Document:

EX-10.3

 Exhibit 10.3 
  

 
  

FORM OF 
 REGISTRATION RIGHTS
AGREEMENT 
 among 
 NATIONAL
AUSTRALIA BANK LIMITED, 
 NATIONAL AMERICAS HOLDINGS LLC 

and 
 GREAT WESTERN BANCORP, INC.

  
  

Dated as of             , 2014 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Certain Definitions
	  	 	1	  
			
	 Section 2.
	 	 Demand Registrations
	  	 	5	  
			
	 Section 3.
	 	 Piggyback Registrations
	  	 	7	  
			
	 Section 4.
	 	 S-3 Registrations
	  	 	8	  
			
	 Section 5.
	 	 Suspension Periods; Blackout Periods
	  	 	9	  
			
	 Section 6.
	 	 Holdback Agreements
	  	 	10	  
			
	 Section 7.
	 	 Registration Procedures
	  	 	11	  
			
	 Section 8.
	 	 Registration Expenses
	  	 	16	  
			
	 Section 9.
	 	 Indemnification
	  	 	16	  
			
	 Section 10.
	 	 Participation in Underwritten Offerings
	  	 	18	  
			
	 Section 11.
	 	 Securities Act Restrictions
	  	 	18	  
			
	 Section 12.
	 	 Transfers of Rights and Collective Action
	  	 	19	  
			
	 Section 13.
	 	 Miscellaneous
	  	 	20	  

  
 -i- 

 FORM OF REGISTRATION RIGHTS AGREEMENT 

Registration Rights Agreement, dated
                    , 2014 (this “Agreement”), among National Australia Bank Limited, a company incorporated under the laws of the
Commonwealth of Australia (“NAB”), National Americas Holdings LLC, a Delaware limited liability company (“NAH”), and Great Western Bancorp, Inc., a Delaware corporation (the “Company”). 

In consideration of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1. Certain Definitions. In
this Agreement, the following terms shall have the meanings assigned below: 
 “Affiliate” means, with respect to any
Person, any other Person that controls, or is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlling,” “controlled” and “under common control with”)
as used with respect to any Person means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 “Agreement” has the meaning set forth in the Preamble and includes all amendments, modifications and supplements and any
exhibits or schedules to any of the foregoing. All references to this Agreement shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference becomes operative. 

“beneficially own” means, with respect to any Person, securities of which such Person or any of such Person’s
Affiliates, directly or indirectly, has “beneficial ownership” as determined pursuant to Rule 13d-3 and Rule 13d-5 of the Exchange Act, including securities beneficially owned by others
with whom such Person or any of its Affiliates has agreed to act together for the purpose of acquiring, holding, voting or disposing of such securities; provided that a Person shall not be deemed to “beneficially own”
(i) securities tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates until such tendered securities are accepted for payment, purchase or exchange, (ii) any security as a result of an
oral or written agreement, arrangement or understanding to vote such security if such agreement, arrangement or understanding: (1) arises solely from a revocable proxy given in response to a public proxy or consent solicitation made pursuant
to, and in accordance with, the applicable provisions of the Exchange Act, and (2) is not also then reportable by such Person on Schedule 13D under the Exchange Act (or any comparable or successor report). 

“Blackout Period” has the meaning set forth in Section 5(b). 

“Common Stock” means any of the common stock issued by the Company. If at any time Registrable Common Stock includes
securities other than common stock issued by the Company then, when referring to Common Stock other than Registrable Common Stock, “Common Stock” shall include securities of the same class or classes as such other securities. 

 “Company” has the meaning set forth in the Preamble. 

“Demand Registration” has the meaning set forth in Section 2(a). 

“Demand Registration Statement” has the meaning set forth in Section 2(a). 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Form S-3” means a registration statement on
Form S-3 under the Securities Act or such successor forms thereto permitting registration of securities under the Securities Act. 

“Governmental Authority” means any national, federal, state, municipal, local, territorial, domestic, foreign or other
government or any department, commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or public or private tribunal. 

“Holdback Agreement” has the meaning set forth in Section 6. 

“Holdback Period” has the meaning set forth in Section 6. 

“IPO Lockup” means the restrictions contained in the IPO Underwriting Agreement (or agreements contemplated therein) on
offers, sales and registrations of Common Stock and related matters following the pricing of the initial public offering of the Common Stock, after giving effect to any waivers, modifications or terminations of such restrictions. 

“IPO Underwriting Agreement” means the Underwriting Agreement between the Company, NAB, NAH and Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Deutsche Bank Securities Inc., dated             , 2014, relating to the initial public offering of the Common Stock. 

“Minimum Amount” means the lesser of (i) $50,000,000 and (ii) 5% of the aggregate market value of all outstanding
Common Stock unless, at any time, the total number of all remaining shares of Registrable Common Stock would, if fully sold, yield gross proceeds to the Stockholder of less than such amount, in which case the “Minimum Amount” shall mean
the gross proceeds to be realized upon the sale of all such remaining Registrable Common Stock. 
 “NAB” has the meaning
set forth in the Preamble. 
 “NAH” has the meaning set forth in the Preamble. 

“Non-Control Date” means the date on which NAB ceases to control the Company for purposes of the Bank Holding Company Act of
1956, as amended. 
 “Other Holdback Parties” has the meaning set forth in Section 6. 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, incorporate
organization, association, corporation, institution, public benefit corporation, Governmental Authority or any other entity. 

  
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 “Piggyback Registration” has the meaning set forth in Section 3(b). 

“Prospectus” means the prospectus or prospectuses (whether preliminary or final) included in any Registration Statement, as
amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Common Stock covered by such Registration Statement and by all other amendments and supplements to the prospectus,
including post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 
 “Registrable
Common Stock” means, at any time, (i) all Common Stock held of record by NAH as of the date hereof, (ii) any securities of the Company issued or issuable after the date hereof with respect to the Common Stock referred to in
clause (i) by way of stock dividend or stock split or in connection with a combination of stock, recapitalization, merger, consolidation or other reorganization or otherwise, (iii) all Common Stock issued upon conversion or exchange of
shares of non-voting common stock issued by the Company to NAB or any of its Affiliates as of or after the date hereof and (iv) securities issued by the issuer thereof in exchange for or in replacement of any securities referred to in clauses
(i), (ii) and (iii), but excluding (v) any and all such Common Stock and other securities referred to in clauses (i), (ii), (iii) and (iv) that (1) have been sold pursuant to an effective registration statement or
Rule 144 under the Securities Act, (2) have been sold to someone other than a Stockholder in a transaction where a subsequent public distribution of such securities would not require registration under the Securities Act, or (3) are
not outstanding (or any combination of clauses (1), (2) and (3)). 
 “Registration Expenses” has the meaning set forth in
Section 8(a). 
 “Registration Statement” means any registration statement of the Company which covers any of the
Registrable Common Stock pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all documents incorporated by reference
in such Registration Statement. 
 “S-3 Registration” has the meaning set forth in
Section 4(a). 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933. 

“Stockholder” means initially NAH and thereafter any other transferee of the Registrable Common Stock that becomes a
Stockholder pursuant to Section 12, but in each case only if and for as long as NAH or any such transferee is both (i) a wholly owned subsidiary of NAB (or is NAB) and (ii) the holder of record of Registrable Common Stock. If at any
time there is more than one Stockholder, the term “Stockholder” shall mean all Stockholders, collectively, unless the context otherwise requires. For purposes of this Agreement, the Company may deem and treat the registered holder of
Registrable Common Stock as the holder and absolute owner thereof, and the Company shall not be affected by any notice to the contrary. 

  
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 “Stockholder Agreement” means Stockholder Agreement, dated the date hereof,
between the Company and NAB. 
 “Stockholder’s Counsel” has the meaning set forth in Section 7(a)(i). 

“Suspension Period” has the meaning set forth in Section 5. 

“Termination Date” means the first date on which there is no Registrable Common Stock or there is no Stockholder. 

“Third Party Holdback Period” means any Holdback Period imposed on the Stockholder pursuant to Section 6 in respect of
an underwritten offering of Common Stock in which (i) the Stockholder did not participate or (ii) the Stockholder’s participation was reduced pursuant to Section 3(c) or 3(d). 

“underwritten offering” means a registered offering in which securities of the Company are sold to one or more underwriters
on a firm-commitment basis for reoffering to the public, and “underwritten Shelf Takedown” means an underwritten offering effected pursuant to an S-3 Registration. 

In addition to the above definitions, unless the context requires otherwise: 

(i) any reference to any statute, regulation, rule or form as of any time shall mean such statute, regulation, rule or form as
amended or modified and shall also include any successor statute, regulation, rule or form from time to time; 
 (ii)
“include”, “includes” and “including” shall be construed as inclusive without limitation, in each case notwithstanding the absence of any express statement to such effect, or the presence of such express statement in
some contexts and not in others; 
 (iii) references to “Section” or the “Preamble” are references to
Sections or the introductory paragraph of this Agreement, respectively; 
 (iv) references to any Governmental Authority
include any successor to such Governmental Authority; 
 (v) references to any agreement or other document are to such
agreement or document as amended, modified, supplemented or replaced from time to time; 
 (vi) words such as
“herein”, “hereof”, “hereinafter” and “hereby” when used in this Agreement refer to this Agreement as a whole; and 

  
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 (vii) references to “business day” mean a business day in The City of
New York. 
 Section 2. Demand Registrations. 

(a) Right to Request Registration. Subject to the provisions hereof and to the IPO Lockup and continuing until the Termination Date, the
Stockholder may at any time request registration for resale under the Securities Act of all or part of the Registrable Common Stock separate from an S-3 Registration (a “Demand Registration”);
provided, however, that (based on the then-current market prices) the number of shares of Registrable Common Stock included in the Demand Registration would, if fully sold, yield gross proceeds to the Stockholder of at least the
Minimum Amount. Subject to Section 2(d) and Section 5 below, the Company shall use reasonable best efforts to (i) file a Registration Statement registering for resale such number of shares of Registrable Common Stock as requested
to be so registered pursuant to this Section 2(a) (a “Demand Registration Statement”) within forty-five (45) days after the Stockholder’s request therefor and (ii) cause such Demand Registration Statement to be
declared effective by the SEC as soon as practical thereafter. If permitted under the Securities Act, such Registration Statement shall be one that is automatically effective upon filing. 

(b) Number of Demand Registrations. Subject to the limitations of Section 2(a), the Stockholder shall be entitled to request up to
five (5) Demand Registrations in the aggregate (for all Persons who are or may become a Stockholder pursuant to Section 12). A Registration Statement shall not count as a permitted Demand Registration unless and until it has become
effective and the Stockholder is able to register and sell at least seventy-five percent (75%) of the Registrable Common Stock requested to be included in such registration. 

