Document:

Form of Stock Option Agreement

 Exhibit 10.3 
 (Nonqualified Stock Option for Employee) 
 PRIVATEBANCORP, INC.

 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (this “Agreement”) is made as of the date set forth on the in the Stock Option Certificate (as defined in Section 1) by and between PrivateBancorp, Inc.,
a Delaware corporation (the “Company”), and the Optionee identified on the Stock Option Certificate (“Optionee”). Except as otherwise indicated or defined herein, all words with initial capitals shall have the same
meaning as ascribed to them in the Plan. Optionee acknowledges receipt of a copy of the Plan. 
 WHEREAS, the Company desires to
grant to Optionee an option (“Option”) to buy shares of the Company’s Common Stock, pursuant to the PrivateBancorp, Inc. 2011 Incentive Compensation Plan (the “Plan”) and this Agreement; 

NOW, THEREFORE, the parties hereto agree as follows: 
 1. Grant and Designation of Option. Subject to Optionee’s execution and delivery of the related Stock Option Certificate attached hereto or otherwise delivered or made available to Optionee in
electronic form (the “Stock Option Certificate”) and any documents described therein, and subject to the Plan (the terms and provisions of which are incorporated herein and expressly made a part hereof), including, but not limited
to, adjustments required pursuant thereto, the Company hereby grants to Optionee the Option to purchase the aggregate number of shares of Common Stock set forth on the Stock Option Certificate at the price per share (“Option Price”)
set forth on such Stock Option Certificate. The Option granted hereunder shall not be treated as an incentive stock option within the meaning of Section 422 of the Code. This Agreement and the Option is subject to all good faith determinations
of the Committee and of the Company pursuant to the Plan. 
 2. Term of Option; Vesting. Subject to earlier termination,
acceleration or cancellation of the Option as provided herein, the term of the Option shall be for a period 10 years from the date hereof. Subject to the provisions of this Agreement, the Option shall be vested and exercisable at such times and as
to such number of shares as determined on the schedule set forth on the Stock Option Certificate. If a Change of Control occurs during the period of Optionee’s employment with the Company and its Subsidiaries, the Option shall vest to the
extent provided in Section 13 of the Plan, and Optionee shall be entitled to exercise the Option to the extent vested (it being understood that vesting will accelerate and the Option shall become immediately exercisable except to the extent
Optionee receives a Replacement Award; in the event Optionee receives a Replacement Award and, within two years after the Change of Control, Optionee’s employment is terminated by the Company (other than a Termination for Cause), or by Optionee
with Good Reason, then, upon such termination, the Replacement Award shall become fully vested and exercisable). 
 3. Method
of Exercise. 
 (a) Subject to the terms and conditions of this Agreement, the Option may be exercised by giving
notice to the Company (the “Exercise Notice”) by such electronic or telephonic procedure as the Company has established or may establish from time to time 

  
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(including procedures provided by a third party engaged by the Company to provide administrative services related to the Option), or, if no such procedures are then in effect, in writing to its
offices at 120 South LaSalle Street, Chicago, Illinois 60603 (or such other offices of the Company which are hereinafter designated by the Company) to the attention of the Secretary of the Company. The Exercise Notice (i) shall state
(A) the election to exercise the Option and (B) the total number of full shares in respect to which it is being exercised, and (ii) shall be signed by the person or persons exercising the Option. 

