Document:

Restated Nonqualified Stock Option-Gain Deferral Plan

 
Exhibit 10.4

 
First Midwest Bancorp, Inc. 
Nonqualified Stock Option 
    Gain Deferral Plan 
Master Plan Document 
 

 
 
Amended and Restated 
Effective January 1, 2003 
 
 

 
TABLE OF
CONTENTS 
 

	
	 ARTICLE I
	  	 GENERAL
	  	 1

	 1.1
	  	 Effective Date
	  	 1

	 1.2
	  	 Purpose
	  	 1

	 1.3
	  	 Intent
	  	 1

	
	 ARTICLE II
	  	 DEFINITIONS AND USAGE
	  	 2

	 2.1
	  	 Definitions
	  	 2

	 2.2
	  	 Usage
	  	 3

	
	 ARTICLE III
	  	 ELIGIBILITY AND PARTICIPATION
	  	 3

	 3.1
	  	 Eligibility
	  	 3

	 3.2
	  	 Participation
	  	 4

	 3.3
	  	 Deferral Election Procedure
	  	 4

	 3.4
	  	 Stock-for-Stock Payment Method for Options
	  	 4

	 3.5
	  	 Delivery of Stock
	  	 4

	
	 ARTICLE IV
	  	 PARTICIPANT ACCOUNTS
	  	 5

	 4.1
	  	 Accounts
	  	 5

	 4.2
	  	 Participant Deferrals
	  	 5

	 4.3
	  	 Investment Procedure
	  	 5

	 4.4
	  	 Valuation of Accounts
	  	 5

	
	 ARTICLE V
	  	 PAYMENT OF BENEFITS
	  	 6

	 5.1
	  	 Entitlement to Benefit Payments
	  	 6

	 5.2
	  	 Commencement of Benefit Payments
	  	 6

	 5.3
	  	 Short-Term Payout
	  	 7

	 5.4
	  	 Unforeseeable Financial Emergencies
	  	 7

	 5.5
	  	 Withdrawal Election
	  	 7

	 5.6
	  	 Payments in Stock
	  	 8

	
	 ARTICLE VI  
	  	 PAYMENT OF BENEFIT ON OR AFTER DEATH
	  	 8

	 6.1
	  	 Commencement of Payments After Death
	  	 8

	 6.2
	  	 Designation of Beneficiary
	  	 8

	
	 ARTICLE VII
	  	 ADMINISTRATION
	  	 8

	 7.1
	  	 General
	  	 8

	 7.2
	  	 Administrative Rules
	  	 8

	 7.3
	  	 Duties
	  	 8

	 7.4
	  	 Fees
	  	 9

	
	 ARTICLE VIII
	  	 CLAIMS PROCEDURE
	  	 9

	 8.1
	  	 General
	  	 9

	 8.2
	  	 Denials
	  	 9

	 8.3
	  	 Notice
	  	 9

	 8.4
	  	 Appeals Procedure
	  	 9

 

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	 8.5
	  	 Review
	  	 10

	
	 ARTICLE IX
	  	 MISCELLANEOUS PROVISIONS
	  	 10

	 9.1
	  	 Amendment
	  	 10

	 9.2
	  	 Termination
	  	 10

	 9.3
	  	 No Assignment
	  	 10

	 9.4
	  	 Incapacity
	  	 10

	 9.5
	  	 Successors and Assigns
	  	 11

	 9.6
	  	 Governing Law
	  	 11

	 9.7
	  	 No Guarantee of Employment
	  	 11

	 9.8
	  	 Severability
	  	 11

	 9.9
	  	 Notification of Addresses
	  	 11

	
	 ARTICLE X
	  	 ADOPTING EMPLOYERS
	  	 11

	 10.1
	  	 Adoption of Plan
	  	 11

	 10.2
	  	 Administration
	  	 11

	 10.3
	  	 Company as Agent
	  	 11

	 10.4
	  	 Termination
	  	 12

	
	 ARTICLE XI
	  	 TRUST
	  	 12

	 11.1
	  	 Trust
	  	 12

	 11.2
	  	 Contributions and Expense
	  	 12

	 11.3
	  	 Trustee Duties
	  	 12

	 11.4
	  	 Voting Rights
	  	 12

	 11.5
	  	 Reversion to the Company
	  	 12

 

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FIRST
MIDWEST BANCORP, INC. 
NONQUALIFIED STOCK OPTION—GAIN DEFERRAL PLAN 
(As Amended and Restated as of January 1, 2003) 
 
WHEREAS, First Midwest Bancorp, Inc. (“the Company’) has established the First Midwest
Bancorp, Inc. Omnibus Stock and Incentive Plan, as Amended and Restated as of January 1, 2003, (the “Stock Plan”) for its Employees; and 
 
WHEREAS, the Company recognizes the unique qualifications of key employees and the valuable services that they have provided; and

 
WHEREAS, the Company desires to increase
Company stock ownership by facilitating the deferral of gains resulting from the exercise of Company nonqualified stock Options; 
 
NOW, THEREFORE, the Company hereby amends and restates the First Midwest Bancorp, Inc. Nonqualified Stock Option—Gain Deferral
Plan (the “Plan”) as hereinafter provided: 
 
ARTICLE I 
GENERAL 

	

 
1.1 Effective Date. The provisions of the Plan shall be effective as of December 1, 1997 (the “Effective Date”). The rights, if any, of any person whose status as an Employee of the Company and its
subsidiaries and affiliates, if any, has terminated shall be determined pursuant to the Plan as in effect on the date such Employee terminated, unless a subsequently adopted provision of the Plan is made specifically applicable to such person.

 
1.2 Purpose. The purpose of
the Plan is to increase Company stock ownership by facilitating the deferral of gains resulting from the exercise of Company nonqualified stock Options. 
 
1.3 Intent. With respect to the participation of Employees hereunder, the Plan is intended to be (and shall be
construed and administered as) an “employee pension benefit plan” under the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”) which is unfunded and maintained by the Company or an Employer solely to
provide retirement income to a select group of management or highly compensated Employees as such group is described under section 201(2), 301(a)(3), and 401(a)(1) of ERISA as interpreted by the U.S. Department of Labor. The Plan is not intended to
be a plan described in section 401(a) of the Code, or section 3(2)(A) of ERISA. With respect to the participation in the Plan by nonemployee directors of the Company, the Plan is intended to be a plan of deferred compensation. The obligation of the
Company and an Employer to make payments under this Plan constitutes nothing more than an unsecured promise to make such payments and any property of the Company or an Employer that may be set aside for the payment of benefits under the Plan shall
in the event of the Company’s or Employer’s bankruptcy or insolvency, remain subject to the claims of the Company’s general creditors and the Employer’s general creditors, respectively, until such benefits are distributed in
accordance with Article V herein. 
 