(c) Priority on Demand Registrations. The Company may include Common Stock other than Registrable Common Stock in a Demand Registration
for any accounts on the terms provided below and in Section 2(g) and, if such Demand Registration is an underwritten offering, only with the consent of the managing underwriters of such offering. If the managing underwriters of the requested
Demand Registration advise the Company and the Stockholder requesting such Demand Registration that in their opinion the number of shares of Common Stock proposed to be included in the Demand Registration exceeds the number of shares of Common Stock
that can be sold in such underwritten offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Stock proposed to be sold in such underwritten offering), the Company shall include
in such Demand Registration (i) first, the number of shares of Registrable Common Stock that the Stockholder proposes to sell, and (ii) second, the number of shares of Common Stock proposed to be included therein by any other Persons
(including Common Stock to be sold for the account of the Company) allocated among such Persons in such manner as the Company may determine. If the number of shares of Common Stock that can be sold is less than the number of shares of Common Stock
proposed to be registered pursuant to clause (i) above by the Stockholder, the amount of Common Stock to be sold shall be allocated to the Stockholder. 

(d) Restrictions on Demand Registrations. The Stockholder shall not be entitled to request a Demand Registration (i) within sixty
(60) days after the effective date of any prior Demand Registration, Piggyback Registration or S-3 Registration or the pricing date of any 

  
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underwritten Shelf Takedown or (ii) when the Company is diligently pursuing a primary underwritten offering pursuant to a Piggyback Registration. The restriction in clause (i) shall not
apply to any request for a Demand Registration if the request is to register and sell all remaining Registrable Common Stock in an underwritten offering and the managing underwriters for the offering advise the Company that in their judgment
(subject to subsequent changes in market conditions) all such remaining stock could be sold in such offering. Notwithstanding the foregoing, the Company shall not be obligated to take any action that would violate any lockup or similar restriction
relating to any Demand Registration or underwritten Shelf Takedown then in effect. The Company, however, shall not be obligated to proceed with a Demand Registration if the offering to be effected pursuant to such registration can be effected
pursuant to an S-3 Registration and the Company, in accordance with Section 4, effects or has effected an S-3 Registration pursuant to which such offering can be effected. 

(e) Selection of Underwriters. If any of the Registrable Common Stock covered by a Demand Registration is to be sold in an underwritten
offering, the Stockholder shall have the right to select the managing underwriter or underwriters to administer the offering, but only with the prior written consent of the Company (not to be unreasonably withheld, conditioned or delayed). 

(f) Other Registration Rights. The Company shall not grant to any Person the right to request the Company (i) to register
securities in a Demand Registration unless such rights are consistent with the provisions hereof, or (ii) to register any securities other than securities of the same class as the Registrable Common Stock being registered in a Demand
Registration. 
 (g) Effective Period of Demand Registrations. Upon the date of effectiveness of any Demand Registration for an
underwritten offering and if such offering is priced promptly on or after such date, the Company shall use commercially reasonable efforts to keep such Demand Registration Statement effective for a period equal to sixty (60) days from such date
or such shorter period which shall terminate when all of the Registrable Common Stock covered by such Demand Registration has been sold by the Stockholder pursuant to such Demand Registration. If the Company shall withdraw any Demand Registration
pursuant to Section 5 before such sixty (60) days end and before all of the Registrable Common Stock covered by such Demand Registration has been sold pursuant thereto, the Stockholder shall be entitled to a replacement Demand Registration
which shall be subject to all of the provisions of this Agreement. A Demand Registration shall not count against the limit on the number of such registrations set forth in Section 2(b) if (i) after the applicable Registration Statement has
become effective, such Registration Statement or the related offer, sale or distribution of Registrable Common Stock thereunder becomes the subject of any stop order, injunction or other order or restriction imposed by the SEC or any other
governmental agency or court for any reason not attributable to the Stockholder or its Affiliates (other than the Company and its controlled Affiliates) and such interference is not thereafter eliminated so as to permit the completion of the
contemplated distribution of Registrable Common Stock or (ii) in the case of an underwritten offering, the conditions specified in the related underwriting agreement, if any, are not satisfied or waived due to a breach by the Company of its
covenants, representations or warranties therein, and as a result of any such circumstances described in clause (i) or (ii), less than all of the Registrable Common Stock covered by the Registration Statement is sold by the Stockholder pursuant
to such Registration Statement. 

  
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 Section 3. Piggyback Registrations. 

(a) Certain Offerings by the Company. Prior to the Non-Control Date, the Company shall not register or propose to register any Common
Stock under the Securities Act for its own account other than a registration statement on Form S-8 or with NAB’s prior written consent as required by Section 3.1 of the Stockholder Agreement. 

(b) Right to Piggyback. Whenever on or after the Non-Control Date the Company proposes to register any Common Stock under the
Securities Act (other than a registration statement on Form S-8 or S-4) for its own account, or whenever on or after the date hereof the Company proposes to register any Common Stock under the Securities Act for the account of one or more
holders of Common Stock (other than the Stockholder), and the form of registration statement to be used may be used for any registration of Registrable Common Stock (a “Piggyback Registration”), the Company shall give written notice
to the Stockholder of its intention to effect such a registration and, subject to Sections 3(c) and 3(d), shall include in such registration statement and in any offering of Common Stock to be made pursuant to that registration statement all
Registrable Common Stock with respect to which the Company has received a written request for inclusion therein from the Stockholder within ten (10) days after the Stockholder’s receipt of the Company’s notice. The Company shall have
no obligation to proceed with any Piggyback Registration and may abandon, terminate and/or withdraw such registration for any reason at any time prior to the pricing thereof. If the Company or any other Person other than the Stockholder proposes to
sell Common Stock in an underwritten offering pursuant to a registration statement under the Securities Act, such offering shall be treated as a primary or secondary underwritten offering, as applicable, pursuant to a Piggyback Registration. 

(c) Priority on Primary Piggyback Registrations. If a Piggyback Registration is initiated as a primary underwritten offering on behalf
of the Company and the managing underwriters advise the Company and the Stockholder (if the Stockholder has elected to include Registrable Common Stock in such Piggyback Registration) that in their opinion the number of shares of Common Stock
proposed to be included in such offering exceeds the number of shares of Common Stock which can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Stock
proposed to be sold in such offering), the Company shall include in such registration and offering (i) first, the number of shares of Common Stock that the Company proposes to sell, and (ii) second, the number of shares of Common Stock
requested to be included therein by holders of Common Stock, including the Stockholder (if the Stockholder has elected to include Registrable Common Stock in such Piggyback Registration), pro rata among all such holders on the basis of the
number of shares of Common Stock requested to be included therein by all such holders or as such holders and the Company may otherwise agree. 

(d) Priority on Secondary Registrations. If a Piggyback Registration is initiated as an underwritten registration on behalf of a holder
of Common Stock other than the Stockholder, and the managing underwriters advise the Company that in their opinion the number of shares of Common Stock proposed to be included in such registration exceeds the number of shares of Common Stock that
can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Stock to be sold in such offering), then the Company shall include in such registration (i) first,
the number of shares of 

  
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Common Stock requested to be included therein by the holder(s) requesting such registration, (ii) second, the number of shares of Common Stock requested to be included therein by other
holders of Common Stock including the Stockholder (if the Stockholder has elected to include Registrable Common Stock in such Piggyback Registration), pro rata among such holders on the basis of the number of shares of Common Stock requested
to be included therein by such holders or as such holders and the Company may otherwise agree, and (iii) third, the number of shares of Common Stock that the Company proposes to sell. 

(e) Selection of Underwriters. The Company shall have the right to select the managing underwriter or underwriters to administer any
underwritten offering pursuant to a Piggyback Registration. 
 (f) Other Registration Rights. The Company shall not grant to any
Person the right to request the Company to register any Common Stock in a Piggyback Registration unless such rights are consistent with the provisions hereof. 

Section 4. S-3 Registrations. 

(a) Right to Request Registration. At any time that the Company is eligible to use Form S-3
and continuing until the Termination Date, the Stockholder shall be entitled to request on up to three (3) occasions that the Company file a Registration Statement on Form S-3 (or an amendment or
supplement to an existing registration statement on Form S-3) for a public offering of all or any portion of the Registrable Common Stock pursuant to Rule 415 promulgated under the Securities Act or
otherwise (an “S-3 Registration”). Upon each such request, and subject to Section 5, the Company shall use reasonable best efforts to (i) file a Registration Statement (or any
amendment or supplement thereto) covering the number of shares of Registrable Common Stock specified in such request under the Securities Act on Form S-3 (an
“S-3 Registration Statement”) for public sale in accordance with the method of disposition specified in such request within thirty (30) days after the Stockholder’s written request
therefor and (ii) cause such S-3 Registration Statement to become effective as soon as practical thereafter. If permitted under the Securities Act, each such Registration Statement shall be one that is
automatically effective upon filing. 
 (b) Right to Effect a Shelf Takedown. The Stockholder shall be entitled, at any time and from
time to time when an S-3 Registration Statement is effective and until the Termination Date, to sell such Registrable Common Stock as is then registered pursuant to such Registration Statement (each, a “Shelf Takedown”), but only
upon not less than three (3) business days’ prior written notice to the Company (whether or not such takedown is underwritten); provided, that no prior notice shall be required of any sale pursuant to a plan that complies with Rule
10b5-1 under the Exchange Act. The Stockholder shall be entitled to request that a Shelf Takedown shall be an underwritten offering, provided, however, that (based on the then-current market prices) the number of shares of Registrable
Common Stock included in such underwritten Shelf Takedown would yield gross proceeds to the Stockholder of at least the Minimum Amount; and provided, further, that the Stockholder shall not be entitled to request any underwritten Shelf
Takedown within sixty (60) days after the pricing date of any other underwritten offering effected pursuant to a Demand Registration, a Piggyback Registration or an S-3 Registration, or when the Company is diligently pursuing an underwritten
offering pursuant to (or treated as being pursuant to) a Piggyback Registration. The Stockholder shall also give the Company prompt written notice of the consummation of each Shelf Takedown (whether or not underwritten). 

  
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 (c) Priority on Underwritten Shelf Takedowns. The Company may include Common Stock other
than Registrable Common Stock in an underwritten Shelf Takedown for any accounts on the terms provided below, but only with the consent of the managing underwriters of such offering. If the managing underwriters of the requested underwritten Shelf
Takedown advise the Company and the Stockholder that in their opinion the number of shares of Common Stock proposed to be included in the underwritten Shelf Takedown exceeds the number of shares of Common Stock that can be sold in such offering
without materially delaying or jeopardizing the success of the offering (including the price per share of the Common Stock proposed to be sold in such offering), the Company shall include in such underwritten Shelf Takedown (i) first, the
number of shares of Common Stock that the Stockholder proposes to sell, and (ii) second, the number of shares of Common Stock proposed to be included therein by any other Persons (including Common Stock to be sold for the account of the
Company) allocated among such Persons in such manner as the Company may determine. If the number of shares of Common Stock that can be sold is less than the number of shares of Registrable Common Stock proposed to be included in the underwritten
Shelf Takedown pursuant to clause (i) above, the amount of Common Stock to be so sold shall be allocated to the Stockholder. The provisions of this paragraph (c) apply only to a Shelf Takedown that the Stockholder has requested be an
underwritten offering. 
 (d) Selection of Underwriters. If any of the Registrable Common Stock is to be sold in an underwritten
Shelf Takedown initiated by the Stockholder, the Stockholder shall have the right to select the underwriter or underwriters, but only with the prior written consent of the Company (not to be unreasonably withheld, conditioned or delayed). 

