Document:

Exhibit

Exhibit 10(e)
ENERGEN CORPORATION
STOCK INCENTIVE PLAN
(As Amended Effective January 1, 2017)

The purpose of this Plan is to provide a means whereby Energen Corporation may, through the use of stock and stock related compensation, attract and retain persons of ability as employees and motivate such employees to exert their best efforts on behalf of Energen Corporation and its subsidiaries.

1.Definitions.  As used in the Plan, the following terms have the meanings indicated:
		
	(a)
	“Adjusted Option Expiration Date” means:

		
	(1)
	in the event of a Qualified Termination due to Retirement, the earlier of the Expiration Date or the fifth anniversary of the termination date; 

		
	(2)
	in the event of a Change in Control Termination or a Qualified Termination not due to Retirement, the earlier of the Expiration Date or the third anniversary of the termination date; 

		
	(3)
	in the event of a termination of employment for Cause, immediately upon termination; and 

		
	(4)
	in the event of a termination of employment not described in the foregoing clauses, the earlier of the Expiration Date or the ninetieth day following termination.

		
	(b)
	“Award” means any grant under the Plan of Incentive Stock Options, Nonqualified Stock Options, Restricted Stock, Restricted Stock Units and/or Performance Shares.

		
	(c)
	“Award Agreement” means any written or electronic agreement, contract or other instrument or document evidencing one or more Awards and which may, but need not be (as determined by the Committee) executed or acknowledged by the applicable Participant(s) as a condition to receiving an Award or the benefits under an Award (provided that Awards of Incentive Stock Options must be executed or acknowledged by the Participants), and which sets forth the terms and provisions applicable to Awards granted under the Plan to such Participant(s).

		
	(d)
	“Award Period” means the 3-year period (Energen fiscal years) commencing with the first day of the fiscal year in which the applicable Performance Share Award is granted, except as otherwise provided in the applicable Award Agreement and subject to the other provisions of this Plan.

		
	(e)
	“Board” means the Board of Directors of Energen.

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	(f)
	“Cause” means any of the following:

		
	(1)
	The willful and continued failure by a Participant to substantially perform such Participant’s duties with Energen or a Subsidiary (other than any such failure resulting from such Participant’s incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to the Participant specifically identifying the manner in which such Participant has not substantially performed such Participant’s duties;

		
	(2)
	The engaging by a Participant in willful, reckless or grossly negligent misconduct which is demonstrably injurious to Energen or a Subsidiary monetarily or otherwise; or

		
	(3)
	The conviction of a Participant of a felony.

		
	(g)
	"Change in Control" means the occurrence of any one or more of the following:

		
	(1)
	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13(d)-3 promulgated under the Exchange Act) of 30% or more of either (i) the then outstanding shares of common stock of Energen (the “Outstanding Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of Energen entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that for purposes of this subsection (1) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Energen or any corporation controlled by Energen shall not constitute a Change in Control;

		
	(2)
	Individuals who, as of January 1, 2016, constitute the Board of Directors of Energen (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of Energen (the “Board of Directors”); provided, however that any individual becoming a director subsequent to such date whose election, or nomination for election by Energen’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors; or

		
	(3)
	Consummation of a reorganization, merger or consolidation, or sale or other disposition of all or substantially all of the assets, of Energen (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the 

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beneficial owners, respectively, of the Outstanding Common Stock and Outstanding Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns Energen or all or substantially all of Energen’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Common Stock and Outstanding Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of Energen or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination. 
		
	(h)
	“Change in Control Termination” means termination of a Participant’s employment with Energen and all Subsidiaries under either of the following circumstances:

		
	(1)
	an involuntary termination (other than for Cause) after the occurrence of a Change in Control; or

		
	(2)
	a voluntary termination for good reason entitling the Participant to severance compensation under a written change in control severance compensation agreement between Energen and the Participant.

		
	(i)
	“Code” means the Internal Revenue Code of 1986, as amended from time to time.

		
	(j)
	“Committee” means the Compensation Committee of the Board or such other Committee of two or more directors as may be determined by the Board. “Committee” also means the Committee’s delegate(s) acting under the authority of Section 5.

		
	(k)
	“Energen” means Energen Corporation and any successor corporation by merger or other reorganization.

		
	(l)
	“Employee” means any employee of one or more of Energen and the Subsidiaries.

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	(m)
	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

		
	(n)
	“Exercise Date” means the date on which a notice of option exercise is delivered to Energen pursuant to Section 6.2(c) or a notice of option cancellation is delivered to Energen pursuant to Section 6.2(i).

		
	(o)
	“Expiration Date” means the last day of the option period specified at the time of grant pursuant to Section 6.2(a).

		
	(p)
	“Fair Market Value” means, with respect to a share of Stock, the closing price of the Stock on the New York Stock Exchange (or such other exchange or system on which the Stock then trades or is quoted) or, if there is no trading of the Stock on the relevant date, then the closing price on the most recent trading date preceding the relevant date.  With respect to other consideration, the term Fair Market Value means fair market value as may be reasonably determined by the Committee; provided that any valuation subject to Code Section 409A shall be made in accordance with Code Section 409A and the regulations thereunder.

		
	(q)
	“Incentive Stock Options” means options granted under the Plan to purchase Stock which at the time of grant qualify as “incentive stock options” within the meaning of Section 422 of the Code.

		
	(r)
	“Nonqualified Stock Options” means options granted under the Plan to purchase Stock which are not Incentive Stock Options.

		
	(s)
	“Participant” means an Employee to whom an Award is granted pursuant to the Plan, or if applicable, successors and assigns permitted under Section 11.

		
	(t)
	 “Performance Measures” has the meaning set forth in Section 9.

		
	(u)
	“Performance Share” means the value equivalent of one share of Stock.

		
	(v)
	 “Plan” means this Energen Corporation Stock Incentive Plan, as amended from time to time.

		
	(w)
	“Qualified Termination” means termination of a Participant’s employment with Energen and all Subsidiaries under any one of the following circumstances:

		
	(1)
	A result of Participant’s Retirement.

		
	(2)
	A result of the Participant’s death or disability.

		
	(3)
	Expressly agreed in writing by Energen and/or a Subsidiary to constitute a Qualified Termination for purposes of this Plan. 

		
	(x)
	“Restricted Award” means an Award of Restricted Stock or Restricted Stock Units.

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	(y)
	“Restricted Stock” means Stock granted to a Participant under Section 7 with respect to which the applicable Restrictions have not lapsed or been removed.

		
	(z)
	“Restricted Stock Unit” means the right to receive one share of Stock upon the lapse or removal of the applicable Restrictions. 

		
	(aa)
	“Restrictions” means the prohibitions set forth in Section 7.2(a) against the sale, assignment, transfer, pledge, hypothecation and other encumbering or disposal of Restricted Stock and against the payment of Restricted Stock Units. 

		
	(bb)
	“Retirement” means:

		
	(1)
	with respect to Awards granted prior to January 1, 2017, termination of employment by a Participant (other than for Cause) who is at least 55 years old and has at least 10 years of service with the Company and its subsidiaries; and

		
	(2) 
	with respect to Awards granted on or after January 1, 2017, termination of employment by a Participant (other than for Cause) who (i) is at least 55 years old and has at least 10 years of service with the Company and its subsidiaries or (ii) is at least 62 years old and has at least 5 years of service with the Company and its subsidiaries.

		
	(cc)
	“Stock” means the common stock, par value $.01 per share, of Energen as such stock may be reclassified, converted or exchanged by reorganization, merger or otherwise.

		
	(dd)
	 “Subsidiary” means any corporation, the majority of the outstanding voting stock of which is owned, directly or indirectly by Energen Corporation.

		
	(ee)
	“Ten Percent Shareholder” means an individual who, at the time of grant, owns stock possessing more than ten (10) percent of the total combined voting power of all classes of stock of Energen.

2.    Share Limitations.
2.1    Shares Subject to the Plan.  Subject to adjustment in accordance with Section 3, as of March 3, 2016, 1,882,581 shares of Stock were  reserved and available for issuance under the Plan for future Awards (reflecting the original 650,000-share authorization,  the 1998 stock split adjustment,  an additional 1,500,000 shares authorized at the January 2002 shareholder meeting,  the 2005 stock split adjustment and 3,000,000 shares authorized at the April 2011 shareholder meeting, reduced by prior Awards).  Shares of 
2.2    Stock allocable to an Award or portion of an Award that is canceled by forfeiture, expiration or for any other reason (excepting pursuant to a stock appreciation right election under Section 6.2(i)) shall again be available for additional Awards. If any option granted under the Plan shall be canceled as to any shares of Stock pursuant to Section 6.2(i) (stock 

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appreciation rights), then such shares of Stock shall not be available for the grant of another Award.   Shares of Stock not issued as the result of the net exercise of a stock appreciation right, shares tendered by the Participant or retained by Energen as full or partial payment to Energen for the purchase of an Award or to satisfy tax withholding obligations in connection with an Award, or shares repurchased on the open market with the proceeds from the payment of an exercise price of an option shall not again be available for issuance under the Plan.
2.3    Limitations.  Subject to adjustment in accordance with Section 3, (i) the maximum aggregate number of shares of Stock represented by all Awards granted to any one Participant during any one Energen fiscal year shall not exceed 400,000 calculated assuming maximum payout of the Awards and with each Restricted Stock Unit and Performance Share representing one share of Stock;  (ii) consistent with clause (i), the maximum number of shares of Stock represented by Awards of Stock Options granted to any one Participant during any one Energen fiscal year shall not exceed 400,000; and (iii) the maximum number of shares of stock represented by Incentive Stock Options granted after March 3, 2016, shall not exceed 1,882,581.  A Participant may be granted more than one Award during any Energen fiscal year.
3.    Adjustments in Event of Change in Common Stock.  In the event of any change in the Stock by reason of any stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off,  combination or exchange of shares, or rights offering to purchase Stock at a price substantially below fair market value, or of any similar change affecting the Stock, the number and kind of shares which thereafter may be available for issuance under the Plan and the terms of outstanding Awards shall be appropriately adjusted consistent with such change in such manner as the Committee may deem equitable to prevent dilution or enlargement of the rights granted to, or available for, Participants in the Plan.  If the adjustment would result in fractional shares with respect to an Award, then the Committee may make such further adjustment (including, without limitation, the use of consideration other than Stock or rounding to the nearest whole number of shares) as the Committee shall deem appropriate to avoid the issuance of fractional shares. 
4.    Administration of the Plan.  The Plan shall be administered by the Committee.  No member of the Committee shall be eligible to participate in the Plan while serving as a member of the Committee.  Subject to the provisions of the Plan including, but not limited to, Section 5 hereof, the Committee shall have the exclusive authority to select the Employees who are to be Participants in the Plan, to determine the Award to be made to each Participant, and to determine the conditions subject to which Awards will become payable under the Plan.  The Committee shall have full power to administer and interpret the Plan and to adopt such rules and regulations consistent with the terms of the Plan as the Committee deems necessary or advisable in order to carry out the provisions of the Plan. The Committee’s interpretation and construction of the Plan and of any conditions applicable to Awards shall be conclusive and binding on all persons, including Energen and all Participants.   Any action which can be taken, or authority which can be exercised, by the Committee with respect to the Plan, may also be taken or authorized by the Board.
5.    Participation. Participants in the Plan shall be selected by the Committee from those Employees who, in the judgment of the Committee, have significantly contributed or can be expected 

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to significantly contribute to Energen’s success; provided, however, that the Committee may delegate to one or more officers of Energen and/or its Subsidiaries the authority to select and make Awards to Participants (who shall not include “covered employees” within the meaning of Code Section 162(m)(3), officers or directors of Energen or its Subsidiaries), provided that such delegation must be made pursuant to a resolution of the Committee specifying  the maximum aggregate number of shares of Common Stock that may be subject to Awards by such officer(s). 
6.    Options
6.1    Grant of Options.   Subject to the provisions of the Plan, the Committee may (a) determine and designate from time to time those Participants to whom options are to be granted and the number of shares of Stock to be optioned to each employee; (b) authorize the granting of Incentive Stock Options, Nonqualified Stock Options, or combination of Incentive Stock Options and Nonqualified Stock Options; (c) determine the number of shares subject to each option; (d) determine the time or times when each Option shall become exercisable and the duration of the exercise period; and (e) determine whether and, if applicable, the manner in which each option shall contain stock appreciation rights; provided, however, that (i) no Incentive Stock Option shall be granted after the expiration of ten years from the ISO Effective Date as defined in Section 15 and (ii) the aggregate Fair Market Value (determined as of the date the option is granted) of the Stock with respect to which Incentive Stock Options are exercisable for the first time by any employee during any calendar year (under all plans of Energen and its Subsidiaries) shall not exceed $100,000.
6.2    Terms and Conditions of Options. Each option granted under the Plan shall be evidenced by an Award Agreement.  Such agreement shall be subject to the following express terms and conditions and to such other terms and conditions as the Committee may deem appropriate:
		
	(a)
	Option Period.  Each option agreement shall specify the period for which the option thereunder is granted and shall provide that the option shall expire at the end of such period.  The Committee may extend such period provided that, in the case of an Incentive Stock Option, such extensions shall not in any way disqualify the option as an Incentive Stock Option.  In no case shall such period for an Incentive Stock Option, including any such extensions, exceed ten years from the date of grant, provided, however that, in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, such period, including extensions, shall not exceed five years from the date of grant.

