event” as defined the 409A Guidance, then not later than 30 calendar days
following the effective date of the Change in Control, the Corporation shall deposit any and all amounts payable to a U.S. Executive in respect of the CIC MTIP Award Unit Payment into an irrevocable grantor trust established pursuant to a trust
agreement approved by the Board in good faith (the “Grantor Trust”), and the amounts held in the Grantor Trust shall be paid to the U.S. Executive in accordance with Section 6.01(b) of the Plan. 

 

	 	(k)	Notwithstanding anything in the Plan to the contrary, to the extent that an Entitled Executive receives an additional redemption and payment of Award Units under the
Plan, any such additional redemption and payment of Award Units shall be reduced (but not below zero) by the amount of the CIC MTIP Award Unit Payment. 

 Dated effective February 22, 2012 

  
 20 

  

	
	/s/ John Estey
	 John Estey
 Compensation
Committee Chair

  

	
	
	/s/ Lee Knafelc
	 Lee Knafelc
 Vice President,
Human Resources & Administration

  
 21EX-10.bb

 Exhibit 10(bb) 
 AMENDED SEVERANCE/CHANGE OF CONTROL AGREEMENT 
 THIS
SEVERANCE/CHANGE OF CONTROL AGREEMENT by and between Old National Bancorp, an Indiana corporation (“Company”) and Jeffrey L. Knight (“Executive”), EVP, Chief Legal Counsel, was made and entered into, originally
effective January 1, 2008, was amended effective as of January 1, 2009, to make certain clarifications under Section 409A of the Internal Revenue Code and is further amended effective January 1, 2011 (“Agreement”).

 Background 
 A. The Company wishes to encourage the Executive to devote his/her full time and attention to the faithful performance of his/her management responsibilities and to assist the Board of Directors in
evaluating business options and pursuing the best interests of the Company and its shareholders without being influenced by the uncertainties of his/her own employment situation. 

B. The Company employs the Executive in a position of trust and confidence, and the Executive has become acquainted with
the Company’s Business, its officers and employees, its strategic and operating plans, its business practices, processes, and relationships, the needs and expectations of its Customers and Prospective Customers, and its trade secrets and other
property, including Confidential Information. 
 Agreement 

NOW, THEREFORE, in consideration of the premises, continued employment on an at-will basis, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Executive and the Company agree as follows: 
 1. Defined Terms. Throughout this Agreement, when the first letter of a word (or the first letter of each word in a phrase) is capitalized, the word or phrase shall have the meaning specified in
Appendix A. 
 2. Term. The initial term of this Agreement shall begin on January 1, 2008, and shall
continue through December 31, 2009; provided, however, that beginning on January 1, 2009, and on the first day of each year thereafter, the term of this Agreement shall automatically be extended by one year, unless either the Company or
the Executive shall have provided notice to the other at least sixty (60) days before such date that the term shall not be extended. Notwithstanding the preceding provisions of this Section, if a Change of Control occurs during the term of this
Agreement, such term shall not end before the second anniversary of the Change of Control; provided, however, this sentence shall apply only to the first Change of Control while this Agreement is in effect. If the Executive’s Employment
Terminates during the Term, the obligations contained in the Restrictive Covenants shall survive the Term. 

 3. Termination of Employment; Resignation of Officer and Director
Positions. The Executive is an at-will employee. Subject to its payment obligations under this Section and Section 5 or 6, if applicable, the Company may Terminate the Executive’s Employment at any time, with or without cause. The
Executive may voluntarily Terminate his/her Employment at any time by providing at least thirty (30) days prior notice to the Company. Regardless of whether his/her Termination of Employment is voluntary or involuntary, the Executive shall
resign from any director positions with the Employer, effective as of his/her Termination Date. Upon Termination of Employment, the Executive shall be entitled to the following, in addition to any benefits payable under Section 5 or 6:

 (a) Any earned but unpaid base salary, at the Executive’s then effective annual rate, through his/her
Termination Date, plus any accrued vacation pay due to the Executive under the Employing Companies’ vacation program through his/her Termination Date, which amounts shall be paid to the Executive not later than the payroll date for the payroll
period next following his/her Termination Date. 
 (b) Provided that the Executive applies for reimbursement in
accordance with the Employing Companies’ established reimbursement procedures (within the period required by such procedures but under no circumstances later than thirty (30) days after his/her Termination Date), the Employing Companies
shall pay the Executive any reimbursements to which he is entitled under such procedures not later than the payroll date for the payroll period next following the date on which the Executive applies for reimbursement. 

(c) Any benefits (other than severance) payable to the Executive under any of the Employing Companies’ incentive
compensation or employee benefit plans or programs shall be payable in accordance with the provisions of those plans or programs. 
 4. Application of Agreement. Under no circumstances shall the Executive be entitled to payments pursuant to both Section 5 and Section 6 of this Agreement. 

5. Non-Change of Control Severance Benefit. 

(a) Subject to the following provisions of this Section, the Employing Companies’ shall provide the Executive with
the payments and benefits set forth in this Section, if during the Term and before the occurrence of a Change of Control, either (i) the Employing Companies Terminate the Executive’s Employment (other than a termination for Unacceptable
Performance, Disability, or death pursuant to Section 8), or (ii) the Executive voluntarily Terminates his/her Employment for Good Reason pursuant to Section 9. Notwithstanding the preceding provisions of this Subsection, the
Executive shall not be entitled to benefits pursuant to this Section, if he is entitled to benefits pursuant to Section 6. Any amount payable to the Executive pursuant to this Section is in addition to amounts already owed to his/her by the
Employing Companies and is in consideration of the covenants set forth in this Agreement and/or the Release. 
 (b) The Employing Companies shall pay to the Executive a single lump sum payment equal to the Executive’s Weekly Pay multiplied by the greater of (i) fifty-two (52) or (ii) two
(2) times his/her Years of Service on the 60th day
following the Executive’s Termination of Employment provided that the Executive has executed and submitted a Release of claims (as described in Section 17) and the statutory period during which the Executive is entitled to revoke the
Release has expired on or before that 60th day.