 
ARTICLE II

DEFINITIONS AND USAGE 
 
2.1 Definitions. Wherever used in the Plan, the following words and phrases shall have the meaning set forth below
unless the context plainly requires a different meaning: 
 
(a) “Account” means the account established on behalf of the Participant as described in Section 4.1. 
 
(b) “Administrator” means the person or persons described in Article VII. 
 
(c) “Board” means the Board of Directors of
the Company. 
 
(d) “Code” means
the Internal Revenue Code of 1986, as amended from time to time. 
 
(e) “Committee” means the Compensation Committee of the Board of Directors or such other committee appointed from time to time by the Board of Directors to administer this Plan. The Committee shall consist of two or
more members, each of whom shall qualify as a “non-employee director,” as the term (or similar successor term) is defined by Rule 16b-3, and as an “outside director” within the meaning of Code Section 162(m) and regulations
thereunder. 
 
(f) “Company” means
First Midwest Bancorp, Inc. and any successor thereto. 
 
(g) “Effective Date” means December 1, 1997, the original effective date of the Plan. 
 
(h) “Employee” means a regular salaried employee (including officers and directors who are also employees) of the Company
or an Employer, or any branch or division thereof. 
 
(i) “Employer” means the Company and any subsidiary or affiliate of the Company that adopts the Plan for the benefit of its key Employees with the approval of the Company and in accordance with Article X.

 
(j) “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time. 
 
(k) “Fair Market Value” means the average of the highest and lowest prices of the Stock as reported by the consolidated tape of the NASDAQ National Market System on a particular date. In the event that there
are no Stock transactions on such date, the Fair Market Value shall be determined as of the immediately preceding date on which there were Stock transactions. 
 
(l) “Option” means the right to purchase Stock at a stated price for a specified period of time granted by the Company to
an Employee under the Stock Plan. For 
 

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purposes of the Plan, an
Option shall be a “Nonstatutory (Nonqualified) Stock Option,” or “NSO,” as provided for under the Stock Plan. 
 
(m) “Participant” means an eligible Employee and any nonemployee director of the Company who is participating in the Plan
in accordance with Section 3.1. 
 
(n)
“Plan” means the First Midwest Bancorp, Inc. Nonqualified Stock Option—Gain Deferral Plan. 
 
(o) “Plan Year” means the calendar year. Notwithstanding the foregoing, the initial Plan Year shall be the period
beginning on the Effective Date and ending December 31, 1997. 
 
(p) “Profit Shares” means, (A) with respect to any exercise of an Option, the number of shares equal in value to the excess of (i) the Fair Market Value of the shares of Stock purchased on Option exercise over (ii)
the exercise price of the shares of Stock purchased, divided by the Fair Market Value of one share of Stock, and (B) with respect to any Stock Award, the number of shares payable upon the vesting of such Award For purposes of this definition, Fair
Market Value shall be determined as of the date of Option exercise. 
 
(q) “Stock” means the common stock, $0.01 par value per share, of the Company. 
 
(r) “Stock Award” means any award under the Stock Plan, other than an Option, which is payable in Stock, including, but
not limited to, restricted stock or performance share awards. 
 
(s) “Stock Plan” means the First Midwest Bancorp, Inc. Omnibus Stock and Incentive Plan, as amended from time to time, and any other similar or successor plan established by the Company and under which Employees have
been granted nonqualified stock options. 
 
(t)
“Valuation Date” means the last business day of each Plan Year and such other dates as determined from time to time by the Administrator. 
 
2.2 Usage. Except where otherwise indicated by the context, any masculine terminology used herein shall also include
the feminine and vice versa, and the definition of any term herein in the singular shall also include the plural and vice versa. 
 
ARTICLE III 
ELIGIBILITY AND PARTICIPATION 
 
3.1 Eligibility. The Committee shall designate from time to time those Employees who shall participate in the Plan; provided, however, that such Employees are members of a select group of management or
highly compensated Employees as such group is described under sections 201(2), 301(a)(3), and 401(a)(1) of ERISA as interpreted by the Department of Labor. In addition, each nonemployee director of the Company shall also be entitled to participate
in the Plan. 
 

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3.2
Participation. An Employee shall commence participation in the Plan as of the date designated by the Committee. A nonemployee director shall commence participation in the Plan as of the later of the Effective Date or the date service as a
nonemployee director commences. The participation of any Participant may be suspended or terminated by the Committee at any time, but no such suspension or termination shall operate to reduce the balance of the Account of the Participant as of the
Valuation Date that precedes or coincides with the date of such suspension or termination without such Participant’s consent. An Employee or nonemployee director shall cease to be a Participant when he terminates employment and service as a
director with the Company and all Employers and the balance in his Account is distributed to him or on his behalf. 
 
3.3 Deferral Election Procedure. 
 
(a) Each Participant may execute one or more Deferral Election Forms in the form prescribed by the
Administrator. Each Deferral Election Form shall be treated in accordance with Section 4.2. In order to be effective with respect to the exercise of any Option or payment of any Stock Award, a Deferral Election Form must be executed by the
Participant: (i) in a calendar year preceding the exercise of such Options or vesting of the Stock Award; and (ii) at least six months (or such shorter period as the Committee may approve) prior to the exercise of such Options or vesting of the
Stock Award; provided, however, that a Deferral Election Form executed by a Participant during the first 30 days following the later of the Effective Date of the Plan or the participation commencement date designated by the Committee pursuant to
Section 3.2 for such Participant, shall be effective with respect to the exercise of Options or vesting of the Stock Award after the date of such Deferral Election Form without regard to clauses (i) and (ii). 
 
(b) An Agreement shall be effective no earlier than the date
on which it is delivered to the Administrator and shall continue in effect for all succeeding Plan Years unless otherwise superseded by a subsequent Deferral Election Form (or Deferral Revocation Form). 
 
3.4 Stock-for-Stock Payment Method for
Options. If a Participant has executed a Deferral Election Form, and such Deferral Election Form is effective under the terms of the Plan with respect to the Option being exercised, then the Option price shall be payable to the Company in
full solely by tendering shares of Stock, which have been held for at least six months prior to the date of the exercise of the Option, having an aggregate Fair Market Value at the time of exercise equal to the total Option price (including, for
this purpose, Stock deemed tendered by affirmation of ownership). Shares of Stock tendered or deemed tendered shall, for purposes of the six month holding rule, be deemed to be newly-held following use to exercise the Option and thus cannot be used
for a subsequent exercise until six months have elapsed. 
 