		
	(b)
	Option Price, No Repricing. The option price per share shall be determined by the Committee at the time any option is granted, and shall be not less than (i) the Fair Market Value, or (ii) in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, 110 percent of the Fair Market Value, (but in no event less than the par value) of one share of Stock on the date the option is granted, as determined by the Committee.  Except as otherwise permitted by Section 3, the terms of outstanding Awards may not be amended 

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to reduce the exercise price of outstanding options or stock appreciation rights or cancel outstanding options or stock appreciation rights in exchange for cash, other awards or options with an exercise price that is less than the exercise price of the original options or stock appreciation rights without shareholder approval.
		
	(c)
	Exercise of Option.  No part of any option may be exercised until the optionee shall have remained in the employ of Energen or of a Subsidiary for such period, if any, as the Committee may specify in the option agreement, and the option agreement may provide for exercisability in installments.  The Committee shall have full authority to accelerate for any reason it deems appropriate the vesting schedule of all or any part of any option issued under the Plan.  Each option shall be exercisable in whole or part on such date or dates and during such period and for such number of shares as shall be set forth in the applicable option agreement.  An optionee electing to exercise an option shall give written notice to Energen of such election and of the number of shares the optionee has elected to purchase and shall at the time of exercise tender the full purchase price of the shares the optionee has elected to purchase plus any required withholding taxes in accordance with Sections 6.2(d) and 10.   

		
	(d)
	Payment of Purchase Price upon Exercise.  The purchase price of the shares as to which an option shall be exercised shall be paid to Energen at the time of exercise (i) in cash, (ii) in Stock already owned by the optionee having a total Fair Market Value equal to the purchase price and not subject to any lien, encumbrance or restriction on transfer other than pursuant to federal or state securities laws, (iii) by election to have Energen withhold (from the Stock to be delivered to the optionee upon such exercise) shares of Stock having a Fair Market Value equal to the purchase price or (iv) by any combination of such consideration having a total Fair Market Value equal to the purchase price; provided that the use of consideration described in clauses (ii), (iii) and (iv) shall be subject to approval by the Committee.  In addition the Committee in its discretion may accept such other consideration or combination of consideration as the Committee shall deem to be appropriate and to have a total Fair Market Value equal to the purchase price.  In each case, Fair Market Value shall be determined as of the Exercise Date.

		
	(e)
	Exercise in the Event of Termination of Employment.  

		
	(1)
	Cause.  If an optionee’s employment by Energen and all Subsidiaries shall terminate for Cause, then all options held by the terminated Employee shall immediately expire. 

		
	(2)
	Qualified Termination. In the event of a Qualified Termination, then all options held by the optionee with a grant date at least ten months prior to   the date of termination shall be immediately and fully vested 

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and options with a grant date less than ten months prior to the date of termination shall immediately expire.
		
	(3)
	Change in Control Termination.  In the event of a Change in Control Termination, all options held by the optionee which were granted prior to the Change in Control shall be immediately and fully vested.

		
	(4)
	Other Termination.  In the event that an optionee’s employment by Energen and all Subsidiaries terminates for reason other than Cause, Qualified Termination or Change in Control Termination, then all of the optionee’s unvested options shall immediately expire.

		
	(5)
	Adjusted Option Expiration Date.  Following a termination of employment any vested options held by the terminated employee will expire on the applicable Adjusted Option Expiration Date.

		
	(6)
	Committee Authority. The foregoing provisions of this Section 6.2(e) notwithstanding, the Committee shall have full authority to accelerate the vesting schedule of all or any part of any option issued under the Plan and held by an employee who plans to terminate his or her employment, such that a terminated employee, his heirs or personal representatives may exercise (at such time or times on or prior to the applicable Expiration Dates as may be specified by the Committee) any part or all of any unvested option under the Plan held by such employee at the date of his or her termination of employment.  Furthermore, the Committee may at the time of grant provide for different or supplemental terms and conditions with respect to termination of employment and any such terms and conditions expressly provided in the written option agreement shall be controlling with respect to that option.

		
	(7)
	Options Granted Prior to January 31, 2012.  The other provisions of this  Section 6.2(e) notwithstanding, the provisions of Section 6.2(e) of the Energen Corporation Stock Incentive Plan as Amended effective April 27, 2011, continue to control the manner in which options granted prior to January 31, 2012, will be treated upon a  termination of employment.

		
	(f)
	Nontransferability.   Except as may otherwise be provided in this Section 6.2(f), no option granted under the Plan shall be transferable other than by will or by the laws of descent  and distribution and, during the lifetime of the optionee, an option shall be exercisable only by the optionee.  The foregoing notwithstanding, the optionee may transfer Nonqualified Stock Options to (i) the optionee’s spouse or natural, adopted or step-children or grandchildren (including the optionee, “Immediate Family Members”), (ii) a trust for the benefit of one or more of the Immediate Family Members, (iii) 

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a family charitable trust established by one or more of the Immediate Family Members, or (iv) a partnership in which the only partners are (and, except as may be otherwise agreed by the Committee, will remain during the option period) one or more of the Immediate Family Members.  Any options so transferred shall not be further transferable except in accordance with the terms of this Plan, shall remain subject to all terms and conditions of the Plan and the applicable option agreement, and may be exercised by the transferee only to the extent that the optionee would have been entitled to exercise the option had the option not been transferred.
		
	(g)
	Investment Representation.  To the extent reasonably necessary to assure compliance with all applicable securities laws, upon demand by Energen for such a representation, the optionee shall deliver to Energen at the time of any exercise of an option or portion thereof or settlement of stock appreciation rights a written representation that the shares to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof.  Upon such demand, delivery of such representation prior to the delivery of any shares issued upon exercise of an option and prior to the expiration of the option period shall be a condition precedent to the right of the optionee or such other person to purchase any shares.

		
	(h)
	Incentive Stock Options.  Each option agreement which provides for the grant of an Incentive Stock Option to a participant shall contain such terms and provisions as the Committee may determine to be necessary or desirable in order to qualify such option as an “incentive stock option” within the meaning of Section 422 of the Code, or any amendment thereof or substitute therefor.  As provided in Section 6.1, no Incentive Stock Option shall be granted after the expiration of ten years from the ISO Effective Date as defined in Section 15.  Energen, in its discretion, may retain possession of any certificates for Stock delivered in connection with the exercise of an Incentive Stock Option or appropriately legend such certificates during the period that a disposition of such Stock would disqualify the exercised option from treatment as an incentive stock option under Section 422 of the Code (a “422 Option”).  Subject to the other provisions of the Plan, Energen shall cooperate with the optionee should the optionee desire to make a disqualifying disposition.  Any Incentive Stock Option which is disqualified from treatment as a 422 Option, for whatever reason, shall automatically become a Nonqualified Stock Option.  No party has any obligation or responsibility to maintain an Incentive Stock Option’s status as a 422 Option.  The optionee shall, however, immediately notify Energen of any disposition of Stock which would cause an Incentive Stock Option to be disqualified as a 422 Option. 

		
	(i)
	Stock Appreciation Right.  Each option agreement may provide that the optionee may from time to time elect, by written notice to Energen, to cancel all or any portion of the option then subject to exercise, in which event 

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Energen's obligation in respect of such option shall be discharged by payment to the optionee of an amount in cash equal to the excess, if any, of the Fair Market Value as of the Exercise Date of the shares subject to the option or the portion thereof so canceled over the aggregate purchase price for such shares as set forth in the option agreement or, if mutually agreed by the Committee and the optionee, (i) the issuance or transfer to the optionee of shares of Stock with a Fair Market Value as of the Exercise Date equal to any such excess, or (ii) a combination of cash and shares of Stock with a combined value as of the Exercise Date equal to any such excess. 
		
	(j)
	No Rights as Shareholder.  No optionee shall have any rights as a shareholder with respect to any shares subject to the optionee’s option prior to the date of issuance to the optionee of a certificate or certificates for such shares.

		
	(k)
	Issuance of Shares.  Subject to Section 6.2(h), as soon as reasonably practicable after receipt of an exercise notice and full payment, Energen shall issue to the optionee the appropriate number of shares of Stock.

7.    Restricted Stock and Restricted Stock Units (Restricted Awards) 
7.1    Grant of Restricted Awards.  The Committee may make grants of Restricted Stock and/or Restricted Stock Units to Participants.  Each Restricted Award shall be evidenced by an Award Agreement setting forth the number of shares of Restricted Stock or number of Restricted Stock Units granted and the terms and conditions to which the Restricted Award is subject.  Restricted Awards may be granted by the Committee in its discretion with or without cash consideration.
7.2    Terms and Conditions of Restricted Stock.   
		
	(a)
	Restrictions. 

		
	(1)
	Restricted Stock. No shares of Restricted Stock may be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered or disposed of until the Restrictions on such shares  have lapsed or been removed. 

		
	(2)
	Restricted Stock Units.  Restricted Stock Units will not be payable until the Restrictions on payment of such Restricted Stock Units have lapsed or been removed. Upon the lapse or removal of Restrictions on Restricted Stock Units the Restricted Stock Units shall be settled by delivering to the Participant the number of shares of Stock equal to the number of Restricted Stock Units being settled.  

		
	(b)
	Lapse.  The Committee shall establish as to each Restricted Award the terms and conditions upon which the Restrictions shall lapse, which terms and conditions may include, without limitation, a required period of service, 

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Performance Measures, or any other individual or corporate performance conditions.
		
	(c)
	Termination of Employment.  In the event of a Qualified Termination, then all Restrictions on the Participant's outstanding Restricted Awards with a grant date at least ten months prior to the date of termination shall immediately lapse and Restricted Awards with a grant date less than ten months prior to the date of termination shall be forfeited and returned to Energen.   In the event of a Change in Control Termination, all Restrictions on the Participant’s outstanding Restricted Awards shall immediately lapse.  Should a Participant’s employment with Energen and all Subsidiaries terminate for any reason other than a Qualified Termination or a Change in Control Termination, all Restricted Awards which remain subject to Restrictions, shall be forfeited and returned to Energen. The foregoing notwithstanding, the Committee may at the time of grant provide for different or supplemental terms and conditions with respect to termination of employment and any such terms and conditions expressly provided in the applicable Award  agreement shall be controlling with respect to that Restricted Award.  