  
 2 

 (c) If COBRA continuation coverage is properly elected under the Employing
Companies’ group medical plan by the Executive (and his/her spouse and dependents, if any, covered by the Employing Companies’ group medical plan on his/her Termination Date), the Employing Companies shall pay the cost of such coverage for
the Executive (and such spouse and dependents), for the twelve (12) month period following his/her Termination of Employment (or such shorter period during which such person is eligible for COBRA continuation coverage). The Executive
acknowledges and agrees that the value of this coverage will be includible in his/her gross income for tax purposes. 
 (d) If permissible under the Employing Companies’ group term life insurance plan, whether through conversion or otherwise, the Employing Companies shall continue to provide term life insurance
coverage substantially the same as that provided for the Executive immediately before his/her Termination of Employment and shall pay for the cost thereof for the twelve (12) month period following his/her Termination of Employment. 

(e) The Employing Companies shall pay the cost of outplacement services incurred by the Executive during the twelve
(12) month period following his/her Termination of Employment and provided by a firm of the Executives’ choice, up to a total of Fifteen Thousand Dollars ($15,000). Reimbursements for outplacement expenses incurred during a calendar year
shall be paid not later than March 15 of the following year. 
 (f) If payments to the Executive pursuant
to this Agreement would result in total Parachute Payments to the Executive, whether or not made pursuant to this Agreement, with a value (as determined pursuant to Code Section 280G and the guidance thereunder) equal to or greater than one
hundred percent (100%) of the Parachute Payment Limit, the provisions of Section 7 shall apply as if set out in this Section 5. 
 (g) Notwithstanding the preceding provisions of this Section, if the Executive is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i), to the extent required by such
Code Section, payments otherwise required by this Section shall be delayed to the earliest date on which such payments are permitted and shall be paid in a lump sum on the first day following the date that is six months following the
Executive’s Termination of Employment or, if earlier, the Executive’s death. Furthermore, the obligations of the Employing Companies to make payments to the Executive hereunder are subject to compliance with any applicable provisions of
the Federal Deposit Insurance Corporation regulations found in Part 359 (entitled “Golden Parachute And Indemnification Payments”) of Title 12 of the Code of Federal Regulations (or any successor provisions). 

6. Change of Control Severance Benefit. 

(a) Subject to the following provisions of this Section, the Employing Companies shall provide the Executive with the
payments and benefits set forth in this Section, if during the Term and concurrent with or within two (2) years after a Change of Control, either (i) the Employing Companies Terminate the Executive’s Employment (other than a
termination for Cause, Disability, or death pursuant to Section 8), or (ii) the Executive voluntarily Terminates his/her Employment pursuant to Section 9 for Good Reason. 

  
 3 

 (b) The Employing Companies shall pay to the Executive a
single lump sum payment in an amount equal to the product of (i) two (2) times (ii) the sum of (A) the Executive’s annual base salary, at the greater of the rate in effect on the Change of Control Date or the Termination Date, plus (B) the
Executive’s target bonus for the year containing the Change in Control Date or, if greater, for the year preceding the Change in Control Date, on the 60th day following the Executive’s Termination of Employment provided that the Executive has executed and submitted a
Release of claims (as described in Section 17) and the statutory period during which the Executive is entitled to revoke the Release has expired on or before that 60th day. 
 (c) The Employing Companies shall continue to provide group medical coverage for the Executive (and his/her spouse and dependents, if any, covered by the Employing Companies’ group medical plan on
his/her Termination Date), for the twenty-four (24) month period following his/her Termination of Employment. Such coverage shall be under the Employing Companies’ group medical plans and at the Employing Companies’ expense, shall be
the same as that offered to active employees under the Employing Companies’ group medical plan and, to the extent Section 18(d) is applicable, shall be in compliance with Section 18(d) herein. If the coverage described in the preceding
provisions is not available under the Employing Companies’ group medical plan, the Employing Companies shall provide for substantially similar coverage at their expense. The Executive acknowledges and agrees that, in either case, the value of
this coverage will be includible in his/her gross income for tax purposes. Coverage provided pursuant to this Subsection shall be concurrent with any required continuation coverage period under COBRA. 

(d) For the twenty-four (24) month period following the Executive’s Termination of Employment, the Employing
Companies shall continue to provide term life insurance coverage substantially the same as that provided for the Executive immediately before his/her Termination Date. 

(e) The Employing Companies shall pay the cost of outplacement services incurred by the Executive during the twelve
(12) month period following his/her Termination of Employment and provided by a firm of the Executives’ choice, up to a total of Fifteen Thousand ($15,000). Reimbursements for outplacement expenses incurred during a calendar year shall be
paid not later than March 15 of the following year. 
 (f) To the extent that coverage or benefits under
Subsection (c), (d), or (e) results in taxable income to the Executive, the Executive acknowledges and agrees that the Executive is fully responsible for the tax effect of the provision of such coverage or benefits. 

(g) All outstanding Company stock options, to the extent not previously vested and exercisable, shall become vested and
exercisable upon the Executive’s Termination of Employment. 
 (h) If payments to the Executive pursuant to
this Agreement would result in total Parachute Payments to the Executive, whether or not made pursuant to this Agreement, with a value (as determined pursuant to Code Section 280G and the guidance thereunder) equal to or greater than one
hundred percent (100%) of the Parachute Payment Limit, the provisions of Section 7 shall apply as if set out in this Section 6. 

  
 4 

 (i) Notwithstanding the preceding provisions of this Section, if the
Executive is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i), to the extent required by such Code Section, payments otherwise required by this Section shall be delayed to the earliest date on which such
payments are permitted and shall be paid in a lump sum on the first day following the date that is six months following the Executive’s Termination of Employment or, if earlier, the Executive’s death. Furthermore, the obligations of the
Employing Companies to make payments to the Executive hereunder are subject to compliance with any applicable provisions of the Federal Deposit Insurance Corporation regulations found in Part 359 (entitled “Golden Parachute And Indemnification
Payments”) of Title 12 of the Code of Federal Regulations (or any successor provisions). 
 7.
Provisions Relating to Parachute Payments. 
 (a) If payments and benefits to or for the benefit of the
Executive, whether pursuant to this Agreement or otherwise, would result in total Parachute Payments to the Executive with a value equal to or greater than one hundred percent (100%) of the Parachute Payment Limit, the amount payable to the
Executive, shall be reduced so that the value of all Parachute Payments to the Executive, whether or not made pursuant to this Agreement, is equal to the Parachute Payment Limit minus One Dollar ($1.00), accomplished by first reducing any amounts
payable pursuant to Subsection 5(b) or 6(b), as applicable, and then reducing other amounts of compensation to the extent necessary; provided that, no such reduction shall be taken if, after reduction for any applicable federal excise tax
imposed on the Executive by Code Section 4999, as well as any federal, state and local income tax imposed on the Executive with respect to the total Parachute Payments, the total Parachute Payments accruing to the Executive
would be more than the amount of the total Parachute Payments after (a) taking the reduction described in the first clause of this sentence, and (b) further reducing such payments by any federal, state and local income
taxes imposed on the Executive with respect to the total Parachute Payments. The Company agrees to undertake such reasonable efforts as it may determine in its sole discretion to prevent any payment or benefit under this Agreement (or
any portion thereof) from constituting an Excess Parachute Payment. 
 (b) The amount of Parachute Payments
and the Parachute Payment Limit shall be determined as provided in this Subsection (b). The Company shall direct its independent auditor (“Auditor”) or such other accounting firm experienced in such calculations and acceptable to the
Executive to determine whether any Parachute Payments exceed the Parachute Payment Limit and the amount of any adjustment required by Subsection (a). The Company shall promptly give the Executive notice of the Auditor’s determination. All
reasonable determinations made by the Auditor under this Subsection shall be binding on the Employing Companies and the Executive and shall be made within thirty (30) days after the Executive’s Termination of Employment. 