3.5 Delivery of Stock. As soon as practicable after (a) receipt of the tendered Stock or the affirmation of ownership of Stock pursuant to Section 3.4 above, or (b) vesting of the Stock Award, the Company shall
deliver to the Trustee, as named pursuant to Article XI of the Plan, a certificate or certificates representing the Profit Shares generated with respect to the exercise of any such Option or vesting of the Stock Award. 
 

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ARTICLE IV

PARTICIPANT ACCOUNTS 
 
4.1 Accounts. The Administrator shall establish and maintain, pursuant to the terms of the Plan, one or more Accounts
for each Participant consisting of amounts credited to such Account pursuant to Section 4.2 below. All amounts which are credited to a Participant’s Account shall be credited solely for purposes of accounting and computation, and shall remain
assets of the Company subject to the claims of the Company’s general creditors. A Participant shall not have any interest or right in or to such Account at any time. 
 
4.2 Participant Deferrals. The Administrator shall credit to a Participant’s
Account for a Plan Year the amount of Profit Shares resulting from the exercise of an Option or Options or vesting of Stock Awards for which a valid Deferral Election Form is in effect. In order for a Deferral Election Form to be valid with respect
to the exercise of an Option: (a) the Deferral Election Form must have been timely executed in accordance with Section 3.5; and (b) with respect to an Option, (i) the exercise complies with all of the applicable terms of the Option and of the Stock
Plan; and (ii) the Option price is satisfied by a tender of Stock as described in Section 3.4. 
 
4.3 Investment Procedure. A Participant’s Account shall be deemed invested in Stock of the Company. Any dividends deemed paid on Stock shall be deemed to be reinvested in
Stock. In the event of a change in the Stock of the type that results in an adjustment to the Stock pursuant to adjustment provisions set forth in the Stock Plan, then the Participant’s Account shall be deemed invested in Stock as so adjusted;
provided, however, to the extent that the adjustment results in a deemed investment in cash and stock, such cash shall be deemed reinvested in Stock (as adjusted); provided, further, that if such adjustment results in the deemed investment of the
Account entirely in cash, then such cash shall be deemed invested in an interest-bearing account and credited with interest quarterly at an annual rate equal to the prime rate as published in The Wall Street Journal at the beginning of such
quarterly period plus 2%, or such other investments as the Committee may permit the Participants to recommend to the trustee of the Trust established pursuant to Article XI below. 
 
4.4 Valuation of Accounts. The value of a Participant’s Account shall be determined
from time to time by the Administrator in the following manner: 
 
(a) The income and expense, gains, and losses, both realized and unrealized, from such deemed investments as are required under Section 4.3 shall be determined by the Administrator. The amount so determined shall be allocated to the
Account of a Participant proportionately in accordance with the procedures established by the Administrator. 
 
(b) Each Participant’s Account shall be valued as of the Valuation Date of each Plan Year or more frequently as determined in the
sole discretion of the Administrator, and shall again be valued as of the date that a Participant receives a payment under the Plan, in accordance with the procedures established by the Administrator. 
 
(c) A Participant’s Account shall be reduced by the
amount of any benefits distributed to or on behalf of the Participant pursuant to Article V. 
 

5 

 
(d) All
allocations to and deductions from a Participant’s Account under this Section 4.4 shall be deemed to have been made on the applicable Valuation Date in the order of priority set forth in this Section 4.4, even though actually determined at a
later date. 
 
ARTICLE V 
PAYMENT OF BENEFITS 
 
5.1 Entitlement to Benefit Payments. Upon a Participant’s separation from service as an Employee or nonemployee
director, as applicable, from the Company and all Employers, the Participant shall be entitled to his Account Balance payable by the Company or by his Employer at the time and in the manner determined in accordance with Section 5.2. Notwithstanding
the foregoing, if a Participant’s separation from service is the result of termination “for cause,” no benefits shall be payable to the Participant under the Plan and his Account balance shall be zero. A Participant shall be deemed to
have been terminated “for cause” if his employment or service as a director is terminated voluntarily or involuntarily as a result of the Participant’s fraud, misappropriation or embezzlement of Company or Employer funds or property.
The Committee shall determine whether a Participant’s separation from service is “for cause.” 
 
5.2 Commencement of Benefit Payments. In connection with commencement of participation in the Plan, a Participant
shall elect on an election form to receive payment of the Account Balance in a lump sum or in annual or quarterly installments over a period of up to fifteen years. The Participant may annually change the election to an allowable alternative payout
period by submitting a new election form to the Committee, provided that any such election form is submitted during a calendar year preceding and at least six months (or such shorter period as the Committee may approve) prior to the
Participant’s separation from service and is accepted by the Committee in its sole discretion; provided, however, that such advance filing period shall not apply to an election form submitted prior to a Change in Control (as defined in the
Stock Plan) which is applicable to a separation from service which occurs on or after the date of such Change in Control. The election form most recently accepted by the Committee shall govern the payout of the Account Balance. If a Participant does
not make any election with respect to the payment of the Participant’s Account Balance, then such benefit shall be payable in five annual installments. The lump sum payment shall be made, or installment payments shall commence, no later than 30
days after the last day of the calendar quarter in which the Participant experiences the separation from service; provided, however, the Participant may elect to have the payment commencement date delayed for up to five (5) years from the separation
date by submitting an election form to that effect which is accepted by the Committee at least six months (or such shorter period as the Committee may approve) prior to the separation date; provided, further, if the Participant’s Account
Balance is less than $25,000 at the time of separation from service, payment of the Account Balance will be made in a lump sum no later than 30 days after the last day of the calendar quarter in which the separation from service occurs.
Notwithstanding the foregoing, the Committee, in its sole discretion, shall establish the commencement date for the payment of benefits, the deductibility of which may be limited by Code Section 162(m), as the earliest practicable date upon which
such limitations would not apply. 
 

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5.3
Short-Term Payout. In connection with a Deferral Election, a Participant may irrevocably elect to receive a future “Short-Term Payout” from the Plan with respect to the amounts covered by such Deferral Election. The Short-Term
Payout shall be a lump sum payment in an amount that is equal to the Profit Shares covered by the particular Deferral Election plus additional shares credited in the manner provided in Section 4.2 above on that amount, determined at the time that
the Short-Term Payout becomes payable. Subject to the other terms and conditions of this Plan, each Short-Term Payout elected shall be paid out during a 60 day period commencing immediately after the last day of any Plan year designed by the
Participant that is at least three Plan Years after the Plan Year in which the Profit Shares were actually deferred. Notwithstanding the foregoing, the Committee, in its sole discretion may delay the payment of any Short-Term Payment, the
deductibility of which may be limited by Code Section 162(m), to this earliest practicable date upon which such limitations would not apply. 
 