NOTE: early lapse of Restrictions on Restricted Stock Units may have Section 409A implications; see Section 18.

		
	(d)
	Lapse at Discretion of Committee.  The Committee may at any time, in its sole discretion, accelerate the time at which any or all Restrictions on a Restricted Award will lapse or remove any and all such Restrictions; provided that the Committee may not accelerate the lapse of or remove Restrictions which require the attainment of Performance Measures established by the Committee pursuant to Section 9.2 except as may be permitted by the performance-based exception to Section 162(m) of the Code.  

		
	(e)
	Rights with respect to Restricted Stock.  Upon the acceptance by a Participant of an Award of Restricted Stock, such Participant shall, subject to the Restrictions, have all the rights of a shareholder with respect to such shares of Restricted Stock, including, but not limited to, the right to vote such shares of Restricted Stock and the right to receive all dividends and other distributions paid thereon.  Certificates representing Restricted Stock may be held by Energen until the restrictions lapse and shall bear such restrictive legends as Energen shall deem appropriate. 

		
	(f)
	No shareholder rights with respect to Restricted Units.  A Participant shall have no rights of a shareholder, including voting, dividend or other distribution rights, with respect to Restricted Stock Units prior to the date they are settled in shares of Stock.

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	(g)
	No Section 83(b) Election.  Unless otherwise expressly agreed in writing by  Energen, a Participant shall not make an election under Section 83(b) of the Code with respect to a Restricted Stock Award and upon the making of any such election, all shares of Restricted Stock subject to the election shall be forfeited and returned to Energen.

8.    Performance Shares 
8.1    Grant of Performance Shares.  The Committee may make grants of Performance Shares to Participants.  Each Performance Share Award shall be evidenced by an Award Agreement setting forth the number of Performance Shares granted and the terms and conditions to which the Performance Share Award is subject. 
8.2    Terms and Conditions of Performance Share Awards.  
		
	(a)
	General. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the Performance Measures to be achieved during the applicable Award Period, the number of shares of Stock subject to any Performance Share Award, and the amount of any payment to be made upon achievement of the Performance Measures applicable to any Performance Award.

		
	(b)
	No Right to Dividends. A Performance Share Award shall not entitle a Participant to receive any dividends or dividend equivalents on Performance Shares; no Participant shall be entitled to exercise any voting or other rights of a shareholder with respect to any Performance Share Award under the Plan; and no Participant shall have any interest in or rights to receive any shares of Stock prior to the time when the Committee authorizes payment of Performance Shares pursuant to Section 8.3.

		
	(c)
	Settlement of Performance Share Awards.  Settlement of Performance Share Awards to any Participant shall be made in accordance with Section 8.3 and shall be subject to such conditions for payment as the Committee may prescribe at the time the Performance Share Award is made.  The Committee may prescribe conditions such that payment of a Performance Share Award may be made with respect to a number of shares of Stock greater than the number of Performance Shares awarded on the date of grant.  The Committee may prescribe different conditions for different Participants.

8.3    Payment of Performance Awards.  Each Participant granted a Performance Share Award shall be entitled to payment on account thereof as of the close of the applicable Award Period, but only if the Committee has determined that the conditions for payment of the Award set by the Committee have been satisfied. Payment of Awards shall be made by Energen promptly following the determination by the Committee that payment has been earned and by March 15 of the year following the year in which the Award is earned.  Payment of Performance Shares shall be made in the form of shares of Stock. 

Page 13

8.4    Termination of Employment.  Except in the case of a Qualified Termination or a Change in Control Termination, if, prior to the close of the Award Period with respect to a Performance Share Award, a Participant's employment with Energen and all Subsidiaries terminates, then any unpaid portion of such Participant's Performance Share  Award shall be forfeited.  
In the case of a Qualified Termination, the Participant shall remain entitled to payout of any outstanding Performance Share Awards with a grant date at least ten months prior to the date of termination (subject to the reduction described below) at the end of the applicable Award Period in accordance with the terms of this Plan including without limitation applicable performance conditions.  Each of such outstanding Performance Share Award shall be reduced to equal the number of Performance Shares originally granted, multiplied by a fraction the numerator of which is the number of months from the beginning of the applicable Award period to the termination date and the denominator of which is the number of months in the applicable Award Period.

In the event of a Change in Control Termination, a Participant shall within thirty days following termination receive payment of all outstanding Performance Share Awards measured at target performance.

8.5    Consulting, Non-Compete and Confidentiality.  A Participant’s entitlement, if any, to payout of Performance Share Awards subsequent to termination of employment with Energen and all Subsidiaries shall continue so long as the Participant is in compliance with the following requirements.  Failure to comply shall result in forfeiture of all then outstanding Performance Share Awards.
		
	(a)
	Consulting Services.  For a period of three years following the termination of the Participant’s employment (“Date of Termination”), Participant will fully assist and cooperate with Energen, the Subsidiaries and their representatives (including outside auditors, counsel and consultants) with respect to any matters with which the Participant was involved during the course of employment, including being available upon reasonable notice for interviews, consultation, and litigation preparation.  Except as otherwise agreed by Participant, Participant’s obligation under this Section 8.5(a) shall not exceed 80 hours during the first year and 20 hours during each of the following two years.  Such services shall be provided upon request of Energen and the Subsidiaries but scheduled to accommodate Participant’s reasonable scheduling requirements. Participant shall receive no additional fee for such services but shall be reimbursed all reasonable out-of-pocket expenses.

		
	(b)
	Non-Compete.  For a period of twelve months following the Date of Termination, unless otherwise expressly approved in writing by Energen, the Participant shall not Compete, (as defined below) or assist others in Competing with Energen and the Subsidiaries.  For purposes of this Agreement, “Compete” means offer to acquire any oil or gas mineral interest (A) within an oil or gas unit for which Energen or a Subsidiary is the operator 

Page 14

of record or (B) within an oil or gas unit contiguous to an oil or gas unit for which Energen or a Subsidiary is the operator of record.   Employment by, or an investment of less than one percent of equity capital in, a person or entity which Competes with Energen or the Subsidiaries does not constitute Competition by Participant so long as Participant does not directly participate in, assist or advise with respect to such Competition.
		
	(c)
	Confidentiality.  Participant agrees that at all times following the Date of Termination, Participant will not, without the prior written consent of Energen, disclose to any person, firm or corporation any confidential information of Energen or the Subsidiaries which is now known to Participant or which hereafter may become known to Participant as a result of Participant’s employment, unless such disclosure is required under the terms of a valid and effective subpoena or order issued by a court or governmental body; provided, however, that the foregoing shall not apply to confidential information which becomes publicly disseminated by means other than a breach of this provision.

		
	(d)
	Whistleblower Exceptions. Nothing contained in this Plan prohibits a Participant from reporting possible violations of federal law or regulations to any federal, state, or local governmental agency or commission, or communicating with or otherwise participating in any investigations or proceedings that are protected under the whistleblower provisions of federal law or regulation.  A Participant shall not be required to provide notice to Energen of, or receive prior authorization from Energen for, any such communications or disclosures. This Plan does not limit a Participant’s right to receive an award for information provided to any such governmental agency or commission.

9.    Performance Measures.  
9.1    General Performance Measures.  At its discretion, the Committee may make the Awards subject to the achievement or satisfaction of performance conditions (“Performance Measures”).  Subject to Section 9.2 below, the Committee may use such business criteria and other measures of performance as it deems appropriate in establishing Performance Measures.  Performance objectives set on a per share basis such as earnings or cash flow per share shall be appropriately adjusted to reflect changes in outstanding shares resulting from stock dividends, splits or combinations or mergers, reorganizations or similar transactions.

9.2    Section 162(m) Performance Measures.  If the Committee intends for an Award to qualify for the performance-based exceptions from Section 162(m) of the Code, the selected Performance Measures shall be specific, measurable goals set by the Committee, may include multiple objectives, and may be based on one or more operational or financial criteria.  In setting the performance objectives, the Committee shall select from one or more 

Page 15

of the following criteria in either absolute or relative terms, with respect to Energen and/or a Subsidiary: 
(a)    total shareholder return; 
(b)    return on assets, return on equity or return on capital employed; 
		
	(c) 
	measures of profitability such as earnings per share, corporate or business unit  net income, net income before extraordinary or one-time items, earnings before interest and taxes, earnings before interests, taxes, depreciation and amortization, or earnings before interest,  depreciation, amortization, taxes and exploration  expense; 

		
	(d)
	cash flow measures; 

		
	(e)
	gross or net revenues or gross or net margins; 

		
	(f)
	levels of operating expense or other expense items reported on the income statement;

		
	(g)
	oil and/or gas reserves, reserve growth, production,  production growth, production replacement, either absolute or on an appropriate per unit basis (e.g. reserve or production growth per diluted share); 

		
	(h)
	efficiency or productivity measures such as annual or multi-year average finding costs, absolute or per unit operating and maintenance costs, lease operating expenses, operating and maintenance expenses; 

		
	(i)
	measures of selected operations activities such as number of wells drilled or number of miles of pipe installed;

		
	(j)
	satisfactory completion of a major project or organizational initiative with specific criteria set in advance by the Committee defining “satisfactory”; 

		
	(k)
	debt ratios or other measures of credit quality or liquidity; 

		
	(l)
	strategic asset sales or acquisitions in compliance with specific  criteria set in advance by the Committee.

		
	(m)
	measures of safety and/or environmental stewardship; and

		
	(n)
	such other criteria as may be established by the Committee in writing and which meet the requirements of the performance-based exception to Section 162(m) of the Code.

When provided for by the Committee at the time the performance objectives are established, the performance objectives may be adjusted to exclude the effect of any of one or more of the following events that occur during the performance period: 

Page 16

		
	(o)
	asset write-downs, sales and dispositions; 

		
	(p)
	litigation, claims, judgments or settlements;

		
	(q)
	the effect of changes in law, regulation, accounting principles or other provisions affecting reported results; 

		
	(r)
	accruals for reorganization and restructuring programs; 

		
	(s)
	material changes to invested capital from pension and post-retirement benefits-related items and similar non-operational items; and 

		
	(t)
	any extraordinary, unusual, non-recurring or non-comparable items: 

		
	(1)
	as described in Accounting Standards Codification No. 225, 

		
	(2)
	as described in management’s discussion and analysis of financial condition and results of operations appearing in Energen’s Annual Report to shareholders for the applicable year, or 

		
	(3)
	as publicly announced by Energen in a press release or  conference call relating to Energen’s results of operations or financial  condition for a completed quarterly or annual fiscal period; such as non-cash mark-to-market gains and losses on open derivative contracts.

In the event that the performance-based exception to Section 162(m) of the Code or its successor is amended such that the performance-based exception permits the employer to alter the governing performance measures without obtaining shareholder approval of such changes, the Committee shall have discretion to make such changes without obtaining shareholder approval.

10.    Withholding.  Each Participant shall, no later than the date as of which the value of an Award first becomes includable in the gross income of the Participant for federal, state or local income tax purposes, pay to Energen and Subsidiaries, or make arrangements satisfactory to the Committee, in its sole discretion, regarding payment of any federal, state, or local taxes of any kind required by law to be withheld with respect to the Award together with any federal (including FICA and FUTA), state, or local employment taxes required to be withheld.  The obligations of Energen under the Plan shall be conditional on such payment or arrangements.  Energen and, where applicable, its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes owed hereunder by a Participant from any payment of any kind otherwise due to said Participant.  The Committee may permit Participants to satisfy their federal, and where applicable, state and local tax withholding obligations with respect to all Awards by the reduction, in an amount necessary to pay all said withholding tax obligations, of the number of shares of Stock otherwise issuable or payable to said Participants in respect of an Award. During periods that the Committee permits such share withholding, Participants will be deemed to have elected share withholding; provided, however, that Energen may in its sole discretion permit a Participant to satisfy the withholding obligations of this Section 10 according to the direction of the Participant. 