8. Termination of Employment by the Company for Cause, Unacceptable Performance, Disability, or Death. 

(a) The Company may cause a Termination of the Executive’s Employment for Unacceptable Performance or Disability at
any time before a Change in Control. To do so, the Board must provide the Executive with a notice of termination specifying the Termination Date and either the specific act(s) or failure(s) constituting Unacceptable Performance or the

  
 5 

 
circumstances constituting Disability. If the Board’s notice identifies an act or failure constituting Unacceptable Performance that is subject to correction under the definition of
Unacceptable Performance and related definitions in this Agreement, the notice shall also specify the period during which the act or failure must be corrected. If the Board determines that the Executive has not corrected the act or failure in all
material respects within the required correction period, the Board must then provide a second notice of termination stating the reasons for the termination and the Termination Date, and the Executive’s Employment shall Terminate on such date.

 (b) The Company may cause a Termination of the Executive’s Employment for Cause or
Disability at any time concurrent with or after a Change in Control. To do so, the Board must provide the Executive with a notice of termination specifying the Termination Date and either the specific act(s) or failure(s) constituting Cause or the
circumstances constituting Disability. If the Board’s notice identifies an act or failure constituting Cause, it shall be accompanied by a resolution duly adopted by not less than three-quarters ( 3/4) of the entire membership of the Board (after reasonable notice to
the Executive and an opportunity for the Executive, together with his/her counsel, to be heard by the Board), finding, in the reasonable opinion of the Board, that one or more of the events of Cause listed above has occurred and specifying the
details thereof. If the act or failure constituting Cause is subject to correction under the definition of Cause and related definitions in this Agreement, the notice shall also specify the period during which the act or failure must be corrected.
If the Board determines that the Executive has not corrected the act or failure in all material respects within the required correction period, the Board must then provide a second notice of termination stating the reasons for the termination and
the Termination Date, and the Executive’s Employment shall Terminate on such date. 
 (c) If the
Executive dies before his/her Termination of Employment, his/her employment shall terminate automatically on the date of his/her death. 
 (d) In the case of a Termination of Employment pursuant to this Section, the Executive shall not be entitled to benefits or payments pursuant to Section 5 or 6. 

9. Resignation by Executive for Good Reason. If an event of Good Reason occurs during the Term, the Executive may,
at any time within the ninety (90) day period following such event, provide the Company with a notice of termination specifying the event of Good Reason and notifying the Company of his/her intention to Terminate his/her Employment upon the
Employing Companies’ failure to correct the event of Good Reason within thirty (30) days following receipt of the Executive’s notice of termination. If the Employing Companies fail to correct the event of Good Reason and provide the
Executive with notice of such correction within such thirty (30) day period, the Executive’s Employment shall Terminate as of the end of such period, and the Executive shall be entitled to benefits as provided in Section 4 and
Section 5 or 6, as applicable. 
 10. Withholding and Taxes. The Employing Companies may withhold
from any payment made hereunder (i) any taxes that the Employing Companies reasonably determine are required to be withheld under federal, state, or local tax laws or regulations, and (ii) any other amounts that the Employing Companies are
authorized to withhold. Except for employment taxes that are the obligation of the Employing Companies, the Executive shall pay all federal, state, local, and other taxes (including, without limitation, interest, fines, and penalties) imposed on
his/her under applicable law by virtue of or relating to the payments and/or benefits contemplated by this Agreement, subject to any reimbursement provisions of this Agreement. 

  
 6 

 11. Use and Disclosure of Confidential Information. 

(a) The Executive acknowledges and agrees that (i) by virtue of his/her employment, he will be given access to, and
will help analyze, formulate or otherwise use, Confidential Information, (ii) the Employer has devoted (and will devote) substantial time, money, and effort to develop Confidential Information and maintain the proprietary and confidential
nature thereof, and (iii) Confidential Information is proprietary and confidential and, if any Confidential Information were disclosed or became known by persons engaging in a business in any way competitive with the Company’s Business,
such disclosure would result in hardship, loss, irreparable injury, and damage to the Employer, the measurement of which would be difficult, if not impossible, to determine. Accordingly, the Executive agrees that (i) the preservation and
protection of Confidential Information is an essential part of his/her duties of employment and that, as a result of his/her employment with the Employing Companies, he has a duty of fidelity, loyalty, and trust to the Employing Companies in
safeguarding Confidential Information. The Executive further agrees that he will use his/her best efforts, exercise utmost diligence, and take all steps necessary to protect and safeguard Confidential Information, whether such information derives
from the Executive, other employees of the Employer, Customers, Prospective Customers, or vendors or suppliers of the Employer, and that he will not, directly or indirectly, use, disclose, distribute, or disseminate to any other person or entity or
otherwise employ Confidential Information, either for his/her own benefit or for the benefit of another, except as required in the ordinary course of his/her employment by the Employing Companies. The Executive shall follow all Company policies and
procedures to protect all Confidential Information and shall take any additional precautions necessary under the circumstances to preserve and protect against the prohibited use or disclosure of any Confidential Information. 