5.4 Unforeseeable Financial Emergencies. If the Participant experiences an Unforeseeable Financial Emergency, the
Participant may petition the Committee to (i) suspend any Deferral Election made by a Participant and/or (ii) receive a partial or full payout of the Participant’s Account Balance from the Plan. The payout shall not exceed the lesser of the
Participant’s Account Balance, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency. If, subject to the sole discretion of the Committee, the petition for a suspension and/or payout is approved, suspension shall take
effect upon the date of approval and any payout shall be made within 60 days of the date of approval. For purposes of this Section 5.4, “Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by an event
beyond the control of the Participant that would result in severe financial hardship to the Participant resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, (ii) a loss of the
Participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant in which distribution is necessary to preserve the value of the
benefits of this Plan to the Participant, all as determined in the sole discretion of the Committee. 
 
5.5 Withdrawal Election. A Participant (or, after a Participant’s death, his or her Beneficiary) may elect, at
any time, to withdraw all of his or her Account Balance, less a withdrawal penalty equal to 10% of such amount (the net amount shall be referred to as the “Withdrawal Amount”). This election can be made at any time, before or after death
or separation from service and whether or not the Participant (or Beneficiary) is in the process of being paid pursuant to an installment payment schedule. No partial withdrawals of the Withdrawal Amount shall be allowed. The Participant (or his or
her Beneficiary) shall make this election by giving the Committee advance written notice of the election in a form determined from time to time by the Committee. The Participant (or his or her Beneficiary) shall be paid the Withdrawal Amount within
60 days of his or her election. Once the Withdrawal Amount is paid, the Participant’s right to voluntarily submit Deferral Elections under the Plan shall terminate and the Participant shall not be eligible to make any Deferral Election for the
remainder of the Plan Year of the Withdrawal Election and the next Plan Year. Notwithstanding the foregoing, the Committee, in its sole discretion may delay the payment of any Withdrawal Amount, the deductibility of which may be limited by Code
Section 162(m), to this earliest practicable date upon which such limitations would not apply. 
 

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5.6
Payments in Stock. Unless a Participant’s Account Balance has been deemed invested in cash pursuant to an adjustment described in Section 4.2 above, all payments with respect to such Account Balance shall be made in shares of Stock
(as such Stock may be adjusted in accordance with Section 4.2). 
 
ARTICLE VI 
PAYMENT OF BENEFIT ON OR AFTER DEATH 
 
6.1 Commencement of Payments After Death.
If a Participant dies before receiving his entire Account Balance, the remainder of the Account otherwise payable with respect to the Participant shall be paid to the Participant’s beneficiary or beneficiaries as a single lump-sum amount within
ninety (90) days following the date on which the Administrator is notified of the Participant’s death. 
 
6.2 Designation of Beneficiary. A Participant may, by executing a Beneficiary Designation Form (in the form
prescribed by the Administrator) during the Participant’s lifetime, designate one or more primary and contingent beneficiaries to receive his Account balance which may be payable to the Participant hereunder following the Participant’s
death, and may designate the proportions in which such beneficiaries are to receive such payments. A Participant may change such designations from time to time, and the last written designation filed with the Administrator prior to the
Participant’s death shall control. If a Participant fails to specifically designate a beneficiary or, if no designated beneficiary survives the Participant, payment shall be made by the Administrator in the following order of priority:

 
(a) to the Participant’s
surviving spouse; or if none, 
 
(b) to the Participant’s children, per stirpes; or if none, 
 
(c) to the Participant’s estate. 
 
ARTICLE VII 
ADMINISTRATION 
 
7.1 General. The Administrator shall be the Committee, or such other person or persons as designated by the Board or the Committee. Except as otherwise specifically provided in the Plan, the
Administrator shall be responsible for the administration of the Plan. The Administrator shall be the “named fiduciary” within the meaning of Section 402(c)(2) of ERISA. 
 
7.2 Administrative Rules. The Administrator may adopt such rules of procedure as it
deems desirable for the conduct of its affairs, except to the extent that such rules conflict with the provisions of the Plan. 
 
7.3 Duties. The Administrator shall have the following rights, powers and duties: 
 
(a) The decision of the Administrator in matters within its
jurisdiction shall be final, binding and conclusive upon each Employer and upon any other person affected by such decision, subject to the claims procedure hereinafter set forth. 
 

8 

 
(b) The
Administrator shall have the duty and authority to interpret and construe the provisions of the Plan, to decide any question which may arise regarding the rights of Employees, Participants and beneficiaries, and the amounts of their respective
interests, to adopt such rules and to exercise such powers as the Administrator may deem necessary for the administration of the Plan, and to exercise any other rights, powers or privileges granted to the Administrator by the terms of the Plan.

 
(c) The Administrator shall maintain full and
complete records of its decisions. Its records shall contain all relevant data pertaining to the Participant and his rights and duties under the Plan. The Administrator shall have the duty to maintain Account records of all Participants.

 
(d) The Administrator shall cause the principal
provisions of the Plan to be communicated to the Participants, and a copy of the Plan and other documents shall be available at the principal office of the Company for inspection by the Participants at reasonable times determined by the
Administrator. 
 
(e) The Administrator shall
periodically report to the Committee with respect to the status of the Plan. 
 
7.4 Fees. No fee or compensation shall be paid to any person for services as the Administrator. 
 
ARTICLE VIII 
CLAIMS PROCEDURE 
 
8.1 General. Any claim for benefits under the Plan shall be filed by the Participant or beneficiary (“claimant”) on the form prescribed for such purpose with the Administrator. 
 
8.2 Denials. If a claim for benefits
under the Plan is wholly or partially denied, notice of the decision shall be furnished to the claimant by the Administrator within a reasonable period of time after receipt of the claim by the Administrator. 
 
8.3 Notice. Any claimant who is denied a
claim for benefits shall be furnished written notice setting forth: 
 
(a) the specific reason or reasons for the denial; 
 
(b) specific reference to the pertinent provision of the Plan upon which the denial is based; 
 
(c) a description of any additional material or information necessary for the claimant to perfect the claim; and 
 
(d) an explanation of the claim review procedure under the
Plan. 
 