(b) Optionee shall pay the total amount due resulting from such exercise in any of the following forms: (i) by certified or
cashier’s check for the full amount of the purchase price of such shares; (ii) by delivery of certificates for shares of Previously-Acquired Shares (or deemed delivery based on attestation to the ownership of Previously-Acquired Shares)
having a Fair Market Value equal to the total payment due from Optionee; (iii) through a simultaneous exercise of Optionee’s Option and sale of the shares of Common Stock hereby acquired pursuant to a brokerage arrangement approved in
advance by the Committee to assure its conformity with the terms and conditions of the Plan; or (iv) by a combination of the methods described in (i), (ii) and (iii) above. To the extent applicable, Optionee shall also pay the amount,
in cash, of any federal, state and local income, Social Security and Medicare taxes required to be withheld as a result of the exercise, unless Optionee delivers Previously-Acquired Shares or elects to have the Company withhold from the shares
purchased, shares having a Fair Market Value equal to such required tax withholding amount. The value of any shares withheld may not be in excess of the amount of taxes required to be withheld by the Company determined by applying the applicable
minimum statutory withholding tax rates. Upon receipt of the foregoing, the Company shall issue the shares of Common Stock as to which the Option has been duly exercised. 
 (c) In the discretion of the Committee, any shares issued upon exercise of the Option may be non-certificated and, accordingly, issuances and transfers shall be reflected on the stock ledger books and
records of the Company and no certificate of shares of Common Stock in respect of Optionee’s shares will be issued to Optionee, to the extent not prohibited by applicable law, the Company’s certificate of incorporation and by-laws, or the
rules of any stock exchange. 
 4. Restrictions. 

(a) This Option may not be exercised if the issuance of such shares upon such exercise or the method of payment of consideration for such
shares would constitute a violation of any applicable federal or state securities or other law or regulation. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as
may be required by any applicable law or regulation. 
 (b) Notwithstanding anything to the contrary set forth in this Agreement
or in the Plan, each provision of this Agreement and all amounts which may be payable hereunder or under the Plan shall be subject to any restrictions or limitations required by any of the Emergency Economic Stabilization Act of 2008, the American
Recovery and Reinvestment Act of 2009 and the TARP Capital Purchase Program or any subsequent or similar legislation, and any regulations or interpretations that have been or may from time to time be promulgated thereunder, including, but not
limited to the Interim Final Rule issued by the U.S. Treasury Department on June 15, 2009 (all such legislation, regulations and interpretations, and any 

  
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amendments or modifications thereof, collectively (“TARP”), as may be in effect on the date hereof and as may be amended, replaced or supplemented at any time and from time to
time hereafter; provided, nothing herein shall limit or otherwise diminish any waiver previously entered into by Optionee pursuant to the Company’s participation in the TARP Capital Purchase Program, which waiver shall remain in full force and
effect. The terms set forth in this Agreement are further subject to any applicable conditions, limitations or restrictions that may be imposed by any governmental or regulatory authority, including but not limited to the FDIC or other federal or
state regulator (any such provisions, “Regulatory Restrictions”). If any vesting of the Option or the making of any payment pursuant to this Agreement shall violate, or shall have violated, TARP or any Regulatory Restrictions,
Optionee shall be deemed to have waived Optionee’s right to such payment and, to the extent necessary to comply with TARP or such Regulatory Restrictions, shall promptly repay any such amount to the Company upon request, and this Agreement
shall be deemed to be amended to effectuate such waiver such that no obligation on the part of the Company to pay or provide the waived amount shall occur. 
 5. Effect of Termination of Employment. 
 (a) The Option, to the
extent not theretofore exercised, shall terminate on Optionee’s Termination Date, except that: 
 (i)
Disability: In the event a Termination or Resignation occurs due to Optionee’s permanent disability, Optionee may during the one-year period following such Termination Date exercise the Option to the extent it was vested and exercisable
on Optionee’s Termination Date, and such portion of the Option that had not so previously become vested and exercisable shall be immediately forfeited and canceled. 

(ii) Death: In the event a Termination occurs due to Optionee’s death, Optionee’s representative may
during the one-year period following Optionee’s Death exercise the Option to the extent it was vested and exercisable on Optionee’s Termination Date, and such portion of the Option that had not so previously become vested and exercisable
shall be immediately forfeited and canceled. 
 (iii) Change of Control: In the event of a Termination
(other than Termination for Cause) or Resignation occurs within two years after a Change of Control, Optionee may during the three-year period following such Termination Date exercise the Option to the extent such Option was exercisable on
Optionee’s Termination Date (including by reason of acceleration of vesting under Section 2 hereof). 