(e) Other Registration Rights. The Company shall not grant to any Person the right to request the Company (i) to register any
Common Stock in an S-3 Registration unless such rights are consistent with the provisions hereof, or (ii) to include any securities of the Company other than Common Stock in an underwritten Shelf
Takedown. 
 (f) Effective Period of S-3 Registrations. The Company shall use reasonable best efforts to keep any S-3 Registration Statement effective for a period of one year after the effective date of such registration statement. Notwithstanding the foregoing, the Company shall not be obligated to keep any such registration
statement effective, or to permit Registrable Common Stock to be registered, offered or sold thereunder, at any time on or after the Termination Date, unless an underwritten Shelf Takedown has been priced but not completed prior to the Termination
Date, in which event the Company shall remain so obligated until such offering is completed. 
 Section 5. Suspension Periods;
Blackout Periods. 
 (a) Suspension Periods. The Company may (i) delay the filing of a Registration Statement in conjunction
with a Demand Registration or an S-3 Registration or (ii) prior to the pricing of any underwritten offering or other offering of Registrable Common Stock pursuant to a Demand Registration or an S-3 Registration, delay such underwritten or other offering (and, if 

  
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it so chooses, withdraw any registration statement that has been filed), but in each case described in clauses (i) and (ii) only if the board of directors of the Company determines in
good faith that the registration or offering to be delayed would, if not delayed, materially adversely affect the Company and its subsidiaries taken as a whole or materially interfere with, or jeopardize the success of, any pending or proposed
material transaction, including any material debt or equity financing, any material acquisition or disposition, any material recapitalization or reorganization or any other material transaction, whether due to commercial reasons, a desire to avoid
premature disclosure of information or any other reason. Any period during which the Company has delayed a filing or an offering pursuant to this Section 5 is herein called a “Suspension Period.” In no event shall there be more
than two Suspension Periods during any rolling period of three hundred sixty-five (365) days, and the number of days covered by any one or more Suspension Periods shall not exceed sixty (60) days in the aggregate during any rolling period
of three hundred sixty-five (365) days. If pursuant to this Section 5 the Company delays a Demand Registration requested by the Stockholder, the Stockholder shall be entitled to withdraw such request and, if it does so, such request shall
not count against the limitation on the number of such registrations set forth in Section 2(b). If pursuant to this Section 5 the Company withdraws an S-3 Registration Statement requested by the
Stockholder, the Stockholder shall be entitled to make a further request for an S-3 Registration pursuant to this Agreement, which will not count against the limitation on the number of such registrations set
forth in Section 4(a). The Company shall provide prompt written notice to the Stockholder of the commencement and termination of any Suspension Period (and any withdrawal of a registration statement pursuant to this Section 5), but shall
not be obligated under this Agreement to disclose the reasons therefor. NAB shall (and shall cause its controlled Affiliates to) keep the existence of each Suspension Period confidential and refrain from making offers and sales of Registrable Common
Stock (and direct any other Persons making such offers and sales to refrain from doing so) during each Suspension Period. For the avoidance of doubt, nothing in this Section 5(a) shall affect any of NAB’s rights pursuant to the Stockholder
Agreement. 
 (b) Blackout Periods. Unless the Company otherwise permits by notice in writing to the Stockholder, the Stockholder
shall not make any offers or sales of Registrable Common Stock during the period (each a “Blackout Period”) beginning on the 15th day of the third month of each fiscal quarter of the Company and ending one full trading day
after the Company publicly issues its earnings release for such fiscal quarter (or fiscal year in the case of the fourth fiscal quarter). A “full trading day” after an earnings release means at least one full-day trading session on
the New York Stock Exchange shall have elapsed after the public issuance of such earnings release. Notwithstanding this Section 5(b), but subject to the other provisions hereof, Registrable Common Stock may be offered and sold during a Blackout
Period if such offers and sales are made pursuant to a plan that complies with Rule 10b5-1 under the Exchange Act (and is established outside a Blackout Period). Notwithstanding this Section 5(b),
the Stockholder may make offers and sales of Registrable Common Stock in an underwritten offering pursuant to a Demand Registration or in an underwritten Shelf Takedown during a Blackout Period, unless a Suspension Period is in effect. 

Section 6. Holdback Agreements. 

The restrictions in this Section 6 shall apply only for as long as NAB is the beneficial owner of any Registrable Common Stock. If the
Company sells Common Stock or other 

  
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securities convertible into or exchangeable for (or otherwise representing a right to acquire) Common Stock in a primary underwritten offering pursuant to any registration statement under the
Securities Act (whether or not the Stockholder is given an opportunity to participate), or if any other Person sells Common Stock in a secondary underwritten offering pursuant to a Piggyback Registration and the Stockholder is given an opportunity
(not subsequently reduced by more than twenty-five percent (25%) or withdrawn pursuant to the “cut-back” provisions of this Agreement) to participate in the offering, and if the managing underwriters for such offering advise the
Company (in which case the Company promptly shall notify the Stockholder) that a public sale or distribution of Registrable Common Stock outside such offering would materially adversely affect such offering, then, if requested by the Company, NAB
shall agree, as contemplated in this Section 6, not to (and to cause its controlled Affiliates not to) sell, transfer, pledge, issue, grant or otherwise dispose of, directly or indirectly (including by means of any short sale), or request the
registration of, any Registrable Common Stock (or any securities of any Person that are convertible into or exchangeable for, or otherwise represent a right to acquire, Registrable Common Stock) for a period equal (each such period, a
“Holdback Period”) to the lesser of (i) ninety (90) days beginning on and including the pricing date for such underwritten offering and (ii) such shorter period as to which the managing underwriters for such offering
may agree (each such agreement of NAB, a “Holdback Agreement”). Notwithstanding the foregoing, the Stockholder shall not be subject to more than one Holdback Agreement relating to an underwritten offering pursuant to a Piggyback
Registration during any rolling period of three hundred sixty-five (365) days, other than any such Holdback Agreement relating to an underwritten offering in which the Stockholder was permitted to participate without being subject to an
underwriters’ cutback. Each Holdback Agreement shall be in writing in form satisfactory to the Company and the managing underwriters. Notwithstanding the foregoing, NAB shall not be obligated to make a Holdback Agreement unless the
Company, each selling shareholder in such offering, all of the Company’s officers and directors and each Person (if any) who beneficially owns ten percent (10%) or more of the outstanding Common Stock and has the right to require the
Company to register Common Stock for sale under the Securities Act (collectively, “Other Holdback Parties”) also execute agreements substantially identical to such Holdback Agreement. Each Holdback Agreement shall provide that NAB
shall be released from its obligations thereunder if and when any of the Other Holdback Parties is released (in whole or in part) from the prohibition on offers and sales of Common Stock in its hold back agreement relating to the same offering
(other than a release of an individual that is due to a personal hardship and affects only a small number of Common Stock), and the Company shall promptly notify NAB of any such release. A Holdback Agreement shall not apply to (i) the exercise
of any warrants or stock options to purchase stock of the Company (provided that such restrictions shall apply with respect to the securities issuable upon such exercise), (ii) transfers to Affiliates where the transferee agrees in
writing with the Company to be bound by the terms hereof, or (iii) any Registrable Common Stock included in the underwritten offering giving rise to the application of this Section 6. A Holdback Agreement shall prohibit NAB and its
controlled Affiliates from entering into any hedging or similar arrangement in respect of the Registrable Common Stock. 
 Section 7.
Registration Procedures. 
 (a) Whenever the Stockholder requests that any Registrable Common Stock be registered pursuant to this
Agreement, the Company shall use reasonable best efforts to effect, as soon as practical as provided herein, the registration and the sale of such Registrable Common 

  
 - 11 - 

 
Stock in accordance with the intended methods of disposition thereof, and, pursuant thereto, the Company shall, as soon as practical as provided herein: 

(i) subject to the other provisions of this Agreement, use reasonable best efforts to prepare and file with the SEC a
Registration Statement with respect to such Registrable Common Stock and cause such Registration Statement to become effective (unless it is automatically effective upon filing); and before filing a Registration Statement or Prospectus or any
amendments or supplements thereto, furnish to the Stockholder and the underwriters or other distributors, if any, identified by the Stockholder copies of all such documents proposed to be filed, including documents incorporated by reference in the
Prospectus and, if requested by the Stockholder, one set of the exhibits incorporated by reference, and the Stockholder and a single counsel selected by the Stockholder (“Stockholder’s Counsel”) shall have a reasonable
opportunity to review and comment on the Registration Statement and each such Prospectus (and each amendment or supplement thereto) before it is filed with the SEC, and the Stockholder shall have the opportunity to object to any information
pertaining to the Stockholder that is contained therein and the Company will make the corrections reasonably requested by the Stockholder with respect to such information prior to filing any Registration Statement or Prospectus or any amendment or
supplement thereto; 
 (ii) use reasonable best efforts to prepare and file with the SEC such amendments and supplements
to such Registration Statement and the Prospectus used in connection therewith as may be necessary to comply with the applicable requirements of the Securities Act and to keep such Registration Statement effective for the relevant period required
hereunder, but no longer than is necessary to complete the distribution of the Common Stock covered by such Registration Statement, and to comply with the applicable requirements of the Securities Act with respect to the disposition of all the
Common Stock covered by such Registration Statement during such period in accordance with the intended methods of disposition set forth in such Registration Statement; 

(iii) use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement, or the lifting of any suspension of the qualification or exemption from qualification of any Registrable Common Stock for sale in any jurisdiction in the United States; 

(iv) furnish to the Stockholder and each managing underwriter, if any, without charge, conformed copies of each Registration
Statement and amendment thereto and copies of each supplement thereto promptly after they are filed with the SEC (but only one set of exhibits thereto need be provided); and deliver, without charge, such number of copies of the preliminary and final
Prospectus and any supplement thereto as the Stockholder may reasonably request in order to facilitate the disposition of the Registrable Common Stock of the Stockholder covered by such Registration Statement in conformity with the requirements of
the Securities Act; 
 (v) use reasonable best efforts to register or qualify such Registrable Common Stock under such other
securities or blue sky laws of such U.S. jurisdictions as the Stockholder reasonably requests and continue such registration or qualification in effect 