Page 17

11.    No Assignment of Interest.  Except as provided in Section 6.2(f), the interest of any person in the Plan shall not be assignable, either by voluntary assignment or by operation of law, and any assignment of such interest, whether voluntary or by operation of law, shall render the Award void.  Amounts payable under the Plan shall be transferable only by will or by the laws of descent and distribution.
12.    No Rights to Continued Employment.  The Plan and any Award granted under the Plan shall not confer upon any Participant any right with respect to continuance of employment by Energen or any Subsidiary or any right to further Awards under the Plan, nor shall they interfere in any way with the right of Energen or any Subsidiary by which a Participant is employed to terminate the Participant’s employment at any time.
13.    Compliance with Other Laws and Regulations.  The Plan, the grant and fulfillment of Awards thereunder, and the obligations of Energen to sell, issue, release and/or deliver shares of Stock shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any government or regulatory agency as may be required.  Energen shall not be required to issue or deliver any certificates for shares of Stock prior to (a) the listing of such shares on any stock exchange on which the Stock may then be listed and (b) the completion of any registration or qualification of such shares under any federal or state law, or any ruling or regulation of any government body which Energen shall, in its sole discretion, determine to be necessary or advisable.
14.    Amendment and Discontinuance.  The Board may from time to time amend, suspend or discontinue the Plan.  Subject to Section 18, without the written consent of a Participant, no amendment or suspension of the Plan shall alter or impair any Award previously granted to a Participant under the Plan.
15.    Effective Date of the Plan.  The original effective date of the Plan was November 25, 1997, the date of its adoption by the Board, subject to approval by the shareholders of Energen holding not less than a majority of the shares present and voting at its January 1998 Annual Meeting. From time to time the Board has made amendments to the Plan that require shareholder approval for effectiveness and the shareholders of Energen have approved such amendments, each of which is deemed to be a re-adoption by the Board and re-approval by the shareholders of the Plan for the purposes of Code Section 422(b)(2).  The “ISO Effective Date” is the earlier of the dates of such re-adoption and re-approval of the most recent shareholder approved Plan amendment or restatement.
1.    Name.  The Plan shall be known as the “Energen Corporation Stock Incentive Plan.”
2.    1997 Deferred Compensation Plan.   If and to the extent permitted under the Energen Corporation 1997 Deferred Compensation Plan (the “Deferred Compensation Plan”), a Participant may elect, pursuant to the Deferred Compensation Plan, to defer receipt of part or all of any shares of Stock or other consideration deliverable under an Award and upon such deferral shall have no further right with respect to such deferred Award other than as provided under the Deferred Compensation Plan.  In the event of such a deferral election, certificates for such shares of Stock as would have otherwise been issued under the Plan but for the deferral election, may at the discretion of Energen be delivered to the Trustee under the Deferred Compensation Plan and registered in the 

Page 18

name of the Trustee or such other person as the Trustee may direct.  Regardless of whether such deferred shares of Stock are issued to the Trustee, they shall constitute “issued” shares for purposes of the Plan’s maximum number of shares limitation set forth in Section 2.   
3.    Effect of Code Section 409A.  Payments and benefits under this Plan are intended to be exempt from the requirements under Code section 409A (“Code Section 409A”) and all provisions of the Plan shall be interpreted in accordance with the applicable exemptions; there are, however, potential circumstances under which Plan payments and benefits may not be exempt from Code Section 409A.  To the extent any payment or benefit is subject to Code Section 409A, the Plan shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof. Notwithstanding any provision of the Plan to the contrary, in the event that Energen determines that any payments or benefits may or do not comply with Code Section 409A, Energen may amend the Plan (without Participant consent) or take any other actions that Energen determines are necessary or appropriate to (i) exempt the payments or benefits  hereunder from the application of Code Section 409A or preserve the intended tax treatment of the payments and benefits provided hereunder, or (ii) comply with the requirements of Code Section 409A.  Without limiting the generality of the foregoing, if and to the extent that any payment or benefit under this Plan is determined by Energen to constitute “nonqualified deferred compensation” subject to Code Section 409A, this Plan shall be administered accordingly, and any such payment provided to an employee who is a “specified employee” (within the meaning of Code Section 409A and as determined pursuant to procedures established by Energen) must be delayed for six months from the date of employment termination to comply with section 409A(a)(2)(B)(i) of the Code. Energen shall set aside those payments or benefits that would have been made but for payment delay required by the preceding sentence, and such amounts will be paid at the end of the delay. Notwithstanding the foregoing, neither Energen nor the Committee shall have any liability to any person in the event Code Section 409A applies to any Award in a manner that results in adverse tax consequences for a Participant.

Page 19EX-10.7

 EXHIBIT 10.7 

THE PNC FINANCIAL SERVICES GROUP, INC. AND AFFILIATES 

DEFERRED COMPENSATION AND INCENTIVE PLAN 

(amended and restated effective as of January 1, 2017) 

WHEREAS, The PNC Financial Services Group, Inc. (the “Corporation”) and certain of its Affiliates previously adopted The PNC
Financial Services Group, Inc. and Affiliates Deferred Compensation and Incentive Plan (the “Plan”), effective January 1, 2012, 

WHEREAS, the Plan is intended to be an unfunded nonqualified deferred compensation plan that is a
“top-hat plan” within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, under which a select group of management or highly compensated
employees have the opportunity to defer receipt of eligible base salary and variable pay that is earned during an applicable Plan Year; and 

WHEREAS, the Corporation now wishes to amend and restate the Plan to incorporate prior amendments and to make certain other clarifying
changes. 
 NOW, THEREFORE, in consideration of the foregoing, the Plan is hereby amended and restated, effective January 1, 2017, to
read as follows: 
 SECTION 1 

DEFINITIONS 
  

	1.1	“Account” means the bookkeeping account established for each Participant who is entitled to a benefit under the Plan. An Account is established only for purposes of determining the amount of benefits
hereunder and not to segregate assets or to identify assets that may or must be used to satisfy benefits. An Account will be credited with Deferral Amounts set forth in Section 3 of the Plan, Special Initiative Payments that are deferred as set
forth in Appendix A of the Plan, and Earnings under Section 5 of the Plan. The Participant’s Account may be administratively segregated into one or more subaccounts to reflect benefits that are payable at different times and in different
forms. As used herein, the term “Account” may refer to a subaccount as the context so requires. 

  

	1.2	 “Active Employee” means an Employee who is actively employed by an Employer. By way of example,
and not limitation, an Employee is not actively employed by an Employer if the Employee is absent from work due to a leave of absence, short-term or long-term disability, or displacement. Active Employee does not include (i) leased employees
(which, in accordance with Internal Revenue Code Section 414(n), means any person, other than an employee of the recipient, who, pursuant to an agreement between the recipient and any other person, has performed services for the recipient, or
for the recipient and related persons determined in accordance with Internal Revenue Code Section 414(n)(6), on a substantially full-time basis for a period of at least one year, and such services are performed under the primary direction or
control of the recipient); (ii) interns; (iii) temporary employees or employees who are reclassified from another 

	 	
classification to temporary employees; (iv) employees who are not paid through the Corporation’s primary payroll system; and (v) employees with no U.S. source income. The decision
as to whether an Employee is an Active Employee shall be made by the Plan Manager in his or her sole discretion. 

  

	1.3	“Administrative Committee” means The PNC Financial Services Group, Inc. Administrative Committee or such other committee that is appointed to administer the ISP. 

 

	1.4	“Affiliate” means any business entity whose relationship with the Corporation is as described in Subsection (b), (c) or (m) of Internal Revenue Code Section 414. 

 

	1.5	“Annualized Base Salary” means an Employee’s Base Salary on an annualized basis as reflected on the Employer’s payroll records. For purposes of determining an Employee’s Base Salary in
connection with this Section 1.5, the term “Participant” in Section 1.6 shall mean “Employee.” 

  

	1.6	“Base Salary” means the salary or other non-variable pay received by a Participant for personal services actually rendered in the course of employment with an
Employer during a Plan Year to the extent that the amounts are includible in gross income or would have been includible in gross income but for an election under Internal Revenue Code Section 125, 132(f)(4), 402(e)(3) or 402(h) or any deferral
election into a qualified or nonqualified plan, including, without limitation, the ISP. Base Salary does not include: (i) amounts that are not processed through the Corporation’s primary payroll system; (ii) Short-Term Incentive Pay
or other cash or non-cash incentive compensation amounts or commissions; (iii) amounts received by the Participant from a third-party, including, without limitation, amounts received by the Participant
pursuant to an insurance program, plan or policy; and (iv) severance pay or any other amounts received by the Participant after the Participant’s Severance From Service but only to the extent that such amounts are not attributable to
services rendered by the Participant prior to the Severance From Service. 

  

	1.7	“Beneficiary” or “Beneficiaries” means the individual or individuals designated by a Participant to receive the balance of the Participant’s Account upon the Participant’s
death in accordance with Section 6 of the Plan. 

  

	1.8	”Board” means the Board of Directors of the Corporation. 

  

	1.9	“Change in Control” means a change of control of the Corporation of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any
similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Corporation is then subject to such reporting requirement; provided, however, that, without limitation, a Change in Control will be
deemed to have occurred if: 

  

	 	(a)	 any Person, excluding employee benefits plans of the Corporation and its subsidiaries, is or becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act or any successor provisions thereto), directly or

  
 2 

	 	
indirectly, of securities of the Corporation representing 20% or more of the combined voting power of the Corporation’s then-outstanding securities; provided, however, that
such an acquisition of beneficial ownership representing between 20% and 40%, inclusive, of such voting power will not be considered a Change in Control if the Board approves such acquisition either prior to or immediately after its occurrence;

  

	 	(b)	the Corporation consummates a merger, consolidation, share exchange, division or other reorganization or transaction of the Corporation (a “Fundamental Transaction”) with any other corporation, other
than a Fundamental Transaction that results in the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) at least 60% of the combined voting power immediately after such Fundamental Transaction of (i) the Corporation’s outstanding securities, (ii) the surviving entity’s outstanding securities, or (iii) in the case of a
division, the outstanding securities of each entity resulting from the division; 

  

	 	(c)	the shareholders of the Corporation approve a plan of complete liquidation or winding-up of the Corporation or an agreement for the sale or disposition (in one transaction or a
series of transactions) of all or substantially all of the Corporation’s assets; 

  

	 	(d)	as a result of a proxy contest, individuals who, prior to the conclusion thereof, constituted the Board (including, for this purpose, any new director whose election or nomination for election by the Corporation’s
shareholders in connection with such proxy contest was approved by a vote of at least two-thirds of the directors then still in office who were directors prior to such proxy contest) cease to constitute at
least a majority of the Board (excluding any Board seat that is vacant or otherwise unoccupied); 

  

	 	(e)	during any period of 24 consecutive months, individuals who, at the beginning of such period, constituted the Board (including, for this purpose, any new director whose election or nomination for election by the
Corporation’s shareholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period) cease, for any reason, to constitute at
least a majority of the Board (excluding any Board seat that is vacant or otherwise unoccupied); or 

  

	 	(f)	the Board determines that a Change in Control has occurred. 

 Notwithstanding anything to the
contrary herein, a divestiture or spin-off of a subsidiary or division of the Corporation will not by itself constitute a Change in Control. 

 

	1.10	“Committee” means the Personnel and Compensation Committee of the Board. 