(iv) Retirement: In the event a Termination or Resignation occurs under circumstances that constitute
Optionee’s Retirement, then: 
 (1) to the extent vested and exercisable on Optionee’s Termination
Date, this Option may be exercised by Optionee during the three-year period following such Termination Date; and 
 (2) upon Optionee’s Retirement, Optionee shall become vested in a pro rata portion of the Option (rounded to the nearest whole number), calculated as follows: 

(A / B * C) - D 

  
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 where, A equals the total number of completed months of service during the Option vesting
period prior to Optionee’s Retirement; B equals the total number of full months during the Option vesting period set forth on the Stock Option Certificate; C equals the aggregate number of shares of Common Stock set forth on the Stock Option
Certificate; and D equals the number of shares subject to the Option that have previously vested; which pro rata portion may be exercised by Optionee during the three-year period following such Termination Date, and such portion of the Option that
has not become vested and exercisable shall be immediately forfeited and canceled. Notwithstanding the foregoing, as of the date Optionee shall cease to be Retired from the Industry, Optionee shall forfeit any unexercised portion of the Option then
outstanding. 
 (v) Other Resignation or Termination (other than for Cause): In the event a Termination
Date occurs due to Optionee’s Resignation or Termination (other than in circumstances described above or Termination for Cause), Optionee may during the 90-day period following such Resignation or Termination exercise the Option to the extent
such Option was vested and exercisable on Optionee’s Termination Date, and such portion of the Option that had not so previously become vested and exercisable shall be immediately forfeited and canceled. 

(b) In the event of Optionee’s death during the one-year period described in Section 5(a)(i), the three-year period described
in Sections 5(a)(iii) and (iv) or the 90-day period described in Section 5(a)(v), Optionee’s representative may, during the unexpired portion of such period, as the case may be, following the date of Optionee’s death, exercise
the Option to the extent it was vested and exercisable at the time of Optionee’s death. 
 (c) Notwithstanding the
foregoing provisions of this Section 5 to the contrary, in no event shall any Option be exercised after the expiration of the term of the Option set forth in Section 2. 

6. Effect of Termination for Cause. 
 (a) In the event of a Termination for Cause, all unexercised Options, whether vested or not vested, shall immediately terminate and all shares of Common Stock purchased hereunder within the one-year
period immediately preceding such Termination for Cause (the “Option Stock”), whether held by Optionee or one or more transferees, shall be subject to purchase by the Company pursuant to the terms and conditions set forth in this
Section 6. 
 (b) The purchase price for shares of Common Stock purchased by the Company pursuant to this Section 6
will be equal to the Option Price paid therefor by Optionee. 
 (c) The Company may elect to purchase all (but not less than
all) of the Option Stock by delivery of written notice (the “Purchase Notice”) to Optionee (and any permitted transferee of the Option Stock) within 60 days after the Termination Date. The Purchase Notice shall set forth the number
of shares of Option Stock to be acquired from each holder and the aggregate consideration to be paid for such shares. 

  
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 (d) The closing of any purchase transaction pursuant to this Section 6 shall take place
on the date designated in the Purchase Notice, which date shall not be more than 30 and not less than 10 days after delivery of the Purchase Notice. The Company shall be entitled to receive customary representations and warranties with respect to
the seller’s title to the shares of Option Stock to be purchased hereunder. 
 7. Compliance with Certain Laws and
Regulations. If the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares subject to the Option upon any securities exchange or under any law or regulation, or that the consent or approval of
any governmental regulatory body is necessary or desirable in connection with the granting of the Option or the acquisition of shares thereunder, Optionee shall supply the Committee or Company, as the case may be, with such certificates,
representations and information as the Committee or Company, as the case may be, may request and shall otherwise cooperate with the Company in obtaining any such listing, registration, qualification, consent or approval. 