8.4 Appeals
Procedure. In order that a claimant may appeal a denial of a claim, the claimant or the claimant’s duly authorized representative may: 
 

9 

 
(a) request a
review by written application to the Administrator, or its designate, no later than sixty (60) days after receipt by the claimant of written notification of denial of a claim; 
 
(b) review pertinent documents; and 
 
(c) submit issues and comments in writing. 
 
8.5 Review. A decision on review of a denied claim shall be made not later than sixty
(60) days after receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered within a reasonable period of time, but not later than one hundred and twenty (120)
days after receipt of a request for review. The decision on review shall be in writing and shall include the specific reason(s) for the decision and the specific reference(s) to the pertinent provisions of the Plan on which the decision is based.

 
ARTICLE IX 
MISCELLANEOUS PROVISIONS 
 
9.1 Amendment. The Company reserves the right to amend the Plan in any manner that it deems advisable by a resolution
of the Board or the Committee. No amendment shall, without the Participant’s written consent, affect the amount of the Participant’s Account balance at the time the amendment becomes effective or the right of the Participant to receive a
distribution of his Account balance. Notwithstanding the foregoing, following a Change in Control (as defined in the Stock Plan), no amendment or termination of the Plan shall, without the Participant’s written consent, have an adverse effect
on the computation or amount or entitlement to benefits of such Participant, including, but not limited to the time or manner of the payment of the Account. For purposes hereof, an “adverse effect” shall include, but not be limited to, any
acceleration of the payment of the Account. 
 
9.2 Termination. The Company reserves the right to terminate the Plan at any time. No termination shall, without the Participant’s written consent, affect the amount of the Participant’s Account balance
prior to the termination or the right of the Participant to receive a distribution of his Account balance. 
 
9.3 No Assignment. The Participant shall not have the power to pledge, transfer, assign, anticipate, mortgage or
otherwise encumber or dispose of in advance any interest in amounts payable hereunder or any of the payments provided for herein, nor shall any interest in amounts payable hereunder or in any payments be subject to seizure for payments of any debts,
judgments, alimony or separate maintenance, or be reached or transferred by operation of law in the event of bankruptcy, insolvency or otherwise. 
 
9.4 Incapacity. If any person to whom a benefit is payable under the Plan is an infant or if the Administrator
determines that any person to whom such benefit is payable is incompetent by reason of physical or mental disability, the Administrator may cause the payments becoming due to such person to be made to another for his benefit. Payments made pursuant
to this Section shall, as to such payment, operate as a complete discharge of the Plan, the Company, each Employer, the Committee and the Administrator. 
 

10 

 
9.5
Successors and Assigns. The provisions of the Plan are binding upon and inure to the benefit of the Company, each Employer, its respective successors and assigns, and the Participant, his beneficiaries, heirs, legal representatives and
assigns. 
 
9.6 Governing Law.
The Plan shall be subject to and construed in accordance with the laws of Illinois to the extent not pre-empted by the provisions of ERISA. 
 
9.7 No Guarantee of Employment. Nothing contained in the Plan shall be construed as a contract of employment or
deemed to give any Participant the right to be retained in the employ of any Employer or any equity or other interest in the assets, business or affairs of any Employer. No Participant hereunder shall have a security interest in the assets of any
Employer used to make contributions or pay benefits. 
 
9.8 Severability. If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, but the Plan shall be construed
and enforced as if such illegal or invalid provision had never been included herein. 
 
9.9 Notification of Addresses. Each Participant and each beneficiary shall file with the Administrator, from time to time, in writing, the post office address of the Participant,
the post office address of each beneficiary, and each change of post office address. Any communication, statement or notice addressed to the last post office address filed with the Administrator (or if no such address was filed with the
Administrator, then to the last post office address of the Participant or beneficiary as shown on the Company’s or Employer’s records) shall be binding on the Participant and each beneficiary for all purposes of the Plan and neither the
Administrator nor the Company or an Employer shall be obligated to search for or ascertain the whereabouts of any Participant or beneficiary. 
 
ARTICLE X 
ADOPTING EMPLOYERS 
 
10.1 Adoption of Plan. The Plan may be adopted by any subsidiary or affiliate of the Company for the benefit of any Employee designated by the Committee to participate herein. Such adoption shall be by resolution
of the adopting Employer’s governing body, a copy of which shall be filed with the Company. 
 
10.2 Administration. As a condition to participating in the Plan, each adopting Employer shall be deemed to have authorized the Committee and the Administrator (if different from
the Committee) to act for it in all matters arising under or with respect to the Plan and shall comply with such other terms and conditions as may be imposed by the Administrator. 
 
10.3 Company as Agent. Each adopting Employer hereby irrevocably grants the Company full
and exclusive power to exercise, enforce or waive any right which such Employer might otherwise have under the terms of the Plan, and each adopting Employer irrevocably appoints the Company as its agent for such purpose. 
 

11 

 
10.4
Termination. If authorized by the Company, each adopting Employer may, upon written notice to the Company, cease to participate in the Plan with respect to its Employees by resolution of its governing body. 
 
ARTICLE XI 
TRUST 
 
11.1 Trust. A Trust has been established under the Plan by the execution of a separate trust agreement entitled the
First Midwest Bancorp, Inc. Nonqualified Stock Option – Gain Deferral Trust with one or more trustees. The Trust is intended to be maintained as a “grantor trust”, under section 677 of the Code, for which the Company is the
grantor. The assets of the Trust will be held, invested and disposed of by the trustee, in accordance with the terms of the Trust, for the exclusive purpose of providing Plan benefits for the Participants. Notwithstanding any provision of the Plan
or the Trust to the contrary, the assets of each Trust shall at all times be subject to the claims of the grantor’s general creditors in the event of the grantor’s insolvency or bankruptcy. 
 
11.2 Contributions and Expense. The
Company, in its sole discretion, and from time to time, may make contributions to the Trust. All benefits under the Plan and expenses chargeable to the Plan, to the extent not paid directly by the Company, shall be paid from the Trust. 
 
11.3 Trustee Duties. The powers, duties
and responsibilities of the trustee shall be as set forth in the Trust agreement and nothing contained in the Plan, either expressly or by implication, shall impose any additional powers or duties responsibilities upon the trustee. 
 