  

	1.11	“Compensation Threshold” for a Plan Year means the amount of compensation designated by the Internal Revenue Service under Internal Revenue Code Section 416(i)(l)(A)(i) for the calendar year that
includes the Eligibility Determination Date. 

  
 3 

	1.12	“Corporate Executive Group” means the group designated as such by the Corporation (or any successor group thereto). 

 

	1.13	“Corporation” means The PNC Financial Services Group, Inc. and any successors thereto. 

  

	1.14	“DCP” means The PNC Financial Services Group, Inc. and Affiliates Deferred Compensation Plan, adopted as of November 21, 1996, as amended from time to time. 

 

	1.15	“Deferral Amount” means the amount credited to the Participant’s Account in accordance with the Participant’s Deferral Election and, except for purposes of Sections 1.16, 1.20, 1.47, 3 and 4,
the Participant’s Special Incentive Deferral Election (as defined in Appendix A). The term “Deferral Amount” will not include Earnings. 

  

	1.16	“Deferral Election” means a Participant’s irrevocable election to defer a whole percentage of his or her Base Salary or Eligible Short-Term Incentive Pay earned during a Plan Year and otherwise
payable to the Participant by timely delivery to the Plan Manager of a Deferral Election Form. Deferral Elections shall be calculated with respect to the gross cash Base Salary or Eligible Short-Term Incentive Pay payable to the Participant prior to
any deductions or withholdings, but shall be reduced by the Administrative Committee or its delegate to the extent necessary so that Deferral Elections do not exceed 100% of the cash amounts payable to the Participant after deduction of all required
income and employment taxes and any other deductions required by law. In the case of a Participant who has incurred a Severance From Service, the Participant’s Deferral Election and Deferral Election Form shall apply to his or her Base Salary
or Eligible Short-Term Incentive Pay earned prior to the Severance From Service notwithstanding that the Participant had incurred a Severance From Service at the time the payment would otherwise be made absent the Deferral Election.

  

	1.17	“Deferral Election Form” means a document, in a form or forms approved by the Plan Manager, including electronic, whereby the Participant elects to defer, in whole percentages, up to 20% of the
Participant’s Base Salary and/or up to 75% of any Short-Term Incentive Pay earned during a Plan Year and otherwise payable to the Participant and designates a Distribution Event and form of payment for the portion of the Participant’s
Account attributable to such Deferral Amount, including Earnings. 

  

	1.18	 “Disability” means, except as may otherwise be required by Internal Revenue Code Section 409A,
that a Participant either (i) 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; or (ii) 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, is
receiving, and has received for at least three months, income-replacement benefits under any Corporation-sponsored disability 

  
 4 

	 	
benefit plan. A Participant who has been determined to be eligible for Social Security disability benefits shall be presumed to have a Disability as defined herein. The definition of Disability
contained in the Plan shall have no impact or effect on any determination regarding disability made under any other employee benefit plan of the Employer. 

  

	1.19	“Distribution Date” means the date for commencement of distributions of a Participant’s Account(s) determined in accordance with Section 4.1 of the Plan. 

 

	1.20	“Distribution Event” means the event selected by the Participant on his or her Deferral Election Form for the commencement of the distribution of the Participant’s Account attributable to a
Deferral Amount (including Earnings). A Participant may select as a Distribution Event for a Deferral Account (i) Severance From Service or (ii) a Specified Date. 

 

	1.21	“Earnings” means any deemed investment gains or losses credited or debited to a Participant’s Account with respect to such Participant’s Deferral Amount. 

 

	1.22	“Eligibility Determination Date” means the October 1st immediately preceding the Plan Year with respect to which an Employee who is eligible to participate in the Plan pursuant to the criteria set forth
in Section 2 of the Plan may submit a Deferral Election. 

  

	1.23	“Eligible Short-Term Incentive Pay” means (i) 100% of a Participant’s first $25,000 of Short-Term Incentive Pay plus (ii) 50% of the Participant’s next $225,000 of Short-Term Incentive
Pay; provided, however, that, for a Grandfathered Corporate Executive Group Participant, Eligible Short-Term Incentive Pay means such Participant’s annual Short-Term Incentive Pay not in excess of the greater of (i) $25,000 or
(ii) 50% of such Participant’s Short-Term Incentive Pay. 

  

	1.24	“Employee” means any person employed by an Employer. 

  

	1.25	“Employer” means the Corporation and any Affiliate that has one or more employees paid through PNC’s primary payroll system, except to the extent that any such Affiliate is designated by the Plan
Manager as not an Employer for purposes of the Plan and listed on Schedule A hereto (an “Excluded Affiliate”). The Plan Manager may update Schedule A to reflect any designation, or removal of a designation, as an Excluded Affiliate
pursuant to this Section 1.25 without amendment to the Plan. 

  

	1.26	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

  

	1.27	“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

 

	1.28	“Grandfathered Corporate Executive Group Participant” means a Participant who (i) was a member of the Corporate Executive Group on December 31, 2009 as reflected on the Corporation’s
payroll records and (ii) continues to be a member of the Corporate Executive Group. 

  
 5 

	1.29	“Installment Period” has the meaning assigned in Section 4.2(a). 

  

	1.30	“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Internal Revenue Code shall be deemed to include any regulation, ruling, or other guidance
issued thereunder by the Department of the Treasury or the Internal Revenue Service. 

  

	1.31	“Investment Committee” means The PNC Financial Services Group, Inc. Investment Committee or such other committee that is appointed to oversee the ISP’s investments. 

 

	1.32	“ISP” means The PNC Financial Services Group, Inc. Incentive Savings Plan, as amended from time to time. 

  

	1.33	“KEEP” means The PNC Financial Services Group, Inc. Key Executive Equity Program, as amended from time to time. 

  

	1.34	“Participant” means, except as provided in Section 1.5 or 1.54, any (i) Employee who meets the eligibility criteria set forth in Section 2 of the Plan and/or has an Account under the Plan
and (ii) any former Employee who has an Account under the Plan. Notwithstanding the foregoing, an Employee who does not have an Account under the Plan shall cease to be a Participant if the Employee does not make a Deferral Election, or elects
or is deemed to elect to defer no Base Salary and Eligible Short-Term Incentive Pay, for the Plan Year the Employee is otherwise entitled to make a Deferral Election. 

 

	1.35	“Pension Plan” means The PNC Financial Services Group, Inc. Pension Plan, as amended from time to time. 

  

	1.36	“Person” has the meaning given in Section 3(a)(9) of the Exchange Act and also includes any syndicate or group deemed to be a person under Section 13(d)(3) of the Exchange Act. 

 

	1.37	“Plan” means The PNC Financial Services Group, Inc. and Affiliates Deferred Compensation and Incentive Plan, which is the Plan set forth in this document, as amended from time to time.

  

	1.38	“Plan Manager” means any individual designated by the Administrative Committee to manage the operation of the Plan as herein provided or to whom the Administrative Committee has duly delegated any of
its duties and obligations hereunder. 

  

	1.39	“Plan Year” means the calendar year. 

  

	1.40	“Prior Plan” has the meaning assigned in Section 6. 

  

	1.41	“Retirement” means a Participant’s Severance From Service at any time and for any reason (other than death) on or after the Participant has attained age 55 and completed five years of Vesting
Service. 

  
 6 

	1.42	“Semi-Annual Valuation Date” means the first business day of January or July, as the context so requires. 

  

	1.43	“Separation From Service” means separation from service within the meaning of Internal Revenue Code Section 409A. For purposes of this definition, a Participant shall be deemed to have a Separation From
Service on the date on which the Participant and the Employer reasonably anticipate that no further services would be performed after such date or that the level of bona fide services the Participant would perform after such date would permanently
decrease to no more than 20% of the average level of bona fide services performed over the immediately preceding 36-month period (or the full period of employment if less than 36 months). Notwithstanding the
above, no Separation From Service shall be deemed to occur while the Participant is on military leave, sick leave or other bona fide leave of absence until the latest of: (i) six months after commencement of the leave, other than for a
Disability; (ii) 29 months after commencement of the leave as the result of a Disability; or (iii) the date on which the Participant ceases to have a legally protected right to reemployment under an applicable statute or by contract.

  

	1.44	“Severance From Service” means the Participant’s Separation From Service with the Corporation and all of its Affiliates. 

 

	1.45	“Short-Term Incentive Pay” means, with respect to a Plan Year, and only to the extent that such amounts are processed through the Corporation’s primary payroll system and designated by the
Corporation as eligible for deferral hereunder, (i) any commissions earned by a Participant; (ii) any monthly, quarterly and annual incentive award or portion of an incentive award payable in cash and earned by the Participant during the
Plan Year; (iii) any other cash bonus or incentive compensation payment that is payable in cash and earned by the Participant during the Plan Year; and (iv) any amounts identified in clauses (i), (ii) or (iii) that are paid after the
Participant’s Severance From Service but only to the extent such amounts are earned prior to the Participant’s Severance From Service; provided, however, that Short-Term Incentive Pay shall not include any amounts that become
subject to the Corporation’s general clawback policy or any other policy, program or practice concerning the recapture of an overpayment. A Participant’s Short-Term Incentive Pay is attributable to a Plan Year if it is earned during the
Plan Year, notwithstanding that it may be paid during a later Plan Year. Short-Term Incentive Pay shall not include any amounts subject to mandatory deferral. 

  

	1.46	“SISP” means The PNC Financial Services Group, Inc. Supplemental Incentive Savings Plan, adopted as of January 1, 1989, as amended from time to time. 

 

	1.47	“Specified Date” means the Semi-Annual Valuation Date that is specified by a Participant for the commencement of the distribution of his or her Account attributable to a Deferral Amount (including
Earnings); provided, however, that such date is at least one full calendar year after the last day of the Plan Year to which the Deferral Amount relates. A Participant shall not be permitted to have designated more than five Specified
Dates at any one time for Deferral Amounts (including Earnings) under the Plan. 

  
 7 

	1.48	“Spouse” means the person to whom the Participant is legally married on the relevant date (as determined under the laws of the state in which the Participant is a resident at the time of marriage).

  

	1.49	“Subsequent Deferral Election” has the meaning assigned in Section 3.4. 

  

	1.50	“Trust” means the grantor trust established by the Corporation to assist in funding its obligations under the Plan. 

 

	1.51	“Unforeseeable Emergency” means an unforeseeable emergency that is a severe financial hardship to a Participant resulting from: (i) an illness to or accident involving the Participant, the Spouse,
the Participant’s beneficiary, or the Participant’s dependent (as defined in Internal Revenue Code Section 152, without regard to Internal Revenue Code Sections 152(b)(1), (b)(2), and (d)(1)(B)); (ii) loss of the Participant’s
property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance); or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control
of the Participant. Withdrawals of amounts because of such unforeseeable emergency will only be permitted to the extent reasonably necessary to satisfy the unforeseeable emergency plus amounts necessary to pay taxes reasonably anticipated as a
result of the distribution, after taking into account the extent to which such unforeseeable emergency is or may be relieved: 

  

	 	(a)	through reimbursement or compensation by insurance or otherwise; or 

  

	 	(b)	by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause financial hardship. 

The Plan Manager will have the sole and absolute discretion to determine whether an Unforeseeable Emergency exists. 

 

	1.52	“Unforeseeable Emergency Withdrawal” has the meaning assigned in Section 4.3. 

  

	1.53	“Vesting Service” has the meaning assigned such term in the Pension Plan. 

  

	1.54	“Year-to-Date Short-Term Incentive Pay” means the Short-Term Incentive Pay paid or payable to an Employee between
January 1 and the Eligibility Determination Date, plus, to the extent not already included, any Short-Term Incentive Pay that would have been received by the Employee during such period but for the Employee’s participation in a
mandatory or elective deferral plan, including, without limitation, this Plan. For purposes of determining the Employee’s Short-Term Incentive Pay in connection with this Section 1.54, the term “Participant” in Section 1.45
shall mean “Employee.” An Employee’s Year-to-Date Short-Term Incentive Pay shall be determined by the Plan Manager in his or her sole discretion.