(b) The confidentiality obligations contained in this Agreement shall continue as long as Confidential Information
remains confidential (except that the obligations shall continue, if Confidential Information loses its confidential nature through improper use or disclosure, including but not limited to any breach of this Agreement) and shall survive the
termination of this Agreement and/or termination of the Executive’s employment with the Employing Companies. 
 (c) From time to time, the Employer may, for its own benefit, choose to place certain Confidential Information in the public domain. The fact that Confidential Information may be made available to the
public in a limited form and under limited circumstances does not change the confidential and proprietary nature of such information, and does not release the Executive from his/her obligations with respect to such Confidential Information.

 12. Ownership of Documents and Return of Materials At Termination of Employment. 

(a) Any and all documents, records, and copies thereof, including but not limited to hard copies or copies stored
digitally or electronically, pertaining to or including Confidential Information (collectively, “Company Documents”) that are made or received by the Executive during his/her employment shall be deemed to be property of the Employer. The
Executive shall use Company Documents and information contained therein only in the course of his/her employment for the Employing Companies and for no other purpose. The Executive shall not use or disclose any Company Documents to anyone except as
authorized in the course of his/her employment and in furtherance of the Company’s Business. 

  
 7 

 (b) Upon Termination of Employment for any reason, the Executive shall
immediately deliver to Employing Companies (with or without request) all Company Documents and all other Employer property in the Executive’s possession or under his/her custody or control. 

13. Non-Solicitation of Customers and Employees. The Executive agrees that during the Term and for a period of two
(2) years following Termination of the Executive’s Employment, the Executive shall not, directly or indirectly, individually or jointly, (i) solicit in any manner, seek to obtain or service, or accept the business of any Customer for
any product or service of the type offered by the Employer or competitive with the Company’s Business, (ii) solicit in any manner, seek to obtain or service, or accept the business of any Prospective Customer for any product or service of
the type offered by the Employer or otherwise competitive with the Company’s Business, (iii) request or advise any Customer, Prospective Customer, or supplier of the Employer to terminate, reduce, limit, or change its business or
relationship with the Employer, or (iv) induce, request, or attempt to influence any employee of the Employer to terminate his/her employment with the Employer. 

14. Covenant Not to Compete. The Executive hereby understands and acknowledges that, by virtue of his/her position
with the Employing Companies, he has obtained advantageous familiarity and personal contacts with Customers and Prospective Customers, wherever located, and the business, operations, and affairs of the Employing Companies. Accordingly, during the
term of this Agreement and for a period of two (2) years following the Termination of his/her Employment, the Executive shall not, directly or indirectly: 
 (a) as owner, officer, director, stockholder, investor, proprietor, organizer, employee, agent, representative, consultant, independent contractor, or otherwise, engage in the same trade or business as
the Company’s Business, in the same or similar capacity as the Executive worked for the Employing Companies, or in such capacity as would cause the actual or threatened use of the Employer’s trade secrets and/or Confidential Information;
provided, however, that this Subsection shall not restrict the Executive from acquiring, as a passive investment, less than five percent (5%) of the outstanding securities of any class of an entity that are listed on a national securities
exchange or actively traded in the over-the-counter market. The Executive acknowledges and agrees that, given the level of trust and responsibility given to his/her while in the Employing Companies’ employ, and the level and depth of trade
secrets and Confidential Information entrusted to his/her, any immediately subsequent (i.e. within two (2) years) employment with a competitor to the Company’s Business would result in the inevitable use or disclosure of the
Employer’s trade secrets and Confidential Information and, therefore, this two (2) year restriction is reasonable and necessary to protect against such inevitable disclosure; or 

  
 8 

 (b) offer to provide employment or work of any kind (whether such employment
is with the Executive or any other business or enterprise), either on a full-time or part-time or consulting basis, to any person who then currently is, or who within two years preceding such offer or provision of employment has been, an employee of
the Employer. 
 The restrictions on the activities of the Executive contained in this Section shall be limited to the following
geographical areas: 
 (c) within a fifteen (15) mile radius of each banking center location operated by
the Employer on the Executive’s Termination Date; 
 (d) within each county in which a banking center
location is operated by the Employer on the Executive’s Termination Date; 
 (e) within a fifty
(50) mile radius of Company’s corporate headquarters address in Evansville, Indiana; 
 (f) within
each city, town, and county in which the Employer began expansion or acquisition planning or efforts during the Executive’s employment with the Employing Companies, and about which Executive gained knowledge of Confidential Information or bore
responsibility for expanding the Company’s Business. 
 15. Remedies. The Executive agrees that the
Company will suffer irreparable damage and injury and will not have an adequate remedy at law if the Executive breaches any provision of the Restrictive Covenants. Accordingly, if the Executive breaches or threatens or attempts to breach the
Restrictive Covenants, in addition to all other available remedies, the Company shall be entitled to seek injunctive relief, and no or minimal bond or other security shall be required in connection therewith. The Executive acknowledges and agrees
that in the event of termination of this Agreement for any reason whatsoever, the Executive can obtain employment not competitive with the Company’s Business (or, if competitive, outside of the geographic and customer-specific scope described
herein) and that the issuance of an injunction to enforce the provisions of the Restrictive Covenants shall not prevent the Executive from earning a livelihood. The Restrictive Covenants are essential terms and conditions to the Company entering
into this Agreement, and they shall be construed as independent of any other provision in this Agreement or of any other agreement between the Executive and the Company. The existence of any claim or cause of action that the Executive has against
the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the Restrictive Covenants. 
 16. Periods of Noncompliance and Reasonableness of Periods. The Restrictive Covenants described in Sections 13 and 14 shall be deemed not to run during all periods of noncompliance, the intention
of the parties being to have such restrictions and covenants apply for the full periods specified in Sections 13 and 14 following Termination of the Executive’s Employment. The Company and the Executive acknowledge and agree that the
restrictions and covenants contained in Sections 13 and 14 are reasonable in view of the nature of the Company’s Business and the Executive’s advantageous knowledge of and familiarity with the Company’s Business, operations, affairs,
and Customers. Notwithstanding anything contained herein to the 