  
 - 12 - 

 
in such jurisdictions for as long as the applicable Registration Statement may be required to be kept effective under this Agreement (provided that the Company will not be required to
(1) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph (v), (2) subject itself to taxation in any such jurisdiction or (3) consent to general service
of process in any such jurisdiction); 
 (vi) notify the Stockholder and each distributor of such Registrable Common Stock
identified by the Stockholder, at any time when a Prospectus relating thereto is required under the Securities Act to be delivered by such distributor, of the occurrence of any event as a result of which the Prospectus included in such Registration
Statement contains an untrue statement of a material fact or omits a material fact necessary to make the statements therein not misleading, and, at the request of the Stockholder, the Company shall use reasonable best efforts to prepare, as
soon as practical, and in any event within two Business Days, a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Common Stock, such Prospectus shall not contain an untrue statement of
a material fact or omit to state any material fact necessary to make the statements therein not misleading; 
 (vii) in the
case of an underwritten offering in which the Stockholder participates pursuant to a Demand Registration, Piggyback Registration or an S-3 Registration, enter into an underwriting agreement containing such
provisions (including provisions for indemnification, lockups, opinions of counsel and comfort letters) as are customary and reasonable for an offering of such kind, and take all such other customary and reasonable actions as the managing
underwriters of such offering may request in order to facilitate the disposition of such Registrable Common Stock (including, making members of senior management of the Company available to participate in “road-show” and other customary
marketing activities); 
 (viii) in the case of an underwritten offering in which the Stockholder participates pursuant to a
Demand Registration, Piggyback Registration or an S-3 Registration, and to the extent not prohibited by applicable law or pre-existing applicable contractual restrictions, (A) make reasonably available,
for inspection by the Stockholder, Stockholder’s Counsel, the managing underwriters of such offering and one counsel (and one accountant) for such managing underwriter, pertinent corporate documents and financial and other records of the
Company and its subsidiaries and controlled Affiliates, (B) cause the Company’s officers and employees to supply information reasonably requested by the Stockholder or such managing underwriters or attorney in connection with such offering
and (C) make the Company’s independent accountants available for any such managing underwriters’ due diligence; provided, however, that such records and other information shall be subject to such confidential treatment
as is customary for underwriters’ due diligence reviews; 
 (ix) use reasonable best efforts to cause all such
Registrable Common Stock to be listed on each securities exchange on which securities of the same class issued by the Company are then listed; 

  
 - 13 - 

 (x) provide a transfer agent and registrar for all such Registrable Common Stock
not later than the effective date of such Registration Statement and, a reasonable time before any proposed sale of Registrable Common Stock pursuant to a Registration Statement, provide the transfer agent with printed certificates for the
Registrable Common Stock to be sold, subject to the provisions of Section 11; 
 (xi) make generally available to its
shareholders a consolidated earnings statement (which need not be audited) for a period of twelve (12) months beginning after the effective date of the Registration Statement as soon as reasonably practicable after the end of such period, which
earnings statement shall satisfy the requirements of an earning statement under Section 11(a) of the Securities Act and Rule 158 thereunder; and 

(xii) promptly notify the Stockholder and the managing underwriters of any underwritten offering: 

(1) when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or any
post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; 

(2) of any request by the SEC for amendments or supplements to the Registration Statement or the Prospectus or for any
additional information regarding the Stockholder; 
 (3) of the notification to the Company by the SEC of its initiation of
any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement; and 

(4) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable
Common Stock for sale under the applicable securities or blue sky laws of any jurisdiction; and 
 (xiii) keep
Stockholder’s Counsel reasonably apprised as to the intention and progress of the Company with respect to any Registration Statement hereunder, including by providing Stockholder’s Counsel with copies of all written correspondence with the
SEC in connection with any Registration Statement or Prospectus filed hereunder. 
 For the avoidance of doubt, the provisions of
clauses (vii), (viii) and (xi) of this Section 7(a) shall apply only in respect of an underwritten offering and only if (based on market prices at the time the offering is requested by the Stockholder) the number of shares of
Registrable Common Stock to be sold in the offering would yield gross proceeds to the Stockholder of at least the Minimum Amount. Notwithstanding any provision of this Agreement, the Company shall not be obligated to prepare for inclusion in any
Registration Statement any audited financial statements for any period other than a fiscal year of the Company beginning on or after October 1, 2012 or any unaudited financial statements for any period other than a first, second or third fiscal
quarter of any such fiscal year. 

  
 - 14 - 

 (b) No Registration Statement (including any amendments thereto) shall contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading, and no Prospectus (including any supplements thereto) shall contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case, except for any untrue statement or alleged untrue statement of a
material fact or omission or alleged omission of a material fact made in reliance on and in conformity with written information furnished to the Company by or on behalf of NAB or the Stockholder or any underwriter or other distributor specifically
for use therein. 
 (c) At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of the
Securities Act and until the Termination Date, the Company shall use reasonable best efforts to continuously maintain in effect the registration statement of Common Stock under Section 12 of the Exchange Act and to use reasonable best efforts
to file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, all to the extent required to enable the Stockholder to be eligible to sell Registrable Common
Stock pursuant to Rule 144 under the Securities Act prior to the Termination Date. 
 (d) The Company may require the Stockholder and
each distributor of Registrable Common Stock as to which any registration is being effected to furnish to the Company any other information regarding such Person and the distribution of such securities as the Company may from time to time reasonably
request. 
 (e) The Stockholder agrees by having its stock treated as Registrable Common Stock hereunder that, upon being advised in writing
by the Company of the occurrence of an event pursuant to Section 7(a)(vi), the Stockholder will immediately discontinue (and direct any other Persons making offers and sales of Registrable Common Stock to immediately discontinue) offers and
sales of Registrable Common Stock until it is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 7(a)(vi), and, if so directed by
the Company, the Stockholder will deliver to the Company all copies, other than permanent file copies then in the Stockholder’s possession, of the Prospectus covering such Registrable Common Stock current at the time of receipt of such notice.

 (f) The Company may prepare and deliver an issuer free-writing prospectus (as such term is defined in Rule 405 under the Securities
Act) in lieu of any supplement to a prospectus, and references herein to any “supplement” to a Prospectus shall include any such issuer free-writing prospectus. Neither the Stockholder nor any other seller of Registrable Common Stock may
use a free-writing prospectus to offer or sell any such stock without the Company’s prior written consent. 
 (g) It is understood and
agreed that any failure of the Company to file a registration statement or any amendment or supplement thereto or to cause any such document to become or remain effective or usable within or for any particular period of time as provided in
Section 2, 4 or 7 or otherwise in this Agreement, due to reasons that are not reasonably within its control, or due to any refusal of the SEC to permit a registration statement or prospectus to become or

  
 - 15 - 

 
remain effective or to be used because of unresolved SEC comments thereon (or on any documents incorporated therein by reference) despite the Company’s good faith and diligent efforts to
resolve those comments, shall not be a breach of this Agreement. However, neither shall any such failure relieve the Company of its obligations hereunder to use reasonable best efforts to remedy such failure. 

(h) It is further understood and agreed that the Company shall not have any obligations under this Section 7 at any time on or after the
Termination Date, unless an underwritten offering in which the Stockholder participates has been priced but not completed prior to the Termination Date, in which event the Company’s obligations under this Section 7 shall continue with
respect to such offering until such offering is completed or for 15 business days, whichever is shorter. 
 Section 8. Registration
Expenses. 
 (a) All expenses incident to the Company’s performance of or compliance with this Agreement, including all registration
and filing fees, fees and expenses of compliance with securities or blue sky laws, Financial Industry Regulatory Authority fees, listing application fees, printing expenses, transfer agent’s and registrar’s fees, cost of distributing
Prospectuses in preliminary and final form as well as any supplements thereto, fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons retained by the Company, and fees and disbursements
of one counsel representing the Stockholder (all such expenses being herein called “Registration Expenses”) (but not including any underwriting discounts or commissions attributable to the sale of Registrable Common Stock or fees
and expenses of counsel representing any underwriters or other distributors), shall be borne by the Company. 
 (b) The obligation of the
Company to bear the expenses described in Section 8(a) shall apply irrespective of whether a registration, once properly demanded or requested, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of
registration and irrespective of when any of the foregoing shall occur; provided, however, that Registration Expenses for any Registration Statement withdrawn solely at the request of the Stockholder (unless withdrawn following
commencement of a Suspension Period pursuant to Section 5) shall be borne by the Stockholder. 
 Section 9.
Indemnification. 
 (a) The Company shall indemnify, to the fullest extent permitted by law, the Stockholder and each Person who
controls the Stockholder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities, judgments, costs (including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees arising out
of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus) or any amendment thereof or supplement thereto or arising out of or based upon any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are made in reliance and in conformity with information furnished in writing to the Company by NAB or the Stockholder
expressly for use therein. In connection with an underwritten offering in which the Stockholder 

  
 - 16 - 

 
participates conducted pursuant to a registration effected hereunder, the Company shall indemnify each participating underwriter and each Person who controls such underwriter (within the meaning
of the Securities Act) to the same extent as provided above with respect to the indemnification of the Stockholder, provided, however, that this sentence shall apply only if (based on the current market prices immediately prior
thereto) the number of shares of Registrable Common Stock to be sold in the offering would yield gross proceeds to the Stockholder of at least the Minimum Amount (or if the Company otherwise approves the offering for purposes of this
Section 9). 
 (b) In connection with any Registration Statement in which the Stockholder is participating, NAB and the Stockholder
shall furnish to the Company in writing such information and certificates as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus, or amendment or supplement thereto, and shall indemnify, to the
fullest extent permitted by law, the Company, its officers and directors and each Person who controls the Company (within the meaning of the Securities Act) against all losses, claims, damages, liabilities, judgments, costs (including reasonable
costs of investigation) and expenses (including reasonable attorneys’ fees) arising out of or based upon any untrue or alleged untrue statement of material fact contained in the Registration Statement or Prospectus, or any amendment or
supplement thereto or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the same are made in
reliance and in conformity with information furnished in writing to the Company by NAB or the Stockholder expressly for use therein. 
 (c)
Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying Person of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying Person to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified Person. Failure so to notify the indemnifying Person shall not relieve it from any liability that it may have to an indemnified Person otherwise than under this Section 9. If
such defense is assumed, the indemnifying Person shall not be subject to any liability for any settlement made by the indemnified Person without its consent (but such consent will not be unreasonably withheld). An indemnifying Person who is entitled
to, and elects to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to one local counsel) for all Persons indemnified by such indemnifying Person with respect to such claim (and
all other claims arising out of the same circumstances), unless in the reasonable judgment of any indemnified Person there may be one or more legal or equitable defenses available to such indemnified Person which are in addition to or may conflict
with those available to another indemnified Person with respect to such claim, in which case such maximum number of counsel for all indemnified Persons shall be two rather than one). Failure to give prompt written notice shall not release the
indemnifying Person from its obligations hereunder. The indemnifying Person shall not consent to the entry of any judgment or enter into or agree to any settlement relating to a claim or action for which any indemnified Person would be entitled to
indemnification by any indemnifying Person hereunder unless such judgment or settlement includes as an unconditional term the giving, by all relevant claimants and plaintiffs to such indemnified Person, a release, satisfactory in form and substance
to such indemnified Person, from all liabilities in respect of such claim or action for which such indemnified Person would be entitled to such indemnification. The indemnifying Person shall 

  
 - 17 - 

 
not be liable hereunder for any amount paid or payable or incurred pursuant to or in connection with any judgment entered or settlement effected with the consent of an indemnified Person unless
the indemnifying Person has also consented to such judgment or settlement. 
 (d) The indemnification provided for under this Agreement
shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified Person or any officer, director or controlling Person of such indemnified Person and shall survive the transfer of securities and the
Termination Date but only with respect to offers and sales of Registrable Common Stock made before the Termination Date, and offers and sales of Registrable Common Stock made pursuant to a Shelf Takedown that has been priced by not completed prior
to the Termination Date. 
 (e) If the indemnification provided for in or pursuant to this Section 9 is due in accordance with the
terms hereof, but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying Person, in lieu of indemnifying such indemnified Person,
shall contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying Person on the one
hand and of the indemnified Person on the other in connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative fault of the
indemnifying Person on the one hand and of the indemnified Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying Person or by the indemnified Person, and by such Person’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In
no event shall the liability of the Stockholder or NAB be greater in amount than the amount for which such indemnifying Person would have been obligated to pay by way of indemnification if the indemnification provided for under Section 9(a) or
9(b) hereof had been available under the circumstances. 
 Section 10. Participation in Underwritten Offerings. 