8. Definitions. For the purposes of this Agreement: 
 (a) “Good Reason” means the occurrence, other than in connection with a discharge, of any of the following without Optionee’s consent: (A) a reduction in Optionee’s base
salary, target annual bonus opportunity (other than a proportionate reduction applicable to all executives of the Company, unless such reduction occurs during the two-year period commencing on the occurrence of a Change of Control), or
(B) Optionee being required to be based at an office or location which is more than 50 miles from Optionee’s then-current office. Optionee must provide written notice to the Company of the existence of Good Reason no later than 90 days
after its initial existence, and the Company shall have a period of 30 days following its receipt of such written notice during which it may remedy in all material respects the Good Reason condition identified in such written notice. 

(b) “Resignation” means Optionee’s relinquishment of employment with the Company and all Subsidiaries. 

(c) “Retired from the Industry” means that Optionee has retired from the Company and all Subsidiaries under
circumstances that constitute Retirement, and Optionee (i) does not thereafter perform services as an employee, officer, director or consultant for, or in any other capacity assist, any bank, thrift, bank or thrift holding company, asset
management company, trust company, investment advisor, or any other financial services company (other than the Company or a Subsidiary), whether existing or in formation, that provides or plans to provide banking or other financial services,
including but not limited to, those relating to loans, deposits, treasury management, custodial or trust services, or investment or wealth management services, and (ii) certifies to the Company, at such times and in such manner as the Committee
may require, that since Optionee’s retirement, Optionee has not performed any such services. 
 (d)
“Retirement” means any Resignation or Termination of Optionee’s employment for any reason other than death, long-term disability or Termination for Cause on or after age 62 and completion of at least 10 years of service with
the Company or any Subsidiary (including for this purpose continuous years of service, if any, with a Subsidiary as of the date such Subsidiary was acquired by the Company). 

  
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 (e) “Termination” means a termination of the employment of Optionee
(i) by the Company and all of its Subsidiaries for any reason, other than a Termination for Cause, including, but not limited to, permanent disability (as determined by the Committee in accordance with the Code after receipt of medical advice,
or as entitles Optionee to benefits under a long-term disability benefit plan of the Company or a Subsidiary in which Optionee participates) or (ii) due to Optionee’s death. 

(f) “Termination Date” means the date on which a Resignation, Termination or Termination for Cause occurs. 

(g) “Termination for Cause” means a termination of the employment of Optionee by the Company or any Subsidiary for any
of the following reasons. 
 (i) In the case where there is an employment, change of control or similar agreement
in effect between Optionee and the Company or any Subsidiary that defines “cause” (or similar words), the termination of an employment arrangement that is or would be deemed to be for “cause” (or similar words) as defined in such
agreement. 
 (ii) In the case where there is no employment, change of control or similar agreement in effect
between Optionee and the Company or any Subsidiary, or where there is such an agreement but the agreement does not define “cause” (or similar words), the termination of Optionee’s employment due to: 

(1) The commission by Optionee, as reasonably determined by the Committee, of any theft, embezzlement or felony against
the Company or any Subsidiaries; 
 (2) The commission of an unlawful or criminal act by Optionee resulting in
material injury to the business or property of the Company or Subsidiaries or of an act generally considered to involve moral turpitude, all as reasonably determined by the Committee; 

(3) The commission of an intentional act by Optionee in the performance of Optionee’s duties as an employee of the
Company or any Subsidiary amounting to gross negligence or misconduct or resulting in material injury to the business or property of the Company or Subsidiaries, all as reasonably determined by the Committee; or 

(4) The habitual drunkenness or drug addiction of Optionee, as reasonably determined by the Committee. 

9. Miscellaneous. 
 (a) Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, delivered by overnight courier, or mailed by first class

  
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mail, to Optionee at the address set forth on the records of the Company, to the Company at the address set forth or established pursuant to Section 3, or such other address or to the
attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement will be deemed to have been given when received. 