  
 9 

 
contrary, if the scope of any restriction or covenant contained in Section 13 or 14 is found by a court of competent jurisdiction to be too broad to permit enforcement of such restriction or
covenant to its full extent, then such restriction or covenant shall be enforced to the maximum extent permitted by law. The parties hereby acknowledge and agree that a court of competent jurisdiction shall invoke and exercise the blue pencil
doctrine to the fullest extent permitted by law to enforce this Agreement. 
 17. Release. For and in
consideration of the foregoing covenants and promises made by the Company, and the performance of such covenants and promises, the sufficiency of which is hereby acknowledged, the Executive agrees to release the Employer and all other persons named
in the Release from any and all causes of action that the Executive has or may have against the Employer or any such person before the effective date of the Release, other than a cause based on a breach of Section 3 hereof. The Release shall be
substantially in the form attached hereto as Exhibit I. The Company shall provide the Release to the Executive as soon as practicable upon his/her Termination of Employment. THE EXECUTIVE’S RIGHT TO BENEFITS HEREUNDER SHALL BE CONTINGENT ON
HIS/HER SIGNING, FILING AND NOT REVOKING THE RELEASE AS PROVIDED IN THE RELEASE WITHIN THE PERIODS REQUIRED BY LAW. 
 18. Reimbursement of Certain Costs. 
 (a) If, during the
life of the Executive and for a five (5) year period following his/her death, the Company brings a cause of action to enforce the Restrictive Covenants or to recover damages caused by the Executive’s breach of the Restrictive Covenants,
the substantially prevailing party in such action shall be entitled to reasonable costs and expenses (including, without limitation, reasonable attorneys’ fees, expert witness fees, and disbursements) in connection with such action. 

(b) If, during the life of the Executive and for a five (5) year period following his/her death, a dispute arises
regarding the Executive’s rights hereunder, and the Executive obtains a final judgment in his/her favor from a court of competent jurisdiction with respect to such a dispute, all reasonable costs and expenses (including, without limitation,
reasonable attorneys’ fees, expert witness fees, and disbursements) incurred by the Executive in connection with such dispute or in otherwise pursuing a claim based on a breach of this Agreement shall be paid by the Company. 

(c) Any reimbursement by the Company pursuant to this Section shall be subject to compliance with applicable provisions
of the Federal Deposit Insurance Corporation regulations found in Part 359 (entitled “Golden Parachute and Indemnification Payments”) of Title 12 of the Code of Federal Regulations (or any successor provisions). 

(d) Notwithstanding anything to the contrary in the foregoing, any reimbursements or in-kind benefits provided under this
Agreement that are subject to Code Section 409A shall be made in compliance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and any reimbursements shall be made no later than the end of the Executive’s taxable year following the
Executive’s taxable year in which the expense was incurred. In addition, the amounts eligible for reimbursement, or in-kind benefits to be provided, during any one taxable year under this Agreement may not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other taxable year under this Agreement and any right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  
 10 

 19. No Reliance. The Executive represents and acknowledges that in
executing this Agreement, the Executive does not rely and has not relied upon any representation or statement by the Company and its agents, other than statements contained in this Agreement. 

20. Miscellaneous Provisions. 

(a) Further Assurances. Each of the parties hereto shall do, execute, acknowledge, and deliver or cause to be
done, executed, acknowledged, and delivered at any time and from time to time upon the request of any other party hereto, all such further acts, documents, and instruments as may be reasonably required to effect any of the transactions contemplated
by this Agreement. 
 (b) Binding Effect; Assignment. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns; provided, however, that neither party hereto may assign this Agreement without the prior written consent of the other party. Notwithstanding the foregoing, this Agreement
may be assigned without the prior consent of the Executive to a successor of the Company (and the Executive hereby consents to the assignment of the Restrictive Covenants under this Agreement to a purchaser of all or substantially all of the assets
of the Company or a transferee, by merger or otherwise, of all or substantially all of the businesses and assets of the Company) and, upon the Executive’s death, this Agreement shall inure to the benefit of and be enforceable by the
Executive’s executors, administrators, representatives, heirs, distributees, devisees, and legatees and all amounts payable hereunder shall be paid to such persons or the estate of the Executive. 

(c) Waiver; Amendment. No provision or obligation of this Agreement may be waived or discharged unless such waiver
or discharge is agreed to in writing and signed by the Company’s President or Chief Administrative Officer and the Executive. The waiver by any party hereto of a breach of or noncompliance with any provision of this Agreement shall not operate
or be construed as a continuing waiver or a waiver of any other or later breach or noncompliance. Except as expressly provided otherwise herein, this Agreement may be amended or supplemented only by a written agreement executed by the Company’s
President or Chief Administrative Officer and the Executive. 
 (d) Headings. The headings in this
Agreement have been inserted solely for ease of reference and shall not be considered in the interpretation or enforcement of this Agreement. 
 (e) Severability. All provisions of this Agreement are severable from one another, and the unenforceability or invalidity of any provision hereof shall not affect the validity or enforceability of
the remaining provisions. 

  
 11 

 (f) Notice. Any notice, request, instruction, or other document to be
given hereunder to any party shall be in writing and delivered by hand, registered or certified United States mail, return receipt requested, or other form of receipted delivery, with all expenses of delivery prepaid, as follows: 

 

			
	 If to the Executive:
	    	If to the Company:
	 Jeffrey L. Knight
	    	Old National Bancorp
	 330 Largo Court
	    	Post Office Box 718
	 Evansville, IN 47712
	    	 Evansville, Indiana 47705

ATTENTION: General Counsel

 or to such other address as either party hereto may have furnished to the other in writing in accordance
with the preceding. 
 (g) No Counterparts. This Agreement may not be executed in counterparts.

 (h) Governing Law; Jurisdiction; Venue; Waiver of Jury Trial. This Agreement shall be governed by and
construed in accordance with the laws of the State of Indiana, without reference to the choice of law principles or rules thereof. The parties hereto irrevocably consent to the jurisdiction and venue of the state courts for the State of Indiana
located in Evansville, Indiana, or the United States District Court for the Southern District of Indiana, Evansville Division, located in Vanderburgh County, Indiana, and agree that all actions, proceedings, litigation, disputes, or claims relating
to or arising out of this Agreement shall be brought and tried only in such courts. The Company, in its sole discretion, may, however, bring an action against the Executive in any court where jurisdiction over the Executive may be obtained. EACH
OF THE PARTIES EXPRESSLY WAIVES ANY RIGHTS TO A JURY TRIAL THAT IT MAY OTHERWISE HAVE IN ANY COURT WITH RESPECT TO THIS AGREEMENT TO THE MAXIMUM EXTENT PERMITTED BY LAW. 