No Person (including the Stockholder) may participate in any underwritten offering pursuant to a registration effected hereunder unless such
Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Stockholder, in the case of any underwritten offering pursuant to a Demand Registration or any underwritten Shelf
Takedown, or by the Company, in any other case and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, lockups and other documents required under the terms of such underwriting arrangements.

 Section 11. Securities Act Restrictions. 

The shares of Registrable Common Stock are restricted securities under the Securities Act and may not be offered or sold except pursuant to an
effective registration statement or an available exemption from registration under the Securities Act. Accordingly, the Stockholder shall not, directly or through others, offer or sell any shares of Registrable Common Stock except

  
 - 18 - 

 
pursuant to a Registration Statement as contemplated herein or pursuant to Rule 144 or another exemption from registration under the Securities Act, if available. Prior to any transfer of
shares of Registrable Common Stock other than pursuant to an effective registration statement, the Stockholder shall notify the Company of such transfer and the Company may require the Stockholder to provide, prior to such transfer, such evidence
that the transfer will comply with the Securities Act (including written representations or an opinion of counsel) as the Company may reasonably request. The Company may impose stop-transfer instructions with respect to any shares of Registrable
Common Stock that are to be transferred in contravention of this Agreement (including Section 6 and this Section 11). Any certificates representing shares of the Registrable Common Stock may bear a legend (and the Company’s share
registry may bear a notation) referencing the restrictions on transfer contained in this Agreement, until such time as such securities have ceased to be or are to be transferred in a manner that results in their ceasing to be, Registrable Common
Stock. Subject to the provisions of this Section 11, the Company will replace any such legended certificates with unlegended certificates promptly upon request by any Stockholder in order to facilitate a lawful transfer or at any time after
such stock ceases to be Registrable Common Stock. 
 Section 12. Transfers of Rights and Collective Action. 

(a) Transfers to NAB and Subsidiaries. Shares of Registrable Common Stock may be transferred to and held by NAB or any majority-owned
subsidiary of NAB from time to time and in whole or in part, but only if the transfer complies with Section 11. Each such transfer shall be effective when (but only when) the transferred securities are registered in the name of the transferee.
Upon any such effective transfer, the transferee shall automatically become and have the rights of a Stockholder with respect to the Registrable Common Stock so transferred and the transferor shall automatically cease to be and to have the rights of
a Stockholder with respect to the transferred shares of Registrable Common Stock. The Company may require any transferee that becomes a Stockholder to sign a written acknowledgement that it has become a Stockholder hereunder. Notwithstanding the
foregoing, any Stockholder that (i) ceases to be the registered owner of Registrable Common Stock or (ii) ceases to be NAB or a majority-owned subsidiary of NAB, shall automatically cease to be a Stockholder and, in the case of clause
(ii), any shares of Registrable Common Stock held by such Person shall automatically cease to be Registrable Common Stock for all purposes hereunder. With respect to any Person that ceases to be a Stockholder (either entirely or only with respect to
transferred securities), the rights and obligations of such Person arising under Section 9 or otherwise hereunder with respect to periods and matters existing before such cessation shall survive such cessation. 

(b) Collective Action. At any time when there is more than one Stockholder, they shall act collectively as if they were one Stockholder
holding all of their shares of Registrable Common Stock, and any act, determination or request permitted or required to be done or made hereunder by any of them shall be done or made solely by NAB on their behalf in a coordinated manner as if they
were one Stockholder. NAB shall cause each Stockholder (and former Stockholder) to perform its obligations under, and otherwise comply with, the provisions of this Agreement. 

  
 - 19 - 

 (c) Transfers to Other Persons. Shares of Registrable Common Stock may be transferred to
and held by Persons other than NAB or a majority-owned subsidiary of NAB, but only if the transfer complies with Section 11 and only if, before any such shares are transferred to any such other Person (other than pursuant to a Registration
Statement or Rule 144 under the Securities Act), or otherwise become held by any such other Person, such other Person agrees in writing with the Company, in a form reasonably satisfactory to the Company, to comply with Section 11 with respect
to any future transfers of such shares. Notwithstanding any other provision of this Agreement, however, no such other Person shall have the rights of a Stockholder or of NAB hereunder, and no shares transferred to or held by any such other Person
shall have the benefits afforded to Registrable Common Stock hereunder. 
 Section 13. Miscellaneous. 

(a) Notices. Except as otherwise provided herein, all notices, requests, consents and other communications required or permitted
hereunder shall be in writing and shall be hand delivered, mailed (postage prepaid) by registered or certified mail or sent by e-mail or facsimile transmission (with telephone confirmation promptly
thereafter), 
 If to the Company: 

Great Western Bancorp, Inc. 
 100
North Phillips Avenue 
 Sioux Falls, SD 57104 

Attention:        General Counsel 

Facsimile:        (605) 333-7882 

E-mail:             donald.straka@greatwesternbank.com 

If to the Stockholder: 
 National
Australia Bank Limited 
 Pier 3 Level 4 

800 Bourke Street 
 Docklands,
Victoria, Australia 3008 
 Attention: HO Corporate Advisory Legal 

Facsimile: +61 1300 728 820 

Email: notices@nab.com.au 
 or at such other
address as any such party hereto may specify by written notice to the others, and, except as otherwise provided herein, each such notice, request, consent and other communication shall for all purposes of the Agreement be treated as being effective
or having been given when delivered personally or by mail or, in the case of e-mail or facsimile delivery, upon receipt of e-mail or facsimile confirmation of delivery and telephonic confirmation. 

(b) No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law. 

  
 - 20 - 

 (c) Successors and Assigns. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns, it being understood that there are no intended third party beneficiaries hereof. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of New York. 

(e) Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby must be brought in any federal or state court located in the Borough of Manhattan in The City of New York, and each of the parties hereby consents to the jurisdiction of such
courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such
suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere
in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 13(a) shall be deemed effective service of process on
such party. 
 (f) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (g) Counterparts;
Effectiveness. This Agreement may be executed in any number of counterparts (including by e-mail or facsimile) and by different parties hereto in separate counterparts, with the same effect as if all
parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received
counterparts hereof signed by all of the other parties hereto. 
 (h) Entire Agreement. This Agreement contains the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof. 

(i) Captions. The headings and other captions in this Agreement are for convenience and reference only and shall not be used in
interpreting, construing or enforcing any provision of this Agreement. 
 (j) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible. 

  
 - 21 - 

 (k) Amendments. The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Company and NAB. 

(l) Conditions Precedent. The provisions of this Agreement will only take effect upon the consummation of the initial public offering
of the Common Stock and only if the initial public offering of such Common Stock is consummated by             , 2014 (or such later date as may be agreed to in writing by the parties
hereto). 
 [Signature Page Follows] 

  
 - 22 - 

 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the
parties hereto as of the date first written above. 
  

			
	GREAT WESTERN BANCORP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	NATIONAL AUSTRALIA BANK LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	NATIONAL AMERICAS HOLDINGS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Registration Rights Agreement]EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 
  

 
 September 15, 2014 

Kenneth Karels 
 at the address on file with 

Great Western Bancorp, Inc. 
  

	Re:	Terms of Employment 

 Dear Ken, 

This letter (this “Letter”) sets forth the term of your employment with Great Western Bancorp, Inc., a Delaware corporation (the
“Company”), Great Western Bank and their subsidiaries (together, the “Group”). 
  

	1.	Commencement Date 

 This Letter is being entered into in connection with the initial
public offering of the Company’s shares of common stock (the “IPO”). Your employment under this Letter will begin on the date that the IPO closes (the “Commencement Date”). In the event that the IPO is not
completed prior to June 30, 2015 or your employment terminates prior to the closing of the IPO, this Letter will be null, void in its entirety and without effect. 
  

	2.	Term 

 Your employment under this Letter will begin on the Commencement Date and will
continue until either you or the Company terminates such employment. Your employment with the Group will be for an unspecified duration and constitutes “at will” employment. Your employment may be terminated at any time for any reason or
no reason, at the option of you or the Company, subject to the obligations under this Letter. Upon termination of your employment with the Group, at the request of the Company you will promptly resign from any officer position, directorship or any
other position in which you act as a fiduciary of or for the Group. 
  

	3.	Position and Duties 

  

	3.1	Position and Reporting. You will serve the Company and Great Western Bank in the position of President and Chief Executive Officer (your “Position”). In those capacities, you will report directly
to the Company’s Board of Directors (the “Board”) and Great Western Bank’s Board of Directors. You understand, acknowledge and agree that you will be employed by both the Company and Great Western Bank and will be
providing services to both, although the expectation is that a substantial portion of your time and efforts will be devoted to providing services to Great Western Bank, and that the Company and Great Western Bank will apportion the costs of the
compensation and benefits provided to you in this Letter between them as they deem appropriate. 

 Kenneth Karels 

September 15, 2014 
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	3.2	Duties and Responsibilities. You are required to perform the duties that are customarily associated with and appropriate to the Position, or which are delegated to you, from time to time, by the Board or Great
Western Bank’s Board of Directors. Unless otherwise designated by the Board or Great Western Bank’s Board of Directors, you will primarily perform such duties at the Company’s headquarters in Sioux Falls, South Dakota (your
“Primary Work Site”), subject to required travel where appropriate to execute such duties and such other terms and conditions provided in this Letter. 

 

	3.3	Performance. You will devote substantially all of your business time and attention to the Group and will use good faith efforts to discharge your responsibilities under this Letter to the best of your ability.
Unless you have the Company’s written consent, you may not: (i) engage in any activities, including but not limited to directorships or personal business activities, where a conflict might arise as between those activities and the
Group’s interests; or (ii) perform any other work which interferes with your ability to perform your duties for the Group, whether or not a conflict of interest might arise as between that other work and the Group’s interests.

  

	4.	Compensation 

  

	4.1	Salary. Your annual base salary is $715,000 (as may be increased or decreased from time to time, your “Salary”), payable in accordance with the Group’s normal practices for senior
executives. The Compensation Committee of the Board will review your Salary at least annually and may increase it at any time for any reason. However, your Salary may not be decreased at any time (including after any increase) other than as part of
an across-the-board salary reduction that applies in the same manner to all senior executives, and any increase in your Salary will not reduce or limit any other obligation to you under this Letter. Your initial Salary will be retroactive to the
later of (A) August 1, 2014 and (B) the date that is six (6) months prior to the Commencement Date, and, as soon as practicable following the Commencement Date, you will receive a lump-sum payment of the amount that otherwise
would have been paid to you under this Section 4.1 had this Letter been in effect on such date (for the avoidance of doubt, there will be no duplication of any base salary paid to you). 