  
 8 

 SECTION 2 

ELIGIBILITY FOR PARTICIPATION 
 In
general, an Employee may be eligible to participate in the Plan for a Plan Year if, as of the Eligibility Determination Date, (i) the Employee is an Active Employee and (ii) the sum of the Employee’s Annualized Base Salary plus Year-to-Date Short-Term Incentive Pay exceeds the Compensation Threshold. The decision as to whether an Employee is eligible to participate in the Plan is reserved to the Plan
Manager in his or her sole discretion. For the avoidance of doubt, a Participant who experiences a “deemed” Separation From Service as set forth in Section 1.43 shall not be eligible to participate in the Plan for a Plan Year unless
and until the Plan Manager, in his or her sole discretion, makes a determination that such Participant again is eligible. 
 SECTION 3

 BENEFITS 
  

	3.1	Deferral Amount. 

 Any Employee who is eligible to participate in the Plan pursuant to
the criteria set forth in Section 2 of the Plan may elect to defer payment of Base Salary and/or Eligible Short-Term Incentive Pay during a Plan Year by making a Deferral Election with respect to such Base Salary and/or such Eligible Short-Term
Incentive Pay by submitting a Deferral Election Form to, and in accordance with the procedures established by, the Plan Manager; provided, however, that any such Deferral Election with respect to Base Salary shall not be greater than
20% and any such Deferral Election with respect to Eligible Short-Term Incentive Pay shall not be greater than 75%. Only whole percentages of Base Salary and Eligible Short-Term Incentive Pay may be designated for deferral. 

 

	3.2	Deferral Election Form. 

 The Plan Manager may establish enrollment periods during which
a Participant’s Deferral Election Form must be received by the Plan Manager; provided, however, that, except as otherwise provided in this Section 3.2, no Deferral Election Form may be accepted, and no deferral election may
be made, after the December 31st immediately preceding the Plan Year for which the Deferral Election is to be effective. A Deferral Election Form will be effective only for one Plan Year and will apply to Base Salary and any Eligible Short-Term
Incentive Pay earned by the Participant for that Plan Year (or any portion of that Plan Year) to which the Deferral Election relates, regardless of when such amounts are otherwise scheduled to be paid. Each Deferral Election Form also will permit
the Participant to specify one or more Distribution Events, and, where applicable, whether the distribution will be made in a lump sum or installments, for the Deferral Amount (including Earnings). A Deferral Election Form may include an opportunity
to designate a Beneficiary or Beneficiaries, to select a deemed investment in an investment fund or funds, and to make other elections or provide additional information as the Plan Manager shall determine, in his or her sole discretion. 

  
 9 

 A Deferral Election Form that is not timely filed with respect to a Plan Year shall have no
effect with respect to such Plan Year and shall be considered void. Whether a Deferral Election Form is timely filed shall be determined by the Plan Manager, in his or her sole discretion, consistent with this Section 3.2 and the requirements
of Internal Revenue Code Section 409A. In the event that a Participant’s Deferral Election Form fails to designate for deferral a percentage of Base Salary, Eligible Short-Term Incentive Pay, or both, the Participant will be deemed to have
elected not to defer any amount of Base Salary, Eligible Short-Term Incentive Pay, or both, as the case may be. In the event that a Participant’s Deferral Election Form fails to designate a Distribution Event, or designates a Distribution Event
that is not permitted under the terms of the Plan (including, without limitation, designating a Specified Date that is less than one full calendar year from the last day of the applicable Plan Year), the Participant shall be deemed to have selected
the Participant’s Severance From Service as the Distribution Event for the Deferral Amount (including Earnings) attributable to the Plan Year. 

The Plan Manager shall make a good-faith effort to interpret any Deferral Election Form to the greatest extent possible consistent with the
terms of the Plan and restrictions under applicable law. 
  

	3.3	Cancellation or Revocation of Deferral Elections. 

 A Participant’s Deferral
Election for a Plan Year may be cancelled by the Administrative Committee or its delegate for the remainder of such Plan Year upon (i) the Participant’s taking a hardship withdrawal under the ISP, the DCP or the SISP (as applicable); (ii)
the Participant’s Disability, provided that the suspension occurs by the later of the end of the Participant’s taxable year and the 15th day of the third month following the date the Participant incurs the Disability; and
(iii) the Participant’s receipt of a distribution from the Plan on account of an Unforeseeable Emergency. Any such cancellation shall apply to any Base Salary and Eligible Short-Term Incentive Pay subject to such Deferral Election that
would otherwise have been payable after the date of such suspension and before the end of such Plan Year. In addition, all of a Participant’s existing Deferral Elections will be deemed to have been revoked upon (A) a termination of the
Plan or the portion thereof covering the Participant, to the extent permitted under Internal Revenue Code Section 409A; or (B) the Participant’s Severance From Service (except with respect to any Base Salary and/or Eligible Short-Term
Incentive Pay earned before the Severance From Service). 
  

	3.4	Modification of Distribution Elections. 

 A Participant who has not already commenced
receiving a distribution of an Account attributable to a Distribution Event may, with respect to an Account to be distributed in connection with a Specified Date, subsequently change the previously designated Specified Date to another Specified Date
or, with respect to an Account to be distributed in connection with a Severance From Service, subsequently change the form in which a 

  
 10 

 
distribution is to be made in connection with the Severance From Service (a “Subsequent Deferral Election”); provided, however, that a Subsequent Deferral Election
may be made only if the Subsequent Deferral Election (i) is made at least 12 months prior to the Distribution Event previously designated for such portion of his or her Account; (ii) is not effective until the 12-month anniversary of the date on which the Subsequent Deferral Election is made; and (iii) defers the Distribution Date for such portion of his or her Account by at least five years from the Distribution
Date applicable under the prior Distribution Event; provided further that, for the avoidance of doubt, any such Subsequent Deferral Election shall become irrevocable as of the date that is 12 months prior to the previously designated
Distribution Event with respect to which the Subsequent Deferral Election is made. In the case of a Subsequent Deferral Election with respect to an Account to be distributed in connection with a Severance From Service, the Distribution Date for the
Account following the Subsequent Deferral Election shall be the Distribution Date determined in accordance with Section 4 of the Plan as if the Participant’s Severance From Service occurred on the anniversary of the Participant’s
actual Severance From Service that is equal to the product of (A) five multiplied by (B) the number of Subsequent Deferral Elections that the Participant has made with respect to the Account to be distributed in connection with his
or her Severance From Service. A Participant may make a Subsequent Deferral Election in accordance with the procedures established by the Plan Manager. 

SECTION 4 

DISTRIBUTION OF DEFERRAL AMOUNTS AND PARTICIPANT ACCOUNTS 

 

	4.1	Time of Distribution. 

  

	 	(a)	Severance From Service. 

  

	 	(1)	If the Participant designates Severance From Service as the Distribution Event for a Deferral Amount, distribution of the Participant’s Account attributable to such Deferral Amount (including Earnings) shall
commence within 30 days of the first Semi-Annual Valuation Date that is at least six months after the occurrence of the Participant’s Severance From Service. 

 

	 	(2)	In the event that a Participant’s Account is distributed following a Severance From Service in annual installments pursuant to Section 4.2(a) of the Plan, the first installment payment shall be made in accordance
with subsection (1) above, and each subsequent annual installment payment shall be made within 30 days of the Semi-Annual Valuation Date that represents the anniversary of the Semi-Annual Valuation Date
in connection with which the Participant’s distributions commenced, until the Participant’s Account is fully distributed. 

  
 11 

	 	(b)	Specified Date. 

 If the Participant designates a Specified Date as the Distribution
Event for a Deferral Amount, distribution of the Participant’s Account attributable to such Deferral Amount (including Earnings) shall commence within 30 days of the Semi-Annual Valuation Date that the Participant designated as the Specified
Date on his or her Deferral Election Form (or in accordance with a modification pursuant to Section 3.4); provided, however, that, if a Participant incurs a Severance From Service that is not due to Retirement or death,
distribution of all of the Participant’s Accounts, other than an Account to be distributed in connection with a Specified Date that occurred on or before the date of the Severance From Service, will commence within 30 days of the first
Semi-Annual Valuation Date that is at least six months after the Participant’s Severance From Service. 
  

	4.2	Form of Distribution. 

 Except as otherwise provided in this Section 4.2,
distribution of a Participant’s Account attributable to any Deferral Amount (including Earnings) shall commence in accordance with the Distribution Event designated by the Participant on his or her Deferral Election Form (or in accordance with
a modification pursuant to Section 3.4), and such distribution shall be made, as follows: 
  

	 	(a)	Severance From Service. 

 A distribution commencing in connection with a Severance From
Service will be payable in accordance with the Participant’s election on his or her Deferral Election Form (or in accordance with a modification pursuant to Section 3.4) to receive the distribution in either (i) a single lump sum or
(ii) annual installments over a period designated by the Participant (the “Installment Period”) of not less than two years and not more than 10 years. If the Participant elects to receive distributions in installments, the
Participant shall also elect to receive either (A) substantially equal annual installments (subject to fluctuations in the value of the deemed investments) over the Installment Period or (B) a partial lump sum equal to a specified dollar
amount or percentage of the Account designated for distribution with the remaining balance of such Account paid in substantially equal installments (subject to fluctuations in the value of the deemed investments) over the remainder of the
Installment Period. The amount of each installment payment (other than the partial lump-sum payment described in clause (B)) shall be determined by dividing the balance of the Account as of the associated
Semi-Annual Valuation Date by the number of installment payments remaining to be distributed. Notwithstanding the foregoing, in the event that a Participant incurs a Severance From Service that is not due to Retirement or death, or if the
Participant fails to elect a form of payment for an Account that is to be distributed in connection with a Separation From Service, or makes an invalid election, distribution of the Participant’s Account will be made in a single lump-sum payment. 

  
 12 

	 	(b)	Specified Date. 

 A distribution commencing in connection with a Specified Date shall be
paid in a single lump sum. 
  

	4.3	Unforeseeable Emergency Withdrawal. 

 A Participant may request a distribution of all or
any portion of his or her Account in the event of an Unforeseeable Emergency (an “Unforeseeable Emergency Withdrawal”) in accordance with the procedures established by the Plan Manager. Upon approval of the Plan Manager, payment of
an Unforeseeable Emergency Withdrawal will be made in a single lump sum cash payment as soon as administratively practicable, but, in any event, no later than ninety (90) days after such approval. The amount of the Unforeseeable Emergency
Withdrawal will be deducted pro rata from all of the Participant’s Accounts based upon the proportionate value each Account bears to the aggregate value of all of the Participant’s Accounts, and pro rata from all of the deemed investments
within an Account based upon the proportionate value each of the deemed investments bears to the aggregate value of all of the deemed investments within the Account, on the first business day of the month in which the Unforeseeable Emergency
Withdrawal is approved. An Unforeseeable Emergency Withdrawal will have no effect on the timing of the distributions of any amounts remaining in such Participant’s Account, and, except as otherwise determined by the Committee or its delegate
pursuant to Section 3.3, will not have any effect on any current or future Deferral Election after the Unforeseeable Emergency Withdrawal. 
  

	4.4	Death Benefit. 

 If the Participant’s Severance From Service occurs because of the
Participant’s death, either before or after payments commence, the balance of the Participant’s Account will be distributed to the Participant’s Beneficiary or Beneficiaries (determined in accordance with Section 6 hereto) in a
single lump-sum payment within 90 days of the Participant’s death. The amount, subject to the distribution of a Participant’s Account under this Section 4.4, shall be based on the value of the
Participant’s Account as of the date of such Participant’s death, if such date is a business day, or, if it is not, as of the first business day immediately preceding the date of death. 