(i) Entire Agreement. This Agreement constitutes the entire and sole agreement between the Employer and the
Executive with respect to the Termination of the Executive’s Employment, and there are no other agreements or understandings either written or oral with respect thereto. The parties agree that any and all prior severance and/or change of
control agreements between the parties have been terminated and are of no further force or effect. 
 (j)
Rules of Interpretation. In interpreting this Agreement, the following rules shall apply: 
 (1) The rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 

(2) Words used in the singular shall be construed to include the plural, where appropriate, and vice
versa, and words used in the masculine shall be construed to include the feminine, where appropriate, and vice versa. 
 (3) It is the intention and purpose of the Company, Employing Company, Employer and the Executive that this Agreement shall be, at all relevant times, in compliance with (or exempt from) Code
Section 409A and all other applicable laws, and this Agreement shall be so interpreted and administered. In addition to the general amendment rights of the Company, Employing Company and Employer with respect to the Agreement, the Company,
Employing Company, and Employer specifically retain the unilateral right (but not the obligation) to make, prospectively or retroactively, any 

  
 12 

 
amendment to this Agreement or any related document as they deem necessary or desirable to more fully address issues in connection with compliance with (or exemption from) Code Section 409A
and such other laws. In no event, however, shall this section or any other provisions of this Agreement be construed to require the Company, Employing Company or Employer to provide any gross-up for the tax consequences of any provisions of, or
payments under, this Agreement and the Company, Employing Company and Employer shall have no responsibility for tax or legal consequences to the Executive (or his/her beneficiary) resulting from the terms or operation of this Agreement. Also, in
accordance with Code Section 409A, if the Executive is entitled to a distribution within a period following an event as permitted by Code Section 409A, the Executive will have no right to designate the taxable year of payment. 

(4) Except as provided in the preceding provisions of this Subsection, this Agreement shall be construed
in accordance with the internal laws of the State of Indiana, without regard to conflict of law principles. 

21. Review and Consultation. The Company and the Executive hereby acknowledge and agree that each (i) has
read this Agreement in its entirety prior to executing it, (ii) understands the provisions and effects of this Agreement, (iii) has consulted with such attorneys, accountants, and financial and other advisors as it or he has deemed
appropriate in connection with their respective execution of this Agreement, and (iv) has executed this Agreement voluntarily. THE EXECUTIVE HEREBY UNDERSTANDS, ACKNOWLEDGES, AND AGREES THAT THIS AGREEMENT HAS BEEN PREPARED BY COUNSEL FOR
THE COMPANY AND THAT THE EXECUTIVE HAS NOT RECEIVED ANY ADVICE, COUNSEL, OR RECOMMENDATION WITH RESPECT TO THIS AGREEMENT FROM THE COMPANY OR ITS COUNSEL. 
  

							
	By:	 	 	 		 	  

		 	Jeffrey L. Knight 	 		 	Date

 OLD NATIONAL BANCORP 
  

							
	By:	 	 	 		 	  

		 	 Kendra L. Vanzo, Executive Vice President,
 Chief HR Officer
	 		 	Date

  

  
 13 

 APPENDIX A 
 DEFINED TERMS 
 For purposes of this Agreement, the
following terms shall have the meanings specified below: 
 “Board” or “Board of Directors”
means the Company’s Board of Directors or the committee of the Board authorized to act on the Board’s behalf. 
 “Cause” means any of the following: 

(1) the Executive’s act or failure to act constituting willful misconduct or gross negligence that
is materially injurious to the Employer or its reputation; 
 (2) the Executive’s willful
and material failure to perform the duties of his/her employment (except in the case of a Termination of Employment for Good Reason or on account of the Executive’s physical or mental inability to perform such duties) and the failure to correct
such failure within five (5) days after receiving notice from the Board of Directors specifying such failure in detail; 
 (3) the Executive’s willful and material violation of the Employing Companies’ code of ethics or written harassment policies; 

(4) the requirement or direction of a federal or state regulatory agency having jurisdiction over the
Company that the Executive’s employment be terminated; 
 (5) the Executive’s arrest
or indictment for (i) a felony or (ii) a lesser criminal offense involving dishonesty, breach of trust, or moral turpitude; or 
 (6) the Executive’s intentional breach of a material term, condition, or covenant of this Agreement and the failure to correct such violation within five (5) business days following receipt of
written notice from the Board of Directors specifying such breach in detail. 
 For purposes of this definition, no act or
failure to act shall be considered “willful,” if the Executive acted or failed to act either (i) in good faith or (ii) with a reasonable belief that his/her act or failure to act was not opposed to the Employer’s best
interests. 
 “Change in Control” means the first occurrence of any of the following events:

 (1) the acquisition by any person (within the meaning of Section 13(d) of the Securities
Exchange Act of 1934 (“Act”)), other than the Company, a subsidiary, and any employee benefit plan of the Company or a subsidiary, of twenty-five percent (25%) or more of the combined voting power entitled to vote generally in the
election of directors of the Company’s then outstanding voting securities; 
 (2) the
persons who were serving as the members of the Board of Directors immediately prior to the commencement of a proxy contest relating to the election of directors or a tender or exchange offer for voting securities of the Company (“Incumbent
Directors”) shall cease to constitute at least a majority of the Board of Directors (or the board of directors of any successor to the Company) at any time within one year of the election of directors as a result of such contest or the purchase
or exchange of voting 

  
 14 

 
securities of the Company pursuant to such offer, provided that any director elected to the Board of Directors, or nominated for election, by a majority of the Incumbent Directors then still in
office and whose nomination or election was not made at the request or direction of the person(s) initiating such contest or making such offer shall be deemed to be an Incumbent Director for purposes of this subsection (2); 

(3) consummation of a merger, reorganization, or consolidation of the Company, as a result of which
persons who were shareholders of the Company immediately prior to such merger, reorganization, or consolidation do not, immediately thereafter, own, directly or indirectly and in substantially the same proportions as their ownership of the stock of
the Company immediately prior to the merger, reorganization, or consolidation, more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of (i) the merged, reorganized, or
consolidated company or (ii) an entity that, directly or indirectly, owns more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the company described in clause (i);

 (4) a sale, transfer, or other disposition of all or substantially all of the assets of the
Company, which is consummated and immediately following which the persons who were shareholders of the Company immediately prior to such sale, transfer, or disposition, do not own, directly or indirectly and in substantially the same proportions as
their ownership of the stock of the Company immediately prior to the sale, transfer, or disposition, more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of (i) the entity or
entities to which such assets are sold or transferred or (ii) an entity that, directly or indirectly, owns more than fifty percent (50%) of the combined voting power entitled to vote generally in the election of directors of the entities
described in clause (i); or 
 (5) the shareholders of the Company approve a liquidation of the
Company. 
 “Change of Control Date” means the date on which a Change of Control occurs. 