(b) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(c) Complete Agreement. This Agreement, the Stock Option Certificate and those documents expressly referred to herein embody the
complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 (d) Counterparts; Electronic Signature. This Agreement, the Stock Option Certificate and those documents expressly
referred to herein and therein may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. This Agreement, the Stock Option Certificate and all documents
to be delivered in connection with this Agreement may be executed and delivered by Optionee by electronic signature, including without limitation “click-through” acceptance, pursuant to procedures the Company may establish from time to
time, and such execution and delivery shall have the same force and effect as Optionee’s manual signature. 
 (e)
Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Optionee, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees),
and is intended to bind all successors and assigns of the respective parties, except that Optionee may not assign any of Optionee’s rights or obligations under this Agreement except to the extent and in the manner expressly permitted hereby.

 (f) Remedies. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement
specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any
breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent any violations of
the provisions of this Agreement. 
 (g) Waiver or Modification. Any waiver or modification of any of the provisions of
this Agreement shall not be valid unless made in writing and signed by the parties hereto. Waiver by either party of any breach of this Agreement shall not operate as a waiver of any subsequent breach. 

  
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 (h) No Employment Contract. In no event shall the granting of this Option or
Optionee’s acceptance hereof give or be deemed to give Optionee any right to continued employment by the Company or any Subsidiary of the Company or to the receipt of any future Option or other awards under the Plan. 

  
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 PRIVATEBANCORP, INC. 

STOCK OPTION CERTIFICATE 
 1. Option Award. PrivateBancorp, Inc., a Delaware corporation (the “Company”), hereby awards to
[                    ] (“Optionee”) a non-qualified stock option (“Option”) to purchase the number of shares of
Common Stock, without par value, of the Company set forth below, at the option price per share set forth below (which is the closing price of the Company’s Common Stock on the date hereof and which shall for all purposes constitute the
“Fair Market Value”). 
 2. Summary. The grant date, option price per share,
aggregate number of shares subject to the Option and vesting dates are set forth below, subject in all respects to the terms and conditions of this Stock Option Certificate, the Stock Option Agreement delivered herewith
(“Agreement”) and the PrivateBancorp, Inc. 2011 Incentive Compensation Plan (the “Plan”). [The Option is also subject to the condition that Optionee executes and delivers a Restrictive Covenant Agreement in form and
substance approved by the Company.]1 

Subject to earlier termination as provided in the Stock Option Agreement or the Plan, this Option shall expire 10 years from the Grant
Date. Except as may be otherwise provided in the Stock Option Agreement or Plan, this Option shall vest and be exercisable as to all or a portion of the number of shares set forth above as follows: 

 

					
	Grant Date	 	[                ], 2011
		
	Option Price	 	$[            ], per share
		
	Number of Shares	 	[            ] shares of PrivateBancorp, Inc. common stock, no par value
			
	Vesting Dates	 	 Exercisable on or after the following

dates, but prior to expiration
	 	 Maximum percentage taking into

account prior exercises

		 	1st anniversary of Grant Date	 	1/3 of Option
		 	2nd anniversary of Grant Date	 	1/3 of Option
		 	3rd anniversary of Grant Date	 	1/3 of Option

 3. Acceptance and Agreement by Optionee. Optionee hereby accepts the Option described above, and
agrees to be bound by the terms, conditions and restrictions of such Option as set forth in this Stock Option Certificate, the Agreement and the Plan. Optionee acknowledges having read and understood such documents and understands that vesting of
the Option is conditioned upon continued employment with the Company or its Subsidiaries, except as otherwise expressly set forth in the Agreement or the Plan. 
  

							
	PRIVATEBANCORP, INC.	 		 	OPTIONEE
				
	By:	 	  
	 		 	  

	Name:	 	Joan Schellhorn	 		 	[                    ]
	Title:	 	Chief Human Resources Officer	 		 	

  

	1 	 Include to the extent Optionee has not previously executed a Restrictive Covenant Agreement.Consulting Agreement

 Exhibit 10.4 
 CONSULTING AGREEMENT 
 THIS CONSULTING AGREEMENT (this
“Agreement”) is effective as of June 1, 2011, by and between PrivateBancorp, Inc. (the “Company”) and Ralph B. Mandell (“Consultant”). 