Notwithstanding the foregoing, if a Participant’s date of death is on or after the Distribution Date associated with a scheduled
distribution, whether attributable to a Specified Date or one of the installment payments in a series of installment payments following a Severance From Service, but before the payment associated with such Distribution Date is actually distributed,
such distribution shall not be affected and shall continue to be distributed in accordance with the Participant’s Deferral Election, with such distribution to be paid to the Participant’s estate. For the avoidance of doubt, the remaining
installment payments that are not paid to the Participant’s estate pursuant to the immediately preceding sentence shall be distributed in accordance with the first paragraph of this Section 4.4. 

  
 13 

	4.5	Form and Valuation of Distribution. 

 All distributions will be payable in cash. Except
as provided otherwise in Sections 4.3 and 4.4, the amount subject to the distribution of a Participant’s Account shall be based on the value of the Participant’s Account as of the Semi-Annual Valuation Date in connection with which the
distribution is made. 
 SECTION 5 

INVESTMENT FUNDS 
 Deferral Amounts
credited to a Participant’s Account under the Plan will be deemed to be invested in the investment fund or funds selected by the Participant in accordance with procedures established by the Plan Manager. The Participant may elect to change the
investment fund elections in accordance with procedures established by the Plan Manager. The Investment Committee will, in its sole discretion, determine the various investment funds that will be available for the deemed investment of all Deferral
Amounts. If the Participant fails to select an investment fund or funds with respect to any Deferral Amount, such Deferral Amount will be automatically invested in a default investment fund as may be designated from time to time by the Investment
Committee, until the Participant provides investment directions in accordance with procedures established by the Plan Manager. The Participant’s Account will be valued daily. 

The Investment Committee or its delegate, in its sole and absolute discretion, will establish procedures for allocating any Earnings to the Participant’s
Account. 
 SECTION 6 

DESIGNATION OF BENEFICIARIES 
 A
Participant will designate a Beneficiary or Beneficiaries to receive the balance of the Participant’s Account upon the Participant’s death. Such designation will be on a form approved by the Plan Manager and will not be effective until the
Plan Manager receives the form. If no valid Beneficiary designation form is on file with the Plan Manager upon the Participant’s death, then the balance of the Participant’s Account will be payable to the Beneficiary designated by the
Participant under the Employer’s group life insurance plan (which, in the case of a Participant who is also participating in the KEEP, shall mean the Beneficiary designated by the Participant under the KEEP), or, if no such designation exists,
to the Participant’s estate. For the sake of clarity, Beneficiary or Beneficiaries designations under any plan that is merged into the Plan (the “Prior Plan”) will be honored until a Participant designates a new Beneficiary or
Beneficiaries under the Plan or until the Participant revokes his or her prior Beneficiary or Beneficiaries designations under the Prior Plan. 

  
 14 

 SECTION 7 

TRUST FUND 
 No assets of the
Corporation or any Employer will be segregated or earmarked with respect to any Deferral Amounts and all such amounts will constitute unsecured contractual obligations of the Employer. If the Corporation chooses to contribute to the Trust to offset
its obligation under this Plan, all assets or property held by the Trust will at all times remain subject to the claims of the general creditors of the Corporation or any Employer. 

SECTION 8 

CLAIMS PROCEDURE 
  

	8.1	Initial Claim. 

 Claims for benefits under the Plan will be filed with the Plan Manager.
If any Participant or Beneficiary claims to be entitled to a benefit under the Plan and the Plan Manager determines that such claim should be denied, in whole or in part, the Plan Manager will notify such person of its decision in writing. Such
notification will be written in a manner calculated to be understood by such person and will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional
material or information necessary for such person to perfect such claim and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken if the person wishes to submit a request for review.
Such notification will be given within 90 days after the Plan Manager receives the claim. If such notification is not given within such period, the claim will be considered denied as of the last day of such period and such person may request a
review of his or her claim. 
  

	8.2	Review Procedure. 

 Within 60 days after the date on which the Participant or Beneficiary
receives a written notice of a denied claim (or, if applicable, within 60 days after the date on which such denial is considered to have occurred), such person (or his or her duly authorized representative) may (i) file a written request with
the Administrative Committee for a review of his or her denied claim and of pertinent documents, and (ii) submit written issues and comments to the Administrative Committee. The Administrative Committee will notify such person of its decision
in writing. Such notification will be written in a manner calculated to be understood by such person and will contain specific reasons for the decision as well as specific references to pertinent Plan provisions. The decision on review will be made
within 60 days after the Administrative Committee receives the request for review. If the decision on review is not made within such period, the claim will be considered denied. 

  
 15 

	8.3	Claims and Review Procedure Not Mandatory After a Change in Control. 

 After the
occurrence of a Change in Control, the claims procedure and review procedure provided for in this Section 8 will be provided for the use and benefit of Participants who may choose to use such procedures, but compliance with the provisions of
this Section 8 will not be mandatory for any Participant claiming benefits after a Change in Control. It will not be necessary for any Participant to exhaust these procedures and remedies after a Change in Control prior to bringing any legal
claim or action, or asserting any other demand, for payments or other benefits to which such Participant claims entitlement. 
  

	8.4	Exhaustion of Claims Procedures. 

 A claim or action (1) to recover benefits
allegedly due under the Plan or by reason of any law; (2) to enforce rights under the Plan; (3) to clarify rights to future benefits under the Plan; or (4) that relates to the Plan and seeks a remedy, ruling or judgment of any kind
against the Plan or a Plan Manager or a party in interest (collectively, a “Judicial Claim”) may not be commenced in any court or forum until after the claimant has exhausted the Plan’s claims and appeals procedures (an
“Administrative Claim”). A claimant must raise all arguments and produce all evidence the claimant believes supports the claim or action in the Administrative Claim and shall be deemed to have waived every argument and the right to
produce any evidence not submitted to the Committee as part of the Administrative Claim. Any Judicial Claim must be commenced in the appropriate court or forum no later than 24 months from the earliest of (A) the date the first benefit payment
was made or allegedly due; (B) the date the Committee or its delegate first denied the claimant’s request; or (C) the first date the claimant knew or should have known the principal facts on which such claim or action is based;
provided, however, that, if the claimant commences an Administrative Claim before the expiration of such 24-month period, the period for commencing a Judicial Claim shall expire on the later of
the end of the 24-month period and the date that is three (3) months after the final denial of the claimant’s Administrative Claim, such that the claimant has exhausted the Plan’s claims and
appeals procedures. Any claim or action that is commenced, filed or raised, whether a Judicial Claim or an Administrative Claim, after expiration of such 24-month limitations period (or, if applicable,
expiration of the three (3) month limitations period following exhaustion of the Plan’s claims and appeals procedures) shall be time-barred. Filing or commencing a Judicial Claim before the claimant exhausts the Administrative Claim
requirements shall not toll the 24-month limitations period (or, if applicable, the 3-month limitations period). 

 

	8.5	Venue. 

 The courts of competent jurisdiction in Pittsburgh, Pennsylvania shall have
exclusive jurisdiction for all claims, actions and other proceedings involving or relating to the Plan, a Plan Manager or a party in interest, including, by way of example and not of limitation, claim or action, (1) to recover benefits
allegedly due under the Plan or by reason of any law; (2) to enforce rights under the Plan; (3) to clarify rights to future benefits under the Plan; or (4) that relates to the Plan and seeks a remedy, ruling or judgment of any kind
against the Plan or a Plan Manager or a party in interest. 

  
 16 

 SECTION 9 

ADMINISTRATION; DELEGATION 
 The
Administrative Committee or its delegate, as the case may be, including, without limitation, the Plan Manager with respect to claims pursuant to Section 8.1, will have absolute authority to determine eligibility for benefits and administer,
interpret, construe and vary the terms of the Plan; provided, however, that after a Change in Control, the Administrative Committee or its delegate will be subject to the direction of the trustee of the Trust with respect to the
exercise of the authority granted by this Section 9 and elsewhere in this Plan. 
 This Plan is intended to be “a plan which is unfunded and is
maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and will be
administered in a manner consistent with that intent. 
 The Board, the Committee, the Administrative Committee, the Investment Committee or their
respective delegates may, in their sole discretion, delegate authority hereunder, including, but not limited to, delegating authority to modify, amend, administer, interpret, construe or vary the Plan, to the extent permitted by applicable law or
administrative or regulatory rule. 
 All administrative costs and expenses of the Plan, to the extent permitted under applicable law, will be allocated
among and deducted from Accounts of all Participants on a pro rata basis in accordance with procedures determined by the Plan Manager. 

SECTION 10 

AMENDMENT AND TERMINATION 
 The
Committee will have the sole and absolute discretion to modify, amend or terminate this Plan, in whole or in part, at any time; provided, however, that no modification, amendment or termination will be made that would have the effect
of decreasing the amount payable to any Participant or Beneficiary hereunder without the consent of such Participant or Beneficiary. In the event of any termination of the Plan or any portion thereof, payment of affected Participants’ Accounts
shall be made under, and in accordance with, the terms of the Plan and the applicable elections, except that the Committee may determine, in its sole discretion, to accelerate payments to all such Participants if, and to the extent that, such
acceleration is permitted under Internal Revenue Code Section 409A. 
 After a Change in Control, the Plan may not be amended in any manner that adversely
affects the administration of payment of a Participant’s benefits hereunder (including, but not limited to, the timing and form or payment of benefits hereunder) without the consent of the Participant, nor may the provisions of this
Section 10 or Section 11 be amended after a Change in Control with respect to a Participant without the written consent of the Participant; provided, however, that the failure of the Participant to consent to any such
amendment will not impair the ability of the Committee to amend the Plan with respect to any other Participant who has consented to such amendment. 

  
 17 

 SECTION 11 

SUCCESSORS 
 In addition to any
obligations imposed by law upon any successor(s) to the Corporation and the Employers, the Corporation and the Employers will be obligated to require any successor(s) (whether direct or indirect, by purchase, merger, consolidation, operation of law,
or otherwise) to all or substantially all of the business and/or assets of the Corporation and the Employers to expressly assume and agree to perform this Plan in the same manner and to the same extent that the Corporation and the Employers would be
required to perform it if no such succession had taken place; in the event of such a succession, references to “Corporation” and “Employers” herein will thereafter be deemed to include such successor(s). Except as set forth in
the preceding sentence with respect to the successor(s) to all or substantially all of the business and/or assets of the Corporation and the Employers, the Corporation’s and the Employers’ obligations under this Plan are not assignable or
transferable except, in the discretion of the Corporation, to: (i) any corporation, partnership or limited liability company that acquires all or substantially all of the assets of an Employer; or (ii) any corporation, partnership or
limited liability company into which an Employer may be merged or consolidated. 
 SECTION 12 

GOVERNING LAW 
 The Plan will be
governed according to the laws of the Commonwealth of Pennsylvania, without reference to its conflict-of-laws provisions, to the extent not preempted by federal law.

 SECTION 13 

MISCELLANEOUS 
  

	13.1	Liability of Board, Committee and Plan Manager. 

 Neither the Board, the Committee, the
Administrative Committee, the Investment Committee, the Plan Manager nor their respective delegates will be liable to any person for any action taken or admitted in connection with the administration, interpretation, construction or variance of the
Plan. 
  

	13.2	No Contract of Employment. 

 Nothing herein will be construed as an offer or commitment
by the Corporation or any Affiliate to continue any Participant’s employment with it for any period of time. 
  