“COBRA” refers to the group health plan continuation requirements in Sections 601 through 607 of the Employee
Retirement Income Security Act of 1974, as amended. 
 “Code” means the Internal Revenue Code of 1986,
as amended from time to time, and the rules and regulations promulgated thereunder. 
 “Company” means
Old National Bancorp and the successor to all or substantially as its business. 
 “Company’s
Business” means, collectively, the products and services provided by the Employer, including the following: 
 (1) community banking, including lending activities (including individual loans consisting primarily of home equity lines of credit, residential real estate loans, and/or consumer loans, and commercial
loans, including lines of credit, real estate loans, letters of credit, and lease financing) and depository activities (including noninterest-bearing demand, NOW, savings and money market, and time deposits), debit and ATM cards, merchant cash
management, internet banking, and other general banking services; 

  
 15 

 (2) investment and brokerage services, including a full
array of investment options and investment advice; 
 (3) treasury segment, including investment
management, wholesale funding, interest rate risk, liquidity and leverage management, capital markets products (including interest rate derivatives, foreign exchange, and industrial revenue bond financing); 

(4) wealth management, including fiduciary and trust services, fee-based asset management, and mutual
fund management; and 
 (5) insurance agency services, including full-service insurance
brokerage services, such as commercial property and casualty, surety, loss control services, employee benefits consulting and administration, and personal insurance. 

“Compensation” means, as of the Termination Date, the Executive’s annual base salary then in effect, plus
the targeted cash incentive that the Executive would have been eligible to receive in the year in which the Termination Date occurs (regardless of whether the cash incentive plan is then in effect). For purposes of the preceding sentence, any
reduction in the Executive’s annual base salary or targeted cash incentive that is an event of Good Reason shall be disregarded. 
 “Confidential Information” means the following: 
 (1) materials, records, documents, data, statistics, studies, plans, writings, and information (whether in handwritten, printed, digital, or electronic form) relating to the Company’s Business that
are not generally known or available to the Company’s business, trade, or industry or to individuals who work therein other than through a breach of this Agreement, or 

(2) trade secrets of the Employer (as defined in Indiana Code §24-2-3-2, as amended, or any
successor statute). 
 Confidential Information includes, but is not limited to: (i) information about the Employer’s
employees; (ii) information about the Employer’s compensation policies, structure, and implementation; (iii) hardware, software, and computer programs and technology used by Employer; (iv) Customer and Prospective Customer
identities, lists, and databases, including private information related to customer history, loan activity, account balances, and financial information; (v) strategic, operating, and marketing plans; (vi) lists and databases and other
information related to the Employer’s vendors; (vii) policies, procedures, practices, and plans related to pricing of products and services; and (viii) information related to the Employer’s acquisition and divestiture strategy.
Information or documents that are generally available or accessible to the public shall be deemed Confidential Information, if the information is retrieved, gathered, assembled, or maintained by the Employer in a manner not available to the public
or for a purpose beneficial to the Employer. 

  
 16 

 “Customer” means a person or entity who is a customer of the
Employer at the time of the Executive’s Termination of Employment or with whom the Executive had direct contact on behalf of the Employing Companies at any time during the period of the Executive’s employment with the Employing Companies.

 “Disability” means that the Executive is disabled within the meaning of the long-term disability
policy of the Employing Companies, as in effect on the earlier of the Termination Date or the Change of Control Date. Termination of the Executive’s Employment on account of Disability shall not affect his/her eligibility for benefits under any
disability policy or program of the Employer. 
 “Employer” means the Company and any other employer
that is treated as a single employer with the Company pursuant to Code Section 414(b), (c), or (m). 

“Employing Company” means the Company or any subsidiary thereof that employs the Executive. 

“Excess Parachute Payment” has the meaning given to such term in Code Section 280G(b)(1). 

“Good Reason” means, for purposes of Section 5, any of the following without the express written consent
of the Executive: 
 (1) a material reduction in the Executive’s duties, responsibilities,
or status with the Employing Companies; 
 (2) a reduction in the Executive’s base
compensation or failure to include the Executive with other similarly situated employees in any incentive, bonus, or benefit plans as may be offered by the Employing Companies from time to time; 

(3) a change in the primary location at which the Executive is required perform the duties of his/her
employment to a location that is more than fifty (50) miles from the location at which his/her office is located on the effective date of this Agreement; or 

(4) the Company’s material breach of this Agreement. 

“Good Reason” means, for purposes of Section 6, any of the following, without the express written consent
of the Executive, during the two (2) year period beginning on the Change of Control Date: 

(1) assignment to the Executive of any duties materially inconsistent with his/her positions, duties,
responsibilities, or status with the Employing Companies immediately before the Change of Control Date; 
 (2) a substantial reduction of the Executive’s duties or responsibilities, or any removal of the Executive from, or any failure to re-elect the Executive to, any positions held by the Executive
immediately before the Change in Control Date; 

  
 17 

 (3) a reduction by the Employing Companies in the
compensation or benefits of the Executive in effect immediately before the Change in Control Date, or any failure to include the Executive with other similarly situated employees in any incentive, bonus, or benefit plans as may be offered by the
Employing Companies from time to time to similarly situated employees; 
 (4) a reduction in the
Executive’s total compensation opportunity; 
 (5) a change in the primary location at
which the Executive is required perform the duties of his/her employment to a location that is more than fifty (50) miles from the location at which his/her office is located immediately before the Change in Control Date (disregarding any
change in location in anticipation of the Change in Control); or 
 (6) the Company’s
material breach of this Agreement. 
 “Parachute Payment” has the meaning give to such term in Code
Section 280G(b)(2)(a)(i). 
 “Parachute Payment Limit” means three (3) times the base
amount, as defined by Code Section 280G(b)(3). 
 “Prospective Customer” means a person or entity
who was the direct target of sales or marketing activity by the Executive or whom the Executive knew was a target of the Employer’s sales or marketing activities during the one-year period preceding the Executive’s Termination of
Employment or, if the Executive has been employed by the Company less than one year at his/her Termination of Employment, during the period of the Executive’s employment with the Company. 

“Release” means the release referred to in Section 17. 

“Restrictive Covenants” means the restrictions contained in Sections 11, 12,13, and 14. 