11.4 Voting Rights. Each Participant (or,
in the event of his death, his beneficiary) shall have the right to direct the Trustee as to the manner in which whole and partial shares of Stock allocated to his Account as of the record date are to be voted on each matter brought before an annual
or special stockholders’ meeting. Upon timely receipt of such directions, the Trustee shall on each such matter vote as directed the number of shares (including fractional shares) of Stock allocated to such Participant’s Account, and the
Trustee shall have no discretion in such matter. The directions received by the Trustee from Participants shall be held by the Trustee in confidence and shall not be divulged or released to any person, including officers or employees of any
Employer. The Trustee shall vote allocated shares for which it has not received direction in the same proportion as directed shares are voted, and shall have no discretion in such matter. Additionally, in the event a tender offer is extended with
respect to the Stock, each Participant shall have the identical rights to direct the voting of the shares allocated to his Account as detailed in the preceding sentences of this Section 11.4. 
 
11.5 Reversion to the Company. The
Company shall not have any beneficial interest in the Trust and no part of the Trust shall ever revert or be repaid to the Company prior to the payment of all Plan benefits to Participants, except with respect to amounts allocable to forfeited
benefits (including without limitation, any amounts forfeited on account of a termination “for cause”) and as otherwise reasonably determined by the Committee not to be necessary to pay benefits to Participants. 
 

12 

 
* * * * *

 
IN WITNESS WHEREOF, the Company has
caused this restated Plan to be executed by its duly authorized officer effective as of the 1st day of January, 2003. 
 

	 ATTEST/WITNESS:
  
	 	 	 	 FIRST MIDWEST BANCORP, INC.
  

	 /s/  BARBARA E. BRIICK

	 	 	 	 /s/  JOHN M. O’MEARA

	  
 Date: February 19,
2003
	 	 	 	  
 Date: February 19,
2003

 

13Restated Deferred Compensation Plan for Nonemployee Directors

 
Exhibit 10.5

 
[LOGO] First Midwest Bancorp, Inc. 
 
Amended and Restated 
Deferred Compensation Plan 
for Nonemployee Directors 
Effective January 1, 2003 
 
***** 
 
PLAN DOCUMENT 
 
 

 
TABLE OF CONTENTS 
 

	
	 SECTION 1
	  	 ESTABLISHMENT AND PURPOSE
	  	 1

	 1.1
	  	 Establishment
	  	 1

	 1.2
	  	 Purpose
	  	 1

	 1.3
	  	 Coordination with Nonqualified Retirement Plan
	  	 1

	
	 SECTION 2
	  	 DEFINITIONS
	  	 1

	 2.1
	  	 Definitions
	  	 1

	 2.2
	  	 Gender and Number
	  	 2

	
	 SECTION 3
	  	 ELIGIBILITY AND PARTICIPATION
	  	 2

	 3.1
	  	 Eligibility
	  	 2

	 3.2
	  	 Participation
	  	 2

	
	 SECTION 4
	  	 ELECTION TO DEFER
	  	 2

	 4.1
	  	 Deferral Election
	  	 2

	 4.2
	  	 Deferral Period
	  	 2

	 4.3
	  	 Manner of Payment Election
	  	 3

	 4.4
	  	 Deferral Payment
	  	 3

	 4.5
	  	 Payment Upon Death
	  	 3

	 4.6
	  	 Growth Additions
	  	 3

	 4.7
	  	 Selection of Beneficiary
	  	 3

	
	 SECTION 5
	  	 DEFERRED ACCOUNTS
	  	 3

	 5.1
	  	 Participant Accounts
	  	 3

	 5.2
	  	 Growth Additions
	  	 4

	 5.3
	  	 Charges Against Accounts
	  	 4

	 5.4
	  	 Contractual Obligation
	  	 4

	 5.5
	  	 Unsecured Interest
	  	 4

	
	 SECTION 6
	  	 SHORT-TERM PAYOUT; FINANCIAL EMERGENCY; WITHDRAWAL ELECTION
	  	 4

 

	   6.1
	  	 Short-Term Payout
	  	 4

	   6.2
	  	 Withdrawal Payout/Suspension for Unforeseeable Financial Emergencies
	  	 4

	   6.3
	  	 Withdrawal Election
	  	 4

	
	 SECTION 7
	  	 FORFEITURE
	  	 5

	   7.1
	  	 Forfeiture
	  	 5

	
	 SECTION 8
	  	 BENEFICIARY DESIGNATION
	  	 5

	   8.1
	  	 Beneficiary Designation
	  	 5

	   8.2
	  	 Change of Beneficiary
	  	 5

	
	 SECTION 9
	  	 NONTRANSFERABILITY
	  	 5

	   9.1
	  	 Nontransferability
	  	 5

	
	 SECTION 10
	  	 ADMINISTRATION
	  	 5

	 10.1
	  	 Administration
	  	 5

	 10.2
	  	 Finality of Determination
	  	 5

	 10.3
	  	 Expenses
	  	 5

	
	 SECTION 11
	  	 AMENDMENT AND TERMINATION
	  	 5

	 11.1
	  	 Amendment and Termination
	  	 5

	
	 SECTION 12
	  	 TRUST
	  	 6

	 12.1
	  	 Nonqualified Retirement Trust
	  	 6

	
	 SECTION 13
	  	 SUCCESSORS
	  	 6

	 13.1
	  	 Successors and Assignees
	  	 6

	
	 SECTION 14
	  	 SUBSIDIARIES
	  	 6

	 14.1
	  	 Subsidiaries
	  	 6

 
 

 
FIRST
MIDWEST BANCORP, INC. 
 
DEFERRED
COMPENSATION PLAN FOR NONEMPLOYEE DIRECTORS 
 
(As Amended and Restated Effective as of January 1, 2003) 
 
SECTION 1 ESTABLISHMENT AND PURPOSE. 
 
1.1 Establishment. First Midwest Bancorp, Inc., a Delaware Corporation, hereby restates its “FIRST MIDWEST BANCORP, INC. DEFERRED COMPENSATION PLAN FOR NONEMPLOYEE DIRECTORS” (hereinafter called the
“Plan”). 
 
1.2
Purpose. The purpose of this Plan is to provide a means whereby a nonemployee member of the Board of Directors of the Company may defer, to some future period, all or one-half of the fees payable to the Director for services as a Director.
The Plan is intended as a means of maximizing the effectiveness and flexibility of the Company’s compensation arrangements for Directors and an aid in attracting and retaining individual of outstanding abilities for service as Directors.

 
1.3 Coordination with
Nonqualified Retirement Plan. It is intended that except to the extent provided otherwise herein, the provisions of this Plan relating to the time and manner of making elections, crediting and debiting accounts, and the payment thereof shall
coordinate with and be governed by the applicable provisions of the Company’s Nonqualified Retirement Plan (the “Nonqualified Retirement Plan”), as amended from time to time. Such provisions of the Nonqualified Retirement Plan shall
be applicable to this Plan as if set forth in this Plan in full. 
 