RECITALS 

WHEREAS, Consultant retired as an employee of the Company effective May 31, 2011; 

WHEREAS, Consultant has unique insights and perspectives from 46 years in the banking industry, including long service as the chief
executive officer and a director of the Company; and 
 WHEREAS, in order to continue to facilitate the smooth transition of
management and business and client relationships, the Company desires to engage Consultant over a transition period to be available to provide services as may be requested from time to time and Consultant is willing to provide such consulting
services as reasonably requested in advance upon the terms and conditions of this Agreement. 
 AGREEMENTS 

The Company and Consultant hereby agree as follows: 
 1. Consulting Services. 
 (a) The Company retains Consultant to
consult with and counsel members of management and other managing directors of the Company or The PrivateBank and Trust Company (“Bank”) from time to time as reasonably requested by the Company or the Bank in connection with client
relationships, banking services, investor relations or such other business matters as may be reasonably requested from time to time, including participation in meetings of the “advisory boards” established in select geographic markets to
the extent requested by senior management (collectively, “Services”). 
 (b) Consultant agrees to make himself
available during normal business hours as reasonably requested in advance and to devote his reasonable best efforts exclusively to the performance of the Services during the term of this Agreement, it being understood and agreed that Consultant will
not provide services to other banking organizations during the term of this Agreement. 
 2. Term. This Agreement will commence as of the
date set forth above and will terminate on the earliest to occur of (a) December 31, 2012, (b) the Company’s receipt of written notice of termination by Consultant, (c) Consultant’s receipt of written notice of
termination by the Company following Consultant’s breach of this Agreement or his continuing obligations under his employment agreement with the Company dated December 14, 2007 (as amended), including without limitation restrictive
covenant agreements, or following his removal as a director of the Company, or (d) Consultant’s Disability or death. For purposes of this Agreement, “Disability” means Consultant’s inability to carry on his duties
hereunder or as a director of the Company and the Bank, after receipt of medical advice, as a result of a physical or mental injury or illness or other such incapacity. 
 3. Fees; Reimbursement of Expenses. The Company will pay Consultant $15,000 per month for the Services hereunder. Each such payment will be made in arrears on or about the last business day of each
month during the term of this Agreement. The Company will also reimburse Consultant for reasonable expenses (including parking) incurred in connection with providing Services hereunder, such reimbursement to be made promptly following the
Company’s review of expense reports documented by Consultant in accordance with Company policies and procedures. 

 4. Office and Administrative Support. For the Company’s convenience and to facilitate effective
delivery of Services hereunder, the Company will make available suitable office space for Consultant’s use within its existing facilities and will provide appropriate administrative support relating to the provision of Services hereunder.

 5. Independent Contractor. Notwithstanding any provision hereof, Consultant is an independent contractor and is not an employee, agent
or partner of the Company. Consultant will be solely responsible for the manner and work hours in which the Services are performed under this Agreement. Consultant will not be eligible to participate in any of the Company’s employee benefit
plans, fringe benefit programs, group insurance arrangements or similar employee programs (other than as permitted due to his role as a director or prior service as employee). The Company will not provide workers’ compensation, disability
insurance, Social Security or unemployment compensation coverage or any other statutory benefit to Consultant, except to the extent such amount or benefit relates to Consultant’s prior service as an employee of the Company. Consultant will
comply at Consultant’s expense with all applicable United States federal, state and local laws and regulations required to be fulfilled by independent contractors. Notwithstanding anything to the contrary set forth herein, as a retired employee
of the Company, Consultant will be eligible to participate in the Company’s generally applicable post-employment benefit programs and nothing herein is to be construed as limiting compensation for services as a director. 