“Term” means the term of this Agreement, including any extensions thereof, as determined pursuant to
Section 2. 
 “Termination Date” means the date of the Executive’s Termination of
Employment. 
 “Termination of Employment,” and capitalized forms and derivations thereof, means the
Executive’s “separation from service” within the meaning of Code Section 409A. 

“Unacceptable Performance” means any of the following: 

(1) the Executive’s act or failure to act constituting willful misconduct or gross negligence that
is materially injurious to the Employer or its reputation; 
 (2) the Executive’s material
failure to perform the duties of his/her employment (except in the case of a Termination of Employment for Good Reason or on account of the Executive’s physical or mental inability to perform such duties) and the failure to correct such failure
within a reasonable period after receiving written notice from the Board of Directors describing such failure in detail; 

  
 18 

 (3) the Executive’s violation of any code of ethics or
business conduct or written harassment policies of the Employing Companies that continues after the Board has provided notice to the Executive that the continuation of such conduct will result in Termination of the Executive’s Employment;

 (4) the requirement or direction of a federal or state regulatory agency having jurisdiction
over the Company that the Executive be removed from his/her position or the institution by such an agency of a formal enforcement proceeding against the Company or the Executive specifically naming the Executive as a person with substantial
involvement in the acts (or omissions) that are the subject of such proceeding, and seeking that the Executive cease and desist from such acts (or omissions) in connection with his/her duties or seeking civil money penalties as a result of his/her
past acts (or omissions); 
 (5) the Executive’s arrest or indictment for (i) a felony
or (ii) lesser criminal offense involving dishonesty, breach of trust, or moral turpitude; or 
 (6) the Executive’s breach of a material term, condition, or covenant of this Agreement and the failure to correct such breach promptly following receipt of written notice from the Board of Directors
describing such breach in detail. 
 “Weekly Pay” means the Executive’s Compensation divided by
fifty-two (52). 
 “Years of Service” means the complete number of years that the Executive has worked
for the Employer. A partial year shall be rounded up to the next year. Payment of accrued vacation at termination shall not extend the Executive’s Years of Service. 

  
 19 

 EXHIBIT I 
 RELEASE OF ALL CLAIMS 
 FOR VALUABLE CONSIDERATION,
including the payment to the Executive of certain severance benefits, the Executive hereby makes this Release of All Claims (“Release”) in favor of Old National Bancorp (including all subsidiaries and affiliates) (“Company”) and
its agents as set forth herein. 
 1. The Executive releases, waives and discharges the Company and its agents
(as defined below) from all claims, whether known or unknown, arising out of the Executive’s employment relationship with the Company, the termination of that relationship, and all other events, incidents, or actions occurring before the date
on which this Release is signed; provided, however, this Release shall not apply to any claim based on the Company’s breach of Section 3 of the Amended Severance/Change of Control Agreement. Claims released herein include, but are not
limited to, discrimination claims based on age, race, sex, religion, national origin, disability, veteran status, or any other employment claim, including claims arising under The Civil Rights Act of 1866, 42 U.S.C. § 1981; Title VII of the
Civil Rights Act of 1964; the Americans with Disabilities Act; the Age Discrimination in Employment Act of 1967; the Federal Rehabilitation Act of 1973; the Older Workers’ Benefits Protection Act; the Employee Retirement Income Security Act of
1974; the Fair Labor Standards Act; the Family and Medical Leave Act (to the extent that FMLA claims may be released under governing law, the Indiana Civil Rights Act, the Indiana Wage Payment and Wage Claims Acts, any Federal or State wage and hour
laws and all other similar Federal or State statutes; and any and all tort or contract claims, including, but not limited to, breach of contract, breach of good faith and fair dealing, infliction of emotional distress, defamation, or wrongful
termination or discharge. 
 2. The Executive further acknowledges that the Company has advised the Executive to
consult with an attorney of the Executive’s own choosing and that the Executive has had ample time and adequate opportunity to thoroughly discuss all aspects of this Release with legal counsel prior to executing this Release. 

3. The Executive agrees that the Executive is signing this Release of his/her own free will and is not signing under
duress. 
 4. In the event the Executive is forty (40) years of age or older, the Executive acknowledges
that the Executive has been given a period of twenty-one (21) days to review and consider a draft of this Release in substantially the form of the copy now being executed, and has carefully considered the terms of this Release. The Executive
understands that the Executive may use as much or all of the twenty-one (21) day period as the Executive wishes prior to signing, and the Executive has done so. 

  
 20 

 5. In the event the Executive is forty (40) years of age or older, the
Executive has been advised and understands that the Executive may revoke this Release within seven (7) days after acceptance. ANY REVOCATION MUST BE IN WRITING AND HAND-DELIVERED TO: 

Old National Bancorp 
 Attn: General Counsel 
 One Main Street 

Evansville, Indiana 47708 
 NO LATER THAN BY CLOSE OF BUSINESS ON THE SEVENTH (7TH) DAY FOLLOWING THE DATE OF EXECUTION OF THIS RELEASE. 
 6.
The “Company and its agents,” as used in this Release, means the Company, its subsidiaries, affiliated or related corporations or associations, their predecessors, successors and assigns, and the directors, officers, managers, supervisors,
employees, representatives, servants, agents and attorneys of the entities above described, and all persons acting, through, under or in concert with any of them. 

7. The Executive agrees to refrain from making any disparaging remarks concerning the Company or its agents. The Company
agrees to refrain from providing any information to third parties other than confirming dates of employment and job title, unless the Executive gives the Company written authorization to release other information or as otherwise required by law.
With respect to the Company, this restriction pertains only to official communications made by the Company’s directors and/or officers and not to unauthorized communications by the Company’s employees or agent. This restriction will not
bar the Company from disclosing the Release as a defense or bar to any claim made by the Executive in derogation of this Release. 
 PLEASE READ CAREFULLY BEFORE SIGNING. EXCEPT AS EXPRESSLY PROVIDED IN PARAGRAPH 1 ABOVE, THIS RELEASE CONTAINS A RELEASE AND DISCHARGE OF ALL KNOWN AND UNKNOWN CLAIMS AGAINST THE COMPANY AND ITS AGENTS
EXCEPT THOSE RELATING TO THE ENFORCEMENT OF THIS RELEASE OR THOSE ARISING AFTER THE EFFECTIVE DATE OF THIS RELEASE. 
  

	
	  
	Jeffrey L. Knight 

  
 21

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