SECTION 2 DEFINITIONS. 
 
2.1 Definitions. Whenever used hereinafter, the following terms shall have the meaning set forth below: 
 
(a) “Board” means the Board of Directors of the Company. 
 
(b) “Committee” means any Committee
of the Board of Directors of the Company. 
 
(c) “Company” means First Midwest Bancorp, Inc., a Delaware Corporation. 
 
(d) “Director” means a member of the Board of Directors of First Midwest Bancorp, Inc. and/or a number of the
Board of Directors of First Midwest Bank. 
 
(e) “Director Fees” or “Fees” means any Board or Committee retainer, attendance, consulting or other fees for services earned while a nonemployee Director. “Directors Fees” or “Fees” shall also
mean retainer, attendance, 
 

 
consulting or
other fees for services earned in connection with service on the board of directors of any subsidiary of the Company. 
 
(f) “Year” means the fiscal year of the Company ending December 31. 
 
2.2 Gender and Number. Except when
otherwise indicated by the context, any masculine terminology, when used in the Plan, shall also include the feminine gender, and the definition of any term herein in the singular shall also include the plural. 
 
SECTION 3 ELIGIBILITY AND PARTICIPATION. 
 
3.1 Eligibility. Any Director who is
not an employee of the Company or any of its subsidiaries on the date the Fees to be deferred are earned shall be eligible to particpate in the Plan. Any director who is an employee of the Company or all of its subsidiaries, shall become an eligible
Director as of the first day upon which he ceases to be an employee of the Company and all it subsidiaries. 
 
3.2 Participation. An eligible Director may become a Participant in the Plan by making an election pursuant to
Subsection hereof. In the event a Participant no longer meets the requirements for participation in this Plan, he shall become an inactive Participant, retaining all the rights described under this Plan, except the right to make any further
deferrals, until the time that he again becomes an active Participant. 
 
SECTION 4 ELECTION TO DEFER. 
 
4.1 Deferral Election. Each eligible Director may elect, by written notice of an Election Form, to defer payment of all or one-half of the Director Fees payable to the Director during the Year following the date of the
election for future services as a Director; provided, however, that an eligible Director may, within 30 days of the date he becomes an eligible Director, make an election which relates to Director Fees otherwise payable to him during the Year when
made, provided such Fees relate to future services. Such election will be filed with the Secretary of the Company or such other person designated by the Company and continue in force with respect to subsequent Years, until timely terminated or
modified by the Director in writing with respect to Fees that relate to services to be performed and are payable in the future. no modification shall affect prior deferrals. 
 
4.2 Deferral Period. If the Participant defers any amounts pursuant to Section 4.1,
the Participant shall select the deferral period and the payment period to begin subsequent to one of the following dates: 
 
(a) The date a Director ceases to be a Director, or 
 
(b) The date specified by the Director. 
 

2 

 
If timely elected by the Director, pursuant to Section 4.1 above, such payment commencement date may be delayed for up to five (5) years from the applicable date described in (a) or (b) above. 
 
4.3 Manner of Payment Election. If a
Participant defers any amounts pursuant to Section 4.1, the Participant also shall elect the manner in which the deferred amount will be paid. The Participant shall choose to have payment made either in a lump sum or in a specified number of
approximately equal annual or quarterly installments over a period not to exceed fifteen years. The Participant may make and may revoke in writing his election with respect to the manner of payment (and, so long as he is a Director, the commencement
thereof) at any time not later than the earlier of (a) December 31 prior to the date such payment is to commence or (b) the date which is six months (or such shorter period as the Board of Directors may approve) prior to the date such payment is to
commence; provided, however, that an election in effect upon the expiration of such election period shall be irrevocable. Notwithstanding the foregoing, if the deferred amounts and growth additions credited to the Director at the time payments are
to commence is less than $25,000, then the entire amount shall be paid in a single lump sum. 
 
4.4 Deferral Payment. The first installment (or the single payment if the Director has so elected) shall be paid on
the first day of each calendar quarter or year, as the case may be, following the commencement date applicable under Section 4.1 above, until the entire amount credited to the Director’s account shall have been paid. 
 
4.5 Payment Upon Death. Notwithstanding
the election made in Section 4.1, if a Director should die before any or full payment of all amounts, the balance in his deferred account, together with growth additions computed to date of payout, shall be paid to the Director’s estate or to a
beneficiary or beneficiaries designated in writing by the Director. The amount payable shall be paid in a lump sum or quarterly or annual installments as elected by the Director. Notwithstanding the foregoing, if the deferred amounts and growth
additions credited to the Director at the time payments are to commence is less than $25,000, then the entire amount shall be paid in a single lump sum. 
 
4.6 Growth Additions. A growth increment shall be applied to deferred amounts in accordance with the provisions
stated in Section 5.2 hereof. 
 
4.7 Selection of Beneficiary. At the time of deferral, the Participant shall designate a beneficiary or beneficiaries in accordance with the provisions stated in Section 8.1. 
 
SECTION 5 DEFERRED ACCOUNTS. 
 
5.1 Participant Accounts. The Company
shall establish and maintain a bookkeeping account for each deferral made by a Participant. This account shall be credited as of the date of the deferral with the amount deferred. 
 

3 

 
5.2 Growth Additions. The Company shall provide the opportunity for growth additions to be earned on any deferred amounts in a Participant’s account, including remaining balances in an account during payout. The amount
and timing of the crediting of growth additions shall be made in the same manner as is done under the Crediting/Debiting of Account Balances and Measurement Funds provisions of Nonqualified Retirement Plan. 
 
5.3 Charges Against Accounts. There
shall be charged against each Participant’s account any payments made to the Participant or to his beneficiary in accordance with Sections 4.4, 4.5, and 6.1 hereof. 
 
5.4 Contractual Obligation. It is intended that the Company is under a contractual
obligation to make payments from a Participant’s account when due. However, this Plan shall not be funded in any respect. Payment of account balances shall be made out of the general funds of the Company as determined by the Human Resource
Committee. 
 
5.5 Unsecured
Interest. No Participant or beneficiary shall have any interest whatsoever in any specific asset of the Company. To the extent that any person acquires a right to receive payments under this Plan, such right shall be no greater than the right of
any unsecured general creditor of the Company. 
 