 

	4.2	 Future Annual Cash Bonus. Beginning with the fiscal year ending September 30, 2015 (the “2015 Fiscal Year”), you will be
entitled to receive an annual cash incentive bonus (your “Bonus”) for each fiscal year of the Company ending during your employment. Your target Bonus opportunity will be 75% of your Salary, and your actual Bonus will range from 0%
to 200% of your target bonus opportunity based on actual performance against performance metrics established by the Compensation Committee of the Board and be paid within two and one half months after the end of the fiscal year to which it relates.
For the 2015 Fiscal Year, the performance metrics applicable to your Bonus will be cash earnings (weighted 40%) and return on equity (weighted 60%). The Compensation Committee of the Board, in its sole discretion, will establish the specific
performance targets for the 2015 Fiscal Year and future fiscal years, and may establish 

 Kenneth Karels 

September 15, 2014 
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different performance metrics for future fiscal years. Your Bonus will be subject to the terms of the Company’s annual incentive plan under which it is awarded (including applicable
performance metrics and any deferral requirements) and any Group clawback or recoupment policy in effect from time to time. You expressly agree to comply with any such policy in all regards. 

 

	4.3	2014 Annual Cash Bonus. For the fiscal year ending September 30, 2014 (the “2014 Fiscal Year”), you will be entitled to receive an annual cash incentive bonus (your “2014
Bonus”). Your target 2014 Bonus opportunity is 75% of your Salary, and your actual Bonus will range from 0% to 200% of your target bonus opportunity based on actual performance against the performance metrics under the NAB Group Short Term
Incentive Plan (which are cash earnings, weighted 40%, and return on equity, weighted 60%) and be paid within two and one half months after the end of the 2014 Fiscal Year. For the avoidance of doubt, your 2014 Bonus supersedes any other cash
incentive bonus to which you would otherwise have been entitled to by the Group or National Australia Bank Limited or any of its affiliates. 

  

	4.4	Equity Awards. As soon as practicable following the closing of the IPO, but no later than 30 days thereafter, you will be granted: 

 

	 	(a)	for the 2015 Fiscal Year, an annual long-term incentive compensation award (“LTI Award”) with a value of $670,000 (based on the IPO price per share of the Company’s common stock). Your LTI Award
for the 2015 Fiscal Year will be (i) 50% in the form of time-based restricted stock units, which will vest in three equal annual installments on each of the first three anniversaries of the grant date and (ii) 50% in the form of
performance-based restricted stock units, which will vest based on performance over a three-year performance period; and 

  

	 	(b)	a one-time award of performance-based restricted stock units with a value of $1,000,000 (the “IPO Grant”) (based on the IPO price per share of the Company’s common stock). The IPO Grant will be
granted as soon as practicable following the closing of the IPO and will vest based on performance over a three-year performance period. Your IPO Grant will be subject to the terms of the Company equity plan under which it is granted and to the
terms of any applicable award agreement. 

 For any fiscal year ending during your employment following the 2015 Fiscal Year,
you will be eligible to receive an LTI Award in form and amount determined in the sole discretion of the Board (or the Compensation Committee of the Board). Your LTI Awards, including the LTI Award for the 2015 Fiscal Year, will be subject to the
terms of the Company equity plan under which it is granted and to the terms of any applicable award agreement. 

 Kenneth Karels 

September 15, 2014 
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	5.	Benefits 

 During your employment, you will be entitled to participate in each of the
Group’s employee benefit and welfare plans, including plans providing retirement benefits or medical, dental, hospitalization, life or disability insurance, on a basis that is at least as favorable as that generally provided to other senior
executives of the Group. You will be entitled to paid time off and other types of leave on a basis that is at least as favorable as that provided to other senior executives of the Group. You will be reimbursed for all reasonable business and
entertainment expenses incurred by you in performing your responsibilities under this Letter that are submitted in accordance with the Group’s policy. 
  

	6.	Indemnification and Advancement of Expenses 

 To the extent permitted by law and subject
to the Company’s certificate of incorporation and bylaws, the Company will indemnify you against any actual or threatened action, suit or proceeding against you, whether civil, criminal, administrative or investigative, arising by reason of
your status as a director, officer, employee and/or agent of the Group during your employment. In addition, to the extent permitted by law and subject to the Company’s certificate of incorporation and bylaws, the Company will advance or
reimburse any expenses, including reasonable attorney’s fees, you incur in investigating and defending any actual or threatened action, suit or proceeding for which you may be entitled to indemnification under this Section 6.
However, you agree to repay any expenses paid or reimbursed by the Company if it is ultimately determined that you are not legally entitled to be indemnified by the Company. 
  

	7.	Company Property 

  

	7.1	All material, including but not limited to written material whether in hard copy or electronic format, created by you or which comes into your possession or control in the course of your employment with the Group, is
the property of the Group. 

  

	7.2	When your employment with the Group ends, or when otherwise directed by the Company, you must return all of the Group’s property in your possession or control including, but not limited to, all material (whether
written material in hard copy or electronic format), keys, access cards, vehicles owned or leased by the Group, phones, computers or discs. When directed by the Company, instead of returning such property to the Group, you must destroy it and
certify in writing to the Company that you have done so. 

  

	7.3	You agree that any intellectual property created or developed by you (whether by yourself or with others) in the course of your employment with the Group will belong exclusively to the Group. By signing this Letter you:
(i) assign to the Group all rights in any intellectual property (including all rights of copyright and patent) created or developed by you (whether by yourself or with others) in the course of your employment, including the right to develop,
make, use, sell, license or otherwise benefit from the intellectual property; and (ii) agree to execute any documents necessary or desirable to give effect to your obligations in this Section 7.3. 

 Kenneth Karels 

September 15, 2014 
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	7.4	You consent to the Group doing or omitting to do anything that would otherwise infringe your rights in any copyright works created or developed by you (whether alone or with others) in the course of your employment with
the Group. 

  

	8.	Confidential Information 

  

	8.1	You agree that during your employment with the Group, and after your employment with the Group ends, you must not use or disclose to any person any Proprietary Information which you acquire during your employment with
the Group, except if that use or disclosure is in the proper course of your employment for the Group’s benefit, with the Company’s written consent, or as required by law. You agree that during your employment you will use your best
endeavors to maintain proper and secure custody of any Proprietary Information and to prevent the publication, use or disclosure of any Proprietary Information, including by a third party. 

“Proprietary Information” means confidential or proprietary information, knowledge or data concerning (i) the
Group’s businesses, strategies, operations, financial affairs, organizational matters, personnel matters, budgets, business plans, marketing plans, studies, policies, procedures, products, ideas, processes, software systems, trade secrets and
technical know-how, (ii) any other matters relating to the Group and (iii) any matter relating to clients of the Group or other third parties having relationships with the Group. Proprietary Information includes (i) information
regarding any aspect of your tenure as an employee of the Group or the termination of your employment, (ii) the names, addresses, and phone numbers and other information concerning clients and prospective clients of the Group,
(iii) investment techniques and trading strategies used in, and the performance records of, client accounts or other investment products, and (iv) information and materials concerning the personal affairs of employees of the Group. In
addition, Proprietary Information may include information furnished to you orally or in writing (whatever the form or storage medium) or gathered by inspection, in each case before or after the date of this Letter. 

 

	8.2	These obligations do not apply to Proprietary Information which is publicly available, unless that information is publicly available because you have, directly or indirectly, breached any of your obligations with
respect to that information. If it is uncertain whether any information is publicly available, the information is deemed not to be publicly available, unless the Company informs you in writing to the contrary. 

 

	8.3	Nothing in this Letter prohibits you from providing truthful testimony concerning the Group to governmental, regulatory or self-regulatory authorities, so long as you give the Company written notice of such testimony
(if legally permitted) as soon as practicable under the circumstances to enable the Group to seek a protective order, confidential treatment or other appropriate relief and cooperate with the Group in seeking to do so. 

 Kenneth Karels 

September 15, 2014 
  Page
 6
 
  

	9.	Termination of Employment 

  

	9.1	Related Definitions. 

  

	 	(a)	“Cause” means the occurrence of any of the following: (i) your conviction of, or plea of guilty or no contest to, any felony or any crime involving fraud, dishonesty or moral turpitude under the
laws of the United States or any state thereof or under the laws of any other jurisdiction; (ii) your engagement in gross misconduct that causes material financial or reputational harm to the Group; (iii) your repeated failure to
substantially perform your duties and responsibilities to the Group (other than failure resulting from incapacity due to mental or physical illness or injury or from any permitted leave required by law); (iv) your material violation of this
Letter or any other contract or agreement between you and the Group, or any written Group policy or (v) your disqualification or bar by any governmental or self-regulatory authority from serving in the capacity required by your job description
or your loss of any governmental or self-regulatory license that is reasonably necessary for you to perform your duties or responsibilities, in each case as an employee of the Group. The Group may place you on unpaid leave for up to 60 consecutive
days while it is determining whether there is a basis to terminate your employment for Cause. This leave will not constitute Good Reason. 

  

	 	(b)	“Change in Control” will have the meaning set forth in the Company’s 2014 Omnibus Incentive Compensation Plan, as may be amended from time to time. 

 

	 	(d)	“Disability” has the meaning provided in the Company’s Disability Policy, as may be amended from time to time. 

 

	 	(c)	“Good Reason” means the occurrence of any of the following in the absence of your written consent: (i) any material and adverse change in your position or authority with the Group; (ii) the
transfer of your Primary Work Site to a new location that is more than 50 miles from that in effect immediately prior to such transfer; (iii) a diminution of your base salary by more than 10%, unless such diminution applies to all other senior
executives or (iv) a material breach by the Company or Great Western Bank of this Letter. You must provide notice to the Company within 30 days after you have knowledge that an event constituting Good Reason has occurred or the event will no
longer constitute Good Reason. In addition, you must give the Company or Great Western Bank, as applicable, 30 days to cure the event constituting Good Reason. Notwithstanding any other provision herein, no termination will be a termination for
Good Reason unless it occurs within 90 days following the event constituting Good Reason. 

  

	 	(e)	“Retirement” will have the meaning set forth in the Company’s 2014 Omnibus Incentive Compensation Plan, as may be amended from time to time. 

 

	9.2	Without Cause or for Good Reason. Subject to Section 10 of this Letter, if the Company terminates your employment without Cause or you terminate your employment for Good Reason, subject to
Section 9.6, the only further obligations the Group will have to you are: 

  

	 	(a)	The Company will: 

  

	 	(i)	within 30 days of your termination, pay you (A) your unpaid Salary; (B) your Salary for any accrued but unused paid time off; and (C) reimbursement of any business expenses submitted in accordance with
the Group’s policy; and 

 Kenneth Karels 

September 15, 2014 
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	 	(ii)	provide to you, in accordance with the then-existing employee benefit plans, policies and practices of the Group, all other accrued and vested benefits 

 

	 	((i)	and (ii) together, your “Accrued Compensation”). 

  

	 	(b)	The Company will pay you your Earned Bonus, as hereinafter defined, at the time such Earned Bonus would otherwise have been paid had your employment not ended. Your “Earned Bonus” means any earned but
unpaid Bonus for any fiscal year ending before the end of your employment and, to the extent it has not been determined before the end of your employment, determined based on actual performance consistent with this Letter and the Company annual
incentive plan under which it was awarded. 