6. Confidentiality and Non-Use of Proprietary Information. 
 (a) Consultant recognizes and acknowledges the confidential nature of the Proprietary Information of the Company and the damage that could result if such information is disclosed to any third party.
“Proprietary Information” means trade secrets, financial information and other proprietary information concerning the products, processes, services or business of the Company or of any clients or prospective clients, which
information (i) has not been made generally available to the public, and is useful or of value to the Company’s current or anticipated business activities or of those of any client of the Company; or (ii) has been identified to
Consultant as confidential, either orally or in writing, which information includes, but is not limited to: computer programs; research and other statistical data and analyses; marketing, organizational or other research and development, or business
plans; personnel information, including the identity of other employees of the Company, their responsibilities, competence, abilities and compensation; financial, accounting and similar records of the Company and/or any fund or account managed by
the Company; current and prospective client lists and information on clients and their employees; client financial statements, investment objectives, the nature of their investment portfolios and contractual agreements with the Company, other
personal client information and information concerning planned or pending investment products, acquisitions or divestitures. Proprietary Information shall not include information which: (A) is in or hereafter enters the public domain through no
fault of Consultant or (B) is obtained by Consultant from a third party having the legal right to use and disclose the same. 
 (b) Consultant agrees not to use any Proprietary Information except in connection with his duties as a director of the Company and the Bank and his performance of Services hereunder, nor to disclose any
Proprietary Information except to officers or other employees of the Company with a need to know such information and when it is appropriate, in the ordinary course of business, to do so. Upon termination of this Agreement, Consultant shall not,
directly or indirectly, disclose, publish, communicate or use on his behalf or another’s behalf, any Proprietary Information. 
 (c) In the event that Consultant is required (in connection with legal proceedings, by oral motion, interrogatory, request for information or documents, subpoena, civil investigation, demand or similar
process) to disclose any Proprietary Information, Consultant will provide the Company with prompt notice of such request so that an appropriate protective order can be sought, if deemed necessary. 

  
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 (d) The provisions of this Section 6 will survive the termination of this Agreement for
any reason. 
 7. Notices. Any and all notices or other communications required or permitted to be delivered hereunder will be deemed
properly delivered if (a) delivered personally, (b) mailed by first class, registered or certified mail, return receipt requested, postage prepaid or (c) sent by next-day or overnight mail or delivery, to the parties as set forth
below: 
  

			
	If to the Company, to:	  	PrivateBancorp, Inc.
		  	120 S. LaSalle Street
		  	Chicago, Illinois 60603
		  	Attention: Jennifer R. Evans, General Counsel
		
	If to Consultant, to:	  	Ralph B. Mandell
		  	1146 N. Ashland Ave.
		  	River Forest, IL 60305

 Either party may change the name and address of the designee to whom notice will be sent by giving
written notice of such change to the other party. 
 8. Binding Effect. This Agreement will be binding upon and will inure to the benefit
of the undersigned parties, the successors and assigns of the Company (including, but not limited to, any company which may acquire the stock of the Company, all or substantially all of the assets or business of the Company or with or into which the
Company may be consolidated or merged) and the heirs, executors, administrators, legal representatives and assigns of Consultant; provided, that the rights and obligations of Consultant hereunder may not be delegated or assigned. 

9. Entire Agreement. This Agreement supersedes any former oral agreement and any former written agreement heretofore executed relating generally
to the consulting relationship of Consultant with the Company, and this Agreement can only be amended or altered and its provisions can only be waived by an agreement in writing signed by Consultant and the Company. Other than as stated in the
preceding sentence, this Agreement does not serve to alter or amend any other agreement between Consultant and the Company or the Bank. 

10. Enforceability. This Agreement will be construed and enforced under the laws of the State of Illinois without giving effect to the principles
of conflicts of laws thereof. If any provision of this Agreement is held invalid or unenforceable by operation of law or otherwise, such circumstances will not have the effect of rendering any of the other provisions of this Agreement invalid or
unenforceable. 
 11. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original but all of
which will constitute one and the same instrument. One or more counterparts of this Agreement may be delivered by facsimile, with the intention that delivery by such means will have the same effect as delivery of an original counterpart thereof.

  
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 The parties have executive this Agreement as of the date first written above. 

 

					
	PRIVATEBANCORP, INC.	 		 	CONSULTANT:
			
	 /s/ Larry D. Richman
	 		 	 /s/ Ralph B. Mandell

	Larry D. Richman	 		 	Ralph B. Mandell
	President and Chief Executive Officer	 		 	

  
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