SECTION 6
SHORT-TERM PAYOUT; FINANCIAL EMERGENCY; WITHDRAWAL ELECTION. 
 
6.1 Short-Term Payout. In connection with an election to defer with respect to a Year, a Director may irrevocably elect to receive a future Short-Term Payout with respect to such amount. The
election and payment of such Short-Term Payout amount shall be made in the same manner applicable to Short Term Payouts under the Nonqualified Retirement Plan. 
 
6.2 Withdrawal Payout/Suspension for Unforeseeable Financial Emergencies. If a Director experiences an
Unforeseeable Financial Emergency, the Director may petition the Board to suspend any deferral election then in place and/or receive a full or partial payout from the Plan. The determination of whether the Director has experienced an Unforeseeable
Financial Emergency and the actions taken with respect thereto shall be made by the Board in the same manner as applicable to Unforeseeable Financial Emergencies under the Nonqualified Retirement Plan. 
 
6.3 Withdrawal Election. A Director
(or, after a Director’s death, his or her beneficiary) may elect, at any time, to withdraw all of his or her amounts credited under the Plan, calculated as if the date for commencement of payments had occurred as of the day of the election,
less a withdrawal penalty equal to 10% of such amount. The timing and manner of any such election and payment of such withdrawal shall be made in the same manner as applicable to similar withdrawals under the Nonqualified Retirement Plan.

 

4 

 
SECTION 7 FORFEITURE. 
 
7.1 Forfeiture. Amounts deferred or payable under this Plan are not forfeitable under any circumstances. 
 
SECTION 8 BENEFICIARY DESIGNATION. 
 
8.1 Beneficiary Designation. A Participant shall designate a beneficiary or beneficiaries who, upon his death, are
to receive the distributions that otherwise would have been paid to him. All designations shall be in writing and shall be effective only if and then delivered to the Secretary of the Company during the lifetime of the Participant. If a Participant
designates a beneficiary without providing in the designation that the beneficiary must be living at the time of such distribution, the designation shall vest in the beneficiary all of the distributions whether payable before or after the
beneficiary’s death, and any distributions remaining upon the beneficiary’s death shall be made to the beneficiary’s estate. 
 
8.2 Change of Beneficiary. A Participant may, from time to time during his lifetime, change his beneficiary or
beneficiaries by a written instrument delivered to the Secretary of the Company. In the event a Participant shall not designate a beneficiary or beneficiaries as aforesaid, or if for any reason such designation shall be ineffective, in whole or in
part, the distribution that otherwise would have been paid to such Participant shall be paid to his estate and, in such event, the term “beneficiary” shall include his estate. 
 
SECTION 9 NONTRANSFERABILITY. 
 
9.1 Nontransferability. The Director shall have no right to sell, gift, transfer, assign, or hypothecate the right
to receive such payments in any manner whatsoever. 
 
SECTION 10 ADMINISTRATION. 
 
10.1 Administration. This Plan shall be administered by the Board. The Board may, from time to time, establish rules for the administration of this Plan and may broadly delegate administrative responsibility hereunder
to officers of the Company. 
 
10.2
Finality of Determination. The determination of the Board as to any disputed questions arising under this Plan, including questions or construction and interpretation, shall be final, binding, and conclusive upon all persons. 
 
10.3 Expenses. The expenses of
administering the Plan shall be borne by the Company. 
 
SECTION 11 AMENDMENT AND TERMINATION. 
 
11.1 Amendment and Termination. The Company expects to continue the Plan indefinitely, but since future conditions affecting the Company cannot be anticipated or foreseen, the Company must
necessarily and does hereby reserve the right to amend, 
 

5 

 
modify, or
terminate the Plan at any time by action of its Board of Directors, including, but not limited to, by amendment of those provisions of the Nonqualified Retirement Plan which are applicable hereto as if set forth herein in their entirety.
Notwithstanding the foregoing, the provisions, restrictions and limitations applicable to the Company’s ability to amend, modify or terminate the Nonqualified Retirement Plan as set forth in the Nonqualified Retirement Plan shall apply to this
Plan. 
 
SECTION 12 TRUST.

 
12.1 Nonqualified Retirement
Trust. The Company has established a grantor trust (the “Trust”) in connection with the Nonqualified Retirement Plan for the purpose of assisting the Company in the administration and payment of amounts under the Nonqualified
Retirement Plan and this Plan. The Company shall at least annually transfer over to the Nonqualified Retirement Trust such assets as the Company determines, in its sole discretion, are necessary to provide, on a present value basis, for its future
liabilities created with respect to this Plan. The provisions of this Plan shall govern the right of a Director (or, after the Director’s death, his or her beneficiaries) to receive distributions pursuant to the Plan. The provisions of the
Trust shall govern the rights of the Company, directors, beneficiaries and creditors of the Company to the assets transferred to the Trust. The Company shall at all times remain liable to carry out its obligations under the Plan. 
 
SECTION 13 SUCCESSORS. 
 
13.1 Successors and Assignees. The
provisions of this Plan shall be binding upon and inure to the benefit of the Company and its successors and its assigns and the director and the director’s beneficiaries. The Company shall require any successor or assignee, whether direct or
indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business assets of the Company, expressly and unconditionally to assume and agree to perform the obligations of the Company under this Plan, in the same
manner and to the same extends that the Company would be required to perform if no such successor or assignee had taken place. In addition, the Company shall require the ultimate parent entity or any successor or assignee corporations or entities to
expressly guaranty the prompt performance by such successor or assignee. 
 
SECTION 14 SUBSIDIARIES. 
 
14.1 Subsidiaries. If a Participant defers any amounts pursuant to Section 4.1 which are Fees earned with respect to service as a member of the board of directors of a subsidiary of the Company,
then the provisions of this Plan relating to the establishment of a Deferred Account and the crediting and payment of amounts with respect thereto shall apply to such subsidiary as if the subsidiary was the Company hereunder. Notwithstanding the
foregoing, the Plan shall be administered and may be amended and/or terminated by the Board. 
 

6 

 
IN WITNESS
WHEREOF, the Company has caused this restated Plan to be executed by its duly authorized officer effective as of the 1st day of January, 2003. 
 

	 ATTEST/WITNESS:
	 	 	 	 FIRST MIDWEST BANCORP, INC.

	
	 /s/    STEVEN H. SHAPIRO        

	 	 	 	 By:
	 	 /s/    JOHN M. O’MEARA        

	 Corporate Secretary
	 	 	 	 	 	 President and Chief Executive Officer

	 Date: February 19, 2003
	 	 	 	 	 	 Date: February 19, 2003

 

7

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