  

	 	(c)	The Company will pay you your Prorated Bonus, as hereinafter defined, at the time such Prorated Bonus would otherwise have been paid had your employment not ended. Your “Prorated Bonus” means the Bonus
for the fiscal year in which your termination occurs based on the actual performance of the Company consistent with this Letter and the Company annual incentive plan under which it was awarded, and prorated for the number of days you worked for the
Company during such year. 

  

	 	(d)	The Company will pay you cash severance equal to two (2) times the sum of (i) your then-current Salary plus (ii) your then-current target Bonus opportunity (the “Severance Payment”) in
fifty-two (52) equal payments following your termination date on the regular payment dates in accordance with the Group’s normal payroll practices, subject to any adjustments in payroll cycles. 

 

	 	(e)	The Company will, at the Company’s election, either (i) continue to provide to you benefits under the Company’s group health insurance, vision and dental plans at the level provided to you immediately
prior to your termination date through the two-year anniversary date of such termination date, at which time you may be eligible to elect to continue health care and dental coverage under COBRA, or (ii) pay you a lump-sum cash payment equal to
twenty-four (24) times the monthly COBRA cost of continued health and medical coverage for you and, as applicable, your covered spouse and/or dependents at the level provided to you immediately prior your termination date, with such payment
grossed up for applicable taxes. 

  

	 	(f)	Any outstanding LTI Awards and the IPO Grant will continue to vest on the vesting date(s) specified in the applicable award agreement, as if you had remained employed through such date(s), subject to your continued
compliance with the restrictive covenants contained in Sections 8 and 12 of this Letter and in any other agreement with the Group. 

 Kenneth Karels 

September 15, 2014 
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	9.3	For Cause or Without Good Reason. Subject to Section 10 of this Letter, if the Company terminates your employment for Cause or you terminate your employment without Good Reason, the Company will pay you your
Accrued Compensation. The Group will have no further obligations to you, and you will forfeit your Earned Bonus, Prorated Bonus, and any unvested portion of your LTI Awards and IPO Grant. 

 

	9.4	Death, Disability or Retirement. Subject to Section 10 of this Letter, if your employment terminates as a result of your death, Disability or Retirement, the only further obligations the Group will have to
you are: (i) the Company will pay you your Accrued Compensation, your Earned Bonus and your Prorated Bonus, and (ii) your LTI Awards and IPO Grant will vest in accordance with the terms of the applicable award agreement, subject to your
continued compliance with the restrictive covenants contained in Sections 8 and 12 of this Letter and in any other agreement with the Group. In addition, if your employment terminates as a result of your Disability, the Company will
continue to pay you 100% of your then-current Salary for a period of ninety (90) days following such termination. 

  

	9.5	Change in Control. Subject to Section 10 of this Letter, if, within two years following a Change in Control, the Company terminates your employment without Cause or you terminate your employment for Good
Reason, subject to Section 9.6, the only further obligations the Group will have to you are: 

  

	 	(a)	the payments and benefits provided in Sections 9.2(a), 9.2(b), 9.2(c), 9.2(d) and 9.2(f), except that your Severance Payment will be paid in a lump-sum (instead of in installments) and
equal to three (3) times the sum of (i) your then-current Salary plus (ii) your then-current target Bonus opportunity; and 

  

	 	(b)	in lieu of the benefits provided in Section 9.2(e), a lump-sum cash payment equal to 24 times the monthly COBRA cost of continued health and medical coverage for you and, as applicable, your covered spouse
and/or dependents at the level provided to you immediately prior your termination date, with such payment grossed up for applicable taxes. 

The payments set forth in this Section 9.5(a) and 9.5(b) will be paid on a date that is no later than 60 days following your
termination date. Such payments may, among other things, be payable towards group health plan continuation coverage under COBRA. 
  

	9.6	 Release. Notwithstanding anything to the contrary, the Company will not be required to make the payments and provide the benefits in
Sections 9.2 and 9.5 (other than the Accrued Compensation) unless you execute and deliver to the Company an agreement releasing from all liability each member of the Group and National Australia Bank Limited and any of their respective
past or present officers, directors, employees or agents (the “Release”). For the avoidance of doubt, the parties acknowledge that your right to elect COBRA coverage is not subject to your execution of a Release. The

 Kenneth Karels 

September 15, 2014 
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Release will be in the form normally used by the Group for senior executives at the time and will be provided to you no later than two days after your separation from service, and must be
executed by you and become effective and not be revoked by you by the 55th day following your separation of service (the period following your termination until the Release becomes effective, the “Release Period”). Any payments or
benefits that would have been paid or provided to you during the Release Period will be paid or provided on the next regularly scheduled Group payroll date following the Release Period. 

 

	9.7	If you violate any of the restrictive covenants contained in Sections 8 and 12 of this Letter, you will (i) forfeit any LTI Awards and the IPO Grant to the extent that they have not vested at the time
of such violation and (ii) forfeit any unpaid Severance Payment. Nothing in this Section 9.7 will be construed as prohibiting the Company from pursuing any other remedies available to it in the event of a violation of Sections
8 or 12. 

  

	10.	Payments Where Australian Corporations Act Applies 

 Notwithstanding any provision of
this Letter, so long as National Australia Bank Limited continues to hold any shares of the Company’s common stock, the Company is not required to pay or provide, or procure the payment or provision, of any payment or benefit to you which is
not permitted by the provisions of the Australian Corporations Act 2001 (Cth), including the provisions of Part 2D.2, Division 2 or Chapter 2E, in the absence of shareholder approval. There is no obligation on the Company to request that National
Australia Bank Limited seek or obtain shareholder approval where this Section 10 applies. Any payment or benefit to be provided to you must be reduced to ensure compliance with this Section 10. In the event of overpayment to
you, you must, on receiving written notice from the General Counsel of the Company (or his or her nominee), immediately repay any monies or benefits specified in such notice to ensure compliance with this Section 10. This
Section 10 has effect regardless of any other provisions of this Letter. 
  

	11.	Deductions 

 Either during your employment or when your employment with the Group ends,
you authorize the Group to deduct any amount of money that you owe the Group from any amount of money the Group owes you. 
  

	12.	Post-Employment Obligations 

  

	12.1	Non-Competition and Non-Solicitation. You agree that during your employment with the Group and for a period of twelve (12) months from the date your employment with the Group ends for any reason, you must
not, without the Company’s prior written consent: 

  

	 	(a)	engage in a Restricted Activity in a Restricted Area; 

 Kenneth Karels 

September 15, 2014 
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	 	(b)	accept the business of, or directly or indirectly (including via a corporate entity) Solicit or entice, or endeavor to Solicit or entice, from the Group the business of: 

 

	 	(i)	any client in respect of whom you have carried out work or with whom you have had a business relationship in the 12 months prior to your employment ending; or 

 

	 	(ii)	any prospective client with whom you have been involved in developing a business relationship for the Group’s benefit, during the 12 months prior to your employment ending; or 

 

	 	(c)	directly or indirectly (including via a corporate entity) Solicit or entice, or endeavor to Solicit or entice, from the Group any officer or employee of, or any contractor to, the Group with whom you have had direct or
indirect contact or dealings, or knowledge of, during the 12 months prior to your termination date. 

  

	12.2	Your Importance to the Group and the Effect of this Section 12. You agree: 

  

	 	(a)	the restraints set out in this Section 12 apply as if they consist of several separate restraints combining each period of time in Section 12.1 with each of Sections 12.1(a),
12.1(b), 12.1(b)(i), 12.1(b)(ii) and 12.1(c); 

  

	 	(b)	if any separate restraint is unenforceable, illegal or void, that restraint is severed and the other restraints remain in force; 

  

	 	(c)	if any of the restraints are void for being unreasonable, or would be reasonable if part of the wording was deleted or the period of time or the Restricted Area was reduced, the restraints will apply with the
modifications necessary to make them reasonable; 

  

	 	(d)	each of the restraints go no further than is reasonably necessary to protect the Group’s corporate legitimate business interests; 

 

	 	(e)	consideration, including your remuneration, has been received for each separate restraint; 

  

	 	(f)	your compliance with this Section 12 will not result in severe economic hardship for you or your family; 

  

	 	(g)	any breach by you of the restraints in Section 12 would lead to substantial loss to the Group, and the Company would not have entered into this Letter if you did not agree to this Section 12; and

  

	 	(h)	nothing in this Letter will be construed as preventing the Company from pursuing any and all remedies available to it for the breach or threatened breach of Sections 8 and 12, including recovery of
money damages or temporary or permanent injunctive relief. 

 Kenneth Karels 

September 15, 2014 
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	12.3	Related Definitions. 

  

	 	(a)	“Restricted Activity” means: (i) participating in the business of providing financial services in competition with the Group; or (ii) participating in any business, function or activity in
competition with the Group which is similar to a business, function or activity which you performed or were engaged in for the Group’s benefit during the 12 months prior to your termination date. For purposes of this definition,
“participating” includes holding a 5% or greater equity, voting or profit participation interest in any business enterprise that engages in a Restricted Activity, or associating with such business enterprise as a director, officer,
employee, partner, consultant, agent or advisor. 

  

	 	(b)	“Restricted Area” means any location within 25 miles of any office of the Group that provides banking and financial services during the 12 months prior to your termination date. 

 

	 	(c)	“Solicit” means any communication of any kind, regardless of who initiates it, that in any way invites, advises, encourages or requests any person to take or refrain from taking any action; provided,
however, that “solicit” will not include a general solicitation to the public at large. 

  

	12.4	Notice to New Employers. Before you either apply for or accept employment with any other person or entity while Section 12.1 is in effect, you will provide the prospective employer with written notice
of the provisions of this Section 12 and will deliver a copy of the notice to the Company. 

  

	12.5	Future Cooperation. You agree that, upon the Company’s reasonable request following your termination of employment, you will use reasonable best efforts to assist and cooperate with the Company in connection
with the defense or prosecution of any claim that may be made against or by the Group arising out of events occurring during your employment, or in connection with any ongoing or future investigation or dispute or claim of any kind involving the
Group, including any proceeding before any arbitral, administrative, regulatory, self-regulatory, judicial, legislative, or other body or agency. You will be entitled to reimbursement for reasonable out-of-pocket expenses (including travel expenses)
incurred in connection with providing such assistance. 

  

	12.6	Non-Disparagement. You agree that you will not at any time publicly disparage or encourage or induce others to publicly disparage the Group or National Australia Bank Limited or any of its affiliates (or any of
their respective employees, officers, directors, shareholders, owners, representatives, independent contractors, agents, businesses or services) and/or engage in any conduct that is in any way injurious to the reputation or interests of the Group or
National Australia Bank Limited or any of its affiliates, including without limitation, any negative or derogatory statements or writings. 