	13.3	Compensation Under Other Plans. 

 Any amount deferred and/or payable under this Plan
shall not be considered compensation for the purpose of computing benefits to which a Participant may be 

  
 18 

 
entitled under any qualified pension plan (as that term is defined in Section 3(3) of ERISA) or other arrangement of the Corporation or an Affiliate for the benefit of Employees, except as
specified in such plan or arrangement. 
  

	13.4	Withholding. 

 The Corporation or an Affiliate shall have the right to deduct from
payment of any amount under the Plan any taxes required by law to be withheld from a Participant or Beneficiary with respect to such payment. 
  

	13.5	Spendthrift Clause. 

 The right of the Participants to any amounts deferred or invested
in this Plan will not be transferable or assignable and will not be subject to alienation, encumbrance, garnishment, attachment, execution or levy of any kind, voluntary or involuntary, except when, where and if compelled by applicable law. For the
sake of clarity, domestic relations orders purporting to assign benefits under the Plan do not apply to the Plan. 
  

	13.6	Severability. 

 Whenever possible, each provision of this Plan will be interpreted in
such a manner as to be effective and valid under applicable law, but if any provision of the Plan is held to be prohibited by or invalid under applicable law, then (i) such provision will be deemed to be amended to, and to have contained from
the outset such language as is necessary to, accomplish the objectives of the provision as originally written to the fullest extent permitted by law, and (ii) other provisions of this Plan will remain in full force and effect. 

 

	13.7	Construction. 

 No rule of strict construction shall be applied against the Corporation,
any Affiliate, the Committee, the Board, the Plan Manager or any other person regarding the interpretation of any terms of this Plan or any rule or procedure established by the Committee, the Administrative Committee, the Investment Committee, the
Plan Manager or their respective delegates. 
 Where the context allows, words in the masculine gender shall include the feminine and neuter
genders, the plural shall include the singular and the singular shall include the plural. 
 The captions of sections and paragraphs of this
Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 
  

	13.8	Corporation and Affiliate Liability. 

 Whenever, in the Administrative Committee’s
or the Plan Manager’s opinion, any person entitled to receive any payment is under a legal disability, is a minor, or is incapacitated in any way so as to be unable to manage his or her financial affairs, the Corporation or an Affiliate, at its
discretion, may make such payment for the benefit of such person to his or 

  
 19 

 
her legal representative, custodian or guardian. When the Corporation or an Affiliate makes any payment pursuant to this subsection, it shall be considered as a complete discharge of its
liability for the making of such payments under the Plan. 
  

	13.9	Entire Agreement. 

 This writing constitutes the final and complete embodiment of the
understandings of the parties hereto and all prior understandings and communications of the parties, oral or written, concerning this Plan are hereby renounced, revoked and superseded. 

 

	13.10	Notices. 

 All notices to the Corporation hereunder shall be delivered to the attention
of the Administrative Committee or to the Plan Manager acting on its behalf. Any notice or filing required or permitted to be given to the Administrative Committee or the Corporation under this Plan shall be sufficient if in writing and hand
delivered, or sent by registered or certified mail, to the Administrative Committee or to the Plan Manager, at the principal office of the Corporation. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as
of the date shown on the postmark or the receipt for registration or certification. 
  

	13.11	Compliance with Law. 

 The Plan is intended to comply with applicable law. Without
limiting the foregoing, the Plan is intended to comply with the applicable requirements of Internal Revenue Code Section 409A, and will be administered in accordance with Internal Revenue Code Section 409A to the extent that Internal Revenue Code
Section 409A applies to the Plan. Notwithstanding any provision in the Plan to the contrary, distributions from the Plan may only be made in a manner, and upon an event, permitted by Internal Revenue Code Section 409A. If any payment or
benefit cannot be provided or made at the time specified herein without incurring penalties under Internal Revenue Code Section 409A, then such benefit or payment will be provided in full at the earliest time thereafter when such penalties will not
be imposed. For purposes of Internal Revenue Code Section 409A, a series of installment payments under the Plan shall be treated as a single payment. In the event that the Plan provides for the payment of any amount within a specified period of
time, the actual date of payment of such amount shall be determined by the Corporation in its sole discretion. To the extent that any provision of the Plan would cause a conflict with the applicable requirements of Internal Revenue Code Section
409A, or would cause the administration of the Plan to fail to satisfy the applicable requirements of Internal Revenue Code Section 409A, such provision shall be deemed null and void to the extent permitted by applicable law. 

  
 20 

	13.12	Compliance with the Uniformed Services Employment and Reemployment Rights Act of 1994. 

Notwithstanding any other provision of the Plan to the contrary, the Plan shall be administered consistent with the requirements under Chapter
43 of Title 38 of the United States Code. 
 *    *    *    * 

Executed and adopted by the Chief Human Resources Officer of The PNC Financial Services Group, Inc. this
19th day of December, 2016, pursuant to the authority delegated by the Corporation’s Personnel and Compensation Committee. 

 

	
	 /s/ Vicki C. Henn

	Vicki C. Henn
	Executive Vice President
	Chief Human Resources Officer

  
 21 

 
SCHEDULE A 
 EXCLUDED AFFILIATES

  
 22 

 
APPENDIX A 
 PROVISIONS APPLICABLE TO SPECIAL INITIATIVE DEFERRAL
ELECTIONS 
 The Corporation has created a special retirement window initiative (the “Special Initiative”) to
provide certain eligible Employees with the opportunity to negotiate the terms of their retirement, including the receipt of a special payment to assist in paying for post-termination medical expenses or insurance (the “Special Initiative
Payment”). This Appendix A governs the terms of the Plan as they apply to an election to defer receipt of a Special Initiative Payment and the subsequent distribution of a Participant’s Account attributable to a Special Initiative
Deferral Election. 
 Unless otherwise stated in this Appendix A, the provisions set forth in this Appendix A shall apply in place of, or in
addition to (as the context may require), the provisions set forth in the main body of the Plan document. By way of example and not of limitation, the provisions necessary to satisfy the requirements of applicable law, the provisions governing the
deemed investment of amounts attributable to a Special Initiative Deferral Election, the provisions governing the distribution in the event of an Unforeseeable Emergency or a Participant’s death, the administrative provisions that relate to the
administration of a Participant’s rights, and such other provisions as the Administrative Committee or its delegate, including, without limitation, the Plan Manager, may determine are necessary for the proper administration of the Plan and this
Appendix A shall be subject to the Plan provisions set forth in the main body of the Plan document. Capitalized terms not otherwise defined in this Appendix A shall have the meanings assigned in the main body of the Plan document. 

 

	 	1.	Definitions. For purposes of this Appendix A: 

  

	 	(a)	“Participant” means any Employee designated by the Corporation or its delegate, in its sole discretion, to participate in the Special Initiative, who meets the eligibility criteria set forth in
Section 2 of the Plan, and/or has an Account attributable to a Special Initiative Deferral Election. Notwithstanding the foregoing, an Employee who is designated to participate in the Special Initiative shall cease to be a Participant if such
Employee does not make a Special Initiative Deferral Election by the date required by Treasury Regulations Section 1.409A-2(a)(11). For the avoidance of doubt, an Employee’s eligibility to participate in
the main body of the Plan document shall be unrelated to his or her eligibility to participate in this Appendix A. 

  

	 	(b)	 “Special Initiative Deferral Election” means a Participant’s irrevocable election to defer
a whole percentage of his or her Special Initiative Payment by timely delivery to the Plan Manager of a Special Initiative Deferral Election Form. Special Initiative Deferral Elections shall be calculated with respect to the gross Special Initiative
Payment payable to the Participant prior to any deductions or withholdings, but shall be 

  
 23 

	 	
reduced by the Administrative Committee or its delegate to the extent necessary so that Special Initiative Deferral Elections do not exceed 100% of the cash amounts payable to the Participant
after deduction of all required income and employment taxes and any other deductions required by law. A Participant’s Special Initiative Deferral Election shall have no effect on such Participant’s Deferral Election, or absence of a
Deferral Election, with respect to his or her Base Salary or Eligible Short-Term Incentive Pay. 

  

	 	(c)	“Special Initiative Deferral Election Form” means a document, in a form or forms approved by the Plan Manager, including electronic, whereby the Participant elects to defer, in whole percentages, up to
75% of a Special Initiative Payment. 

  

	 	(d)	“Special Initiative Specified Date” means the first Semi-Annual Valuation Date contemporaneous with or immediately following the date that is the second anniversary of the Participant’s Severance
From Service. 

  

	 	(e)	“Subsequent Deferral Election” has the meaning assigned in Paragraph 2(b) of this Appendix A. 

  

	 	2.	Benefits. 

  

	 	(a)	Special Initiative Deferral Election and Special Initiative Deferral Election Form. 

 A
Participant may make a Special Initiative Deferral Election and irrevocably elect to defer, in whole percentages, up to 75% of the payment of his or her Special Initiative Payment to the Participant’s Special Initiative Specified Date by
submitting a Special Initiative Deferral Election Form to, and in accordance with the procedures established by, the Plan Manager. No Special Initiative Deferral Election Form may be accepted, and no deferral election may be made, after the Employee
has a legally binding right to the Special Initiative Payment as set forth in Treasury Regulations Section 1.409A-2(a)(11). A Special Initiative Deferral Election Form that is not timely filed shall have no
effect with respect to the Participant’s Special Initiative Payment and shall be considered void. Whether a Special Initiative Deferral Election Form is timely filed shall be determined by the Plan Manager, in his or her sole discretion,
consistent with this Appendix A and the requirements of Internal Revenue Code Section 409A. 
 The Special Initiative Deferral Election Form
may include the opportunity to designate a Beneficiary or Beneficiaries, select a deemed investment in an investment fund, and make other elections or provide additional information as the Plan Manager shall determine, in his or her sole discretion.
For the avoidance of doubt, a Participant’s Account 

  
 24 

 
attributable to a Special Initiative Deferral Election (including Earnings) will be paid in a lump sum on the Participant’s Special Initiative Specified Date (subject to any Subsequent
Deferral Election in accordance with Paragraph 2(b) of this Appendix A), and the Special Initiative Deferral Election Form shall not permit the Participant to elect an alternative form of payment or a date for distribution. 

 

	 	(b)	Subsequent Deferral Election. 

 With respect to a Participant’s Account
attributable to a Special Initiative Deferral Election, the Participant may make a one-time election to subsequently change the date of distribution of such amount to the fifth anniversary of his or her
Special Initiative Specified Date (a “Subsequent Deferral Election”); provided, however, that such Subsequent Deferral Election may be made only if the Subsequent Deferral Election (i) is made at least 12 months
prior to the Participant’s Special Initiative Specified Date and (ii) is not effective until the 12-month anniversary of the date on which the Subsequent Deferral Election is made; provided
further that, for the avoidance of doubt, any such Subsequent Deferral Election shall become irrevocable as of the date that is 12 months prior to the Participant’s Special Initiative Specified Date. No Subsequent Deferral Election shall
be permitted with respect to the form of distribution. A Participant may make a Subsequent Deferral Election in accordance with procedures established by the Plan Manager. 
  

	 	3.	Time Form and Amount of Distribution. 

 Distribution of a Participant’s Account
attributable to his or her Special Initiative Deferral Election (and any Earnings thereon) shall be made in a single lump-sum cash distribution within 30 days of the Participant’s Special Initiative
Specified Date or, in the event the Participant has made a Subsequent Deferral Election, within 30 days of the fifth anniversary of the Participant’s Special Initiative Specified Date. 

The amount subject to the distribution under this Paragraph 3 shall be based on the value of the Participant’s Account attributable to his or her Special
Initiative Deferral Election (which, for the avoidance of doubt, includes any Earnings thereon) as of the Participant’s Special Initiative Specified Date (or, in the event the Participant has made a Subsequent Deferral Election, as of the fifth
anniversary of the Participant’s Special Initiative Specified Date). 

  
 25

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