  

	13.	Effect of Excise Tax and FDIC Limits on Golden Parachute Payments 

  

	13.1	In the event that the payments and other benefits provided for in this Letter or otherwise payable to you (collectively, “Benefits”) (i) constitute “parachute payments” within the meaning
of Section 280G of the Internal Revenue Code of 1986 (the “Code”) and (ii) but for this Section 13.1, would be subject to the excise tax imposed by Section 4999 of the Code, then your Benefits will be
either: 

  

	 	(a)	delivered in full, or 

 Kenneth Karels 

September 15, 2014 
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	 	(b)	delivered as to such lesser extent which would result in no portion of such Benefits being subject to the excise tax under Section 4999 of the Code, 

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by
Section 4999 of the Code, results in the receipt by you, on an after-tax basis, of the greatest amount of Benefits. The Benefits to be reduced under this Section 13.1 will be determined in a manner which has the least economic cost
to you and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when the Benefits would have been made to you. 
  

	13.2	The determinations to be made with respect to Section 13.1 will be made by a certified public accounting firm (the “Accountant”) designated by the Company. As part of such determinations,
the Accountant will conduct a valuation of any restrictions on your ability to compete following a Change in Control. The Company will be responsible for all charges of the Accountant. 

 

	13.3	Notwithstanding anything to the contrary, if any Benefit would otherwise be a golden parachute payment within the meaning of Section 18(k) of the Federal Deposit Insurance Act (a “Golden Parachute
Payment”) that is prohibited by applicable law, then the total Benefits will be reduced to the greatest amount that could be paid or provided to you without having any Benefit be a Golden Parachute Payment. 

 

	14.	Section 409A 

  

	14.1	This Letter is intended to comply with Section 409A of the Code (“Section 409A”) to the extent it is subject thereto, and the Letter will be interpreted on a basis consistent with such intent. If
and to the extent that any payment or benefit under this Letter, or any plan, award agreement or arrangement of the Group, constitutes “non-qualified deferred compensation” subject to Section 409A, such payments and benefits may only
be made or satisfied under this Letter upon an event and in a manner permitted by Section 409A. Each payment of compensation under this Letter will be treated as a separate payment of compensation for purposes of Section 409A to the extent
Section 409A applies to such payments. 

  

	14.2	 Notwithstanding anything in this Letter to the contrary, if you are considered a “specified employee” for purposes of Section 409A,
(i) if payment of any amounts under this Letter is required to be delayed for a period of six months after separation from service pursuant to Section 409A, payment of such amounts will be delayed as required by Section 409A and will,
subject to Section 9.6, be paid in a lump sum payment within fifteen days after the end of the six-month period and (ii) in the event any equity-based awards held by you that vest upon termination of your employment constitute
“non-qualified deferred compensation” subject to Section 409A, the delivery of shares or cash (as applicable) in 

 Kenneth Karels 

September 15, 2014 
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settlement of such awards will be made on the earliest permissible payment date (including the date that is six months after separation from service pursuant to Section 409A) or event under
Section 409A on which the shares or cash would otherwise be delivered or paid. If you die during the postponement period prior to the payment of any amounts or benefits or delivery of shares, the amounts and entitlements delayed on account of
Section 409A will be paid or provided to the personal representative of your estate within 60 days after the date of your death. 

  

	14.3	All payments to be made upon a termination of employment under this Letter that constitute “non-qualified deferred compensation” subject to Section 409A may only be made upon a “separation from
service” under Section 409A. In no event may you, directly or indirectly, designate the calendar year of a payment. Any payments and/or equity-based awards which constitute “non-qualified deferred compensation” subject to
Section 409A which are payable upon a Change in Control will only be paid upon transactions or events which give rise to a “change in ownership or effective control” or a change in the “ownership of a substantial portion of the
assets” of the Company under Section 409A, and in the event such transactions or events do not give rise to a “change in ownership or effective control” or a change in the “ownership of a substantial portion of the
assets” of the Company, such amounts will become vested and nonforfeitable but will be distributed on the otherwise applicable distribution date or event. All reimbursements and in-kind benefits provided under this Letter will be made or
provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (ii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the
expense is incurred; and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  

	15.	Dispute Resolution 

  

	15.1	Mandatory Arbitration. Subject to the provisions of this Section 15, any dispute involving your employment or this Letter will be finally settled by binding arbitration in the County of Minnehaha
administered by the American Arbitration Association, the FINRA, JAMS/Endispute, or any other similar association mutually agreed to by the Company and you. The award of the arbitrators will be final and binding and judgment upon the award may be
entered in any court having jurisdiction thereof. This procedure will be the exclusive means of settling any disputes that may arise under this Letter. Each party will bear its own attorney’s fees and legal expenses and will share equally the
fees and expenses of the arbitration; provided that if you prevail on any material issue (as determined by the arbitrators), the Company will reimburse you for reasonable attorney’s fees and legal expenses incurred in connection with such
claim. 

  

	15.2	 Injunctions and Enforcement of Arbitration Awards. You or the Group may bring an action or special proceeding in a state or federal court of
competent jurisdiction sitting in the County of Minnehaha to enforce any arbitration award under Section 15.1. Also, the 

 Kenneth Karels 

September 15, 2014 
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Group may bring such an action or proceeding, in addition to its rights under Section 15.1 and whether or not an arbitration proceeding has been or is ever initiated, to temporarily,
preliminarily or permanently enforce any part of Sections 8 and 12. You agree that (i) your violating any part of Sections 8 and 12 would cause damage to the Group that cannot be measured or repaired, (ii) the
Group therefore is entitled to an injunction, restraining order or other equitable relief restraining any actual or threatened violation of those Sections, (iii) no bond will need to be posted for the Group to receive such an injunction, order
or other relief, and (iv) no proof will be required that monetary damages for violations of those Sections would be difficult to calculate and that remedies at law would be inadequate and (v) that the General Counsel of the Company is
irrevocably appointed as your agent for service of process in connection with any such action or proceeding (the General Counsel will promptly advise you of any such service of process). 

 

	15.3	Waiver of Jury Trial. To the extent permitted by law, you and the Group waive any and all rights to a jury trial with respect to any dispute involving your employment or this Letter. 

 

	15.4	Governing Law. This Letter is governed by the laws of the State of South Dakota. 

  

	16.	General Provisions 

  

	16.1	Effect on Other Agreements. This Letter is the entire agreement between you and the Company with respect to the relationship contemplated by this Letter and supersedes any earlier agreement, written or oral, with
respect to the subject matter of this Letter (including, but not limited to, the Employment Agreement, dated January 16, 2014, between Great Western Bank and you), provided, however, in the event that any of the provision(s) contained in
Sections 8 or 12 of this Letter are held by a court of competent jurisdiction to be unenforceable, this letter will not supersede the terms and conditions set forth in that certain Loyalty Agreement previously entered into by and
between you and the Company and/or its affiliates, as set forth and contained in the “Employee Handbook” as acknowledged and accepted by you, that are analogous to such provision(s). In entering into this Letter, no party has relied on or
made any representation, warranty, inducement, promise or understanding that is not in this Letter. 

  

	16.2	Withholding. You and the Group will treat all payments to you under this Letter as compensation for services. Accordingly, the Group may withhold from any payment any taxes that are required to be withheld under
any law, rule or regulation. 

  

	16.3	No Mitigation. You do not need to seek other employment or take any other action to mitigate any amounts owed to you under this Letter, and those amounts will not be reduced if you do obtain other employment.

  

	16.4	Survival. Upon any termination of your employment with the Group or of this Letter, this Letter will continue in full force and effect as is necessary or appropriate to enforce the covenants and agreements in
Sections 8 and 12. 

 Kenneth Karels 

September 15, 2014 
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	16.5	Notices. All notices, requests, demands and other communications under this Letter must be in writing and will deemed given (i) on the business day sent, when delivered by hand or facsimile transmission
(with confirmation) during normal business hours, (ii) on the business day after the business day sent, if delivered by a nationally recognized overnight courier or facsimile transmission (with confirmation) outside normal business hours or
(iii) on the third business day after the business day sent if delivered by registered or certified mail, return receipt requested, in each case to the following address or number (or to such other addresses or numbers as may be specified by
notice that conforms to this Section 16.5): 

 If to you, then to your last address on the payroll records of the
Company unless otherwise directed in writing by you by notice that conforms to this Section 16.5. 
 If to the Company or any
other member of the Group, to: 
 Great Western Bancorp, Inc. 

100 North Philips Avenue 
 Sioux
Falls, South Dakota 57104 
 Attention: General Counsel 

Facsimile: (605) 333-7882 
  

	16.6	Consideration. This Letter is in consideration of the mutual covenants contained in it. You and the Group acknowledge the receipt and sufficiency of the consideration to this Letter and intend this Letter to be
legally binding. 

  

	16.7	Waiver and Exercise of Rights. Any provision of this Letter may be amended or waived but only if the amendment or waiver is in writing and signed, in the case of an amendment, by you and the Company or, in the
case of a waiver, by the party that would have benefited by the provision waived. Except as this Letter otherwise provides, no failure or delay by you or the Company to exercise any right or remedy under this Letter will operate as a waiver, and no
partial exercise of any right or remedy will preclude any further exercise. 

  

	16.8	Severability. Every term of this Letter is an independent and severable term. If any provision of this Letter is found by any court of competent jurisdiction (or legally empowered agency) to be illegal, invalid
or unenforceable for any reason, then (i) the provision will be amended automatically to the minimum extent necessary to cure the illegality or invalidity and permit enforcement and (ii) the remainder of this Letter will not be affected.

  

	16.9	Successors. You may not assign this Letter without the Company’s consent. Any attempt to effect any of the preceding in violation of this Section 16.9, whether voluntary or involuntary, will be
void. The Company may assign this Letter to any of its affiliates or a successor of the Company, in which case the affiliate or successor, as applicable, will be treated for all purposes as the Company under this Letter. If you die and any amounts
become payable under this Letter, we will pay those amounts to your estate. 

 Kenneth Karels 

September 15, 2014 
  Page
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	16.10	Third Party Beneficiaries. This Letter will be binding on, inure to the benefit of and be enforceable by the parties and their respective heirs, personal representatives, successors and assigns. In addition,
Great Western Bank shall be a third party beneficiary to all the rights of the Company set forth herein and may assert them as if it were the Company. This Letter does not confer any rights, remedies, obligations or liabilities to any entity or
person other than you, the Company and Great Western Bank and your and the Company’s and Great Western Bank’s permitted successors and assigns, although this Letter will inure to the benefit of the Group. 

 

	16.11	Counterparts. This Letter may be executed in counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement. 

 Kenneth Karels 
  

 THIS CONTRACT CONTAINS AN ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES. 

A copy of this Letter is enclosed for your records. Please sign the acknowledgement below, and return this Letter to Donald Straka, General Counsel. Please do
not hesitate to Donald Straka if you have any questions. 
  

			
	Yours sincerely,
	
	Great Western Bancorp, Inc.
	
	 /s/ Rick Sawers

	By:	 	Rick Sawers
	Title:	 	Chairman of the Board of Directors

 Acceptance 
 I
acknowledge that I have read and understood this Letter. I accept the Position with Great Western Bancorp, Inc., on the terms set out in this Letter and acknowledge that I have not relied on any representations other than those set out in this
Letter. 
  

			
	Signed:	 	 /s/ Kenneth Karels

	
	
        

 

			
	Name (please print):	 	 Kenneth Karels

		 	

  

			
	Date:	 	 9-15-14

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